All Forum Posts by: Mike Cumbie

Ouch!

One thing about Lowe's is that they take their customer satisfaction very seriously. Sending over contractors to make it right is one thing, asking them to pay for you to have someone else repair it is another. It sounds like your tenant is willing to work with you at this point. Since they are the Lowe's customer it would most likely be best if they called. Once the ball gets rolling, they can hand it off to you, but since you didn't pay for the job that caused the issue, Lowe's would be right to say "sorry you never did business with us on this, how can we even consider talking to you much less spending any time or money". 

They may say "Sorry our liability is limited to cost of install" or some such. But they also do take issues seriously.

Good Luck!

Hi @Kourtney Harris

Congratulations on your license!

Each place will be different and each will expect different things from you. Where you want to go in the beginning of your career will most likely be different than where you want to be in the middle/end etc. In the beginning I wanted training, someone to call that answered the phone, someone who I could walk into their office and get 10 minutes for a question. Someone who understood the different rules (DOS/Local MLS rules/State REALTOR rules/national REALTOR rules) as well as customs. "Who commonly holds EMD locally?", "If I ask for a RADON test is my clients offer laughed out of consideration because they think I am a newbie"? It is very common in my area to have 2 or 3 different "standard contracts" because I am between 2 markets (Rochester and Buffalo). The contracts are different, the expectations from each party are also different.

I'm at the stage now where it comes down to money and what I get for my expenses. I haven't found a better fit. Interview a few different places. Have conversations with the different people in your market and see how they run their business. Some places expect 'Office hours" where you are there at certain times. Other places allow you to run your business and if you need something reach out. Other places have expectations that you use external resources before calling (Local help desks/MLS help desks). Others say "Call me with anything". Some places have mandatory "marketing dollars" others say "Market how you want but you pay for it".

Some places have "Transaction fees" others have "Monthly fees". If you sell 50 ($40,000) houses you will get eaten alive with transaction fees, maybe go monthly fee. Now if you sell  2($1,000,000) houses (Same net commission) but I'd take a transaction fee vs monthly all day long. So it really depends. Also you may find yourself changing companies throughout your career. That is common as your business grows, you find a better fit.

Good Luck!

HI @Yonia B.

Couple points take them for what they are worth.

- I recommend you submit full offers in writing on a contract. If I was the listing agent, I don't write up the offers, I present them. Me writing up a contract to present to my client just sounds like a nightmare I'll be dealing with later. "Mike never told me that I shouldn't make the deposit non refundable"

- Offers include many terms and conditions. My average contract is around 28 pages. Comparing "This one has an inspection, this one has a radon test, this one wants lease agreements, this one has a $5,000 EMD", to a text offer. A text offer is one step above verbal and 2 steps behind a signed cocktail napkin. If they received another full price offer on a standard contract (or even close), I can guess yours wouldn't mean much.

- I never recommend going to the sellers agent. They represent the seller. A buyers agent represents you. They would have ensured you had a good solid offer that presents well. 

- Did you ever show the agent Proof Of Funds? It's pretty much a requirement to be taken serious. Especially in a multiple offer situation. 

- On a hot property I show up with a contract mostly filled out for my client. If it's hot we sign on the hood of my Jeep and I give it to the listing agent right then. If we don't have one in writing, I hook to my phones hotspot and make it digital so my offer is within 20 minutes including everything we would need.

- Nothing saying you can't contact the owner. Just from the sounds of it don't know what good would come of it. If they did accept a contract that presented better at "Highest and best" than yours.

- Could the listing agent have helped you more, sure no doubt. However it's also not their place to help you craft your offer. If she knew about 4 other offers giving you any information could be viewed as unethical to some.

Good luck and go get the next one!

@Account Closed

I think the quote was from Lt Lockhart

:P

It is location specific. In my area a septic is rated for bedrooms (add one for a garbage disposal). Your area will vary and your local health department/code is the best place for answers.

Good luck!

While I appreciate your advice, it does not work for my plans. 

I am actually currently running with a new loan for property and they said "Explain why there is a forbearance and show the situation causing it has been corrected".

I never was in it, however my credit union put a "Note" on every account due to COVID. My lines are all current and there is nothing late, however I still had to spend time explaining the situation (getting letters etc). If I had zero interest in getting credit for the next "few years" I may follow that advice. However paying my bills and keeping things moving forward is my current goal. 

Hi @Chris Howie

That is a piece of a puzzle 10-15 years down the road. In my opinion don't get caught up in the details of a plan that far off. It's no different than joining the fire department and asking "What if the union doesn't fight for our benefits in 10-15 years"? Work with what you know and make adjustments as you need. Before considering leaving a career with benefits for full time RE (Way down the road), get to where you have made it an option. Make your goal overcoming that now and when the question is a reality you will have a decision to make. 

Good luck!

I had this discussion with some "Darn good contractors" today.

long story short is "Give a statement of work"..... Build a set of 4 stairs with those dumb fall through prevention slats. Build in a 4 foot railing with slats that are less than 6 inches apart, paint all white including the deck. 

Listen to how long it will take them and then pay them when done. If you don't like the quote, find another. Contractors make a quote on what is expected and should be paid as outlined. If you want many quotes that is fine, but know what you are getting and pay when done.

Just my 2 cents!

Hi @Lisa L.

Your location may help someone local to be able to provide some advice. It will be a more centralized issue.

Hold a company meeting, then say "Everyone who works here please step forward"..... "Not so fast Judy!"