Tag: whiteboard topics

Whiteboard Topics: What is a Buyer’s Agency Agreement?

Posted on Chris Melton

Buyer’s agency agreements can often be a daunting term for many people. However, once you understand what it is, it can be beneficial for you. You don’t want to sign a document that you don’t understand. A buyer’s agency agreement states that an agent will represent their client when engaging with other parties. Glenn Phillips, CEO of Lake Homes Realty, explains what you should know about them and how they can help you when buying a lake home.

  1. More Than Opening Doors: Buyer’s agents can help you do more than just open doors. They do analyses of the markets that meet your criteria, filtering out houses that don’t meet your goals. Buyer’s agents also help with comparing the market value of your home beyond the listing price.
  2. Fiduciary Duty: Signing a buyer’s agency agreement ensures that the agent has a financial obligation to help you. Without this agreement, they may not work on your behalf, and in some states, they may work on the other party’s behalf.
  3. Transparency of Commission: Buyer’s agency agreements help outline how the agent you work with will be paid. Discussions about commission, rates, or what the seller is contributing can be linked to the agreement. This ensures no confusion or surprises about how money flows at the closing table.
  4. Scope is Adjustable: This is something that not many people know about buyer’s agency agreements. With these agreements, you can adjust how long you work with the agent, whether it’s a few weeks or several months
  5. Do Your Homework: Signing a buyer’s agency agreement helps drive you to do your homework about the agent. The agent might have made a great first impression, but buying a lake home is nuanced, and you need an expert agent who understands that. Doing your homework about your agent before signing the agreement helps you know who you’re signing an agreement with.

Lake real estate is a different game than typical real estate, and having a buyer’s agent alleviates some of the pressures of the process. Buyer’s agency agreements can help you understand who you’re working with as well as establish financial responsibility for the agent. Visit lakehomes.com where you can get in contact with agents who will help you understand buyer’s agency agreements further.

Whiteboard Topics: No, Don’t Wait on Foreclosures to Buy a Lake Home

Posted on Linda Thach
Although buying foreclosed homes is becoming popular, waiting for them to hit the market may not be the best way to buy your dream lake home right now. Lake Homes Realty’s CEO, Glenn Phillips, breaks down three reasons why you shouldn’t wait to buy!
  1. Not the 2008 Market: Unlike the 2008 market, there is a shortage of homes, which means high competition and a low probability of getting a home.
  2. Banks are Well-Positioned: With the economy doing as well as it is, banks no longer have to liquidate these houses because there is rising demand for these homes. Banks are also able to renegotiate with current homeowners.
  3. Majority Do Not Have a Mortgage: More than half of the lake homes transitions are in cash, which means there is no one to foreclose them.
Buying a foreclosed property can be a smart financial move, but with this current market, it may not be feasible. Waiting for a lake home to foreclose can cause you to miss out on purchasing one entirely!

Whiteboard Topics: 3 Things to Consider When Selling Your Lake Home

Posted on Camille Smith

When it’s time to sell your lake property, it can be difficult to know what should be top of mind. In today’s Whiteboard Wednesday video, Lake Homes CEO, Glenn Phillips, shares three things to consider when selling your lake home. 

  1. Your competition in other lake markets
  2. How long an agent’s houses are on the market
  3. How to connect with the buyers more actively 

At Lake Homes, we help you navigate these important aspects of selling your lake home. Our national network of agents facilitates knowledge of the competition, quicker home sales, and relationships with buyers. If now is the time to sell your lake home, connect with one of our agents at Lakehomes.com today! 

Whiteboard Topics: Types of Buyers During COVID-19 Pandemic

Posted on Linda Thach

COVID-19’s impact on many businesses has brought on significant changes to rules and regulations that can be seen on a global scale. The real estate industry is also having to change to meet the needs of its buyers during these times of uncertainty.

In this video, Glenn Phillips, CEO of Lake Homes Realty, discusses the types of buyers you’ll find in the present COVID-19 marketplace. Learn how to navigate the delicate new economics of real estate in this exploration of buyers.

For more industry news, click HERE.