Robert Guthridge's Blog

Three Factors How much do you discount for a one-car garage? The short answer: “it depends.” Specifically, I think that the three most important variables are: One . What is the surrounding housing stock like? In close-in, older Minneapolis neighborhoods, many homes have one car garages (still). Detached, one car garages. When that’s the standard, the discount isn’t very big. Fifteen miles west, in newer, bigger Minnetonka and Plymouth homes, if there isn’t room for 3 cars (or more), the house’s selling price is going to suffer proportionately more. Which leads to . . . Two . How big is the house? A 1,000 square foot house with 2 Bedrooms and 1 Bath is likely to appeal to one person, or maybe a couple. In that case, one car space may be plenty. One stall for a bigger home (over 2,500 FSF) is a much harder sell, unless . . . Three . How easily can it be corrected? When the lot is big enough — and the home’s design can integrate it — expanding the garage can be a smart mo...

I’ve got a hunch how — at least in some people’s minds — “tray” ceiling became “trey”: “très” is French for “very” (as in “very beautiful”). From there, it’s just a small step (and single letter) to “trey.” Of course, that’s also how the word sounds phonetically. However, the correct adjective for a recessed ceiling — often directly over a bed or Dining Room table, and marked with dramatic, custom moldings — is “tray.” As in , it resembles an inverted tray. from RSSMix.com Mix ID 8230700 https://ift.tt/2PmRrD0 via IFTTT

I have flipped more than 200 houses and we are not one of those companies that paint every house the same color. We usually try out new colors all the time and make sure to use different colors on most of our projects. We show all of our house flips on YouTube and people are ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/2P8GyF5 via IFTTT

“Can I Please Speak to Myra Mains?” Courtesy of retired Edina Realty office manager Josh Kaplan, here is a classic April Fool’s joke for — make that on — Realtors, especially “newbie” Realtors. The front desk leaves a voicemail for the intended Realtor-victim (plural, ideally), telling them that they have a lead for them. The prospect’s name is “Myra Mains”; her number is 612-927-****. Here’s what happens next: Realtor : “This is Jane Doe at Edina Realty. Can I please speak to Myra Mains?” Other line : . . . . “click” (sometimes preceded by a “Ha! Ha! Very funny!”). It’s funniest when the Realtor persists and re-dials a couple of times before catching on. The phone number, of course, belongs to a local funeral home . . . from RSSMix.com Mix ID 8230700 https://ift.tt/3fpmI34 via IFTTT

  We all know somebody who’s successful, in great shape, plays in a band, is close with their parents, volunteers at the ASPCA, and has a food blog. Assume you’re not that person.” –Scott Galloway, “The Algebra of Happiness.” Want to get a reader’s attention? Here’s. One. Way. But, if you overuse such techniques — as Business School Professor and serial entrepreneur Scott Galloway arguably does — it starts to feel gimmicky and repetitive. Enough. Said. I mean , “enough said.” Guide to Living My other observation about Galloway’s book is that, while it’s billed as a “how to” manual for a well-lived life, it’s equally a love letter: to his two young sons, his wife, and long-deceased Mother. To Galloway, it’s not about how much money you make (or lose), the size or zip code of the home(s) you own, or the size of your social media following. Rather, it’s how many loved ones are at your bedside at the end. You won’t learn that in business school. But. You. Should. fro...

In another sign of the real estate market overheating, you have more realtors in the market than you have homes available for sale. The number of realtors according to the National Association of Realtors (NAR) jumped to 1.448 million which was an increase of 5% from last year. However, at the end of February there […] from RSSMix.com Mix ID 8230700 https://ift.tt/2PviCLV via IFTTT

“Bookends” at Beginning, End of Loan Process [ Note to Readers : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] As anyone who’s recently bought or sold a home in Minnesota knows, a Pre-approval Letter signifies very little. Issued by a lender to a borrower, then delivered to the prospective Seller along with the Buyer’s offer, all it really means is that — based on the lender’s superficial review of the Borrower’s finances — the Borrower appears qualified to buy the home in question. That’s it. Nothing in the Pre-approval Letter obligates the Lender to actually lend to the would-be Borrower/Buyer. Nor, for that matter, does anything in the Pre-approval Letter obligate the Borrower to borrow from the lender issuing the Pre-approval Letter. Should the Buyer’s finances not pan out, the home not appraise, or the Buyer simply decide...

Sub(Divide) and Conquer If it could be done easily and profitably  . . . somebody already would have done it.” –Ross Kaplan’s 2nd Law of Real Estate Law. [ Note to Readers : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] What kind of condo do you get in the Twin Cities for around $300k today? According to NorthstarMLS, here are the average stats for the 36 condo’s currently for sale in that price range: Finished Square Feet : 1,391 Bedrooms : 2 Bathrooms : 2 Homeowners Association Fee (monthly): $637 Now, consider 1830 Eagle Ridge Drive #3010 in Mendota Heights, on the market for $295k: Finished Square Feet : 7,404 Bedrooms : 3 Bathrooms : 5 Homeowners Association Fee (monthly): $3,205 If you don’t have a calculator nearby, 12 x $3,205 = $38,460 in annual HOA fees. Can you say , “outlier?” Three-for-One In f...

