Club Chaos Agents - All Things Hollish, Wacked, and Jacked

Oprah Winfrey's last episode of her Oprah Winfrey Show spoke so deeply to me as I watched it on DVR recently. So many things Oprah said rings true in my life and my commitment as a fellow human-being.

Watch this Inspirational Video:

TOOK THE VIDEO DOWN SINCE I RECEIVED
AN EMAIL ABOUT COPYRIGHT INFRIGEMENT.
It was just too good not to share,
and never intended to steal anyone's thunder.
Oh well. Nevertheless, the message for those who saw it was still good.

So many things Oprah mentioned in her video are true in my life as I believe this season of my life, I'm answering my calling to be a Frisco TX realtor(R). Back in October 2006 somewhere in the villages of Kenya, God told me this one simple statement, Your mission field is in Frisco TX. And there I was, since that very day, I took on my daily cross to serve people in and around  Frisco TX.

My platform is REAL ESTATE. But my higher calling is more than just a Realtor(R).

My role is just to love one another. Real estate is just how people connect to me. Just as God has pointed out to me in 1 Corinthians 3:6, I planted, Apollos watered  but God will make it grow.

It was through my life purpose that I found FAITH. Back in 2004, when I was at the lowest point of my life, I picked up a book, The Purpose-Driven Life by Rick Warren. That book brought a new awareness to me. Since then, my life had a much more meaningful purpose beyond just me and myself.

Today, I'm a better Realtor(R) for my clients because of my beliefs and my life's purpose.

Until He calls me somewhere else, I'm to bloom where I'm planted.

Additional Reading: Someone's life depends on you answering your calling.

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This information is provided to you by 3:16 team REALTY with a commitment to support the Frisco TX community.

3:16 team REALTY is a locally-owned Frisco TX real estate brokerage that serves buyers and sellers in and around the Frisco TX areas.

3:16 team REALTY - Loreena Yeo, Realtor® in Frisco TX Pick up your phone & call today. (214) 783-2210 loreena(at)loreenayeo(dot)com

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Content & Photography Copyright © 2011 by Loreena Yeo (3:16 team REALTY)
How Oprah Winfrey's last episode spoke so deeply to me

Ted Williams became an overnight celebrity due to Youtube's viral abilities to turn rags to riches. I'm sure you've heard about Ted Williams by now - the homeless man, panhandling at a street corner in Columbus OH with a golden voice.

Sometime in 1993, Ted's life spiraled downwards when he lost his home due to drugs and alcohol problems. To fund his habits, he turned to robbery, theft and fraud. Not until just a few days ago, Ted was still living in a tent, asking for money at a random street corner.

Since then, he's been offered several lucrative positions because of his God-given voice.

Talk about God's grace of second chances. Ted Williams sure has it.

What caught my attention was his acknowledgment that God is in his life now while He wasn't there before. When asked about redemption and what he would do differently with his second chances, he wants to acknowledge his gratefulness to the Lord for never giving up.

Time will tell if Ted Williams will use his second chance wisely. I pray that he will.

While my life never hit bottom the way Ted's did, I know exactly what he means when he said, This time, I have God in my life. I became a real believer just fairly recently. This time, I did it for myself and I did it because I want to. Having Him in my life has certainly changed every aspect of it. I'm a better wife today because of Him, a better mother, a better daughter, a better friend and even a better Realtor(R) all because now, I have a guiding Lord in my life.

The National Association of Realtors(R) love to talk about its Ethics and Legal Codes of Conduct. (I do not imply non-Christian realtors(R) are unethical). The Word of God speaks louder than any Codes of Conduct any man can ever write for himself.

Hence, Ted William's statement - This Time I Have GOD. It resonates with me on this Sunday God First post.

Scripture of the Week:

In all ways, acknowledge Him. He will direct your path.

Proverbs 3:6

Okay, this term, TWO-TIMING CLIENTS may seem a little out of line, but the concept is still very much the same. One person (usually the client) is already engaged in a business relationship with a real estate agent, but still oblige to "see, talk to" other agents on properties. Sometimes, it's done between 2 people and the 3rd person doesn't know!

