June 12, 2017
Be Sure To Read The Entire UPDATE. Items Are In No Particular Order.
Tri-County Title & Escrow, Inc.: Need A Quality Bi-Lingual Closing Agent?
Call LRI’s Attorney Susan Lopez (561) 362-9820. Competitive rates and superior service.
4400 North Federal Hwy., Suite 208
Boca Raton, FL 33431
Commission Express: Need A Cash Advance?
Call Roy or Greg Weinberg at Commission Express (800) 601-1649. Commission Express has good rates and can send cash to you within 24 to 48 hours. LRI works in conjunction with them to make the experience as easy and seamless as possible.
M A K I N G M O R E M O N E Y
Refer Agents To LRI And Earn $1,000 Per Referral
This Is How We Get Most Of Our Agents
Click HERE for Detail.
LRI Specialty Forms On FloridaRealtor.org
In A Folder Under “FormSimplicity”
Many of the LRI Specially Forms are on FormSimplicity. If you presently use them or are planning to use them, please let me know a.s.a.p.
If there is enough demand, I will update all of our forms on FormSimplicity. If not, I will delete the folder.
LRI Website
If anyone is having any type of difficulty with the LRI website, please let me know.
Since we got hacked by China, the website has been sped up. A huge amount of security has been installed to “bullet proof” any future hacking. The website is updated regularly for security purposes and extensively tested for hacking every 24 hours.
Complaints & Violations
Lawsuits, mediations, arbitrations, professional standards activity, broker-to broker issues, and NAR complaints are at an all time high.
The volume of complaints is so high, the NAR has mandated that most complaints going to the Association of Realtors® (AOR) must now through an ombudsman process.
This year alone we’ve already had two major E&O lawsuits, both of which we lost. A third suit is pending.
It is CRITICALLY IMPORTANT that you read, and as far as I am concerned, memorize the “The Mark Lenson Mantras” that are at the end of each of these UPDATEs.
DO NOT SKIP FILLING OUT THE PAPERWORK!!!!
The Buyer’s Package must be signed BEFORE showing property.
When a deposit is made, you must get written PROOF the deposit was made. If you are unable to get PROOF the deposit was made in a timely manner, call me.
Dates….when you refer to a date, make sure it is a specific date. August 16, 2017 is a specific date.
STOP saying “…on or about…”.
STOP saying “…on or before…”.
Use specific dates such as August 16, 2017.
For the first time ever, we have a discrimination complaint filed against us at the AOR and the Palm Beach County OEO (Office of Equal Opportunity.) The OEO is so badly backed up that it’s taking literally months to move along the preliminaries of this legal action.
E&O
If your computer (or other electronic device) has customer information, you MUST have software such as SpyHunter4, Kaspersky, AVAST, etc…. installed that checks for viruses of all kinds and runs daily.
If sensitive information about a customer gets out into the public and you cannot prove you have security on your computer (or other electronic devices,) you are in for an unpleasant ride.
Discrimination lawsuits are on the rise. If an Association has questions on whether someone is married, what their marital status is, or anything about the person(s) purchasing or renting the property, do NOT say anything about who the customers are (as insane as this sounds) but let the customer speak to the Association directly.
Remember this even when you are talking to your homeowner or buyer. Do not, not, not, not comment about who the parties are, other than their names.
In speaking with the FAR attorneys, there are protected classes and also other sensitive situations in which we can come off as discriminatory. When it comes to discrimination, 100% of all complaints, no matter how seemingly ludicrous or far-reaching, are investigated by the OEO (Office of Equal Opportunity.)
Call me if you would like more details on this matter.
How Not To Take An Overpriced Listing
An Abridged Version
During the CMA, explain in detail how you chose the comparables and how adjustments are made. If this is done correctly, you will rarely need to go to the next step.
The next step is to review the Expireds in detail. You will find other properties in the same subdivision priced lower, in better condition, and likely a better location that “failed to sell” for less than what you are suggesting as a list price. Slowly review the positive attributes of properties that have already been on the market for 6 months, 9 months, and a year or more with the property owner. This will take the wind out of their sails.
Lastly, explain how properties on the “Expired” list, when the property is finally listed competitively, typically sells for less since. This is because the buyer will be thinking one of two things:
What is wrong with this property since it failed to sell after so long on the market?
The owner is desperate.
Neither may be true, but in actuality this is what buyers will think. And then they then come in with a much lower than normal offer.
The owner will be so tired of showing their property, they are likely to take any offer just to get the sale over with. Greed will wear the owners down.
Never be afraid to walk away from a listing when the owner is exercising their right to be greedy. Treat Your Business Like A Business. When you (lovingly) act like you do not need anyone’s business, it is amazing how you attract business.
