Buyer’s agency agreements are legal documents stating that the buyer will work with the agent to buy a home. It typically includes a compensation component as well as other obligations. Glenn Phillips, CEO of Beach Homes Realty, explains why these are advantageous to those buying a home.
More Than Opening Doors: Buying a lake home can be a lengthy process, so you don’t want to waste time looking at homes that don’t meet your criteria. A buyer’s agent will go through your criteria, understand your wants and needs, and suggest properties that best fit your criteria.
Fiduciary Duty: Buyer’s agency agreements create a fiduciary responsibility for the buyer to represent your best interests. In some states, if there is no agreement, then the buyer’s agent is a sub-agent to the listing agent by default. Without the agreement, the buyer’s agent’s fiduciary responsibility is to the other party, not you.
Transparency of Commission: Buyer’s agency agreements work out how much the agent will be paid in commission and how. Having this documentation in advance reduces confusion about how money flows at the closing table.
Scope is Adjustable: With a buyer’s agency agreement, you can define how long you will work with the agent. It can be as short as a week or as long as a few months. Longer agreements mean that the agent can spend more time researching and finding houses that fit your criteria.
Do Your Homework: Some people are hesitant to sign these agreements because they don’t know the agent well. To solve this, you should ask them questions and get to know them; they should be able to answer your questions. You should also do your homework by researching them online and asking people who have worked with the agent about them.
Buyer’s agency agreements are a great way to help you navigate the home-buying process with more ease. Buyer’s agents can help you find a home that meets your needs in a shorter time frame. Visit beach-homes.com to find expert agents who will help you with the buying process.
Sometimes, agents guarantee an offer if you list with them, even if you don’t sell your house. This method is not something that Beach Homes Realty utilizes. Glenn Phillips, CEO of Beach Homes Realty, offers the perspective and reasoning behind that decision.
Guaranteed Offer is NOT the Same as Full-Price Offer: Guaranteed offers have different set conditions, and they are typically lower priced. If moving your house quickly is your main concern, then you may want to consider instant buyers.
Time: Guaranteed offers usually come with a defined time frame. However, with discretionary properties like beach homes, there is a much longer time frame. Discretionary buyers have an expanded time window when they are looking at houses. The process can often take years, and this extended period doesn’t work well with guaranteed offers.
Discretionary Buyers are Different: Discretionary buyers want their dream home and will wait patiently for it. This dream home mentality changes what they want, how they engage the market, and how they make offers.
Guaranteed offers often have fine print that needs to be read before accepting the deal. There are places that provide that service, but it doesn’t fit the Beach Homes business model. Check out beach-homes.com, where you can find agents who will help you understand the process and market of beach homes.
2024 is right around the corner, and many people are wondering what the beach home market will look like throughout the next year. Instead of beach home prices dropping next year, expect them to remain the same, if not slightly increase. Glenn Phillips, CEO of Beach Homes Realty, gives four reasons beach home prices won’t drop in the next year.
Limited (but improving) Inventory: Property inventory has been limited, although it has been improving over 2023. However, some of this new inventory is “phantom inventory.” Phantom inventory is homes that the seller lists at Covid frenzy-buying prices, even though that time is gone. Some sellers will lower their prices, but there will be more buyers than sellers overall.
Mortgage Rates (Not Really): Over half of the transactions for beach homes are done in cash. Buyers who can afford a discretionary home, like a beach home, can also afford higher rates even if they have to take a mortgage. They can afford the splurge in order to have their dream home.
Interested KNOWLEDGABLE Buyers: Buyers today will wait until they find the right beach home, and they won’t pay unreasonable prices. Demand hasn’t decreased for beach homes, keeping prices from dropping.
Global Unrest: When there is unrest in the world, some people use beach homes as a way to escape the difficulties of the world. They see it as a way to take care of their mental health or spend more time with their family.
Whether you’re looking to buy or sell a beach home in 2024, you should expect prices to remain the same overall. In some markets, prices for beach homes might even slightly increase. Be sure to visit beach-homes.com, where you can find beach specialists who can guide you through the beach market process.
If you’re selling your beach house, it’s important to know what buyers care about. However, it’s equally important to understand what they don’t care about as well. Glenn Phillips, CEO of Beach Homes Realty, covers what buyers don’t care about that sellers think they do:
What Seller Paid: To the buyer, it doesn’t matter what the seller paid for the home. They may want to understand the history of the pricing, but they aren’t looking to match or exceed the original selling price.
