Charlotte|Lake Norman What does Your Property manager Do for you!

 A **property manager** is responsible for overseeing and managing real estate properties on behalf of the owner. Their primary goal is to ensure the property is well-maintained, profitable, and meets the needs of tenants or residents. Here’s a breakdown of their key responsibilities:

### 1. **Tenant Management**

   - **Leasing and Marketing**: Advertise vacancies, show properties to potential tenants, and screen applicants (e.g., credit checks, background checks).

   - **Lease Agreements**: Prepare and enforce lease contracts, including rent collection and lease renewals.

   - **Tenant Relations**: Address tenant concerns, complaints, and maintenance requests in a timely manner.

   - **Evictions**: Handle the legal process of evicting tenants if necessary.

### 2. **Financial Management**

   - **Rent Collection**: Ensure timely rent payments and follow up on late payments.

   - **Budgeting**: Create and manage budgets for property operations, maintenance, and improvements.

   - **Financial Reporting**: Provide owners with regular reports on income, expenses, and profitability.

   - **Expense Management**: Pay bills, such as utilities, taxes, insurance, and vendor invoices.

### 3. **Property Maintenance**

   - **Routine Maintenance**: Schedule and oversee regular upkeep, such as landscaping, cleaning, and repairs.

   - **Emergency Repairs**: Respond to and resolve urgent maintenance issues (e.g., plumbing leaks, electrical problems).

   - **Inspections**: Conduct regular property inspections to ensure it meets safety and habitability standards.

   - **Renovations and Upgrades**: Coordinate improvements or renovations to maintain or increase property value.

### 4. **Legal and Compliance**

   - **Regulatory Compliance**: Ensure the property complies with local, state, and federal laws (e.g., housing codes, safety regulations).

   - **Insurance**: Manage property insurance policies and handle claims if needed.

   - **Dispute Resolution**: Mediate conflicts between tenants or between tenants and the property owner.

### 5. **Vendor and Contractor Management**

   - Hire and supervise contractors, repair technicians, and other service providers.

   - Negotiate contracts and ensure work is completed satisfactorily and within budget.

### 6. **Owner Communication**

   - Act as the primary point of contact for property owners, providing updates on property performance, financials, and any issues.

   - Offer advice on maximizing property value and rental income.

### 7. **Market Analysis**

   - Monitor local real estate market trends to set competitive rental rates and advise owners on investment opportunities.

### Types of Properties Managed:

   - Residential (apartments, single-family homes, condos)

   - Commercial (office buildings, retail spaces)

   - Industrial (warehouses, factories)

   - Mixed-use properties

In summary, a property manager acts as the intermediary between property owners and tenants, ensuring the property operates smoothly, remains profitable, and maintains its value. Their role requires strong organizational, communication, and problem-solving skills.

Lake Norman : Agents Take of Not offering Compensation in MLS

 

On this week's episode of Real Estate Insiders Unfiltered, California agent Chris Cragnotti shares his experience working with sellers who chose not to include an offer of compensation in the MLS, 10 months before it was required. He describes the conversations he's had with clients, the responses of buyer agents and how the deals went down.  

See why eliminating upfront offers of comp is 'nothing to be afraid of': Many agents are just starting to talk with clients about industry rule changes, but Cragnotti has been doing it since November. After the Sitzer/Burnett verdict was announced, "we knew what the DOJ wanted," he said. 

So how did sellers react? His first conversation was "super easy." Transparency and education have been key.

"I realized that I had a fiduciary obligation to explain to my sellers that this pathway existed, that not only do they not have to offer compensation, but the buyer can can now ask them in the purchase agreement. And I explained to every one of my sellers, you're very likely going to be asked to pay compensation, and I think it's a great insurance policy. They should have their own representative. It protects you, it protects me. It's better and it's worth your money to do it. You can still say no. You'll be able to negotiate it."

Were buyers (or their agents) scared away? Removing an offer of compensation has not impacted Cragnotti's business or his sellers. All of his recent listings have sold — many for above asking — and the change, he said, has ultimately been "a big nothing."

"What I think all the other agents gleaned from the experience was that, oh, it's just an extra a piece of paper we have to do. It's a conversation I have to have with my buyers now, a conversation we probably should have been having all along anyway. But at the end of the day, you know, it's just really easy and it will become easier."

