Working with Escalation Clauses and Using Video and Virtual Tours in Real Estate
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This document summarizes the key points from a sales meeting held on August 20, 2019. It includes statistics on the local real estate market, information on using virtual tours, video, and price escalation clauses in listings. The presenter, Tom Blefko, closes by sharing his experience and contact information. Real estate agents are encouraged to leverage video and online content to promote their listings and enhance marketing efforts.
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Working with Escalation Clauses and Using Video and Virtual Tours in Real Estate
- 1. Sales Meeting August 20, 2019 1 Good to know® Impact of Virtual Tours & Video Price Escalation Clauses 08/20/2019
- 2. Real Estate Trivia 208/20/2019 ? How many ‘Views’ did my Sales Meeting Preview video get in less than 24 hours?
- 3. Monthly Homesale Complete 308/20/2019 Sweet Tea & Pretzel Day Wednesday @ 1:00 PM
- 4. Homesale Hump Day 408/20/2019 Stoner Grille Wednesday @ 4-7 PM
- 5. Homesale Complete 5 Dan Ranck NMLS #140989 Karie Martin Sarah Tompos James White 08/20/2019
- 9. Peak Performers – July ‘19 908/20/2019 Freddy Alldred The Craig Hartranft Team Maria Heisey The Wendell Huyard Team Carole Kirchner The Dave Lowry Team The Donna Shaw Team The Tim Shreiner Team The Mark Thudium Team
- 10. 1.8% DOWN Lancaster County Market Statistics 1008/20/2019 16.8% DOWN 29.4% DOWN July 2018 vs. July 2019 Settled Units Median Days to Sell 17 12 Average Interest Rate 1 2 3 ÷ 4 5 6 x 7 8 9 - 0 . = + 4.53% 1 2 3 ÷ 4 5 6 x 7 8 9 - 0 . = + 3.77% Freddie Mac monthly average commitment rate on 30-year fixed rate mortgages D I S C L A I M E R Based on information from the Bright MLS for all residential property located in Lancaster County, PA for the period: July 1-31, 2019 Data may not reflect all activity within the geographic marketplace. Average Sales Price $220,129 $247,291 618 SOLD 607 SOLD 12.3% UP
- 11. Lancaster County Market Statistics 1108/20/2019 Absorption Rates – July 2019 3 6 9 12 0 MonthsInventory 1.4 3.1 1.0 0.7 1.4 2.1 2.8 2.8 6.6 Buyer’s Market prices generally decreasing Seller’s Market prices generally increasing $0 to $79.9K $80K to $119.9K $120K to $159.9K $160K to $199.9K $200K to $249.9K $250K to $299.9K $300K to $399.9K $400K to $499.9K $500K + D I S C L A I M E R Based on information from the Bright MLS for all residential property located in Lancaster County, PA for the period: July 1-31, 2019 Data may not reflect all activity within the geographic marketplace.
- 13. Price Escalation Clauses 13 New Listing . . . the dreaded cards on the counter during the showing 08/20/2019
- 14. Price Escalation Clauses 14 • Consider using a ‘Price Escalation Addendum to Agreement of Sale’ • PAR Form PEA • If competing with another offer, your original offer may be automatically modified to put your best foot forward 08/20/2019
- 15. Price Escalation Clauses 15 Paragraph 1 Tells the Seller that if the original agreement is signed, the Price Escalation Clause does not apply 08/20/2019
- 16. Price Escalation Clauses 16 Paragraph 2 1. Indicates the amount that your Buyer’s offer may be modified to beat out competing offers 2. Indicates the maximum that your Buyer will modify their offer 1 2 08/20/2019
- 17. Price Escalation Clauses 17 Paragraph 3 Indicates how your buyer will handle the mortgage amount in the original agreement (check all that apply) 08/20/2019
- 18. Price Escalation Clauses 18 Paragraph 4 • Mortgage Required – It is recommended to check off the box to make sure that your Buyer doesn’t pay too much for the property • Mortgage Waived – Use CAUTION X 08/20/2019
- 19. Price Escalation Clauses 19 Paragraph 5 If the Seller is bumping up the price indicated in your agreement, they must provide proof of the highest competing offer 08/20/2019
- 20. Price Escalation Clauses 20 Paragraph 6 If the Seller is bumping up the price indicated in your agreement, they will insert the new price at the bottom of the addendum and Buyer agrees to revise the original agreement of sale accordingly. If Buyer does not revise original agreement, they are in DEFAULT. 08/20/2019
- 21. Price Escalation Clauses 21 Signature Lines Buyer – Signs with offer Seller – Only signs if Buyers offer was modified and is accepted 08/20/2019
- 22. Price Escalation Clauses 22 Can the Listing Agent say, “We’re not accepting offers with price escalation clauses” or place a similar statement in the MLS comments? - - - MAYBE - - - • Yes – if Seller instructs Listing Agent to add it to the MLS • No – if Listing Agent unilaterally adds it to the MLS because it is their preference 08/20/2019
