Visionary Service: What is so visionary about Pellow Realty real estate brokerage? Well, Bill Pellow has taken the combination of creativity, originality, and ingenuity that made him successful as an agent and built an entire organization around it. Simply put, over the past 10 years, Bill has dissected the entire home buying-and-selling process and identified ways to streamline the process, improve the results, and simplify the steps. It really is not hard. Hire only the very best and brightest people, equip them with the most powerful tools, and support them with the best management and training. And, make sure the experience is pleasant for the client. When founding the company, Bill kept a focus on compiling and sharing information within the company. Because Bill is one of the biggest selling agents in Metro Detroit, other agents routinely contact him about “off-market” opportunities. Everyone knows that Bill has many buyers. Because of this, he also has the most information, which Bill shares with everyone in the office.
The Pellow Difference: In today’s environment, sellers and buyers deserve more – more expertise, more care, and more focus. Dedication to delivering exceptional service is at the core of our commitment to our clients. We offer a higher level of service and a greater depth of competency than any other real estate organization in Metro Detroit. We accomplish this by strictly adhering to a few fundamental principles: bring in the best people with the strongest education and experience, promote teamwork and align incentives with the clients’ interests, foster areas of specialization, and implement and oversee efficient systems.
Strategic Home Buying: Buying real property is one of the biggest investments you’ll ever make, and it has long-term financial ramifications. Oftentimes, this process can be frustrating and time consuming, and requires the buyers learn about market pricing, home inspections, mortgages and other legal documents. At Pellow Realty, we make the home buying process easier on our clients because our agents are highly trained, and experienced. Buyers can rid themselves of any concerns of agents who may be unskilled or inexperienced. We also have strategic partners who are interior designer and a licensed contractor to help our clients with post-home purchase questions or issues, including suggestions regarding potential improvements and finding ways to make your home functionally and aesthetically pleasing to fit with your personality. These are only a few of the services we offer our clients.
Strategic Home Selling: Putting a home up for sale in the real estate market can be a complex, high-stress, and time-consuming endeavor. The process involves knowing what improvements to make to get the best return, hiring and overseeing the vendors, staging the home to present the right image and style, correctly pricing the home to attract many buyers, marketing the home, negotiating the offers, and going through escrow. To ease the seller’s burden, Pellow Realty shifted much of the work relating to home improvement, marketing, negotiation, and escrow onto ourselves. We have a team of specialists dedicated exclusively to assisting homeowners through the home-selling process. This is one of the many services we offer sellers.
Our Services For Sellers
Below are some of the marketing & services that Pellow Realty offers to each of our listing clients.
- Advantageous Pricing from Preferred Vendors
- Professional, high-end Photography
- Full-color, multi-page Listing Brochures
- Online Marketing
- Custom Website
- Our 90-Day Listing Approach
- Step-by-Step Seller’s Guide
- Listing Your Home
- Select the Right Agent
- Signing the Listing Agreement
- Pricing Your Home
- Preparing Your Home
- Marketing Your Home
Advantageous Pricing from Preferred Vendors: Due to our high volume of listings, we are able to negotiate special pricing with many local vendors. These vendors are familiar with the type of work necessary to bring a home to market in the most cost effective way. There is no markup or other referral fee from any vendor that works with the Pellow Team; all savings are passed on directly to you. We provide a home improvement maintenance checklist prior to home inspection Our 11-point checklist inspection will address issues before the property inspections, so simple items can be addressed before the inspector arrives.
Professional, high-end Photography: All homes are photographed by a professional photographer that specializes in residential photography. Based on our experience, the quality of the photography has a profound impact on the quality of the professional brochures and newspaper ads that we run for each home.
Full-color, multi-page Listing Brochures: All clients receive full-color, professionally-designed and printed, multi- page brochures. The number of pages within the brochure will vary based on the anticipated sales price of the house: All brochures will include multiple photos, captions, and a comprehensive Features List.
Online Marketing: In addition to all of the free online marketing utilized by most agents, Pellow Realty also uses paid Facebook and Google ads to bring even more attention to your property.
Custom Website: All properties are highlighted with a custom website.
