May 20, 2012

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Average vs. Median: Understanding Real Estate Statistics

May 14, 2012 By Leave a Comment

There’s an old quote that floats around about how statistics are one of the three kinds of lies. While it’s true that numbers can often be manipulated or interpreted to support nearly any viewpoint, an understanding of the basics of statistics can help you cut through the clutter to see what’s really being represented. By having better knowledge of the language used, you can view any statistic with a more critical eye and thus be better informed.

Two of the big numbers often cited in real estate statistics are “average” and “median.” For example, many reports will cite the average home price over a period of time, or claim that median income in an area has gone up or down. Sound familiar?  Most people have seen those statistics, or something similar, numerous times, but may not understand the important distinction between what is “average” and what is the “median”:

Average = a simple mathematical calculation that involves addition and division. Take your given set of numbers and add them together. Then divide that number by the amount of numbers you added together. Example: you have three home sale prices: $250,000, $175,000, and $260,000. Added together, they equal $685,000. Divided by 3 (the number of prices you had), the AVERAGE of these sale prices comes to $228,333.

Median = the middle of any given set of numbers. Using the same numbers above, arranged in ascending order, they would be $175,000, $250,000, and $260,000. The middle number is $250,000, so therefore that is the MEDIAN home sales price.

As you can see, the same home prices yielded different median and average results. If one is used without the other, it could paint a very different picture of the current status of that particular housing market. For example, if the above prices represent the sales in Anytown for the second quarter, and the AVERAGE price for the first quarter was $240,000, an argument could be made that “prices are dropping!” On the other hand, if the MEDIAN price during the first quarter was $250,000, that would indicate that prices are steady. When viewed together, the numbers suggest one should delve further into why one is getting differing views of the same market. In this case, the sale price of $175,000 might be an outlier, skewing more common home prices downward.

That’s why it’s important to look at the data behind statistics when using those stats as part of a decision-making process. In addition to the example above, a given zip code might have a high AVERAGE home price (because of one or two sales in the luxury market) for a given time period, but a much lower MEDIAN price. Knowing the difference between the two, and investigating why they’re different, can give anyone looking to buy or sell a home more information with which to make an informed decision; it can influence your thinking about a listing or offer price or give you a better understanding of the income brackets that most often buy in your neighborhood. Consider these two statistics AND the data behind them to be just one more tool in your real estate toolbox!

The Power of Coopetition

April 9, 2012 By Leave a Comment

Yes, that’s right, coopetition. It’s a phrase used by SEO expert Eric Blackwell when describing how agents here at TREG work together to educate both themselves and each other. The blog post he wrote about the concept of coopetition was inspired by his work with TREG’s first SEO Small Group, a small collection of agents who agreed to participate in a bi-weekly learning and discussion group about the practices of Search Engine Optimization. Apparently this collection of agents and how they interacted—working together to help one another despite all needing buyers and sellers to grow their businesses—in essence reflected to Eric how TREG works as a whole. This idea of agents helping agents isn’t new to everyone here at TREG; in fact, it’s what makes The Real Estate Group work so well. But it’s a concept that’s foreign to many outside the company. Eric recognizes the power of this pattern and posits that this type of coopetition may set TREG up as a “REALLY difficult force to compete with locally.”

We like the way Eric thinks.

The agents that inspired the post have “graduated” from the pilot program and are now implementing what they’ve learned. The next SEO Small Group is starting up this week, and we expect them to inspire more thoughtful discussion and demonstrate increased success through the power of coopetition!

Right Price Analysis Class Benefits

April 3, 2012 By Leave a Comment

So I thought I would say a little something about last week’s Right Price Analysis class held in our Virginia Beach office. First and foremost, thanks to everyone who attended the class and benefited from the depth of instruction provided in the class (check out what TREG agent Lisa Burrow had to say about it on Facebook). More than that, though, I’d like to say how proud I am of my colleagues who took the time to invest in their business and learn how to become masters at pricing property. I’m excited for the growth they’ll experience on the listing side of their trade, and I’m also excited for our seller clients. Not only will they be able to more effectively represent our sellers at the highest level possible with this new knowledge, but they will also bring that know-how to our buyer clients to help them find a house that is priced fairly.

In short, these agents dedicated their time to equip themselves at the highest possible level, and by doing so, our clients will be able to rely on them as trusted advisors for life. It doesn’t get better than that.

