Tag: Orlando real estate agents

How Do Orlando Real Estate Agents Get Paid?

Posted on by Jenny Zamora

I was meeting with a client last earlier this week that was looking for a 4-bedroom home in East Orlando. At one point in our meeting, she looked at me with a blank stare on her face and asked me how much I was going to charge her to find her a house. Just at that moment, I realized just how many pieces there are to the puzzle in a real estate transaction.

As Orlando real estate agents, we’re aware of everything involved with buying and selling homes because it’s our profession and it’s something we do every day. However, a first-time buyer may be completely clueless about how a real estate transaction works. That’s why it’s our job as real estate agents to make sure the buyers and sellers are completely informed about every last detail of the transaction they are about to be involved in.

Typically the buyer’s agent’s commission gets paid by the seller. Here’s how it works… The agent representing the seller AKA the “Seller’s agent” signs an agreement with the seller AKA a “Listing agreement” to pay a specific amount of commission in order to sell the home. Then the listing agent will enter the listing into the Multiple Listing Service [MLS] and based on whatever amount they agreed upon with their client, they will usually offer the buyer’s agent 50% of the commission. When the transaction is complete both agents are paid out of the seller’s proceeds.

How do Realtors get paid when it’s a short sale?

It works a bit differently when it’s a short sale or foreclosure situation. In a short sale scenario, the seller is upside down on their mortgage which means that there is more money owed on the property than the property is actually worth. A short sale is a pre-foreclosure arrangement between the seller in which the lender is agreeing to the sale of a property for less than what is owed in order to re-cooperate some of their money. This usually means that the seller is financially unable to bring any money at all to the table. In this case, the Bank pays both real estate agents. Banks will usually approve a commission of 5% or 6% which is to be split 50/50 by both agents involved.

There is one situation in which the buyer pays the commission which is pretty rare. Some homeowners choose to sell their property “For Sale By Owner” in order to avoid paying any commission at all on the sale of their home. In rare cases like these, the buyer pays the agent when the transaction closes. It’s never a good idea for a buyer to enter into a real estate transaction without the representation of a licensed Orlando realtor. 

Orlando Real Estate Broker

A Real estate agent plays many key roles in getting the transaction closed. A realtor can also play the role of negotiator making sure that the buyer gets the best price possible on the property, most of the time the amount of money that a buyer saves on the transaction far exceeds what they agreed to pay the agent.

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Orlando Realtors Going back to Basics

Posted on by Jenny Zamora

 

 

The Orlando housing inventory is at its lowest level in over a decade and buyers are constantly competing for a limited supply of homes. The lack of sellers in the market is forcing real estate agents to go to extremes that they would normally not go to in order to try and get more listings. Hungry real estate agents are going back to old-school real estate marketing techniques in order to get more listings.

 

Orlando Realtors are once again pounding the pavement for new listings. I know one agent that parks his car on a street located somewhere in his farm area and starts knocking on doors or putting outdoor flyers with his info on it. according to him, he’s lucky to get one listing out of every 20 doors that he knocks on. I personally think he’s insane and don’t like this way of marketing because it’s an intrusion of privacy. Let’s face it…Everyone hates an unannounced visit AKA the “Pop-in”. Besides, if I’m in my yard minding my own business or doing something in the yard, the last thing I want is a stranger coming up to me and asking me if I’m interested in selling my home.

 

Hungry real estate agents are going back to basics in marketing like calling on expired listings and “For sale by owners” with the hope that they are able to convince the homeowner to list the property with them. Other agents are resorting to sending out mass postcard mailers to entire zip codes praying for more listings. These conditions are not only affecting newer agents but experienced agents as well.

 

Another reason that I think is contributing to extremely low inventories right now is that homeowners who have a bit of equity are keeping their homes off the market. They figure that they’ve gone through the worst of it and they believe that prices will continue to rise for the next few years and intend on cashing in when it happens. The problem with this strategy, however, is that no one can predict what will happen with Florida’s real estate market and people that wait too long, will wait themselves out of making a profit from the sale of their house.

 

The reality is that if sellers aren’t truly motivated to sell, then they’re just not going to and I believe that it’s wrong to try and convince somebody to try and do something that they really don’t want to do.

 

Lenders that are holding on to thousands of REO properties are also reluctant to sell because they’re afraid of hurting prices. And when banks finally do release the properties into the market, they’re snatched up by the dozen by large investment firms. Most of the time, they never even hit the MLS.

