Archive for the ‘Value of a Real Estate Agent’ Category

It Takes a Village To Buy or Sell in the Brooklyn Real Estate Market!

Friday, October 30th, 2020
Couple Holding keys to their new home

Buying or Selling a home in the Brooklyn Real Estate market can be a complicated process. Truly it takes a village of people for the purpose of completing just one home sale.

Wikipedia explains the phrase “It takes a village to raise a child” as an African proverb. It means an entire community of people must interact with children to experience and grow in a safe and healthy environment.

The phrase “It Takes a Village” has been adapted over the years for other references. In fact, it is a great explanation of what the home buying and selling experience is like in the Brooklyn Real Estate Market.

How many different parties do you think are involved in one real estate transaction? You may find it surprising. Let’s take a look.

SELLER

First, you need to find someone ready to sell their home. We often hear the term “Motivated Seller.” What would make a homeowner a “motivated seller?” Motivation to sell a home can come for many reasons.

When a buyer hears the seller is motivated, it may trigger many thoughts.
  • There is room to negotiate the price.
  • The owner may be open to making concessions to consummate the sale.
  • There are material defects to the home or property that the seller doesn’t want to address.
  • The home is near foreclosure.
  • The seller is ready to take the home off the market and wants to see any offer.
  • The seller is in a financial bind.
  • The owner MUST sell now.

Determination, not desperation, may be what motivates a seller.

There are many reasons a seller would want to sell a property that is not related to the desperation thinking above.
  • Job relocation
  • Downsizing
  • Upsizing
  • Retiring to a new location
  • Divorce
  • Settle an estate

Knowing the seller’s motivation would be an advantage in negotiations. However, you may or may not understand the seller’s reason for selling when you place your offer. 

BUYER

Next, you need someone qualified and ready to purchase a new home. Obtaining a pre-approval from a reputable lending institution makes you a qualified buyer. They also have proven they have the necessary funds and qualifications to buy a home in the Brooklyn Real Estate Market. The reasons someone may be interested in purchasing a home vary as much as the reasons a seller would want to sell.

Some reasons to purchase may be:
  • Achievement of “The American Dream”
  • Sound investment
  • Build equity
  • Potential tax benefits

The buyer’s motivation is as important as the seller’s motivation. An apathetic buyer can take a home off the market for some time and then decide to terminate the sale. Your real estate agent can help you vet the buyer’s motivation. Unfortunately, you would need to have a crystal ball to definitely know what will happen.

LENDER

In hopes of financing the home, the buyer will choose a financial institution for their mortgage. Surprisingly, the lowest interest rate is not always the best option. You may want to compare several lenders.

Obtaining an estimate of the lender’s fees can be eye-opening. Some things you will want to compare are:

  • Interest rates
  • Lender fees
  • Cash required to bring to closing

By all means, it is essential to find a reputable lender who is knowledgeable in lending in your area. Out of state or internet mortgage companies may not know the intricacies of a home purchase in the Brooklyn Real Estate market.

The lender should do a thorough analysis of the buyer’s financial situation to determine if they qualify for a mortgage. The buyer should offer evidence of their qualifications when they make an offer on the property.

There is a difference between a pre-qualification and a pre-approval. A pre-qualification provides the buyer with a general estimate of what they can afford. A pre-approval is more valuable because the buyer’s credit has been checked, and documentation has been verified to approve the buyer for a specific loan amount. A pre-approval can be valid for 60-90 days and should be re-verified to confirm no buyer’s status changes.

REAL ESTATE AGENTS

Typically you will find two real estate agents involved in any Brooklyn Real Estate sale. The first agent works on behalf of the seller, helping them prepare their home and price it competitively. The second agent represents the buyer and helps evaluate an offering price and terms once the right home has been found.

The real estate agents work together, bringing the buyer and seller to an agreement on the best terms possible.

You will want to find a trustworthy agent to represent you in either a sale or purchase.

