Advice on Agency

Recently, I had an experience with Dual Agency that was quite challenging. In most real estate transactions there is an agent representing the seller and an agent representing the buyer. On occasion, there is a gray area called “Dual Agency”, where the selling agent is also representing a buyer in the same transaction.

The drama of my particular story unfolded this week when I presented an offer for my buyer to purchase a $740,000 home. At the time our offer was open, I received a call from the listing agent to inform me that there was a second offer being submitted. Coincidentally, she was representing the buyer on this offer. I called my clients, explained the situation, and suggested they consider strengthening their offer if they were interested in purchasing the home. This was their “dream home” so they decided to increase the offer. Again… coincidentally… the listing agent called to tell me that her buyers had also strengthened their offer. The sellers would be reviewing both offers and establishing one as primary and one as secondary. They would then counter both offers.

The counter offer from the sellers placed us in a secondary position – no big surprise! In an effort to level the playing field, I insisted on presenting our best and final offer directly to the sellers. Unfortunately, the listing agent tried to obstruct that request. The sellers were divorcing and in deposition with their attorney so I submitted our offer to the attorney in a sealed envelope to be opened simultaneously with the primary offer.

If all of this sounds confusing, it is! Obviously there are revisions that need to be addressed by the Ohio Board of Realtors to protect buyers in this situation. Until that time, buyers need to be represented by an agent who knows how to negotiate these challenges. My buyers did not get their “dream house”, but at least we all know that their final offer was presented properly.

Now we’ll see if this home appraises

Sign Is Not Enough!

Recently I met with a homeowner whose listing had just expired with another well-established agent. We reviewed different reasons why her home had not sold in the 180 days that it was on the market. Price is always a natural consideration, but a Comparable Market Analysis suggested that they were not too far off the mark. The location was not easy, because this home is in a new build development competing with brand new properties. The interior decor lacked interest, but the floor plan is interesting and could be well staged with minor effort.

Why hadn’t this property sold? My best guess is that the “For Sale” sign in the front yard was not enough to promote this property. Although the home was on the market for 6 months, the sign strip still read “New Listing”. The photograph of the exterior highlighted the garage. Interior photos showed bland rooms and were poorly taken. There was never a tour for area agents, and there was never an open house. The most disturbing information shared was that the agent never returned phone calls and never checked in with the homeowner.

In today’s market, and in ANY market, it is fair to expect certain commitments from your real estate agent.

1. Provide a comprehensive Comparable Market Analysis to help establish a fair price.
2. Review the strategic marketing plan to promote property to area real estate professionals and potential buyers.
3. Assist with the review of exterior appeal & interior staging.
4. Photograph exterior & interior for publication in MLS, Internet & print ads.
5. Coordinate showings & provide feedback.
6. COMMUNICATION!

Successful marketing of a home is a collaborative effort between the homeowner and agent. Take the time to interview an agent before you allow them to just put a sign in your yard!

Stylish Urban/Suburban Living

Several years ago, I grudgingly returned from Denver, Colorado to Columbus, Ohio. I renovated our home, enrolled the children in school and returned to Hondros College to renew my real estate license. I grew up around construction and real estate, and it has been a nice transition to rejoin my mother, Jeanne Gauer, and our partners, Maggie Chudik & Susan Sutherland in this “4forU” venture.

Our team of four live in different parts of Columbus and bring different perspectives to the business of real estate. This blog presents an opportunity for each of us to share our observations, experiences & knowledge. Please feel free to respond with your thoughts and/or questions!

Today our team hit the streets of Columbus to preview some hot new options in condominium living. Along with downtown developments, communities like Upper Arlington, Clintonville, Grandview & Bexley are looking to provide options for a more carefree lifestyle. The appeal of this stylish living crosses age boundaries and is attracting young singles and seniors.

4forU Favorites

Arlington Crossing is located on Tremont Road in the heart of Upper Arlington. Featuring 56 luxury units, it is the creation of Long & Wilcox. Prices range from mid-$300s to high-$600s. These mid-rise condominiums have transformed the landscape and created a bit of a stir. In our opinion the finishes are superior and the amenities appealing. Hopefully, Kingsdale Shopping Center will get a boost from Regency and compliment this dynamic residential development.

Terraces on Walhalla have unveiled their plans and groundbreaking is scheduled for early ‘08. Located at 3040 North High Street, residents of these 20 units will have the proximity to OSU and downtown while enjoying the picturesque surroundings of Walhalla ravine. Developed by Meyers Welsh Architecture, there will be one, two & three bedroom units available starting at $199,900.

Burnham Square is a favorite for those looking in the Arena District and the views of the Columbus skyline and Scioto River are spectacular! What a success story!

The Buggyworks, “an urban village”, is loaded with charm. The first phase has sold out, and the second phase has been introduced. These unique loft style condominiums are co-mingled with office and retail boutiques. Definitely worth a look!

Other developments of note:

1200 Grandview

Bexley Gateway

Let us know what you think…

Have you looked at any of these condominiums?

Do you like the concept?

Stay tuned!!!