Excellence Comes Standard. Frankly Client Bill of Rights, From The Real Estate Gadfly

tag:blogger.com,1999:blog-4797432599663441966.post-51812672458712988822007-03-06T01:17:00.001-05:002008-12-11T16:28:13.339-05:002008-12-11T16:28:13.339-05:00Excellence Comes Standard. Frankly Client Bill of Rights, From The Real Estate Gadfly<img alt="" src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_9a8e30f3.gif" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_9a8e30f3.gif" align="left" height="160" width="159" />"Gadfly," 1) a person who upsets the status quo by stimulating innovation by proving an irritant. 2) any of various flies, like a horsefly, that bite or annoy livestock. <img title=" " alt=" " src="http://activerain.com/image_store/uploads/1/8/1/6/2/ar117307602826181.jpg" mce_src="/image_store/uploads/1/8/1/6/2/ar117307602826181.jpg" align="right" height="84" width="79" />First JetBlue left customers on the runway for 10 hours, and followed with a JetBlue Bill of Rights.Then a class action lawsuit was brought against C0ldwell Banker (<a href="http://www.washingtonpost.com/wp-dyn/content/article/2007/03/02/AR2007030200581_pf.html" target="_blank" mce_href="http://www.washingtonpost.com/wp-dyn/content/article/2007/03/02/AR2007030200581_pf.html">Article</a>) for violating RESPA-type laws for steering clients to profit-sharing "partners."Before there is a further disastrous... out lash from consumers against Realtors, we must adopt a new standard. All shadiness needs to be removed from the industry and excellence should come standard. <a href="http://www.franklyrealty.com/">FranklyRealty.com</a> will start in Virginia, DC, MD and I envision shortly other firms will subscribe to the "Frankly Client Bill of Rights" throughout the country. This is not trademarked, go ahead copy me. You'd be an idiot not to. <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://www.youtube.com/watch?v=3j3HXWqlgcs"><img style="margin: 0pt 0pt 10px 10px; float: right; width: 158px; cursor: pointer; height: 133px;" alt="" src="http://activerain.com/image_store/uploads/8/0/0/9/3/ar117316169439008.jpg" border="0" /></a> Who will join us? Who runs a real estate firm that is willing to follow our lead and offer a new elite level of service and disclosure? While I'm honored to be the first to come out with this, I'm also embarrassed at the same time that this isn't already the default. Consumers might read this and say "d'uh, seems obvious," I agree! But why is it that not one real estate firm in America subscribe to this? YET!Introducing the Frankly Client Bill of Rights:#1 No ABA's, Affiliated Business Arrangements<img style="width: 148px; height: 191px;" alt=" " src="http://activerain.com/image_store/uploads/1/4/8/1/8/ar117307655581841.jpg" mce_src="/image_store/uploads/1/4/8/1/8/ar117307655581841.jpg" align="right" /> We make our money on the commission, we don't need to make a few hundred bucks steering you. No "One Stop Shopping" filled with partners filling our pockets. (<a href="http://franklyrealty.blogspot.com/2007/01/beware-of-affiliated-businesses.html" target="_blank" mce_href="http://franklyrealty.blogspot.com/2007/01/beware-of-affiliated-businesses.html">blog on ABAs</a>)#2 No Admin FeesThese are $200-400 fees invented by many large companies, supposedly for "administrative" costs. They are charged mainly on the sell side, but sometimes on the buy side. The trick is to bury the fee within the already confusing 20 pages of paperwork required for every deal. This charge is simply a JUNK FEE. Don't stand for it. No more having clients sign confusing disclosures unknowingly or leading them to think that it is "normal." We don't charge them, never have. (<a href="http://franklyrealty.blogspot.com/2007/02/395.html" target="_blank" mce_href="http://franklyrealty.blogspot.com/2007/02/395.html">blog on Admin Fees</a>)#3 No Dual AgencyDual Agency is ILLEGAL in some states. I wonder why? Dual Agency is when there is only one Realtor between a buyer and seller. A Dual Agency Realtor can not help both sides. So legally they are not allowed to represent EITHER SIDE, and instead "represent the contract" only. That makes the agent a mere worthless paper pusher. We don't do that. We will only represent our client, the buyer OR seller. In the case where a buyer comes without an agent, they will be an "unrepresented buyer" (like a FSBO) and will sign a disclosure saying who we w<img alt=" " src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_65c8d935.jpg" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_65c8d935.jpg" align="right" height="160" width="145" />ork for. (new blog soon)#4 No TELLING you what to pay We won't tell you what to pay for a place. Ever! We won't even answer the "What if you were me" question, since... We