Why do People Hate Realtors?

So why do people hate Realtors? Because they think they’re supposed to!

It’s funny really because almost nobody hates their own Realtor. Some people have real horror stories to tell, but most people don’t. To the contrary, most people have very happy, funny, delightful stories to tell about the Realtor who helped them find their home. There are many genuinely nice and caring people in the real estate business. I know lots of them.

Now it goes without saying that one bad apple spoils the bunch. As with anything, you get a wide variety of agents out there, and the fact of the matter is that there are bad people in the industry. And where there’s an opportunity to screw someone and make a bunch of money doing it, 1 out 100 people will do it, and make the other 99 look bad. Sad but true.

But straight-commission sales people in general take a hit because we might be perceived as only being interested in the commission rather than in the work it takes to earn it. And, of course, there has been no end to the unflattering portrayals of real estate agents in almost any media, TV and movies, the internet and elsewhere. Schmucks, all of us. Right?

Most people use Real Estate agents because they have better things to do with their time. And Real Estate agents have experience. Lot’s of experience. The thought of navigating the uncertain legal waters in a foreign country may be too much to bare for some people.

On average, good full time agents spend between 50-70 hours weekly working with our clients. 24 hours a day, seven day a week. Yes, it was our choice to join this field and we did it with our eyes wide open. We know that our clients need more than a bit of hand holding especially here in Mexico and many aren’t equipped to investigate everything on their own. Lowballing the seller’s asking price, finding a good notary and lawyer, locating lot plans (cedula de castatral) at government offices, making sure the water, tax and power bills are paid in full, facilitating the transfer of funds from countries outside of Mexico and the list goes on. We also spend our time giving out free information on market values, answering FSBO questions, giving out information on other agent’s listings and be willing at a moment’s notice to show you a house that you think you might like. And let’s not forget, endless advice, advice, advice. All in a days’ work for us. We do just about anything and everything to help our client’s get happily into their homes.

Unfortunately, most people look at the finish line when the agent gets paid and do not see all the lost deals, open houses, showings, expenses, marketing and all the time spent behind the scenes. The more expensive the house, the greater the perception that we’re overpaid. I’m always amazed at the idea that agents do nothing.

Some of the reasons that clients are dissatisfied with their agents were more closely related to market conditions than to agent’s performance. A recent 2009-2010 Survey of US Home Sellers states:

• 64% of sellers said that the house took too long to sell.
• 51% did not get the price they wanted

Some think they can get a price that’s not realistic and then blame the realtor.

So why not sell or buy a house on your own?

I am not saying you can’t sell or buy your home on your own. Of course you can. Just like you can change the tire when it’s flat. However not to many of us can change the brake pads. People can do their own toe nails right? So why go to a spa and get it done for $50? People can make a delicious prime rib dinner at home for $80 from the butcher that will feed 10 people generously, and it’s so easy anybody can do it, but most people just go out to fancy restaurant. It’s all about lifestyle choices, and the decision to use a Real Estate agent is just another lifestyle choice.

Imagine this scenario: You get calls 5 times a day from people wanting to see the house at various times, but you and your wife are otherwise occupied, so you ask them to come on the weekend perhaps. Weekend comes and you are there Sat and Sun from morning ‘till night, listening to people gripe, complain and criticize about what a horrible house you have and that’s it’s too expensive. This goes on for 10 weeks. You can’t handle it and you drop the price 15% and it sells 4 weeks later. It’s an ugly process and you’re unhappy.

Personally, I’d gladly give up a fee to have somebody competent handle the whole sales/buying process. Then I’ll have somebody to yell at if things don’t happen as planned!

And do you think the average homeowner is willing to shoulder the liability issues that they are currently shielded from by their Real Estate broker? Of course they won’t. They’ll scream about how they need protection from their choice to forego the use of an agent.

You base one of your most important financial decisions, a choice that could have a potentially devastating effect on your finances, if you choose wrong,

If you want to sell your own home go ahead. Most people have better things to do with their time than qualify and screen people before they come through the front door. And who wants to negotiate on their own? Maybe the same people who go to court and represent themselves. No thanks, I for one want a buffer from the general public.

And I suspect that a few of us would have at least some issues succesfully closing a house purchase or sale here in Mexico without some kind of help from the professionals.

Most professional realtor agents work honestly and carefully to promote and protect the best interests of their clients. It’s not surprising that some home sellers have been disappointed. Many homes have sold, but lots of folks wanted or needed to sell and were unable to get the price they expected. Many of those same people blamed their agents without considering that the market and buyers are truly what determine selling price.

Our success in the real estate business here in the Yucatan comes from client referrals from previous happy clients. I know of some Realtors who are not good at their jobs but please don’t knock all of us because you may have had a bad experience. We have more than once advised a client on their best interests that didn’t serve our own. We do this because our approach is long-term success. For all parties.

