Waypoint Real Talk is produced by Waypoint Property Inspection, a home inspection company in Tampa Bay Florida. Our goal is to educate the community on real estate topics by bringing in industry experts on different niche topics.
HOA's & CDD's: Are They Right For You?
Homeowner’s Associations (HOA’s) and Community Development Districts (CDD’s) carry a lot of confusion in the home buying arena. Many Realtors are looking to explain the pros and cons of both to their clients in hopes that they make an educated decision.
Waypoint Real Talk is joined today by Realtor Crystal Brady who shares her expertise into HOA’s and CDD’s so, you can make an informed decision.
Listen to the Full Podcast
Let’s talk about the differences between an HOA, deed restrictions, CDD fees, and some pros/cons of having these fees vs. purchasing a home in a neighborhood without them.
What Is A Deed Restriction?
A deed restriction, also called restrictive covenants, limits what you can do with the real estate. They are outlined in the real estate deed.
These restrictions are typically put in place by the land developer and can have additional restrictions besides just what the county/city regulates.
An example of a deed restriction is being allowed only 3 dogs per household, or only one family home per lot.
However, deed restrictions can be difficult to enforce since there typically is not a governing body like an HOA.
What is an HOA Fee?
Homeowner’s associations are governing bodies that enforce deed restrictions.
Homeowners pay HOA fees which empower the governing body to enforce the rules of the neighborhood.
Typically, HOA’s are responsible for maintaining the grounds, amenities, and common areas. Also, in most cases, HOA’s are ran by property management companies (this is not always the case).
What is the Average Cost of an HOA?
HOA costs can really vary depending on the amenities, common grounds, and exterior maintenance the association is responsible for.
To illustrate, some HOA’s might include water in their HOA fee and have a pool, clubhouse, etc. On the other hand, another HOA might only include exterior mowing and vegetation maintenance.
Costs of HOA’s usually range from $200/year to $1,500/year.
Before signing a contract you should request to read the HOA documents which comes in an HOA disclosure. In the HOA disclosure you can see how much money the HOA has and the rules of the community.
Advantages of Having an HOA
While there are negatives of having enforced rules, there are many benefits that homebuyers may not think about.
Here are the pros of having an HOA:
* Deed restrictions and community rules are enforced.* ALL homes in the neighborhood are well maintained.* Exterior changes to the home must be approved by HOA.* Amenities (not always, but often there are amenities).* Preserves neighborhood property values.* Can promote more community relations.* You don’t have to confront your neighbors over issues with their home’s appearance.
To most home owners, the best advantages are preserving or increasing property values by having a well maintained neighborhood, amenities, and not having to confront your neighbors.
Disadvantages of Having an HOA
As mentioned, there are disadvantages. Let’s take a look.
* You must follow the rules.* You do not have freedom to do everything you may want to do with your home.
What All New Agents Should Know To Get More Business
Being a new real estate agent is tough. You need to build your referral network, be full-time as an agent, and somehow try to afford your regular bills.
Luckily, Realtor Sherm, Sherman Milton III, is here to discuss his new agent journey and how he was able to build his referral network.
From being in MASSIVE credit card debt, to now taking vacations and owning two successful businesses, Realtor Sherm can help.
Listen to the full podcast here:
What All Agents Should Do To Get More Business
The Backstory of Sherman Milton III.
Realtor Sherm started out in the corporate world after college and he honestly did not enjoy himself.
After his short career, he decided to move back home (Date City, Florida) and became a real estate agent.
Sherman hustled for months during this time and did not sell any real estate until 6 months in. He worked many side jobs to make ends meet, spent business expenses on his credit cards that he could not pay off, but finally, something struck.
Sherman landed his first listing which ended up selling. Thereafter, Sherman sold 4 more units that SAME month and continued his success in real estate.
So, how did he do it? And can you do it too?
New Agent? Here’s What You Should Do
Realtor Sherm focused heavily into social media, specifically Instagram.
