Confessions of a Real Estate Columnist: 7 Client Questions That Make You Wonder
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Clients say the darndest things! If you haven’t had your fill of comical questions from customers, you’ll get it by paging through this light-hearted book by syndicated real estate columnist Edith Lank. The book is a compilation of hundreds of letters from inquisitive readers. Questions come from consumers who are hungry for more information on all sorts of buying and selling issues, from the particulars of burying a St. Joseph statue in the yard to resolving family dramas. Even Lank is sometimes left speechless.
FROM THE BOOK: 7 QUESTIONS THAT MAKE YOU WONDER
These are some of the actual questions Lank has received from her readers and are included in her book I’ve Heard It All and So Should You (Dearborn Financial Publishing, 2007):
1. I would appreciate any information on Fanny Mae about buying homes and property. Also if she has any books out.
2. Stamped return envelope enclosed. Please send us all information on how to sell our home without using a realator. I think you call it being a FSOB.
3. I went to a free seminar on real estate and it seems like it would be the best thing for me to do. I don’t have the money for the rest of the course but they said they could arrange a loan for me to borrow it. Do you think this would be a good investment?
4. Upon selling a co-op or condo, would it be mandatory to divulge the fact that, at times, there
Top 10 Best-Selling Real Estate Books (4/24/07)
Here are today’s top selling real estate books on Amazon.com:
1. The Pre-Foreclosure Property Investor’s Kit: How to Make Money Buying Distressed Real Estate — Before the Public Auction, by Thomas Lucier
2. FLIP: How to Find, Fix, and Sell Houses for Profit, by Rick Villani and Clay Davis
3. Rich Dad’s Advisors: The ABC’s of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss, by Ken McElroy
4. How to Sell Your Home in 5 Days: Third Edition, by Bill G. Effros
5. Find It, Fix It, Flip It!: Make Millions in Real Estate — One House at a Time, by Michael Corbett
6. Home Buying for Dummies, 3rd Edition, by Eric Tyson and Ray Brown
7. Flipping Houses for Dummies, by Ralph R. Roberts and Joe Kraynak
8. Rich Dad’s Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors, by Sharon L. Lechter and Garrett Sutton
9. Real Estate Investing for Dummies, by Eric Tyson and Robert S. Griswold
10. Investing for Dummies, 4th Edition, by Eric Tyson
Author Chat: Richard Courtney
Richard Courtney
Richard Courtney, author of Buyers Are Liars & Sellers Are Too! (Fireside Books/Simon & Schuster, 2006), responds to your questions about the half-truths and common misperceptions among buyers and sellers.
Your book title uses the word “liars,” which is pretty harsh. Do you really think buyers and sellers are liars?
COURTNEY: The title Buyers Are Liars & Sellers Are Too! is tongue in cheek and a catchy title. However, the reason I wrote the book was after observing buyers and sellers alike bringing unnecessary anxiety into real estate transactions by over strategizing. They each thought the other to be dishonest. At that point I explained the languages of buyerese and sellerese — which is not to be mistaken for lying.
Here’s a scenario: I listen to my buyers’ needs, make a list of their must-haves, and then they turn around and buy (from someone else) a home that is so totally different. Any theories on what I’m doing wrong, and how I could have kept their business?
COURTNEY: Hence the theory that “buyers are liars”. Buyers always think they know what they want, but seldom actually know what they want. You have to learn to translate buyerese, the language of buyers.
What do you think is the biggest lie that buyers most often tell their real estate agents?
Buyers Are Liars & Sellers Are Too! 5 Buyer and Seller Misperceptions
By Melissa Dittmann Tracey
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As emotions kick in, buyers and sellers often turn into their own worst enemy. Where does that leave you? In the middle, trying to sort out the half-truths and translate what your clients really mean. Veteran real estate broker Richard Courtney helps decode a language he calls “Buyerese” in his new book. Using a humorous approach, he uncovers the big “lies” of buying and selling a home from four perspectives: the buyer, the seller, and the real estate agents who represent each of them. Buy This Book
FROM THE BOOK: 5 BUYER AND SELLER MISPERCEPTIONS
In Buyers Are Liars & Sellers Are Too! (Fireside Books/Simon & Schuster, 2006), Courtney points out some of the following popular misperceptions of clients and offers suggestions on how you can get them closer to the truth:
1. Ma and pa approval. Warning about meeting the parents: They can spot a nail hole from 70 feet away through two sets of windows, Courtney writes. When working with first-time home buyers particularly, expect the parents to meddle, to be overly protective, and to question how in the world their little boy or girl will be able to afford such an expense! For a positive working relationship, correct parents gently when they’re wrong, reinforce their ideas when accurate, and thank them for their insight in areas you may have overlooked.
