Tag: real estate

Deal Breakers When Buying a Lake Home (or Any Home!)

Posted on Glenn S. Phillips

You can find an impeccable home that offers promise for the perfect lake home getaway or residence, but there are aspects of buying a home that should automatically put it out of the running. Here is a list of deal breakers when buying a lake home.

Home Title Disputes

You will need to ensure that the property is not tied up in a divorce or separation. When a property is in between a scorned couple, it can cause issues for you, the buyer.

You will be required to purchase title insurance. During the dispute of a title, it will end up locking the purchaser in court or being put out of your new home.

Pest Problems

In addition to a home inspection, make sure that the house has and passes a termite inspection. Home inspectors do not look for pests or infestations, so this second inspection is required to make sure the home is free and clear.

History of Crime

The seller is required to tell the buyer of any crimes that were committed in or on the property. If there were any drug or violent related crimes that were committed, they must tell you. Besides superstitions, there are actual reasons why you should not purchase a home where these crimes have taken place.

For example, if the house was used as a place to cook methamphetamine (meth), the chemicals from creating this drug can stick to the walls, floors, and ceilings. This unseen residue can then cause health problems, especially in children.

Problems with Insurance

Besides the home itself, people should take into account the location of the property. This will also be a huge factor in the price of the property. There are reasons why you should look at the location. While not very common in lake communities, factors like the neighborhood reputation and the crime rates can be a deal breaker.

Crime rates and flood plains can be a couple factors to raise your insurance. Along with home insurance, you may need to pay more for insurance that covers the contents of the home since they are at an increased risk of being ruined or stolen.

Commuter Challenges

One issue many isolated lakes face is the commute time. If this lake home will be your permanent residence, then you have to consider commute times. Not only for your drive to work, but how close is the nearest hospital, gas station, grocery store, and other conveniences?

Issues with Construction

There can be construction issues that can be dangerous or undesirable. You will need to look for issues like water damage, mold, or even issues with the foundation. There are many issues that can cause the buyer to shell out a lot more money. Even after the purchase of the home.

If you find that your dream home has any of these issues, just move on. Keep in mind that this is an important decision and it should not be made hastily. There are plenty of available homes, so you should not feel like you are stuck with the first house you come across!

Real Estate Agents: A Letter From the Client Who Got Away

Posted on John Sims

Dear Realtor,

I’m sorry I didn’t select you to assist me with the purchase of my lake property. You see, even though I spent time researching the many lake real estate agents in your market, I never found you. It was only after I became disillusioned with my current agent that someone suggested you.

I was told of your experience and expertise. You’re well respected in your market. Unfortunately, your local brand is only local and since I’m not from your area, I had no way of knowing. If only you had better reach and web presence.

Like most, I started my search with Google. I am human and demand convenience so I selected the first few brokerages listed in the search results. You’re not with any of them. I wish you were. Please speak with your company about working harder to get to the top of that Google search.

Had you been, it may not have mattered. Depending on the site, I was presented with anywhere from 50 to 200 agents from whom to choose. I knew none of those people. It was basically a lottery. Everyone was a market expert and honest. They all went the extra mile.

It was like choosing the best ant in an ant farm. So while you’re at it, could you ask your broker to reduce the number of agents and give us more relevant information about you?

I thought the “real estate” websites like Realtor.com, Zillow, or Trulia would help. Though agents must pay to be there, many don’t. Even so, I was left with another sea of names to sift through.

Many didn’t bother to provide more than contact information. My time is worth more than that so if all I get is a cell number, I’m probably not going to call. Maybe you could choose one or two of those sites and provide a little information about yourself, your credentials, and your experience?

To my credit, I dug a little deeper than many clients do. I also searched Social Media. I can learn a lot from social media. I can see everything from activity to marketing strategies.

As a minimum, social media shows me they’re more serious than the next agent with no social media presence. I never saw you. I didn’t need to see you on every site; just one or two would have been great…hint, hint.

In conclusion, you really let me down. Thanks to your inability or unwillingness to stand out from all the others in the market, I missed out on your expertise. For me, it’s simply about conveniently finding the best REALTOR. If your broker’s site isn’t at the top of my search, it’s not convenient.

Researching and choosing from scores of agents on a brokerage site is not convenient. Anemic industry and social media site presence is not convenient. There are many clients out there. Around half, like me, aren’t from your state. Your local brand isn’t going to reach them so I respectfully ask you address these issues so they don’t miss out on your help like I did.

Thank you for your time.

Sincerely,

The One Who Got Away

John Sims is the Director of Development at Lake Homes Realty

7 Must Haves for an Open House

Posted on Glenn S. Phillips

Having an open house is your chance to make your home shine and sell it right away. There are a few aspects of an open house that should not be over looked. It will help you sell the home fast. Selling it fast means more money. The longer the house stays on the market, the longer you are paying the mortgage.