Our 90-Day Listing Approach: We are so confident our marketing approach works, we ask our clients to sign a listing agreement that is a mere 90 days in duration, starting on the day that the property comes on the Multiple Listing Service (MLS). We believe through aggressive marketing, appropriate pricing and diligent effort, we will be able to achieve the optimal result for you in this amount of time. If for any reason the house does not sell in that time period, it should be up to the client to decide whether they want to continue working with Pellow Realty. They should not be held hostage by a listing agreement of 6 months or longer. Pellow Realty has this confidence because of our home preparation, staging, and marketing approach.
Step-by-Step Seller’s Guide: Did you just get a great job offer so you need to relocate? Did you find the home you really want but still need to sell the home you already have? Are you getting ready to retire and the house is too big to take care? Whatever the reason, you’ve come to the conclusion that you need to sell your home.
Listing Your Home: Now that you’re seriously considering selling your home, the first question that may cross your mind is “How much is my house worth?” How much you’re going to get for your home depends on the following three main factors combined: • The housing market • The condition of the house • The listing agent Of these three, you only have control over the last two: the condition of the house and the listing agent. The most crucial decision you can make is selecting the right agent because your agent should be able to help you manage the other two factors: the housing market and the condition of the house.
Select the Right Agent: If you’ve lived in Metro Detroit long enough, chances are you know at least one person who’s a licensed real estate agent. But as with any profession, there are good ones, mediocre ones, and incompetent ones. A good agent will help you navigate the housing market and prepare for probabilities. A good agent will guide you through getting your house ready and other decisions related to improving the condition of your house. A good agent will know the current and historical market performance of homes similar to yours and will accurately identify how yours is different and account for pricing adjustments accordingly. But even a good agent may not be the right agent for you. Of course, there are basic things you should expect from your agent, but there are also other considerations you should bear in mind: • The agent’s experience and track record – Has the agent represented many sellers and successfully sold their homes? How long before these homes sell and for how much, relative to the current market? • The listing strategy – Does the agent have a detailed plan? How effective does it seem? Is it a general approach or a property-specific approach? Can this agent recommend a reputable contractor, handyman, stager, and even a cleaner? • The agent’s connections – Does this agent have a good reputation among his or her peers? Can this agent reach out to the community and start marketing your home before it gets put on the Multiple Listing Service (MLS)? • Image and professionalism – Do you want this agent to represent you in front of other agents and prospective buyers? Do you want your house to be perceived based on the impression this agent makes on people?
Signing the Listing Agreement: Once you’ve decided on the agent you want to work with, the next step is signing a listing agreement with them. The listing agreement commits you to an exclusive arrangement with the agent for a set period of time. The typical time period is three months, but in sluggish housing markets or in the luxury home market, six-month or one-year agreements are the norm. During your meeting to sign the listing agreement, or shortly thereafter, your agent will assist you in fulfilling your disclosure obligations by having you answer a series of forms and questionnaires.
Pricing Your Home: Knowing where the housing market is heading is critical when pricing your home. Market conditions vary, based on everything from supply-demand issues to buyers’ attitudes. What’s the economic outlook? Is there job growth or job security in the area? Are interest rates going up or going down? What kind of a loan can someone get these days, and how hard is it to apply for one? Are there too many homes similar to yours currently for sale? Are buyers feeling optimistic and willing to tie up their assets with a home purchase? These are just some of the issues that come into play in the housing market. In addition, the market is seasonal, especially in Metro Detroit where schools tend to be the primary reason for housing decisions. • During late winter to early spring (late January to late February) the housing market starts to warm up, as families recover from the holidays and start looking to make a move. • Spring to early summer (March to May) is generally the best time to sell your home as parents need to buy within particular school districts in anticipation for enrollment in the next school year. • Summer (June to August) tends to see a slow down as people leave town for vacation trips. • Late summer to early fall (September to October) usually has a bit of a spike in sales activity as people come back from vacation and want to get into a home by the year’s end. • Once the winter holidays kick in, and the market settles in for the winter (November to January), the only buying most people consider are holiday gifts. While your competition is whittled down because other sellers do not want to deal with moving during the holidays, prices tend to be a little lower as buyers during this time are usually looking for a relative bargain. This seasonal pattern should be taken in conjunction with current market indicators in determining your pricing strategy. Your property will generate the most interest when it first hits the market, and if it’s priced below or at market value, it will generate the most showings. Start too high and you may miss the excitement and have to drop the price later, causing it to sell below market value.
