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Mario Romero
The Romero Team - The Melcher Agency |
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| When you purchase a property, it usually includes the land and everything attached to it, such as buildings, trees, shrubs, etc. Most buyers are only interested in purchasing the real estate, not the owner's personal property. What happens when personal property has become a part of the real estate? Is it actually a "fixture" which will now convey to the buyer with the real estate?
There are three tests which usually need to be satisfied. Has the personal property been permanently annexed to the real estate? Is it intended to become part of the real estate? What is the local custom? Fixtures may include shades, heaters, ranges, screens, storm windows, lighting fixtures, etc. To save misunderstanding at the closing--and perhaps the sale--it is important that the seller spell out specifically in the sales agreement what will go to the buyer as part of the property. Lenders don’t like surprises…especially lately. And personal property, or anything that could easily be construed as personal property, can be a problem for you later on.
Check with your agent to ensure that things are in writing and thoroughly explained in the purchase agreement. And remember, if you have that impulse to ask the seller to leave his flat screen or the motorcycle in the garage, keep in mind that your lender may very well stop those plans short. It’s best to keep a real estate deal to just real estate whenever possible. |
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| Posted by Mario Romero at | | | |
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Getting the listing is dependent on many factors of course, but this short piece is about the value of listening. I don’t imagine this will be a hard sell to anyone reading this. We all know it’s important, but do we do it? One of the most dramatic and helpful things you can sometimes (and it’s one of my personal favorites) is to simply shut up. A brief pause in communication gives breathing room and get yield very good results.
Shutting your mouth for a bit and letting the conversation breath has many good benefits.
Shut up!
First, you don’t want to interrupt your client, and talking constantly kind of puts you in this position by default. Also, fear of silence communicates insecurity; and it often is a fair assessment. We fill up the dead space because we’re really not sure where the appointment is headed, so we talk and talk and talk…to make sure we get our points across. A well-rehearsed presentation makes good, effective use of words and leaves plenty of room for the client to talk.
Second, giving your client plenty of time to talk and listening to them carefully communicates that you actually care about what they’re saying. If there’s anything that a potential client wants it’s to be cared for and understood. This takes time.
Additionally, pausing and letting the conversation “breathe” as I call it communicates confidence, AND you will actually be able to better understand your clients needs. Many listings expire and withdraw for the simple reason that they started off poorly to begin with. If expectations are better addressed up front, it makes for a smoother and more beneficial listing experience. Misunderstandings yield resentments down the road. Selling a home is stressful enough, and the client deserves your absolute attention up front and for the entire duration of the listing.
Be inquisitive
My favorite question is "How do you mean?” Real estate coach Howard Brinton has a technique he calls “going three deep”. It’s invaluable. When a buyer says they want a basement, don’t ever just take this piece of information at face value? Follow up with “How do you mean?” “Is your main goal to have the extra storage space, or is it something else?” “If a home otherwise meets everything you need but it doesn’t have a basement, do you want me to not bother you with it?” These questions add invaluable information, give you a deep understanding of what your client wants and most importantly…they can really reveal their deepest motivations for why they want to or have to move. Get on board with “going three deep”. It makes your client feel like you really care, and it gives you the information you need to really give them impressive service. |
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| Posted by Mario Romero at | | | |
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Type: Single Family Home
Location: 2971 E. Morgan Dr., Gilbert, AZ 85295
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $219,900