Buffini’s Turning Point 2012 Wrap-Up

March 16, 2012 By Leave a Comment

What an exceptional conference we had at Brian Buffini’s Turning Point 2012 up in Richmond this week! I want to thank everyone who joined me and invested in themselves by absorbing such rich content over the past two days:

  • Delores Alexander
  • Nicole Ashley (Landmark Title)
  • Marcia Babashanian
  • Jen Basnight
  • Dayla Brooks
  • Greg Chaplin
  • Jeanine Cline
  • Laura Daugherty
  • Cathy Duncan
  • Shirley Edinger
  • Deb Gayle (Landmark Title)
  • Mitch Johnson
  • Amy Lang
  • Debbie Marable
  • Mike Nishnick
  • Kristin Perecko
  • Barbara Robinson
  • Marj Worley

I firmly believe that both the skills and agent development at TREG are at a very high level, so it was wonderful to hear Brian Buffini and Joe Niego affirming all the things our TREG associates are doing right now to grow and build their practices for the long term. The most important things we can be doing every day to expand our practice are sales and marketing. They are five times more important than anything else we can be doing on a daily basis. We know that a 10% growth in the business development of our practice equals a 50% increase in our income. Great takeaways from Brian and Joe!

I hope to see you next year in Richmond for this event, and don’t forget that Peak Producers is coming to the Chesapeake office in the fall: 8/27/12 – 11/19/12. This is powerful content! I look forward to seeing you there.

- Steven

Help for Tornado Victims in Indiana and Across the U.S.

March 5, 2012 By Leave a Comment

Many of you TREG Insiders know Eric Blackwell, our dynamic SEO consultant who works very hard on TREG’s behalf to make sure we are on the leading edge of all things technology, social media, and SEO. Many of you have taken webinars with Eric and know his voice well, and for many of us, he is more than a business partner—he is a friend.

While Eric works with TREG, he actually lives in the Midwest, just north of Louisville, Kentucky. As you probably saw on the news, Eric’s community of southern Indiana was hit very hard by multiple tornadoes that touched down this past Friday. While Eric and his family are safe, a monster EF-4 tornado narrowly missed his parents’ house and devastated many of their neighbors’ homes, schools, and businesses. Eric spent his entire weekend helping kick-start the cleanup, working to clear away debris and give tornado victims much-needed assistance. The Red Cross was also on the scene, showing up mere minutes after the storms passed and immediately reaching out to victims with crucial assistance in the form of food, water, shelter, clothing, counseling, and more.

Courtesy Eric Blackwell

As you can see from the pictures Eric took this weekend and was kind enough to share with us, the destruction is massive. Those piles of siding, wood, and metal were once someone’s home and haven. Those of us in real estate understand to our core how painful the loss of a home can be; the juxtaposition of being grateful for still being alive and yet mourning the loss of something you’ve worked most of your life to achieve is at once both wrenching and confusing. This is where the work of the Red Cross is so crucial: supporting victims after the initial shock and need is over with long-term housing placement, the essentials needed to function, and counseling on how to deal with loss and starting the healing process.

Courtesy Eric Blackwell

We’re asking everyone to give whatever you can to the Red Cross to help. Last week’s tornado outbreak across the country was unprecedented, with an estimated 74 tornadoes spawned and tens of thousands of lives impacted. Consequently, Red Cross resources are stretched to the limit trying to address the needs of so many hard-hit communities all across the central U.S. Please give to Eric’s community and all of those around the country who need our help right now. To help, you can visit the Red Cross online donation page, call 1-800-RED-CROSS, or text the word REDCROSS to 90999 to make a $10 donation. You may also donate by mailing a check to American Red Cross, P.O. Box 37243, Washington, DC 20013.

When talking with Eric about the disaster, he told us that while it was horrible for so many people, it was great to see the communities in southern Indiana come together to support those who had suffered so great a loss. We’re hoping that all TREG agents will reach out and demonstrate that Eric’s community extends far beyond Indiana and that we here in Hampton Roads will come together to be there for those in need.

