All Wordpressing Their Widgets in Your Facebooks!

September 21, 2007 | 18 Comments

We were sitting around tonight discussing the intense discourse going on in the real estate profession regarding technology & its marriage to the so-called normal way of doing things.  Our conversation really was about how we need to remember to laugh at ourselves- all of us.  Consumers love everything we do for them so long as they are our primary concern.  I hope this funny Friday gets some laughs & that the future conversations we have are how the industries came together for the consumer.

without further ado: btw, if you have no funny bone or what was mentioned above is Greek to you, feel free to skip this one…   ;) 

Posted by Benn, Single Pointe CEO | Filed Under Austin Real Estate Blog, RE Practice, Video, Zillow, humor 

New Laws- HB3101 Creates a Tenant Bill of Rights

August 12, 2007 | Leave a Comment

ATTENTION RENTERS:

Tenant laws are being amended.  Often, tenants do not know their rights or even what the consequences are to landlords acting outside of the law.  HB3101’s writers are calling the new Bill a “Tenant Bill of Rights,” and their intent may have been so, so read on to form your own opinion.  Make sure to let us know your thoughts in the comments section!

Depending on which side of the fence you sit on, Texas is a tenant friendly state… but landlords are quite protected as well.  House Bill 3101 was originally supposed to go into effect on September 1, 2007 but has been amended to be effective January 1, 2008.  While we don’t know the reasons for the extension, we suspect that it is fair to allow landlords to adjust their leases to fit the new laws.  When landlords are large corporations (like Equity, Mansions, etc), leases and amendments typically go through their legal department which we all know can add time to a finished product.  These changes will not apply to your current lease but a renewal or a lease dated on or after January 1, 2008.

CHANGE # 1- the landlord’s tenant selection criteria was previously optional but now must be provided to applicants and signed by the applicant acknowledging the terms they must meet for approval.

Further, HB 3101 mandates that if the landlord does not properly provide this criteria and the applicant is rejected, the application fee and deposit must be returned.  If the landlord fails to do so, they are subject to a $100 penalty plus three times the amount wrongfully retained as well as the applicant’s reasonable attorney’s fees.

In an apartment community, newer employees may forget forms for you to fill out, so be informed and make sure to ask for the tenant selection criteria form.  This way, you know immediately what they are asking of you regarding income, credit, etc.

CHANGE # 2- most landlords already conform to this portion of the bill, but for those who don’t, all leases are required to contain language in underlined or bold print notifying tenants of the landlord’s obligation to repair or provide a remedy for certain conditions in a tenant’s dwelling.

This is important because some landlords fail to live up to this portion of the lease despite their actions invalidating the lease.  Tenants aren’t the only ones who can violate lease agreements!

CHANGE # 3- prohibits landlords from charging a late fee for failing to pay rent unless the signed lease includes notice of the fee and it’s a reasonable fee.  The cap of 7% of the unpaid rent has been changed to a “reasonable estimation of the uncertain damages of collecting delinquent rent.”  The landlord still has the right to lawfully terminate a lease but the bill provides a specific remedy and penalty for violating the late fee provision.

The new law also mandates at least a two day grace period after rent is due.  As with Change #1, the penalty imposed on landlords for improperly charging late fees is $100, as well as three times the amount of the improper late fee and reasonable attorney’s fees.

CHANGE # 4- as a precondition for allowing a tenant to park in a specific parking space (as in designated spot, carport/ covered parking or a garage), tenants must provide the make, model, year, color, state of registration and license number of the vehicle in order to obtain a parking space.

We believe that this change is allowed because when a tenant pay for a parking spot and calls the landlord saying someone is in their covered parking spot and it’s raining and they want to park there, the vehicle in the spot will clearly not match the information the landlord has on file and will be subject to being towed.  It feels funny to give up so much information but I do think this on is in the tenant’s best interest and empowers the landlord to tow on their behalf.

CHANGE # 5- prohibits landlords from changing a tenant’s door locks due to rent delinquency in the payment of rent when the occupant is in the dwelling.  It also prohibits landlords from changing the locks more than once during rental payment.

CHANGE # 6- the bill amends the Property Code to prohibit a landlord from intentionally preventing entry into the lease premises due to rent delinquency unless the landlord’s right to change locks is in the lease.  The bill also requires the lease to include in underlined or bold print the tenant’s right to receive a key to the new lock at any hour, regardless of whether the tenant pays the delinquent rent.  The civil penalty for intentionally preventing a tenants entry into the leased premises due to rent delinquency has increased from $500 to $1,000.

