Charlotte Realtor Turns to Flat Fee Listings to Stay Afloat
I hear about an agent leaving the real estate industry every day. “I just can’t keep busy enough to pay the bills”
I start every year off about $4,000 in debit. Yep that’s minimal expenses to keep my business running. There are other agents that have a higher bill than that because they do a lot of self promoting and have to pay for the items that I can do on my own for next to nothing. Flyer design, printing and reproduction, home measuring, web site maintenance and photograph, power point & virtual tour creation and editing just to mention a few. I offer these services to my fellow agents at a cost MUCH lower than anyone I have ever come across. Why? Because I do it in my spare time…I have a lot of it as of late and help other agents save a penny or two. Sounds like I would be doing pretty well huh? Not really….
I am unlike any other agent I have ever had the pleasure of running into. I am passive. meaning I’m not going to knock on a FSBO’s door at dinner time to solicit their listing. I HATE people doing that to me and therefore won’t do it to someone else. That has cost me thousands of dollars I’m sure, and you are probably nodding your head in agreement. But thats the way I am. I prefer to work with buyers. They are fun, outgoing, optimistic and enjoy the fact that I go out of my way to ensure the home they want to purchase is the ideal home for them.
So if I’m so great at working with buyers and I have so many other “alternative income sources” why am I blogging about Flat Fee Listings? Well…. aside from it being another source of income it’s also passive. I can advertise to FSBO’s and know I won’t be welcomed with an I’m not interested in listing with a broker” reaction from them.
I built an extension off my personal website and created an LLC just for this. Summerfield Real Estate, LLC the site is Http://www.Summerfield-RealEstate.com/FlatFee.htm I also have a fan page on Facebook called Summerfield Real Estate. Here’s the link to the site. I have a Radio show dedicated to Flat Fee Listings on Blog Talk Radio. The site is http://www.BlogTalkRadio.com/SummerfieldRE. I’m just getting the hang of blogging live. I normally don’t talk to myself, but the content is there. (smile) I just have to work on the delivery.
So this is what I do. I Blog on multiple platforms, I Tweet, I Facebook and I try to get in front of as many FSBO’s as possible. THat’s how THIS Realtor refuses to give up and is keeping her head just above water .
Summerfield Real Estate, LLC on Blog Talk Radio
Summerfield Real Estate Logo
After a month of using Blog Talk Radio, I think I have the hang of it. I found that my little intro music can’t be controlled remotely when calling in and not using my computer. I also found that it’s easier to schedule a show for later in the day and move up the time than to miss the earlier time and have to schedule out.
I never took AV in High School or College, I was a Marketing and Accounting major so all this is a HUGE learning curve for me. I’m thankful I learn quickly.
Although the creation of Summerfield Real Estate, LLC was to address the FSBO market in the Charlotte area and to offer exceptional service for the people who want their listings in the MLS, we do offer other services as well. Realtors need printing services for their flyers and presentation generation. Why pay $0.25 per side of paper for color prints when you can pay $0.20 for BOTH sides? hmmm… sounds like a no brainer to me.
We hope you like the shows and if you have any topics you would like to have discussed for future shows, feel free to e-mail them at info@summerfield-realestate.com
Thanks for listening!
Vendee Financing Program. Heard of it?
Today as I was surfing the web looking for an image I was going to need for my next flyer, I came across an article that really caught my eye. When this happens my husband calls it “the bunny” meaning that I am focused on one task then I shoot off in another direction because it’s caught my eye… I call it A.D.D. LOL
Anyway, there is no avoiding the fact that the Veterans have also been affected by the economy and have homes in foreclosure.
Here’s a little background on VA loans. Only a Veteran may obtain one if they have a valid VA certificate. When they sell the house the buyer may purchase the home using any method they choose to finance it, but in order to assume the payments on a VA financed home only another veteran can do so without going through LOTS and LOTS of red tape and LOADS of reviews and approvals. (much like today’s short sales) This is because the home is financially backed by the Veterans Association and not by a public bank/lender.
When homes purchased with conventional loans go into foreclosure, they may be put back on the market with reduced prices, offering buyers a way to get more home for less money, but what happens when the VA loan goes into foreclosure?
There’s a company called BAC Loan Servicing that lists and sells these properties now owned by the VA…. ok… so if the VA owns the home and only veterans or active duty member can get loans to purchase VA owned properties, how does this help the general public? Through a program called Vendee financing.