Preparing Your Home: Homeowners sometimes forget that when you are selling your home, you are, in fact, actually SELLING A PRODUCT. As with a car, a shampoo, or a dress, selling your house means highlighting the best parts of it and presenting it in the best possible way. Fully preparing your home for sale can make a considerable difference in the time it takes to sell it. You can help eliminate buyer objections before they arise by making necessary repairs and improvements. It could be as simple as removing clutter, personalized decorations, and having the house professionally cleaned. Or it could be as drastic as repainting your entire house. If the house is vacant or has odd rooms or less than ideal lay-out, an interior decorator or stager should be hired to bring in the right furniture and accents.
Marketing Your Home: Once the house is adequately prepared to accentuate its most attractive features, your agent puts together professionally photographed, produced and printed marketing materials. Your house is then included in the MLS and should receive additional exposure from online and print ads. Showings are made by appointment. Negotiating the Contract If an interested buyer is serious enough, he or she puts together a purchase offer with his or her agent. The buyer’s agent then presents the offer to the listing (your) agent. Rarely does an offer get accepted as presented. There are usually terms that need to be revised, and this is addressed through the counteroffer process. Should there be more than one interested buyer, there could be a multiple offer situation. A deadline should be set to hear offer presentations in this scenario. In some occasions, given the bidding context, one party will exceed the others in amount and terms and will immediately be accepted by the seller. In others, the seller will have the option of counter-offering the highest offers or all of the offers. Your agent should thoroughly explain to you this process and discuss with you the best negotiation strategy. Going through Escrow Upon ratification of the purchase contract, the escrow process begins. Escrow generally refers to money held by a neutral third-party on behalf of the transacting parties. Parties choose escrow to give them the assurance that no funds or property will change hands until ALL of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents that are in its possession, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with. During this process, the important timelines related to contingencies in the contract are as followed: • Buyer’s deposit is given to the escrow company • Additional inspections, if any, are performed • An appraisal is performed if there is a loan involved • If there is a loan, the buyer goes through the lender’s approval and underwriting process • If your property is a condo or townhouse, the homeowner’s association provides a package of HOA documents and transfer paperwork Once contingencies are removed, the escrow company contacts your mortgage holder and any other lien holder to request a pay-off amount. The escrow company then prepares the settlement statement detailing your pay-off and other closing-related expenses for your review. You will then meet with the escrow officer to sign the deed transfer and other documents. Closing the Sale After the buyer signs off on the loan documents, the escrow company sends them back to the lender for final review and funding. Once escrow receives all the funds from both buyer and lender, the sale is recorded with the county and your ownership has been conveyed to the buyer. That day, all keys and garage door remote controls need to be turned over, and the house should be cleaned out and ready for the buyer.
Our Services For Buyers
Pellow Realty is committed to providing exceptional service to our clients. We invest time, energy, and money in all our clients. Below are the services Pellow Realty offers to each of our buyers.
- Enhanced Market Knowledge
- Detailed Negotiation and Deal Structuring Advice
- Persuasive Offer Presentations
- Superior Understanding of the Contract
- Post-Home Purchasing Assistance
- Handyman Service
- Step-by-Step Buying Guide
- Select the Right Agent
- Know the Neighborhoods and Marketplace
- Get Pre-Approved
- Find a Home and Review Disclosures
- Property Inspection Report
- Seller’s Disclosures
- Title Report
- Homeowners Association (HOA) Documents
- Make an Offer
- Acceptance, Rejection, or Counters
- During Escrow
- Day of Closing
- Enjoy Your Home
Enhanced Market Knowledge: Finding the right property, paying the right price, and closing escrow on the property of your choice are the most important elements to a successful real estate transaction. Our buyer agents, have enhanced market knowledge within their specialized cities and neighborhoods. Our agents are required to regularly monitor and tour the areas in which they specialize. As a client, we will match you to one or more of our buyer consultants who are specialists in your city, or cities, of interest. Moreover, our agents work as a team and with other area agents to find the best house for you.
