Bill Thompson, REALTOR®

Fannie, Freddie and AIG Executives

Bill Thompson, REALTOR® — Thu, 09 Oct 2008 14:31:00 GMT

I just heard on the news this morning, that AIG executives went on luxury vacation with a price tag of $500,000! This was after they were bailed out! This could be the tip of the iceberg! How will our $700 billion in taxpayer dollars be spent in the months and years to come?

Those who are so enthusiastic about the government taking over everything like Fannie and Freddie and want a socialized, government healthcare system should spend the weekend visiting a veterans hospital or anything else that is run by the federal government.

We want something positive to happen in the housing market, but at what cost? Does it matter what is done and who is doing it?

Where Are They Now?

Bill Thompson, REALTOR® — Wed, 25 Jun 2008 16:49:00 GMT

I was trying to contact some agents I had worked with previously. I actually wanted to refer a buyer I was not going to have time to work with because of a vacation I have planned. We are a 2 man office, my broker/uncle and I. My uncle did not want this client since he is extremely busy with other things. I thought, no problem, I’ll call an agent I was particularly impressed with from a previous deal back in December. I called her and she is no longer in real estate (allowed her license to expire). I was surprised, but then this same thing happened with the next 2 agents I called. I found a fourth agent that still has her license but has taken a fulltime job in another field. She did not want the buyer as a client because she is so busy with her new job she would not have time to show homes, etc. I finally referred the buyer to an agent that has a good reputation in our area, but I have never really had any dealings with her. She was happy to get the referral.

I know agents drop out of real estate all the time, but this experience surprised me just the same. The Dallas area has not been hit nearly as hard by this “bad real estate market”, but I wonder if some of these agents allowed all the negative national news to affect their decision about leaving real estate.

I guess this is good news for those of us staying in.

Earn It

Bill Thompson, REALTOR® — Fri, 20 Jun 2008 19:32:00 GMT

When does a REALTOR® earn his or her commission? Oh sure, I know the legal definition, but in the current market, it occurred to me the other day, that the time I REALLY earn my commission is that period of time right after the inspection and right up until closing.

Keeping the deal alive after the inspection, keeping an already apprehensive buyer motivated to close and a seller flexible enough to work with that buyer, that is where the real talent and experience come into play. I think almost any real estate agent could get a client to the contract stage, but after the inspector presents their report, that is when the “fun” begins!

Any thoughts? ;-)

Appreciating Dallas

Bill Thompson, REALTOR® — Fri, 30 May 2008 05:34:00 GMT

In the news yesterday I saw that my market, Dallas and one other city were the only markets where home values actually appreciated. It was a modest increase but a welcome sign. Of course Dallas never went through the wildly inflated prices of the past few years either and that is a significant factor. Property values seem to be slow and stable here going up at very reasonable rates. In the long run that makes an area like this an ideal place to invest in real estate. It is the long term investment that pays off here, not the roller coaster ride.

Foreclosure Bus Tours

Bill Thompson, REALTOR® — Wed, 13 Feb 2008 19:09:00 GMT

Here is an idea I wish I had thought of. A Dallas Realtor is using a 22 passenger bus to take clients looking at area foreclosures. What's so great about that you ask. Well, since the news media wants to cover stories about the bad housing markets right now, every local news outlet is covering her story. The bus is body wrapped with her advertising but the free advertising the news media is giving her is what will really pay off. She is all over the news today here in Dallas/Ft. Worth. I love examples of thinking outside the box and using bad news to your own advantage. My hat is off to her!

Market Analysis – The Sequel

Bill Thompson, REALTOR® — Thu, 27 Dec 2007 21:29:00 GMT

About 11 months ago, while doing a listing presentation, this statement came from my lips, “Since the market fluctuates constantly, I will not just do an initial market analysis, but I will do one each month to be sure your home stays in a competitive position in the market. We can adjust our asking price accordingly, if you agree to do so.” This seller was a man who was very concerned about the fluctuating market and wanted to get top dollar but also wanted to sell as quickly as possible. This is why I mentioned this in the listing presentation. “I think the asking price we both agreed to today is right for where the market is today, but we may be looking at a different market in the next few months,” I added.

