Jan 12, 2012
The Good Real Estate
In recent weeks things have started to look up. Not just for me but for Austin and Houston real estate. Recently the housing sales numbers for November were released, showing a much higher than expected sales number. In fact since August things have been on fire for Houston and Austin. I am not going to claim I know why, but a few things do come to mind.
First, lower interest rates on a home loans is a big reason why homes are selling. Austin and Houston both have lower unemployment rates and a lot of money has been generated by new drilling taking place all over the state. All this adds to a better then the rest economy. Combine more money, more people, and less apartments and homes being build in the last few years and we get high demand for housing which leads prices higher.
I can’t say what is to come in the next year, but if interest rates stay low or go lower, and people keep coming into the area, we are going to see prices rise.
The Bad Real Estate
This morning I was thumbing though the MLS and got really frustrated with some agent out there who just half ass their job. I am sure that any agent who reads this will agree that “other agents” don’t do their job. It seems like a common complaint from all agents about other agents.
My complaint today is really focused at how Realtors use the MLS, or don’t use the MLS. In the last month I have had a few listings in Houston on the HAR system. In the MLS I have the ability to check a box that says the house is on a SUPERA lockbox and that it is located on the front door. I also, have the ability to check that no appointment is required and I have made a note that the agents only need to email me and say they are going by to show the property. No phone call is required.
About three times a week I get a call asking if they can show the listing and if it has a SUPERA lockbox. I was not born with God given gift of reading, but I know how to do it now, and it really frustrates me when others don’t bother to read the instructions.
Bringing my frustration back to Austin, why don’t Realtors fill out more MLS fields? In Austin we have many MLS fields that other MLS’s just don’t use. Why you may ask? It helps Realtors narrow down the search without having to look at photos or driving out to the property. This effects every single customer or client we have. To give you an example. If I am representing a buyer and they say to me, “I only want to see homes with marble counters” In Austin we can look that info up. We have a field that contains that information. If the listing agent has filled in that field with the type of countertops their property will show up. But if they have failed to fill that in, their listing will not show up at all, and my clients will never know that the property matched their criteria.
How common is this? Well I pulled some numbers for you. This morning there are 2108 active homes in the city of austin. Out of those, 456 or 25% have nothing in the field kitchen. Over half had information in the “kitchen” field but did not list counter type. In another field called “rooms” we can list rooms in the house like; family, formal living, foyer, game, great, living/den, pantry, and shared bath. Over 33% had nothing in this field either.
You maybe thinking to yourself, “Ed maybe these homes are really small and don’t have any of these features.” Well, that is possible, but, every home is going to have a kitchen, and while not all countertop types are not provided for in the field; i.e. wood, or concrete, that should not add up to half the homes.
I continued on to see what was the most expensive house on the market with the least information. Using the fields we have already talked about I found this property. MLS# 5891038 It is listed for $5.5MM check out the link for details, needless to say it is a very nice house.
The listing agent has fail to enter any information in fields for Kitchen, rooms, interior features, exterior features, or even the name of the HOA. The listing agent did not even bother to enter the builders name when clearly she knows it because she put it in the description. This house also has a boat dock, but no mention of it in the correct field. What is the listing agent doing to make $165,000 commission? Im guessing not much since it has been listed for over 250 days. My example above, this house would never show up on my search, if I was looking for marble counters, boat dock, or exercise room. Why limit your exposure.
The Ugly Real Estate
I leave you with an interesting photo. Interesting for two reasons. #1 it was taken vertical or in portrait. This is not good to do for real estate photos for one simple reason, all third party real estate sites default to landscape photos. You still get your photo in but it will have big white or black bars on each side. Not really using the space given to it’s fullest. #2 Kind of a strange angle. I understand that the agent is trying to show the coffered ceiling, but I don’t think it helps this room to take a shot from the floor. Let me know what you think below in the comments.
About Ed Neuhaus
Broker and founder of Neuhaus Realty Group. I started working in real estate as soon as I could push a lawnmower and help clean up investment properties for my parents. Investing in real estate has always been a passion and now I have turned that passion into a way to help others. Buying and selling homes for others is just one way I think I can make the world better. No sales pressure, no gimmicks, just an honest work ethic gets the job done. Let me know how I can help you. Give me a call today at 512.366.3720