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This tenant reform bill is available by clicking HERE.  We are not attorneys, and are not intending to provide this information as legal advice.  Our interpretation of this bill is simply that, our opinion.  If you believe you need concrete legal advice, we ask that you contact your attorney.

Posted by Lani, Asset Director | Filed Under Austin News, Austin Real Estate Blog, Other Stuff, RE Practice 

Spam Sucks! Yep, I said it!

June 29, 2007 | Leave a Comment

I really hate opening my email every day only to have to dig through 40 emails to find one actual human being.  I also hate that phone call during dinner asking me if I am interested in taking a free cruise… and even worse, I loathe being chased around a store when all I wanted to do was look around!  If I see what I want, I promise you, I’ll buy it!  grrrr!  But wait Mr. salesperson!  I didn’t say ignore me for the rest of the day! 

We base our company philosophy on the above statement-  our approach to sales is different than most brokerages.  Our Policy is to simply make ourselves available in every way possible and let the folks who want to buy or sell come to us… It’s simple.

The problem is, I think some folks may at times feel ignored by us, maybe you slipped in a phone number on a search thinking someone would call you- you may have grown a beard waiting because our policy is simple… don’t harass anyone! So, if this is you, drop us an email and say, “hey, call me!” The cool thing about doing it that way is when we do call- we’re happy to answer your question without the heavy pressure.  That’s how I want to be treated, and that’s exactly how you’ll be treated!

So- if you’re worried about spam coming from SPR, don’t.  If you get something you feel is spam from us… send it back to us!  I’ll add it to the pile in OUR inbox and give everyone in the office a great big three stooges poke in the eye!

So enjoy yourself on SPR, shop till you drop, ask questions, comment on the blog, whatever… but never worry about us spamming you!  

There is a downside to this grassroots style of marketing- it leaves it up to you to spread the word about us- and we hope that you’ll appreciate our approach, services, and products so much you’ll recommend us to someone you know!  Tell them to tell us YOU sent them!  We’ll treat’em like Royalty!

Posted by Benn, Single Pointe CEO | Filed Under Austin Real Estate Blog, Other Stuff, RE Practice, Single Pointe Updates 

The Discount Listing Agent- Seller Beware

May 1, 2007 | Leave a Comment

Okay, here is a quote from a local discount listing agent, “List your home in the local Realtors® MLS for a flat fee as low as $399.” Now what?  A sign in your yard, some flyers, maybe a virtual tour for an additional fee- Home Sellers, you should wake up and listen to what the agent is actually saying.  This agent actually goes on to say he works dilligently to sell your home.  I am not sure how he can back that statement up.  I mean, if he dilligently sits by the phone and waits for buyers to call, I guess you could say he is being a little bit truthful.

The whole truth is, YOU HIRE US TO SELL YOUR HOME, NOT JUST LIST IT! Selling is an art form, it requires strategy and focus.  Are you telling me you would work for your employer full time for potentially 60, maybe 120 days for $399 bucks? Common sense tells me you said no way!  Believe me, that agent said the same thing.

In a market where profits on existing homes are up sharply, you’re going to tell me that you want an agent that will take less money to do less work?  This strategy is just insane.  My clients tell me they are looking for a sharp Agent with top notch skills, tools, and drive to SELL their home at the absolute HIGHEST possible sales price!  Are you that client?  Or is your strategy to quibble over maybe $3k when a quality agent wants to earn you 10 times that amount?  My bet is you’re going to go with a winning strategy, not a lay down agent who puts a pretty sign in your yard and lists your home (the needle) in the haystack we call the MLS.  Don’t get me wrong, the MLS is key, but it is not the end all be all of selling your home.  It’s a combination of tools that veteran SELLERS have in their portfolio.

Do yourself a favor.  Shop for an agent that can WIN.  Avoid the plastic salesman who simply lists your home and disappears, until you call him/her in desperation and buy the full service package he should have advised you to take in the first place.  Gimmicks are a nasty game when you need your home sold now and you’re counting on the profits to move from point A to B.

