Revi Mendelsohn’s checklist for successfully preparing your home for sale!

1. Make small fixes

Go through your home with a buyer’s eye, and correct the flaws that are most egregious or can be relatively easily fixed—from repairing cracks in the walkways to repainting dingy walls or lubricating tricky window tracks.

2. Clean and de-clutter

Weed out excess furniture, knick-knacks, and “stuff”—toss it, donate it, give it away, sell it at a yard sale or put it into storage. This way the house seems more spacious and buyers can imagine themselves in it.

3. Increase curb appeal

Many people thinking of touring your home will do a quick drive-by first, often deciding on the spot if it is even worth a look inside. Make sure your home is ready to lure in onlookers by washing siding, walkways, and windows, hanging visible house numbers, planting blooming flowers and greeneries, and repainting where necessary. If you have a porch or backyard, staging the furniture is a great way to entice people to seeing the inside.

4. Stay vigilant about maintenance

From the moment you start showing your home, keep the lawn mowed, rooms spotless and clutter-free. Also styling your dining room table and living room areas makes a big impact. Find the balance between staged and lived in!

5. Ready your home for show days

Display fresh flowers or bowls of fruit, bake a batch of cookies for the homey smell, open the drapes, keep pets out of sight, and leave the property when an agent is showing your home.

Feel free to contact Revi Mendelsohn for all your real estate questions:

www.TheMendelsohnGroup.com

310-963-7384 | [email protected]

  

When we buy and sell for our clients we are privy to lots of different information from inspection reports.

One of the most common issues that have come up over the past few years are drainage and cracked foundations. Why should you care about drainage here in Southern California,  aren’t we are experiencing the worst drought in years?  Well, you should care, and here’s why…

While most homes here do not have gutters, many have cracks in their foundation that are a result of not having gutters.  “Huh?  How does one have to do with the other?” you may ask.  Here is my simplified explanation:

Gutters or Eavestroughs (as we Canadians call them), are installed just along the edge of your home’s roofline and are designed to collect water that comes off of your roof. The water is directed to a downspout which (if installed correctly) is supposed to send the water AWAY from your home and towards a drain that empties in the city’s storm drain, or down a gutter or alley that directs the water to the street.  When you don’t have gutters the water sheets down the exterior walls of your home and soaks the dirt surrounding your foundation.  When this dirt gets wet, it softens and the concrete foundation begins to sink in those areas, causing the concrete to crack.  Once the cracking has a chance to progress, it can begin to affect the slope of your floors and crack your walls.  Also, cracks in your foundation, if left to become large, can affect the stability of your home.

The easiest way to prevent this damage to your home is to install gutters and downspouts.  You should also have a drainage expert design a plan to direct water away from your home.  If you have just had your foundation repaired, be sure to add rain gutters to prevent the problem from recurring.  Oh, and don’t forget to get your gutters cleaned out twice a year, especially it you have trees near your home.  If the gutters are clogged, they will overflow and defeat the purpose of having gutters in the first place.  If you have questions about any of this, feel free to contact me at 310-963-7384.  While I am not a drainage expert, I can certainly direct you to the service provider that can best assist you.

I look forward to hearing from you.

Revi Mendelsohn  [email protected]

  

Last week a client called me to ask about a house that was in foreclosure in her neighbourhood. She was interested in buying it and needed more information on the foreclosure process.

I thought that I would share a bit about foreclosures and how they work.

There are two kinds of Foreclosures.
1. REO, which is short for “Real Estate Owned” by the bank. The bank has “repossessed” the house from the previous owner due to non payment of their loan. The bank is then the “seller” and the property will be sold just like any home offered on the open market. The buyer can make a traditional offer with contingencies and inspections.

2. FORECLOSURE In this case, the bank is auctioning off the house to the highest bidder. They are looking to satisfy the money owed on the home. In some cases there is more owed than the home is worth. In other cases it is less. Here’s the catch: You can’t inspect the house prior to purchasing it, receive for credits for repairs and in some cases you may have spend money to evict the occupant from the home after you own it. Oh, and you have to pay in FULL, in CASH (well actually by way of a Cashier’s Check).

