Agents Online Real Estate Forums, Discussion, Realtors Marketing Tips

Follow AgentsOnline on TwitterFollow AgentsOnline on Facebook

Click Here to display our logo on your site and link to us!
AgentsOnline Real Estate Discussion Forums Logo

Realtor CommunityA popular online real estate community since 1998!


Advertisements


Sponsored Links
Good Idea!
Realtors residuals

Advertisements
How To Advertise Here
How To Advertise Here

Sponsored Links
(Views)Popular Topics
I MAKE 100 COLD CALLS EVERY DAY & LOVE IT! 28229511
No new orders today 13098503
Stupid MLS comments. 3274317
What do you know about Froy Candelario, top agent in USA 1187290
Stupid QC comments and BPO requirements. 1059410
New HUD Listing Brokers---Any Update? 1026180
Is there religious content in Buffini class? 821237
Let's talk about our cars 669338
Name that Flick. Great movie Lines. 601740
Pay it Forward - BPO/REO Tips & Tricks I & II 590639
Most common items found at an REO 572990
EML 459230
REOTRANS 439590
Main Street 418338
asset val seminar in colorado 406555
assist 2 sell or 1 percent realty? 339886
HOMONYMS - There, Their, and They're 306063
Evalonline 300083
Land America 285050
Mainstreet 261859
Matched Content
Topic Options
Rate This Topic
#453444 - 07/16/16 11:07 AM How to find the right agent for my special property?
oddity Offline
Junior Member

Registered: 07/16/16
Posts: 3
Loc: Suburbs North of Chicago
Hi all! I just joined after glimpsing a few interesting posts. Let me get to the heart of it.

I'm looking for an agent, but I feel (and you can correct me here) that I need someone experienced in this particular area. I have a lot, well two, actually, 2+ lots as zoned, residential, with my little long time home sitting on it. So the issue to me is that I don't feel it's appropriate to have someone come and ask how many beds, baths, etc. because under ideal circumstances, I'd tear it down and build two new homes, both bigger than what I have now.

So, I'm looking for your advise on how to find an agent that knows developers and the marketplace and can give me a ballpark value based on my neighborhood and help me plan to sell it as I hunt for a home for relocation. Advise? What should I seek in an agent? What special qualifications? What questions should I be asking?

Thanks so much and y'all have a great weekend!

Top
Advertisements
#453445 - 07/16/16 11:36 AM Re: How to find the right agent for my special property? [Re: oddity]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7676
Loc: Vermont's North-East Kingdom
What do you imagine the cost of demolition and disposition to be; and to sub-divide the existing parcel into two (2) fully permitted and ready-to-build-on Lots ?

Is that a cost you'll bear, or is it expected that it will be borne by the Developer ?

Will both Lots have Water and Sewer at the road; or will one be eligible to recycle those elements of the existing physical plant (Site Improvements) and the Transformer ?

What if you receive a very good Offer; but for only one of the two Lots ?
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#453449 - 07/17/16 12:51 AM Re: How to find the right agent for my special property? [Re: oddity]
Bigtoe Offline
Major Contributor

Registered: 10/14/07
Posts: 2231
Loc: Outer Banks
The agent that can answer Vermonts questions is the agent you want to use.
_________________________
Your Outer Banks real estate agent. Helping people buy and sell OBX real estate since 1989.

Top
#453452 - 07/17/16 02:55 PM Re: How to find the right agent for my special property? [Re: Vermont]
oddity Offline
Junior Member

Registered: 07/16/16
Posts: 3
Loc: Suburbs North of Chicago
It would be impossible to accept an offer on one of the two lots, as the home straddles both lots.

There is at least one other time recently when a large lot (in my case more than two contiguous lots) was subdivided in my suburb and two new homes built to replace the old house. Of course, the developer took care of all the requisite work with the village including arrangements for sewer lines, utilities etc. This is not a concept I am making up. I've watched it happen before.

It could be the the average agent has no idea what do with this, but i'm looking for someone who can represent me, not the developer in the sale, so a qualified agent should have SOME experience with this and know several developers. I suppose I can also reach out to the developer community, but I want to make sure I get fair value. In the construction world, there are some general rules of thumb I've seen the bigger GC's like Pulte, DRHorton, etc. use about development costs and sales figures, which may or may not apply. That however, does not find me a qualified agent.

If I was unclear, I'm just selling the property, not redeveloping it myself.


Edited by oddity (07/17/16 02:57 PM)

Top
#453455 - 07/18/16 02:02 AM Re: How to find the right agent for my special property? [Re: oddity]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7676
Loc: Vermont's North-East Kingdom
It sounds as though you want to continue living in the existing dwelling until it and the underlying parcel(s) is sold . . . . and then turn over the responsibility for sub-division and demolition to the future Buyer/Developer ?

Are there actually multiple lots, or is it that your current Zoning Bylaw would permit multiple lots using the Minimum Lot Sizes (we don't know what they are, or how large your parcel is) allowed in that Zone ?

Is this a particularly attractive lot of substantial size . . . . or will it be a case of squeezing a couple Postage Stamp Lots out and hoping that a Developer will find it reasonable to build McMansions on them and achieve exceptional prices. Would they appear cramped ?

I think they'd have to be priced pretty low in order make it economically attractive for a Developer to choose to engage in the complexity involved in RE-developing your particular parcel versus an previously undeveloped plot of raw land (if available) . . . . but it's all a function of local economics and current (and projected) market values in your particular neighborhood. If limited to just two new Lots, there's some loss of the economies of scale when compared to another Site where a dozen or more Units may be envisioned. It makes it far easier to keep Crews busy.

