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Archive for January 8th, 2013

In order to achieve a degree of success and aptitude in any business it is essential to have the correct tools and resources in place.  Additionally, to have the correct processes in place is vital too.  Crisis management is not management; it is at its essence being managed.

For nearly twenty years I have sold residential real estate in the Raleigh, Durham, Chapel Hill; greater Research Triangle market. During this tenure I have worked diligently to build a network of resources like bankers, insurance agents, lawyers, home inspectors, contractors and engineers just to name a few.  I have also affiliated myself with Fonville Morisey Realty, a Long and Foster Company, which has superb training programs, an efficient and knowledgeable management team, professional support staff, an in house lender and an in house title insurance company. Fonville Morisey also employs well over 500 REALTOR/agents who bring a wealth of experience and knowledge to the corporate table.

In the last three years my team, Team Michael Sullivan, and I have worked diligently to build a property management business aside from Fonville Morisey in order to offer our clients the ability to one stop shop for their real estate needs.  My team and I realized that in this down economy it might not be the right time for all owners to sell property.  Some owners might want to hold on for a few years until the market rebounds and perhaps their principal has been paid down.  Selling at a loss just isn’t an option for many folks. We believe as a core principal that the time has to be right for a client to sell or buy and that only the client can dictate that timing.

As for my team’s tools of the trade, they are consistent and constantly developing. We maintain a state of the art blog to disseminate vital market information to the communities in which we work. We maintain a professional web site that allows us to comprehensively market our listed properties. We subscribe to a state of the art listing database, Triangle Multiple Listing Service and to an excellent, cloud based, property management software Buildium. To market our properties my team and I use direct mailing, a professional photography service, virtual tours, blogging, telephone calling to other REALTORS, open houses when deemed appropriate and we subscribe to an excellent network of relocation companies. 

The final essential component to our home renting and selling arsenal is market knowledge.  Since we work with both home buyers and home sellers as well as with renters and landlords my team and I spend countless hours every week working within our real estate market.  Admittedly we don’t know everything and to that end we work six days a week year round, in the Greater Research Triangle Market to continually learn and broaden our scope of real estate knowledge. We also spend countless hours building systems to ensure a smooth sale or rental experience.  We are full time real estate practitioners; we’re not in this business part time because we believe that would be a disservice to our clients and customers.

To learn more about us, visit www.TeamMichaelSullivan.com or phone us at 919-608-2372

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Five Oaks like most other neighborhoods in Durham and Chapel Hill
has experienced some market depreciation in the last two years. Like everyone
elset his has affected me too. Sadly, comparables are comparables in the eyes
of bank appraisers. In most cases it really doesn’t matter in the eyes
of appraisers if a home sale is a short sale, foreclosure or open market
sale.

Bank appraisers look at three distinct criteria when assigning value to
a home. Bankappraisers look at location, size and style of homes and judge
comparables against a subject properties. It is very important to remember
that only a bank appraiser can assign a true value to a property. Real estate
agents may not do this assign a value to a property if they are not an
appraiser.

What real estate agents do is generate a market analysis which gives a range in
value, not a concrete value. This analysis typically gives an expected marketing
time too. Once an analysis is complete the real estate
agent sits and consults with his seller prospects and typically discusses the
merits of the comparable sales used in generating the market analysis. With
this in mind it is very important to remember that ultimately the owners of
property decide what they will ask for their home. It is important to keep in
mind that home owners are the kings and queens of their castles and a good
agents job is to empower them with solid information.

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