Description: This spacious Gilbert home has wonderful interior and exterior spaces for entertainment or solitary relaxation. The carpeted great room features an impressive vaulted ceiling and large plant shelf, ceiling fan/light and 2 inch blinds. The well designed eat-in kitchen has numerous honey oak cabinets and impressive Corian counters. It includes an array of appliances, walk-in pantry and bay window with 2 inch blinds. The breakfast bar opens to the great room. The master bedroom features a large walk-in closet. The floor is carpeted and a ceiling fan light hangs above. The master bathroom has a bath enclosure, long cultured marble counter over honey oak vanity with a kneehole for a bench or chair. The other two bedrooms are both carpeted and feature sliding wooden doors and new curtains. The private covered patio with stucco columns provides an ideal spot to look out onto the professionally landscaped backyard. Its desert perimeter surrounds a lush green lawn. The rear block wall fence is topped with red brick and features a row of bougainvillea at its base and raised beds in the corners. The yard has many lush trees including mesquite, lemon, Arizona ash and palms. .............................................................Directions: From Higley and Williams Field Rd. in Gilbert go west to Rochester, north to Morgan and east to the property at 2971 E. Morgan Dr. .............................................................List Of Features: 2003 Spacious Gilbert Home ~~ 3 Bedrooms ~~ 2 Baths ~~ 1,498 Sq. Ft. ~~ Full Master Bath ~~ Master Bedroom Split ~~ Bedroom Walk-In Closet ~~ Dining in Living/Great Room ~~ Breakfast Bar ~~ Range/Oven ~~ Dishwasher ~~ Disposal ~~ Microwave ~~ Refrigerator ~~ Pantry ~~ Washer/Dryer Included ~~ Inside Laundry ~~ Vaulted Ceilings ~~ No Interior Steps ~~ Water Softener (Owned) ~~ Soft Water Loop ~~ 3+ Existing Telephone Lines ~~ Satellite Dish for TV – Leased ~~ Cable TV Available ~~ High Speed Internet Available ~~ Great Room ~~ Covered Patio ~~ Yard Watering System-Front & Back ~~ 2 Car Garage ~~ Electric Door Opener ~~ Frame/Wood Construction ~~ Stucco Finish ~~ Brick Trim/Veneer Finish ~~ All Tile Roof Refrigeration ~~ Electric Heating ~~ Ceiling Fans ~~ Multi-Pane Windows ~~ Block Fencing ~~ Desert Front
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| Posted by Mario Romero at | | | |
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 Beautifully Designed & Impeccable !!
Type: Single Family Home
Location: 4362 E. Gatewood Rd., Phoenix, AZ 85050
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $300,000
Description: An attractive front desert landscape welcomes you to this beautifully designed and impeccably maintained home in Desert Ridge. The tiled entry immediately leads to the carpeted living room. It is dominated by a large bay window with wood blinds and an impressive vaulted ceiling. The continuation into the dining room also features the vaulted ceiling, carpet and wood blinds similar to the living room and is brightened by its own large window. The spacious eat-in kitchen has two large windows of its own, plenty of whitewash wood cabinets, pantry, Corion countertops and tiled floor. The large working space is anchored by a center island all on a sparkling tiled floor. Relax with the surround sound in the spacious family room where you’ll also find a vaulted ceiling with fan, large windows and French doors to the covered patio. The master bedroom has vaulted ceilings with fan and a beautiful arched window with a view of the backyard. The gorgeous master bath is loaded with great features. It has a separate shower and jetted tub, double sinks, large window with backyard view, and exit to the covered patio. You’ll also find vaulted ceilings, wood blinds, ceiling fans and a pair of four panel doors in each of the other two bedrooms. Entertain or relax in the lovely backyard with its covered patio and gas barbeque. You’ll find jasmine and a grapefruit tree amid the desert landscape of the backyard. Call our office at 602-252-4191 to arrange your personal showing. .............................................................Directions: From Tatum and the Loop 101 go north to Deer Valley Rd, west to 44th St, north to Gatewood, west to the property at 4362 E. Gatewood Rd. ............................................................List Of Features: 1997 Santa Barbara/Tuscan Home ~~ 3 Bedrooms ~~ 2 Baths ~~ 1,663 Sq. Ft. ~~ Full Master Bath ~~ Separate Shower & Tub ~~ Double Sinks ~~ Tub with Jets ~~ Separate Bedroom Exit ~~ Master Bedroom Walk-In Closet ~~ Eat-in Kitchen ~~ Dining in Living/Great Room ~~ Breakfast Bar ~~ Range/Oven ~~ Dishwasher ~~ Disposal ~~ Microwave ~~ Pantry ~~ Kitchen Island ~~ Inside Laundry ~~ 3+ Existing Telephone Lines ~~ Pre-Wire for Surround Sound ~~ Cable TV Available ~~ High Speed Internet Available ~~ Security System – Owned ~~ Family Room ~~ Covered Patios ~~ Yard Watering System-Front & Back ~~ 2 Car Garage ~~ Electric Door Opener ~~ Attached Garage Cabinets ~~ Frame/Wood Construction ~~ Stucco Finish ~~ All Tile Roof ~~ Refrigeration ~~ Gas Heat ~~ Sunscreens ~~ Ceiling Fans ~~ Multi-Pane Windows ~~ Block Fencing ~~ Desert Front & Back
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| Posted by Mario Romero at | | | |
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Beautifully Designed & Impeccable !!