Your Huntersville Realtor and Advisor

 

What is the Realtor® Difference? Going under contract sooner than expected. But before the contract is signed it’s…

📌Receive and review all Offer to Purchase contracts submitted by buyers or buyers’ agents

📌Evaluate offers and counsel seller on offers

📌Contact buyers’ agents to review buyer’s qualifications and discuss offer

📌Send Seller’s Disclosure to buyer’s agent or buyer upon request

📌Confirm buyer is pre-qualified

📌Negotiate all offers on seller’s behalf, setting time limit for loan approval and closing date

📌Prepare and convey any counteroffers, acceptance or amendments to buyer’s agent

📌Send copies of contract and all addendums to closing attorney or title company And so much more. That’s the Realtor® Difference.

Contact me to learn more about the new Realtor Compensation Rules.   704-fourfiveone-7051

3 Things to Consider if You Are Considering Selling Your Home.

1. New MLS commission rules are taking effect over the next 11 days. This means what was a 5-6% listing last week is now a 2-2.5% listing today. MLS's no longer will publish seller paid buyers commission, so there is absolutely no reason to agree to it at the listing table, if your agent is worried about securing buyers agent commission at the listing you need to find another agent.

You, as the seller, have the option to negotiate any buyers agent commission as part of the purchase contract. No need to give away 2.5% now, think about it and find an agent that understands building value and making your home desirable (not the commission).

How can this work out?
Buyer comes with no agent to pay.
Buyer pays his own agent.
Buyer increases price to pay agent.
Buyer asks you to pay agent.
One of theses options was where sellers were yesterday, the other three are seller positive.

1. There are still transactions closed in July around Charlotte and Lake Norman that had multiple offers. The buyers agent commission will certainly play a part in these negotiations going forward.

The bottom line is that now sellers have a different bottom line.

2. Interest rates have decreased, this is increase traffic and sales (not a ton but a measurable amount), prices will continue to increase.

3. Great homes are still selling days and bringing a premium. 3650 homes were listed in Mecklenburg County, North Carolina since July 1, 2024.  2208 homes sold with an average days on the market being 32 days.

Having attended multiple MLS meetings regarding regarding the de-coupling of commissions I can tell you everyone has a different opinion on what is now a mandate. I have yet to meet a group of Managers that agree, brokers that agree or agents that agree on what to do and the reality is there are not a lot of options. The best option for seller is agree to listing commission 2-3% AND be open to buyer agent commissions or buyer concessions if they are included in an acceptable offer.

Any agent that is more concerned with offering commission than properly marketing your home is a "hard no".

NAR Ruling FAQ From NC Association of Realtors

 Carolina Living and Roby Robertson does their best to keep their clients informed about the recent Litigation with regard to the National Association of Realtors.  Below are important points to consider.  If you are thinking of buying or selling, let us know what questions you have (no obligation).  

1. Listing Commissions: Cooperating compensation is still permitted, and as has been shown many times, it offers benefits to both buyers and sellers. It would be good to examine policies to make sure that sellers are being fully informed about how their commissions are used, including how much is being paid to cooperating agents. Sellers should be made aware that they are under no obligation to pay cooperating agent commissions, including cooperating compensation to seller subagents. 

2. Buyer Agent Commissions: a. Disclosure. Examine policies to make sure buyers are aware that sellers may not offer cooperating compensation, and that buyers may need to pay their agents from their own funds. b. Avoid Steering. Buyer agents should put their fiduciary duty to the buyer first and avoid steering their buyers only toward properties that offer cooperating compensation that will cover the buyer’s monetary obligation to their agent. c. A la Carte Compensation. Buyer agents may want to consider alternate forms of compensation, such as a flat fee or an hourly rate, if no cooperating compensation is offered. This may mean that buyer agents may want to consider altering the services they offer to reflect the amount of compensation due. d. VA Loans. Buyers using VA loans are still not permitted to pay buyer agent commissions from their own funds. Assisting these buyers is still important, but it may take time for the VA to adjust its policies, if it chooses to do so at all. In the interim, buyer agents will need to understand the risk in representing these clients if they find a property that does not offer cooperating compensation. Use existing tools designed for buyers and sellers like the North Carolina Real Estate Commission’s Working with Real Estate Agents Q&A to get the conversations about compensation started early. 

