Selling Reno And Sparks Real Estate Blog

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Why I Won't Sugarcoat Las Vegas Real Estate to Earn Your Buyer Business!

So a potential buyer said to me recently “why are you discouraging me?”  I was not trying to discourage them but rather give them information about the market to make sure they are “in it to win it” & give them the information they need to make sure they have the patience to stick through this rather sticky process.

Once upon a time, long ago in a land far far away, buyers had a dream to buy a home.  They had their dream home in mind:

  • I could set them up on an MLS email campaign to receive all new listings
  • I could show them about 10 homes
  • They would pick out one
  • We would write an offer
  • Hear back the next day (sometimes the SAME day)
  • We may have had to negotiate a bit
  • We could get an accepted contract quickly
  • They would apply for financing (financing used to be so easy that ham sandwiches could get financed so we never had to worry about it.)
  • We would have a home inspection and if any problems were found, the seller would probably fix them.
  • The appraisal always seemed to be “spot on”
  • We could close in 30 – and in some cases – less than thirty days!
  • THIS with typically NO MONEY DOWN!

It was easy cheesy peasy.  Unfortunately things aren’t so easy anymore.

Everyone wants a deal with Las Vegas real estate.  Everyone wants the deal to be nice and easy and smooth.

Unfortunately if you are one of those “everyones” who wants a deal – you have to pay your dues – especially if you are financed!

I can’t begin to tell you HOW MANY buyers I have had walk through my virtual door because their agent did NOT explain the short sale process and they got stuck in a short sale escrow – somehow.  I cannot begin to tell you how stressed out those buyers were from wading through the “unknown”.

I will not sugar coat any perspective buyer to lead them to believe that the process is so simple.

The reason why it isn’t easy to get financing is because everyone – EVERYONE – is a default risk.  Even the tightest most qualified buyers.  You have to be special to buy a home these days with either cash or financing.

These are just examples of SOME of the problems that happen from start to finish.  I like to set expectations up front because if a buyer whines before we can even get them approved (which is before we look at homes), I may decide to walk away from working with that buyer.  Sometimes I can’t even imagine the screaming that will come when we hit REAL problems.

My job is so far from easy these days and keeping a buyer in tune with REALISTIC expectations may make me lose one or two buyers from the onset but may save me some sanity when we are dealing with major problems.

If you want a deal – you will have to earn it.


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 24 commentsRenée Donohue • May 26 2011 10:26AM

Comments

Hey, someone got a new photo and it looks gorgeous!  And, your blog post isn't bad either LOL!

Posted by Kristin Johnston - REALTOR®, Giving Back With Each Home Sold! (RE/MAX Realty Center ) over 6 years ago

So true how things have really changed!  Same thing here as well much easier a few years back and usually or many times in some markets little or no money down.  This is not the case anymore 

Posted by Bob Jakowinicz, Michigan Real Estate Agent-- MI RE Adventures (National Realty Centers Livonia--Bob Jakowinicz) over 6 years ago

Renee, in today's markets you need so much more --- GREAT credit, not just a breath on the mirror, money in the bank, Patience, a lender that can GET IT DONE, patience, the ability to write many contracts, patience...and more!   GREAT post Renee!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 6 years ago

Telling it straight may lose you some clients on the front end... but they are less likely to bail on you in the process. Agents need to tell the truth. This market is tough. Their home may lose value in the next few years... all not popular messages.

Posted by Scott Petersen (Client First, Realtors - Canton, MI) over 6 years ago

Hi Renee...great post to suggest..haa. Tell like it is, that's our job

Cheers

Posted by Fred Carver Personal Real Estate Corporation, Accredited Real Estate Consultant (RE/MAX Camosun Victoria BC Real Estate) over 6 years ago

Smart practice!  One of the first, face to face, conversations I have with buyers is the out of pocket expenses they will need to be ready to cover BEFORE they even own the home to move the process forward.  It is not easy to purchase but the good Realtor and Lender make it possible and even fun!

Posted by Laura Sargent (Carolina One Real Estate) over 6 years ago

Renee - BRAVO!!!  WHOO HOO!!!  YOU GO GIRL!!!  I love this post, I could have written the same except titled it "why I won't sugar coat the Los Angeles & Ventura county loan process to earn your buyer business".  I have often been chastised by my Realtor friends for scaring the holy beejesus out of their referrals when they have called me. 

For the borrowers sake and sanity, I can NOT sugar coat the loan process - nope, won't do it.  If I did, I would be doing them and everyone else in the transaction a grave disservice.  They either get the truth, the whole truth or they go work with someone else who will lie to them and lead them on.

On another note, LOVE the new headshot.  BEAUTIFUL!!!