He advises new agents should do the following:
Go To The Office Every Day
This is critical to ensure you are staying on task and being productive. Even if you are not directly working on real estate, you will end up being in the environment that might lead to new opportunities.
Visit Every Listing In Your Area
Sherman visited every new listing by himself. Then, he showed the listing off to his social media followers.
By showing your following that you are working everyday, you give the perception you are busy.
Moreover, if any person was to question you about homes in your area, you should be well equipped to answer their questions.
Seek Out Mentors
Now this piece of advice is honestly repeated in every faucet of life, but it’s because it is true.
Finding a mentor that has gone through the same journey you are going on will help you skip over their past failures.
To find mentors, just ask, it’s that simple.
Sherman invites all new agents to slide in his DM’s and encourages new agents to message other experienced agents to ask for help when you need it.
Photo by NeONBRAND on Unsplash
Attend Realtor Association Classes & Events
You literally pay this in your dues and it is education you are missing out on.
Realtor Associations are there to educate you, help build your career, and even have leadership positions open.
Furthermore, you may lose out on opportunities to network with possible mentors if you skip.
Questions Buyers Should Ask Your Real Estate Agent - Christian Sidwell, Realtor
Thank you to Christian Sidwell, Realtor for joining us on this episode on Waypoint Real Talk! Christian was able to bring his insight on what to ask your real estate agent during the home buying process.
Listen to the Full Podcast:
Questions Buyers Should Ask Their Realtor
The following questions can begin after the initial buyer interview. For more information, listen/watch to the podcast above.
Understand your agent may request a “Broker – Buyer” agreement to be signed mutually agreeing to work solely with one another before the next step which is to speak to a lender and get pre approved for a loan. Getting a pre-approval is should always be your first step!
1. What is the market like in this neighborhood?
Understanding the neighborhood market will better help you make decisions regarding the property values long term.
Also, if a neighborhood is considered “hot”, be aware you may have to bring in an offer at, or above the list price.
2. What is this particular property worth in this market?
This question is somewhat similar to the one stated above.
However, while the first question focuses on the neighborhood market, this question is strictly regarding one home.
Asking what the property is worth in the current market can help you make a better decision with your offer.
3. Are there any sellers’ disclosures & did the seller live in the property?
Sellers are required to disclose important items about the property that could affect its value. For example, if the home had a flood, fire, or mechanical failures.
Additionally, if you knew a seller lived in the property rather than a tenant, you can be more confident that the home was well cared for.
4. How long has this property been on the market?
Knowing how long a property has been on the market is critical towards your offer.
For example, if a nice property just listed on the market then you can expect the sellers to receive many offers in a hot market.
On the other hand, if there is a hot real estate market and a property has been on the market for a while compared to other properties, there might be something wrong with the home/price.
5. Why are the sellers selling this property? How long have they occupied the property?
Understanding why sellers are selling again is another critical component to making a good purchase/offer decision.
If the sellers are selling to be closer to family, then that is great. But, if the sellers are selling because the neighbors are annoying, then, you might want to consider if you can live with that.
While the sellers most likely will not tell you the real reason why they are selling (if it can negatively affect the property value), you can also try to understand how long they have lived in the property.
To illustrate, if the seller has only lived in the home less than a year, then, they should have a very good explanation for why they are wanting to move.
6. What is the average sales price to list price?
While this question is more numbers related, it can be critical to understand.
If the actual sales to list price of a neighborhood is 102%...
Tips to Being a Buyer in a Seller's Market - Waypoint Real Talk
Brought to you by Waypoint Property Inspection
Tips for New Agents - Jacob Maisel, Realtor
Thank you Jacob Maisel for joining us on Waypoint Real Talk!
On this podcast, Jacob discusses his journey as a new Realtor, tips for new agents, and his ideas moving forward after the COVID outbreak.
Listen To The Full Podcast:
Tips For New Agents
New agents can become easily discouraged when you are first starting out. Today, with the current conditions of COVID-19, things definitely changed for new Realtor, Jacob Maisel.