What do these two types of home sales have in common? There is a strong likelihood that homes purchased somewhere in the foreclosure process have lots of deferred maintenance. Chances are, if the homeowner is not making their mortgage payment, then they are not keeping up with necessary repairs and the like.

Something else to keep in mind: REO: when the house hits the open market, it may still have multiple offers on it and you may find yourself in a situation where in order for your offer to be competitive, you might have to reduce or remove contingencies in order to open escrow.

Foreclosure: You are competing with very seasoned buyers (flippers) who buy foreclosures for a living. They attend these auctions weekly, have teams in place scoping out the properties, and access to millions of dollars in cash. Additionally, since this is not their first rodeo, they know how to get remodeling work done and are usually in the construction business.

I hope that this quick bit of information on Foreclosures and REOs helps you understand the process a bit more. If you have any questions, please feel free to reach out to me on my cell at 310-963-7384 or via email at [email protected].

I look forward to hearing from you,
Revi

  

The short answer: YES!
But Why?
Here is the reality of selling and buying Real Estate in California. It IS legal to represent a buyer and a seller on the same transaction.
Personally, it is not something I strive to do as it can cause complications and sometimes one party ends up unhappy. My goal in selling RE is to have both parties feeling like they each got a good deal and that one party has not suffered more than the other. I understand, that my approach is rare. When I work with other agents, I let them know how I would like the transaction to go (i.e. in a civilized, and dare I say, even FUN manner). Most are shocked and pleasantly surprised at this approach and every agent I have worked with has thanked me for my approach and has told me that they wished every agent shared my views. But I digress,

If the seller has hired me to sell their home, that is my first and foremost duty. Sometimes we have a buyer client already working with us, but I can tell you that most times in this competitive “low inventory” environment, buyers walk into our open houses, or call us directly asking us to write offers for them. On one of my last listings, several people came in asking me to write an offer for them (i.e. represent them as a buyer’s agent, while also representing the seller). Once some more discussions were had, it was determined that NOT ONE of these buyers was willing to go up to a price that the home would ultimately sell for. One would hope that agents are doing their best for the client that originally hired them and try to get the highest sales price. Sadly, this does not always happen, due to agents putting themselves first and only thinking about the double commission.

At the end of the day, there is a way to win the home and at the same time have someone specifically represent you in the transaction. That way is price. In a tight market like this one, not everyone is willing to step up and pay the highest price for a property, and ultimately, that is who gets the home. I can’t stress enough how important it is to have your own representation. You need someone that is going to focus on you and your inspections and negotiate the deal that is best for you. It is very rare to find an agent that can represent both parties well.

As an aside, on my most recent multiple offer listing, I can tell you that we did not even read the letters that the agents and buyers wrote, until we came down to our 3 best offers. The sellers did not want to see them, and only wanted the facts. I will share with you, that I did get to meet all the buyers at my open house, so I had a good idea as to the fit (or lack thereof) of each buyer and their agent. In the end, it was the agents who asked the right questions and knew how to get to the important elements of the deal who stood a chance in a multiple offer situation. From there, we knew who we wanted to work with, and then we had to get the price up to a point that worked for the seller. So yes, price is important, but having someone that is focused on you, focused on packaging your offer and marketing it to the seller is also just as important.

If you are curious and would like to talk about this or other Real Estate matters, I’d be happy to hear from you. I sit on the professional standards committee for the Beverly Hills/Greater Los Angeles Board of Realtors and I have had to arbitrate cases that stem from issues pertaining to dual representation. They are usually pretty messy cases. In fact, I understand that the issue of dual representation has come under quite a bit of scrutiny over the past several years, as there are some agents that just see $$$ signs and the seller is the one that loses out on a lesser price, and/or the buyer loses out due to poor representation.

I look forward to hearing from you. Feel free to call/text/or email.

