How do you search for homes? In Charlottesville or anywhere else?

I got a call recently from a buyer who was searching homes.com and found one of my listings. Unfortunately, the listing was actually under contract (and had been for a while). I first thanked her for telling me that one of my listings was inaccurately displayed on Homes.com and asked how I could help.

She expressed her frustration – that she had been searching online for a home for a while; that whenever she found a home she was interested in, she would call the agent to go see it. Real estate search is fragmented, and it’s likely to be that way for a while. I’m frustrated, too. There is no credible aggregator of all the homes for sale – whether they be “marketed”

To which I said – “I think you’re going about this the wrong way.”

- First – pick an agent who will be able to guide you through the process (for instance, tell you where to search for homes online).

- When you call a sellers’ agent to show you the house, that agent is not representing your best interests – that agent is representing the seller and the sellers’ best interests.

How do you pick a good Buyer’s Agent – for you?

Once you have an agent who is able to guide you through the process, search well and search often.

How do I learn about how my clients and others are searching for homes? I ask. (I’m not afraid of either asking or saying “I don’t know”)

This is one of my clients’ search processes – and this is my public “thank you!” for sharing and allowing me to publish your work -

How do you search for homes in Charlottesville?

1. Your IDX site- Browse the map for affordable homes in places I want to live. Or, check the local MLS for new listings and then look on IDX to see if there is more information there.

2. Look up found home on City Assessment (Ed note: or Albemarle County or Fluvanna, etc.) website to find:

a. Tax Assessment price (editor’s note:In my opinion, assessed values have little to no correlation to what a property’s actual market value would be)

b. Who owns it? Does the owner live there? This often leads to another search on the City Assessment website for the owner’s name to see how many properties the owner has. Do the owners seem to be in good financial shape or have they made a lot of bad decisions (i.e. may need to get rid of the property to stay above water)?

c. Check for any inconsistencies in square ft, room numbers, etc between MLS listing and tax assessment. d. Look at picture to see how different the home looked a few years back (pics usually taken in 2002 or 2003). (ed note: this leads to a separate rant about Realtors stripping the MLS of photos of their listings when the listing expires/sells – this kills the accuracy and historical context of the MLS)e. Study transfer information to see when house was last sold, what it sold for, when it may have had work done, etc.

3. Use Google Maps to see what surrounds the house. Is the street tree-y? Industrial? How far is the nearest park? How far to downtown, UVA, etc? (ed note: check this out)

4. Google the street address + Charlottesville to get more information about the neighborhood. For example: Grove St. plus Charlottesville clued me into the Grove Square development (which I was unaware of because I’m new to C’ville). (ed note: don’t forget to visit Charlottesville Tomorrow for the most in-depth reporting on growth, development and politics in Charlottesville/Albemarle)

5. Google the complete address of the house to see if anyone has written anything about the house. Search the address of the house on Real C’ville Bubble blog to see if people have been blogging/laughing about the home’s asking price.

6. Lastly, physically drive or walk by the house the old-fashioned way.


For readers – what improvements would you like to see in the search process? What do you like about how you search for homes?

For Realtors – if you’re not using the MLS photo capacity – 50 pictures – you’re often doing your fellow Realtors, prospective buyers, and most importantly, your clients – a remarkable disservice.

For Sellers – do you check your home’s listing online to make sure your Realtor is putting sufficient pictures online? (I assume that the very first visitor to the listing online is going to be my client – and that they will tell me if they thing I’m doing something wrong. In fact, I ask for and encourage their feedback – it’s one of the ways I improve.

I’ll help you search – that’s why I provide what I perceive to be the best ways to search for homes here/here – but when you want representation, let me know.

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I randomly and fortuitously met some potential clients last week. As I was finishing a showing, a couple drove by and asked if we were having an open house. My client assured me that we were finished, she introduced me to them, (as a “great Realtor,” thankyouverymuch) and we had an interesting conversation about their impending move to the area.

One of the best things that came from the discussion was this – they had asked several people in Virginia this question – “if you could live anywhere in Virginia, where would it be?” The repeated answer was, “Charlottesville.” Clearly, broadband is the new infrastructure.

Coming to a new area is daunting, and having a knowledgeable advocate/guide/Realtor is, in my clearly biased opinion, crucial to successfully navigating the market.