aren't you! It is your money, and your risk tolerance. Instead of telling you a price, we will go over a ton of data to consider and conclude with our "VEGAS ODDS SYSTEM" on what the other side MIGHT do and separate it into three categories: Accept, Counter or Walk. Ultimately you decide how aggressive you want to be. (<a href="http://franklyrealty.blogspot.com/2007/01/dont-trust-nar-and-realtors-that-sell.html" target="_blank" mce_href="http://franklyrealty.blogspot.com/2007/01/dont-trust-nar-and-realtors-that-sell.html">No "selling" blog</a>)#5 No Home Warranty Insurance Kickbacks Even though it is illegal to receive a commission for selling insurance (unless you are a licensed insurance dealer), the Home Warranty companies have figured out a way to give agents and firms an "admin fee" of $60 to sell their goods. Why bother? We won't accept that commission as we feel that is illegal. Instead we will pass that "admin fee" to the buyer/seller. This might seem like a small amount, but the principle is what matters. Again we make our money on the commission, we don't need to upsell you a $400 policy just to make another $60.<img alt=" " src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_47d96096.jpg" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_47d96096.jpg" align="right" height="95" width="113" />#6 No Buyer Agent Bonuses/BribesWe outline our compensation up front in our Exclusive Buyer Agency Agreement (<a href="http://franklyrealty.blogspot.com/2007/02/exclusive-buyer-agency-contracts-dont.html">Don't Sign Them Yet blog</a>). If there is a bonus to the buyer agent, the buyer gets that in a form of a rebate on the HUD1. We can't be bribed to push you into a particular listing. (<a href="http://franklyrealty.blogspot.com/2006/12/shady-realtor-bonuses-10-free-cruise-be.html" target="_blank" mce_href="http://franklyrealty.blogspot.com/2006/12/shady-realtor-bonuses-10-free-cruise-be.html">blog on 10% agent bribes</a>)<img alt=" " src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_1CollageOdyssey-1.jpg" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_1CollageOdyssey-1.jpg" align="right" height="107" width="160" />#7 20 Photos & Custom Domain Name Website Per ListingIt boggles my mind when a $900,000 listing posts 3 photos taken with a camera phone (see <a href="http://franklyrealty.blogspot.com/2007/01/for-realtors-sucky-listing-agents-i.html" target="_blank" mce_href="http://franklyrealty.blogspot.com/2007/01/for-realtors-sucky-listing-agents-i.html">Sucky Agents</a>) and then wonders why it didn't sell for 2<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://4.bp.blogspot.com/_WXecsoUuRy0/RbFsAB402mI/AAAAAAAAANk/Kcp7bXQtFmc/s400/shoot.jpg"><img style="margin: 0pt 10px 10px 0pt; float: left; width: 78px; cursor: pointer; height: 61px;" alt="" src="http://4.bp.blogspot.com/_WXecsoUuRy0/RbFsAB402mI/AAAAAAAAANk/Kcp7bXQtFmc/s400/shoot.jpg" border="0" /></a>00 days. And this is from a "Top 3" large company, not a "discounter." They even allow agents to check a default button to allow the MLS to dispatch a high school photographer to take a free exterior shot. I call this the free drive-by shooting option. If they checked this option, you have a sucky agent. Interesting stats: I just looked up a nice bright "Top 3" leading firm. They have 22 listings active. 9 picked the free MLS drive-by option, 8 had only 1 photo and no tours (some overlapped) and only 1* had 20 photos (there were 12 tours which I personally hate). Here is a secret, it only costs Realtors $20 to put 20 photos, so why isn't that mandatory? (every buyer is now saying "Yeah I hate places without multiple photos... well blame them!) Simple new standard requirement: <ul><li>Each listing must have 20 photos. </li><li>Photos must be taken with <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://s68.photobucket.com/albums/i18/franklyfrank1/th_0ce97272.gif"><img style="margin: 0pt 0pt 10px 10px; float: right; width: 130px; cursor: pointer; height: 97px;" alt="" src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_0ce97272.gif" border="0" /></a>a 15/22mm wide angle camera (like the <a href="http://www.amazon.com/gp/product/B000CD6B3A?ie=UTF8&tag=frareablo-20&linkCode=as2&camp=1789&creative=9325&creativeASIN=B000CD6B3A">v570</a>) or from a professional photographer (see Frank's <a href="http://frankly.com/">former photo life</a>). </li><li>The photos will be online within 1 HOUR of the listing. </li><li>Listings will never have "Photo Coming Soon" or "No Photo Available." Otherwise 1,000+ buyer receiving daily email alerts for new listings won't have a photo, and the listing will have missed the single most important first impression. This is a pet peeve of mine. If your agent has a "No Photo" image the first day after your listing, you have a sucky agent. Tell them to read this and get their act together! </li></ul>Each listing will also have their own domain name. No need to point prospects to "HugeRealEstateCompany.com" just to get lost looking at another 10,000 homes. Instead prospects can go directly to the photos of the listing with their own domain like: <a style="font-weight: bold;" href="http://www.2001odyssey815.com/" mce_href="http://www.2001odyssey815.com">www.2001Odyssey815.com</a><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_WXecsoUuRy0/Ra6Tmh402cI/AAAAAAAAALY/iGNAr78-D6Y/s320/staged.