 

Thank you for reading our blog.  If you like what you’ve read, then please :
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If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com

Transition Years, Part 2

March 2, 2012 By Leave a Comment

Guest Post by Floyd Gibbs, Owner/Senior Inspector, Quality Home Inspections

Part One of this blog series explained what transition years are and why we need to pay attention to them. In short, during the time period of 17-23 years of age of the structure, most major elements of the home have been or are ready to be replaced. Right now, homes in their transition years are those that were built between 1989 and 1995. There are quite a few EXTRA issues that can plague this particular set of transition years, which are detailed below.

Polybutylene or Quest Plumbing

From 1984 till 1988 we had the ability to install Polybutylene, or what they call Quest 1, for the supply piping. This plumbing would get brittle and break easily, which would cause flooding in the home. Quest 1 can be recognized by the grey plastic fittings seen under the kitchen sink.

From 1989 till 1995 we were able to use Polybutylene or Quest 2. This plumbing did not have the catastrophic issues that the previous Quest 1 did, as this series had copper fittings and copper shut-off valves. The only exception to look out for is the plastic shut-off valves used until 1993. They are grey in color and could have some issues with leaking.

Both of these types of piping had lawsuits against them, resulting in it being illegal to use either type after 1995. While those affected were able to file claims for any damage done to their homes because of Quest piping, the claim period has now expired and is out of range for filing for damages.

The cause of the plumbing breaks was found to be the additive of chlorine in our drinking water. The closer to the chlorine plant, the quicker the Quest piping broke down. In turn, homes in the country using well water often got by without many issues.

Wood and Aluminum Windows

Aluminum windows were being used quite a bit at the start of the 90’s. Before then, we mostly saw wood sashes and frames. The aluminum had its own set of issues that most of you are probably very aware of: the double-glass pane and aluminum was found to be too heavy for the balances that are supposed to hold the windows up, so they would slam shut. That was a pretty major safety issue! These aluminum windows also would fog up; while this was more cosmetic than dangerous, it was still unsightly.

During the same time period, those wood windows that were being installed were now all double-pane, instead of single-pane with storm windows. These were better than the aluminum ones but had to be painted. Unfortunately, from 1991 until 1993, wood windows were made out of extremely soft wood. This soft wood saved the milling companies a lot of money in making them but caused huge issues for the rest of us. No matter how much paint you put on the wood windows and sills, they would still rot out. The only thing you could do to save them was wrap them with metal trim.

Exterior Trim

The standard trim around houses built during this period is wood. The soft wood issues you read about above for windows also wreaked havoc on trim maintenance and cost. Moisture and boring bees enjoyed this wood trim!

Now the standard for trim is metal wrap with vinyl soffits. This change has made all of our lives better, but homes in their transition years might not have had this upgrade yet.

Interior Oddities

The mid to late 80’s saw builders using a lot of stained wood inside the house, which of course is no longer in line with today’s preferences. The floors often squeak, and some of the interior doors can move by themselves. Collectively, this is what I call “80’s character.”

The early- to mid-90’s trend was a much more open layout and a brighter home in general, but there were still some dated standards, such as the gold-plated fixtures we see all around houses from this period. Now we look for oiled bronze and brushed nickel finishes.

The roofing material standard during this time was 15-year, 3-tab shingle. You see many shingle tab breaks on these roofs. By now the shingles are deteriorated and must be replaced (or hopefully already have been).

The new preferred standard is the 25-year architectural shingle, which is good for 100 mph winds.

Until 1990, garage doors were generally composed of heavy wood and pressboard-type material. The bottom panels always deteriorated. The standard now is lightweight aluminum.

Finally, safety designs in homes before 1990 was not exactly stellar. The two most noticeable issues? GFCI electrical outlets were not in the kitchens, whereas now they are in the kitchen, bathrooms, and exterior/garage outlets. Also, smoke detectors were only in the hallway; now they are also in bedrooms and connected together, greatly increasing the safety level of the house overall.

Summary

Transition year homes are hard enough to deal with without adding in the extra issues pointed out above. But these are the hard truths about this particular era of homebuilding, and we cannot ignore that they exist. Most of you already know a fair amount of what I explained here but may not have tied all the problems back to this particular time period. Fortunately, this 1989-1995 era is truly the most difficult set of transition years you will have to deal with. While these facts can discourage you, and some REALTORS® do not want to know that so many issues exist, remember that Knowledge is Power!

Next week I will explain how we can turn the tables around and make these particular transition years profitable for you, as well as how to help your buyers and sellers in positive, financially lucrative ways.