The Buyer's Representation agreement which essentially extends the right of an agent to exclusively work on behalf of a client. However, in reality, many agents do not care to take time to explain all the benefits of a Buyer's Representation agreement. The clients think it's fair game to work with as many real estate agents out there so they could open up endless possibilities to find that perfect home.

The buyer's representation agreement is not used to "tie" a client to an agent, although that is the end-result. But if that's what the agent is focused on, then that's not the true intentions of a buyer's representation agreement.

A Buyer's Representation agreement is for the benefit for the client. It is an employment contract for the agent to work on behalf of the client to assist in finding a home. Some of the benefits enjoyed during this business relationships include:

• Confidentiality that last the agent's lifetime
• Advice and opinions rendered for real estate. Otherwise, without a signed Buyer's representation agreement, technically the agent owes the clients no advice and no opinion on the subject property.

I was approached by someone via my Youtube video where I educated consumers about the difference between Buyer Customer versus Buyer Client. Her confusion made her feel "sketchy" and "uneasy" to do business in the State of Texas because her previous experience, her agent did not tell her that there were such differences. So, she thought it was a Texas thing. Came to find out, she also did not have a Buyer's Representation agreement signed and explained to her.

Two-timing clients can cause lots of disputes, headaches, liabilities and lawsuits as to whom is the procuing cause for the property. Agents only get paid when a property closes and funds.

Some agents do not want to discuss the Buyer's Representation for fear of losing the client. But in reality, that could very well happen. Simply because it's just better to work in an implied agency relationship (The client thinks the agent is representing him/ her and the agent are working with actions of one but no paperwork is signed).

Good agents do not want to be in a two-timing situation. It's not good for everyone involved. There have been many lawsuits because of the agency relationship, even when you think it doesn't involve you.

Two-timing clients only care for their benefit, thinking it's better to work unrepresented until they find the home. Think again! They think they may purchase at a lower price. Nope. The reality is that it's not. Find a good agent and talk it over coffee.

Having representation is similar to going to court. You have a choice to be represented. You could defend yourself in court, and if the other party is represented (similar to sellers represented by an agent), you are certainly at a disadvantage. And when you are talking about several hundred thousand dollars of real estate value, a lesson can come at a good price.

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Subscribe via Email if you are not an Active Rain member here.

Pick up your phone & call today!

Loreena Yeo - Realtor® in Frisco TX
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, & North Dallas area communities.

Join the Frisco TX City Guide & 3:16 team REALTY serving Frisco TX Homes Facebook Fan pages

Copyright © 2010 by Loreena Yeo (3:16 team REALTY)
Two-Timing Clients

Read with CAUTION

We could have the best intentions for people,
but sometimes if we use the wrong approach,
it could still get the best of us.

Hence, the CHOICE of WORDS is important.

Understand that people are naturally defensive.

Think before you talk.

Proceed with CAUTION.

Even if you have the RIGHT INTENTIONS, but if you use the WRONG APPROACH,
nothing good could come out of it.

Examples in Real Estate:

• How do you approach your clients when you talk about de-cluttering, deep cleaning his/her house?
• How do you approach your clients when clearly they are proud of their antique doll or Star Wars collections?
• How do you approach your clients when they have displays of their faith?
• How do you approach your clients when their children (and everything about their children) are the most important thing in their lives?
• How do you approach your clients when they clearly overpaid for the property?
• How do you approach your clients when they love their wall paper selection or their custom designed drapery?
• How do you approach a Seller whose parents or spouse just passed away but now need to sell the house?
• How do you not get offended when a client negotiates your commission fee?

Tell yourself, "I'm about to mess up here. How can I still get my message across nicely?"

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Pick up your phone & call today!

Loreena Yeo - Realtor(R) in Frisco TX
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, & North Dallas area communities.

Join the Frisco TX City Guide Facebook page

Copyright © 2010 by Loreena Yeo (3:16 team REALTY)
Right Intentions, Wrong Approach!

Should I list my home with a large brokerage firm?

That's a question that comes across the minds of many home sellers. This post is to answer that. Read the comments as the real estate professionals generate them. I will provide my answer in my blog.

As smaller and locally owned brokerage firms are coming into the marketplace to provide consumers more choices, this is a burning question a home seller may ask. Some do, and some just wonder. Today, we'll take this question head on.

Should I list my home with a large brokerage firm?