Listed Price of Nearby Homes for Sale: The homes for sale nearby haven’t sold. There isn’t a guarantee that they will sell for the price they’re currently listed at. In fact, if the seller believes the other homes were a far better price, they would go buy one of them.
Seller’s Personal Effort: Buyers often don’t care as much about things the seller has added, such as patios, decks, or pools. Sellers tend to have emotional attachments to these additions. However, buyers may either not care or want to take them out. This means they don’t automatically put financial value into them.
Outlier Sales at High Prices: Houses that sell at higher than average prices don’t always mean your house will go for the same price. There are many reasons why the house could’ve sold at that price. It doesn’t reflect the true nature of the market, however.
Taking Low Offers Personally: Buyers don’t care if you’re personally offended by low offers. You shouldn’t care or take it personally, either. A low offer is better than no offer because it at least opens the floor to negotiations. Buyers may give you a low offer to test and see how serious you are about selling your house.
When you’re selling or thinking of selling your beach home, you need to know what the buyers don’t care about. It can help you to think like the buyer and not the seller. You can find thousands of beach homes for sale, as well as agents who can help you navigate the process, at beach-homes.com.
Asking the right questions when selling your beach home is essential. If a seller asks the wrong questions, their house might stay on the market longer or sell for less money than they want. Glenn Phillips, CEO of Beach Homes Realty, gives both the wrong and correct questions to ask when selling your beach home.
WRONG Questions to Ask:
Which agents have the most listings? Sometimes the agents’ number of listings is a sign of success. Especially in a hot market, however, many of the listings are often on the market forever and overpriced. An agent with a high number of listings may not be able to quickly move your house for the price you want.
Which agents do I personally like the most? When you sell your beach house, you aren’t necessarily looking to make a new friend. You are most likely leaving the area and need someone to do business with. Choosing an agent who will help you reach your goals is your biggest concern when selling your beach house.
Which agents have an office nearby? Buyers for beach homes come from all across the country. They don’t care if the agent has an office nearby. They have limited time and only care about viewing the property. An agent with an office may make you feel safe but adds no real value to the transaction.
Which agents do I want to help? Sometimes, sellers may want to give their business to a family member or friend who is a new real estate agent. However, a veteran agent can help you maximize your sell price and bring you more money out of the transaction.
CORRECTQuestions to Ask:
Are all agents the same? This is a bit of an obvious one, but not all agents are the same. You should exclude agents that aren’t equipped to make you successful or reach your goals.
Which agent is most capable of helping me achieve my goal? Having a goal to reach when selling your beach home is important. You want an agent who will match your goals, whether it’s selling quickly or getting a higher return.
Is the agent focused on beach real estate? Property off the coast is vastly different from beach property. There are different rules and regulations, and the house market price will be different on the beach. Having an agent who understands the beach market can help you navigate the process more smoothly.
Does the agent have a proven pipeline of out-of-town buyers? Buyers of beach property are often from a different state from where they are buying. You want to ask if your agent can demonstrate how they will feature your property for beach-focused buyers.
When selling your beach house, you need to ask the right questions. Asking the correct questions will lead to a smoother selling process. Be sure to visit beach-homes.com, where you can find agents who can answer all of your home-selling questions.
These are some of the most famous shipwrecks in the world:
SS Valencia
Salem Express
USS Kittiwake
Patriot
RMS Titanic
Spooky season is in full effect, and what is more interesting than a traditional ghost story? It’s a maritime shipwreck tale. The following tragedies are true stories with paranormal ties. Plus, some are dive sites that skillful divers visit to this day. Keep reading to learn some shipwreck history and discover the spooky stories attached.
SS Valencia
Spanning the coast of Tillamook Bay, Oregon to Cape Scott, Canada lies a stretch of water so turbulent and deadly it has been deemed the “Graveyard of the Pacific.” With such an infamous reputation, it’s no surprise that it has birthed tales of shipwrecks and phantom crew sightings. One such story is that of the SS Valencia.
One night in January 1906, the passenger steamer was taking a routine trip from San Francisco to Seattle. A fierce storm deprived the crew of stars, leaving them unable to navigate the waters. The high winds of the storm battered the ship against the rocks and reefs, causing the ship to begin flooding. In a panic, the crew tried to escape the sinking ship via lifeboats. However, six of the boats flipped over, and another disappeared. 136 people, including crew, women, and children, passed away because of the disaster. Explorers who hike the West Coast Trail to the coastline can see pieces of the wreckage. They may also witness ghost ships and lost life boats, according to rumors.