3. Use of Standard Form 220: Confirmation of Compensation, Agency, and Appointment: Agents may need to use Form 220 more often to negotiate cooperating compensation. Form 220 can be used by buyer agents and listing agents to negotiate cooperating compensation directly. Pursuant to Standard of Practice 3-1, cooperating agents should determine compensation terms, if any, prior to an offer being made. Remember that a REALTOR® may not make submission of an offer to purchase contingent on the listing firm adjusting its rate of cooperating compensation, if any. 

4. No Standard Commission Rates. It bears repeating that there is no standard commission rate. This is true for listing firm commissions, buyer agent commissions, seller subagent commissions, and cooperating compensation. Agents should negotiate their compensation with their sellers and buyers, and it should reflect the agent’s skill, value, time, and other factors, including whether cooperating compensation (whether offered or accepted) is in the client’s best interest.

Huntersville|Lake Norman|Charlotte | A Seller’s duty to disclose latent material Defects

 QUESTION: In reading last week’s Q&A (Disclosure, Material Facts, the Residential Property Disclosure Statement, and the Due Diligence Fee, release date: 6/4/2020), I was surprised to learn that a seller has a legal duty to disclose a material defect about their property when the seller knows about the defect and the defect is one that is not discoverable by the buyer in the exercise of reasonable diligence. I have long understood that a seller can’t hide or actively misrepresent a material fact about their property, but I didn’t know that a seller has a duty to disclose latent material defects. Can you give me a real-life example of when a seller got into trouble for not disclosing a material defect?

ANSWER: Yes. The case of Everts v. Parkinson was decided by the North Carolina Court of Appeals in 2001. It involved the sale of a house in Wilmington in 1993 that was clad with synthetic stucco. Approximately two years after moving into the house in 1988, one of the owners, Mr. Parkinson, began to discover rotting pieces of brick molding around at least seven windows or doors. He replaced the rotting brick molding himself. Later, a painter who power-washed the house discovered that one of the windows was rotted in the sash, jamb, and part of the sill. Again, Mr. Parkinson made the repairs himself. He testified that the work “didn’t appear that complicated,” but an engineer who inspected the house testified that the window had undergone extensive repair behind the surface cladding between the inner and outer walls.

Mr. Parkinson later hired a company to build a band of stucco around the perimeter of each window to protect the windows from water. The president of the company testified that he told Mr. Parkinson the bands would not provide any waterproofing and that all the company was providing was decorative banding.

At the time of sale, the Parkinsons did not inform the buyers, Mr. and Mrs. Everts, about any of the repair work that Mr. Parkinson had done or about the construction of the stucco bands. The Everts’ home inspector testified that he did not observe any problems with the windows or doors and that he was not able to observe the perimeter joints of the exterior windows because they were concealed by the stucco bands. He also testified that he had not been informed of any moisture intrusion problems, and that if he had, he would have performed an intrusive test by inserting a moisture probe into the synthetic stucco. According to the inspector, it was not the normal practice of his company to perform this kind of test unless it was provided with information about water intrusion problems.

In its opinion, the Court of Appeals stated that “[a] duty to disclose material facts arises where material facts are accessible to the [seller] only, and he knows them not to be within the reach of the diligent attention, observation and judgment of the purchaser.” The Court concluded that a jury could infer from the evidence that material defects were known to Mr. Parkinson, that he knew the Everts’ were not aware of the defects and would not discover them in the exercise of diligent attention or observation, that Mr. Parkinson therefore had a duty to disclose the existence of the defects to the Everts’, and that his failure to do so supported their claim of fraud.

Huntersville | Lake Norman - Duty of Good Faith and Disclosure of Material Facts

 

Know Your Rights

QUESTION: Closing is two weeks away, and my buyer needs to sell their existing home in order to obtain a loan and close. Today we received notice that the buyer of my client’s home is terminating. My client is freaking out and demanding that I do not tell the seller about the termination. My buyer is also debating whether to inform the seller next week that if my client does not receive a refund of their Due Diligence Fee, they will delay terminating the current transaction all the way through the grace period in the contract. What do I do?

ANSWER: You need to immediately disclose to the seller or listing agent that your client may not be able to close. You also need to inform your client to seek legal counsel regarding the potential negotiation of the Due Diligence Fee.