Google’s great, but being able to ask someone questions and get answers – in the context of the local market – is mighty helpful.

Search for homes here

A relocation map of Charlottesville/Albemarle I did last year


Market Data/Statistics - start here to get a grasp on the market.

We discussed ways to tap into the Charlottesville area – moving to a new area without an existing support structure can be an isolating experience.
It seems that the Charlottesville area has a club for everything.


Clubs/Networks (just a sampling)

Charlottesville Young Professionals

Charlottesville Sports and Social Club

The next three came from my curiosity – I started typing in “Charlottesville [blank] club” into Google and quickly figured that there’s likely a club for anything and everything (seriously be creative when you try it!) -

Charlottesville Track Club

Charlottesville Hiking Club

Charlottesville Drinking Club

Rentals - For most people relocating blind to the area (having only been here once or twice) I would much rather we take a “rent now, buy later approach” (although this is certainly not “one size fits all” – each person and situation is different). For this task, start here -

My search site (just select “rentals”)

These are the best sites I have found to search for rentals.

- The HooK (one of the two free weekly newspapers)
- C-Ville (one of the two free weekly newspapers) *
- Daily Progress - the daily newspaper
- Blue Ridge Apartment Council
- Charlottesville Craigslist

-Jobs in Charlottesville

Network, network, network.

I’d start with the groups above, and troll the classifieds in the C-Ville (http://www.c-ville) and the HooK – (http://www.readthehook.com)

* Notice the deftly political way of not saying “one of” and then “the other” – thereby keeping both on equal footing in an attempt to alienate neither?

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Last week’s article in the Daily Progress was good, but as I told the journalist at the time – there is so much more I wanted to go into that article, and newspapers are so limited by what they can offer in print. They deal in inches, and for better or worse, bloggers don’t have those limitations. With that preface, this is one of things that didn’t make it in the article due in part to space limitations – My advice to buyers in the Charlottesville area -

Choose the right representation. Choose the right buyer’s agent. Choose someone whom you trust and get along with and like – not just because you met them at an open house, or because they have a blog, or because they are your sister’s husband’s friend who is just getting started and needs a break. Choosing the wrong representation is not just not worth it.

A good (great) buyer’s agent is someone who will advocate 100% on your behalf – simple. Contrary to public opinion, a good buyer’s agent is focused on the client’s needs more than their own. If you feel that “your” Realtor is focused more on the “sale” than your best interests – tell him.

Going waaay back in the archives to 2005, citing a WSJ article -

“Finding a real estate agent is kind of like dating. You have a small window to make an impression and then you’re with that person for a long time.”

Here is my business philosophy when I work with buyers – I want to sell their house when they move. Every buyer client represents a minimum of three transactions -

1) The house they are buying right now.

2) That house when they move (everybody moves, even if “this is the last house I am going to buy”)

3) At least one of their friends or family when my clients proselytize for me

I work with Buyer-Broker agreements with my buyers for a variety of reasons – first and foremost because we negotiate my fee upfront, and I am free from the perception that I am not showing unrepresented sellers’ (FSBO) houses or those houses that are offering lower commissions in the MLS than many Realtors are used to. And – it formalizes the contractual relationship that I have to my clients and that my clients have to me.

You can find a sample (although a bit dated) Buyer-Broker Agreement here.

Updated – this is a current sample Buyer-Broker Agreement. Note that it takes two sections to warn/educate about Dual Agency.

My advice is this – do your due diligence. If you have questions about the process, what questions to ask (or if you have an experience you would like to share) please contact me anytime.

——–

And the coup de grâce with regards to what blogs have over print – here are a bunch of very relevant links to help you get started in your research:

Here are some questions to ask when hiring a Realtor, courtesy of Redfin.

Do you like/do Dual Agency? One of my favorite posts I have written about Dual Agency is this – Dual Agency – Who Benefits? —- The Realtor.

Representation isn’t free

How to Choose a Realtor

Great Questions for a Seller to Ask

Questions to ask your (potential) agent in Charlottesville

Steering Buyer’s Agents

Why Use a Realtor – Decoding NAR-Speak

Rolling the Dice with Buyers

Being Selective

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“curious if you are familiar with the fifeville neighborhood in charlottesville. and if so what you think about the huge price tags on houses in a neighborhood that is clearly still in the early stages of gentrification”

Thank you for the question.

