Keller Williams Realty, Inc., the fourth largest real estate company in North America, announced plans to launch a Keller Williams Realty Commercial Division this fall.
“Our goal is to expand our platform and make Keller Williams Realty the real estate company of choice in both the residential and commercial worlds by providing our associates the technology, marketing tools, and resources to succeed in the commercial business,” said Mark Willis, CEO of Keller Williams Realty. “We want to create synergy and referrals between the residential and commercial sides of our Keller Williams offices, increasing the income and production potential of all our agents.”
Buddy Norman, a veteran of commercial real estate has joined Keller Williams as president of the new division. Norman has more than 18 years of experience in the commercial real estate industry, including leadership within international firms, such as The Staubach Company and Burnham Real Estate, which was acquired by Cushman & Wakefield. He has led the development of new business divisions and trained commercial agents all over the U.S. including Dallas, Atlanta, Washington D.C. and San Diego. A consistent top producer, Norman has averaged approximately 400,000 square feet per year of commercial leasing and sales transactions over the last 10 years.
“There’s such a wide spectrum of commercial real estate experience within Keller Williams Realty,” said Norman. “We intend to build a strong commercial division paralleling the success and growth of the Keller Williams residential division.”
Norman will work with a newly created Commercial Leadership Council (CLC) – a group of 25 top Keller Williams commercial brokers from across North America to guide the launch and implementation of the new division.
Tuesday, August 5, 2008
Monday, August 4, 2008
How to Evalutate a Home Sellers Asking Price
Evaluating an owner's asking price is crucial to your investment. The seller can set the asking price at whatever he or she wants. There are no laws or rules that must be followed when setting an asking price for a property. In fact, there are many strategies for pricing a property that can be related to motivation, negotiation, emotional investment in a property, and so many others..
Let's first look at some possible seller strategies for pricing a property so we understand how pricing can be dependent upon so many issues.
The seller could have an idea in his or her head as to what the property is worth, and, without any consultation, pick a price out of thin air. Or they could look at comparable sales (comps) of properties that have sold near the property to determine a fair market value. They can then price the property higher or lower, depending on how motivated the seller really is.
If there are no comps to compare properties, the seller may have to judge a property's worth based on a different type of property, property that sold a long time ago, and adjust for appreciation, or even look at neighboring, comparable cities that could indicate what the property is actually worth.
A truly fair seller could get appraisals done by a few different people, and take the average of the values.
Keep in mind, however, appraisals can be very expensive and are at best a guesstimate as to what a property is worth.
The best way to evaluate a seller's asking price is to blatantly ask the Realtor or seller, how the price was determined, and to give supporting evidence.
You may find yourself in a situation where the broker has a pile of comps, perhaps an appraisal, and supporting documentation as to why the property is priced at what it is. If you find yourself in this situation, beyond validating and verifying the supporting documents, you will very easily be able to evaluate if the asking price is above, at, or below market value. This is the easiest situation in which to find yourself.
Unfortunately, although this previous example is how every property should be presented to a buyer, it is not always realistic. You may have to ask the broker for comps and do the research yourself in order to evaluate the seller's asking price.
If the property is in your own community, then, as a real estate insider, you should know your real estate market inside and out. However, if you are searching in an unfamiliar area, you will need to request the services of other commercial real estate players.
If you do decide that the seller's asking price is in alignment with your investment strategy and goals, and you put the property under contract, the next step would be to get an appraisal done by an independent party that has no interest in the subject property whatsoever, in order to validate your assumptions.
This appraisal, after all, will be similar to a bank's appraisal and help to determine how much money can be loaned on the project. The closer you are to the bank's appraisal, the better shape you will be in to meet project costs, debt service and make your desired profit.
Knowing what a property is really worth and evaluating the seller's asking price are two major ways that you can approach making a sound and final decision regarding an investment. Always have supporting and verified documentation for the subject property so you know exactly what you are getting and for what price.
Let's first look at some possible seller strategies for pricing a property so we understand how pricing can be dependent upon so many issues.
The seller could have an idea in his or her head as to what the property is worth, and, without any consultation, pick a price out of thin air. Or they could look at comparable sales (comps) of properties that have sold near the property to determine a fair market value. They can then price the property higher or lower, depending on how motivated the seller really is.
If there are no comps to compare properties, the seller may have to judge a property's worth based on a different type of property, property that sold a long time ago, and adjust for appreciation, or even look at neighboring, comparable cities that could indicate what the property is actually worth.
A truly fair seller could get appraisals done by a few different people, and take the average of the values.
Keep in mind, however, appraisals can be very expensive and are at best a guesstimate as to what a property is worth.
The best way to evaluate a seller's asking price is to blatantly ask the Realtor or seller, how the price was determined, and to give supporting evidence.
You may find yourself in a situation where the broker has a pile of comps, perhaps an appraisal, and supporting documentation as to why the property is priced at what it is. If you find yourself in this situation, beyond validating and verifying the supporting documents, you will very easily be able to evaluate if the asking price is above, at, or below market value. This is the easiest situation in which to find yourself.
