“When you send people to jail, you’re really sending them to finishing school.”

- LAPD Police Chief William Bratton

As I wrote earlier in the series, all clients should work with a highly skilled agent to guide them through the buying process and they deserve the best service from every professional they encounter in Hawaii.  After the agency relationship has been established and the client has clearly defined his/her property goals, it’s time to find the right property.

Viewing Property
After discussing the requirements of property you’d like to see, your agent will begin contacting other agents to schedule appointments to view their listings.  Your agent should brief you on the properties you will be viewing, provide you with written information for each specific property (including room to make notes) and set a realistic showing schedule.  Your agent should be aware of the time required to travel to and from various locations on the island and have a clear idea of how long you need to view a particular property. 

Scheduling viewing appointments not only involves you, but also the real estate agent or owner showing the property.  It’s your agent’s responsibility to get you to your appointments on time, while being mindful of the agent/owner at the property location.  A competent agent will meet his/her clients’ needs, yet respect another professional’s time and effort.  When you tender an offer to buy a home, you’ll have to work closely with the seller’s agent and owner during a 30 to 45 day escrow period.  It makes sense to start the relationship off on the right foot by letting the owner and his/her agent know you value their time.

Generally, the goal should NOT be to see every property on the market.  This would literally take weeks or months.  After listening to your desires, your agent should be able to quickly narrow the field of properties that meet your needs.  If this isn’t happening, you and your agent should regroup and candidly discuss how to get back on track.  The objective is to find the right home, in the shortest amount of time, at the right price with the least hassle to you, the buyer.

Buying a home or investment property is a large commitment.  You deserve nothing less than top-notch service, so don’t settle for less.  If your Realtor isn’t providing you with the service you deserve, contact Michael Zimmerman for a no obligation consultation or give me a call at 808-457-9683.

Read Part 1

Read Part 2

Michael Zimmerman has joined Coldwell Banker Pacific Properties. 

A recent report in the Honolulu Advertiser stated, “Michael takes great pride and satisfaction in helping numerous Hawaii residents achieve the dream of home ownership.  With his expertise and experience in the industry, Michael is a strong addition to our successful King Street office team.”

Call Michael today for all of your real estate needs!  808-457-9683

As I wrote in Part 1 of this series, I believe my clients deserve the best service their hard earned money can buy rather than the mediocre service that is often accepted as the norm in Hawaii.  All clients deserve a highly skilled agent to guide them through the buying or selling process.  They deserve to work with a professional who values their time and the time of others.  This begins with the buyer loyalty agreement and never ends because I want my clients to be a client for life.  What comes after the buyer loyalty agreement?  Information to aid the buyer.

Information Helpful to Buyers
There is so much information available to add value to the buying experience.  Every potential home buyer has different needs, but two considerations drive the amount and type of information I provide once a client chooses me as his/her agent.  The two things are:  the buyers’ home ownership experience (first time vs. veterans) and whether they are Hawaii residents or just moved to the island.  Here are 12 things I routinely provide to my clients.

• My mission statement
• My personal service standards
• Special Report:  Top 20 Mortgage Mistakes Home Buyers Make
• Special Report:  How To Avoid Paying Too Much
• National Associations of Realtors Code of Ethics
• National Association of Realtors Handouts for Consumers
• List of reliable service partners
• My cell phone usage policy
• EPA Lead Paint Guide
• EPA Mold Guide
• Flood Zone definitions
• Sample Puchase Contract

You deserve these services, so don’t settle for less.  If your Realtor isn’t providing you with this level of service, contact Michael Zimmerman for a no obligation consultation or give me a call at 808-457-9683.

Read Part 1

Read Part 3

Summary
The number of apartments for sale has decreased from 13 to 9 since my June Market Report.  Some listings expired, some were withdrawn and re-listed at another price and some sold.  The competition between the two-bedroom apartments has been keen and some owners have priced their condo to sell quickly while others are ignoring the market’s message (they’ve been on the market over 140 days are priced with a very optimistic outlook). 

I am listing apartment 1902 in the Makai Tower for sale and can’t get over how quiet this home is.  This is one of the largest one-bedroom floor plans available in Kakaako.  The two-bedroom apartments are just as spacious.  There appear to be a few good values available at One Waterfront Towers for those willing to hold property long term.  Finally, one leasehold apartment is still for sale and the fee is available for purchase.

One Waterfront Towers Condominium
415-425 South Street, Honolulu, HI 96813
Built: 1989

Schools
Elementary:  Royal
Middle:  Central
High:  McKinley 

Features
Located right next to Restaurant Row which includes Ruth’s Chris Steak House and the Restaurant Row 9 Theatres.  It’s just a short walk to Kakaako Waterfront Park. 

