Archive for June, 2011

GREC Comes Down Hard on “Falsification” of Contracts

June 27, 2011

Who has $200 to $1,000 to spare these days? The Georgia Real Estate Commission is cracking down on a variety of “falsifications”, and you could receive a fine of thousands of dollars for committing only ONE of the following:

  • Fill in your company and the amount of earnest money in Par. 4, but don’t actually collect the personal check, money order or certified funds from the buyer yet. Did the buyer fax you a copy of the check he intends to mail to you? Sorry, but that won’t be accepted for deposit by the bank. Oh, and be ready to pony up the amount of the earnest money, too, just in case the buyer doesn’t provide it to you later.
  • Check “IS representing the Buyer” in Par. 13.A.3 but don’t get the Buyer to actually sign an Exclusive Buyer Brokerage Agreement first. Hey, they’re your friend and been riding in your car; that’s enough to establish an agency relationship, isn’t it? (more…)

Great Housing Expectations

June 20, 2011

We all know that over the past few years, sellers have had a very hard time coming to grips with the fact that their home has probably lost considerable value. But what are buyer’s expectations like in our current market? Do they really think that they will find a luxury estate in a posh neighborhood for $50K? The answer is YES.

However, while they’re going to get a better deal than 3-5 years ago, there are limits as to what your dollar will buy you. The old adage “you get what you pay for” still applies.

What can agents do to better prepare and educate their buyers about the housing market in metro Atlanta? (more…)

Are You a Victim of These Common Real Estate Myths?

June 13, 2011

Realtors® are expected to demonstrate competence in working with or representing buyers, tenants and owners. Ninety-nine percent sincerely try to fulfill this requirement. To do so, Realtors® must know the “rules of the game”. Imagine playing Monopoly or some other fairly involved game with someone who has never played that game before. They don’t know the rules. They have no clue that Boardwalk is a better property to build houses and hotels on than Baltic Avenue. They don’t understand the value of accumulating all the properties of one color or accumulating all the utilities or railroads. Who do you think will win the game every time? Right, the person who knows and understands the rules of the game.

In order not to be caught in the embarrassing position of “not knowing the rules” and possibly looking less than “competent” in the eyes of your buyers and sellers, check out the following MYTHS which trip up many, many agents. (more…)