For starters, I wrote about Fifeville last year.

From a market perspective, I like Fifeville. I like its location between the Downtown Mall and University of Virginia’s Main Grounds and its proximity to the restaurants that have sprouted up along West Main Street (cVillain has started using the term “Midtown” to describe this part of the City). As I have said many times before, (almost) any house or neighborhood that offers “walk-ability” to desirable “stuff” – coffee shops, restaurants, shopping, grocery, parks, gyms – will likely be well poised to take advantage of the local real estate market going forward.

Fifeville offers walk- and bike-ability that is almost unparalleled in the City of Charlottesville.

There is opportunity in Fifeville, and hopefully not just that of “making a buck” by flipping houses; the shifting real estate market has seen to that. I have found that those moving into Fifeville seem to be moving with the intent of becoming part of the neighborhood – and that is better for all involved. Is Fifeville in the “early” stages of gentrification? I’d say they’re in the early-mid stages, closer to “mid.”

While I intended to post this question later this week, C-Ville’s Will Goldsmith today puts forth an outstanding and comprehensive story about Fifeville.

Click here for a larger, legible map.

More also at Charlottesville Community Design Center’s site.

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I am intrigued by Lawrence Yun. He even has his own Lawrence Yun Watch site, following his predecessor’s own “Watch” site.  If only because watching him painstaking try to regain the credibility that was squandered by David Lereah is a monumental task.

I have written about him several times, at least once positively!

If you had the chance to ask him one question – what would it be? Here are some I would like to ask -

- Where does he (really) see the housing market going?
- What’s it like to step into the role filled by someone so widely and effectively denounced and ridiculed?
- What was the first thing that went through his head when he was offered the job of Chief NAR Economist?
- What (really) should be done about the economy?
- What does he think about NAR’s advertising campaign?
- What does he think NAR should be doing?

*Note to AC – hit me up next time you see me online, please.

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Question from a reader:

Jim, I’m interested to hear the thoughts of Realtors on how best* to market lots in a new/proposed residential subdivision. The methods being employed in Fluvanna and Louisa at present are:

(1) Make all lots available for sale to anyone (via standard marketing tools, i.e., MLS, print ads, etc.)…Simply market the hell out the thing in every way possible. Of course there should be architectural standards for the subdivision, but basically sell any/all lots to anyone for the desired price. They can sit on it, build, resell it, or whatever.

(2) Require buyers to use one or more pre-selected builders…In several instances, I’m seeing developers hire listing agents to sell lots, while requiring buyers to use a pre-selected builder(s). The developer pays the listing agent a minimal commission (1%) on the lot sales, while the agent gets a market (6%) commission on the sale of the home. While not necessary, I’ve observed a limited approach to marketing the lots from agents in this model. I’m not sure why, but they seem to focus more on the sale of the home than the lot.

(3) Sell all lots to one or more builders …assuming the desired price and absorption can be negotiated, and the builder is not some startup guy who could fold if a single home doesn’t sell, this is probably the best situation for developers.

I’d like to expand on this a little bit more and include buyers – what are your expectations when buying new construction?

Technorati Tags: agency, albemarle, charlalbemarle, charlottesville, fluvanna, louisa, new construction, real estate, realtor

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A bit of a take-off of the “ask the agent” feature that some of the other real estate blogs have been doing of late – I have taken some of the more interesting or pertinent search phrases that have led visitors to this blog.

Should you get title insurance?

Yes, in most cases. Penny-wise, pound foolish. In most cases, title insurance costs a percentage of the sales price. If you choose not to purchase owners’ coverage (lenders’ coverage is required by the lender) think about the hassle and cost that would come from having to hire an attorney for at least several hours …

Broker’s agreement w/ buyer VA

Here is my explanation for that.

How the real estate cartel harms consumer

I don’t think there is a “cartel”. Real estate is an enormously competitive industry.

Is ivy road in charlottesville walkable?

Much of the Ivy Road that is close to the City of Charlottesville is, but the part of Ivy Road known better as 250 West is not. Old Ivy Road is if you’re daring and brave – particularly under either bridge.