And trust me, this is a gimmick.  The discount MLS only fee was invented to attract a For Sale By Owner or FSBO.  Realtors knew the FSBO could only hold out so long without over 90% of the market being able to see their home- which is the case.  There is only so much exposure a FSBO can get on their own without finally giving in on day 73 to the Realtor they should have hired in the first place.  Unfortunately, regular every day sellers are getting caught up in this mess and it is unfortunate.  Don’t make the mistake some of my current clients made.  They sat on the market with a simple flat fee listing for almost 200 days before they just could not stand it anymore.  The baby they were having that created the need to up-size was now here with the crib now stationed in the living room.  This is crazy!  The photo that was on the flyer actually demonstrated this fact making the home look even smaller than it really was!  We’re in the process of putting this home in the proper light now and I feel confident I can help these sellers- but what about you?  It’s not to late.

Hire a Realtor that brags about SELLING your home, not discounting it.

That Real Estate Guy

By the way… How does one find such a Realtor that will do the job? Simple, find the Realtor that will give it to you straight, explain the risks clearly, but is aggressive and hates to lose.  Avoid anything kitchy or smarmy.  A benz does not mean “the best.”  It simply means, they have a nice car.  Simply listen to the strategy, do they understand your goals, and how important is your listing to them, personally.  Are they challenged by your home, area market, or the asking price.  This is simply a starter, I am sure by reading the above you have an idea of the type of Agent you want selling your home.

Posted by Benn, Single Pointe CEO | Filed Under Austin Real Estate Blog, First Time Buyers, RE Practice, Selling 

Why Austin New Home Builders & Resellers Prefer Pre-Qualified Buyers

April 20, 2007 | Leave a Comment

I am writing this speaking to Austin first home buyers, but there is a tip later for the move-up buyer, so there is something here for all.

First of all, first home buyers must understand that when we ask you to pre-qualify, it’s not always just about your credit rating.  It is well believed that a serious buyer will not only know their credit standing, but also how much home they qualify for.  So, basically, you could be out looking for a simple starter home, not even realizing that you could actually qualify for a notch above or maybe even a nicer subdivision with more opulent amenities!  Everyone loves a pool, but ooh la la- a water slide?! Maybe you could live a little closer to your work because a qualified loan officer has weighed your debts versus your income and sees the potential for an additional 10K in spending money.  At Single Pointe Realty, we call this knowing your buying power!

Your credit score (or your FICO score) is also an issue; however, it is possible to have a lower FICO score and still qualify for a fantastic rate.  More on this later…  The lender is more or less looking to see how well you manage your monthly bills; looking for slow pays, late pays, or discharges and/or judgements.  Now, many of you know how well you pay your bills, but often times we assume (out of guilt or buyer’s shame) that every late payment we make is recorded (as if all retailers are that speedy or organized).  In fact, that is often not the case, or sometimes looking at your report it may reflect late pays that never happened and you can prove it!

I can go on and on, but I think I’ve made my point that the truth is that we will not know until we look.  A great pre-qualifier can help go over the details of your report and break it down for you, create a plan for what we need to do, or discover if anything on your credit is even adversely effecting you!  Chances are, it isn’t!  But your Real Estate Agent will certainly appreciate knowing if there is a battle to be won over your credit upfront before you go out and put yourself at a negotiating disadvantage by NOT Knowing Your Buying Power!  In fact, when I lead in to begin the negotiation process, one of the first things out of my mouth is- “my buyers are qualified and are prepared to buy now for $X price.”  See how that works?  Have chills? Don’t be nervous about this part of the process, as it only strengthens your hand in home buying. 

So to answer the question of why Sellers prefer pre-qualified buyers? Because! Who wants to take a home off of the market for those who do not even know if they can buy?  In fact, they rarely will, and it changes the subject from, qualified/buying/at what price to we’ll hold it at the origional price for 72 hours while you and your agent play catch up.  Who wants that? You sure don’t!

So you’re welcome to get started on qualifying while I chat with the Move-Up buyers…

Move-Up Buyers, I cannot stress this enough- before you put your home on the market to buy a new home, it is in your best interest to also pre-qualify.  Imagine selling your home with a decent profit, only to realize you are not qualified to buy!?  It does happen.  So, when you meet with your Listing Agent to List your home, put together not only your selling strategy, but your buying strategy.  I assure you, this advice may save you one heck of a nightmare.

Happy Buying!