Salem Express
Salem Express [Red Sea, Egypt]
The Salem Express is a tragedy that happened in the Red Sea. The Salem Express was a passenger ferry for people and their cars. It wrecked in 1991 off the coast of Egypt after getting caught in a storm. It hit a reef and sank within 20 minutes. Divers can go down and see much of the wreckage today. You will still find cars, luggage, and more inside the ship. Divers have claimed to hear children laughing and cars revealing while inside the ship.
USS Kittiwake
The USS Kittiwake is likely one of the most well-known wrecks of all time, especially in the Caribbean. It is off of Seven Mile Beach in Grand Cayman, Mexico. The USS Kittiwake was a submarine rescue ship built in the 1940s and officially retired in the 1990s. Now, it is part of an artificial reef for divers to explore.
Although the USS Kittiwake’s sinkage was intentional, it holds decades of history inside its metal walls. One of the most exciting missions the USS Kittiwake was tasked with was recovering the black box that was lost in the Challenger space shuttle’s explosion.
The Patriot and Theodosia Burr Alston
The Patriot’s shipwreck is actually less interesting than the passengers on board. It’s believed that Aaron Burr’s daughter Theodosia was on this fatal ship. Fans of Hamilton are probably putting the pieces of the puzzle together now. This wreck came in 1813 and is still a true mystery today. The ship was never found; all theories of the sunken ship are just speculations.
Theodosia Burr Alston was traveling from North Carolina to New York to visit her father, Aaron Burr, after she had lost a newborn son. Burr had already been through a treacherous history with his illegal duel and killing of Alexander Hamilton. Theodosia had visited her father multiple times throughout his trials, but this tragedy came years later.
Some people think pirates overran the ship, while others believe it was a storm, as many other ships all victim to. What we do know is that in 1869, a doctor was presented with an oil portrait of a young woman in lieu of payment. However, the valid owner of the painting refused and claimed she must take the portrait to her father in New York. The woman ran off into the sea with the painting, and it was washed back on shore a day later. Now, it is in the Lewis Walpole Library for all to admire and ponder its true origins.
RMS Titanic
The RMS Titanic is arguably the most famous shipwreck in history. So much so that people are still visiting its wreckage today, some successful and some not. The Titanic’s history is very well known and has had multiple media pieces made about it. However, some of the more untold stories are the ones of ghosts who still walk the Titanic’s decks.
One of the more common phenomena is sailors seeing orbs floating above the wreckage itself. Orbs are little balls of light energy that are said to signify a supernatural presence. Another unexplainable experience is that of some submarines that have traveled under the water near the Titanic. They have heard strange signals on their radios, including SOS messages. However, these messages have never been trackable or sent from a reliable source.
The most bone-chilling Titanic story came from 1977 when Second Officer Leonard Bishop gave a tour of the wreck to a man. Bishop claimed the man was British, soft-spoken, and a bit odd. It wasn’t until years later when Bishop was shown a picture of “the man,” that he thought of him again. He told his friend that he knew him and had given him a tour. However, the friend laughed as the photo was of the captain of the Titanic, Edward Smith.
Shipwrecks hold so much history, but their tales can also hold goosebump-creating stories. These are just a few of the most well-known wrecks from around the world. However, their tales are a great way to get into the spooky spirit this Halloween season.
The SS Valencia was a passenger steamboat that wrecked on a part of the Pacific Coast called the “Graveyard of the Pacific” during a storm in January 1906.
The Salem Express was a passenger ferry that sank in the Red Sea in 1991. Divers have reported hearing children laughing and the sound of cars inside the sunken ship.
Theodosia Burr Alston, daughter of Aaron Burr, disappeared in 1813 while traveling on the Patriot ship from North Carolina to New York. The circumstances of her disappearance remain a mystery.
Paranormal phenomena around the RMS Titanic include sightings of orbs and strange radio signals heard by submarines near the wreck. A chilling story involves Second Officer Leonard Bishop giving a tour to a man who turned out to resemble the Titanic’s captain, Edward Smith, leaving Bishop spooked.