To find a suitable Broker who'd be willing to engage in this Project, I'd recommend that you visit a few (maybe several) local Brokers and evaluate the level of enthusiasm that you detect . . . . or the lack thereof. If asking a few pertinent questions falls on deaf ears, or you only get back a blank stare, then you'll know that's not your guy . . . . and many Brokers may not want any of their Agents researching and becoming involved in such a time-consuming project (which may give some the appearance of a pipe-dream).

I know that I'd be expecting to collect an up-front, and non-refundable Retainer before I'd begin investing my time, because on the surface, this looks like somewhat of a long shot to complete in less than a one year Listing Agreement. I know that I certainly wouldn't want to be abandoned in such long Project long before it reaches fruition.

I know that this rationale may be of no interest to you; but it may be helpful to other Readers of these Forum Topics who haven't considered some of the pitfalls involved in the re-development of small parcels. But Good Luck to you in this Project !
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top
#453483 - 07/19/16 12:17 PM Re: How to find the right agent for my special property? [Re: oddity]
barb43 Offline
Veteran Member

Registered: 07/31/08
Posts: 1156
Loc: SW Okla
Around here, you'd be selling the 2 lots for land value, so they would sell low, unless you're in a position of living on a site that formerly was zoned Residential but now is zoned Light Commercial, or Multi-Family, or something that would be attractive to a Developer and so drive up the land value.

Also, around here, Developers have little to no interest in putting up 2 new homes after demolishing an old home in an older neighborhood. There are so many homes available in newer locations, and so many new subdivisions being built here at this time, that there's not a need for building new homes in an older area. It's nothing personal, it's the local market's current condition.

Is there enough development, or redevelopment, in your area that would attract a Developer to your 2 lots? It would not be difficult here to divide the 2 lots up, so long as they have a legal description identifying them as 2 lots (i.e., Carter Addition, Block 4, Lots 6-7).

(Believe me, all the veteran agents around these parts know how to divide up land. wink )

It's really all about the perceived value and need. Good luck with your project!
_________________________
Remodeling houses & helping tenants get ahead in life since 1983. Licensed Realtor since 2005.


LIMITATIONS: Until You Spread Your Wings, You'll Have No Idea How Far You Can Walk. - despair.com

Top
#454216 - 08/31/16 09:15 AM Re: How to find the right agent for my special property? [Re: oddity]
estatereal Online   content
Major Contributor

Registered: 01/27/07
Posts: 3074
Loc: LAND OF THE FREE!
in my market the houses typically sell for a value based on their current use.

i'd imagine that the "potential" use that you have envisioned might not net as much money to you as it would if you sold it at its current use. but this is just my opinion based on very limited information. i would say it sounds like you are asking someone to do alot of work.

what is in your opinion the amount of money that the property would currently sell?


if you make the changes to the property in your description what do you hope to make the property worth?

what will it cost to make these changes and demo and all that is involved?

Top
#455390 - 11/11/16 01:07 AM Re: How to find the right agent for my special property? [Re: oddity]
Lak Apartments Offline
Member

Registered: 10/13/16
Posts: 10
Loc: 3-4 Ashburn Gardens,South Kens...
My doubts are clear after read your conversation.Thank You all...

Top
#456751 - 02/23/17 12:18 AM Re: How to find the right agent for my special property? [Re: oddity]
Kevin Baker Offline
Junior Member

Registered: 02/22/17
Posts: 1
Loc: California
If you are looking for a real estate agent for buying a luxury property, consider hiring the professional ones, who are highly skilled in this field. There are several organizations, wherefrom, people can easily get adequate service regarding this are found worldwide. The service of this organization has acquired much popularity for delivering their service for buying luxury condominiums easily. I took their services and really became highly satisfied.

Top
#456752 - 02/23/17 01:16 AM Re: How to find the right agent for my special property? [Re: Kevin Baker]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7676
Loc: Vermont's North-East Kingdom
Originally Posted By: Kevin Baker
". . . If you are looking for a real estate agent for buying a luxury property . . ."

But Kevin, remember that oddity (the original poster above) is looking for input as a Seller, NOT as a Buyer.

Invest your time to read (and understand) the whole thread, not just the last few trailing syllables.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

Top






Google Custom Forum Search

This Google Custom search may do a better job of searching the forums for some keywords than the old forum search does. The results do not include threads from the Asset Managers Forum however. To search that forum you will need to be actually in the Asset Managers Forum and you will need to use the old forum search below.
Search

Newest Members
Hailey, punyabhoomi, joesellsre, SAJU, David Turner
29751 Registered Users
Who's Online
7 registered (NextStep, Danny1, estatereal, Heather D, Jim Erickson, Brad), 51 Guests and 4 Spiders online.
Key: Admin, Global Mod, Mod
Shout Box

Top Posters (30 Days)
estatereal 25
Mr. Clean 23
Midlands BPO Guy 18
Trouble 18
Vermont 18
Lucky Leonardo 16
Z06Fanatic 15
Danny1 13
RonnieEmz 12
gitmonee 6
Analog Man 5
RE123 5
Bigtoe 5
David Hunter 5
txgal 5
Featured Member
Registered: 04/12/08
Posts: 7676
Facebook

How To Advertise Here


This site presented by RNC Internet Services