Email Mario at [email protected] with Questions or Comments.

Good luck out there!!  

Be safe!!

Continued Success!!

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Pandemic Trends in Real Estate

Big picture

1. Recession---

Listings will sit longer--will see more price reductions

Prices could come down--

Job loss will force possible relocations

2. Buyer’s Market--First Time Buyers will benefit

3. Builders--Sitting on inventory

Agent Trends

1. Consolidation of Agents and companies

2. Virtual meetings will become more accepted 3. Agents will start using video more in marketing

4. Qualify better before showing properties

5. Wire transfer for earnest money checks

6. Streamline in house contract paperwork to more online vs printing and scanning

7. Everyone needs an electronic signature program

8. Virtual Tours mandatory

9. Manage Open Houses better going forward. Mandatory for everyone to sign in. Manage number of people in house at same time.

10. Finished basements if you have basements in your area will be more desirable. Maximize finished square footage in a home.

Remember to post a Rating and Review on iTunes.   I said Amazon in the Episode.  DOH!!!

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Agency Relationship for Buyers and Sellers

Who are you representing in a transaction? I'm going to talk about Agency Representation for your Clients. Now if you are primarily a transaction broker then this episode is not for you----

Let's look at what is stated in the Contract (Colorado) for Buyer Agency and Seller's Agent---

Buyer Agency

6. ADDITIONAL DUTIES OF BUYER'S AGENT. If the Buyer Agency box at the top of page 1 is checked, Broker is Buyer's Agent, with the following additional duties: 6.1. Promoting the interests of Buyer with the utmost good faith, loyalty and fidelity; 6.2. Seeking a price and terms that are acceptable to Buyer; and 6.3. Counseling Buyer as to any material benefits or risks of a transaction that are actually known by Broker.

Seller’s Agent

6. ADDITIONAL DUTIES OF SELLER'S AGENT. If the Seller Agency box at the top of page 1 is checked, Broker is Seller's Agent, with the following additional duties: 6.1. Promoting the interests of Seller with the utmost good faith, loyalty and fidelity; 6.2. Seeking a price and terms that are set forth in this Seller Listing Contract; and 6.3. Counseling Seller as to any material benefits or risks of a transaction that are actually known by Broker.

Promoting the interests of (Buyer and Seller) with the utmost good faith, loyalty and fidelity;

Definitions:

Good Faith = Honesty or sincerity of intention

Loyalty = A strong feeling of support or allegiance

Fidelity = Quality of faithfulness, loyalty

“Promoting the interests of (Buyer/Seller) with the utmost good faith, loyalty and fidelity;

Question: How many Real Estate Agents do this consistently?

Some Agents will do whatever they can to protect the transaction rather than looking out for the best interests of Buyer/Seller. They will take the path of least resistance in order to keep the deal in place rather than protecting their clients in an agency relationship.

Classic struggle—getting paid vs. promoting interests of Buyer/Seller.

Tug of War

Offer Amount

Listing Price

Inspections

My Best Advice:

Let Buyer or Seller Make Choice/Decision

Advise Them on Pro’s/Con’s

Remove Yourself from Decision Emotionally (you are not a part of the transaction, remember that!)

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What to look for in a Company and Managing Broker:

1. An active Managing Broker. I don’t know how many times I have to say this. I have been a Realtor since 2003 and I still go to my Managing Broker for advice, to talk strategy and review contract issues. It’s great having someone you can rely on for help and guidance and for me it’s nice to just talk things out sometimes on complex situations.

2. They have to have a training and mentoring program for new Agents. This is an absolute must have!! Real estate school is great teaching you how to pass the real estate exam but you need training on how to succeed and build your business as a Realtor. What type of ongoing training and mentoring is provided? This is so important.

3. Find a company where other Agents in the office are supportive and helpful. Real estate is an individual sport but you want to be in office where other Agents are willing to help you. What type of office camaraderie do they have? Do they do fun events as an office to build cooperation and a team atmosphere? For example, when I worked at one we had an annual Bocce Ball tournament—we get together at our local city park—a Lender supplies lunch and we all play and have fun. It gets pretty competitive—you know how Realtors are. Our company always has a Holiday Party and we have at least 1-2 Professional Development days where my company brings in speakers—a few years ago we had Richard Robbins come to our meeting in Denver and he was awesome.

4. Admin and Office staff supporting the Agents with filing contracts and other day to day activities. Again, this is so important because you’re new and the office staff is so helpful in getting you through the paperwork process on Contracts.

5. A good local reputation and ideally a national brand recognition. When you're new it helps to work for a company that people in your area know. Gives you instant credibility.

6. How is floor time? Do Agents get calls or walk-ins? How busy is it? It would be nice to work for a company where you get practice working the floor and also get new business from.

7. A company which has a digital presence. Good website. Will you get leads from the internet? Do they offer you a personal Agent page? Getting a personal Agent page is a must have nowadays.

8. Physical office space looks professional and presentable. Access to conference rooms for meeting your clients.

9. A good printer, scanner and wi-fi. A must have nowadays.

10. Is the office easily accessible for clients to come meet you?

11. Lastly, don’t worry about getting a big office for yourself. As long as you get a cube or a desk that is sufficient but make sure to get your own space so you can come to work every day. This is very important, when you’re new I feel you need to work at the office and not work from home. You learn so much from experienced Agents and the office staff which you will not get from working at home.

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Thanks for listening.

For more information on Mario Jannatpour go to

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