Type: Single Family Home
Location: 4362 E. Gatewood Rd., Phoenix, AZ 85050
Bedrooms: 3, Bathrooms: 2 full, 0 half, 0 three-quarter bath
Price: $300,000
Description: An attractive front desert landscape welcomes you to this beautifully designed and impeccably maintained home in Desert Ridge. The tiled entry immediately leads to the carpeted living room. It is dominated by a large bay window with wood blinds and an impressive vaulted ceiling. The continuation into the dining room also features the vaulted ceiling, carpet and wood blinds similar to the living room and is brightened by its own large window. The spacious eat-in kitchen has two large windows of its own, plenty of whitewash wood cabinets, pantry, Corion countertops and tiled floor. The large working space is anchored by a center island all on a sparkling tiled floor. Relax with the surround sound in the spacious family room where you’ll also find a vaulted ceiling with fan, large windows and French doors to the covered patio. The master bedroom has vaulted ceilings with fan and a beautiful arched window with a view of the backyard. The gorgeous master bath is loaded with great features. It has a separate shower and jetted tub, double sinks, large window with backyard view, and exit to the covered patio. You’ll also find vaulted ceilings, wood blinds, ceiling fans and a pair of four panel doors in each of the other two bedrooms. Entertain or relax in the lovely backyard with its covered patio and gas barbeque. You’ll find jasmine and a grapefruit tree amid the desert landscape of the backyard. Call our office at 602-252-4191 to arrange your personal showing. .............................................................Directions: From Tatum and the Loop 101 go north to Deer Valley Rd, west to 44th St, north to Gatewood, west to the property at 4362 E. Gatewood Rd. ............................................................List Of Features: 1997 Santa Barbara/Tuscan Home ~~ 3 Bedrooms ~~ 2 Baths ~~ 1,663 Sq. Ft. ~~ Full Master Bath ~~ Separate Shower & Tub ~~ Double Sinks ~~ Tub with Jets ~~ Separate Bedroom Exit ~~ Master Bedroom Walk-In Closet ~~ Eat-in Kitchen ~~ Dining in Living/Great Room ~~ Breakfast Bar ~~ Range/Oven ~~ Dishwasher ~~ Disposal ~~ Microwave ~~ Pantry ~~ Kitchen Island ~~ Inside Laundry ~~ 3+ Existing Telephone Lines ~~ Pre-Wire for Surround Sound ~~ Cable TV Available ~~ High Speed Internet Available ~~ Security System – Owned ~~ Family Room ~~ Covered Patios ~~ Yard Watering System-Front & Back ~~ 2 Car Garage ~~ Electric Door Opener ~~ Attached Garage Cabinets ~~ Frame/Wood Construction ~~ Stucco Finish ~~ All Tile Roof ~~ Refrigeration ~~ Gas Heat ~~ Sunscreens ~~ Ceiling Fans ~~ Multi-Pane Windows ~~ Block Fencing ~~ Desert Front & Back
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| Posted by Mario Romero at | | | |
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During a recent “Business Technology & Information Systems Forum” speakers like Errol Samuelson, President of REALTOR.com were talking about consumers using their home computers less and less. The idea is that everyone is using portable devices more and more to the point that Realtors ought to start considering making their sites mobile compliant. The report is that most consumers are starting to use their mobile device as their primary source of data. Not a pc.
Other speakers included J. Lennox Scott, Chairman and CEO of John L. Scott Real Estate in Seattle, WA, and Keith Garner of NAR’s Center for Real Estate Technology, who presented a detailed review of mobile technology (WiMax, Mesh networks), including accessibility and speed.
I am somewhat familiar with WiMax already. It looks like a technology that is going to be widespread over the next few years. It’s already releasing in DC and one other city I believe this summer. It’s basically omnipresent high speed data access for an entire geographic area. It turns an entire city into a “hotspot” in other words. Very cool.
Please tell me what you think…are you using a mobile device as your primary access to the internet? Do you suggest Realtors make any changes to their sites as a result?
Source: Speaking of Real Estate |
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| Posted by Mario Romero at | | | |
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Running Your Business Like a Business
The path to building a truly successful real estate practice is to “run your business like a business”. But what does that mean?