The North Carolina Real Estate Commission has long instructed that a principal’s ability to complete a transaction is a material fact. This category of material fact “includes any fact that might adversely affect the ability of a principal (seller or buyer) to consummate the transaction such as: [1] a buyer’s inability to qualify for a loan, [2] a buyer’s inability to close on a home without selling a currently owned home, or [3] a seller’s inability to convey clear title due to the commencement of a foreclosure sale or judgment lien on the property.” 2022-2023 General Update Course, Section 1, Material Facts: Speak Up! Failure to disclose a material fact is the number one reason why agents are disciplined by the Commission. Here, your client’s likely inability to close is clearly a material fact that must be disclosed to the listing agent regardless of your client’s direction to the contrary.

As for the strategy to obtain a refund of the Due Diligence Fee, your client needs to be informed by legal counsel that every contract has an implied duty of good faith and fair dealing. North Carolina Courts have “consistently held that [i]t is a basic principle of contract law that a party who enters into an enforceable contract is required to act in good faith and to make reasonable efforts to perform his obligations under the agreement.” Blondell v. Ahmed (NC Court of Appeals 2016). Here, it sounds like your client may attempt to violate that duty in an attempt to obtain a refund of the Due Diligence Fee. Assisting your client in this endeavor may expose you to liability and violate both the License Law and the Code of Ethics. As such, it would be best to strongly advise them to use legal counsel in order to negotiate a termination of the transaction.

© Copyright 2023. North Carolina Association of REALTORS®, Inc.

This article is intended solely for the benefit of NC REALTORS® members, who may reproduce and distribute it to other NC REALTORS® members and their clients, provided it is reproduced in its entirety without any change to its format or content, including disclaimer and copyright notice, and provided that any such reproduction is not intended for monetary gain. Any unauthorized reproduction, use or distribution is prohibited.

I don't really need an experienced Realtor. I can just hire a friend?

 

I don't really need an experienced Realtor. I can just hire a friend?

Would you hire a law student to represent you in monetary litigation or hire an experienced lawyer that is an expert in the field?

I have a client that told me they had a friend that just got their license and they wanted to give them a chance to sell their home.   Have you heard this before?   

In this case, things fell apart when the inexperienced agent was verbally negotiating on his behalf.  Both parties seemingly had a deal worked out and the buyers went out of town for a long weekend. No due diligence was collected because a promise was made by the buyer's agent.  In the seller's mind his home was sold and he was moving forward with his plans.   His agent was telling people it was sold and interested buyers moved on.   Low and behold, buyers came back and changed their minds.   Numerous opportunities were lost as well as valuable time.   

An inexperienced agent keeps the facts below in mind at all times and is diligent throughout the transaction.   

Negotiations leading to a contract can be fast-paced, to the extent that brokers find themselves communicating offers and counter-offers, as well as acceptances, orally. An example of such a situation occurs when an oral counter-offer is communicated to the buyers, who orally agree to the new terms. The acceptance is orally relayed to the sellers, who now mistakenly think they have a valid contract.

The Statute of Frauds requires that all contracts for the sale of land or for lease agreements exceeding three years be in writing and signed by the parties to be enforceable. In order for a valid contract to exist, all negotiated terms must be in writing and signed by the parties. Any changes must also be in writing and initialed by the parties.

A broker can best keep his or her clients informed of all communications material to negotiations between the parties by ensuring that offers, counter-offers, and acceptances are in writing and contain all necessary signatures. Oral agreements for the sale of real property are not binding.

Thinking of selling and want a FREE Home evaluation?    Visit: Free Property Valuation (robyrobertson.com)

What To Consider Before Selling Your Home

 Selling your home is a huge leap forward in your life, so it's vital to be as prepared as possible before you put it on the market. Small changes can make a huge difference in how much your property is worth.

Thinking of Selling? Learn More about Selling with Roby

Before you list your home, take the time to consider each of these ideas and think about the impact they'd make on the price you can grab for it. 

1. Does the Exterior of Your Home Shine?

One of the biggest things to keep in mind when you're selling your home is that the exterior needs to wow and impress! This is the first part of your property people will see when they pull up and the first thing that will influence their opinion on whether or not they want to buy your property.

 

To update things, look into adding a brick cladding system, or check the brick cladding on your property and make sure it's in good shape and able to protect the property. Creating a safe and inviting home is vital to getting buyers in the door.

2. What Do Your Listing Photos Highlight?

When people look at your home's listing, the photos need to pop up and tell them to look at your home more. Not only should they be high-quality, clear, and well-lit, but these photos should also be able to guide their eyes from room to room to show off the details that make the property incredible.