 

One thing that I learned a long time ago about the Orlando real estate market is that you have to learn to adjust to the market which also means adjusting your marketing strategies, take what the market gives you. Over the years I’ve seen real estate agents that refuse to change their marketing as the market changes and most of them are now no longer realtors. You have to go with the flow if you’re going to survive by buying and selling real estate.

 

 

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Is it time to fire your Realtor?

Posted on by Jenny Zamora

   Big real estate firms put big-time money into marketing which is why when people need a real estate agent most of them go right for the big names that they see on billboards and in TV commercials. There are some problems, however, with using the larger firms that have been brought to my attention enough times to finally write about it.

When brokerages put a ton of money into marketing then they end up getting a massive amount of leads from it. The problem with that is that some brokerages are just not equipped to handle all those new buyers and sellers they just spent a ton of money marketing to. When this happens real estate agents tend to put most of their effort into the deals that are going to make them the most money,… that’s just human nature. Unfortunately, for buyers with lower incomes and sellers with cheaper houses, this can potentially turn into a very bad experience for them.

Real estate agents get paid on commission which means the lower the purchase or sale price, the lower their commission will be. So when the leads get assigned or referred to the agents in the office the buyers with the most money to spend or the seller with the most expensive house to sell will get most of the attention. The rest of the potential buyers or sellers end up getting put to the bottom of the stack. The “when I get around to it” file.

Buying your first home is one of the most important decisions of your life and should be a very happy and exciting experience. The problem is that many people lack the knowledge needed to find the right real estate agent for them.

Is it time to fire your Realtor? Here are some tips that will help you find the best real estate agent for you

1- Google them! – A good agent will have a strong online presence and you should be able to pull up a world of information on them. Take some extra time and read reviews that people have written about them. If they have negative reviews or none at all, then it’s time to move on to your next candidate. From your online search, you should be able to come up with at least 3 good candidates.

2- Set up an in-person interview. – Once you’ve chosen you three candidates now it’s time to meet them in person. They should ask you questions like “are you pre-approved for a loan and how much?” What kind of house are you looking for? How much do you want to spend? What neighborhood?, etc.

Then pay close attention to what the agent shows you. Is it what you’re looking for? Was the agent paying attention to what you said? If the agent starts showing you properties that are far from what you asked to see then…..”NEXT”

3- What’s their track record? – Don’t be afraid to ask questions like.

*How many houses have they sold?

*How many have they sold in the last 6 months

*What do they specialize in? Are they a short-sale specialist? A buyer’s agent?, etc. It’s important that your agent specializes in whatever it is that you’re trying to accomplish. You wouldn’t go see a foot Doctor for a toothache, would you?

*Do they have any testimonials from past clients?

4- Make sure that real estate is their full-time job. A good real estate agent works full time as a real estate agent and there’s just no exception to this rule. If you’re working with a realtor that works part-time as anything else in order to make ends meet then it’s time to cut them loose.

5-Follow Your Instincts. You may have found the most successful real estate agent in town, but if you don’t feel comfortable around them or you just have that feeling in your gut telling you that they aren’t the one for you, then go with it. An agent/client relationship is kinda like a marriage…you’re in it for the long haul. On the bright side, it’s a lot easier to divorce your real estate agent.

So you see, it’s not at all about going for the biggest name with the biggest marketing budget. It’s about you putting in the time and doing the necessary research that it takes to find the right real estate agent for you. Good luck!

Orlando short sale expert

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Frustrations of an Orlando Short Sale Realtor

Posted on by Jenny Zamora

Any Orlando Short Sale Realtor should be accustomed to dealing with frustrating situations. We have to deal with things like working with Homeowners associations, clueless bank negotiators, BPO agents, contractors, etc. This just comes with the territory and if you’re going to be successful with short sales, it’s just something that you have to accept and there’s no way around it.

As a full-service brokerage, we also work with buyers. When I research listings for a potential buyer, it’s very time-consuming even if you use great real estate tools such as the MLS. The MLS was designed and put into place for real estate agents to be as efficient as humanly possible in the selling and purchasing of Orlando real estate. It also does some other pretty amazing things to help agents update their clients, exchanging of information, etc. As amazing as this technology is, you still have to use it correctly for it to be effective. With all the free training offered by the MLS, there’s just no excuse not to know.

