What Palm trees in Texas? Yes Austin is the place that intrigues and surprises people from all over the world. We have an amazing country side, away from the Capital of Texas, that even amazes and mesmerizes Texans1 this is an overlook of one of the many lakes in the lake region to the west of Austin.

Keep you eyes open for more beautiful photos of the area...

Let m know if you want a view like this!

Bob Kenney,
Realtor
®
 Email: bobkenney@reillyrealtors.com
  

How come some of the listings I see on public search sites do not reflect current status or correct pricing?

Hi Jason,

Good question and one that has, depending on who you ask, fingers pointing in every direction! The advent of such sites as Zillow and Trulia (the 2 best known but not the only 2 search sites for real estate) has been the development of local MLS (Multiple Listing services).

These services act as the bulletin board for realtors to post (list) their listings and leases in a given market area. These listing are pretty complete and comes with a set of rules the users need to follow in order to use the service. Like reporting all price changes, changes of status and sold information once a transaction if closed. There are usually fines associated with violations of these things and the separate entities do best to police themselves and their members. Accuracy is probably 95%

At some point in town these 3^rd party sites , Such as Zillow/Trulia, came into being and the MLS's communities saw this as an opportunity to broadcast their members information onto a wider national platform. I most cases costs of sharing the information was minimal because there platforms do not typically charge to list the properties.

How can they do that? Because they do charge advertisers that are attracted by volume of visitors to their site. So for these companies the more listings they have the larger number of audience they attract. They also can tap the Realtor® market by selling placement services on each property landing page. Ever see the “Neighborhood expert” spot? Well I can tell you from experience they are not experts in the neighborhood they appear next to. They have just paid to be placed there as the expert..Never mind going down that path but it is a little misleading to say the least..

So now you have all of this information posted on sites not under the same guidelines as the original host site. Some of these sites data fields don’t match up the same, sometimes the data is corrupted, sometimes the changes to status and price to not make it to the 3^rd party site, some times the changes make it but the site reads it as a duplicate and does not publish the changes. I ave hear a lot of excuses from various 3^rd party sites over the years.

These sites have different ways of advising the public on what estimates are for home values although usually those values have noting to do with market activity in a given market place more to do with public tax evaluations and other public information. In Texas sale information is not made public, the 3^rd parties respond well if you want more accurate information to be given by us release the sold information to us. By law it just does not work that way so they go ahead and publish information that is inaccurate and helps create this market confusion over prices.

It is a nasty spiral and one that is about to change. A lot of MLS's around the country are not sending the information to these 3^rd party companies anymore. This will leave them looking for other ways to generate traffic to their sites. In that past they have down played the accuracy of the information saying it is not our data we just show what is given to us. Being a realtor and have data misrepresented on these sites and trying to get the information changed is not an easy task.

I actually had one client call and started crying on the phone that she had just gone on and done an estimate on one of the 2 biggest sites and they told her she had lost value in her home over a 4 year period and lost all of her equity. I of course panicked because I knew that was not even remotely possible because of the property she purchased. The comps showed her not only was her equity protected but she had actually realized a a nice appreciation. We sold her home and she now does not visit those sites anymore.

So there are many reasons the data may be different. The feed with the updates not working, service agreement that bought original data to the 3^rd party site is out of contract and they just not updating stale info. Duplicate listings from different sources some being updated some not being updated. Agent has not updated the info on the original MLS site.

The best solution would be to contact the listing agent (If you can find their name since even that information is blocked by 3^rd parties sometimes so they direct you to a paying advertising agent) and ask what the status is. Anytime you are looking at real estate it is a good idea to verify all information before you act.

Hope this helps.

Please feel free to visit: http://www.austinhomelistings.com/agents/robert-kenney/

For real estate information in the Austin and surrounding areas.

Regards

Bob Kenney, Realtor®

Mobile/Text: 512-922-4922

I want a friend who’s Real Estate License has expired to represent me as an agent, but no Realtors are willing to help me find a home? What is going on?