What are the qualities of a trustworthy agent?
  • Local Market Expert
  • Proactive
  • Knowledgeable
  • Good Communicator
  • Educated

Your real estate agent should hold the designation of Realtor®, which means they belong to the National Association of Realtors® and their local Board of Realtors®. Notably, a member of these associations must follow guidelines to ensure they are fair and ethical in their business practices.

Home Inspection Checkmark

HOME INSPECTORS

A critical component of the buying process is the home inspection. The purpose of the home inspection is to determine if there are any major ticket items or safety issues affecting the home. In reality, these are items that the seller may not have been aware of. Nitpicking the seller for trivial issues or updates that were visible upon your visit to the home is not the purpose of a home inspection.

The home inspector will usually look at the following areas of the home:
  • Exterior structure
  • Roof
  • HVAC System
  • Hot Water Heater
  • Electric Panel
  • Outlets
  • Windows
  • Plumbing in kitchen and baths
  • Attic

Be sure to check the credentials of the home inspector you choose. There are certifications required for home inspectors in the Brooklyn Real Estate market.

The home inspector will highlight areas of concern. You will also learn from the inspector the home components that may need to be replaced in the future. With this information in hand, you can make an informed decision about whether this is the right investment for you.

LAWYER

You will most likely need to hire an attorney to represent you either as a buyer or a seller when purchasing in the Brooklyn Real Estate market.

What is the lawyer’s role in a real estate transaction?
  • Write and negotiate the sales agreement.
  • Represent their client’s best interest.
  • Review closing documents.
  • Attend the closing to ensure a smooth transition.

For more information on the importance of real estate lawyers, see this previous blog post that explains it all in detail.

TITLE COMPANY

The title company researches the history of homeownership to determine the buyer receives a clean title to the property when they take possession of the home. In the event that they find any issues on the chain of title, they will resolve them before closing.

They will also research any judgments, liens, outstanding mortgages, or unpaid taxes on the property.

The title company will then prepare a report (abstract of title), revealing all the research findings. This document will validate the title of the property.

Title insurance is issued to protect the lender and new owner against any lawsuits or claims undetected on the original title search. The lender will require a title insurance policy.

If you are a cash buyer, it would be your decision to purchase title insurance. Although, if you are purchasing a home with cash it is highly recommended that you purchase the title insurance policy.

APPRAISER

An appraiser will visit the home to prepare an opinion of value for the lender. Do not confuse the appraisal with a home inspection but, the appraiser may note any safety issues that are apparent to them. Requirements for an appraiser and a home inspector are different. An appraisal is not a substitute for a home inspection.

An appraiser will prepare a report called an appraisal that will provide their opinion of value based on several factors.
  • Location
  • Structural Construction
  • Age
  • Bedrooms
  • Bathrooms
  • Condition
  • Square Footage
  • Recent Neighborhood Home Sales

Providing a fair and unbiased assessment of the property can be accomplished by randomly assigning appraiser through a third party.

The cost of the appraisal is an expense the buyer will pay. This is a requirement of the buyer’s lender.

In the event that the home does not appraise for the amount of the sales price, it can trigger a negotiation between the buyer and the seller. If both parties come to an agreement acceptable to the lender, the sale will be completed.

UNDERWRITER

The underwriter works for the lender. Their role is to review the buyer’s information and the appraiser’s opinion of value to determine if the mortgage can be issued for the purchase price agreed upon. The underwriter will evaluate that granting the mortgage to the buyer is a sound investment for the lender.

An underwriter will look at several different areas to determine any risk of the buyer defaulting.
  • Credit and payment history
  • Income and assets of the buyer
  • Downpayment
  • Appraised home value

The underwriter may need to request additional information to clarify any uncertainties that arise to be sure lending the money to the buyer is a solid investment for the bank/lender.

The last hurdle in the process of buying or selling a home is clearing underwriting. The type of loan, buyer’s financial situation, title issues, survey issues, and missing paperwork will all affect the time the underwriter will need to complete the process.