1. Informational Packets

It is important to have informational packets available. Potential homebuyers will want information and some do not wish to hold a thirty minute conversation to get their answers. It will also help you with the sale. Having the information on hand will keep it fresh in their minds.

2. Business Cards

Business cards are extremely important. If they do not make their decision during the open house, they may talk about the decision later and decide they would like to make an offer. They will need to have your contact information to place their bid.

3. Refreshments

Refreshments may be seen as a more of an old tradition when performing an open house. However, it offers a sense of comfort. They will be grateful for the snacks and it will also add to the nice aromas that help sell a home.

4. Stage the Dock

If the home is a waterfront property and there is a dock, make sure you don’t forget to stage it. Have the boat in the water, patio furniture on the dock, and any other items that promote the lake lifestyle. People want to buy on the lake for the experience and memories, highlight these things!

5. Air Freshener

It is a great idea to bring air freshener to the home. Arrive early to spray the home. You are to arrive early so that you can spray the home and allow it to dissipate some. This is so the air freshener does not seem overwhelming when they arrive.

6. Positive Attitude

This may seem like a no brainer, but the person holding the open house should have a smile on their face and offer greetings as potential buyers arrive. It is important to be friendly and warm during the open house.

7. Details

Potential buyers may need to have some questions answered. They may not have received the information they needed before coming to the open house. The information can include information regarding the area, pricing, what the seller is willing to do, and other information.

Ensure that you follow the list. Be inventive with your open house. Selling a home is never easy, but it is definitely worth it in the end. Letting a house sit on the market will cost you money in the long run.

7 Tips to Prepare Your Lake Home for the Market

Posted on Glenn S. Phillips

There are seven tips that will help you sell your home fast. Of course you are competing against other properties for sale, but you will have the edge if you implement this list.

These powerful tips will help ensure your house will not sit on the market too long.

Tip 1: Price it right.

In order to price it right, you will need to know what the true value of the home is. You are able to have the property survived in order to know the true worth.

Once you have the number, although you want the most money out of the deal, you will need to look at other houses in your market and find out where your property fits in. This is where an experienced REALTOR can be a fantastic asset.

Tip 2: Don’t have full closets.

If you have items still inside the home, then you will have items in the closets as well. Homebuyers will ensure that the property offers enough space for their personal belongings.

A tip for this is to take half of the items from the closet to make them appear large. Make sure to have the items that remain in the closet organized.

Tip 3: Light up the property.

One aspect of selling a home is to ensure that the home is lit up very well. You will need to open or take down drapes to let the natural light in. It will seem bright, happy, and well lit.

Tip 4: Get the right agent.

Make sure that you hire a good real estate agent. This is particularly valuable when selling lake property. A good agent will know your lake and the property values, will help you set the best price, and knows where to find the home buyers, who are often from out of town or even out of state.

Tip 5: Hide the animals.

Although you love your dog, others may not. Not everyone is an animal lover, and some people see pets as just another source of dander and odor. To help this, while showing the house, have your animal in another location. Hide all animal bedding, toys, and other animal related objects.

Tip 6: Do not go over board on upgrading.

Even though offering quick fixes to the home is a great idea and will up the profit margin, redoing a large project for a room or the whole home will end up costing you. You will not be able to get the same money you spent back out of the purchase. Just make small fixes and leave the rest.

Tip 7: Take the most personal items out of the home.

This is one of the most important aspects of selling a home. People do not want to see family pictures of you on vacation of the past years. They want to imagine making their own memories. So it is important to remove any photos, keepsakes, or other personal collections.

Selling your home does not have to be complicated. Nor should the house sit for months or years while you wait. Using these tips will make sure that you sell it fast and gain the profit you want.

9 Things That Potential Home Buyers Hate

Posted on Glenn S. Phillips

If your home is on the market, there are specific aspects of your home you will need to fix should it be a problem. The following will help you understand the top turn offs for a potential home buyer.

1: Smells

If you have a smelly house, then it will be much less likely to sell. Odors that turn home buyers hate include smells like dogs, cats, small caged animals, cigarette smoke, and others.

It is highly suggested to install some plug-in air fresheners and allow them to fill the house with fresh scents at least an hour before the potential buyers arrive, in addition to thoroughly cleaning the carpets and upholstery.

2: Dog Greetings

Although you love your fluffy puppy, others might not, especially when “Fluffy” is a large Rottweiler. Dogs do scare some people no matter how small or large they may be.

You will need to find a dog sitter during the showing of your home. Do not put them in a room of the home; the entire home needs to be available to potential buyers to view.

