2009 Was A Productive & Successful Year For Brown Blankfeld Group!

April 26th, 2010 by Harvey Blankfeld

Congratulations to our partners and staff for a success for 2009 – 47 in the entire United States in Residential Units and Chairman Circle – Platinum for Sales Volume! Thanks to everyone who made 2009 such a productive year at the Brown Blankfeld Group of Prudential Americana Group, REALTORS!

2009 PREA Top 100

2009 Chairman’s Circle – Platinum

A Contingent Sale

April 8th, 2010 by Shelley Brown

The meaning of the word “contingent” with regard to a real estate sale has changed dramatically over the years.  Originally, when I first started selling real estate the term “contingent” was used when the house was sold “contingent on the buyer selling his existing home”.  These buyers could be “bumped”  from the transaction by a buyer without a home to sell.  There was usually a “first right of refusal” with a time period where the first buyer would either remove the contingency and make the earnest money non-refundable (only when they felt the sale of their existing home was a sure thing), or the transaction was canceled and the home was sold to the second buyer.
 
Next, the word “contingent” was used primarily because the sale was contingent upon the buyer completing something during their due diligence period such as an inspection or an appraisal.  These buyers could not be bumped and a second buyer could write a back-up offer.
 
Now, the word “contingent” still applies to the case above but the primary use of the term is for a contingency on the part of the seller- short sale approval.  Obviously, in this case, the second person interested in the property can do nothing about it unless the first buyer cancels because they have lost interest or don’t want to wait for the approval process.
 
Agents need to educate their buyers because the contingent properties still show as “available” in the MLS and on REALTOR.COM.  This is very confusing to the general public.  I recently had a buyer asked me “Why don’t you send me everything that meets my criteria.  You are leaving out all the good properties!”  After a detailed discussion, we discovered he was interested in “contingent properties” and thought he could step in front of those buyers because he has cash and no home to sell.  This is not the case. 
 
I could have lost a buyer because he thought I was only sending him certain properties and not the ones he liked the best. What “contingent” means in the current market needs to be one of the first discussions we have with our buyers.  This is an important step in the education process and will alleviate headaches for all parties involved.

Modern Conveniences May Not Be So Convenient

April 5th, 2010 by Shelley Brown

In real estate, we have come to rely on our computers and our cell phones to facilitate our business and respond quickly to our buyers and sellers.  Sometimes, they let us down and we are lost!!  Last week, an agent wanted to show one of my listings without a lockbox.  It is in a highrise so we need gate clearance and access through the concierge to lead the agent to the right elevator.  The agent called about 1 1/2 hours before she wanted in.  My phone did NOT ring when she called.  I got a voice mail message about 40 minutes after she called.  I can’t tell you if it is my cell phone or my carrier.  Once I got the message,  I called the seller who said “sure”.  I called the agent back and got her voice mail.  I left a message that she could show the house at 1 PM, just like she requested.
 
At about 2 PM, I called again and she answered the phone.  I asked her how the showing went and she said she did not show it and had dropped her clients off back at the hotel already.  She said she never got my message.  I assume she got it later- much, much later!!!!!
 
In the good old days, we made appointments the day before.  We left messages at an office with a live receptionist who paged the message out.  The person then called us back to confirm.  Maybe it was easier then??????????????? 
 
I hope clients understand that sometimes we cannot respond as quickly as they would like.  If we don’t call back, maybe we didn’t get the message.  Let’s all try to call again and be forgiving when technology lets us down.  By the way, my seller was very understanding.  He raced around picking up his house and no one showed but it was ok….. he’s a nice guy!

Prudential Americana Group, REALTORS – Sahara Office – #1 in the U.S.

March 26th, 2010 by Harvey Blankfeld
Congratulations Prudential Americana Group, REALTORS – Sahara Office!
We are proud to be affiliated with the #1 Prudential Real Estate Office in the entire United States.

Sahara Office of Prudential Ranks #1 in USA

Sahara Office is Number One Office in Entire Country within Prudential Network

Professionalism in Short Sales

March 25th, 2010 by Shelley Brown

Years ago, when the world was in balance and real estate agents were in step with each other, an offer was written for a client and then presented to the seller.  The offer was either accepted, rejected, or countered in a timely manner.  Everyone knew what was going on and the clients viewed the agents as professional, responsive, and knowledgeable.

Now that banks control a large portion of our market, the agents have educated the buyers to know that it may be weeks for a reply or you may never hear at all!  (The listing status may just be changed to “no longer available” in the computer).  Why are we dealing with short sales in the same manner which is disrespectful to other agents and their clients?????

In a short sale, the seller of the property (NOT the bank with the mortgage!) signs the offer.  Have we not prepared our sellers to be available to accept an offer??  The seller should be encouraged to sign an offer with a buyer that has these important qualifications:

1.  Time to wait for the short sale to be approved.

2.  Education that some of the costs they ask for may be turned down by the bank approving the short sale.

3.  An “at list” offer- not a crazy bidding war offer.  The bank with the short sale may ask for more so the buyer’s agent needs to prepare the buyers that they may have to increase their offer. 

4.  A professional agent that addresses the above items in the letter accompanying the offer.

5.  An investor’s offer may not be the best offer because generally, they are making more than one offer.

6.  Finally, EARNEST money with the offer and a willingness to place it in escrow!

Let’s answer (in a timely manner), the buyers that are willing to give us an offer that comes closest to meeting the criteria above!  Let’s see some professionalism in real estate in cases where we have some control.