 

Highlighting areas like a gorgeous white stone fireplace will make a lot more sense than catching a great photo of the bathroom sink. Take your time, and be purposeful in the angles and subject matter you choose. Hiring a professional photographer can make this step a lot easier!

3. Is There Noticeable Dust or Debris in the Home?

Dust and debris in a home can scare away buyers in the blink of an eye. When people are picturing their future in a home, they don't want to be confronted by gross debris and skin shed by whoever owns it first.

 

Deep clean the entire home, but focus your energy especially hard on areas like bathrooms, kitchens, and laundry rooms. These areas are especially prone to dirt and gross residue, so wipe that away and clear the minds of buyers.

4. Have You Staged Your Property?

Did you stage your home? A staged property will sell faster while also bringing in far more money than a home that fails to do so. You can stage using your own furniture if you have modern belongings, but most sellers turn to furniture rental companies that will stage the house for you.

 

This lets your home look brand new and professionally decorated without causing you to go deep into debt buying furniture that you don't want or need.

5. How Old is Your Roof and Siding?

Your roof and siding will need to be updated every twenty to fifty years, depending on the materials and the weather conditions of the area you're in. A wood shake roof can look incredible, but if you don’t properly maintain it and keep it in good working order, it could prove disastrous for your home’s value.

 

The older these parts of your home are, the less likely buyers will be interested in sealing the deal. Update them for that good return on investment every seller wants.

6. Can Your Home Handle Moisture or Water Damage?

Water is one of the most destructive forces out there, able to whittle away wood or stone over the years or floor a home and ruin it from wall to wall. If you want to protect your property and give buyers a chance to have faith in the house they're looking at, look into waterproofing technology.

 

Not only will this keep moisture out, but it can help lower insurance rates and give buyers peace of mind in a wild climate that's been shifting over the last few years.

7. Are All Brick and Stone Surfaces in Good Shape?

Brock and stone are huge deals in 2023, as many buyers are looking to return to natural textures and more earthy tones. Consider power washing the exterior of your home and heavily cleaning any surfaces of these materials on the interior of your home as well. These are the stars of the show, so it's vital that you let them shine.

 

If your home doesn't have any brick or stone but instead has a lot of natural wood, make sure to make that shine instead. Work with what you have, but make the buyers think it's a dream come true.

Your Home Should be an Eye Catcher!

Whether your home is sixty years old or six months old, you should be able to sell it in no time. Follow some of these ideas before you put your property on the market: they could make you hundreds of thousands more. 

Courtesy: Max Shafer. a freelance writer that loves sharing his knowledge and expertise on real estate. He lives in Land O’ Lakes, Florida where he enjoys spending time with his wife and researching real estate trends in his free time. Max’s work as a freelance writer can be found on Building Product Advisor, a new construction industry resource launching in Fall 2022.

Charlotte|Lake Norman|Huntersville Housing Market Prediction 2023

Carolina Living Real Estate Is Here to Assist

 

Charlotte | Lake Norman | Huntersville - Your 2022-2023 Housing Forecast

Your Charlotte Area Real Estate Expert Chimes In

Are you on the fence about buying or selling a home? Let's talk! No obligation...

Huntersville|Lake Norman|Charlotte| Should you consider an adjustable-rate mortgage?

 Carolina Living Real Estate and Roby Robertson is working Hard to Be Your Go To Choice For All Your Real Estate Needs

Mortgage Tips With New Rate Hikes

Huntersville|Lake Norman|Charlotte How Homeownership Impacts You

 

New From Carolina Living Real Estate

June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can truly be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.

If you’re thinking about buying a home this year, here are some of the benefits you'll experience when you do.

The Emotional Benefits of Homeownership

Because it’s a place that's uniquely yours, owning a home can give you a sense of pride and happiness in several ways.

Your Home Can Reflect Your Tastes and Personality

Investopedia puts it like this:

“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.”

That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWire, says:

“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “

And that can create a greater sense of ownership, pride, and connection with your home and your community.

It Can Enhance Your Neighborhood and Civic Engagement

Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:

“Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”

The Financial Benefits of Homeownership

When you choose to become a homeowner, you’re making a financial decision as well. That’s because your home is also an investment.

It Can Help You Feel Financially Stable

Homeownership is truly one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates in value and you make your monthly mortgage payment. As Freddie Mac says:

“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

It Can Grow Your Wealth

Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position.

According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

Homeownership is truly a way to find greater satisfaction and happiness and to build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, then let’s connect to begin the process today.