Most of us don’t spontaneously know how to run a business. We have to learn.
But it’s not necessarily easy. Most businesses fail, or so we’ve heard. I’d submit that the reason so many Realtors ignore the business end of things is either because of ignorance or fear. On some level, we’re all afraid of failure. It’s just the way it is. But getting educated about business and addressing the issue head on is the only way to be successful. It doesn’t happen on accident. You stay in this business on purpose. You know what they say about people who fail to plan…they plan to fail. And whether you’ve addressed this or not…and whether you agree with me or not, if you’re in real estate, you are in business. Look at a few facts with me and tell me what you think.
Why Will Your Businesses Fail?
Every operation has weak points. What are yours? Don’t want to think about it? Well, your competition doesn’t have any problem thinking about it and telling the world. Be introspective sometimes. It gets said over and over again that most businesses fail in the first couple years. It’s no different in real estate. What doesn’t get said as often is that there’s always a specific reason it happens. A book I highly recommend that talks about this is E-Myth. It shows you why, specifically, businesses fail and how you can take steps to dodge the bullet.
Another thing that doesn’t get said as often is that most businesses with a proper, written plan, a well thought-out idea and that are executed by an experienced entrepreneur succeed. That’s right! Success is predictable and duplicable. It’s not guaranteed of course, but you can most certainly take very specific steps to ensure your odds of success in business are greatly enhanced. I felt like writing this for the simple reason that so many of the Realtors I talk to just don’t have a written business plan. It’s NOT a good idea.
Why Will Your Businesses Succeed?
This is an equally important, more fun question. Wouldn’t you agree? What are you good at? One commonality of most successful businesses is that they create unique, definable value for their customers. Do you do this? Or are you just driving buyers around, hoping they write an offer soon? Have you thought about it? What do you do better than anyone else? Think about it and write it down. Put it in your business plan…accentuate your skills and make sure your market share knows about it. Take classes to improve this skill even more. Be the best at something.
Run Your Business Like a Business
Budget. Lead with revenue. Invest in your business. Too many of us in this great business are still living paycheck to paycheck. It doesn’t have to be like this!
Get Educated
As Realtors, we’re all familiar with the dreaded, state-mandated CE classes we “have” to take every couple of years. Here’s a great idea: quadruple it. This is what I do. Instead of 1 monotonous bore-fest every couple years, I go to two conferences each year. I pick what I want to study. I earn designations. I meet fantastic top achievers. I’ve made some great friends this way. I make a lot of money and get referrals this way, not just real estate referrals either. This is how I met my CPA. It’s how I met a guy I am potentially partnering with on a large apartment building investment. And a funny thing happens, I never have to pay attention to whether I have met my CE requirements or not. I’m too busy having fun and networking. It’s another funny thing: when you do four times the CE, you know four times as much as virtually anyone else in your market. Do you think this creates an advantage? Just a thought. |
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| Posted by Mario Romero at | | | |
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I’m a fan of Diane Kennedy for many reasons. Bottom line, she’s an accomplished CPA and author worth listening to. The reason for this post is that the secondary mortgage market is making some significant changes.
If you own a property that has been in an LLC in the last 6 months, you might not be able to refinance it. Ever. This of course could throw some significant kinks into your investment plan. Some of it’s over my head. I’m not a CPA mind you. But there are new ways to maintain liability protection while retaining your freedom to refi as appropriate for your needs.
I personally plan to contact Diane about her “Trust Sandwich” tactic. It’s really not as funny as it sounds. It’s simply an implementation of trusts coordinated with your existing LLC that enables you to keep many of the same benefits you enjoy now, along with some additional estate planning and other bonuses you may like. Anyone holding property in an LLC, I recommend addressing this concern. I am. Currently I am not aware of anyone competently arranging the legal structures for this specific issue, for the simple reason that these changes have only happened in the last few weeks. Diane Kennedy’s company saw this coming and has a solution up and running. If there are other ways to address this problem that come to my attention I will make sure you know about them.