Hi Jean,

Thanks for the question.

So to answer your question. You want a Realtor® to search the market for a suitable home, Make appointments, provide you with current data and advise you on the market and what you should pay for a home, write the contract and have your friend receive the commission?

First of all your friend can not receive commission from a real estate transaction because he/she are not licensed. If they have an interest in participating in real estate transactions such as yours here is my advice:

You should suggest to your friend that they reinstate their license. Then they would be able to refer you to a licenses, practicing Realtor® and ask for a referral fee. That way your friend generates some funds for referring his excellent client and the Realtor® actually doing the work and assuming all of the responsibility and liabilities, that go with that work, gets paid for their service to you. A win win situation for everyone.

Please feel free to give me a call if you need more info.

Regards,

Bob Kenney, Realtor®

Mobile/Text: 512-922-4922

I am not sure the home in Houston is the right home for us. We are supposed to sign contract tomorrow. What do I do?

Hi Eva,

Not sure of the whole story but in Texas you have most likely negotiated a Termination option on page 8, section 23 of your contract. This option gives you the UNRESTRICTED right to terminate the contract by giving written notice with in the # of days negotiated after the effective date.

So you you and your partner go under contract and you decide you don’t like something about the home you can terminate the contract and let the seller keep the $$$ you paid for the option. This includes anything from structural to cosmetics to just the way the sky looks in the evening. You do not need an excuse.

Talk with your real estate agent, Realtor® but this option period is on every contract for resale homes in state of Texas. New home contracts are different but talk with the sales rep at if new home and make sure you get in writing any option period they provide after signing an intent to purchase. It is not always called the same thing but most builders do have a period of time after signing that they will release you from your obligation.

I hope it all works out for you in the end. I know it can be a stressful process but every real estate search has a situation behind it that started the process and sometimes it is good to go back and remember that reason and see if the goals are being met with each decision that is made.

Let me know if I can assist any further. Please feel free to call or text : 512-922-4922

Bob Kenney, Realtor®

Reilly Realtors

HELP! My husband and I have our home under contract to close in March. How do we calculate our property tax obligation?

Hi Sue,

Hopefully your title company or closing attorney will verify this for you. I suggest you contact them 1^st thing in the morning.

To calculate your property tax obligation. Take the appraised value in the last tax year (2013) divide the number by 365 then multiply by the number of days in the year you own the home for example with a closing of March 17, 2014:

Taxes based on tax authority appraisal value : $10,000

$10,000/365 = $27.40 daily tax rate

$27.40 * 76 Days (include the closing day) = $2082.40

So this is the amount you will credit buyers at closing so that when the taxes are due the 3 of days you owned the home in 2014 is taken into account. Most closings will also have a document that both buyer and seller sign that is basically an outside agreement that if there is an underpayment of taxes at closing the sellers agree to reimburse the difference to the buyers. Same if there is an overpayment of taxes at closing the buyers will refund the sellers.

In order to make this happen both buyer and seller are responsible for contacting the other party with an accounting of actual taxes based on new tax appraisals since most taxing authorities do not typically set tax rates until fall time frame.

I hope this information helps you in your planning. If you have any other questions or need assistance in a referral for Realtor® services for your next home please contact me!

Kind Regards,

Bob Kenney, Realtor®

Reilly Realtors

Mobile/Text : 512-922-4922

My friend told me that if I listed my own home, Realtors with buyers will do all the work and I wont have to pay them? Is that true? It doesn’t sound right.

Thanks Bill for email.

“If it sounds too good to be true than it is”. I a homeowner lists their own home we refer to that in the industry as a FSBO (for sale by owner) 90% of the time a FSBO will offer to work with buyers agents. This means if and agent brings a buyer, the seller will agree to pay a compensation in the form of a commission to the buyers agent. In the case of the other 10% they say they will not work with an agent and compensation is between the buyer and their client.

