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Expert Tips for Navigating the Real Estate Market

Our mission at Clancy Real Estate is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

Why It’s Important to Work With a Relationship-Based Agent

Most of the agents in our industry are transactional instead of relationship-based. Here’s why you should work with one who’s relationship-based.

Call me at (518) 861-7016 for a FREE home buying or selling consultation

What’s the difference between being transactional and being relationship-based in the real estate industry? The answer lies in how our team does business. 

I read an alarming article the other day that described Realtors along the same lines as personal injury attorneys and insurance salesman. In other words, it held our profession in a really low regard, and that was disheartening to me because I know how hard my team works and how much we love our clients. Overall, it was hard to read this article and think that the public thinks so little of Realtors. 

I think the reason for this is most Realtors are transactional instead of relationship-based. My firm is relationship-based. 

Let me tell you a quick story of how a transactional mindset works. I met with a couple last week who listed their home last year with a Realtor who was a friend of theirs. After six months, their home hadn’t sold and they were ready to take it off the market. When they told their Realtor this, their Realtor threatened to sue them for $8,000. 

I value the long-term relationship our team has with each of our clients.

That’s not how you build a business, build a career, and build trust with the public. I’ve never, ever told someone that I was going to sue them if they took their home off the market. In fact, we’re one of the few firms that offers an easy-exit listing agreement. If you’re one of our sellers and you want to take your home off the market, just call us up and we’d be happy to do that for you. I value the long-term relationship our team has with each of our clients—not the short-term, transactional gain of $8,000. 

Long story short, we plan on selling this couple’s home. If their previous Realtor would have agreed to take their home off the market last fall, they might have retained the client this spring. 

We want to earn your business, and we want to do business with you for life. 

If you ever have any real estate questions or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be glad to help you.

What All Sellers Need to Know About Basement Egress Windows

Is having a second basement egress actually as important as recent buzz would have you believe? Today, I’ll address this hot topic.

Call me at (518) 861-7016 for a FREE home buying or selling consultation

Spring is here and we’re seeing great buyer activity out there in our market. Many homes are selling above list price, but there certainly are some that are remaining stagnant on the market. The distinction comes down to things like price point, school systems, and location. 

For example, homes I’ve got listed that are priced at or above $900,000 are seeing very little activity, while homes I’ve got listed at or under $350,000 are receiving tremendous activity. 

But, this isn’t the main point I want to make today. The message I want to share with you is about basement egress windows. To elaborate, an egress window is just a separate way to get out of the basement.

Real estate goes through cycles. In the past, there’s been buzz about asbestos, radon, mold, and more. These days, there’s a lot of talk about homes without a basement egress. Homes without a basement egress have been causing a lot of grief for agents lately. 

Not having a second egress won’t make or break your ability to sell a home.

If you’re a seller, think about this: You’ve got a finished basement. Most likely, you didn’t pull permits from the town. Still, in most municipalities, you’ve got to have a second egress out of the basement beside the stairs. Nevertheless, 90% of people probably don’t have this. 

I have sold dozens upon dozens of homes that don’t have a second basement egress. I think it all comes down to an agent’s ability to negotiate. An agent who says you can’t sell a home without a second egress is an agent who can’t negotiate.

Let me tell you a story to illustrate what I mean. Two or three years ago, I spoke with a couple who had just met with another agent. They told me, “Don’t worry, we’ve already put a deposit down on a second egress.” I told them to cancel the contract and that I would sell the house without them putting a window in. They followed my advice, got their home sold, and saved $5,000 in doing so. 

This is what Realtors do: We work through problems. If you’re a seller and you have a finished basement, adding a second egress is something to think about. It is certainly beneficial to have one from a safety perspective, and the presence of this feature is something I will always argue for my buyers. However, having one won’t make or break your ability to sell a home. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The Dirty Little Secret in Real Estate

What’s the dirty little secret no one else will tell you about the real estate industry? I’ll share it with you today.

Call me at (518) 861-7016 for a FREE home buying or selling consultation

As we head into spring, the weather is starting to warm up a bit. We are seeing great buyer activity, and inventory remains low. Interest rates are starting to move up, so if you’re a buyer, you may want to make your move now before they get even higher. 

Now that you’ve been briefed on our current market conditions, I want to talk about the dirty little secret in real estate that no one likes to talk about. 

In my opinion, the real estate industry is broken. There are 3,100 brokers in the Capitol region, and 99% of them are set up as independent contractors within a real estate firm. On average, these agents sell seven or eight homes a year. What tends to happen is that these agents do some crazy things in an unethical environment.  

As a result, consumers lose tens of millions of dollars a year because of unscrupulous activities by Realtors. 

This week alone, I had three Realtors ask me or say things that were an ethical violation. Whenever a Realtor says to me, “Hey Kevin, between you, me, and the lamppost . . .” I know the next words out of their mouth are going to be some sort of ethical violation. 

It’s really disheartening, but when you think about the way our industry is set up, it’s not surprising. You have these very large commissions and agents that are only doing six or seven transactions a year, which means there is a huge motivation to work unethically.

I really want to stress that our firm is different. We have the saying “clients first” posted everywhere in our office. We have a fiduciary responsibility to treat your transaction like our own and put your needs before ours. That’s what we always do at our firm.

If I ever get wind that anyone at my office is doing anything unethical, I will take action. They are not going to work with our firm any longer. 

I believe that the industry will change.

Just to give you an idea of what I mean, I had an agent call me from another firm and we went out for coffee. They told me that they had called up a listing agent and said, “Hey, I have an offer coming in. What’s it going to take to put this transaction together?” That listing agent responded, “Bring me an offer of $340,000.”

The thing is, the buyer was going to offer $360,000, so the listing agent just cost their seller $20,000. The seller doesn’t even know that this conversation happened. They got sold out by their listing agent for $20,000, but they are probably happy because their home sold in two weeks.  

That’s just one of the many atrocities that go on in our business and it drives me nuts. Going forward, I think something needs to change. I believe the industry will change. It’s likely that going forward, Realtors will become employees with most teams. That’s why we work as a team; we do things differently at my firm. 

If you have any other questions about how my team operates or if you need help buying or selling a home, just give me a call or send me an email. I would be happy to help you!