Detailed Negotiation and Deal Structuring Advice: The home buying process is simple, but can get complicated. There are many intricacies involved and only the best agents can understand the complexities and use them to their clients’ advantage. At Pellow Realty, our knowledge and expertise give us the ability to navigate through the home buying process and negotiate the best purchase price for our clients. As a client, our buyer agents will work with you to understand your specific circumstances, needs and financial situation. Prior to making an offer on a chosen property, we will have a detailed negotiation and deal structuring discussion with you. In our experience, being prepared, anticipating the seller’s actions, and having a negotiation plan prior to submitting an offer often put our clients at a great advantage, particularly in multiple offer situations.
Persuasive Offer Presentations: Listing agents and sellers consider many factors when reviewing offers. Certainly, the offered price and terms are important, but other intangible factors weigh in the analysis as well. For example, the professionalism and reputation of the buyer agent and the organization of the offer tend to indicate the likelihood of a smooth transaction. Pellow Realty agents pride themselves on putting forth persuasive and powerful offers. From personal delivery to the material presented, everything is top quality.
Superior Understanding of the Contract: A contract, once executed by the buyer and seller, is legally binding on both parties. Knowing the terms in the contract and its meanings are important. Clients should not accept “you have to speak with a lawyer” when asking agents basic real estate legal questions. Case law supports the position that real estate agents are expected to understand and explain the legal consequences of a real estate transaction to their clients. Agents should be expected to know the ins-and-outs of the contract and all of its implications, particularly since they are paid very well, from the sale of a home. At Pellow Realty, all of our buyer agents are required to undergo formal training on the purchase contract – both in-house and through external sources. In fact, we believe that it is simply not enough for an agent to know and understand what the contract says. What sets a great agent apart from a good agent is knowing what the contract doesn’t say, how it can be changed, and what risks are being assumed. The ability to utilize the real estate contract as a tool for better results further sets us apart from our competitors. As a client, our buyer agent will work with you to answer questions relating to the contract and how best to use the contract to increase the chance that your offer will be accepted at the best price.
Post-Home Purchasing Assistance: Pellow Realty goes above and beyond standard real estate transactions. We dig deep into the buying process with our clients to help alleviate the stresses of home buying. With such philosophy, Pellow Realty provides our clients with assistance both before and after a home purchase.
Handyman Service: With most home purchases, some home repairs are needed either before or after moving into the house. In order to allow our clients to comfortable settle into their new home. With just a phone call, we can have a handyman ready to help you with any home tweaks you may need.
Step-by-Step Buying Guide: Because a real estate purchase is one of the largest investments in your life, it is important that you select the right agent, know the neighborhoods, and thoroughly understand the real estate transaction process.
Select the Right Agent: The first step in finding a house is to select the right agent. Purchasing a home is a big investment with many legal and financial ramifications, so you should not choose an agent merely on “personal connection” or because that agent is “nice,” without further investigation. Just like lawyers and doctors, the best agents tend to specialize in certain types of sales, certain market segments, or other special areas. Here at Pellow Realty, we offer just that. We require all of our buyer agents to have specialized knowledge within particular cities and neighborhoods. While no agent is “right” for everyone, we believe that experience, training, education, background, and specialization all contribute to success. Nowadays, it is easy to locate properties through a combination of open houses and online searching. It may not, however, be in the client’s best interest to wait until they locate a house to select a specific agent. Our experienced agents can help identify the right neighborhood, coordinate financing, explain the tax consequences of home ownership, filter out inappropriate properties, identify off-market opportunities, and answer questions that come up along the way. Additionally, our agents will help screen properties during “broker tour” and notify you when suitable properties come on the market.
Know the Neighborhoods and Marketplace: Clients generally have an initial idea of what cities and neighborhoods appeal most to them. However, you should examine your criteria to determine the areas within the neighborhoods you feel are a good match. Our agents will personally take you to some of the neighborhoods, give you an overview of the area, and show a few representative homes. More importantly, our agents will provide you with information about local schools, parks, and appreciation potential of each area. Generally, clients should not purchase a home until they are familiar with the neighborhoods and have seen enough properties to truly recognize an excellent fit.
Get Pre-Approved: Getting pre-approved by a local lender or mortgage broker is one of the first things you should do for many reasons. In Metro Detroit, a pre-approval letter is a prerequisite for serious consideration of your offer. Knowing the available loan amount will aid in determining how much you intend to spend on your home and which neighborhoods to consider. Generally, you should begin the pre-approval process immediately after meeting with your agent. If any issues come up, such as inaccuracies that make your credit score lower than expected, you will have time to resolve them. Our agents can help you through this process and recommend excellent lenders and mortgage brokers. Our recommendations are completely free of any conflict of interest; our agents do not benefit monetarily from providing recommendations.