That Real Estate Guy

Posted by Benn, Single Pointe CEO | Filed Under Austin Real Estate Blog, Buying, New Construction, RE Practice 

What we need more of in the world of Austin Texas Real Estate

April 7, 2007 | Leave a Comment

We often brag about the specialists we have in house at SPR, and sometimes we find a gem outside of the firm that deserves some boasting about too- one that does something so outside of the box that we have to brag on them. We feel that in a sea of mortgage personnel, Miranda Anderson with DHI Mortgage shines the brightest as she usually goes without praise in a sometimes thankless position.

It is difficult to trust vendors outside of our firm because they have to care as much for our clients as we do, and honestly, they usually don’t- but not Miranda. Countless times over, Miranda does not do simply one thing that leads to great praise- it is what she does all the time that has me spouting her praises and how she has become one of SPR’s top pre-qualifying lenders. Miranda has consistently provided our buyers with Class A Service regardless of their buying power- this is rare in this business. When loan officers grow their business, they take on an air of being too good for the more complicated loans that got them advanced in the first place, but not Miranda- as her business has grown, she has remained the same grounded, focused loan officer. She has remained determined to carry out the SPR directive which is to provide outstanding service to everyone regardless of their buying power which is why almost every loan we do goes through her first.

When I think of all of the complicated files I have thrown at Miranda, one in particular comes to mind with some bad credit, good income, and great time on the job. Another lender said no way, but not Miranda. After discussing the file at great length, I was able to point out why I thought this buyer should qualify; Miranda took that and ran with it, building a fantastic case for the underwriter. I spent many nights working this file, but what was amazing was that Miranda worked on her side just as hard. Without her and her processor, this loan would never have been packaged with such a pretty bow! They fought for the loan even when I thought things were looking grim. I just had dinner with those buyers (now owners) last Friday night in their new home. The buyers went on and on about Miranda and how they had been treated negatively by other lenders versus how Miranda literally held their hands. That is when I realized just how little we had done to promote this valuable asset, and why I’m blogging about her today.

I’ve asked Miranda to do a weekly Q&A with our blog readers, and she has agreed. So, beginning this week she will discuss her business, what they do, and the benefits they can provide all types of buyers and also what we’ll call “the State of the Market”. You won’t want to miss it!

Happy Reading,

That Real Estate Guy

Posted by Benn, Single Pointe CEO | Filed Under Austin News, Austin Real Estate Blog, Market Conditions, RE Practice 

Who Will Represent You in the Fast and Furious Texas Real Estate Market?

March 27, 2007 | Leave a Comment

Let me set the stage- you’re charged with criminal charges, it is your first offense and the charges are not that serious, but are difficult to defend against.  You know nothing of the law but common sense and morals, and believe yourself to be either innocent, or simply negligent at the most.

Would you walk into a courtroom alone and choose to represent yourself?  If the judge asked you to step into a room with a prosecutor in an attempt to negotiate your case, would you do it alone?  Of course you wouldn’t.  Your freedom is at stake as well as your reputation and more.

Real Estate is said (and I believe it to be true) to be the most important financial decision you’ll ever make.  You’re asking for a very high amount of money in the form of a loan that you will be paying back for at most 30 years, in some cases, 40.  A bad home, a bad loan, and a bad decision could be what equates to a very expensive prison term that will probably be hard to overturn in this case.

Unfortunately, many people every day read stale, canned information on real estate websites.  Many times that information comes from those who would call themselves educators, but I call them opportunists.  Teaching you to buy real estate on your very own with their flat rate fee being the only thing standing between you; a sales agent at the time of negotiation, sales contracting, inspections, appraisals, lending, the underwriter, and anything else that can come up in the transaction could cost you more in the long run than the dollars you saved with a discount brokerage.  There is rarely time to consult a webpage during any of these snap decisions in negotiating.  Not knowing the law, your rights, or what is an acceptable solution or practice could lock you into a cell of huge financial proportions.

My advice (and not just because I am REALTOR) is to HAVE A REALTOR!  In my blog I never ask personally for your business because I try hard to remain objective.  I do not just want you to pick any old REALTOR; you need one who understands your goals, your needs, and your wants.  Those three factors will keep you free and make each and every one of your mortgage payments happy payments.  Payments you can be proud of.  If I were in the above scenario, the last thing I would be worried about is the agent’s fee.  I want the very best to represent me, knowing I will save thousands over what the agent will make in even a mild version of the above case.

Happy Buying,

That Real Estate Guy

Posted by Benn, Single Pointe CEO | Filed Under Austin Real Estate Blog, Buying, RE Practice, Selling