Orlando Realtors…Be Professional… Please!

There’s one thing, however, that I find to be more frustrating than almost anything when it comes to Orlando real estate, and that one thing is dealing with incompetent real estate agents. I’m not perfect by any means but I do try my best to respect and follow the laws that have been put into place to regulate my profession. Unfortunately, there are many real estate agents out there that seem to just not care about the rules and regulations of Florida real estate. The worst part about this is that agents like these are giving real estate agents a bad name.

Top 4 pet peeves about incompetent Realtors

1- Failing to update their listings- Super frustrating when you’re searching for properties and you find an active listing that closed  5 days ago…are you kidding me? It takes less than a minute to change the status of your listing. Be professional!

2-Failing to return calls or emails- Why are you in this business if you don’t return phone calls or emails from another real estate agent? Is this also how you handle messages from a potential buyer or seller? How on earth do you make a living at this??

3-Failing to provide urgent docs for a Closing- The closing of the transaction is the ultimate goal in real estate. Why in the world would you delay in providing crucial information when everyone else involved is trying to get the deal closed?

4-Pretending Pretending to be knowledgeable about short sales [this should probably be number 1]- It’s OK if you’re clueless about short sales and I don’t mind educating you on them a bit.  However, please please please… don’t pretend that you know about short sales if you really don’t. Trying to be someone that you’re not just to feel important can potentially hurt your client. If you want to learn about short sales, take some courses, read some books but please don’t practice during “Game Day”, there’s just too much at stake. We’re talking about one of, if not the most important transaction of someone’s life.

Orlando short sale expert

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We are Currently Hiring Orlando Realtors!

Posted on by Jenny Zamora

Orlando Realtors Wanted!

Due to the ever increasing amount of leads that we have coming into our office, it’s once again time to hire more Orlando Realtors so we can keep up with the demand. Have you ever wanted to work with and learn from a Top Orlando Broker?  Well, If you are a licensed Orlando Realtor, then now is your chance. Here are some of the things we take into consideration when hiring an Orlando Real Estate Agent.

Top 5 qualities we look for in when hiring an Orlando Real Estate Agent

1-  Be on time- Whether your coming into the office or headed to a meeting with a potential buyer or seller, nobody likes it when you make them wait. It’s unprofessional and It starts things of on the wrong foot. I’ve seen agents lose potential Orlando listings just because they showed up late for the appointment. The  seller will automatically think that you are always late for every thing you do.

2- Be a person of your word- If you say that you are going to do something, then follow through and do it. Being someone of your word will help to build your reputation as a trusted real estate professional in the community. It also helps to build trust with the people who work around you on a day to day basis. To be a successful Orlando agent you must have the  reputation of being a dependable agent and people will know that you won’t let them down.

3- Always be willing to learn- There are some agents out there that think they know everything because they’ve been doing real estate for a while, they get stuck in a certain way of doing things and resist change. With all the new laws and regulations that are happening in Orlando real estate, you have to be aware of them in order to serve the client to the best of your abilities. If you don’t know about the “New Law” that came out yesterday that will help your new client to achieve their goal, then you’re failing to do what’s best for your client.  I’ve been in real estate for 10 years and I feel like I learn something new everyday.

4- A good work ethic- This is something that is taught and instilled in you from when you’re a child. In my experience, It’s virtually impossible to teach an adult to have good work ethics if they don’t already have it in them. In the competitive world of Orlando Realty, you must be a hard worker if you’re going to survive solely as Realtor. We can provide an agent with a steady flow of leads for Orlando real estate, for both buyers and sellers. However, if those leads aren’t followed up on or worked on, then it’s a complete waste of time and marketing dollars.

5- Have a positive attitude- People that have a positive attitude tend to radiate positive energy or otherwise known as having a “Good Vibe”. These is really something that you either have or don’t have. I’ve met Orlando agents that absolutely hate being a realtor and it shows through. No matter how bad they try to hide it you just get the feeling that the don’t want to be there. This is negative energy aka having a “Bad Vibe”. Having a bad attitude will cripple you and ultimately destroy your career as a real estate agent. If you love what you do, you will never work a day in your life. To be a successful Orlando realtor, you have to absolutely love what you do and submerge yourself in it.

So there you have it. If you have the qualities mentioned above and you want to join one of Orlando’s Top Real Estate Brokerages, then please contact me so we can have a chat.

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