What does a Large Brokerage Firm do, that a small (locally owned) does not?

Will my buyer come through that large brokerage firm I list with?

Will my home be shown more if I list with a large brokerage firm?

Let me first disclose, this is not a post to dismiss a larger or smaller brokerage firm. Known or not known. Recognizable or not. Every size business and name has its own position and influence in the marketplace. I've never been sponsored by a large brokerage firm in part of my personal experiences. I've always been with smaller, locally owned, independent brokerage firm. By the time it was time for me to open shop, that was the natural position I gravitated to.

A listing agent is only as good as the agent's knowledge and skills. The logo on the sign or business card does not necessarily mean a home will sell or not. The event lies within employing the best agent for the job - be it a large or small firm.

A listing agent - at a large or small brokerage firm operates as small business owners. Each of them put in their own effort in driving their self-employment. Again, it lies in the work ethics of the agent, not necessarily the sign or logo it carries.

In any size firm (large or small), the 80/20 rule typically applies. 20% of the agents generate 80% of the business for the company.

As long as the property shows up on MLS, it's free for all. The listing brokerage agrees to co-broke (ie. to share the listing and commission fees). Any buyer's agent who has a buyer that meets your property profile will most like show the house. After all, the buyer's agent is also to make the sale. S/He will not not show your home because it was NOT listed by his/her brokerage firm. As Realtors(R), we cannot do that anyways.

A single listing agent can be just as powerful in networking as one in a bigger firm. Again, the power depends on the individual him/herself. Since all real estate agents are self-employed professional anyways, they may not necessarily choose to come to the office. At least, not all 300 who are associated with the agency come into the office everyday. Some choose to office out of their home. Some want the synergy while others are much more productive at the office.

Coming from a small agency buyer's agent standpoint, my buyers that I work with do not care the business name I'm associated with, just as long as they feel they have been treated fairly and their interests were taken into consideration. They care about how I can bring value to the transaction.

The way buyers operate have changed since the Internet became a dominant home search tool. In the past, the buyers show up at the agent's office and the agent display a list of 10 homes they will see that day. Today, the buyers show up telling the agent the list of homes they want to see that day.

The home buying process has changed and so is the home selling process. It has always been an individual sport but with the Internet, it has become even more dominant.

I hope this post can help answer some of your doubts about listing a home with a large or small brokerage firm. It's not the company but the individual.

The comments and feedback from this post will be just as interesting. I hope you will read it.

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Pick up your phone & call today!

Loreena Yeo
Frisco TX Realtor(R)
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, & North Dallas area communities.

Copyright © 2010 by Loreena Yeo (3:16 team REALTY)
Should I List my home With a Large Brokerage Firm?

This is not a consecending post towards good listing agents who seek feedbacks from Buyer's agents after showings. This is also not a snobby post. It is just my experiences as a Listing Agent that I want to share with Buyers and Realtors.

Like Sellers, I appreciate any feedback that buyers and buyers' agents would share. It helps keep us in check to see if we're on the right track.

However, some of my past experiences with other listing agents have not been very pleasant. Some almost to the point of stalking for a feedback.That I don't like. Many times, listing agents call immediately after the showing appointment. Hello, I'm still with my client, I don't have time for a feedback just yet. Let me get done, then I'll tell you something real.

When I discuss the possibility of receiving constructive feedbacks after showings with my Sellers, I tell them the straight-up truth:

(1) Some agents just won't share feedbacks. Some don't have time, some don't care while some may believe that the feedback they share may hurt their position in negotiations should they give a "real" feedback.

(2) If we know we priced it right, staged it well, the next thing we really are waiting for is an offer. We really appreciate feedbacks but unless it's an offer, there is no serious interests.

My experiences have taught me that when there is a slightest interest in the property and if the buyers are requesting for more information, the buyers' agents jump on it right away.

Many times, buyers' agents call me when they are at the property, expressing interests and asking for more questions, seller's disclosure, etc.

Then, there are those who calls me immediately after s/he drop off the clients only to call me with questions, or telling me an offer is coming in.

These are all the RIGHT REACTIONS that a listing agent want. Feedback? Unless a listing agent is using the feedback to tell the Seller something, it can be redundant. And have you seen some of the feedbacks?

