Date Archives January 2006

What is a Buyer’s Broker?

I read this at UrbanDigs, thanks to Curbed, and thought it worth republishing (with permission, and a few edits) -My Definition of a Buyer Broker: A broker who represents the buyer and has a fiduciary responsibility to the buyer in finding a property that meets their needs on all levels (price, location, size, condition, style, and living quality).  A buyer broker should look to find the best value for their client and negotiate on their behalf during the bidding process to get the lowest possible purchase price from the seller.  In times of bidding wars, the buyer broker should advise their client on how high over ask the buyer should bid without overvaluing the property or putting their client in financial risk.In addition to these services a Buyer Broker will prepare the client for the real estate transaction in a number of ways:1….  A good buyer broker will ask their client what their strategy is with their investment and advise their client on possible mortgage products that could be used….  Co-ordinate visits to the property for contractors as needed and accompany the client on the final walk-through prior to closing to fully inspect the property based on the contract of sale’s terms and conditions.  All electrical, plumbing, and appliances should be in working order.Most buyer brokers, also known as Real Estate Salespersons or Agents, are in real estate as their full time profession which does not mean they know what they are doing.  It is up to the buyer to determine whether or not their buyer broker is responsible, knowledgeable, and privy to the current housing market prices and developments.I can tell you that as a broker (aka, Real Estate Salesperson) there is a ton of competition out there and very little loyalty….  My thinking is:I am going to find you the highest quality property that meets your needs for the lowest possible price, and do it in a way that makes this transaction a positive experience for you that you will refer my services to all of your friends and family when they need to satisfy their real estate needsAs a buyer you should be especially vigilant that your buyer broker is really out there to assist you, and is not just trying to make another sale.

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End of year Realtor stats

More detailed market statistics will be coming soon; I just wish our MLS had a more robust statistical engine, like those used on my favorite NoVa.  blog.Definition of a “side” – when an agent represents either the Purchaser or the Seller in a real estate transaction.873 Realtors in the Charlottesville Area Association of Realtors had at least one “side” in 2005….  Two of the 10 are indicators of operators outside of the MLS (agents from other associations).  Exception: one agent had five sides, but averaged $11 million per transaction.  Nice.Between the two of us, Betty and me, we were a part of 57 sides!  Believe it or not, this profession requires a tremendous amount of work, dedication and time.  I still love what I do; how many people can say that?My reason for writing about this is to encourage the general public to do their due diligence when choosing to work with someone, in this or any other profession.  Volume is one indicator of success, trust and integrity are two of the others in my mind.In order to take our business to the next level, we are going to hire an assistant this year.

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Growth, sprawl, transportation and more

This month’s Rebellion is out.  I haven’t read it yet, but it touches on some pressing issues – transportation, growth, land use …  read it here.I said the essentially what he is saying below (with far less eloquence) the other day – From the standpoint of economic efficiency, transportation should be a “user pays” system.  Political and civic leaders should disabuse voters of the notion that roads and highways are a free good.  Someone must pay to build and maintain them.

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Ideas wanted

I am always looking for creative inspiration.  Now I ask the readers (all three of you) to email me your ideas for what you would like to see here.  Anything that you think might generate a good conversation, something that has not been discussed elsewhere or something that concerns you about the Central Virginia real estate market.  Hope to hear from you!

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