~Floyd  (QualityInspections@Verizon.Net)

Thank you for reading our blog.  If you like what you’ve read, then please :
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If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com

Transition Years, Part I

February 23, 2012 By Leave a Comment

Guest Post by Floyd Gibbs, Owner/Senior Inspector, Quality Home Inspections

All homes have pros and cons when it comes to the years in which they were built. Some are subtle, as in aluminum branch wiring in the early 70’s. Others are a little more drastic, such as Quest plumbing in the late 80’s. But there will always be a 5-year period that we must all be aware of—and it changes from year to year.

This period is what I call “Transition Years.”

You see, no matter how advanced we are with elements included in a new home, we still only get between 17 and 23 years out of them. Whether these elements are worn out, inefficient, or just out of style, the standard rule of thumb will always be that hitting a home’s transition period means it’s time to replace them. The list below outlines the major replaceable elements of a home and shows, on average, the percentage of homes that have replaced these elements by the end of the transition years and the cost of those repairs/upgrades.

 

Standard Percentage & Cost of Renovation/Replacement
Roof Covering 100% $6,000.00
HVAC System 100% $5,000.00
Water Heater 100% $1,000.00
Floor Covering 90% $5,000.00
Windows & Doors 80% $5,000.00
Kitchen & Bathrooms 60% $10,000.00
Electrical Devices 50% $2,500.00
Siding & Trim 40% $5,000.00


By now you might be doing the math and realizing that our current transition years are 1989-1995. I know, I know: this doesn’t seem to be OLD, but unfortunately in house years it is. The homes we work with do not have the same flexible youthfulness that we so enjoy from time to time.

The point is that we all must accept that there is and always be transition years for the major elements of the homes we deal with. This poses a unique challenge for me as a positive home inspector and for you, your client’s most important tool in home sales. Buyers and sellers deserve for us to navigate this reality with finesse. Knowledge is and always will be power.

This is part 1 of 4 in the series about a home’s transition years. Next week you’ll learn more about the shocking extra issues that plague this particular 5-year period, and for Week Three, I’ll discuss how this extremely difficult period of transition years is actually an amazing opportunity for every one of you. Week Four will outline future transition year periods to watch out for and the positive spin on each of them.

~Floyd  (QualityInspections@Verizon.Net)

Thank you for reading our blog.  If you like what you’ve read, then please :
Follow, Connect, Watch, Subscribe
           
If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com

Real Estate, Football, and the Power of Momentum

February 9, 2012 By Leave a Comment

Let’s talk about the New York Football Giants for a minute. Whether you love ‘em or hate ‘em, the Giants completed an unlikely title run this past Sunday by beating the favored New England Patriots to become Super Bowl champions. Punctuated by ups, downs, and one of the more impressive receptions seen in any Super Bowl, the game delivered excitement for the fans and a shining trophy for the team from New York.

(Photo: Associated Press - Pat Semansky)

But how did the Giants end up standing on top of the world?

The progress chart goes as follows:  going into their Christmas Eve game with fellow Meadowlands occupants and cross-town rivals the New York Jets, the Giants were an unimpressive 7-7. Average. Ordinary. 50/50. Historically, numbers like that do not usually indicate a team that is Super Bowl-bound. But because of the likewise lackluster performance by fellow NFC East division teams, it was actually mathematically possible for the Giants to go to the playoffs. To give themselves that chance, though, they had to win the last two games of the season.

Here’s where it happened. The Giants turned their season on its head and beat the Jets (who were fighting for a playoff spot as well). That win brought the Cowboys to town, and whoever won the game, won the division and a spot in the playoffs. Spurred on by the impressive Jets win, the Giants ran all over the Cowboys and claimed the playoff spot.  From that point on, the Giants’ momentum was like a rock rolling down a hill. They trounced Atlanta in the first round of the playoffs. They handed the Packers only their second loss of the entire season. They battled hard against San Francisco and came out on top. Finally, in the Super Bowl, the Giants defeated the New England Patriots, a team that’s been to fully half of the Super Bowls in the last decade (and has won three of them). Every team the Giants beat had a better regular season record than they did.

In short, the New York Giants won the biggest title in football by not letting their prior performance get them down. They committed 100% to winning one game, then the next, then the next, and so on. By working hard, learning from their mistakes, and going all in, they gave themselves momentum and rode that wave all the way to the top.

