Category Archives: Tips and Advice

Your Representation

Representation: Full Service vs. Limited Service – In Virginia
   
Excerpt from my BLOG;   http://insydehomes.blogspot.com/

I am a full service REALTOR® so I believe you should always seek Full Service representation when selling or purchasing a home. The benefits far out weigh the risks, and the security of having a true real estate professional’s guidance is worth the cost of this service. Why would you wish anything less for your most valued asset?

It used to be that “Discount” Brokers seemed to offer Sellers the same level of service that Full Service Brokers provide, but for less cost to you; now, in accordance with Virginia law, they must call themselves “Limited Service Representatives”. They must disclose what services you are or are not receiving, at whatever cost you agree to do business with them. Surprising to some, there is no guarantee a Seller will be saving money through a lack of representation. In fact, statistics show, in most cases they are leaving money on the table!

Limited service disclosure was legislated into effect on July 1st, 2007. Law makers felt it was necessary to eliminate any confusion that existed as to exactly what services one should expect to be provided in real estate by a limited service agent as defined in Virginia agency law. This law of “disclosure” requires limited service representatives to tell sellers they are contracting with exactly what services they will and will not provide to you.

A Limited Service Brokerage Agreement must include: a) a list of duties NOT provided; b) a list of duties TO BE Provided. They are also required to furnish sellers all required disclosure forms along with disclosure of all rights and obligations with regard to: 1) The Virginia Residential Property Disclosure; 2) Condominium Resale Certificates; 3) Property Owners’ Associations Act. Beyond these requirements, the Limited Service Representative may or may not submit property information to the area Multiple Listing Service, and a Seller should not expect to receive any representation with regard to the home they have on the market. One can pay more to get more from their menu of services, but you are otherwise on your own!

While this article is targeted at Sellers, the same applies for Purchasers believing a better deal is available without using a Realtor. This is most often not the case. It is customary for the commission to be negotiated with the Seller prior to a home being put on the market. Further more, without representation most purchasers don’t know what to look for, what questions to ask, how to review and negotiate a contract, or what the actual value of a property is under current market conditions.

In contrast, the security of knowing you have a Full Service Real Estate Professional helping you is priceless. We are working on the job to serve you continuously from start to finish, and we know market trends. A Full Service provider will have a comprehensive plan of representation available to you along with their marketing plan for both Sellers and Purchasers.

For more insight, information and any questions on this and other important issues, please contact your most valued real estate professional, we are here to serve you!

Sources: Virginia Legislation (HB 316) Chapter 627 of the Code of Virginia; Central Virginia Regional MLS Limited Service Representation, CVRMLS_LSLA form REV. 6/07

John VanderSyde, Associate Broker, Virginia Properties, A Long & Foster Company

Do-it-Yourself is Overrated

I am a home project, died in the wool, do-it-yourself fanatic, so I believe anyone can take on whatever house improvement task they set their mind to – if they are committed.  What people need to realize is that when I take on a project it’s usually because I want to; when a home owner dec

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ides to make an improvement it’s usually because they have to fix something as they’re getting ready to sell their house. In this case it’s no longer an enjoyable hobby, and the task can quickly feel like a burden rather than an escape.

Many sellers are fine taking on a few things as they think about getting their house “match-fit” to sell. At least until they get half way into the work and realize that it’s more than they bargained for when they signed up for it. I love the idea of painting – only the idea of it – but many sellers feel that this is something they can save a few bucks on if they do it themselves. Nevertheless, once they get a couple of brush strokes into it they suddenly realize it’s a bit more of a pain than a pleasure. At best, it’s more work than they had imagined. At worst they will seek therapy after getting through all of it.  

Only this week we had a client email us as they are getting ready to put their house up for sale. There are a number of small painting projects that seemed manageable. They had committed to hire a professional painter to handle the big stuff, so a few little areas seemed reasonable. Half way into the five-foot square bathroom they were ready to jump out of the window. I believe they did finish, but needless to say the professional will be getting the rest of the house.

Home owners rarely have the experience, tools, time, and of course the patience to take on the apparently “do-it-yourself” project, especially when they are under the gun.  A contractor or handy man comes to the job prepared; they usually don’t have to run out to the store every five minutes because they didn’t plan properly. They also have the experience to do the job in about one third the time it takes for the average home owner to do it. They look at the work as a job, and while you’re at the office doing yours, they’re at your home doing theirs. When you get back in the evening the job is completed professionally, usually without the throwing of objects or the loosing of tempers. If it’s not done correctly it’s not your responsibility to fix it.

I love to take on projects, but I’m the first to admit that when you are getting your house ready to sell, leave it to the professionals. Take a step back and let someone that does this type of work ALL THE TIME do it for you. Save your energy for the new residence, because that’s where you want to be anyway. If you’re not sure who to get for the job then call your Realtor. They are a wealth of information with lists of contractor contacts and recommendations.

John VanderSyde is an Associate Broker with Virginia Properties, A Long & Foster Company, and is also a Licensed Architect. He and his wife Ann are business partners who believe that HOME is a lifestyle choice. You can learn more about Ann & John by visiting www.InSydeHomes.com or by calling (804) 282-7300