2. Popped nail — the house is falling! Don’t let home inspections scare your clients. Some home inspectors will note every nail pop, paint chip, settlement crack, and squeaky faucet. Encourage clients to educate themselves on what’s major and what’s not. After all, most repairs that inspectors consider necessary are inexpensive and easily fixable. When the inspection is done, work with the sellers and their agent to decide who will pay for the repairs. Read more
Author Chat: Sid Davis
Sid Davis
Sid Davis, author of Home Makeovers That Sell (AMACOM, 2007), responds to your staging questions.
What do you suggest [in terms of staging] for a house that is vacant?
DAVIS: If a vacant home is freshly painted, clean, and smells good it should sell. Buyers also won’t have a problem imagining where their stuff is going to go, and a quicker closing can be a plus. I don’t think it’s necessary to leave furniture or move some in to make a home look “lived in.” Many times I’ve had a home sell soon after the owners moved out and had the home professionally cleaned. Personally, I would rather have a vacant home listing than one with owners cluttering it up.
While I agree with all your suggestions, there are instances where the home owner cannot afford to make improvements or repairs. What is your suggestion for this instance?
DAVIS: Can a home owner afford not to do the repairs? If a home won’t appraise because of problems or the owner is uncooperative, I would rather walk away from the listing. If there’s equity, the owner should be able to find a short terms loan. Government agencies, church groups, and other sources often have programs to help people fix up their homes who can’t qualify for financing. You may have to do some digging, but they’re out there. Read more
Home Makeovers That Sell:5 Ways to Sell a Home Faster
By Melissa Dittmann Tracey
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Too many sellers let thousands of dollars slip through their fingers by failing to get their house in tip-top shape, author Sid Davis writes. In his latest book, he offers staging tips, cleaning worksheets, and fix-it checklists (but not many photos) to help sellers spruce up every room of their home — including the garage. Beyond the expected advice, Davis doles out helpful pointers on CMAs, replacing appliances, and tax benefits of moving up. Buy This Book
FROM THE BOOK: 5 WAYS TO SELL A HOME FASTER
In Home Makeovers That Sell (AMACOM, 2007), Davis offers these tips for beautifying a home before it hits the market:
1. Don’t sell “as is.” Selling a home without doing some prep work before is the easy way out, and you’ll likely only attract bargain hunters. Accept the fact that painting, cleaning, decluttering, and various fix-its will be needed before you sell.
2. Get a storage unit. Excess furniture, such as a king-size bed squeezed in a guest bedroom, will make rooms look smaller. Rooms can double in size simply by getting rid of the big pieces. Also prime for off-site storage: knickknacks, photos, trophies, and everything else that will distract buyers from seeing themselves in the home. Read more
All Real Estate Is Local: 5 Indicators of a Healthy Local Market
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Scrutinize national housing trends all you want, but influences in your local market are really what determine whether home values rise or fall, NAR Chief Economist David Lereah says in his latest book All Real Estate is Local (Currency/Doubleday, 2007). He delves into an array of factors that can impact local markets — from success of sports teams to what Oprah says about the city — and provides lists and rankings of metro areas that can help you evaluate an area’s DNA. Buy This Book
FROM THE BOOK: 5 INDICATORS OF A HEALTHY LOCAL MARKET
The key to finding a good real estate investment is to figure out what’s affecting supply and demand. But the factors aren’t always as obvious as you might think, Lereah says in his book.
1. Youth drive. A community that has a low average age for the population, such as a median age of 35, is a likely indicator of growth. After all, a younger population is more likely to have children, experience more demand for housing (trade-up buying), and an overall increase in the population, when compared to an older community.
2. Shopping choices. Plans for a new mall or supermarket can greatly increase the draw to certain neighborhoods. In turn, stores or businesses that are closing may be indicative of a sagging market. Gather information by ZIP code of new business start-ups at the U.S. Census Bureau’s Zip Code Business Patterns. Read more
