All Forum Posts by: Bruce Woodruff

So your net income is about $8k per month? Do you really need that much to live on? If not, yes, kick in some more for your RE goals...

Quote from @Don Konipol:

Quote from @Bruce Woodruff:

Quote from @Don Konipol:

Before MLS went digital, before it went online and was available to everybody, mediocre to bad agents could still close enough deals to make a living if they worked long enough hours, because they had the "keys" to the kingdom. Now, where ADDING VALUE is required, the 90% of the lousy, lazy, and even mediocre agents have no special "sauce" provided merely by being licensed.

Yeah, the 'good ole days', eh? That was when the MLS came out weekly as a paper magazine remember? Kinda like Auto Trader.....And if you wanted to see what was available for sale on the market, you HAD to have a Realtor. Same for sellers pretty much unless they wanted to just advertise in the paper, but then there would be almost zero traffic. So yeah, Realtors were absolutely necessary!

And therefore even a bad one could make some sort of living.....

The classified ads in the major newspapers had a homes for sale area where all the big Realtors would take full page ads to showcase their listings. Additionally, they'd advertise individual home listings in those little 1/8 page columns. Some newspapers had a separate "FSBO" area where the FSBO was guaranteed at least 50 calls Monday morning - from Realtors wanting to list their property.
Previewing homes for Realtors was much more important then, as up u til the beginning 1980s the MLS book didn't even include photos.
Since I was in commercial real estate from the beginning of my real estate career (1978) I was only involved in residential when I personally wanted to purchase a SFR for investment.

I know a lot of people think they can do everything a broker representing them can do, and believe they can save the commission.  Here is my (admittedly biased) opinion after 45 years in real estate 

1. Most people are TERRIBLE at negotiation. 
2. These same people incorrectly believe that they are Great negotiators. 

More than just “leaving money on the table”, people who are inexperienced, lack knowledge, or just plain lousy at negotiating don’t even realize  when they lose a deal that could have been concluded by their incompetence.  And that’s not even considering the emotional “detrimental effect” that comes into play when attempting to negotiate their own home transaction. 

I agree that most people should never even consider selling their own house. Big accident waiting to happen IMO. I always have but that's a different story, well sometimes, Lol...

True that ^^^^^^

I had the same problem when I was younger. Just start doing it and you will find t=it becoming more comfortable. Unless, of course as @Chris Seveney says, you are doing the dreaded cold calling....? I would never do that. Just leave that to that type of personality person, and go find something else to do. 

You can also join a speaking group like Toastmasters....

Good take! As a GC who has done Home Insepctions on the side, and has been the recipient of many Inspection reports on my own purchases and sales, I would note that many Inspectors are not really very good. 

Yes they are certified by some agency like Nachi or Ashi, but that really means little. Many are retired accountants or such that are just looking for a fun little side gig to make some 'easy' income. Not bad people, just in way over their heads....

So the main goal of these folks become CYA. Don't get sued because you missed something. So what they end up doing (especially when they are just getting started) is they will call out everything. Everything. This will just kill a deal and P*** off the seller and both agents, because now the buyer is freaked out and asking for major credits.

What I used to do and would suggest to any Home Inspectors, is this - There are usually 2 places to list possible issues in a report, 1) the item-by-item Report as a whole, and 2) the summary. So in the Summary should go ONLY major issues...like roof leaks, structural issues like cut trusses or missing footing posts, ungrounded or faulty electrical systems and the like. Everything else is just 'in the report'. 

And that is how I would present it at the post inspection meeting with the buyer - "The house overall is in ______condition. The major issues are listed in the Summary at the end of the report. But read the entire report to understand what all of the issues may be"

The Realtors loved me. But I was also totally honest about the major issues and they knew that I knew, so there was no pushback.

Quote from @Scott E.:

It all just depends on your location and your price point. I have put pools into every flip or new build I have done over the last 5 years (if there was not one there already). A pool in my market, particularly in the $750k+ price point, is an absolute must. Doesn't matter if your buyer is a first time home buyer, a family, a second home buyer, or a landlord buyer. You need a pool if you're going to be competitive with other homes in the market and if you're looking for top dollar.

So all that being said, I'd fix that pool up prior to putting the house on the market! But before you do, check with realtors selling homes in the area and get their feedback.

Absolutely! The market is key...the SW part of the country, along with places like Florida and parts of Texas, would probably benefit from a pool, while in other parts, a pool may actually be a liability....?

Quote from @Don Konipol:

Before MLS went digital, before it went online and was available to everybody, mediocre to bad agents could still close enough deals to make a living if they worked long enough hours, because they had the "keys" to the kingdom. Now, where ADDING VALUE is required, the 90% of the lousy, lazy, and even mediocre agents have no special "sauce" provided merely by being licensed.

Yeah, the 'good ole days', eh? That was when the MLS came out weekly as a paper magazine remember? Kinda like Auto Trader.....And if you wanted to see what was available for sale on the market, you HAD to have a Realtor. Same for sellers pretty much unless they wanted to just advertise in the paper, but then there would be almost zero traffic. So yeah, Realtors were absolutely necessary!

And therefore even a bad one could make some sort of living.....

Quote from @Jeremy Jareckyj:

if the limits are TOO restrictive then yes I would expand them. 

If a guest ever has an issue with the limits I just remove them for that guest. I do ask  them to not go too crazy though and put it blistering cold or scorching hot. 

I have had many instances where people are running the AC in the middle of winter on a 45 degree day so the limits are a big deal for me as a host

 Lol, I have had guests that would run the AC (or heat) with the windows wide open!!!! WTF.....?

Another great post Collin! Words of wisdom. I always thought it was like 'stepping over dollars to pick up pennies' as they say.....

Yes, absolutely get an inspection. But do not use a typical Home Inspector...they are not even close to being qualified to do a full inspection. They do not know how to build houses. I would get a General Contractor, or if possible, a Home Inspector who is also (or maybe a retired) GC.