Regards,
Revi Mendelsohn, Realtor Rodeo Realty
310-963-7384 cell/txt
[email protected]

  

As the market gets more and more competitive due to lack of inventory, we are hearing of more and more “pocket listings” being talked about.  What is a pocket listing?  A pocket listing is when a seller tells one or more agents that he would be willing to sell his property if they find him a buyer.  The agents keep the listing in their “pocket” and only pass on the info to their limited group of buyers. They do not put the listing in the MLS (The Multiple Listing Service).  Also, when the agent brings the buyer to the seller, the agent can then “double end” the deal and represent BOTH the buyer and the seller, thus getting paid both sides of the commission.

What’s wrong with that, you may ask?  Well there are several issues…

#1. You are actually LIMITING the exposure that your listing is going to get.
We Realtors use The MLS as our “holy bible” for accurate Real Estate information.  The MLS spiders out its member’s listings ( Realtors are the members) to all of the different Real Estate websites.  The original source of the listings you see on Zillow, Redfin, etc. all come from the MLS.  With over 98% of buyers shopping online, why wouldn’t you want the world to see what you have for sale?

#2. You will sell your property for a LOWER price.  GUARANTEED.
This point is related to my first point.  Property prices are based on supply and demand.  The lower the supply, the higher the demand, the higher the price.  Sell your home as a pocket, and you remove or reduce the demand (by limiting exposure), so naturally, you get a lower sales price.  Why?  See #3

#3. People are naturally competitive.
When you expose your property through the MLS, (assuming you market it correctly as far as price and presentation…a topic for another day), you get multiple people showing up for your open house.  For my open houses, I usually have a line up just before we open the doors. Additionally, I usually have at least 5 groups of people in a property at once (sometimes I have as many as 20 groups in a property at the same time).  When buyers see other buyers looking at the house that they want, they start elbowing their partner and whispering that they MUST get their offer in asap.  A multiple offer situation is in the seller’s best interest. Not only does it drive up the price, but it also gives the listing agent the opportunity to negotiate THE BEST possible terms for the seller.  We can then choose from the top offers.

#4. Who is representing you Mr. Seller?
Almost all pocket listing transactions have the same agent representing both the buyer and the seller. Although it is legal for the same agent/brokerage to represent the buyer and the seller in a transaction, it takes a very unique type of agent to be able to handle the transaction fairly and well.  In my opinion, it is a very difficult position to be in (as an agent) as you could be negotiating credits for repairs,or other deal points as the transaction progresses.

So who benefits when a house is sold as a pocket listing?  In my opinion, the main beneficiary is the Agent who gets to receive both sides of the commission.  Yes, I said it.  And yes, I am an agent.  But I am not that kind of Agent.

Is there ANY benefit to the seller?
As far as I can see, the only benefit is that the seller won’t have a sign on their lawn and their neighbours won’t know that they are selling their house. (But maybe the neighbours have a friend from out of town that wants to live in the neighbourhood?? See #1 above)   Do you think that this benefit is worth potentially losing thousands of dollars in sales price?

Frankly, I would much rather represent my Seller to the best of my ability and have the SELLER get a HIGHER sales price.  That is not to say that I have not been in a situation where representing both sides on a transaction has not fallen in my lap.  When that rare situation takes place (twice in the past 10 years), there is a very specific protocol to put into place, so that everyone is protected.  When my sellers hire me, they are trusting me with one of the biggest assets they will likely ever have in their lifetime.  I take that responsibility VERY seriously.  Doing a great job for my clients is the most important thing to me.  If you take that approach to your job and your clients, the money and success will follow.

Want to discuss this topic? Feel free to call me at 310-963-7384.

Warm Regards,
Revi Mendelsohn, Realtor
Rodeo Realty

  