Once they have completed their review, the Underwriter will issue the loan a “Clear to Close” status!

TEAMWORK

Real Estate Team

Buying or selling a home in the Brooklyn Real Estate market involves many parties and this doesn’t include assistants and others within these companies who help. It really does take a village to pull all the pieces of buying or selling a home together.

That is why it is so important to hire the right Realtor® to work for you, whether you are buying or selling a home. Coordinating all these parties takes a thorough understanding of the sale process and experience in the local market.

Charles D'Alessandro

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help both buyers and sellers coordinate all the details.

In the event our office is shut down we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Does Your Agent Have Expert Marketing Skills?

Saturday, April 30th, 2016

Marketing skills

Hire a real estate agent who stands out from the competition. Hire someone who has expert marketing skills.

Remember the old days of marketing a home when a real estate agent could put up a sign in your front yard and buy an ad in your local newspaper? Marketing that way doesn’t work very well these days. Online activities have taken the world by storm, and to market well in today’s world your real estate agent must have expert online and offline marketing skills.

Since the housing financial crisis, competition among real estate agents has been heating up. Because the competition is fierce, real estate agents must set themselves apart from the crowd with expert online and offline marketing skills.

 Real estate agents must have online and offline marketing skills today

Working with a real estate agent is still key when buying or selling a home, but buyers are doing more work online before choosing an agent to work with. The National Association of Realtors conducted a study. Results from the study showed that 92% of buyers use the internet to begin their home search.

Is your real estate agent active online and offline? Are they social media savvy? If they are not active, engaging and networking online, YOU are missing out.

Investigate the online and offline marketing skills of your real estate agent. The following list marketing questions is extensive, but it will help you determine how well your real estate agent sets himself or herself apart from the crowd in today’s competitive market:

  • Do they have social media accounts on all the big networks – Facebook, Google+, LinkedIn, Twitter, Pinterest and Instagram? Do they interact with users, share great status updates and promote their clients’ properties on social media? Are they active on social media?
  • Are they reaching out to potential clients through ads on social media?
  • Visit their Pinterest boards. Do you see boards created for each one of their clients’ properties?
  • Are they easy to find in Google Search, Google Maps and Google+ because they set up a Google My Business account?
  • Are social sharing buttons added to their property pages? Is it easy for their home buyers to email and share properties online?
  • Are there testimonials from real, live people who endorse their services on their website and social networks?
  • Is their website attractive and user-friendly? Is the information on their website easy to access? Is the site easy to navigate?
  • Do they offer irresistible free content, like ebooks for example, to reach out to potential clients and to grow their real estate business?
  • Is their website mobile-friendly?
  • Is their contact information on every page of their website so that they are easy to contact? Is it eye-catching? Does it grab your attention?
  • Is there a shared scheduling app for you to schedule home tours and meetings with them?
  • Do they showcase the best that our Brooklyn area has to offer with high-quality, professional photos of Brooklyn, our landmarks, familiar sites in addition to their clients’ homes for sale?
  • Have they hired a professional photographer to take gorgeous photos of their clients’ properties?
  • Are comprehensive, enjoyable (not out dated) virtual tours of their clients’ properties available on their website?
  • Is there a short, cute, high-quality cartoon video that establishes their brand and showcases their personality? Or is there a video that features local Brooklyn landmarks or sites unique to Brooklyn? Maybe a video all about a small business owner in Brooklyn?
  • Have they partnered with local businesses?
  • Do they host webinars and create YouTube videos to share with potential clients on their website?
  • Do they host free seminars for home buyers?
  • Do they nurture their clients by interacting with clients based on their previous actions, such as attending an open house or a first-time homebuyer’s seminar, for example?
  • Do they have an awesome looking business card? Do they hand them out freely like coupons to a favorite New York pizza joint?
  • Do they sponsor local Brooklyn festivals, sports teams or school events? Getting their real estate business on t-shirts, pamphlets and flyers tells you they are working to stand out from the competition.
  • Have they got swag? (pens, pencils, bookmarkers, letter openers, t-shirts, keychains and other freebies that are branded with their real estate business)
  • Are they building client relationships with relevant email marketing? Do they send information about upcoming open houses, houses that recently listed, updates and such to subscribers via enewsletters?
  • Do they have a specific niche or target audience that they focus on taking care of? Charles’ niche is Baby Boomers, 50 years old and older.
  • Do they utilize postcards to reach out to potential buyers in addition to online marketing?
  • Do they showcase their knowledge about the current real estate market or how well Brooklyn is doing in local magazines or newspapers, for example?
  • Do they give a local care package or gifts to clients after home closings?
  • Are they building relationships with past buyers by staying in touch with anniversary cards, holiday cards and birthday cards?
  • Do they give incentives to clients for referrals to future homebuyers?

