Archive for January, 2007

Do You Offer Flat Fee MLS Listings?

January 30th, 2007 categories: Tampa Real Estate, Tampa Florida Real Estate, Tampa FSBOs, Tips for Sellers

I get this question quite often.

Answer: No

What is a flat fee listing?

A flat fee real estate listing is a listing in which a flat fee is charged as opposed to a fee calculated as a percentage of the sales price of a property. But flat fee listings are most commonly associated with “limited service” or “no service” listings.

Generally, a home seller will pay a real estate brokerage firm a fee to get their home posted to the local MLS so that it will be visible to Realtors who use the MLS database to search for homes for their buyer clients. The seller offers compensation through the MLS to any real estate broker that produces and represents a ready, willing and able buyer for the property.

But that’s usually where the listing brokerage’s service stops. Property inquiries are directed to the homeowner. The seller also handles showing the property to any prospective buyers. Offers are presented directly to the seller and the listing firm usually does not provide any assistance other than listing the property on the MLS.

This is basically a “for sale by owner” listing in which the seller represents his own interests but offers to cooperate with real estate agents who may represent a prospective buyer. The going rate for this service in Florida is anywhere from $199 and up depending on the term of the listing, and what extra services a seller may want such as signage, flyers, lock box, etc. For the seller who wants to handle the sale on their own, this is an inexpensive way to get on the MLS. You get what you pay for.

So why don’t I do them?

I’m a full-service Realtor and I want the buyers’ agents who see my listings on the MLS to know that they can have confidence knowing that my seller clients are well represented. As Realtors, we all know that when we see a listing brokered by one of the flat-fee companies, that this is basically a “FSBO”.

This may scare away many buyers’ agents because of the lack of knowledge about how the seller will represent him/herself. “FSBOs” scare off many agents. The agents feel more comfortable working through a transaction with a professionally represented seller. Granted there are some agents who offer pretty awful service as well.

But as a Realtor who represents sellers, you want to develop a reputation as someone who is easy to work with, is fair and honest, returns phone calls and e-mails, and keeps the stress level to a minimum. I have worked with self-represented sellers who were a pleasure to work with and knew the routine well.

Conversely, I have worked with self-represented sellers who did not know a thing about the sales process and assumed that I would handle all tasks for them, even after having them sign a “no brokerage relationship disclosure” and making sure that they understood it.

So, no, I do not participate in “flat-fee” or “limited service” real estate listings. Flat fee listings are a niche market and best left to those who specialize in them. We specialize in offering full-service to our clients and want other area Realtors to recognize when a seller is professionally, and well represented.

Posted by Lenny Gurvich | 2 Comments »

Supply of Tampa Homes For Sale Continues To Outpace Demand

January 26th, 2007 categories: Tampa Real Estate, Tampa MLS, Homes For Sale in Tampa, Tampa Market Conditions

Once again, the number of homes listed for sale in Tampa has pulled farther ahead of the number of homes going under contract to be purchased. Specifically, there are 84 more properties for sale today in Tampa than there were a week ago at this time. And there are only 45 more properties under contract, or pending, as compared to a week ago. Not big numbers, but the trend of increasing supply is continuing.

Browse Our Featured Homes & Condos For Sale

Subscribe to these weekly market updates.

Data used is from the Mid-Florida Regional MLS and does not include “by owner” listings.

Posted by Lenny Gurvich | No Comments »

Won’t Last Long! Priced Below Market! Priced Below Appraisal!

January 25th, 2007 categories: Tampa Real Estate, Homes For Sale in Tampa, Tampa Market Conditions, Tips for Sellers

The headline represents various terms often used in marketing materials prepared by someone trying to sell real estate, whether it be an agent of a brokerage, or the homeowner. But if you’re going to use these phrases, be prepared to update them.

Here are some recent examples I’ve come across while researching properties for clients.

• “offered at GREATLY BELOW MARKET VALUE- appraises over $600,000 per owner!!” (Priced at $389.9k for over 6 weeks)
• “Priced below market” (188 days on the market)
• “priced below market value for quick sale” (27 days on the market…)
• “Priced below appraisal for easy deal” (133 days on the market)
• “PRICED TO SELL!!.. BEST VALUE FOR THIS NEIGHBORHOOD!! Priced below appraised value for a quick sale” (46 days on the market)
• “This home is priced below appraised value” (at current price since November ‘06 and $26k higher than it was priced just before that.

These phrases can all be effective, but “market value” is a moving number that moves at various speeds, and it’s not moving in the sellers’ favor right now. Such is the case with our current market conditions. “Market value” and “appraisal value” are subjective numbers based on what has happened in the recent past.

What someone paid for something last month has less meaning on value in a down market as compared to a market with rising prices. Sellers need to be keenly aware of what homeowners with similar properties are asking, and price their homes at a point where buyers will see value.

Just as most sellers like to price a little higher than the comps in a seller’s market, pricing lower than the comps in a strong buyer’s market can be effective. At least if the goal is to actually get something sold. But nobody wants to leave money on the table.

So in this current market, terms such as “priced below market value” or “priced below appraisal”, and other similar terms have little meaning to most buyers. In the end, a buyer will only purchase a home at a price at which that buyer sees value based on information gathered by their agents or themselves. Sellers need to price it right when they place their home on the market. It’s not so easy when there are such few active buyers looking for a home.

Posted by Lenny Gurvich | No Comments »

Channelside Condos Nearing Completion

January 23rd, 2007 categories: Tampa Real Estate, Tampa Condos, New Projects (Condos)

Contact us for a list of available condominiums in Tampa’s Channelside District

Also Read: Channelside

Posted by Lenny Gurvich | No Comments »

Historic South Tampa Bungalow Home For Sale Near Bayshore

January 23rd, 2007 categories: Tampa Real Estate, South Tampa, Homes For Sale in Tampa, Tampa FSBOs

Very well maintained 1917 bungalow within steps of The Bayshore. This home features 4 bedrooms and 2 full baths situated on a nice deep lot in the Roosevelt/Coleman/Plant school district, all grade “A” schools. Updated, but with period fixtures and amenities. $575K. Please call us for more information on this home 813-205-1802 or e-Mail us.

Posted by Lenny Gurvich | 3 Comments »

« Previous Entries

Also Noteworthy

How's The Market In Your Neighborhood?

 

Real Estate Blogs

• Real Estate Blogs
• REagent
• Clearwater, FL Real Estate

What I'm Reading

• Dave's Backcountry Ski Blog
• Funny Stuff
• Get Your Grill On
• Retro Renovation
• Atomic Addiction

Tampa Blogs

• FloridaFoodHound
• Devil Rays Blog
• Sticks of Fire