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; width: 250px; cursor: pointer; height: 132px;" alt="" src="http://3.bp.blogspot.com/_WXecsoUuRy0/Ra6Tmh402cI/AAAAAAAAALY/iGNAr78-D6Y/s320/staged.jpg" border="0" /></a>#8 Professional Staging <a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_WXecsoUuRy0/Ra6Tmh402cI/AAAAAAAAALY/iGNAr78-D6Y/s1600-h/staged.jpg"></a>We won't list a house unless we can make it look better than a model home. Why? It works. It gets you more money and the house sells faster. (See <a href="http://franklyrealty.blogspot.com/2007/01/listing-case-study.html" target="ew">Bidding War blog</a>). Just yesterday we got 3 offers in 3 days for $20k over what another Realtors said would be the seller's top price (referrals available). #9 You're High Tech, We're High TechHow about 100% paperless transactions from start to close? No unnecessary "meeting to sign" papers or trips to Kinkos. We also use instant messaging (myim=<a href="http://aim%3agoim/?screenname=frankllosa&message=Hello+Frank+Im+On+Your+Blog">FrankLLosa</a>) , cell text messaging and of course email... from our phone. Prefer <img alt=" " src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_32699470_99027d8691_o.jpg" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_32699470_99027d8691_o.jpg" align="right" height="116" width="88" />paper? We can do that too.#10 Profit GuaranteeBubble fears? Scared your agent will talk you into something bad to make a buck? There are few things more painful than losing money on a transaction. We want to lower your risk if you buy from us. If you need to sell your house within the next 5 days or 5 years, and we can't make you a profit, we will sell it for no listing commission. We make money when you make money. If you lose money on a deal, we'll help you out for free. (details coming soon)<img alt="" src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_a29ff720.jpg" mce_src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_a29ff720.jpg" align="left" height="75" width="107" />Thank you for following Blog.FranklyRealty.com as we recalibrate the real estate industry! Sign up via for updates or email this to a friend. Are you a buyer or seller? Print this out, have your Realtor sign the Frankly Client Bill of Rights? (Tell me how it goes) Are you a Realtor with another firm that can't promise the above? Then switch or start your own, maybe I'll even help you! Thanks for all the comments, keep em coming. And if you like this blog, please pass it on! Oh and tell me if you find typos, I don't like looking dumb. Written by Frank Borges LLosa- The Real Estate Gadfly Virginia Broker/ Owner <a href="http://franklyrealty.com/" target="_blank" rel="nofollow" mce_href="http://franklyrealty.com/">FranklyRealty.com</a><a href="http://blog.franklyrealty.com/" target="_blank" rel="nofollow" mce_href="http://blog.franklyrealty.com/">Blog.FranklyRealty.com</a> Featured in BusinessWeek, CNBC, WSJ etc. <img alt="" src="http://franklyrealty.com/logos/Logo-07-Inch-GIF-2k.gif" mce_src="http://franklyrealty.com/logos/Logo-07-Inch-GIF-2k.gif" height="87" width="139" /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://s68.photobucket.com/albums/i18/franklyfrank1/th_6bbc68e0.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; width: 105px; cursor: pointer; height: 150px;" alt="" src="http://s68.photobucket.com/albums/i18/franklyfrank1/th_6bbc68e0.jpg" border="0" /></a>p.s. #11 As with JetBlue, we also promise not to leave you on the runway for 10 hours.* Wow, I just got goose bumps! Without even knowing it, I was going to email the 1 and only agent from that firm with 20 photos (I give props if an agent rocks, even in a competing firm). Nobody is going to believe me, but that agent... just switched over to FranklyRealty.com and is our newest elite agent! Cathy Poungmalai! Welcome Cathy! <div class="blogger-post-footer">.::. Don't forget to come back to the site to post comments. A blog without reader interaction is a boring blog. Also go and see the comments and debates. .::.</div>FRANK LL0SA Va Broker- BLOG.FranklyRealty.comhttp://www.blogger.com/profile/12647085935682292923noreply@blogger.com48