Another Client Testimonial

February 17th, 2010 by Harvey Blankfeld

It is so rewarding when we receive letters from our past and current clients chronicling their experiences with our team.  It is the reason we do what we do and we wanted to share the letter we most recently received.

Please click the following link :   Client Testimonial

A Client’s Testimonial

February 11th, 2010 by Harvey Blankfeld

February 3, 2010

Harvey Blankfeld

Brown, Blankfeld & Associates

7475 W. Sahara Ave., #100

Las Vegas, NV, 89117

 Harvey, Christina & Administrative Staff:

I wanted to write this letter now that I have had some time to reflect on the sale of our property on Pine Leaf. I don’t think I had told you at the beginning of our effort to sell our home, that I believed that I did not need a Realtor to help me find a buyer and successfully negotiate a sale of the property. How wrong I was. I entered the listing with reluctance, not on your abilities, but with my over confidence in my own ability to sell a property that I thought would sell itself. I was like so many sellers that wanted to avoid what I thought was an unwanted cost.

I knew it was a difficult time to sell a home with so many bank owned properties on the market. Your presentation convinced me that without the professional support of a trained and experience Realtor, that my chances in selling this property would be slim. Your detailed market analysis and step approach is what really convinced me that I had to have a professional team if I wanted to be successful. The first mistake I would have made would have been in establishing a realistic selling price. The second would have been the lack of exposure of the property to the market. I believed that its location and great curb appeal would be sufficient to find a ready and qualified buyer and I did not need the expansive exposure of the MLS and individual marketing that you provided.

It was your sensitivity and market awareness that allowed the selling price to be set at a level that brought multiple offers within a very short period of time.

The real strength of your team approach was in the process of the sale once we had received the several offers. There were so many pitfalls during this period that I know I would not have been able to complete the sale on my own. Your experience in overcoming objections on both sides of the transaction made the cost of the sale worth every penny. There was a period that I thought the sale would never be closed; your persuasive and positive approach with working with the buyer’s agent made the sale a reality. Key to the entire transaction was the communication that flowed on a daily basis. I never wondered how the process was proceeding; I received timely updates and suggestions that made the decisions easy and effective. The little extras that you and your staff performed were the “icing on the cake”.

Thank you for a job well done. I would not hesitate to recommend you and your Team to any potential buyer or seller.

Richard Yeakel

Why Short Sales Take Sooooo Long

January 11th, 2010 by Shelley Brown

My mother was a teacher.  She always made sure her children did their homework every night- NO EXCUSES!  However, I do remember kids who never had their homework done and always had some sort of an excuse such as “I couldn’t find a pencil”, “No one at home would help me”, etc.  It was never believed or tolerated by any savvy teacher.  The teacher was in control, not the students.
 
We are in an era of a new kind of real estate where we ask for the cooperation of a mortgage holder to allow us to sell a house (that has dropped so much in value) for less than the homeowner owes on the property.  The homeowner is put through a grueling process and must provide detailed financial information as well as a hardship letter about why he needs to sell.  At best, the process is difficult for all parties involved.  The real estate agent spends hours on the phone (many of them “on hold”), the seller never knows when he has to move, and the buyer doesn’t know if he is even getting the house!!!  Patience, patience, patience is required.
 
The banks have taken a difficult process (like homework) and made it a ridiculous farce.  I have decided to write what I believe to be are the Top Ten Reasons Why A Short Sale Takes So Long.  I am using some of the exact quotes we have been given by negotiators, customer service representatives, and any idiot at the mortgage company who happens to answer the phone.
 
 
#10.  “We are missing the authorization to speak to you and we have to start over again”.  (Even though we have faxed it 10 times and have the confirmations to prove it)
 
#9.  “The computer crashed and we lost the file.  We have to start over again”.
 
#8.  “You have been assigned a new negotiator and we have to start over again.”
 
#7  “Our phone system is having problems and you are talking to someone in Texas when you need to speak to someone in California.  Call next week and start over again.”
 
#6.  “We converted the files to a new computer system and we have to start over again.”
 
#5.  “We closed our company and transferred the file to another mortgage company and we have to start over again.”
 
#4  “We changed the loan number and we have to start over again.”
 
#3  “We merged with another company and formed a third servicing company and we have to start over again.”
 
#2  “We never got access to get in to do the appraisal and we need to start over again.” (Access to vacant land?  Where is the front door?)
 
And the NUMBER ONE REASON short sales take so long…
 
#1  “The dog ate the short sale package and we have to start over again!”
 
Seriously,  we really have heard most of the reasons above.  We cannot understand why the banks are making the process so difficult and often buyers and sellers take their frustrations out on their agents.  We all have to be patient and graciously “start over again” when the banks ask us.  The banks are in control, not the agents. Remember the race with the tortoise and the hare?  We all need to act like the tortoise and just keep moving to the finish line of the race and have a successful closing for both the buyer and the seller.  In essence, short sales are never really “short”!

Where do we go from here?

January 8th, 2010 by Shelley Brown

It is amazing that such a tough year for real estate actually flew by in the blink of an eye (with a tear in it, though)! Now it’s 2010 and we all wonder what is in store for buyers, sellers, banks, and lenders. In uncertain times, those that maintain a steady course are the survivors. Real estate agents have been weeded out by natural selection of the finest and fittest. Staying on top of new trends is key and trust and honesty will stay the course. We can control what we do but not the behavior of others- an important thing to remember in a real estate transaction.