Lee Morof's Real Estate Blog

Whether you’ve decided to purchase a new home or list yours for sale, you’ll need to hire an experienced Southeast Michigan real estate agent. Selling and buying homes can be stressful, so you need to be able to trust and rely on your Southeast Michigan real estate agent to do what’s in your best interest, even if they’re acting as a dual agent.

While ‘dual agent’ might be a confusing term, it’s quite simple — the real estate agent is working for both the buyer and the seller of the home. As both parties will have a lot at stake, this could be perceived as a conflict of interest. Below we’ve outlined some of a dual agent’s obligations.

• An agent should disclose dual agency – As soon as a real estate agent realizes that a buyer is seriously interested in a property on which they have a signed contract, they should immediately be honest with both parties about the possibility of dual agency.
• Dual agents should represent both parties fairly – real estate agents are ethically obligated to treat both the buyer and the seller equally should a dual agency occur.
• Dual agents cannot disclose personal information – A dual agent cannot tell the other party about any personal issues associated with the selling or buying of the house, such as a divorce or financial distress. This is important because one party should not have the upper hand during negotiations.

If two Realtors within the same agency represent the buyer and seller, the transaction is still considered a dual agency. It’s completely normal to be a little wary of a dual agency when it comes to selling or purchasing a home with a Southeast Michigan real estate agent. However, it is fairly common, and as long as all parties are treated equally, it usually works out quite well.

If you’re getting ready to sell your home or purchase a new one and have questions about working with a dual agent, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com

Whether you’re looking to buy or sell a home, finding the perfect Southeast Michigan real estate agent can be tough. The process is often overwhelming and you want to ensure that you have the right person by your side — someone trustworthy, hard-working and who knows what they’re doing!

That is why it’s extremely important to thoroughly do your research when it comes to Southeast Michigan real estate agents. You need to interview several agents, follow through on referrals and ensure they have the proper credentials.

All the acronyms after agents’ names can be confusing, so here are a few that describe specializations you might need:

• SRES – This stands for Senior Real Estate Specialist. The SRES designation is for agents who work with buyers and sellers over the age of 55. If you’re over the age of 55 or are helping your parents who are over the age of 55 buy or sell, you may want to find an agent with an SRES designation.
• NAR’s Green Designation – This designation means the agent has had training in green building qualifications and sustainable business practices. Look for an agent with these acronyms if green living is on your home checklist.
• SFR – This acronym stands for Short Sale & Foreclosure Resource – As the certification indicates, these are agents who specialize in short sales and foreclosures. With the economy forcing many homeowners into one of these categories, it could be valuable to have an expert with this designation help you successfully navigate the tricky processes.

Just because agents have an acronym or two or three after their names doesn’t necessarily mean they’re the right fit for you. However, the designations can give you some clues as to their level of knowledge and areas in which they specialize.

If you have more questions about real estate acronyms and designations or are looking for a qualified, professional Southeast Michigan real estate agent, please call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

Flyers, open houses and stagnant real estate web sites don’t cut it anymore. Property buyers and sellers are more technologically savvy than they’ve ever been, and they rely on social media’s instant communication forums for information, advice, suggestions, and reviews to guide their decision-making processes.

Real estate agents’ roles within the industry have evolved — they’re no longer just gatekeepers.  Now, they need to be interpreters between their clients and the constant stream of social media information.

To determine if a Southeast Michigan real estate agent is socially savvy online, ask the following questions:

• Strategy – Before signing a listing agreement with an agent, find out what marketing strategies he or she usually implements. Is he or she using any social media platforms to promote their properties or gather feedback from buyers?
• Following – Ask about how many people and organizations he or she reaches on a regular basis. The number of Facebook “Likes” or Twitter followers is a direct correlation to how many people could be exposed to your home for sale.
• Activity – Ask how often he or she updates and posts on social media sites. Having 2,000 followers does nothing if the agent isn’t active on the social media site. A constant flow of information and communication is essential to effectively promote a property. If he or she just has a stagnant Facebook page with a biography on it, that doesn’t benefit you in any way.

From sending out tweets about houses for sale to posting new listings on Facebook walls, social media platforms are one of the quickest and most targeted ways to reach potential buyers. To achieve your real estate goals, seek out a Southeast Michigan real estate agent who uses social media as a tool to build loyal followers and promote properties.

If you’re looking for a Southeast Michigan real estate agent who successfully uses social media as a marketing tool, call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

In today’s economy, people are looking for ways to save money.  This is also true when it comes to selling their homes.  Some homeowners believe that selling their homes without a Southeast Michigan real estate agent will save them thousands.