He said I was the 3^rd agent he had interviewed, but the first to say he’d do a repeat market analysis as necessary. I am sure any good agent would do this, but sometimes we forget to mention the services we provide. I got the listing by the way, and sold it after 80 days on the market with one price adjustment (down) at about day 60. The price adjustment was no big deal since we had discussed that possibility and in fact I had promise to keep him on top of where the market was so he could get his house sold.

Of course, I have done a repeat market analysis on many listings over the years but do not remember making that statement part of my initial listing presentation, not until this listing came along. Now it is part of my routine. I now see why some clients think we are making excuses when we suggest a price reduction several months into a listing. If we do not prepare them for this possibility it just looks we “messed up” in our initial market analysis.

It might not be a bad idea to list everything we do for our clients and spell it out in detail verbally and/or in writing when making a listing presentation or buyer representation contract. Some things we take for granted are often a big deal to a client that does not understand all that we do.

The 12 Days Of…..Real Estate

Bill Thompson, REALTOR® — Tue, 11 Dec 2007 17:22:00 GMT

Sing along with me everyone:

12 Properties Previewed

11 Listings Taken

10 Million E-mails

9 Thousand False Leads

8 Hundred Rumors

7 Lenders Fail

6 Listings Expire

5 FSBOs On My Street

4 Buyers Bail Out

3 Failed Inspections

2 Contract Revisions, and

1 Closing Just In Time!

Merry Negotiations and Happy Prospecting To Everyone!

Fear Not!

Bill Thompson, REALTOR® — Mon, 10 Dec 2007 16:46:00 GMT

"We have nothing to fear, but fear itself!"

Let's not be guilty of overreacting to recent news from P2. If everyone stays calm and waits this thing out I bet little will change on our end of this venture. If numerous members panic and abandon ship, then things might indeed change, but I see no reason for that to happen.

I always caution clients I am working with not to panic when what seems like bad news comes in from the other side in a transaction. I saved a deal that almost went bad by staying calm just recently. I am sure many of you could tell similar stories.

Personal Letter With An Offer

Bill Thompson, REALTOR® — Sun, 02 Dec 2007 16:33:00 GMT

I was watching one of those T.V. real estate shows not long ago and saw something I am going to try. On the show an older couple, looking to down size, had an offer come in from a young couple that had been to the house to view it several time. The older couple met this young couple on at least one of the showings, so they new a little about them already.

The REALTORS (a team of 2 women) presented the written offer and the sellers were a little insulted that it was lower than they wanted. Then one of the REALTORS said I have a sealed envelope here that the young couple wanted me to give you along with their offer. The older couple opened what appeared to be a nice card and read the message from the young couple. In the message they said something along these lines, “You have such a lovely family home, I am sure you have wonderful memories of raising your children here, all the birthdays, holidays, and other special times. We know our offer is lower than what your home is worth, but we are just starting out and this all we feel we can afford right now. We would love to have the chance to build a lifetime of memories in this wonderful home.”

The older couple became misty eyed, hugged each other and said something to the effect of, “Let’s give these wonderful kids a chance to start and raise their family here just like we did.” It was amazing the difference that personal message made.

Cold, hard numbers on a very cold, legal contract are not very heart warming and if the numbers are not what the seller was expecting they can quickly become antagonistic.

It is often quite emotional for a seller to leave the family home. Bring in professionals (REALTORS) and strangers (buyers) that pick their personal tastes apart, insult the upkeep of their property (buyer’s inspectors) and soon you have a very contentious situation.

In other words, the buying side often down plays the value of the home in trying to get the best price and this is often insulting to the seller that has invested money, years, laughter and tears into that property. Why not compliment the sellers and praise them and their home the way this young couple did, but explain you can only afford a certain price. You just might get that price easier. What is the old saying, “You catch more flies with honey.”

The personal message from the buyers seems like a great idea and I plan to use it when representing a buyer.

Have any of you tried this or did you see that show?

Best Training

Bill Thompson, REALTOR® — Thu, 29 Nov 2007 23:04:00 GMT

Which of the major RE companies has the best training and support for a new agent? Forget commission splits for now and just focus on training and support. Who do you feel is the best? Someone recently told me they thought Coldwell Banker was the best in this area. This agent went with CB for the first 3 years they were licensed and then moved to another company that gave them a better commission split.

I’d love to hear some feedback from your experiences. I went with my uncle who is a broker and has his own small independent company (after owning a Century 21 for years) and have learned a lot from him, but I was just wondering what other people have found.