So after hearing the story, here’s the question:

ARE YOU ALL IN????

Are you like the Giants? Will you let a so-so past performance weigh you down, or are you going to shake off the frustration and make something amazing happen? If you want to be successful, you don’t have time to brood and say, “Woe is me!” So ask yourself:  am I doing what I can every day to improve my performance? There are so many opportunities for you to “turn the season on its head” and find success; for example:

  1. Take advantage of the wide array of training TREG offers—there are classes taking place nearly every business day!—or try something new you learned in a class but haven’t done yet. Keep learning and keep doing.
  2. Commit to mastery of the fundamentals. Fundamentals never change, but in order to master them, you need to dedicate yourself to relentlessly focusing on them. Fundamental #1? There is no new way to throw the football.
  3. Look at your business plan and see if you’ve dropped the ball anywhere; if you have, pick it up and run with it!
  4. Ask yourself if you’re utilizing your Sphere of Influence to its full potential. If not, do something about it.

Often it doesn’t take much to turn the tide, but taking advantage of that turn-around requires an all-in commitment to making things better. You have to fully believe in the eventual reward that comes from doing the hard work of business-building, day in and day out. The only way to feel the power of your own momentum is to get up and get started!

So take a lesson from the Giants: never, EVER let an average day/month/quarter/year get you down. Instead, use it as motivation, and commit yourself to going ALL IN on being a success. Take advantage of resources available to you, build your business, and generate your own momentum. No one else is going to do it for you!

 

Thank you for reading our blog.  If you like what you’ve read, then please :
Follow, Connect, Watch, Subscribe
           
If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com

Owning a Home is Still a Great Idea

February 2, 2012 By Leave a Comment

A lot of eyes are on the real estate market right now, from economists to politicians, investors to homeowners. Everyone wants to know what’s next, where the market is headed, who’s buying, and what’s selling. The whirlwind of discussion about economic factors and national trends can often overshadow the fact that, quite simply, owning a home is still one of the best investments you can make, both financially and emotionally. There are a number of reasons that support this claim, which can be divided into two categories:

  1. Reasons that have been proven, over time, why it’s good to own a home.
  2. Reasons why now might a good time for you to take the step into home ownership.

Let’s start with several historically sound arguments about the advantages of home ownership. First, the financials:

  • Tax writeoffs. A significant portion of the cost of paying for and owning a home is actually tax-deductible. The interest on your mortgage payments? Deductible. So are the property taxes you pay every year, as are the points you may have paid to bring down your loan’s interest rate (points are, however, only deductible in the year you purchased the home).
  • Access, over time, to equity. As you pay down the balance of your mortgage loan each month, you build equity in your home. This equity can then be used as collateral against a home equity loan or line of credit, which can be tapped for emergencies, remodels, or any time cash is needed.
  • Long-term investment. Notice the phrase “long-term.” According to NAR, since 1968, home prices have grown an average of 5.5% a year, regularly outpacing inflation. For those who plan to be in their homes for many years, the slow growth of the value of the home is considered a solid investment.

Now, the more esoteric:

  • Your home is your canvas. Want pink-and-purple striped walls? You can do that. Think each room should have a different color and feel? Go right ahead. Your home is yours to furnish, decorate, remodel, and alter as you wish—no landlord approval needed.
  • Your home gives you roots. Once you choose a home and make it your own, it becomes part of who you are. Memories are created there. Friendships are formed with neighbors. You become part of the community with your home as your base.

Finally, let’s look at how the current economic situation is providing reasons why now may be a good time to take the home ownership plunge:

  • Historically low mortgage rates. If you have the good financial standing to qualify, mortgage rates right now are unbelievably low. Locking in to one of these very low rates—as of today’s writing, averaging around a 3.85% interest rate on a standard 30-year fixed loan—can save you tens of thousands of dollars over the life of your loan. (Current homeowners should note that it’s also a fantastic time to refinance if you are locked in at a much higher rate.)
  • Low house prices. Along with mortgage rates, housing prices have also tumbled during the recession, causing frustration for sellers but opening up some great opportunities for buyers. Houses that may have been out of reach a few years ago may now fall squarely within your budget.
  • Many choices available. The high number of properties available for sale in our area means buyers have a lot of choices in terms of location, price, and style of home. This availability of choice often gives the buyer some negotiating power when it comes time to make an offer. In some parts of the country, the market is already balancing out, but Hampton Roads still favors the buyer overall right now.

