in this issue…
Putting a Face on Real Estate since 1995™
• WC REALTORS Golf Classic • ABoR Scholarship Presentation • Hay Darby Open House • TREPAC Golf Event • Mason Hills Grand Opening • and much, much more!
Austin Title Technology
Associates in Progress page 25 TM
page 9
JUNE 2014 • VOLUME 19 • ISSUE 2
hay
darby
A Professional Limited Liability Company
Complaints arise amid busy real estate market By Riki Markowitz
W
Visit us online 24/7 at www.myRealtyLine.com
P. O. Box 81366, Austin, Texas 78708
TM
austin
RL
Putting a Face on Real Estate since 1995
Printed on recycled paper.
Presorted Standard U.S. Postage PAID Austin, Texas Paid Permit #715
hen it comes to acquiring new clients and closing transactions, real estate professionals in Austin are in a uniquely advantageous position compared to those in other major cities. Bill Evans, president of Austin Board of REALTORS (ABoR), recently said that “sales are increasing year-over-year and rising home starts have begun to offset Austin’s shrinking housing inventory.” The reason for continuously increasing sales coupled with diminished inventory? Austin
was again named one of the fastest growing major cities, ranking sixth on the U.S. Census 2013 population growth estimates. In a thriving real estate market, however, there can also be a downside. Busier schedules can result in cutting corners, errors in judgment, and a myriad of other glitches. Fortunately, when a problem does arise, it’s typically due to an oversight and not lowered industry standards. The following are actual anecdotes that one professional in the Austin real estate market has experienced firsthand. 6 – Some builders aren’t giving clients regular updates. “One of the main problems I have with builders, says Shawn Rooker, a sales representative
specialist with Realty Austin, “is their lack of follow-up.” After a certain point in the course of building a home, some complications can cost a lot of money to correct, or worse, it’s too late to fix. 5– Some builders leave agents out of the loop. It’s common practice for builders to ask clients to sign-off on things like completion agreements and cost and expense repayment terms. Not long ago, one builder included a contractual addendum banning
third-party inspections for one of Rooker’s clients — which is not permitted in Texas. While it was a misunderstanding and it didn’t go very far, the buyer was understandably confused — and considered pulling out of the deal. Had Rooker been aware of the addendum before it was presented to the client, the issue could have been resolved ahead of time. 4–Lenders inadvertently distress buyers. Like many agents, Rooker works with an experienced lender that he’s personally vetted. Many builders also have a preferred lender. These partnerships save money, which can be passed down to buyers. A 10-year veteran of the business, Rooker has found that lenders who partner with builders tend to have a slightly different “bedside manner” than those who align with agents.
Front Page: Continued on page 28
Upcoming Events Wednesday, June 18 Austin CRS Bi-Monthly Meeting Westwood Country Club - 11:30 a.m.
Wednesday, June 25 ABoR Broker Forum ABoR Office - 10 a.m. to 12 p.m.
AYREP Educational & Networking Event - BlackFin Ameripub 4:30 to 7 p.m.
Thursday, June 26 Realty Austin Westlake/Davenport Village Grand Opening Event 3801 N Cap of Texas Hwy - 4 to 8 p.m.
Thursday, June 19 WC REALTORS Caribbean Mixer WC Office - 4 to 6 p.m.
Realty Force Grand Opening 1780 Round Rock Ave. - 4 to 6 p.m.
Platinum Realty Anniversary Party Departure Lounge - 6:30 to 9:30 p.m.
Sunday, June 29 Willow Bend Mtg Charity Event Main Event - 4:30 to 8:30 p.m.
Tuesday, July 1 ABoR TREC Movie Night Alamo Drafthouse Lakeline 6 to 9 p.m. Wednesday, July 16 HBA Mid-Year Housing Forecast HBA Office - 11:30 a.m. to 1 p.m. Friday, July 18 WC REALTORS Food Drive Various Locations - 10 a.m. to 3 p.m.
More at www.myRealtyLine.com