Find a Home and Review Disclosures: Once you have located the desired property, carefully review the disclosures that the seller and listing agent provide. Disclosures contain many important items, most notably the property and pest inspections, the seller’s disclosures, and the title report. Our agents will provide you with a summary of the important issues to help in y our review of the disclosures.
Property Inspection Report: The property inspection is the inspector’s opinion on the home’s plumbing, electrical systems, foundation, roof, and overall condition. This report will list all issues the inspector finds. The property inspector does not provide the cost estimates. Generally, items found in the property inspections are not addressed by the seller, but they are your responsibility to repair.
Seller’s Disclosures: The seller’s disclosures contain answers to questions, such as whether any remodeling has been done, and if so, whether the remodeling was done with permits. California is very protective of homebuyers and requires sellers to disclose all known material problems a property may have.
Title Report: The title report is issued by a company, such as First American or Chicago Title, and insures that the seller can convey clear title without any liens preventing a smooth conveyance. All liens that may be on the property, such as unpaid property taxes, are listed in the title report. Problems with conveying title are rare.
Homeowners Association (HOA) Documents: If you are considering a townhouse or condominium, it is likely that the HOA documents will be included in the disclosures or be quickly forthcoming. Important issues to consider include the size of financial reserves, whether any litigation or special assessments are looming, and whether there are plans to heavily increase HOA dues. Unlike the interest on your mortgage, HOA dues are not tax deductible. Together, you and our agent will review the disclosures and discuss any concerns either of you may have with the information contained therein. Only after you feel comfortable with the disclosures should you consider making an offer.
Make an Offer: Next, our agent will work with you to draft an offer. Our agent will speak with the listing agent ahead of time to ascertain the seller’s desires and to see if you can offer any items of value to the seller with little cost to you. This shows your desire to work with the seller and can optimize the situation for both you and the seller. Regarding what price to offer, our agent will provide you with a comparable market analysis, showing the selling price of recent comparable properties and what the market value is of the current property. Additionally, our agent will update you on the interest level of other parties and whether you may be in a multiple offer situation.
Acceptance, Rejection, or Counters: Once an offer is made, it can be accepted, rejected, or countered. A counteroffer accepts all the terms of the contract, except the terms that are mentioned. For instance, a counteroffer may increase the purchase price or shorten the escrow period. A counteroffer can be made to one party or multiple parties. If there is only one counteroffer and that counteroffer is accepted, then a binding contract has formed. On the other hand, if there are multiple counteroffers, which may all have the same or different terms, the counteroffer must be accepted by the buyer and reaccepted by the seller, ensuring that the home sells to only one party.
During Escrow: After the parties formed a contractual agreement, the escrow period begins. An escrow company is a neutral third party that acts as an intermediary between the buyer and seller. The most important job of the escrow company is to properly take the buyer’s money in exchange for the seller’s property. An average escrow period is 30 days, with the vast majority ranging from 15-45 days. If your purchase contract has contingencies, such as a property contingency, then your agent will find inspectors to view the home during the contingency period. During this period, you can determine whether you want to proceed with the purchase. If you back out of a contract for a reason related to a contingency during the contingency period, then you are entitled to a full return of your “good faith deposit.” Our buyer agents can assist you and ask the seller to credit you for any new problems. Usually, an agreement can still be reached if the seller accepts your requests. If your findings uncover a major issue, such as bad foundation, then you will likely want to back out of the deal without seeking a credit, as this involves a lot of risk. If you have a loan, as most homebuyers do, then an appraiser will appraise your home. Also, our agents will work with your loan officer to ensure that the loan proceeds arrive on time and with little hassle.
Day of Closing: On the day of closing, the escrow company transfers your funds to the seller and records the deed in your name with the county. Once you are on record with the county, our agent will provide to you with the keys, garage opener, and access codes, if any. Other information, such as manuals for appliances, are usually left in the property. While you are the owner of record when escrow closes, you generally will not receive the official deed from the county until 3 months later.
Enjoy Your Home: Pellow Realty is here to serve you for all of your housing questions or issues after you close as well as during the escrow period.