Posted by Donne Knudsen, CalState Realty Services (Los Angeles & Ventura Counties in CA) over 6 years ago

Randy Renee, my old pepper ham & swiss on rye with spicy mustard got approved at $167,800.  Best part of this post "stuck in a short sale escrow - somehow", it's like Criss Angel took them by the hand and ZIMmm, BAMmm we're in the netherworld.  Many thanks from Everyone(s)!     

Posted by Kevin J. May, Serving the Treasure & Paradise Coasts of Florida (Florida Supreme Realty) over 6 years ago

Renee, tell it like it is and work harder than ever. Sounds like you have got the right idea in this environment

Posted by Myers Jackson, America's Auctioneer (Auctioneer, Texas Flip N Move ) over 6 years ago

Kristen:  Would that someone be YOU??  HAHAHA I like your new photo too!

Bob:  Sounds like a fairytale huh?

Joan:  Oh yes there is so much more to the story...

Scott:  Nope....not popular! and I did start out with that message that they should plan on long term hold and have financial stability!

Fred:  Well LOL & thanks!

Laura:  Amen to that! 

Donne:  We need more MLO like yourself!

Kevin:  LMFAO!  You always make me smile when I am about to begin my day!

Myers:  I try :)

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 6 years ago

Thanks for this wonderful post. I just hit it for a re-blog as it is very well written!

Posted by Vickie Nagy over 6 years ago

I right there with Laura, 1st things is out of pocket expenses and do you they have a full time job.

Posted by Diana Mehnert (Coldwell Banker Harris McHaney & Faucette) over 6 years ago

Renee - you really CANNOT sugarcoat the market or the process for buyers, and yet I think it often happens. Clearly any buyer wanting to purchase in your market knows what they are getting when working with you and that you will be honest and strighfoward with them whether they want to hear the truth or not.

Jeff

Posted by Jeff Dowler, The Southern California Relocation Dude - Carlsbad (Solutions Real Estate ) over 6 years ago

Vickie:  Thank you so much!

Diana:  full time may not matter - can they full doc?

Jeff:  Thanks.  I find many don't want the truth.  I figure they will find someone who tells them what they want to hear and they deserve each other in the end :)

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 6 years ago

NOT sugar coating is living in the real world Renee and I am glad you keep your clients or prospective clients there.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 6 years ago

Renee - I've been accused of being a "negative nellie" when it comes to buying a home today. Like you said, buyers have to be set up with realistic expectations. If you can't handle the heat then get out of the kitchen.

Posted by Cynthia Larsen, Independent Broker Serving Sonoma County, CA (Safe Haven Realty) over 6 years ago

There are not to many easy cheesy peasy transactions in real estate these days Renee! We have to tell them like it is or buyers will simply call the next agent on their list! Way to tell it like it is ~ as you always do!

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 6 years ago

Gary:  Thanks!

Cynthia:  Give me negative nellie any day!

Terrie:  NOTHING - absolutely NOTHING is easy, LOL!

Posted by Renée Donohue, Las Vegas Real Estate Broker - www.urLVhome.com (Savvy Home Strategies Realty, LLC-REALTOR®-Estate-Probate) over 6 years ago

Helping set proper expectations will go a long way and good for you, Mrs. Negativity. :)

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) over 6 years ago

Hi Renee - excellent post and you are absolutely correct about sugar coating it. Managing your client's expectations is so important so they understand what to anticipate through the process.

Posted by Sharon Paxson, Newport Beach Real Estate - Arbor Real Estate (Arbor Real Estate) over 6 years ago

Renee - Excellent Post!  Unfortunately I think the truth about the market comes off as negative, but the last thing I want to do is sugar coat ANYTHING.  Times have definitely changed and buyers need to be educated.  

A few months ago a buyer contacted me a on short sale property and while their old agent showed them short sales they didn't know what one was.  I educated the buyer in our initial conversation, she e-mailed her pre-approval letter, I showed her three homes, she bought one and we closed 30 days later.  

After finding out what a short sale was she had zero interest in purchasing one because she wanted to close ASAP.

Education is key along with communication.

 

Posted by Michelle Gibson, REALTOR (Hansen Real Estate Group Inc. ) over 6 years ago

Hi applaude your honesty -- we are in biz to make money not entertain!  I sure hope you have agreat year!

Posted by Tom Braatz Waukesha County Real Estate 262-377-1459, Waukesha County Realtor Real Estate agent. SOLD! (Coldwell Banker) over 6 years ago

Renee,

Excellent post. I came late, but I think it is worthy of feature, so I have suggested.

I love this "I want a deal"

And I thought they wanted a condo

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) over 6 years ago

Renee, Great job on this post.  You stated it all so well and just like it is.  I don't sugar coat it either.  I want my buyers prepared!

Posted by DeeDee Riley, Realtor - El Dorado Hills & the Surrounding Areas (Lyon Real Estate - El Dorado Hills CA) over 6 years ago

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