3: Icky Bathrooms

Bathrooms that are less than clean and tidy are a turn off for potential buyers. Make sure the toilet, sink, and shower are scrubbed. Sweep and mop the bathroom floor.

4: Low Light

Low lighting can make your home feel small and dungeon like, so make sure that there is adequate lighting. Open or remove drapery to allow the natural light inside.

5: Loud Walls

Busy or loud wallpaper will be a turn off. It is suggested to apply a fresh coat of paint to walls using off-white or even beige in color. It opens a room up, makes it look bigger, and reflects light.

6: Wet Basements

A damp or wet basement is a sure way to turn the homebuyer another direction. Make sure that you clear drains and use a dehumidifier should you need one.

7: Insects

It does not matter what type of bug it is, whether it is roaches or spiders; no homebuyer wants to see bugs in a home they may want to buy. Make sure you get rid of them in some fashion.

8: Low Curb Appeal

You will need to grab the attention of the homebuyer. Plant flowers, cut the grass, and make sure the outside is tidy. The yard is one of the top aspects of a home the potential buyer will look at.

9: Noisy Sellers

Everyone hates when people look over their shoulders, and this is the same situation. Do not hover over your potential homebuyers. Allow them to look through the home and talk amongst themselves. It will help them make a positive decision in regards to your home.

Selling your home does not have to be as hard as others make it seem. Cleaning your home inside and out will be the hardest part. This is hard only due to time and may involve some physical exertion and the rest is extremely easy. Take this list of things home buyers hate to heart, find a qualified REALTOR, then proceed to happy selling!

The Benefits of Paying Cash for a Lake Home

Posted on Glenn S. Phillips

It is not often that you are put in a position where you can purchase a lake home for cash. The money is typically saved up over a period of time. It could also come from an inheritance or even prize winnings. No matter how you have been able to acquire the money, you can be sure that purchasing a new lake home with cash is probably your best option.

1. No monthly payments.

One significant benefit of paying cash for your lake home is that you will not have a monthly payment to budget into your finances. You will have the amount of a monthly house payment freed up every month. This alone is a good benefit to pay cash.

2. No interest to pay.

When taking out a loan to purchase a lake house, you will also end up paying thousands in interest. When you pay for the home all at once, there is nothing to build interest on. Therefore, when you pay for it in one lump sum, you will pay a lot less than you would have.

3. Sellers love cash.

When a seller is faced with an option of waiting for money through a bank loan or a lump sum of cash from a serious home buyer, they will give the cash buyer a deal in order to receive a large amount faster.

4. Lower closing costs.

When a buyer purchases a lake home with cash, then the closing costs will be lower than what it would be when using a loan. You can even negotiate that the sellers will pay closing costs since you are paying in one lump sum of cash.

5. Housing market fluctuations will not affect you.

Since you are paying in cash, the deal is done. Those who use a loan to pay for a loan will be subject to the market fluctuations. These fluctuations affect house payments.

6. Closing time is much faster.

When you don’t have to be subjected to the forms that the bank requires, and you don’t have to wait for the decisions, communications, or other aspects of including middlemen, then you can close on the home a lot faster.

7. Better financial standing when it’s your second home.

Yes, it was mentioned that you would not have a house payment for this home. But it is also a bonus benefit when this is your second home. It will cut the cost of having multiple homes. The payment that would have normally been paid every month will be used to pay bills for when you occupy the home and not when you are away.

Although there is a list of benefits listed here, there are plenty more. It is smart to pay cash for a lake home all at once should you be in the position to do so. You save money in so many areas that it is financially ideal to do so.

5 Qualities to Look for When Choosing a Real Estate Agent

Posted on Glenn S. Phillips

This article was updated on August 15, 2019.

When you choose to sell your home, you will need to pick the best real estate agent available so that your house does not sit on the market for longer than it should. Choosing a real estate agent can be difficult, but these are five qualities you should look for in a real estate agent.

1. Expertise

Selling lake homes is very different from selling off-lake properties. Make sure the agent you choose to work with is a lake expert who knows the lake, shoreline restrictions, water levels, and nearby attractions.

2. Communication

You’d be surprised to hear of how many bad experiences buyers have had with agents who could not communicate. In addition to being knowledgeable, your agent should be an excellent communicator who keeps you up-to-date with each step of your transaction’s process.

3. Integrity

You can tell a lot about a real estate agent by reading testimonials from past clients. You may find that the agent you are interested in may not be as honest as they appear to be. So, you will also need to make sure the agent is honest with you.

You will need them to be honest and brave enough to tell you the truth about the property. You may want to sell your home for $400k, but the agent knows it will only sell for $300k you want them to be upfront with this information.

Remember, candor denotes trust.

4. Schedule

Real estate can be an extremely demanding business. The real estate agent you choose to work with should be able to manage their schedule efficiently.