It doesn’t sound right because, the FSBO who does not want to work with the buyers agent, puts all of the exposure on performance on the buyers agent who is now obligated to represent their clients interests and be fair to the FSBO making sure that contracts are explained and understood, procedures are followed, time lines met and that the seller complies with any additional addendum or requirements of the sale (such as repairs etc.) As a professional real estate agent, Realtor®, I would make sure all of this is done and have an agreement with my client that they pay me compensation for my representation.

At the end of the day the compensation is being generated by what they are willing to pay for the home so in the end the seller is ultimately paying for the compensation depending on sales price because his net proceeds is a reflection of what the buyer is willing to pay GROSS. Hope that makes sense!

Look Realtors® are like all professionals. They need to work to provide for their families. A commission is a % of transactions proceeds. Much like the sales of any item you purchase has some accommodation for profit over and above the cost of goods that a vendor is selling. From the “profit” there is a “gross profit” and a net “profit”. If a Realtor® generates $1000 in commission, they need to set aside federal and state taxes, deduct expenses directly related to that transaction & deduct brokerage fees (each broker has a fee schedule that they charge each agent on each transaction) so their net is going to much less than that of the whole amount.

As a Realtors® business and volume grow they also have an increase in expenses for advertising, infrastructure, assistance, office/storage space, travel, advertising for a realtor is working and marketing 7 days a week.

If you get buyers agents that don’t want to coordinate a deal if a FSBO is not working with agents don’t think of them bad agents. It is a lot of exposure legally if something is to go wrong and a lit of pressure treating all parties fairly while maintaining the fiduciary relation ship of their client. If everyone works with one another the trans action will be smoother and chances are there will be less issues resulting from unmet expectations or lack of understanding of the contract and its terms.

I strongly suggest if you are selling your own home that you spend a little money having an experienced real estate attorney look at any contract that is presented for you to sign.

Hope this answers your question Bill. I hope that you have a successful transaction. Don t forget to consult with an reputable full service real estate broker in your area to see all of the services that they can provide for you as your listing agents, Realtor® representative.

Let me know if you need a referral or have any further questions.

Regards

Bob Kenney, Realtor®

Reilly Realtors

Mobile/Text: 512-922-4922

What does a Real Estate agent do once a home gets listed? I have an agent selling my home and I don’t hear from her on a regular basis. This is the first time I have sold a home.

Hi Anna,

While I don’t know the particulars of your situation I can give you a brief descriptions of all the things going on behind the scenes of getting a home ready for listing.

Weeks before a listing there is an initial walk through of the home by you and your Realtor®. This would give your real estate agent the opportunity to familiarize themselves with your property, take notes for the listing information (types of appliances, gas or electric services, counter top type, general condition etc,) Your agent will also use this opportunity to get an idea about general condition of homes and how it compares to other homes either active on market or recently sold in the area. This will help them prepare the CMA (comparative market analysis) that they will present and go over with you as a guide to pricing your home for the market.

Also at that time you should be discussing what you, homeowner, may want to do to get the home in showing condition. This is sometimes a touchy subject with homeowners because we (home owners in general) are proud of our homes, as we should be. In the vast majority of cases homes are where we live. Depending on family makeup day to day living is not as it is always portrayed on TV shows and in movies.

On any given day I know exactly what someone walking into my home may face. Kids cloths in strange places, dishes in places that no one remembers eating at, things stuffed into couch pillows, napkins that the dog got a hold of and has torn apart. As you all know the list can go on and on. This is what a welled live in home sees every day.

Now comes time for listing a home. If your real estate agent does not have the knack they may bring in a professional “stagger” to assist. The idea is simple make the homes first impression to prospective buyers pop. They might suggest removing “Clutter” from a room This is a catch all phrase – Too many pieces of furniture that may be cluttering a room to the 50 nick knacks on the book cases that hold personal value and memories to you and your family. Every room in a typical home has clutter typically so don’t be offended with these suggestions and by all means every suggestion does not have to be acted on.