When buying and selling beach property, you need to think differently than you would for other property. Beach real estate isn’t the same as buying a primary residence in town. It has different schedules and priorities. Glenn Phillips, CEO of Beach Homes Realty, explains why buying and selling beach homes is a long-term play.
Discretionary = Patience: Similar to eating at a high-end restaurant, buying a beach home is not a necessity. Buyers can wait to buy discretionary property since they are not pressed to buy it. It often takes several years to buy or sell a beach home, so it requires patience.
Mortgage Rates are NOT a Driver: Most of the transactions for beach property are cash transactions. The clients who purchase beach homes typically have enough money to buy these luxury properties at a high price. This means changes in interest rates don’t affect their desire to purchase beach property.
Dream Homes are Different than Urban/Suburbs: When it comes to beach property, buyers want a home that is a gateway to future memories. Buyers know what they want and don’t want out of their dream home, and they can afford not to settle.
New Beach Buyers Have a Learning Curve: If a buyer has never bought beach property before, they may not understand how beach real estate is different. First-time beach home buyers may think that since the price tag is higher, they should get more. It takes time for them to understand that the house being on or near the beach affects pricing.
Buying and selling a beach home requires you to be in it for the long haul. There are steps sellers can take to help shorten the time span, though, such as pricing appropriately. Connect with an agent who understands the process of beach real estate at beach-homes.com.
“We believe our agents’ intimate knowledge about their beach real estate markets, nuances of the beaches themselves, and their involvement in the local beach community is paramount to our continued growth,” said Beach Homes Realty CEO Glenn S. Phillips. “By welcoming agents like Ruth to our team, we are able to offer outstanding customer service in the Anna Maria, Siesta Key, Bradenton, Longboat Key, and Sarasota areas.”
About Ruth Santana
Ruth Santana epitomizes unwavering dedication to service! Boasting over 18 years of experience as a real estate investor, including four years in the dynamic West Florida real estate market, Santana is not only passionate about assisting her clients but also deeply committed to serving her community.
Her journey began with the attainment of a bachelor’s degree in science, followed by a substantial career as a highly skilled healthcare professional. Santana’s remarkable career saw her working as a COVID-19 ICU Nurse in New York City, and she even has experience as a former firefighter.
The professionalism she honed over the years seamlessly translates into her real estate practice. Possessing exceptional interpersonal and communication skills, Santana approaches each transaction with a proactive mindset and a remarkable ability to negotiate effectively, whether you’re buying, selling, investing, or seeking income-producing properties. Santana’s dedication knows no bounds; she is available early and late to meet your needs.
Santana’s extensive network extends across West Florida, particularly in the vibrant Bradenton-Sarasota area. She is a veritable expert when it comes to beachfront properties, and her connections span a wide range of experts in fields such as investing, inspections, lending, plumbing, electrical work, and flooring. With Santana as your trusted resource and beach expert, you’re in capable hands for all your real estate endeavors.
When buying or selling beach property, an agent’s number of listings might not tell the full story. While some agents are able to list and sell a great deal of property, there are plenty who cannot. Glenn Phillips, CEO of Beach Homes Realty, explains the nuances of engaging with agents with an extensive number of listings.
Listings does NOT Equal Selling: Sometimes agents list a home well above the market price, and the house never moves from the listing stage. When considering an agent to work with, consider if their listings are actually selling or if they’re just sitting there.
Using Listings for “Agent Marketing”: Certain agents may use the number of listings they have as a marketing strategy. In a hot market, however, listings tend to move quickly, so the agent might keep listings from selling to market themselves.
“Commission Games”: It’s important to know what an agent is offering on shared cooperation agreements for their listings. Occasionally, listing agents will offer almost nothing to buyer’s agents who work with them. Those agents are trying to deter buyers until they can bring in their own buyers to earn a better commission.
“Days on Market”: If an agent’s listings tend to stay on the market for a while, that could be a sign they are using it for agent marketing. It could also indicate a lack of negotiation ability by the agent to sell homes, especially in a hot market.
Sale Price vs Original List Price: Looking at an agent’s sale price compared to the original listing price is a good hint about their listing strategy. Constant price cuts, or selling prices significantly lower than the listing price, could mean the agent uses listings for marketing. It may also signify their inability to negotiate for higher prices for buyers.
An agent’s number of listings might be impressive at first glance. However, it may require some deeper insight to determine if they are using listings to “play a game.” Connect with an agent at beach-homes.com who will be transparent about the listing and selling process.