Unfortunately, although this previous example is how every property should be presented to a buyer, it is not always realistic. You may have to ask the broker for comps and do the research yourself in order to evaluate the seller's asking price.
If the property is in your own community, then, as a real estate insider, you should know your real estate market inside and out. However, if you are searching in an unfamiliar area, you will need to request the services of other commercial real estate players.
If you do decide that the seller's asking price is in alignment with your investment strategy and goals, and you put the property under contract, the next step would be to get an appraisal done by an independent party that has no interest in the subject property whatsoever, in order to validate your assumptions.
This appraisal, after all, will be similar to a bank's appraisal and help to determine how much money can be loaned on the project. The closer you are to the bank's appraisal, the better shape you will be in to meet project costs, debt service and make your desired profit.
Knowing what a property is really worth and evaluating the seller's asking price are two major ways that you can approach making a sound and final decision regarding an investment. Always have supporting and verified documentation for the subject property so you know exactly what you are getting and for what price.
Listing of the Week in NW Oklahoma City
5908 Sulgrave ManorOklahoma City, OK 73132
$182,500
OPEN HOUSE Aug. 17
2:00-4:00 PM
Wyatt Poindexter
Keller Williams Realty
405-417-5466
Sunday, August 3, 2008
High Temperatures Call For Water Conservation in OKC
With triple-digit temperatures, citizens use a lot more water to keep themselves cool and their yards green. At this time, Oklahoma City citizens who live west of Council Road are feeling the effect of this heavy water use: exceptionally low water pressure. These citizens are asked to immediately begin practicing voluntary conservation, which will help restore their water pressure.
Other low-pressure situations are occurring in isolated areas, including the far western portion of the Oklahoma City service area. Those who live there and all other Oklahoma City citizens are asked to begin best-watering practices, reducing the amount of water used on their yards.
The following “best-watering” steps minimize water waste and will help ease the low water-pressure problems:
- Water the lawn only when it needs it and in the early morning or late afternoon. Watering in the middle of the day allows most of the water to evaporate.
- Make sure the sprinkler is aimed at the lawn not the street or sidewalk. If you water when it’s windy, water will go everywhere but on the grass.
- Use a broom instead of your hose to clean the driveway or sidewalk.
These steps will further our water conservation efforts:
- Run the dishwasher or washing machine only for full loads.
- Keep a bottle of drinking water in the refrigerator. Running the tap to cool water is wasteful.
- Reduce the use of the garbage disposal. It requires a great deal of water for operation. Dispose of food scraps and peelings in the trash or compost bin.
- Fix leaky faucets. Drops of two tablespoons a minute can waste 15 gallons of water a day, 105 gallons a week and 5,460 gallons a year.
- Install flow restrictors or washer-less faucets.
- Don’t use the toilet as a wastebasket. A toilet uses five to seven gallons of water per flush. Low-flow toilets use only about 1.5 gallons per flush.
- Turn off the water while brushing your teeth or shaving and save about two gallons of water.
- Also, when cleaning a fish tank, water houseplants with the dirty water. It’s rich in nitrogen and phosphorous.
- Decline the complimentary water in restaurants. Every water glass used requires two glasses of water to wash and rinse it.
Saturday, August 2, 2008
Good News...Housing is still OK in Oklahoma
Numbers don't lie, they say, but numbers can confuse, and Oklahomans seem confused by disturbing national housing statistics.
Wyatt Poindexter
Keller Williams Realty
405-417-5466
www.WyattPoindexter.com
Despite consistently increasing home values -- from a statewide average sales price of $116,298 in 2002 to $149,758 in 2007 -- about half of Oklahomans surveyed said they thought the state's housing market was in fair or poor shape.
Oklahoma City is still known for its "healthy gains" in home prices in a monthly sales report from the National Association of Realtors. The steady stream of negative news from national news sources is drowning out the good news. Oklahoma is still going strong even though the days on the market are a little longer than last year. Not to worry, Oklahoma is still a great place to live!Wyatt Poindexter
Keller Williams Realty
405-417-5466
www.WyattPoindexter.com
Friday, August 1, 2008
Listing of the Week in Val Verde of NW Oklahoma City
12801 Plum Hollow - Val Verde
$776,900
5 Bed 4.5 Bath 5317 SF
Enter this 2007 remodeled home and experience a new standard of luxury living. This Gil Wright home has every amenity imaginable for the home owner who wants the very best. Precisely an entertainer’s dream, this home is set to please the largest of parties. The use of stone and brick combine to create a home of unparalleled beauty. Situated on approximately 1.5 acres of prime real estate, the new owner will find 5 bedrooms, 4.5 Baths, 5 living areas, a gourmet kitchen, 4 fireplaces, custom pool, flagstone patio/deck and spa with fountain, a grand foyer, holiday closet, photography room, and a oversized three car garage that is sure to please all in a home that has approximately 5,300 square feet. Whether your looking for a grand home to entertain or the ease of comfortable and quiet family living this home truly offers it all. CALL WYATT POINDEXTER w/ KELLER WILLIAMS REALTY for more information at 405-417-5466
VISIT OBEO VIRTUAL TOURS AT: www.OBEO.com/413634
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