Hi, Ms. Lank: I am a retired science teacher, and I got my real estate license eight months ago. When my wife and I were looking to buy our first house back in the early '80s, I frequently read your column. If my memory is correct, you wrote about new agents being like a new broom; they sweep clean. I'd like to use that quote as a reason for why people should consider hiring me, even though I don't have extensive experience.
I'm enjoying learning about real estate but struggling to get leads. I've represented one buyer (a good friend) in a transaction, but I don't have much else going on. I'm taking as many classes as I can to enhance my knowledge base. Fortunately, I have a pension to depend on, but it is fairly expensive to keep active.
Thank you for keeping the door open for people to consider less experienced agents. — Bob
Answer: Aha! Didn't I say teachers often go into real estate? Over the years, I myself have taught everything from nursery school to college.
I'm afraid I don't remember specifically mentioning new brooms. There's no rule about whether an eager newbie or an experienced veteran is preferable as a real estate agent. It does come down to the individual. I see you've joined a large company, so you must be getting formal sales training there.
In the days when I had a real estate license — way back, before the internet — I used to phone all for-sale-by-owner classified ads in my preferred areas every Monday evening and say: "Good luck, and if any questions come up while you're trying, feel free to give me a ring. I'll be glad to help, no obligation, I like talking real estate." Which was true.
It did make friends for me and brought enough listings to keep me busy. I'm sure you will be soon. My husband, who was a Realtor, used to ask new agents if they understood it would probably be many months before they'd see a commission check. Hang in there.
Agent Complaint
Hello, Edith: Your column was very helpful when I sold my mother's house a few years back. As you have always suggested, I interviewed three different agents.
There were pluses and minuses to each one, but one thing to look out for is the agent who comes in with a very low price. One particular agent suggested we set the price at $110,000, and he had many suggestions on things to fix in the house. We sold the house for $145,000 within a month. I believe he just wanted a quick commission for little work.
The difference in commission would not matter much to him, but the difference in selling price made a great difference to my mother. — J. V.
Answer: Thanks for sharing. Agents are legally supposed to be fiduciaries, required to put the client's interest ahead of their own. I assume the other two agents recommended more realistic listing prices.
Those suggestions on things to fix up, though, may have actually been valuable.
Family Cottage
Edith: Two siblings and their spouses each inherited one quarter of a waterfront property with a present evaluation of $500,000.
Couple A has two children, while couple B has one. Upon the deaths of the primary owners, the property will be owned by their three children with couple B's child owning a 50 percent share. This is a northeastern U.S. property, where ideal usage is June, July and August and the next best months are May, September and October.
The children are already arguing over usage with one of couple A's children, stating that he will be staying each year for the full June, July, August stretch.
Should this situation be resolved in the eventual wills of couples A and B? Any suggestions as to how to divide usage without a family feud? — X. X.
Answer: Sounds like your family could use a professional mediator.
I used to say, "Look in the Yellow Pages," but now, of course, I suggest pulling up the internet to find local trained mediators. I suspect a lot of their business is in working out divorce agreements, but one might well help your family reach a peaceful resolution about how to share use of that summer residence.
I was going to write "summer cottage," but since it's worth half a million dollars, I decided that wasn't dignified enough.
You folks also need to settle who's going to look after the place in general — order repairs, collect contributions, arrange winterizing, pay bills and the like.
Contact Edith Lank at www.askedith.com, at [email protected] or at 240 Hemingway Drive, Rochester NY 14620.
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