I see some new agents go with a company that gives them a 100% commission but no training or support and these agents seem lost and discouraged.

Your feedback is welcomed!

Have I Made Myself Clear?

Bill Thompson, REALTOR® — Mon, 26 Nov 2007 23:22:00 GMT

Gather around while Uncle Billy tells you another story.

“I want to divorce my husband,” a woman said to the lawyer.

“Do you have any grounds?” he inquired.

“Yes. We have 2 acres.”

“What I meant was does he beat you up?”

“No,” she replied. “I usually get up at 7:00 and he gets up at 7:30.”

“Let me put it this way,” said the attorney. “Do you have a grudge?”

“No, only a carport.”

“What I am trying to find out is why you want a divorce!” the lawyer exasperatedly exploded.

“Because I just can’t communicate with that man!”

Communication with clients can also be difficult at times. Do you have any examples you’d like to share?

Buyer’s Agent Tip For The Day

Bill Thompson, REALTOR® — Thu, 22 Nov 2007 18:46:00 GMT

My broker uncle, the only broker I have ever worked with, taught me many things and I often assume all other Realtors know these same things. Recently, I realized one of the best tips he ever taught me is not commonly know. When working with a buyer we always check the insurance records of the property. Even though the seller’s disclosure form asks for claims made and whether these claims were paid and the repairs made, some sellers may “forget” some of the details. Getting information about claims made and then checking to see if those repairs were made can be a big help to your buyer. It can reveal quite a bit about the property and the sellers themselves in some cases. Do any of you do this routinely for your buyer clients?

Rebates At Closing

Bill Thompson, REALTOR® — Tue, 06 Nov 2007 15:34:00 GMT

I had a young, high income couple ask me to show them homes on Saturday. They found me online and we were meeting for the first time. No sooner had the introductions been made than the husband asked me if I’d rebate half my commission to them at closing. I calmly explained that they did not need to worry about my commission since the selling side would pay that. He replied, “Oh, I know all about that but we have already done MOST of the leg work for you and we have had friends say their Realtors gave them a big rebate at closing.” I replied, “Yes, there are Realtors who probably would do that but I do not. Perhaps your friends will give you the name of their Realtor.” He replied, “Well, these friends live in California.” I told him, “Well, I am sure there are a few desperate Realtors here in Texas, too, but I am not one of them.”

I then went on to tell them that for my full commission I could likely save them more money by negotiating a lower sales price and/or the seller paying some of their closing costs, etc. They said, “Oh, anyone we work with will have to do all those things and offer a rebate.” I said, “Thank you for telling me all this in the first few minutes of our meeting, rather than just before to the closing date. I really appreciate that, because I do not rebate my commission and perhaps I am not the Realtor you are looking for.” I stuck to my guns.

This was Saturday and they called me Monday morning to say they want to go ahead and use me not only for their own purchase but their parents are retiring to this area and they would like for me to help find a home for them as well. When I left them Saturday I felt sure they would not use me and I was fine with that, but now I have doubled my business with them. I assume it will all work out well, but I will let you know if it turns out otherwise in the end.

I Learned Everything I Need To Know…

Bill Thompson, REALTOR® — Tue, 30 Oct 2007 22:57:00 GMT

There was a book several years ago called “I Learned Everything I Need To Know In Kindergarten”, if memory serves me.

Let me hear where you learned the most important things for your real estate career. Most people come to real estate with a past career or two. Is that where you learned the most important things you use today? Was it your first broker? Was it from those first few real estate transactions? Was it from an e-book? Was it at a coffee shop in your area? Was it at a bar in Vegas?

Let me know where the knowledge came from.

The GHEUMM Designation

Bill Thompson, REALTOR® — Mon, 01 Oct 2007 22:03:00 GMT

Do you have your GHEUMM designation yet? Come on, get with the program! It looks great on your business card and website. You’ll love yourself more than ever. It might make your mother-in-law respect you more (no guarantees on that one).

Be among the “Top 100” to get this designation! Simply send me $495.00 and a self addresses, stamped, 9 X 14 envelope and you too can be a GHEUMM.

Also, look for my seminars on how to make money in real estate, even in a down market, coming to a city near you soon!

Oh, I almost forgot. What does GHEUMM stand for, you ask? Does it really matter so long as you are the first one in your market to obtain this designation? Okay, I’ll tell you. It stands for “Grand High Exalted Untouchable Muckity Muck”.