Availability
Apartments in the building:  302
Apartments available for sale:  9
Average days on market to date:  102
Apartments listed for sale in the last 30 days:  1
Months of inventory available:  10.8 

Sales
Apartments under contract in escrow:  2
Apartments sold in the last 30 days:  0
Average days on market:  N/A
Sales Price / List Price:  N/A 

What else would you like to know about One Waterfront Towers?  Please visit my web site to view Waterfront Towers apartments for sale or conduct your own Honolulu home search.  If you’re thinking of selling your home, contact Michael Zimmerman for a no obligation consultation.

More and more as I go about my business in Hawaii, I see so many examples where mediocre service is the norm rather than the exception.  I believe my clients deserve the best service their hard earned money can buy, regardless of the dollar value of the real estate transaction.  All clients deserve a highly skilled agent to guide them through the buying or selling process.  They deserve to work with a professional who values their time and the time of others.

There are some things you should expect from your agent when you begin to search for property.  This post and the ones that follow will cover some of those expectations.

Buyer Loyalty Agreement
Once you have chosen an agent, but before visiting the first piece of property, your agent should ask you to approve an agreement to work together.  In Hawaii, this is called a Buyer Representation Agreement.  

Why should you do this?  The agreement clearly lists an agent’s duties and obligations.  Briefly, the duties owed to you include:  obedience, loyalty, full disclosure, confidentiality, accounting and reasonable care.  This agreement is binding and you’ll know exactly what your agent should be doing to represent your interests from the time you begin your property search right up to the close of escrow.

Another very important reason you should sign a buyer loyalty agreement is that it is a National requirement.  Article 9 of the National Association of Realtors Code of Ethics, states this.  Some agents choose not to use a representation agreement, but why would you knowingly work with an agent who refuses to follow the established code of ethics?  You have no assurance that this agent will provide you with the competent, high quality service you deserve.  Without question, it is in your best interest to clearly understand the services your agent will provide. 

One final thought on the Buyer Loyalty Agreement.  If you were selling your home, you would expect to approve an agreement naming an agent to represent you during your the sale.  This is no different.  It just makes sense to designate an agent to represent your interests when buying a home.

Nauru Tower Condominium
1330 Ala Moana Blvd., Honolulu, HI 96814
Built: 1991

“I’ve heard people say money is the root of all evil, but of course they’re nuts.  Lack of money is the root of all evil.”

-Gene Simmons

The number of Honolulu single family home and condominium sales is slowing along with the U.S. economy.  It’s no surprise that several financial bailouts and a widespread credit crunch have made it more difficult, at least in the short run, for the average consumer to purchase a home.  The good news is that Honolulu real estate is performing better than most of the comparable Mainland markets.

Don’t let the hyper-negative news reports get you down.  If you don’t have to sell your home or investment property, this news shouldn’t worry you that much.  Our nation and its economy are strong and we’ll weather this passing storm as we have in past economic downturns.

Slow markets spawn millionaires.  As I wrote in my last Honolulu Residential Resale Market Report, a slow market presents qualified buyers with an opportunity to buy the Honolulu real estate they’ve wanted for years.  If you already own property, you may consider moving from an under performing properties to others with better prospects.

The Honolulu Board of REALTORS^® released the following resale figures for the third quarter of 2008.  The Board analyzed data collected from the Multiple Listing Service (MLS) and provided the following statistics:

Single Family Home Resales

Condominium Resales

*Median Sales Price means the midpoint of sales prices, where half of the sales were at prices above the given amount and half were below.  Click Oahu Map to view the geographical references used above.

During the third quarter, the number of sales declined from one year ago.  The median price paid for a single-family home declined by 5.4% and the condominium price decreased by 2.4%.  Total dollar sales volume was $987 million in the third quarter, a decrease of $323 million (24.7%), from the $1.310 billion in sales achieved in the same quarter last year.

The median sales prices shown in the chart below are the prices paid for existing residential properties reported sold through the MLS system during the third quarter.  The columns labeled “Change” indicate the direction of price change from the prior time period.  The following table provides the quarterly median prices for the Oahu neighborhood groups.

Contact Michael Zimmerman if you have question about Honolulu real estate.  Please visit my web site to conduct your own Honolulu home search or request special reports for home buyers or sellers.

This information is provided as a courtesy only, is not a warranty and should be independently investigated by buyers. This information is deemed reliable, but NOT guaranteed.