Here Are Jacob’s Tips For New Agents
Getting a Proper Education First
Many real estate agents can read study guides and textbooks in order to pass their state’s real estate exam.
At the same time, there are brokerages that offer a higher education path. These classes are often taught in person and give more realistic situations from experienced agents.
An example of one of these classes is Berkshire Hathaway University (BHU).
BHU is limited to agents that become agents under the Berkshire Hathaway umbrella of brokerages.
Keller Williams also has great training for new agents!
In many cases as a new agent you have not built your network of database yet.
While posting on social media is important, you should be doing everything you can to people in your niche.
As an example, you can attend as many in-person events that you are interested in as possible. Becoming genuinely interested in others people’s lives will help you build your network and ultimately, talk about your career as a real estate agent.
Places to Network
* Community Events* Open Houses* Other Jobs* Clubs* Chamber of Commerce* Niche Clubs/Events
With today’s climate of COVID-19, and become extremely difficult for new agents to build their network since most larger group gatherings are cancelled.
Learn how to put on your own community events here.
Look Out For Mentors
There are always people out there within your brokerage and network that are willing to help you along the way.
Surrounding yourself with like-minded and successful agents will dramatically excel your growth as a new real estate agents.
Moreover, don’t be afraid to reach out to others and ask for help when you need it!
Become Noticeable & Stand Out
While mentioned in the podcast, studies show being taller give you more authority, you can actively work on yourself to stand out.
Here are some examples:
* Going to the gym and getting fit.* Having your own unique style and outfits.* Become more of an extrovert.
Austin Hintze with Waypoint, always dresses for occasions with fancy suits that immediately attract attention!
Do Not Forget Your Interests
Your interests are often shared with others. Therefore, you can continuously use your interests to connect with others that share those interes...
Qualities of Top Producing Real Estate Agents - Don Hill
Don Hill, from Real Producers Magazine in Tampa, FL joined us today to talk about the common qualities he sees in top producing real estate agents.
Listen to the full podcast:
Who Is Don Hill?
Don Hill is the franchise owner of Real Producers Magazine in Tampa Bay, FL. Real Producers Magazine’s purpose is to interview and highlight the top 500 real estate agents in a given region and host events for the community.
As the franchise owner, Don Hill gets to interview the highest performing agents in Tampa, FL and he mentions that they share common qualities.
If you are interested in becoming a better real estate agent, here are the common qualities of the top producing real estate agents in Tampa, FL.
Qualities of Top Producing Agents
Having a mentor is critical in the beginning of your real estate career if you are wanting to grow fast. This could be your broker or a friend you met in real estate.
The goal of your mentor is to help you find answers to questions you may not already know the answer to yet. This can help save you time and money investing in your marketing strategies or save you from headaches.
Servant Leadership Mindset
According to Don, top producing agents truly care about their clients and the people they work with. While these agents may be focused on the numbers, it is more important to help others achieve what they want to achieve.
Servant leadership can help you manage your team, a brokerage, and help you deliver better service to your clients.
While traditional leadership might be viewed as more directing, servant leadership is truly based on serving others.
Being Consistent In The Message & Branding
Thirdly, top producing agents have a consistent brand and message in their marketing.
To illustrate, you might have some unique selling points that make you different from the rest of the real estate agents. Using those unique points in your branding and messages consistently is the key to gaining traction with your audience.
Don uses the example of real estate agents that might be always comical on their social medias. On the other hand, some agents might be focused on selling larger homes, having great reviews, or selling their homes faster than anyone else.
True confidence and a conviction that your services are needed is the last quality of top producing agents.
These agents believe that their services are different from other real estate agents. Moreover, they believe their services are needed for their clients.
So there you have the common qualities of top producing agents. I highly encourage you to watch the video above if you have not. In the video, Don and I go into greater detail about top producing agents and what Real Producers can do.
Want to reach out to Don? Visit his website.
We post Waypoint Real Talk podcasts every Friday. Check out more of our podcasts.
If you are an agent, we would love to have you!
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It’s awesome hearing input from top producing real estate agents in the Tampa-St. Pete area!