Medical Marijuana & Real Estate
Click HERE for the latest on this subject matter.
Hiring An Attorney
When you are in a transaction and the “other side” hires an attorney, you must get in writing proof that you suggested for your side to also hire an attorney. You must show proof that you are requesting your customer to “level the playing field.” This shows that you are protecting the public.
A verbal statement is not proof. Following up a verbal statement with an email is an excellent idea.
Roofs & Solar Panels
The Roofing Association stopped the above from happening until now. A full roof with solar panels that look exactly like roof tiles has come to Florida. Click HERE for details.
Escrow
There is a crackdown on real estate companies holding escrow. Do NOT put any type of escrowable money with a real estate company. Putting escrow money of any kind into a real estate company’s escrow account is antiquated and automatically trips an audit if there is an escrow issue.
Here is a quote (with grammatical changes only) from one of our agents regarding FREC and Coldwell Banker. This is the second time in the recent past that Coldwell Banker has had a full blown FREC investigation just here in Boca Raton. Coldwell just doesn’t seem to “get it.”
“Hi Mark, attached is an escrow dispute release for you to review and sign. I am soooooo glad Lenson or Tri-County was not holding this deposit!!!! After seeing what the buyers office went thru with FREC, I really see why you do not have an escrow account anymore.” Bold added for effect.
For Purchase & Sales only the Closing Agent should be holding the escrow money.
For Rentals, there should not be any money escrowed. When there is a signed lease (and Association approval if applicable) then ALL money can be given from the tenant to the proper parties, avoiding the need for escrows.
There is no need to wait until the lease commences.
The real estate companies who think “old school” need to get into the 21st century ways of doing real estate.
Get Paid At Closing
Here is a link to our newest, editable, easy-to-fill-out Get Paid At Closing form. Click HERE.
NEW Forms
DUMP your old forms. A variety of new forms have come out from FAR and FAR/BAR as well as new forms in our Listing Packet & Buyer Packet.
Please stop holding onto all old forms. Download all new forms to make sure you are totally up to date.
The Mark Lenson Mantras
Calling Associations:
Customers call Associations (Condos, Homeowners, or Cooperatives,) never the real estate agent.
It does not matter where the customer is living, it does not matter if the property is a foreclosure or a short sale. There are no exceptions. Customers and only customers call Associations.
Use Specific Dates
When the P&S Contract refers to September 15, 2015, it is very clear. When a P&S Contract says something must be done within 20 days from the effective date… then not so clear.
What is the effective date? I have never found an agent who actually knew the definition of an effective date.
What days are included?
What days are excluded?
How are dates calculated? Using business days? Calendar days?
How are holidays handled? Which ones are included? Which ones are excluded? The P&S Contract references national legal holidays. Do you know which ones are the national legal holidays? That would be critically important to know.
If you use specific dates, then all of the unknown, all of the confusion, all of the calls I get that someone is out of contract will go away. You and all parties involved will have less headaches.
No Blanks, No Blanks, No Blanks:
No listing agreement, no purchase and sale contract, and no addenda should have any blanks in them.
When an agent leaves a blank on a document, it is unpleasant when another party fills it in with something not agreed upon by all parties. Now you have an argument between sellers and buyers because the agent left a blank in the document.
No blanks, no blanks, no blanks.
If It Is Not In Writing, It Never Happened:
It does not matter where you are, it does not matter who the witnesses are; in the transfer of real property, if it is not in writing then it never happened. It does not matter if you are talking over the telephone, it does not matter if you are talking nose to nose, it does not matter if you are talking into a plastic cup attached by a string……… if it is not in writing it never, never, never happened.
If something was agreed to verbally, then follow it up with an addendum, a text message or an email confirmation.
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As always, call us on the Help Line (561) 756-7002 anytime.
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If there is anything in particular you would like for me to review
either via the UPDATE or Brief Note, let me know.
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Be Sure To Read Past
UPDATEs & Brief Notes
Posted On www.LensonRealty.com
Protect Yourself
“If It Is Not In WRITING, It Never Happened.”
Help Line (aka Life Line): (561) 756-7002
Warmest & Best Regards To You,
Mark Lenson
Confidentiality Notice: UPDATES ARE COPYRIGHTED and the property of Lenson Realty, Inc. The information in the UPDATE is proprietary and confidential. The above information belongs solely to Lenson Realty Inc. and may be disseminated to Lenson Realty, Inc. agents only. The UPDATE is not to be shared with anyone other than a Lenson Realty, Inc. Agent without the written permission from the Broker/Owner. If you are not a recipient as indicated above you may not use or copy or deliver this message to anyone else. In such case, you should destroy this message and kindly notify the sender by reply.
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