The Overzealous Agent: Asset or Liability? Don’t squeaky wheels get the grease? And in a hyper-competitive multiple offer situation, isn’t an aggressive agent an asset? (nice alliteration, huh?) Yes . . . to a point. Beyond that point, hyper-aggressive behavior on the part of a Buyer’s agent can become a negative to the Seller (and their agent). Cause for Pause Non-stop phone calls, texts, and emails asking for updates; making an offer with an asterisk clause instead of an actual price; maneuvering (if not badgering), etc. can make the Seller pause and ask legitimately: “Do I really want to do a deal with this party?” How will it be to work with them on the multiple steps that inevitably follow signatures on the Purchase Agreement? Do I really want to negotiate inspection issues, if there are any, with such a Buyer and their Realtor? Especially if the Seller has a choice — the definition of multiple offers — the answer may very well be “No” (if not, “Hell , no!”). P.S.: Buye...

“There Goes My Realtor!” Admittedly, the intended effect is for clients who see me in and around the neighborhood where I live (by Cedar Lake in Minneapolis) to see my car on the road and say, “There Goes My Realtor!” But, my custom license plate (above) is also a conversation-starter when I’m parked. Like yesterday near Lake of the Isles, where a builder who has an upcoming listing saw my car and asked if I was a Realtor. I know what to do from there . . . See also , “ Kindred (Car) Spirits “; and “ A Sea of Silver (Cars) .” P.S.: Did you hear about the parents of a newborn who wanted to name their son after the Mom’s father? They called the baby “Grandpa.” from RSSMix.com Mix ID 8230700 https://ift.tt/3slGOyC via IFTTT

The Opposite of Teddy Roosevelt Let me say this very clearly for all 99 of my colleagues: Nobody serving in this chamber can even begin, can even begin, to imagine what a completely scorched-earth Senate would look like . . . This chaos would not open up an express lane to liberal change. It would not open up an express lane for the Biden presidency to speed into the history books. The Senate would be more like a 100-car pile up, nothing moving.” –Senate Minority Leader Mitch McConnell (R-KY); March 16, 2021. [ Note to Readers : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] Whatever you think of Mitch McConnell’s politics, most objective observers would grant that he is a deft negotiator. So, it’s noteworthy (at least to me) when he violated — as he did last week — a cardinal rule of negotiation. Namely, the louder someone...

High Quality Problems For an Agent to Have [ Note to Readers : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Which of the following roles pose a potential conflict of interest for a Realtor? (at least according to this one): A. Representing the same client as a Buyer in one deal, and as a Seller in another. B. Representing both the Buyer and Seller in the same deal. C. Representing potentially competing Buyers — that is, whose purchase criteria (price range, preferred neighborhood(s), etc.) overlap. D. Representing competing Sellers. Answer key: A. No, perfectly fine — in fact, it’s done all the time. Many agents (myself included) would argue that this is actually simpler and more convenient for the client, who doesn’t need to act as a liaison between two different agents, or otherwise coordinate their actions, key transacti...

Recommending a Radon Test (or Not) No man Realtor can serve two masters.” –New Testament (slightly changed). [ Note to Readers : The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced. If you need legal advice, please consult an attorney.] Regular readers will recall a recurring theme on this blog. No, not my penchant for alliteration.  My stance on single agent dual agency, which is when the same agent represents the Buyer as well as the Seller in a transaction. Namely, I regard it as a classic conflict of interest — and therefore contractually promise my clients not to do it. Exhibit A: Radon Test Realtors who do play the role of dual agent essentially advocate for neither client, instead opting to neutrally provide information. Which is fine, at least until the Buyer’s and Seller’s interests diverge. Like when it comes to determining the home’s selling price. Or handling insp...

Three Explanations for Sinking Soil (Two Good, One Bad) Good home inspectors don’t just check out the interior of a home. They also check the home’s exterior, and even the yard for clues that something “just isn’t right.” That includes getting to the bottom (sorry) of a conspicuous depression in the yard — back or front. Possible Culprits The concern? The soil could be settling due to a problem with the main sewer line — essentially, the return from the home to the street or alley. When there’s a leak, the escaping waste water erodes the soil and causes the ground above it to sink. Cost-Benefit To determine whether that’s the case, the Buyer needs to have a drain and sewer contractor run a camera through the sewer line (and yes , they — not the Seller** — usually pays for it). Given the cost, about $150 (vs. $5,000 or more to correct a leaking main sewer connection), that’s a smart step for a prospective Buyer to take . . . **If the sewer inspection finds a problem, the Sel...