Is selling your home on your own right for you?  After weighing some of the advantages and disadvantages to selling your home without a Southeast Michigan real estate agent, you will be able to make a more informed decision on which choice is best for you.

Here are three advantages to selling your home as a For Sale By Owner (FSBO):

1. You may save money by eliminating the commission.  Selling your house as a FSBO means you don’t have to pay commission to a listing agent.  The average commission is 6% of the sales price, so you could possibly save that amount.  Unfortunately, buyers know that too.  So, most buyers believe that if you are selling on your own and not paying a commission, they should get the savings – not you.
2. The Multiple Listing Service (MLS) is now available to you.  A FSBO can now be advertised on many local Multiple Listing Services.  In the past, this tool was only available to real estate agents and brokers.  You will usually have to pay a fee to get your home listed on the MLS.
3. Offers and counter offers can be negotiated face to face between you and the buyer.  You don’t have to wait for your listing agent to talk with the buyer’s agent and get all the paperwork drawn up.  However, if you are not skilled in negotiation, you may leave money on the table.

One other thing to take into consideration before you put up your For Sale By Owner sign is the state of your local Southeast Michigan real estate market.  If it is a buyer’s market, you will most likely have a hard time selling your home by yourself.  It’s easier to sell your home by yourself when there is a seller’s market.

If you’re still not sure if selling as a FSBO is right for you, and you have plenty of time, you can try selling your home without an agent.  If your home hasn’t sold after a few months, you can then hire a Southeast Michigan real estate agent.

If you’d like information on how to sell your home on your own or what paperwork you need, I’d be happy to help.  Call me today at 248-514-2640 or by email at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

Is it really that difficult to sell your home by yourself?  It depends.  Do you like to market, negotiate and fill out legal documents?  If yes, you may prefer to sell your home without the help of a Southeast Michigan real estate agent.

Before you make your decision, consider these three disadvantages to selling your home as a For Sale By Owner (FSBO):

1. You may under-price or over-price your home.  If you’ve overpriced your home, you won’t get many interested buyers.  When you drop the price of your home a few weeks later, you’ll have missed the “new on the market” window of opportunity that brings in a lot of potential buyers.  If you under-price your home, buyers will wonder what’s wrong with it, and, if it sells, you’ll be leaving money on the table.
2. You have to pay to market and advertise your home.  When you sell your own house, you’ll spend money on marketing and advertising costs including for sale signs, online ads, print ads in newspapers and real estate magazines as well as the cost to be included in the MLS.  When you hire a Southeast Michigan real estate agent, they pay to market and advertise your home.
3. You are responsible for all the legal paperwork needed to sell your home.  This means you must know what paperwork is required by the state and how to fill it out correctly.  If you fail to do this properly, it can delay the sale or leave you open for a lawsuit down the line if something is wrong or missing.

If you determine that listing your home as a FSBO is not right for you right now, hire an experienced Southeast Michigan real estate agent to sell your home for you.  Although you’ll have to pay commission, it will save you time and effort (and maybe even money) in the long run.

If you’ve decided to hire a Southeast Michigan real estate agent in Oakland County, I’d be honored to be interviewed for the job.  Please give me a call me at 248-514-2640 or by email at info@NorthWoodwardHomes.com to schedule an interview.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

One of the most important decisions you’ll make when either buying or selling a home is selecting a Southeast Michigan real estate agent.  Picking the right agent for you can save you time, effort, aggravation and money.

Here are five mistakes to avoid when choosing your Southeast Michigan real estate agent:

1. Going about it backwards.  Many people start by finding a home for sale they want to visit and then calling about that home.  Instead, select your real estate agent first.  Your agent will help you identify what you want in a home, and will then find homes that meet those criteria.  You’ll save time and frustration by visiting only those homes that fit your needs.

2. Using an agent who represents both you and the other buyer or seller.  This is called dual agency.  A listing agent who also represents the buyer is a dual agent. Dual agents must treat both the seller and the buyers equally.  Which would you prefer, an agent who works exclusively for your best interests or one who has to consider both the seller’s and the buyer’s best interests?

3. Hiring the first agent you meet.  Yes, it takes time to interview at least three real estate agents,  but it’s worth it.  You’ll save that time and more in the long run when you find a knowledgeable agent you enjoy working with.  Making an impulsive decision by saying yes to an agent as soon as he’s finished his presentation is never a good idea.  Take the time to visit with multiple agents, compare their credentials and styles and only then make your selection.

4. Choosing an agent because he’s the only one who agrees with your selling price.  That lone agent who agrees with you may not have done the research needed to set the best price or he may just be telling you what you want to hear.  If multiple agents state that your selling price is wrong, listen to them.  You’re looking for the best advice, not a yes man (or woman).