In our world an agent is not paid until every party is satisfied, and here and today that takes much more work than ever before.

So just a little advice. Start “dating” before you get “married” to a Realtor. Trust me, the right one is out there for you. Mayan Living Real Estate does all that it can to help make your dreams come true!

Why Use a Realtor When Buying Property in Mexico

Hi to Everyone! Sorry to have been away soooo long! It has been a very busy time here in our sleepy little town. We have moved into a new home, the kids came to visit for a couple of weeks and this all happened during the busiest months of the year. While I have been away from blogging I've done a couple of really neat things, spent a Sunday in Merida, went to a Oaxaca festival and the Guiness Book of World Records Cochinita Festival. I will be posting pictures in a couple of days.

In the meantime, my partner and buddy Susan wrote the following article about our company. Please give it a read:

Mayan Living Real Estate is registered Mexican corporation S.A. de C.V. and has been successfully in business for over 10 years.

We highly recommend that you consult professionals and/or legal counsel when considering any investment whether domestic or international. We are your eyes and ears on the ground here in Mexico and will take you step by step through the buying or selling process. We make ourselves available to you 24 hours a day, seven days a week. And we now also offer a Bi-lingual Concierge service for all of your needs. This service will assist you in getting power, water and telephone service, buying furniture, renewing FM3, FM2, and just generally where to find everything you need for you new home. We have bi-lingual agents as well working for Mayan Living that can assist you in all you translation needs. When you purchase or sell with us you can be certain that our notaries and lawyers conduct a title search, review all property documents and dot all the “i’s” and cross all the “t’s.”

We strictly follow a Code of Ethics and Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of an accredited Mexican Real Estate Company. Mayan Living Real Estate can guide you through the closing process and make sure everything flows smoothly.

By Mexican contract law, a contract must be written in Spanish and signed on Mexican soil to be enforceable. We have our company notaries and lawyers prepare and follow through with this for you.

Why use a Realtor:

Mayan Living Real Estate can guide you through the buying process making sure everything flows smoothly from initial offer to closing
Mayan Living Real Estate can help you determine your buying power. That is, your financial reserves plus your borrowing capacity. If you give your agent some basic information about your available savings, income and current debt, we can refer you to our exclusive lending partner who is qualified to help you.
Mayan Living Real Estate has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties that are right for you. There are a couple of things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
Mayan Living Real Estate can assist you in the selection process by providing objective information about each property. Our Agents have access to a variety of informational resources. We can provide local community information on utilities, hospitals, schools, etc. Mayan Living Real Estate can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Our agents can advise you as to which investigations and inspections are recommended or required.
Mayan Living Real Estate provides due diligence, meaning we investigate all the details of your potential investment, during the evaluation of the property you choose. Depending on the area and property, this could include inspections for faulty structure, roof condition, septic tank and well tests, just to name a few. Our agents can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and this can sometimes be hindered in the confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Mayan Living Real Estate and our notaries and attorneys can help you resolve issues that might cause you problems at a later date.
Mayan Living Real Estate can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs or if a problem in the title is discovered. The required paperwork alone is overwhelming for most sellers. Mayan Living Real Estate is the best company to objectively help you resolve these issues and move the transaction to closing (or settlement).
When selling your home, Mayan Living Real Estate can give you up-to-date information on what is happening in the marketplace and the price, financing (if applicable), terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
Mayan Living Real Estate markets your property to other real estate agents and the public. Often, your agent can recommend repairs, cosmetic work and provide staging guidance that will significantly enhance the salability of your property. In many markets over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Mayan Living Real Estate acts as the marketing coordinator, disbursing information about your property to other real estate agents or other cooperative marketing networks, open houses for agents, etc.
Mayan Living Real Estate will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. Studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your agent, you do not have to allow strangers into your home. Your agent will generally prescreen and accompany qualified prospects through your property.
Mayan Living Real Estate can help you objectively evaluate every buyer's proposal without compromising your marketing position. And avoid a lot of possible pitfalls. We will help you write a legally binding, win-win agreement that will be more likely to make it through the process.
Mayan Living Real Estate has the facts on comparable pricing, neighborhood trends and housing market conditions, data you can use to set your best course of action and maximize your homes resale value when you are ready to sell.
Mayan Living Real Estate can negotiate the best deal. There are myriad negotiating factors, including price, financing, terms, date of possession and often the inclusion or exclusion of repairs, furnishings or equipment. By negotiation alone, your agent often saves you more than the cost of their service.
Mayan Living Real Estate has years of experience in the housing market here in Mexico and is knowledgeable about developments and trends in real estate in our area.
Our guarantee is that Mayan Living Real Estate will be there with you every step of the way!