Keep this in mind: all the reasons in the world to buy are invalid if you’re not ready. When contemplating any major life change, always do your research and find out if you’re in a position financially to do so. If you’re not sure where to start, contact a TREG agent. He or she will walk you through the process and help you decide if you’re ready to buy!

 

Thank you for reading our blog.  If you like what you’ve read, then please :
Follow, Connect, Watch, Subscribe
           
If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com

A Timely Warning about Rental Scams

January 19, 2012 By Leave a Comment

A local agent recently found herself handling the fallout from an online rental scam, and we thought we’d share the story and some tips so you and your clients can be better prepared to spot, avoid, or deal with possible scams in the future.

Let’s set the scene: In December 2011, a local agent closed the sale on a property she had listed. In early January 2012, the agent began receiving calls from people inquiring about a rental property of hers they had found online. Upon investigating, the agent discovered that the “rental property” was actually her sold listing from December 2011, which was most definitely not for rent. Unfortunately, the agent soon discovered that the clients who had purchased the home were also receiving phone calls and visits from people wanting to rent the home.

Photo by Simon Howden

It turns out that somewhere along the way a scammer had captured some of the images and information from the online listing. That material was then used to create a Postlet showcasing the large house with many amenities for an extremely low and unrealistic rental price. The scammer even went so far as to include the original brokerage’s name as the brokerage for the listing, purportedly to give the listing increased credence. Unlike many scams of this type, the phone number listed did not work, so interested parties did some research and consequently began contacting the aforementioned agent and the new owners. Those callers were fortunate: if the number had worked, the scammer most likely at some point would have tried to obtain money or bank account information from the caller.

Online rental scams are unfortunately becoming increasingly common as the world grows more reliant on digital communication, so it’s up to agents, brokers, and consumers to educate themselves on known scams and how to recognize a suspicious listing. According to the Federal Trade Commission (FTC), there are a few key indicators that raise a red flag on a possible scam:

  • They want you to wire money. Wiring money is the same as handing someone cash; there’s no way to get it back once it disappears. Thus it’s the preferred method of down payment by scammers.
  • They want a security deposit or first month’s rent before you’ve met or signed a lease. A way for out-of-towners (who sometimes do have to rent a place sight unseen) to double-check the legitimacy of a listing is to do an internet search on the landlord and the listing. If the same ad comes up under a different name, be suspicious.
  • They claim to be out of the country. Some of these will go so far as to have plans in place to get you the keys (which are usually fake) despite their supposed absence. A safe rule of thumb is to never send money overseas when renting a U.S. property.
  • The rent listed is much lower than other similar properties in the area. The old rule of thumb applies: if something looks too good to be true, it probably is.

If you find that one of your properties has been the subject of a scam, the Better Business Bureau suggests following these procedures to handle it:

  1. Depending on your location, file a police or sheriff’s report as soon as possible.
  2. File a complaint with the FBI’s Internet Crime Center at www.ic3.gov.
  3. If posted through Postlets, contact Zillow, who owns Postlets, immediately via Zillow’s customer service page at www.zillow.com. You can also flag the Postlet listing by going to the listing, opening the property details page, scrolling down to “Edit”, and selecting “Report problem with listing”. Also, be aware that Postlets populates many other websites, so do your due diligence to make sure the listing has been removed in all possible locations.
  4. If posted on Craigslist, flag the post as Prohibited and then email abuse@craigslist.org.
  5. Call the FTC hotline at 877-382-4357 and report the violation.
  6. Post a sign on the door of the property explaining that the property is not for rent.
  7. Double-check that all websites you may have created for the property are deleted.

Rental scams are an unfortunate part of today’s online real estate world. While they are often difficult to prosecute, rental scammers can be stopped, so be proactive: check Craigslist and Postlets periodically for unauthorized listings of your properties; educate yourself and your clients on how to recognize and deal with a scam; and take swift action if you see a potential scam.

 

Thank you for reading our blog.  If you like what you’ve read, then please :
Follow, Connect, Watch, Subscribe
           
If you plan to purchase or sell a home in the Hampton Roads, Virginia area,
you can visit our Hampton Roads Real Estate website at www.RealEstateGrp.com