5. Skipping the reference check.  Even if you’re a great judge of character, take the time and effort to check agents’ references before hiring them.  Ask for at least three references from recent real estate transactions the agent has completed, then follow-up by calling those references.  Ask the clients how they felt about their experience with the agent, if they’d use the agent again, what the best thing was about their experience and what the worst thing was about their experience.

If you’re looking for a Southeast Michigan real estate agent in Oakland County Michigan, I’d be honored to have an opportunity to interview for the job.  Please give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule an interview.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com

For some frustrated sellers, the answer to “Why isn’t my home selling?” is “It’s the agent’s fault!”  If your immediate instinct is to drop your Southeast Michigan real estate agent for a new one, you might want to take a deep breath and consider the following:

1. Do you think agents are like lottery tickets?  Going through Southeast Michigan real estate agents as fast as scratch-off lottery tickets isn’t going to get your home sold faster.  In fact, it usually slows down the process.

2. Is your home priced correctly?  That’s probably the number one difference between homes that sell fast and homes that sit on the market.  A poorly priced home could be your agent’s fault.  Then again, you could be partially to blame.  Did you insist on a specific price even though your agent strongly recommended a lower price?  Did you refuse to lower the price when your agent suggested lowering it?  If you’re inflexible about price, switching agents will not help. 

3. Did you make the home improvements recommended by your agent?  If your agent suggested you paint, clean carpets, reduce clutter or complete any other inexpensive, easy-to-accomplish task, and you didn’t do it, you’re greatly reducing your opportunity to get your home sold.  You chose to work with your agent because he is a knowledgeable professional.  Take his advice and get those home improvement tasks done now.

4. Has your listing agreement expired?  If your listing contract has expired, this is the perfect time to consider switching agents.  Go back to the start, identify 3 new agents and interview the agents.  If you find one that fits your needs better than your current agent, let your agent know you won’t be renewing your contract.

5. Did your agent market your home?  If your agent has not done all the marketing he promised, point this out and ask him when he’ll get the marketing in place.  Follow up to be sure it’s done on time and professionally.  If he still doesn’t market your home like he said he would, it may be time to switch agents. 

6. Are you being impatient?  If you made all the home improvements recommended by your agent, your home is properly priced, and all marketing tasks are completed, you may just need to have a little patience.  This is a slow real estate market.  That means your home isn’t going to sell overnight.  Ask your agent the average number of days it takes a home to sell in your area, then wait that length of time before thinking about changing agents.

Don’t replace your agent just because you don’t know what else to do.  You’ll be wasting time and effort.  Instead, work with your agent to determine what else can be done to get your home sold.

If you decide to search for a new Southeast Michigan real estate agent, I’d be honored if you’d allow me to interview for the job.  Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com to schedule an interview.

Lee Morof
Associate Broker/Attorney  
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com 
info@NorthWoodwardHomes.com
Call:  248-514-2640

The fall holidays are just around the corner, starting with the scariest day of the year – Halloween. You may have always enjoyed Halloween in the past, but the most frightening thought now might be, “I have a home for sale in Southeast Michigan! I can’t do Halloween right now!”

Sure, sure. Right, right.

Take a deep breath. Don’t panic. First, if the idea of Halloween or autumn decorations this year (versus before you had a home for sale in Southeast Michigan) freaks you out, you need the break anyway. Secondly, it’s the perfect opportunity to sell your house. Holiday decorations can help buyers imagine the decorations they might use for a warm, inviting atmosphere.

There is, however, a difference between decorating before you put your home on the market and decorating now. For example, don’t go overboard. You want potential buyers to enjoy a relaxing stroll through the house, not scream when the skeleton falls out of the closet.

Pumpkins
If you decide to decorate for Halloween rather than just an autumn theme, that’s okay. Pumpkins, used wisely, can draw attention to an area. However, growling faces are a thing of the past until your house is sold. Use harmless, happy pumpkin expressions to help build the overall cheerful holiday house-buying mood.

Candles
Forget about burning candles right now.  The last thing you want is to have a candle fall over during negotiations and set the curtains on fire. It’s a sure bet the buyers will change their minds.  Consider using flameless candles as a safer alternative.  They’re even available in autumn scents such as Pumpkin Spice and Cinnamon Fusion.

Colors
You can use autumn colors to warm a room.  A bowl of chrysanthemums and dried leaves will make a special touch in the bathroom, while pumpkin gourds can add warmth to a porch.