Real estate, what does pending mean?

Active: Actively on the market
Contingent: Under contract, with contingencies such as home inspection or financing
Pending: All contingencies have been satisfied and both parties are waiting to close.

Do you have any questions that you would like answered?

Technorati Tags: charlalbemarle, charlottesville, real-estate, title insurance

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I have been working in the real estate world for just over five years and have been around it since I was a wee child (both of my parents are Realtors). I have moved five or six times locally in seven years, but I have never directly asked myself or my clients this question -

What do you want to know about the area that will either help you move or help you decide to move here?

- Schools
- Crime Rates
- Employment
- Grocery Stores
- Public Transport
- Recycling
- What is there to do?
- What have you been looking for online that you just cannot find?

A general, all-encompassing question that usually elicits the responses above is this – “What, if anything, do you want or need to be “close to?”"

Listening is my best weapon which I use to discern my clients’ wants and needs. I just need to be sure I am asking the right questions.

Technorati Tags: buyers, real-estate, realtor

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Maintaining an efficient and profitable real estate website takes an awful lot of time; I worked for almost 90 minutes  or so this morning.

Two notable additions:
- I have added a discoverable RSS feed for this blog to my real estate site’s homepage.
- I added a podcast page the other day.

Little tweaks:
- Added a few keywords to hopefully increase traffic.
- Deleted some older information.
- Moved a few things around in general.
- Edited the “about us” page
- Upgraded Bad Behavior.

My constant question is this – what are consumers/buyers/sellers looking for in a real estate website? What would encourage them to return? To bookmark my site rather than search others? Most sites have the same MLS data and some of the same information. What aspects of my site are good/bad? Of others? Examples?

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What questions do you have about the Central Virginia real estate market? What interests you?

Our real estate market touches most people who live and work in the Charlottesville area, whether they own real estate or not – land use freedoms and restrictions, transportation projects and bottlenecks, what impact a 5% reduction in property values may have, property tax increases, etc. How many people commute to Charlottesville? What happens if tourists become residents?

What piques your interest?

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Do people not walk or bike places because the infrastructure is not there or do they not build the infrastructure because folks don’t want to walk or bike places?

What impact will gas prices have on development in the short- and long-term? I would love to take mass-transit (were it available) or use human transportation, but I don’t think many of my clients would appreciate the quaint-ness of seeing houses in a rickshaw, but then again …

Technorati Tags: growth, politics

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When America’s housing boom finally ends, don’t expect a loud pop.
“It’s not going to be a big dramatic event,” says William Apgar, senior scholar at Harvard University’s Joint Center for Housing Studies.From today’s WSJ.

I wish I could do a poll like the snapshot I took from their site (see below) to gauge the Charlottesville area’s public perception. In this situation, I believe that perception is going to be as, if not more important than reality.

Technorati Tags: Central Virginia, real estate

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Integrity, prompt response time and commitment are among the most important factors consumers consider when choosing a real estate agent, according to a new survey.

It’s a darn shame that integrity is something that is such a rarity, rather than a simple expectation. Maybe if the market slows a hair, some of those Realtors lacking integrity may choose another profession. Unfortunately, it is often difficult to know about one’s integrity until it’s too late.

Most survey participants agreed that the integrity of an agent is the single-most important factor in their choice. Nearly 90 percent said that prompt and responsive behavior is very important, as well as the real estate agent’s commitment to helping the consumer buy or sell a home.

From Inman News (paid subscription required, email me for a copy of the article)

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I am looking for alternative methods of advertising. Most of the local outlets (C-Ville, The HooK, Daily Progress, AlbemarleFamily, etc.) are already super-saturated with Realtor ads. I want something more grass-roots. Something that will grow (and grow with) my business. Any ideas? Local advertising is great, but I need/want to tap into local media with national and international reach as fewer locals can afford local real estate.

What’s next?
While real estate professionals now have a large Web presence, “Now they need to invest the time to market those Web sites. Take the time to incubate (online leads). The Internet user is a little bit different than the traditional home buyer.” Glenn also encouraged real estate professionals to provide whatever property listings they can on their Web sites, and to supply consumers with other real estate information and tools. From an Inman Story. If you want to read the whole story, please email me.

Technorati Tags: real estate

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