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Christopher Rhodes of RE/MAX gave the classification presentation this week. He explained that buying and selling a home is a huge event in your financial life, along with a big life decision. Being in the business everyday, he see both buyers and sellers making huge mistakes that cost them money and increase stress. Having a good professional agent on your side can alleviate many of the issues if you are willing to apply the advice.

Biggest Mistakes that he see buyers and sellers make in this market

Buyers:

  • Focusing on asking price
    • Not realizing that there was not necessarily science behind it, simply a conversation with seller and agent
    • Use your agent as a resource for advice on pricing
  • Trying to time the market
    • No one can
    • The right time is whenever you can do it, especially for first time buyers
    • Prices can change but so can rates, employment situation, mortgage availability
  • Going it alone
    • Falling into traps of going through listing agent
      • Not really saving money
      • Dual agency a myth, going to lean towards seller relationship
  • Buying problems you can’t fix
    • Getting fooled by a shiny remodel
      • Watch for neighborhoods, schools, accessibility, desirable lot
  • Lack of imagination
  • Not stretching
    • In surveys that is biggest regret
    • If you are not feeling the pinch at closing you didn’t do it right
    • You are locking in expenses when income should rise over time and putting some of your payment back into your own pocket
  • Buying for today, not seeing the future
    • Enough space for a growing family?
    • Not looking at schools before you have kids
    • Aging parents?​
  • Not being aggressive when they find the right one
    • Sick after missing out by a few thousand
    • This is not just a financial decision
    • In a rising market, overpaying by 1 or 2% will be long forgotten
    • In a rising market, you will pay above the recent comps. Remember sellers accepted the offer 1-2 months prior to closing.​

Sellers:

  • FSBO
    • Severely limiting your market reach
    • Attracts people trying to take advantage
  • Friend/family agent
    • Need someone who is not afraid to give you bad news or have tough conversations
    • Someone full time that can dedicate resources to your home
    • Hire someone that you can fire
  • Pricing
    • Realize what your true goals are Speed? Max dollars?
    • Viewing homes online allows buyers to discard quickly
    • Slightly under pricing brings most success in sellers market
    • Buyers think there must be something wrong when listed for too long
      • Can end up getting really low offers
    • Not disclosing
    • Preparing the listing
      • Hard to have an objective look at your own home
    • Doing the right projects
      • Paint
      • Garage doors
      • Front entryway
      • Carpet
    • Reducing clutter
    • Removing furniture
    • Removing personal items
  • Availability​
    • Underrated
      • Agents are busy, will prioritize easy to show
      • Take a trip for the crucial first weekend?

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What People are Saying

In the past 42 years I have received many good leads that have become good clients.  Many of them are still clients of the firm I am with today (This represented 50% of the clients that I merged into the new firm).  I have used many past and current members for a reliable source of good and reputable suppliers for both business and personal needs, including several members that helped me make profitable investments over the years.

Hal Grimshaw, Belden Hiramoto Liu & Co., LLP

I joined EAOC because Phil Kintz asked me. At the time the cost and early meeting time was a concern. The first six months of membership I received and extra $6000 in volume.

Gary Gregg, Creating With Glass

I have been a member for many years in several different classifications. EAOC has always provided me with a steady flow of leads. However the biggest benefit I’ve received has been “outside” of the core purpose of leads. A past member John Valentine, mentioned to me that he had heard about some industrial land for sale in Costa Mesa. I ended up buying it, building a warehouse and running my business at the time (South Coast Stationers) there for about thirty years. It was an excellent investment.

Pete Sloan, OC Toner Pros

A lead from Past member Bob Hardman eight years ago resulted in $15,000 of business. A lead from Mel Smith eight years ago resulted in $25,000 of business. Benefits of membership include direct business from other members resulting in $10,000 in business and direct business with other members that resulted in excellent service and financial savings.

Carlos Salazar, Salazar Associates

After thirty five years, four children, three dogs and many stories my wife and I felt it was time to refurbish the hose. The now center piece of our house is the new custom cabinets in our kitchen, bath and walk in closet. Phil Kintz Custom Cabinets and Woodworking did nothing short of amazing work. We love our new old home.

Nick Kirkland,  Roger Stone Agency

One of the members invited me to join his poker group. After meeting and getting to know the players, one of them introduced me to their neighbor who hired me to remodel their kitchen. This led to another lead and another kitchen remodel.

Phil Kintz, Knitz Cabinets

Joining EAOC has been a 2 fold blessing. First, it has led to an increase in my business through leads and business conducted directly with other EAOC members. Second and most importantly, is the network of great people and resources that the Association provides. Not only can I count on quality work, great service and superior value, but I also have the pleasure of working with some of the most dedicated professionals in their respective fields.

Mike Banhagel, Lawyers Title

I have built my entire business on leads from the EAOC. I started my association management firm in 1981 with one client EAOC. In the last thirty four years the business has grown to fourteen associations. We employ eleven full time and one part time employee. I can trace ten of my long term clients to referrals from EAOC that brings in over $500,000 annually. The network of present and passed members has had a tremendous impact on my life.

Gayle Stewart, Gayle Stewart Enterprises

EAOC has been a reliable source of steady business for me for about thirty years. Thank You EAOC!

Pete Sloan

With 18 reporting, EAOC members had $273,019,277 in total sales for 2015

Gayle Stewart, Executive Director

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