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First, I was on our local CBS News, “Eye On Money”, this week, discussing 2023-year end numbers. You can watch the clip here. Numbers don’t lie and they’ve led to the current state of the market, which brings me to this week’s Jeff’s Journal topic….
They say one spouse complements the other. Or for every Felix, there is an Oscar. Well, in this case I had two Felix’s. This older couple had to have everything just perfect. They had purchased a home with me, and it was not an easy search and transaction as everything had to be perfect.
I was also hired to sell their home, but when they came to me wanting to do a rental with someone they had just met it kind of shocked me. The reason is that being a rental landlord is not for the meticulous. A million things go wrong, and you have to have thick skin. In addition, a percentage just destroy the house. Everyone’s dog is a “show toy poodle” who never leaves the crate and doesn’t bark.
So, when I was assured that this was a nice young man and to put together a contract, I thought I’d gather some information. For those of you youngsters who don’t know who Oscar and Felix are, google it. That’s exactly what I did on the nice young man and found an arrest record along with poker playing. On social media, there he was with cigar and poker parties, puffing it up. One copy and paste of the photo to the meticulous people and it was “let’s just sell the house!”
During the pandemic the market was simple. Take it or leave it. Cash offers. Bidding wars. No inspection. 7-day closings. Escalation clauses. Today, it is more “Even-Steven”. There is still low inventory but not a lot of transactions. Mid-February is about the time deals start to get put together in earnest. See Florida Seasonality. Therefore, it’s critical that real estate agents gather information for their clients. Here are 11 tips people selling and purchasing their home should expect and insist on from their Realtor Consultants….
Most of these questions are exactly the opposite of the above questions and should be asked before you put an offer in.
I hope you found this advice as good as Poker Royal Flush! Next week I’ll discuss more on working the offer to have a better chance of completion in this market.
Jeff Lichtenstein, originally from Chicago, got his start in the home furnishings textile business where he traveled over 35 weeks a year selling fabrics. After the family business was sold, Jeff moved to Florida and became a real estate agent. Today he is the owner and broker of Echo Fine Properties, a luxury residential brokerage voted best brokerage of the year. Jeff manages a non-traditional model of real estate that mimics a traditional business model. Echo has 80 agents, an average of one million dollars per transaction and over 500 million in annual sales. Between traveling for work and annual family trips to national parks with his wife and 2 now adult children, Jeff has visited 49 states. He is also one of the few Chicago White Sox fans you’ll ever meet. Some publications he has been quoted in.
Author of business & leadership book How Making a Sandwich Can Change Your World – The Amazing Success of the PB&J Strategy – Available to Buy Now!
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