You have always heard “remove all personal photos”. In some homes there are walls of family photos from years of traveling and events. These photos are meant to remind the homeowner of all of these wonderful times but to a prospective buyer coming through the home they are a distraction. You don’t want them concentrating on your vacations because then they are not going to remember the home. This is my opinion why your photos need to be removed and stored for your next home. Yikes once you take down the photos you may have faded walls where the photos are, would suggest a quick coat of paint over that wall.

So we go room to room and make suggestions,, rearrange furniture, maybe remove some pieces to make rooms bigger, check out conditions of carpets and floors. Caulking around Bath tubs, weather stripping on doors, missing lights (or ones that don’t work) walk around outside looking for things a buyer might see. Wood rot at window sills, exterior caulking that is deterioration, missing shingles, overgrown bushes, trees that may need to be trimmed. As you can see there is potentially a lot of work that may need to be done.

Once you can get a list together it is easy to go through and estimate costs, see what you the homeowner can do on your own etc. A lot of the things are just deferred maintenance that we all get too busy to do at times.

Personally I have for clients, power washed decks/drives, cleaned windows, landscaped whenever I think I can lend a had to the appearance of a home. We do this so that the property makes a good 1^st impression. And we all know that 1^st impressions are very important.

Then the photo session! So since there are so many people starting their search on line your photos have a lot to do whether a potential client wants to see your home or not. We have all been on line looking at something, Houses, cars, cloths, jewelry and you know there are just some photos that don’t make things appealing. The agent in most cases will hire a professional photographer to come in and shoot your home. Most people cant believe it is there home when they see it presented on line but all of the weeks of hard work will now be rewarded.

OK next is the paperwork setting terms of the listing, how to handle showings (appointment with realtor/homeowner) call 1^st then go, how to handle comments by other agents/buyers, homeowner filling out a complete sellers disclosure. The key here is DISCLOSURE, DISCLOSURE. Disclose any issues you are aware of old or new.

So after all this the home goes into MLS or your locale way of listing a home. Sign may or may not go up and the showings start. Your realtor will then be requesting feed back from those who are showing your home (usually asking the other realtors for feedback of theirs and their clients). Some clients want to see every comment on the property regardless if pro or con. Some clients just want to know if they are going to make an offer. I had one client say don’t “never show me negative comments I am not doing any more work!” So it all depends on how it was discussed during the previous strategy sessions over the weeks coming up to listing.

Also during all of this there most likely is a separate marketing campaign going on that you don’t always see. Today there is a lot of online buyer looking for property so agents are busy posting your home for sale on any various sites. There is no one set way of market strategy most agents have had success in many different ways and they do what they think best for a property by property basis. There is also online and personal networking with other agents in your area. All of these things in combination of a local listing service are very minimal actions your agent is taking behind the scenes. Of course there are ads that may be appropriate for locale or regional publication that need customizing and have deadlines so the main story here is there are lots of things going on behind the scenes.

I am not sure what is going on with your case Anna, every situation is different, but this outline above catches about 80% of the tasks required (I am sure I missed a few minor tasks that are automatically done) to successfully get a home listed and presented to the marketplace. I am sure other Realtors® reading this will have slightly different processes or maybe some follow similar process but the end result is getting your home presented to the market and making the best 1^st impression possible.

There is nothing like the feeling that a homeowner/Realtor® experience when a buyer comes to your home because they liked what they saw on line. Stays at your home for an hour or more and writes you an offer.

I wish you luck in the sale of your home. I would suggest if you have not heard from your agent that you call them and ask them if they could communicate any activity, comments (good or bad) and let them know you need a little more involvement in the process.

If you have any further questions please do not hesitate to contact me

Mobile/Text: 512-922-4922

Regards

Bob Kenney, Realtor®