Yesterday I spent the entire day at the Beverly Hills/Greater Los Angeles Board of Realtors for my 3rd annual Professional Standards Training.  My position as a panel arbitrator is a volunteer role, and I wouldn’t trade it for anything.  A handful of times a year, I am called to spend the day in a conference room with 4 of my colleagues (fellow Realtors), along with a complainant, a respondent and each parties’ attorneys (should they choose to retain one).  The cases that we hear are very interesting and usually involve 2 Realtors, but sometimes they involve a Realtor and a member of the public (a buyer or seller).  I have listened to and given my opinion on cases that involve up to several hundred thousand dollars in commissions, although most cases run in the 10’s of thousands of dollars.  We also listen and decide on cases pertaining to Ethics violations pertaining to the Realtor’s code of Ethics.  What’s great about the annual training is that we spend the day in a room filled with 35 other like minded Realtors who also believe that if we keep doing things in the right way, and continue to hold ourselves to a higher standard when practicing Real Estate, that we can only help push others up to that standard.  The meeting also gives us an opportunity to discuss some of our current marketplace challenges and to help each other by sharing information.  One of the subjects that came up in today’s meeting was disclosures.  I remembered having written a blog post about disclosures about 4 years ago called “Dear Seller, disclosures are your best friend” and I thought it would be a good time to repost the link to the article.  Of course there were lots of other interesting things that we discussed as well, but I’ll have to get to those next time.

Until then, should you have any real estate questions or comments, please feel free to send me an email or call me on my cell.  [email protected] 310-963-7384.

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The other day a friend mentioned how she feels at home in both LA and New York.  It got me thinking about how I often say that having 2 places to live is better than NONE.

What exactly am I talking about?  Well, when you are “in escrow”, or “under contract” to purchase your next home, how do you know when you should give notice to your current landlord, or when to get rid of the place that you are living in right now?  The tendency is usually to give notice “right away”.  I always caution my clients to wait until we are further along in the transaction and if they can, to wait until all contingencies are removed.  I also ask them to check in with me before they give their notice so that I can assess the place we are at in the transaction and advise them to act accordingly.  Ideally, if you can wait until loan docs are signed, you will be doing yourself a favor.  Most people dislike the idea of paying for 2 properties at the same time (i.e. rent on the old place and mortgage on the new place).   The problem with giving your notice too early is that you could end up with NO PLACE to live!  Will some money be unnecessarily spent in the process? Yes, in a way, you are paying for two places and you will only be living in one.  But…..the peace of mind of knowing you have a place to live is well worth it.  Also, consider having the cover the cost of moving twice should your purchase be delayed.  This year I closed 2 complicated transactions where the buyer’s original loan did not go through.  We had to start over with a new lender.  Thankfully we were able to make arrangements for both clients so that they had a place to stay.  In one case, the sellers allowed the buyer to move in as a tenant while we waited for the buyer’s loan to close.  Working with an experienced agent who has handled many types of transactions will ensure that the often stressful process of buying and selling will go through as smoothly as possible.

Got a Real Estate question for Revi?  Email me at [email protected] and I will get right back to you!

  

When was the last time you worked with someone who loved their job?

If you ask my clients that, they will tell you that it was when they last worked with me.  That’s right, I love my job and I want the world to know!

I live and breathe Real Estate.  Each transaction is like an unopened gift filled with surprises and challenges to be taken on.  No two transactions are alike.  I pride myself on my solution oriented approach to this business.  I can’t remember a transaction where the agent on the other side didn’t  thank me for the way I do business and tell me that he/she wished all agents approached their work the way I do.  I can work with the nastiest of agents (let’s be honest, there are some people that hate their job) and turn them into a friend by the end of the deal.  I live for moments like that!  I also live for the phone call I get to make letting my clients know that their home just sold, or that I am on my way to deliver the keys to their new home.  I have developed a proven approach to buying and selling that is based in psychology and human behavior.  I can even get you to laugh just when you thought the world was going to end.  Why not have some fun during this (temporarily) stressful time of buying or selling your home?

My clients know that they can reach me just about any time of the day or week, and I would not change any of that for the world.  This job gives me energy and fuels my soul.  All that, AND I get paid to do it!  Imagine that!

This year has started off with a bang with 6 deals closed already! I am looking for my next batch of clients who would like to be treated like they are my only client.  Would you like to have someone handle your transaction as if they were buying or selling your property like it was their own?  If so, call me and let me show you what it is like to have a top selling, competent, customer service obsessed Realtor on your side.
Do you want to see what others are saying about me? Click here and go to the testimonials page.  Would you like to speak to one or more of my clients?  Let me know and I will connect you.