The Odysseus Medal this week goes to Trevor Smith for Theology, Postmodernism, and a Different Kind of Buyer:
– Postmodernism places value on the journey. Many of my clients are very interested in learning about the process of real estate. They don’t want somebody to do it for them. They want to be part of the journey. They want to be an integral cog in the process, so that when they get the house they want, they can say “I took part, in buying this home.” Contrast this to agent/client relationships of the past where the agent decided what homes to show their client, they drafted the paperwork and said “sign here,” and they moved their client through closing with directions rather than explanations.
– Postmodernism distrusts authority. At one time you may have been able to say, “This is a good value for this house,” and your buyer would simply trust your judgement. After all you are a professional. This is no longer the case. Now, multiple factors must go into making a decision: 1.) What does the data say? 2.) What does my agent say? 3.) What do my friends and spiritual advisor say? 4.) and lastly and most importantly, How do I feel about it?
– Truth is personal and it’s relative.There is market data, there are appraisals, there is the financial situation of the seller, and there are comparables; but none of this makes a bit of difference if the buyer doesn’t see the truth in them. Today’s buyer can’t be given the data and the data’s conclusion. They have to be given the data and make their own conclusion. To you the chicken farm next door might devalue the house by $10,000, but to the buyer it increases the value by $10,000. After all, they grew up on a chicken farm, and viewing one brings back fond memories.
– Postmodernism values community. It’s not just getting a good deal, but it’s meeting the seller of the house to learn about their kids and the experience they had in the home. It’s not just about advice from an agent, but its becoming friends with your agent. It’s not just about the lender, escrow officer, and agent doing their job; its about them doing their job as a team.
The Black Pearl Award this week goes to Doug Quance, with Tuition Is Expensive At The School Of Hard Knocks:
Such is the case of adequate insurance.
Many sellers are having to resort to leasing out their properties. Some of these properties are leased out under a lease-purchase agreement… while others are simply rented out. Their goal is to simply stop the red ink.
When I list a vacant property for sale, one of my areas of discussion with the seller is adequate insurance coverage. And let me tell you – it ain’t cheap. Vacant homes are not only more susceptible to vandalism, but when something like a pipe breaks or some bad wiring starts a fire – the damage is usually far greater than a home which is occupied.
This increase in premium can triple your insurance costs… or more.
But a vacant property is not the only concern. If you rent or lease your property, you would be well-advised to report this to your insurance company so that they can ensure your policy will maintain its coverage under that particular scenario.
This week’s People’s Choice Award goes to Brian Brady for The Future of Fishwrap Classifieds:
Fishwrap: Thank you for calling the classified sales department of the Middletown Journal, Southern Middle County’s premier newspaper. How may I help you today?
REALTOR: Good morning, this is Bill Smith from Middletown Fine Properties, over on Pennsylvania Avenue. I just took a new listing and am holding an open house this Saturday.
Fishwrap: Congratulations, Bill! I’m sure you’ll sell that home in no time with our new Strategic Selling Program, here at the Journal.
REALTOR: Hmmmm…what’s up with that? Did you drop your classified advertising rates now that more people are going online to start their home search?
Fishwrap: Well, Bill, we actually raised our rates because of the added value we’re bringing you.
If you didn’t check out this week’s nominees for The Odysseus Medal, you should.
We have a brand new tool for promoting the long-list of Odysseus Medal nominees. The long-list will be shown in that little gizmo until the current week’s awards are announced — meaning now — and then I’ll update it with the new week’s nominees. This is link-love back from BloodhoundBlog, but my reason for building the tool is to promote the best ideas in real estate any way I can. To that end, read this post so that you can learn how to echo the long-list on your own site.
And as always, if you find yourself dining on ambrosia, nominate it.
Deadline for next week’s competition is Sunday at 12 Noon MST. You can nominate your own work or any post you admire here.
Congratulations to the winners — and to everyone who participated.
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