The Beach and a resolution

So, I thought that I’d do another installment on the beach saga. After my initial go round with the agent in Carteret County, I did call and leave a message stating that I thought I should handle the lease on my place down there myself. That I’d be happy to pay the agency on Harker’s Island a finder’s fee for bringing a tenant to me. I think that's fair. No one should work for free.

A day went by and silence from area code 252; I did hear from my mom and dad, but nothing, nil, nada from the agent. By yesterday afternoon I was becoming somewhat antsy. I typically don’t leave messages hanging around on my voice mail or email and I really don’t care for it when others do so. Finally mid-afternoon at 2:05 pm an email came. The email tendered the tenant's name and phone number. The agent demurred on a finder’s fee stating that since he didn’t have a management agreement in place when he started down the representation path that he felt he wasn’t due compensation.

I do agree and disagree with that and I do understand this fellow’s soft peddle on compensation. I imagine the North Carolina Real Estate Commission would have a fit over all of this if it were reported; it won’t be. So here’s my advice to all of you out in the blogesphere; if you engage an agent for buying, selling, renting or leasing make sure that you have an agreement in writing outlining who, why, where, how, how much and when. This situation turned out well but it just as easily couldn’t have. What I would have done in the beach agent shoes is emailed an agreement to Durham outlining terms and we would have hammered all of this out before a tenant even entered the picture. The lesson I’ve learned, insist that others do things right each and every time.

Coming soon…my on-going discussion with an agent who won’t disclose to me whether or not he has an exclusive right to sell listing agreement on a listing in which he states in Multiple Listing that the home is “EO” or “Entry Only.” The Real Estate Commission views this designation “EO” as simply advertising and not offering advice or counsel as in an agency relationship.

Interested in buying, selling, renting or leasing property in Raleigh, Durham, Cary and Chapel Hill, North Carolina; call or text me to 919-608-2372 or email MSullivan@fmrealty.com

Realtor service or NOT

All REALTORS are not created equal

Today I had opportunity to try to hire a REALTOR to manage my property in Carteret County near my folks and on the coast. I made inquiry last week and the agent was prompt, got the key, showed the house and was very rushed to get my home leased. Problematically for me, there was no mention of contract or compensation.

Today the details started to come together, again without details ironed out. The tenants terms were laid out which is fine. I then laid out my terms to the REALTOR in Carteret County. I informed them that I would pay x in commission, that I expected my AGENTS to make quarterly visits to my house and document those visits with digital photos, that I expected x in non-refundable pet deposit and that I would make x, y and z enhancements to the property for the tenant.

This is where I hit the wall. I was informed by the agent that; we charge ten percent commission and we don’t alter that ever; that’s cool, I get that. I was then informed that the non-refundable pet deposit would be placed in their company trust or escrow account even though this is NOT trust or security deposit money; this is a non-refundable deposit that I the owner require for the tenant to have an animal in my home. The tenant can NEVER get that money back; it is a fee for me bending my rules to accommodate the tenant. This agent informed me that it is their policy to always hold this money in trust. I was also informed that quarterly visits would not happen and that frankly my 10% commission to them was hardly worth them taking my business.

Suffice it to say, our interaction had become rather adversarial. I spoke to several close friends, I spoke to my folks and I prayed on it. So here is a REALTOR who is trying to earn my business, to put his best foot forward, to develop a “RELATIONSHIP” with me and yet he is not willing to really earn or appreciate my business. My dear friend Charles pointed out, “If he’s going to behave like this now, just imagine how he’ll act in four or five months.”

Wow, that clinched it. The agent at the beach offered and I’ve taken him up on it….I will manage my property myself thank you very much. Now we’ll see if he does indeed send me the name of the prospective tenant.