- Great house. Thanks for showing.
- Buyer didn't like the floorplan/ neighborhood.

Don't get me wrong. I appreciate feedback. It tells me if I'm on the right track or not. But if I don't, it also tells me something.

A property especially listed in the greater Frisco TX areas (when priced right) should have interests and/or offers within 30-45 days. That tells you that you're on the right track. Not necessarily feedbacks. I also have my secret to see if there's interests in the property enough for an offer.

How do you feel? Feedback, no feedback?

It is crucial for home buyers to understand about agent commissions in real estate transactions. The compensation is discussed between the Seller and real Estate Broker and has nothing to do with the Buyers - even though buyers may feel that they can buy the house for less, with a smaller compensation model for the Seller to net the same.

So, what if it's possible for buyers to also be involved in the real estate contract negotiation? Can you imagine what chaos this will cause?

A listing agreement is signed between a seller and the broker. It is a legal binding document.

The buyer has no rights to the compensation model - whether it was too little or too much. If you didn't think you (the buyer) got a fair deal based on the sales price you offered, then you have the option of moving on. You cannot look at the approved HUD-1 to say, nope - I think you, Mr. Seller agreed to pay too much on closing fees and agent compensation.

Hence, home buyer's education is crucial in understanding how do you really get a GOOD DEAL? It's based on the sales price, not how much others are making on the transaction as service provided to the transaction. Can you imagine if this was allowed? Every transaction will still be on the table because you, the buyer stripped every service provider out of their fair share of value? When enough is enough? Why don't you buy stuff from Walmart and say, I think you clearly made 300% profit and that's not allowed in my books. I need you to lower your price. Walmart will ask you to leave the store.

Why in the world would people negotiate their value and worthiness?

Here's a prime example on home buyer's ignorance about what goes on in a real estate transaction and a listing agreement:

Buyer wrote this:

With the detailed information presented to us by the bank, I've told my agent that the maximum commission that I'm willing to pay is THIS AMOUNT (insert a number here). This can be done in 2 ways. Either bring down the commission to THIS AMOUNT which would make it to THIS PRICE or if your problem is around going back to the bank to change the numbers, then keep the contract as the agreed sales price and the agents pay back THIS AMOUNT towards my mortgage on the day of closing (if my mortgage lender agrees).

In this market nobody pays THIS AMOUNT (insert percentage here) commission and most home builders are willing to give away homes. See FHA guidelines below. The sales price is 93% of the bank assessed price because of the bloated commission rate.

2 problems here:

(1) The buyer clearly doesn't understand who determines the agent compensation. "I'm willing to pay THIS AMOUNT" to the agent compensation model doesn't fly. Willing or unwilling - it doesnt matter. You only evaluate it based on the sales price.

(2) Buyers do not understand the value of real estate agents. They look at us as pretty door openers. "Nobody pays THIS AMOUNT commission". Clearly, the buyers do not understand the challenges of the market. A good agent is worth its weight in gold - if you ask me. To help them save a foreclosure, in a heart beat!

(3) Most home builders are willing to give away homes. Buy it from them then. Why do a short sale?

I'm taking this as a good eye opener to educate my buyers about the compensation model. Where is their line and where they shouldn't step. Clearly, this is buyer's ignorance and not knowing better. This lesson taught me to further educate buyers which should not lead to this ugliness of the transaction. Some buyers are better (nicer) and understand that people work for a living. Others (clearly like this one) just wants the world to work for him.

In the end, if they understood how hard we work for our money (like they do), they will have no problems giving that compensation.

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Check out my Frisco TX Homes website.
The premier greater Frisco TX Homes local informational center for your one-stop real estate needs.

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Home Value Request

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY)
Educating Home Buyers about Agent Compensation

Have you ever been coughing for more than 2 weeks, then you finally decide to stroll into the doctor's office? He sends you home with some medication, you try it for 5 days and it still doesn't get better? Then you go back in there? He tries a different drug, and hopefully fix you this time? How about your car mechanic? You hear this cluck, cluck sound, and it didn't sound good. You take it into your mechanic, he fixed it and you brought it back because the noise came back? Oh... it wasn't that, it might be this instead. Oh well, it's sometimes a guessing game.

The truth is that it happens in real estate too.

