Real Estate Investing

Another agent from my company recently told me about a lost listing.  The seller was very protective about the impeccable home.  It was beautifully cleaned from top to bottom (and every vent in between) so it was obvious they took great pride in the condition.

The agent should’ve known better than to try to do her job.  Unfortunately, she held an open house one weekday and provided some barbeque, potato salad, and finger desserts for agents in her community to come and preview the beautiful home.  This is typically a sound marketing idea as a way to make the home memorable in the minds of the people who will bring the buyers.

What the agent didn’t count on was the fact that a visiting agent - one invited to the barbeque - wore heeled shoes.  Sharp heels.  Very very sharp heels that dug into the hardwood floors with every step she took.  Throughout the house - wherever the shoes led - were little indentations on the floors.  It was like a water hole drying up on the Kalahari with little tracks going everywhere.

The damage was in the tens of thousands.  The flooring in the entire house had to be replaced.  The agent lost her listing and I’m waiting to hear if she’s being sued for the cost to repair.  Ouch.  I would’ve never thought of the possibility of that happening in a million years, so I’m relieved it’s been brought to my attention to remember.

In any case, it’s a lesson we can all learn from.   When you tour a home - whether as an agent or a buyer - if the floors aren’t gross, it’s okay to take your shoes off.  Sometimes agents offer little footies with which to cover your shoes so you don’t track mud.

When you tour a home, be respectful of the other person’s property.  Don’t pick up a knick-knack… you’re not there to see their belongings but to see the structure, layout, design of the home.

Don’t unlock or lock a door without letting your Realtor either know you did or or doing it for you because there have been times when sellers have just walked next door during the showing and then can’t get back into their homes.  Or they come home from work in the evening to find their house has been open all day.

Be considerate of the homeowner when you tour or show a home.  It’s really just common sense and accidents DO happen, but an ounce of prevention does go a long way.

Photo by tealfroglette through Flickr Commons.

Denver real estate agent Krystal Craft wrote an excellent post directed to homeowners about making it easy to show your home.  You’d think the points she makes are no-brainers, but every single one of them has been a problem for me as well.  Some excerpts,

• Ask to review the MLS Listing sheet as soon as it is available. Check your agent’s work. That means don’t just look for mistakes but look for what is missing. We love to know lot sizes and whether or not you have a basement, fireplace or other desirable goodies. Your agent most likely will appreciate your added suggestions, I know my buyers will also.
• Brochures in the box are very helpful, particularly when we find a neighborhood we love and we want to know if we can afford your home. Yes, I can call or use my iPhone to access MetroList, but jumping out of the car is not only quicker it gives us some exercise!

I’ve heard many agents argue about those brochure boxes only feeding the hunger of nosey neighbors wanting to snoop.  However, I find them to be extremely helpful in situations like Krystal describes.  If I’m driving in a neighborhood showing property and we happen to see one that for some reason was missed on the MLS search, then I want more information about it!  Krystal says “yes we can call the agent” but the problem I’ve found is that a good 80 percent of the time, the agent won’t answer.  I hear voice mail promising a return call - a call that never materializes.  And, of course, the person answering the phone won’t give simple information like the price because they are usually receptionists not licensed by the state to sell real estate.  If they answer, it could be trouble for them and for their office.  *take a breath*  So agents and sellers, please DO put out brochure boxes.

Another obvious but often forgotten tip is to CLEAN YOUR HOUSE.  I can understand a cobweb in a corner and never point them out to a buyer, but they bother me.  It’s the houses that are really filthy that are the worst though.  I don’t like stepping over piles of dirty clothes or seeing dishes in the sink with bugs scurrying away.  I don’t want to walk in your yard if the grass is ankle (or knee) high.  I definitely don’t want to see a dead kitten in the neglected pool (yes, another true story from another agent).

Pay attention, sellers.  You absolutely can not afford to let any detail no matter how small slip.  Be on your toes to catch the little things you missed in your daily cleaning routine.  (Yes I said DAILY!).  Get busy.

Photo by klynslis at Flickr.

Fuel prices for the winter will be staggering in my area.  Not only are they already at an all-time high, but my own electric company just raised rates by a whopping 20 percent.  We’re in for some cold, dark nights on the homestead so plan to do everything we can in advance to get our home ready for winter.

Here are some easy tips from the Farmers Almanac that will hopefully save you some dough:

1. Seal windows and doors.  If you can’t afford replacement windows, caulking the outside of the window frame may help keep hot air in and cool air out.
2. Check your furnace and chimney.  Change your filters, inspect and clean your other heat sources. 
3. Buy a programmable thermostat.  You can adjust the temperature based on whether you’re home, at work, awake, or sleeping.
4. Insulate your attic.  A home with no attic insulation will lose about 48 BTUs per square foot on a minus 10 degree day.
5. Payment plans.  Your local electric or gas company may provide a payment plan that averages out utility bills to pay throughout the year rather than you getting clobbered a few months at a time.
6. Find ways to cut costs.  Cancel a premium cable channel, cook more meals in, turn out lights when you leave the room, and clip coupons when you go to the grocery store.  Sometimes the basics can save you a lot!
7. Layered clothing.  Undershirt, t-shirt, long-sleeved shirt, hoodie, coat.  Footies, ankle socks, wool socks, shoes.  Long johns, jeans, sweatpants.  Stay warm!
8. Reverse your ceiling fan to blow warm air down from the ceiling.
9. Open the curtains during the day, close them at night.
10. If you rarely use a room, close the vents and and door so save energy.
11. Water heater can be adjusted.  Not only can you turn the temperature down, but you can also install a timer to shut if off during the day when you’re gone (like the thermostat!).

The Farmers Almanac offers many other outstanding articles, from how to pick out a perfect pumpkin to how persimmon seeds can predict winter.  Go there in haste to enjoy the great ideas and insights!

My own suggestions…

• Get a cat or dog to curl up in your lap for warmth.
• If you have a no-pet-policy, get a lap blanket like an afghan.  Make sure it’s long enough to cover your feet.
• Try not to use the fireplace on bitterly cold days because once the fire is out, the flue will have to remain open until all the coals are cold.  Even if you have doors on your fireplace, warm air will still be lost up the chimney.
• Check the weather stripping on your doors.  Not only will it help keep out the cold, but weather stripping in good condition can also keep out the spiders that are trying to get in this time of year.