As you can see, to win the real estate marketing game you must hire a real estate agent who is working to stand out in today’s competitive market. They must have expert marketing skills both online and offline.

With over 30 years of experience marketing Brooklyn homes, I have the expert marketing skills needed to sell your home or help you find the home of your dreams. Call me, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9600 ext. 206 or email [email protected] today.

Could You Be Losing Money On The Sale Of Your Brooklyn Home?

Wednesday, September 30th, 2015

sale of your Brooklyn home

Don’t lose money on the sale of your Brooklyn home. Hire Brooklyn’s best – real estate agent, Charles D’Alessandro of Fillmore Real Estate!

Today’s real estate market is competitive. Houses are selling quickly. Some Real Estate Agents or Brokers are even taking offers before a house hits the real estate market! If your Brooklyn Real Estate Agent or Broker isn’t doing all they can for you, you could be losing money on the sale of your Brooklyn home.

The real estate market today is a seller’s market. This means there are more buyers than there are homes to buy. This also means competition, and the competition is fierce! It is imperative that you hire a Real Estate Agent or Broker you can trust to represent you well or risk losing money on the sale of your Brooklyn home.

Let’s put your Real Estate Agent or Broker you’ve hired to a test of quality. Ask yourself these questions:

  • Is your Real Estate Agent or Broker skilled, knowledgeable and experienced in the Brooklyn real estate market?
  • What do clients to say about your Real Estate Agent or Broker?
  • Has your Real Estate Agent or Broker received great testimonials from happy clients?
  • Have you read past Buyers’ and Sellers’ reviews about your Real Estate Agent or Broker? What are those reviews saying?
  • Does your Real Estate Agent’s or Broker’s track record show they act on behalf of and in their clients’ BEST interest?
  • What is your Real Estate Agent or Broker doing?
  • Is your Real Estate Agent or Broker marketing your property correctly?
  • Are they taking professional photos to market your property well?
  • Are they playing nice with others?
  • Does your Real Estate Agent or Broker spell out what they are going to do for you and the sale of your Brooklyn home and follow through with those carefully laid out plans?
  • Do you understand those strategic plans and the process of selling your Brooklyn home?
  • Has your Real Estate Agent or Broker thoroughly explained the changes in the closing process? Do you understand what is going on in the closing process?
  • Is your Real Estate Agent or Broker doing EVERYTHING they said they would?
  • Are you getting the most you can out of the sale of your house in today’s competitive market?
  • Is your Real Estate Agent or Broker proactive?
  • Are they doing all they can to get your house the proper exposure for the price you deserve?
  • Is your home being exposed to as many Buyers as possible?
  • Are other Real Estate Agents or Brokers showing your home?
  • Is your home getting lots of exposure before receiving offers?
  • Are you being proactive with your Real Estate Agent or Broker?

You trust that the Real Estate Agent or Broker you hired is proactively working for you and the sale of your Brooklyn home. This is the reason you are paying a higher commission. You deserve to get the most out of the sale of your home.

