Leases on Leases on Leases

I have done a multitude of high end lease transactions in the past couple of weeks, and am currently working on a couple of more. Apparently there are a lot of people looking to move in time for Summer and are either not yet prepared to buy, have special circumstances like a job transfer, or just want to test out a neighborhood. Check out the various houses and their wide range of locations and prices for the recent several I have just completed for both Owner and Tenant client's.

2047 E Live Oak, Los Feliz, $6,250/mo - This one was especially rewarding, as I managed the design and remodel work for my client's. Good to see that the results were successful. Leased for 2 year's. Represented both Owner and Tenant.

9354 Beverly Crest, Beverly Hills, $8,000/mo - Represented the Tenant's. Great Mid-Century Modern house with stunning views and a pool in the "Crest" streets of Beverly Hills north of Sunset. Listed by Elisabetta Conti - Nelson Shelton & Associates.

Front of the Beverly Crest property

2585 Glen Green, Hollywood Hills, $4,500/mo - Represented both the Owner and the Tenant.

2200 Curtis Ave, Redondo Beach, $3,800/mo - Represented the Owner.

If you are looking to lease out your property or lease a property in the greater Los Angeles Area, please feel free to contact us anytime at 310.600.9172 or email smilayproperties@gmail.com.

Professionalism in Real Estate

It is no secret that obtaining one's real estate license is not nearly as difficult or take as much time as, say, getting a law degree or becoming a doctor; however, as Realtors® we are intricately involved in assisting people with what will most likely be the largest purchase/investment of their lifetime. I take the responsibility that goes with that involvement very seriously. That means, among other things, being a professional in my dealings with clients and other agents, knowing everything that I can about the real estate market and always putting the client first. Unfortunately, in my seven year career in this business, I have found that this fiduciary duty is not always being met.

Putting client’s first includes responding to emails and returning phone calls in a timely manner whether they are from current clients, potential clients or other agents. It also includes promptly conveying all offers and counter-offers and assisting the client through what may be the unfamiliar territory of inspection, financing, escrow and closing.

The bottom line is that, as Realtors®, we owe it to our clients, and the other agents and brokers with whom we work with to operate at a high level of professionalism. This is serious business, and should be treated accordingly. After all, what is involved is not selling 50 cent candy bars, but rather homes costing hundreds of thousands or even millions of dollars. Fortunately, there are many agents and brokers that I know who act in exactly the same way. These men and women are an absolute pleasure to do business with, and their clients are lucky to have them on their side.

A year ago I wrote about the fact that the client and agent's interests should be exactly aligned. That means that what the client wants to accomplish in the transaction is what I want to accomplish and it is why I try to go above and beyond to get the best deal possible for each and every one of my client's. Any agent who doesn't think and act in a similar manner, I would encourage you to step up your game, be a professional, and let's work together to get deals done for our respective client's to the best of our abilities in 2012. Otherwise, you should be in a different line of work.

Agent & Seller Interests, Are They Aligned?

I was speaking to a client yesterday regarding the sale of a property, when they said something that made me think as well as kinda bothered me a bit. I am paraphrasing, but they said something to the effect of, I understand you want to reduce the price as you just want to make the deal regardless, while I as the seller want to maximize the highest possible sale. I understand where they are coming from on the surface, but had to disagree. Obviously, the real estate agent only gets paid when a deal occurs; thus, the incentive is to make the deal. I get that. That being said, I believe both parties interests should be, and with me at least, are aligned. I want to get all my client's the highest possible return on their homes, period! Nothing else makes me happier. In fact, I really don't like having the "we need to reduce the price" conversation with any of my sellers. Sometimes though it is just plain necessary, assuming both parties have the same objective--selling the home! Often, this conversation stems from seller's wanting to list their homes higher than suggested from the start. Unfortunately since real estate exploded into the mainstream consciousness in the past few years, and so much information available, everyone feels like an expert. That coupled with the emotional connection/bias that many have to their homes, and the recent decline in values, always makes pricing a somewhat contentious conversation. It is an accepted fact that if there is no interest from the market, a price reduction to attract a buyer's interest is usually necessery. If nobody is calling for appointments to view the property, either it is not a great product, or more likely the price is too high. Now, if a seller just wants to swing for the proverbial fences and if they get their number great, but if not they are content to stay, this is a different story. In this instance, I would say the objectives may be different. As an agent the profession is to adequately represent and inform their client in order to get the highest amount possible, but at the end of the day get it sold for their client's at an acceptable price. If a seller calls me to sell a property for them, I would think they would want my professional advice, and to sell the property. What good does it do either party to have a listing that doesn't sell?

The bottom line is, at the end of the day in a good faith business transaction, both parties interests should be exactly aligned. We are on the same team and should be working towards the exact same goal.

Truth About Short Sales & Foreclosures For Buyer's

Nowadays everybody is asking for a deal. Of course that makes sense, that is the name of the game right, buy low and sell high. Usually this ends up in a conversation regarding what they heard on the news about short sales or foreclosures. There is a lot of misinformation out there and confusion with regards to the difference, and specifically what is a short sale. Let me explain: Short Sale -- This is a sale in which the seller tries to get the bank to accept less than is owed on the loan. This is happening quite a bit currently, due to the combination of both people unable to pay their mortgage payments and the recent decline in home values. People are damaging their credit in order to essentially jump ship. As a buyer, one must be aware of the process, as well as be very patient. When you see a new listing on the market that is a short sale, usually that means that the price is not yet approved by the lender. In many instances, they have not even begun the short sale process, and will not until they receive their first offer. What I mean by being aware is that even if you offer exactly what the seller is asking, that does not necessarily mean the bank will approve that number--know that going in. Also, even if they do approve it, the process at the bank could take month's, so one must be flexible and patient. I have been in several short sale deals that took a very long time, and my buyer ended up purchasing something else, while waiting for a response. This is an important point also; I always include a short sale addendum with the purchase offer, which states that none of the contingency time lines, exchange of money, etc will happen until the bank has approved the price and then we will open up escrow. That is important.

Foreclosure-- This is a sale in which the bank is the actual owner of the property. The former owner could not make the payments any longer and the bank foreclosed on the owner and took the property back. This can be a much smoother and straight forward deal.

Please note that in most cases in either type of sale, the bank is not likely to make any repairs or provide any credits for repairs. They are losing money, so don't want to shell out anymore.

There are opportunities out there for foreclosures, short sales, as well as regular sales. I have several buyer client's recognizing this, and able to take advantage, and are getting some truly great deals. Speak to your real estate agent, go in with the facts on each property, and get yourself a deal that you can profit from when the market rebounds; not to mention, a home to enjoy in the interim.