Online Newsletter for the Week Ending March 25, 2011

QUOTE: You can’t make this stuff up. "I am enclosing two tickets to the first night of my new play; bring a friend ... if you have any." - George Bernard Shaw to Winston Churchill. "Cannot possibly attend first night, will attend second ... if there is one." - Winston Churchill, in response.

INTERIM TEAM LEADER. In case you have not heard, I will be keeping the Team Leader seat warm until a replacement can be found for Leah. I know you all join me in wish Leah all the best on her new endeavor. Until further notice, you can visit with me, call me or email me for both broker and team leader issues. Gymbeaux

CALIFORNIA REALTORS LAUNCH AGENT RATINGS PILOT PROGRAM. This is interesting. How would you measure up if our MLS did something similar? http://www.inman.com/news/2011/03/16/california-realtors-launch-agent-ratings-pilot-program

FROM THE REAL ESTATE COMMISSION’S NEWSLETTER BOUNDARY LINES:

Broker responsibilities have become a major focus of the commission this year, and certain areas of this broad topic are already under review. Advertising by sponsored licensees and real estate teams, as well as timely license renewal, as it relates to practicing without a license, are at the forefront of the review. When all is said and done, it is safe to say that the commission intends to educate or adjudicate. Gymbeaux Note: In Louisiana that means that the agent’s name (as it appears on the real estate license), the company name and the company phone number must appear in the ad in addition to “Each Office Independently Owned & Operated”. For all electronic advertising you must also include the COUNTRY OF ORIGIN, and "Broker and Associate are licensed by the State of Louisiana." If the advertisement is a property flyer you must also include the DATE the flyer was prepared and distributed.

WORKING WITH AN AGENT? ARE YOU SURE? You can now search the Internet to see if someone who claims to be a licensed real estate agent in another state is really licensed in that state. Go to http://www.arello.com/ and start by searching for your information to see how it works.

BROKER BIT: Multiple Listing Property Condition. If an agent enters EXEC for EVERY listing, it diminishes the value of the definition. If every home is EXEC how can an appraiser make an accurate value determination. Here is how the MLS Guidelines define property condition:

NEW = New construction; never occupied. (Should be self-explanatory)

EXCELLENT = No functional inadequacies of any consequence and all major components in like-new condition. The overall effective age has been substantially reduced upon complete revitalization of the structure regardless of the actual chronological age. (Gymbeaux Note: The problem is obvious; what does “completely revitalization” actually mean? If you feel your listing qualifies, you should insert the words in the “public remarks” that the property has been “completely revitalized”, this will tell the world that you considered the MLS description and that your listing qualifies. When agents insert EXEC for EVERY listing it diminishes the value of the definition. All one has to do is look at some of the more expensive neighborhoods and almost every listing indicates that the property is EXEC. Is that possible? Maybe so but not very probable.)

VERY GOOD = No obvious maintenance required but neither is everything new. Appearance and utility are above the standard, and the overall effective age will be lower than the typical property. (Gymbeaux Note: This describes almost every previously owned home that has been taken care of yet a lot of these homes are listed as EXEC because that is what agents do.)

AVERAGE = All major components still functional. Some evidence of deferred maintenance and normal obsolescence with age in that a few minor repairs are needed.

FAIR = Badly worn, much repair needed. Many items need refinishing or overhauling, deferred maintenance obvious, inadequate building utility and services all shortening the life expectancy and increasing the effective age. Post Katrina gutted.

POOR = Excessive deferred maintenance and abuse, approaching abandonment or major reconstruction.

THE POWER OF POSITIVE INTERATIONS, by Jon Gordon. Valuable lesson for everyone of us both at home and at work. http://www.jongordon.com/newsletter-032111-power-of-positive-interactions.html