Because of the holidays coming up, autumn makes people nostalgic. For most, it brings thoughts of family and friends, pumpkins and turkey, fun and light-heartedness. A warm, inviting decorating scheme can further bring out that nostalgia, and get a SOLD sign put in front of your home for sale in Southeast Michigan.

If you’d like to sell your home before the holidays begin, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

As you may be aware, there are two primary ways to sell and buy Southeast Michigan real estate.  One, FSBO (For Sale By Owner), means just what it says – the owner sells the home. The second, of course, is selling the home through a real estate agent. What you may not be aware of is the main reasons why so many choose to hire an agent, whether selling or buying Southeast Michigan real estate.

Should you hire an agent? Of course, I’m going to say yes. However, what I really want you to do is make up your own mind after reading. Only you can answer this question because only you know your situation, but you need to know the facts:

Fact #1, for buyers – Real estate is one of the biggest areas of fraud in the U.S., and a fraud in which the scammer is less likely to be caught. Instances abound where an unsuspecting buyer has bought a home that still belonged to someone else.  Someone else who had no idea their home was up for sale in the first place. You won’t be able to get your down payment back, because the con artist will be long gone with it. Agents deal directly with the homeowner whose name is on the title.  If a licensed Southeast Michigan real estate agent represents a home, you know it’s really for sale.

Fact #2, for sellers – Real estate agents have access to many marketing venues that individuals don’t. FSBO sellers are limited to a few websites on the Internet versus the multitude of websites agents use to advertise homes for sale. With the knowledge agents gain through training and experience, the marketing available to agents, and the resources agents have at their fingertips, you have a much better chance of selling your home with an agent than on your own. If you don’t mind having your home sit on the market for awhile, FSBO may be the way to sell. However, if you need your home to sell sooner rather than later, you need an agent.

Fact #3, for buyers and sellers – Selling or buying a home isn’t as simple as “yeah, I’ll take it” and throwing money down. Selling real estate includes everything from negotiations and contracts to assessments and legalities. If either side doesn’t complete the steps correctly, actually closing the deal may be impossible. To be blunt, real estate agents are trained to handle the pitfalls of selling or buying a home and ensure that the sale goes smoothly.

Should you hire an agent to sell or buy Southeast Michigan real estate? To me, this isn’t the real question. The real question is:   Can you afford not to?

If you’d like to work with a knowledgeable, experienced agent to buy or sell a home, I’d love to have the opportunity to interview for the job. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640

In bygone days, the key to closing many of the deals on homes for sale in Southeast Michigan often relied on an agent’s networking skills. Those of us with a successful real estate history knew where to go to bring homes for sale in Southeast Michigan, financers and buyers together.

In fact, the real estate community became so used to “the way things were done,” the standards for home purchasing and financing became a little lax. Today, regulators have taken aim at any less-than-transparent practices by, quite simply, changing the rules.

Were the “good ole’ days” competitive? Most definitely. Were they as competitive as they are today? Not even close.

Now, in order to complete contracts on homes for sale in Southeast Michigan, you have more transparency and a stricter set of industry standards, particularly when it comes to working with lenders. The good news is the changes in transparency and industry standards are designed to protect you as the seller and your buyer.

With Change Comes Education
With all the changes to the real estate industry, we, as real estate agents, have to stay informed in order to serve your best interests. After all, would you really want an agent following outdated rules from 10 years ago? Probably not, especially if you knew that outdated rules might make your sales contract useless.

How do we stay informed? One way is through the NAR. The National Association of Realtors®, the nation’s largest trade organization, has started several programs to keep agents updated on exciting developments and market trends. Some of the most beneficial programs include:

• Accredited Buyer Representation (ABR)

• Certified International Property Specialist (CIPS)

• Green Principles

• Graduate Realtor® Institute

• Senior Real Estate Specialist (SRES)

• Short Sale and Foreclosure Certification (SFR)

Without continuing educational courses like these, staying updated on the real estate industry would be a lot harder. Most of us already have the experience, but ongoing training is also important. Why? So we know all the ways to attract buyers to your home, no matter what they’re looking for. In other words, learning what they’re looking for helps us to better understand what selling points your home has, and how best to market them.

Now, real estate deals are upfront and hidden agendas are (mostly) a thing of the past. Your goal, as owner/seller of one of the homes for sale in Southeast Michigan, is to make sure the agent you hire is up-to-date on any changes that may affect the sale.

Don’t be afraid to ask about their education and training. The best agent is the one who doesn’t hesitate to answer with a list of certifications and current courses.

If you’d like to sell your home and want an informed real estate agent, look no further. Give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for a complete list of all my certifications and education.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640