All Forum Posts by: Christina Carey

@Steve A. Not sure how the laws are in North Carolina, but here in Ohio, the Broker must have a physical address. That doesn't mean that they have to be open to public traffic. I am an independent broker, and I have a home office, but not a place for my agents to do business. They all have their own home offices set up, and meet their clients either at properties, or in public places like Panera. I do maintain all the office docs (contracts, disclosures, etc.) in the cloud so they can be accessed anywhere. Each agent keeps their client files in the cloud as well, so we each have access to everything. (I keep a backup as well.)

There is a checklist for "active", "pending", and "closed" files, and in order for the agent to be paid their commission share on the transaction, they must include everything on the lists within the file. That ensures everyone in in compliance with the State in the event of an audit.

Each agent is 100% responsible for their costs of doing business, and because I have lower overhead, I'm able to offer a better commission structure to them. That said, I am 100% available to them when they have questions or concerns - as a responsible broker should be. Not sure if that helps to answer your question, or not?

@Russell Brazil hit the nail on the head. I don't take on every prospective client either.

My opinion on Exclusive Buyer Agency (what it's called here, in Ohio) is this: If you, as the buyer's agent, are doing everything you should be doing for that buyer, including communicating regularly, listening to their wants and concerns, answering all their questions effectively, etc. then only the flakiest of buyers are going to bail on you for another agent at the 11th hour. If a buyer does bail, I would certainly be asking myself if there was something I did (or didn't do) to cause that to happen. And if I honestly and truly did do everything I possibly could have for that buyer, then there probably were earlier signs of flakiness that were missed.

Regarding minimum commissions, I generally charge a flat fee (offering a split to the cooperating buyer-broker, of course) on the very-low priced properties, as I don't see many agents doing cartwheels for 2 or 3% of a $20,000 sale.

On the flip side, if I'm representing the buyer, I will have a short conversation with them about the aforementioned possibility, including an explanation of everything involved to get them from contract to closing. Not once has a buyer ever balked at the possibility of having to shell out a few hundred, or even a thousand-plus extra dollars at closing, because they value my expertise, and they respect my time. That said, the majority of my clients are looking for an investment, not a place to live.

The bottom line is this: you are selling your time and expertise as an agent. It is up to you to show your client the value in both. I simply disagree with the idea of drawing proverbial "lines in the sand" as a  best practice.

Hi @Steve A. - how are you defining "virtual"?

@Max James - please call me. My husband's (Darrin Carey) response is not entirely accurate - the part about the Cincinnati purchase contract, specifically. Also, there are too many other nuances for me to accurately explain by typing here. My phone number is in my profile.

Hi @Jerry Stanford

I'm not sure I understand what you mean by "... will the lender still accept it?"

Generally speaking, a buyer's preapproval should show the amount for which they are approved on the purchase, as well as the type of loan for which they are applying.

On the listing side, I like to see a preapproval included with an incoming offer, whether or not the amount is included; I'd like to know that that buyer has at least begun to explore financing and knows what their budget is.

On the buyer's side, I will redact the dollar amount from the preapproval when submitting an offer, for the same reason you stated above. It's no one's business beyond theirs (and their agent's) how much they've been approved to borrow.

If the agent representing a buyer is submitting offers knowing that their the buyer isn't qualified to close, that's a whole separate issue ....

Hi again @Sam Boutros. Depending on your investment strategy and your tolerance for risk and/or drama, this property could be a nightmare, or it could be very lucrative. The answer is different for every investor, of course.

I don't know your experience level as an investor, but some things I would want to know include: Is the property already performing at least halfway decent .... How is it being managed (owner, or professional property manager)? What is the current occupancy rate, both physical and economic? Unit mix? Condition of the property? In terms of purchase, how much per door?

Hi Sam - Darrin is correct; I do need something a bit more specific than a Zip code. (That actually applies to almost every area of Cincy and Dayton, btw.) If you can provide a bit more info, I can try to help.

@Alex Holt My husband already covered the high points. We will be at the final REIA meeting of the year on December 3rd, which is the annual holiday party. All networking, except for the Best Deal, Worst Deal, and Most Creative Deal (of the year) competitions. Always encouraging and entertaining.

Welcome to BP, from Dayton, OH! If you return to the area for a visit, be sure to look up my husband and I.

Try Chuck Vonderhaar.