LAS VEGAS REALTORS RECOGNIZE CHANGING MARKETPLACE
When I think of the term ‘marketplace,’ the first mental image that comes to mind is of a local farmer’s stand or of one of those community farmers’ markets where you get the old-fashioned experience of picking through the offerings of local farmers and bakers. The goods may not be as inexpensive as you’d wish, but the experience is worth it. It’s the kind of ‘marketplace’ our great grandparents would have recognized immediately. As a Las Vegas REALTOR®, a good part of the success I offer my home selling and buying clients comes from staying abreast of today’s very different kind of marketplace. Thirty years ago, that would have been a much easier assignment: a Realtor in Las Vegas had merely to keep an eye on local newspaper readership (to know which papers and which “throwaway” marketing mailers brought the best results); then do all the other things that the real estate pros had been doing for decades. It’s barely exaggerating to say that a Las Vegas Realtor in 1980 was following the nearly same playbook as a Las Vegas Realtor in 1950. The marketplace was almost entirely here in Las Vegas. Prospective home buyers had little choice but to travel here in order to check the ads, visit a real estate office, or (the least efficient method) drive through the streets looking for ‘For Sale’ signs. That made the Realtor’s outreach area simple and well-defined. Intensely local. Then came the Internet! Today’s most successful Las Vegas Realtors know that the potential home buying ‘marketplace’ is everywhere on the planet. Statistics from the NAR show that international buyers purchased more than $68,200,000,000 (yes: those are billions!) in U.S. property between 2012 and 2013. At least part of what amounts to that huge increase is due to video-sharing platforms that have empowered Realtors to market properties in innovative ways. Hugely popular YouTube is an example of one new media tool that enables Realtors to reach audiences who would have been impossible to find in the past. Search engines like Google have replaced the role of the local throw-away—but today, it’s a “throw-away” that can land on any porch in any corner of the globe. To be sure, some elements of the marketplace remain the same. The vast majority of buyers will still show up right here—but today, they’ve traveled here only after having ‘visited’ a wide sampling of the current crop of Las Vegas homes for sale via their computer or laptop or cell phone screens. And have no doubt: today’s Las Vegas home seller is that much more sophisticated, too. Features and asking prices of neighboring properties for sale are, after all, now just a mouse click away… It’s knowing today’s marketplace and keeping in tune with the quickening pace of innovations that keeps this Realtor excited and active. Call me anytime to chat about what’s new—and how we can put all of it to work for you! 0
TAKING AMPLE TIME TO CHOOSE YOUR LAS VEGAS BUYERS AGENT
“Hello there! I noticed you admiring this stunning open house. How would you like to sign with me as your Las Vegas buyer’s agent, and find your dream home?” The appropriate answer for this question depends on what leads up to it—first off, whether you have already decided to enlist the services of a Las Vegas buyer’s agent. It’s a good decision, but even if you have—and this agent seems well-mannered and likeable— at this point, the answer real estate professionals would recommend is, “Give me your card—I’ll get back to you.” The reason not to jump at the first offer is the same as why you wouldn’t agree to buy the first house you visited without first looking around the neighborhood. So why do so many people sign up with the very first agent who says hello? It probably comes from some simply being unfamiliar with buyer’s agents and their industry. You want to team with a buyer’s agent who is educated, quick-thinking, experienced, and most of all, thoroughly familiar with the current real estate offerings in Las Vegas. Before teaming up with anyone, there are a few questions to be answered: Is this agent licensed? The agent’s card should show a valid real estate license number (if not, in the immortal words of a certain Cuban bandleader; they’ve got some ‘splainin’ to do!). You can verify that the licensee is currently active on the state website, or you can go to the ARELLO the (national database) to confirm the information. Having a real estate license is the most basic requirement you require for legal as well as practical reasons. Does signing with this agent obligate you to use other recommended services? Sometimes a buyer’s agent works in tandem with other associated home-buying service providers (like home inspectors or mortgage brokers). There’s nothing wrong with recommending professionals they know to be trustworthy—but using them should never be a requirement. You want to keep your options open for identifying good prices and services, so recommendations need to be that…and only that. Does the agent have a good recent track record in Las Vegas? It’s not enough just to ask the agent about his or her track record, although you certainly should have that discussion. Ask if you can speak to a recent client to get an appraisal of their experience. That’s key, because having a full staff and plush offices may be attractive, but they’re just window dressing. What you are after is the service a buyer’s agent delivers. And don’t be reluctant to check the web for the agent’s online reputation, although that’s less reliable. You want to get a picture of the full scope of this person’s skills and credentials. If the agent doesn’t seem to measure up, move on to another candidate. Signing with the first Las Vegas buyer’s agent that you meet, like choosing the first name that turns up in an online search, is the first step that’s likely to be in the wrong direction. Doing a little extra research to find the right candidate will pay off in time and effort saved later on!
CLEAN UP YOUR CREDIT REPORT THEN BUY THAT LAS VEGAS HOME
For anyone who has looked into to buying a Las Vegas home several times—but kept getting discouraged every time because of a negative credit report—read on! You probably already know that you are not alone—but so what?—it’s small consolation, especially when you consider how much financial ground you lose every year you continue to pay rent (the entire amount of which has zero tax deductibility). Many people mishandle credit in their teens and 20s, not knowing how it can come back to bite them when credit reports determine their credit worthiness. In Las Vegas, we see the fallout in the form of mortgage application turndowns or discouraging interest rate proposals. But that just makes it all the more important that you stop letting past errors continue to keep you from getting the loans and rates you want. You can choose to take action now to clean up that credit score. Not only will it speed the moment when you become eligible for the significant benefits of home ownership—the actions you take now will serve to set you in the driver seat when it comes to credit management. You will become aware of any apparently minor oversights that can depress your credit score for years to come. It will put you ‘in the game’ of credit report management, instead of continuing to be a passive outsider. Steps Las Vegas consumers can take now: Review your credit file for accurate information The credit reporting bureaus’ job is to report the most accurate information possible, but in the past the Federal Trade Commission has found that 5% of reports have at least one mistake. Get your current credit report from any number of services (start with a free one: you can always subscribe to a paid service later). Check all the accounts and verify that the amounts reported, and the account statuses are correct. If a creditor reported your information incorrectly, file a dispute through the credit bureaus’ online sites to get the inaccuracy fixed. The same FTC report says that 13% of consumers who reported an error saw a boost in their credit score. Get old negative accounts removed Credit reports carry negative information like missed payments or a collection account for seven years, but are required to delete it after that. If an account is lingering past the seven-year mark, use the dispute tools available on credit bureaus’ websites to mark the account as too old for reporting. Note that the seven-year time period is calculated from the date of first delinquency, not the date the account was first opened. Talk to collection companies about their input Even when you pay off collection accounts, that history continues to hurt your credit score. Some lenders look solely at those details when starting the process, so even paid collections can disqualify you for a loan. Instead of dealing with this frustrating problem, while you are negotiating with collection agencies to pay off a debt, ask that they put in writing that they will remove their report as part of their part of the bargain for your satisfaction of the debt. Some agencies will and some won’t (but it can’t hurt to ask). Once you have acted, and begun to see the negatives dropping off your current credit report, your path to local home ownership will open up markedly. Then it’s time to give me a call!
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