DC Real Estate News

Many times I have been asked by sellers about offering a bonus to the Buyers Agent. Offering a bonus - they think will help the agent bring a buyer to a property.

My opinion: It's not a bonus that will do the trick - it's the PRICE.  Let me say that another way.  Don't waste your money in offering a bonus to the Realtor bringing a buyer - just LOWER THE PRICE!

In today's market - Buyers are doing so much of their own searching on the internet - many times they are telling the agents which properties to show.  While offering a bonus to the agent may be an incentive for the agent to "steer" their client to the property - many times the buyers are the ones dictating which properties they want to see anyway.

Did I say Agents May "Steer" Clients?

Oh I did and oh yes; this is unethical and should never happen.  I am however, a realist.  I know that some agents live paycheck to paycheck (just like many Americans).  I also know that if an agent has to feed their family they will probably either consciencely or unconsciencely steer their clients to the listings that will pay more.  It's wrong PERIOD.  Agents have a duty to find their clients the BEST home which their needs and wants - ABOVE ALL ELSE.  

So then - why fuel the fire by offering bonuses?  Just don't.

I personally HATE bonuses because I am always afraid my buyers will think I am pushing a home where a bonus is being offered.  In fact last month I had such a thing happen.  I actually didn't push for this home at all (it was perfect for her) - because I didn't want her to mistake why I was pushing it.  She did buy it - but not because of anything I said.

So How do I sell my house?

-PRICE it correctly

-CONDITION of the home needs to be above your competition

-MARKET it properly - make your agent work 

-CLOSING COSTS may be offered to potential buyers  (Pay the buyers extra to buy your home - not their agents).

Happy Home Selling !!

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016

Lockboxes.  Those silly things that hang on your front porch railing or bang against the door - every time you open or close the front door.  Who cares what kind they are or how big they are - its just a lockbox.

WRONG !!!

I recently got into a a debate with a fellow agent who said; "I like combo boxes, they are so much easier to use and cheaper."  Easy and Cheap?  Is that is the best interest of the client?

The lockbox is the only thing protecting your home from anyone and everyone.  Lockboxes are the best way to allow perspective buyers and their Realtors to gain access to your home.  

--The seller does not want to be hassled every time someone wants to see their home.

--Realtors don't have time to meet every single buyer at every single listing.  More importantly buyers don't want the sellers or their agent hovering over them.

Listings with Combination Lockboxes cost about $25-$30.  When a Realtor wants to show a property they have to either call a showing service who gives the agent the combo, call the agent them self or the combo is just in the MLS comments - where only agent can view.

Once an agent has a combo for the lockbox - they no longer need to call and set up a showing.  They don't need an appointment.  They have the combo to that box; until the box is removed.  He can go in and out at anytime and no would ever know when they went inside the property.

Last summer I was out with clients looking at properties and they really liked a certain condo building.  We saw another lockbox on the railing and they asked - "Can we see that other unit For Sale?"  It was a combo box.  I knew the agent.  He only sells foreclosed properties and since they of course would be vacant; I said sure, lets look. - I didn't need to call for a combo, I already knew the combo - He uses the same combo FOR ALL HIS BOXES!!!!  Yes -  THE SAME COMBINATION !!!

Electronic Lockbox:  Requires some kind of 'key' or 'smart card'.  A key that only a "subscriber" (whom must be a member of the local Realtor Association) would have.  This key must be updated daily and also requires a code to access the lockbox.  More importantly; whenever the lockbox is used; there is an electronic record.  Everytime someone uses the lockbox; you know WHO and WHEN.

The Electronic Lockbox costs about $100.  They are not cheap; but they offer much more security.

Which do you, Mr & Mrs Seller; want your Realtor to be using?

Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100
Washington DC 20016
202-351-5800 Main Office
Licensed in DC,MD,VA