For all of you power listing agents out there, you might think the pricing strategy is down to a scientific process. But I want to say, I highly doubt that to be true. What I could say is that a good listing agent has a good "feel" backed with market experience to tell him/ her what price would take to sell the house. But no one really knows what it would take.

Here in Frisco TX, there are more foreclosure ie bank-owned properties in some neighborhoods than others. No matter how much we don't want to admit it, the values hurt regular homeowners. When listing agents take "regular" property to list for sale, we do not price it as if it's a bank-owned, foreclosure or short sale, but the values are definitely affected. No homeseller wants to price the house to give it away.

Then every once a while, a buyer do come in and pay a "fair" price in his/her opinion.

This is when I think real estate can be a guessing game. As listing agents, we can lead our clients for the best "feel" price for the property. But ultimately, the buyer also have an equal say as to how much the property is worth. And sometimes, the best "feel" price would in deed take 6 - 8 months to find the buyer that thinks it's worth it.

The other flip side of the coin is that 6-8 months is a very long time to have your life determined by someone else's schedules. I typically advice seller clients to make ALL attempts to show the property, even when it's a surprised walk-in. Cordially excuse yourself and go for a walk. But the real truth is that no one ever wants to be disturbed that way.

It's the way we sell real estate these days.

PS: I'm not suggesting over-price a listing. When you remove foreclosures, short sales and REOs, you can sometimes find a small percentage of homes sold by regular homeowners. These may be few and far between, but that's how I got one of my listings SOLD in a community where only bank-owned properties sold. We also sold it for more than what the sellers expected and in 30 days. I guess we got lucky.

But one thing I give these Seller clients' credit is that they followed my instructions to the T. Good things usually happen when things are left driven by the professional.

Based on my experience, a correctly priced home should sell in 60 days or less no matter what market it is. Whether as sellers, you will like the price, that's a whole different story.

Real estate pricing is an opinion. If you get 10 people, you will get 10 different answers.

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Frisco TX Realtor® / Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Check out my Frisco TX Homes website.
The premier greater Frisco TX Homes local informational center for your one-stop real estate needs.

Search MLS Listings with no registration required.
Home Value Request

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets,
Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2010 by Loreena Yeo (3:16 team REALTY)
Real Estate can be a guessing game

My dear friend, Barb Van Stensel inspired this Sunday God First post. I want to give her all the credit.

I believe the choice of WORDS is POWERFUL. You will get what you constantly remind yourself. It can MAKE or BREAK you in whatever you set yourself to do.

It's similar to how you remind your 2-year old child, Not to MOVE when he's getting his diaper changed. Not to run around in the store. Not to touch the hot stove. You are reinforcing the "Not to" and that's what a child hears - Move, Run, Touch etc.

The same with our adult lives.

If we say that we are struggling with this economy, if we are challenged by this transaction not coming to a closing like we want - guess what? You are constantly reminding yourself, and uttering the things you very well Do Not Want. Yet, it's the very thing that happens in our lives.

Instead, when you tell yourself that You have the very opportunity to grow in reaching out to people in phone conversations, You are learning how to bullet proof your transactions. Don't that change our attitude, change our mindset and perhaps change the vibrations along the way?

I'm not saying just blindly change your words. You have to believe it. You want to really, really want it. You have to reach out to make that change. Sometimes, it also means going out to do something about it. Your mindset will change your perspective. Then, it will change your attitude. Ultimately, change the things that you do and how you operate.

Mindset alone will not be enough. You must want it enough to do something about it.

The choice of WORDS you use can change the outcome of your life. Different perspectives creates different opportunities.

Missy Caulk helped summed up the Scripture of the Week:

Phillipians 4:8-9
"Summing it all up, friends, I'd say you'll do best by filling your minds and meditating on things true, noble, reputable, authentic, compelling, gracious—the best, not the worst; the beautiful, not the ugly; things to praise, not things to curse. Put into practice what you learned from me, what you heard and saw and realized. Do that, and God, who makes everything work together, will work you into his most excellent harmonies."

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
e of WORDS is POWERFUL. It Can Make or Break You.

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All contents are original. Consider subscribing to my blog for more real estate commentaries.

Subscribe via Email if you are not an Active Rain member here.

Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
It's Wednesday. It's Hump Day.