Veterans, active duty and non-military buyers may qualify for this type of financing. So how does it work? Although it’s a lot like a typical VA loan, there is no appraisal needed on the home and your credit isn’t the qualifying factor; it’s really unique because it doesn’t have an “owner/occupant” requirement. Unlike a traditional VA loan where the buyer has to live in the home as their primary residence, with the Vendee, they do not. There are of course other stipulations when you plan to rent it out, like 5% down, and 75% of the anticipated rent may be used to offset the mortgage payment, so on and so forth.
Here’s a link to a PDF that talks about the Vendee program, what its all about and how to obtain the financing…. This may be just what some of your buyers need to purchase a home. As of the date of this post there are 108 listings in all of North Carolina. It’s slim pickings, but sometimes you can find that needle in the haystack.
FSBO’s & Expireds. A Flat Fee Listing service just for you!
When I came into the real estate market and was learning about how to become the perfect agent, the one thing they told me was “Beware of the Limited Service Companies” Those companies were after our jobs and weren’t creating a good name for us realtors. Well…. I have 4 years under my belt with the end is getting mighty long… which means I’m feeling the pinch with this market.
So… I have researched several different Limited service companies, Flat Fee Companies, MLS only listings; whatever you want to call them these days and what they have to offer to the consumer… the home seller is that they “offer” a lot but don’t provide much of anything.
not mentioning any companies, I found one that after putting together a package of materials that a normal (and I say normal meaning a full service brokerage) realtor will provide when taking a normal listing; it came to a staggering 4,000! (with shipping & handling) That’s almost a listing agents commission depending on the list price of the house. So this seller hires this company, gets the whole package and locks themselves into a 1 year listing agreement and still has to pay the buyers agent. If I were that seller, this company wouldn’t be helping me much since both costs are comparable to the listing agents fee. It gets better. What if the seller decides to list with a firm after all? They are automatically in the hole the money they spent.
I started a company last year called Summerfield Real Estate, LLC which ws designed specifically for Flat Fee Listings. I have 3 programs with 3 distinct products and from what I have seen over the net, it’ll cost the seller a whole lot less, AND if the seller decides to list with me after all, I’ll credit them the money they paid me at closing. (noted on the HUD-1 of course)
So there are my thoughts. Selling Flat Fee listings is against everything I was trained to do, but you know what? I can still provide a high quality personal service to people who want to be independent with their real estate transaction but still need some help. It’s a win-win situation and THAT makes me feel good.
Why do people freak out about power lines?
I’m selling my home…I posted a blog a while ago when it went under contract after being on the market for 6 days. Sadly the buyers financing fell through only 2 weeks before the closing day. How extremely frustrating.
Anyway… the house is back on the market and we’re getting showings galore, but the power lines and cell tower in the back turns off buyers. Can they not see the tree thats right in front of them? When summer arrives and the leaves come in, the tree fully hides it. The way my husband and I look at this situation is this…NO ONE EVER WILL BUILD A HOUSE BACK THERE. The yard is super private. No one walks back there except for the deer, the rabbits and an occasional possum and it’s so super quiet.
In this part of the city you almost always have someone looking into your backyard from one direction or another. Not here though. There’s natural tree lines and hedges so you have complete privacy from your neighbors and like I said about the backyard, no one will ever build a house back there. The Photo to the left is of my husband mowing at the property line where the power tower is located. Can you see the tower? (hint: it’s just behind the flowering dogwood) This photo is in the booklet I supply for the buyers which also includes an EMF report that shows you get as much EMF’s from your laptop and other areas of the house than you get standing exactly under the lines. In fact you get 300% MORE EMF’s just by turning on your electric top stove.
Maybe this blog post is a rant
, maybe it’s a post looking for feedback about how to see the real benefit of having them there. The photo to the right is what it looks like in the winter. Yah, it’s a bit of an eyesore, but there are hawks that nest in the top of the cell tower and you can watch them come and go. Never mind that you’ll ALWAYS have great cell signal and the rabbit population stays controlled. (smile) This photo was taken during a sunset when the sun was reflecting off the towers really making them POP. Truthfully it was quite pretty, otherwise I would not have taken a photo of it I presume.
So here’s my question to my readers. How would you overcome this as it is the #1 concern I get from buyers who have seen the house.
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South Charlotte Living
UPDATE 2/8/2010: Apparently I have severely offended someone by reblogging this fantastic article. It seems as thought the original author, Claude Cross, allowed Magnolia Tree to purchase some of this content. Since I did not see any reference telling the reader that this gentleman was the author and I only found the information on the Magnolia Tree, I gave proper recognition to Magnolia Tree as anyone else would. This morning, I received several threatening notes from Mr. Cross stating that he was the rightful owner and I was plagiarizing because I did not give him the credit. Well Mr. Cross. Since most of this content is yours I humbly apologize for being ignorant about it as there is no where else on the internet with your name attached to this information at the time of the post. I still think its fantastic information and I have received e-mails from readers stating as such. Enjoy the article!