- 23. Price Escalation Clauses 23 If the Listing Agent receives an offer with a Price Escalation Clause, can they refuse to present it to the Seller based on MLS language that says, “We’re not accepting offers with price escalation clauses”? - - - NO - - - The Listing Agent is obligated to present all offers on the property 08/20/2019
- 24. Price Escalation Clauses 24 Standard of Practice 1-6 REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/92, Amended 1/95) You do have a copy of the Code of Ethics . . . don’t you? 08/20/2019
- 25. Price Escalation Clauses 25 Suppose you suspect the Listing Agent won’t present your offer with a price escalation clause. Use Seller’s Reply to Purchase Offer (PAR Form SRP) when submitting your offer 08/20/2019
- 26. The Impact of Virtual Tours & Video 2608/20/2019
- 27. Where do buyers find the home they purchased? 2708/20/2019
- 28. Where do buyers find real estate information? 2808/20/2019
- 29. What Information Do Buyers Find to be Most Useful? 2908/20/2019 80% 60%
- 30. Stats for Your Analytical Sellers 3008/20/2019 73% of Homeowners say they’re more likely to list with a REALTOR® who offers to create a video for them . . . . . . but only 4% of agents put their listings on YouTube
- 31. Stats for Your Analytical Sellers 3108/20/2019 59% of executives would rather watch video than read text
- 32. Stats for Your Analytical Sellers 3208/20/2019 90% of information transmitted to the brain is visual and visuals are processed 60,000X faster in the brain than text
- 34. AdMaster 3408/20/2019 • Virtual Tour is created for every residential listing • YouTube version is created and posted on YouTube automatically • Listings are automatically added to your account • Ability to customize; music, remarks, photo order
- 35. AdMaster 3508/20/2019 • NOTE: If you use temporary photos initially, then replace them with professional photos, you need to create another video in the AdMaster system
- 36. AdMaster 3608/20/2019 • Make sure your Profile is up-to- date
- 37. AdMaster 3708/20/2019 • Easy to use Help Center to walk you through all your questions
- 38. What’s the Difference Between Virtual Tour & Video? 3808/20/2019 Virtual Tour Format Video Format
- 39. Where Do They Appear? 3908/20/2019 Virtual Tour Format • Homesale.com & HomesaleLuxury.com • Major real estate portals and syndicated websites Video Format • Homesale.com & HomesaleLuxury.com • Major real estate portals, syndicated websites, and YouTube
- 40. The Impact 4008/20/2019 • More than 1.8 billion unique users visit YouTube each month, spending time watching more than 5 billion videos monthly • According to Forrester Research it is 50X easier to achieve a page 1 ranking on Google with a video
- 41. How are we doing? (Stats for June ‘19) 4108/20/2019 Views 3,859 Minutes Watched 5,930 Likes 38 Comments 4 Shares 51
- 42. Listing Presentation Dialogues 4208/20/2019 “As soon as I put your listing in the MLS, a Video and Virtual Tour will be created and posted to YouTube and all major real estate portals.” “Google owns YouTube so it will help (not guarantee) to appear higher on the results of address searches on Google.”
- 43. Benefits to You 4308/20/2019 • The company covers the cost • Automatically created and posted • All you need to do is talk about it • Another marketing effort you can offer at the listing table
- 44. Still Skeptical? 4408/20/2019 10 Stats That Prove Real Estate Agents Should Use Video Marketing
- 45. Real Estate Trivia 4508/20/2019 Category Open Rate Click Rate Real Estate 19.67% 1.80%
- 46. 4608/06/2019 “If everything seems under control, you’re not going fast enough.” -Mario Andretti
- 47. About the Presenter 47 Tom Blefko is a broker with over thirty years experience in all facets of the residential and commercial real estate industry including sales, leasing, office management, property management, development, construction, and training. During the course of his career, he has been an award-winning salesperson and assisted other agents in negotiating and closing thousands of real estate transactions. Contact Information: Tom Blefko, Associate Broker Berkshire Hathaway HomeServices Homesale Realty Office: (717) 560-9100 Cell: (717) 587-6600 Email: tblefko@homesale.com 08/20/2019
Editor's Notes
- No surprise here. #1 is online websites where videos and virtual tours are posted.
- This shows how our industry has changed in 15+ years.
- Millennials grew up with video. In order to capture their business, we need to engage them the way they want to be engaged.