If a buyer only has a specific window of time during which they can view a property, you need to be confident that your agent will be on time to the showing.

5. Industry Knowledge

Your agent should have extensive knowledge of the local market. The agent should be intimately familiar with state and local real estate laws, the home selling process, and every aspect of the real estate game.

Such knowledge is crucial to ensuring that there are no omitted details in contracts and other aspects of the sale of your home.

It is also important that you meet your agent in person and ask for a portfolio. Do not be shy to ask questions or vet multiple real estate agents.

It is your home and your money that they are responsible for in the end. Do plenty of online research and make sure you find a qualified lake expert agent to help you through the process.

4 Things You Must Do When Looking at Lakefront Property

Posted on Glenn S. Phillips

Finding a home on the lake is an exciting time; so exciting that one may forget to check a few important aspects out before signing the paperwork. This list will help you remember the main focuses on purchasing your new lake home other than what you plan to do once it is purchased.

Do not be blind-sided by the beauty. Make sure you are aware of the requirements and what to expect with the home. Lakefront property is very different from a normal real estate transaction, keep the following in mind:

Number 1: Find an agent that is a waterfront specialist.

Typical agents will not have the knowledge of every aspect of purchasing and owning a lakefront property. They may have enough to complete a sale, but there is more to it than just pointing then signing.

For example, one home may be cheaper due the fact that its lot doesn’t have year round water. It is important to find an agent that knows the ins and outs of your lake. They will ensure that the home you purchase is perfect for your needs.

Number 2: The property is more than just a home.

You must remember that you are not just looking at the home itself, but you need to take a look at the property, the views, and other aspects of living in this specific location.

Often times a rambunctious home buyer will buy a home that they fell in love with only to find that the view is bad, the swimming is actually mucky, and other problems they could have avoided.

Number 3: Choose your home to fit your lifestyle, not build your lifestyle around the home.

The home may be absolutely perfect, but it may not be perfect for you. If you love kayaking on calm waters, a house on a busy main channel is probably not for you.

You will need to think of key aspects of your life that you would like your home to cater to. After all, you are spending good money on it, so make sure that it fits your lifestyle instead of the other way around.

Number 4: Get to know the neighbors.

It is crucial not to be shy. Go ahead and knock on the doors of the neighbors. They have insider information about the area and other aspects of living in the neighborhood.

You do not want to purchase a home only to find out that at night it turns into a loud party area.

No matter what state you are looking for property in, this list applies to them all. Keep your list of personal requirements near by as you look at homes. Do not let your excitement blind from all aspects of the decision making process when it comes time to purchase your home.

Successful People Think Outside the Box: Sell The Experience

Posted on John Sims

This article was last updated on August 27, 2019.

The old joke goes:

In New York, a guy walks into a bank. He tells the loan officer that he needs to borrow $5000 because he is going to Europe for two weeks. The loan officer says the bank will need collateral for the loan.

The guy hands him the keys and the title papers to his new Ferrari, which is parked in front of the bank.

Obviously, a $250,000 Ferrari is more than enough collateral, so the loan officer gives the man $5000.

He leaves, and the loan officer drives the Ferrari into the bank’s underground parking garage and parks it.

Over the next few days, the big joke among the bank employees is all about the foolish man that put up $250,000 collateral for a measly $5000 loan. But, two weeks later, the guy returns from his trip and repays his loan – plus $26.92 in interest.

The loan officer says to the guy, “I want to thank you for your business, but I’m curious. While you were away, I checked and found out you are a multimillionaire. I don’t understand why you bothered to borrow $5000 when you have so much money.”

The guy replies, “Where else in New York can I park my Ferrari for $2.00/day and expect it to be there when I return?”

Being boxed in is limiting. There’s the space inside the box and ALL the rest. In addition to its limitations, the space inside the box is VERY crowded.

Many entities doing many of the same things means no one stands apart from the rest. Real estate brokerages who all follow the same business model, use the same tools and sell the same things overwhelm the industry. They’re just more blue M&Ms in a box full of blue M&Ms. You get the picture.

Successful people continually think outside the box. Whether in marketing or customer relations, setting yourself apart from those who are thinking inside the box is crucial to realizing business goals.

Bill Gates didn’t sell computers. He sold the experience of having personal computing power in every home.

Apple doesn’t sell tech toys. They sell cool ways to connect with the world.

Amazon doesn’t sell stuff. They sell the ability to quickly and conveniently find what you’re looking for.

At Lake Homes Realty, we sell dreams — dreams of summer afternoons on the water and fall evenings spent by the fire pit.

A client may be looking at a dock but what they’re seeing is a child’s first fish.

Lake property is a means of realizing those dreams, and when you market the dream, in all reality, you more effectively market the properties and your local brand.