As I was browsing through the internet during my lunch break I came across this thread by Magnolia Tree… Now they are mostly a Home and Gardening Blog, but I was happy to have found that they wrote about my neck of the woods. I love living in South Charlotte mainly because of the lifestyle and the people. The traffic can be hectic on occasion, but you’ll find that anywhere if you stay put long enough. I’ve been in every one of the communities they mention and know them all pretty well. I wrote about some of the communities mentioned in the past. Enjoy!
If location is king in real estate, then Waxhaw (in Union County) uses its prime location to its supreme advantage. The town runs right up to the edge of Mecklenburg County. This area is a big draw for people venturing out of the South Charlotte real estate market. Folks like to live here for three very good reasons; it’s location, excellent schools, and low, low taxes (just shy of half that which you would pay in Charlotte)! Here, you are more apt to find homes with 6,000 square feet, than to find homes with 2500 square feet. Most of the homes are relatively new, as are the schools. The area really expanded its growth upon the heels of South Charlotte and the Ballantyne Development. Once horse country, a drive down any of its old country roads would take you past some beautiful rolling pasture land, with barns as the backdrop for the horses that grazed there. A few farms are left, but most have succumbed to developers. Home to many estates.
Here you’ll find one very large development, with three sections: Providence Downs, Providence Downs South and The Residences of Providence Downs South. Each street within the development is named after a Derby winner or a horse of note. Home prices range from $500, 000 to $3.5 Million (July 2009). The school set up is Marvin Elementary, Middle and High School. The community offers a clubhouse, pool, tennis and basketball courts, soccer fields, a putting green, fitness center, and walking trails. Many of these homes have their own pool…and a little of everything else! Very grand, indeed.
Another development close to the South Charlotte border is Toll Brothers’ Marvin Creek. Marvin Creek’s idea of a pool area, will leave you scratching your head. It is every child’s dream pool! Noted for its incredible amenities, Marvin Creek’s residents enjoy a 6,500 square foot clubhouse with a beach pool, lazy river, geyser park, tennis and multipurpose courts. The entrance to the community is equally impressive with a spray of fountains and guardhouse. Homes in this neighborhood typically range in price from $600,000-$900,000; with 4,000-6,000 heated square feet-give or take a few!
The Club at Longview is also tucked in right across the border. Rated #11 in NC by Golf Digest, this gated community opened in 2003. A Jack Nichlaus Signature course, sporting a 28,000 square foot clubhouse with multiple lounges, dining areas and terraces. Stunning. The 10,000 square foot activity center’s lower level is complete with massage and steam rooms, state of the art work out equipment, and fitness classes. If you need a place for the kids, there is a Youth Lodge upstairs. The pool facilities offer both adult and family resort-style pools, with a wading area and a hot tub. There are also four Har-Tu tennis courts. This is just one of a very few gated communities in the Charlotte real estate market. Prices range from $900,000 to $3.5 million.
The draw for all of these neighborhoods, is the convenient location to South Charlotte. Within a five mile range, you can be at one of many fine establishments. Every type of restaurant, boutique, national, local and chain store imaginable…all set amongst fountains, and nightly music, theatres, plenty of plenty! It is also very easy on the eye. Each shopping area has been beautifully developed with the use of pedestrian friendly venues. Going from shop to shop is no hardship here. The use of landscaping has softened the retail shops and the roadways. It’s all very, very nice.
Some of our MOST popular neighborhoods on this ‘just over the border’ area of South Charlotte, would be the communities of Hunter Oaks and Somerset. They were the hottest neighborhoods going, when the roads opened up into Union County. They have continued to be top sellers in the Charlotte real estate market today. Both offer wonderful swim clubs, tennis courts and playgrounds. Buffed up by huge Oak and Magnolia trees, sidewalks a plenty and street lamps. The price ranges in here from $300,000 to $500, 000. The square footage range is between 2200 and 4500. The schools are yet another draw, with Rea View Elementary, Marvin Ridge Middle and High School. So, there you have it! If you are shopping for Charlotte NC real estate, don’t overlook it’s bordering counties!
Thank you again to Magnolia Tree Gardening (Claude Cross) for posting this information. As a resident of South Charlotte, I couldn’t agree with you more!
Daniele Summerfield
Broker/Realtor
Wilkinson & Associates
8604 Cliff Cameron Dr.
Suite 110
Charlotte, NC 28269
cell: 704-787-2068
