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There are buyers who believe that they will get a better deal if they have the agent who represents the seller write their purchase offer. Here is one financial reason why this may not be true.

There are many terms agreed upon when a Seller and a Listing Agent execute a Listing Agreement. One of those decisions is the amount of commission the Seller will give the Listing Agent when the home sells. Typically a percentage (versus a set dollar amount) of that commission is given to the agent who brings a buyer to the table – a Buyer’s Agent.

When a Listing Agent represents both the Buyer and the Seller, there is no need to split the commission between two agents. In some cases however there may be a Variable Commission agreement in place. This means that if the Listing Agent represents both parties (a Dual Agency) then the commission is reduced.

This means the Seller reaps more proceeds from the sale.

In the case of Dual Agency here is an earlier post I wrote on that topic. http://www.teryndowntheroad.com/2013/10/real-estate-commission/

There are reasons a Dual Agency is a benefit to both parties and I’d be happy to discuss this with you at any time as I want all my clients making smart decisions when making what most likely will be the biggest purchase and/or sale of their lives!

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Finding a Place to Rent in the Ventura Area

by Teryn on February 25, 2015

condo building

by Teryn Bonime www.teryndowntheroad.com

Because I work with so many investors and need to know the rental market, I keep an eye on the rental prices and inventory in the local areas. It’s never been easy finding a rental in this area but here is a very general article that may shed some light.

In my experience, there are three ways to find rentals in our area:

  1. The Multiple Listing Service. This database also contains information on homes for sale. (I can send you listing from this database so you get notified the moment a new for sale or for rent property comes on-line.) The Santa Barbara MLS allows rentals properties in their database as well. Ojai MLS does but for whatever reason, is hardly utilized. While the MLS is the most effective way to get the most exposure on a rental property, not all landlords choose to advertise this way.
  2. Craigslist.  If not done property, advertising here opens landlords up to spam but it is still used quite a bit. (Realtor ethics codes require that a property advertised by a realtor be disclosed as such.)
  3. Drive-bys. Landlords who don’t want to bother with craiglist or the MLS, will just put up a sign in the yard and/or window. This is most effective in neighborhoods near downtown and near the college.

The City of Ventura has a few main categories of neighborhoods:

  1. Eastside (off the Avenue)
  2. Close-in (close to downtown)
  3. View property (on the hillside)
  4. Mid-town (south of the Mall)
  5. Beach (including the Keys)
  6. Near the College
  7. Eastside
  8. 55+ mobile home parks

Generally speaking…

… a Hillside rental with a view starts at around $2600-2800 and usually no higher than $3600. A typical hillside home will be a 3/2 (three bedrooms and two bathrooms). Lately however, I’m seeing higher starting prices.

… a 3/2 Downtown property starts around $2200 – $2600. A 2 bedroom runs about $2200, and a 1/1 can be as low as $1400.  This area usually has smaller homes and a one-bath home is typical. Closer to the Mall you will find more 4/2 and 3/2 homes that start around $2200-$2500. In the College area, a 4/3 home starts anywhere around $2300 to $3000 and a 3/2 usually starts around $2300.

… a 3/2 Beach property starts around $3400-$3700 and goes up based on the size and location of the home. A 2/2 starts anywhere from $2200-$2600 and even a 2/1 starts around $2800.  Lane homes and properties located in the Keys are usually priced higher. There are also more duplexes in these two areas.  Many homes are short-term (vacation) rentals and the rates go way up in the summer.

… off the Avenue (Ventura Avenue) you will find 2/1 houses starting at $1400. Further out, you will find larger homes starting at $2000-$2300.

East Ventura (the 93004 zip code) is more suburban and the further East you go, the fewer shopping areas (grocery, shops, cafes, etc.). There are a few large parks in the area and the homes are on larger lots. For a very large 4 bedroom home, it will start around $2800. For a typical sized house, prices start around $1900.  A 3/2 usually starts around $1700 to $2000.

Most rentals are year long leases. Talk to your landlord before you sign the dotted line as to what would it take to break the lease. You’d be responsible for the entire term of the lease but in most cases if the landlord can find another tenant, you’d be off the hook.

If you, or someone you know, is thinking of buying or selling, please give me a call! The door to your dreams hinges on me.

Ventura has incredible investment opportunities so call me if you are interested in purchasing a rental property. (Have a tenant pay your mortgage and once it’s paid off, that’s pure income. Why grow old on a fixed income? Or sell the rental to pay for your child’s college education!)  

Photo courtesy of Dillon Scheps

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The Value of Using a Real Estate Agent

February 24, 2015

  In a previous career, I trained HUNDREDS of people, across the US and Europe. In real estate, I have also had the privilege of working with hundreds of people to help them buy, sell and hold real estate. Like you, I like working with clients that I would enjoy inviting to my dinner table! Real estate isn’t like buying a car [...]

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Here is a question I am often asked: How many homes have you bought and sold? In my career as a realtor, I have helped clients buy and sell hundreds of homes. As part of wealth building, I’ve also counseled clients on holding onto their property. Plus, over the course of many, many years my [...]

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Deck the Halls

November 13, 2014

It’s the most wonderful time of the year: Time to pick out the tree and haul ornament-filled boxes from the attic. But, the next open house you have won’t be for your dear friends — it will be for potential buyers. Stay festive without crossing the line with these Frontdoor.com tips. Your yard and front [...]

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New Homeowner DIY Tips

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Buying a home for the first time  is a huge step. But learning to maintain and improve it can be both painful and rewarding. The do-it-yourself experts at The Family Handyman (www.familyhandyman.com) offer the following tips for maintaining your home that will save you money down the road. Create a homeowner’s journal. Keep insurance papers, [...]

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Out Cold

October 30, 2014

Before the hustle and bustle of the holiday season sets in, add winter-proofing chores to your home to-do list. Protect your home from winter’s woes with these tips from RealEstate.com. Heating Basics Replace old thermostats with programmable ones that allow you to lower the temperature when you’re away from home. Turn on your furnace to [...]

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Heat Safety Tips

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As energy costs continue to rise, some homeowners are using alternate sources to heat their homes. While wood-burning stoves, space heaters and fireplaces are popular options, especially in colder climates, they can be fire hazards. FireSafety.gov offers some tips to help homeowners use these heat alternatives safely. Wood stoves made of plate steel or cast [...]

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Show time – Selling Your Home

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End-of-summer sales on patio furniture might be front and center, but it might be just the right time to invest in new indoor chairs, couches or tables. Take a seat and learn how to prepare with tips from Better Homes and Gardens. Do your homework. First, measure everything. Write down room dimensions, accounting for the [...]

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A Buyer’s Guide to Understanding Title Insurance

October 9, 2014

What is a Title Insurance Policy? The policy of title insurance you receive when you purchase a home is an important document, but may buyers don’t understand what kind of protections the policy provides. Simply put, a policy of title insurance protects a buyer or lender against errors, omissions, or defects in the title to [...]

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