I now have a warm-weather complement to my post, “True Minnesotan,” Defined “: A true Minnesotan — if they happen to be in the landscaping business — chides you every year for hiring them instead of having your able-bodied teenage sons mow your lawn.” My standard retort: “Do you encourage all your clients to fire you?” ** Household Chores Circa 2021 For the record, my sons do help with the household. It’s just that it’s all tech-related, and is usually in response to a frustrated/pathetic plea from me or my wife vs. a parental decree . . . **Our landscaper also sent us a very nice, handwritten condolence card after our long-time family pet — a Golden Retriever named “Raffy” — died this past winter. See also , “ “There’s No Place Like Home”: Garrison Keillor’s Homage to the Twin Cities in National Geographic “; and “ Winter Humor: Minnesota vs. Tampa Bay (& Elsewhere) .” from RSSMix.com Mix ID 8230700 https://ift.tt/3d2iZ8F via IFTTT

Lake St. and Ewing Ave in South Minneapolis, looking east towards Lake Bde Maka Ska. Friday, March 19 @ 5 p.m.: Quarantine Fatigue + Spring Fever + TGIF No , I couldn’t tell if all those drivers were wearing masks. No matter. The warm temps (low 50’s) and brisk (10 mph) wind make a mask-free walk around Lake Bde Maka Ska (nee “Calhoun”) a low risk/high reward activity. I just finished my 3 mile circuit — 3.2 in winter — 30 minutes ago. Have a nice weekend! P.S.: Lake Bde Maka Ska is also pictured at the top of this blog’s home page. See also , “ (Late) Winter Walk Shortcut .” from RSSMix.com Mix ID 8230700 https://ift.tt/39tNSSH via IFTTT

ARMs or an adjustable-rate mortgage is a loan where the interest rate is fixed for a certain amount of time, but the rate can adjust after that fixed period expires. For example, an ARM may have a fixed period of 5 years at 3% interest. For the first 5 years the loan interest rate will ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/2OtaWtu via IFTTT

I am no longer in my twenties, in fact, I am now in my forties! Real estate has been wonderful to me and I am very fortunate but that does not mean I did everything the right way. I have no regrets and everything I have done made me who I am today, but there ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/2PJ8U8x via IFTTT

Welcome to RPR! Here are ten “Intro to” articles that will get you started with the industry’s most powerful and intuitive property data tool. The post 10 Things New Users Should Know About RPR appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/382Rs5s via IFTTT

The RPR Homepage is a REALTOR’S® hub to access data, tools and reports that will help them “wow” their clients and close more deals. The post The RPR Homepage: Where to Land for Real Estate Results appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3q6Oa7e via IFTTT

The power to analyze and manage a platform of unparalleled real estate property data is at your fingertips, including listing vs. public record comparisons. The post RPR Search: Your Launching Point for Property Facts & Info appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3uDqnzg via IFTTT

RPR Maps are a powerful and intuitive way to visually search for properties and uncover market trends. The post RPR’s Mapping: Get the Big Picture appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3kzcvl7 via IFTTT

To see every fact and stat, conduct a property search in RPR. Then, check out the Property Details page: it’s jam-packed with important info and data to help you serve your clients. The post A Home and its History: RPR’s Property Details Page appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3kCo9vx via IFTTT

With data from RPR, REALTORS® can provide their buyer clients with factual insight to help them zero in on their ideal neighborhood. The post Discovering Neighborhood Data for Your Clients appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3q7cl5A via IFTTT

Test scores, parent reviews, enrollment data and more help REALTORS® quickly drill down to schools best suited to client needs and expectations. The post Educate Your Clients With RPR School Searches and Reports appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3b6pXda via IFTTT

Market Activity Reports from RPR are a handy deliverable to keep clients up to speed, and a surefire way to impress prospects. The post Monitor Market Movement for Your Clients and Prospects appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3dZkOFq via IFTTT

RPR has eight different reports with one thing in common: results. Each one is designed to help you “wow” your clients and close more deals. The post RPR Reports: Easy to Create, Hard to Duplicate appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3uJmWXV via IFTTT

REALTORS®, here’s your ultimate guide to the RPR Mobile app… It breaks down how to easily download it, and apply its powerful features to your everyday workflow. The post In the Wild: Deliver Results From Anywhere With RPR Mobile appeared first on Realtors Property Resource (RPR) . from RSSMix.com Mix ID 8230700 https://ift.tt/3bV9aZw via IFTTT

A lot of people look for partners when investing in real estate. They look for a partner because they need money, they need expertise, or they want someone to share in the pros and cons. Investing in real estate can be an amazing venture, but it is not easy and it often takes a lot ... Read more from RSSMix.com Mix ID 8230700 https://ift.tt/3uGAKSZ via IFTTT