Two weeks ago, I wrote about choosing your realtor. Since there are only a few successful, “For Sale By Owner” transactions, most owners will in the end choose a realtor to sell their property.
All too often there are only two criteria considered. The first is, “are they licensed with a reputable company,” and the second is “can they sell my property at the price I want?” Since my cost to list your property is about $600, I need to know I have a reasonable chance of completing a sale. I also need to know you are serious about selling and not just testing the market.
As the seller you also need to know I have the experience, knowledge and criteria required to complete a transaction for you. While selling real estate may seem like a simple process it requires a certain level of expertise.
The real estate world has also become a world of specialists. Even mid-sized markets, such as Monroe-West Monroe, have specialists. A realtor may specialize in residential, commercial, land, lake property, etc. There are some realtors who are single client brokers. I have worked with the Louisiana Broker for Walmart on several transactions as well as other single client Brokers for other National companies, such as Target, K-Mart, FB&D, etc.
Each real estate specialty will have a language of its own. For instance, Hotel Brokers use the term ADR, PIP and Occupancy Rate.
Other Commercial Brokers will use the terms Demographics, Break Even Point, Escalation Clause, Habendum Clause.
Residential Brokers will often use Fair Market Value, Home Inspection, Redhibition.
No realtor can become proficient in all specialty terms and language, although some will make that claim.
Next week I will discuss, “Who is to blame?”
On the Local Scene
The following apartment complexes have been sold: Shangri-La Apartments, 1615 Wellerman Road, West Monroe sold for $1,835,328, Malibu West Apartments 1217 Trenton Street, West Monroe, sold for $2,561,812 and Woodwind Apartments 21 Northgate Dr. Monroe sold for $1,452,968.
A LOT ON FORSYTHE AVENUE, Monroe has been sold for $546,242. The 49,658 sf lot sold for $11 psf to Get Gordon, LLC (Gordon McKernan, Attorney)
Bill Roark is a Commercial Associate Broker at Tri State Properties and may be contacted by email to firstname.lastname@example.org.