It’s noteworthy that I am not affiliated with Diane’s company in any way. She wouldn’t know me from Adam. I’m sharing the information because it’s pretty important to the majority of property investors out there. |
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| Posted by Mario Romero at | | | |
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1. A husband and wife were buying a home with me. The wife wrote a check for earnest money from their joint checking account. Both their names were on the check. The husband was the primary. The wife’s name was under his. Since the wife wrote the check and was not the primary on the account, the underwriter required the husband to write up a gift letter, donating the earnest money to his wife, in order to validate the funds. What a waste of time.
2. An FHA appraiser inspected a home for one of my buyers. She crawled up into the attic (first time I’ve ever had an FHA appraiser ever do this) and saw a bird’s nest sitting next to a truss. She reported back that the financing would not be approved until the nest was removed. I thought “why didn’t you just pick it up and take it down with you if it’s so important?” Because of this contingency the seller, who was out of state, had to hire a vendor to go out to the home and remove the nest. Then, of course, the appraiser had to schedule a second visit out to the home to “verify” that the nest was gone. Ridiculous. This ordeal delayed my buyers’ closing by three weeks.
3. Lender hadn’t procured a receipt from buyer’s homeowners insurance prior to closing, which really should be a big deal, but the deal won’t close without it. She got on the phone and got a copy sent over. The underwriter didn’t like the way it was worded. Do over. The underwriter didn’t like the second one either. It said they had coverage, but it didn’t explicitly say “paid”. Do over. The third one also did not meet the underwriter’s approval because the insurance agent had written “paid” on the receipt. The word “paid” evidently is only permissible if it’s typed. The fourth receipt met the underwriters approval. This process turned a 40 minute closing into one that took almost 4 hours. The poor sellers were just sitting there. They were very gracious. So were my buyers, but NO ONE was happy.
4. We had to sign a Lead-Based Paint Disclosure verifying the home did not have lead-based paint on the property. This is a standard disclosure on homes built before 1978, but recently many lenders are requiring them on all homes, even brand new ones. The last several homes we’ve closed have been built 20+ years since lead-based paint was banned, but OK…what’s one more disclosure going to hurt? I mean, let’s just pile it on.
Moral of the story: if you’re buying a home, put your seatbelt on and expect weirdness from your lender. It’s not your loan officer’s fault. It’s not your Realtor’s fault. It’s just the way it is right now. They are inventing new disclosures and contingencies to financing every day. I would not be surprised if they start requiring blood samples to verify identity. |
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| Posted by Mario Romero at | | | |
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When selling your home, the buyers will probably have a home inspection performed. This is should be expected, as it’s one of the most common contingencies. Few buyers skip this. Depending on the disposition of the buyers and their inspector, your potential buyers may produce a very sizable list of repairs to request from you. I’ve noticed an increase in this type of activity lately.
Even if this list is presented as a list of “demands”, take a deep breath and realize that you don’t necessarily have to make all these repairs. Many of these items are probably negotiable. Your purchase agreement probably contains language such as “all systems shall be in good condition” or “Seller shall repair any latent defects”, etc. In other words, there is some wiggle room here
Some buyers will make requests that are not necessarily reasonable. For example, if there’s a leak under the kitchen sink, they may request a whole new sink (it’s happened)! Buyers sometimes get intimidated by what happens at the inspection. One example which happens fairly often is that the inspector will say something, like the furnace, is “near the end of it’s useful life”. In other words, it’s old…not broken. In fact, you may very reasonably get several more years out of it. But the language spooks the buyer, and as a result, they ask for too much. This isn’t a result of anyone not doing their job; it’s simply a normal part of a negotiation to purchase a home.
But you most likely are not inclined to replace a furnace just because it isn’t new, and your agent can assist you in preparing a response that will put things into perspective. Do not get fussy with your buyer at this point. It’s an understandable reaction when presented with some rather trite “demands” from a skittish buyer, but retaliation will not sell your home. Let’s take this deal and make it stick. Starting all over again in today’s market is almost never a good idea.
One last thought: agree to make repairs that are reasonable, and then get them fixed correctly. This isn’t the time to shortcut anything. Use only licensed contractors, and get everything in writing. The buyers will most likely want copies. Make the repairs in short order, and remember that your buyer may be planning on a reinspection. Believe me, the last call you want to get is one that comes from your agent two days before closing, telling you that the repair that your trusty friend made for you has to be torn out and done over again. Agree to reasonable repairs, use licensed contractors who will stand by their work, and close on time. That’s always nice!
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| Posted by Mario Romero at | | | |
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