Take a look at your listing once it is up on the Brooklyn real estate market to see what Buyers are seeing. Don’t be timid. If you think your home isn’t represented correctly, make changes. If your Real Estate Agent or Broker isn’t doing all they can for you and the sale of your home for the price you deserve, you are at risk for losing money on the sale of your Brooklyn home.

Wake up. Pay attention. Be proactive. Don’t sell yourself short. Get the well-deserved value of your home, the most “bang for your buck”!  You don’t deserve to lose any money on the sale of your Brooklyn home.

There are a lot of knowledgeable and well-educated Real Estate Agents and Brokers out there who can get top dollar for your home. Charles D’Alessandro is one of those real estate agents. Contact Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate. Call (718) 253-9600 ext 206 or email [email protected] today. With over 27 years of experience and expertise in Brooklyn, you can be confident about your best representation on the sale of your Brooklyn home.

Book Selling Your Home Does Not Have To Be Stressful Michael S ReinhardtThe sale of your Brooklyn home does NOT need to be stressful. Brooklyn attorney Michael S. Reinhardt, Esq. wrote the book “Selling Your Home Does Not Have To Be Stressful” to help sellers with the sale of their home. Contact me for your free copy!

Homebuyers Are Different in Brooklyn

Thursday, April 30th, 2015

Homebuyers are different

Homebuyers are different. To sell your home, you must understand the different types and their specific needs.

 Homebuyers are different in Brooklyn . There are basically two categories of homebuyers: Baby Boomers and those mysterious Millenials.

Millenials are today’s first-time homebuyers. They dominate today’s housing market. Baby Boomers are your trade-up homebuyers, down-sizers and empty nesters. Gaining an understanding of these two groups and the different types of buyers represented, will help you market the unique and special features of your home to appeal to buyer’s needs and help you sell your Brooklyn home.

Millenials know how to turn a profit on everything they touch. They are known for their research, assessments and decisions during the homebuying process. In the next 10-15 years we will see more for-sale-by-owner properties (FSBOs). Millenials will be selling their own homes, and they’ll be good at it. Millenials will be better at listing a property than most real estate agents will be. And because there will be such a great demand to accommodate FSBO sales, we will see technologies surface, helping Millenials do what real estate agents do for their clients.

So, what value does a real estate agent bring to the table now or in the future?

  1. A valuable real estate agent will not sell Brooklyn, just a specific neighborhood in Brooklyn. He won’t be a one-size-fits-all real estate professional. He’ll go deep into the neighborhood you’re interested in, not broadly into Brooklyn.
  2. A valuable real estate agent is completely transparent, all the time. What you see is what you get, no surprises. He draws no lines between himself personally or as a real estate professional. His values, work ethic and interests don’t change with the crowd. His honesty and transparency make him refined and successful.
  3. A valuable real estate agent hustles on your behalf, and then hustles some more. His skills as a buyer’s agent are sharp. This means he puts in the smart work for custom, automated property searches. He’ll find coming soon listings before they hit the market or before they even become coming soon listings (think neighborhood FB pages, etc).

It is for these valuable reasons more and more of today’s homebuyers choose to work with professional real estate agents. Selling a home without a real estate agent puts you at a great disadvantage.

As with all types of buyers, earning your trust is important. Everyone wants to work with  someone they trust, someone who will match them with the perfect home or sell their home. Charles D’Alessandro provides his clients with outstanding care by crunching the data, running reports, walking you through a contract, negotiating inspection repairs, etc. He hustles on your behalf exceeding your expectations. If you’re ready to list your home or buy the perfect home for the type of buyer you are, Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate, is your agent. Contact Charles D’Alessandro at (718) 253-9600 ext 206 or email [email protected]. You can trust him for your home buying and selling needs.

Resource:

http://www.inman.com/2015/04/13/why-for-sale-by-millennial-is-the-future-of-the-industry/