Picture perfect weather all weekend!
As an island native, I have a “lifetime of experience” on Seven Mile Beach. And I appreciate the opportunity to help with all aspects of your seashore real estate needs.
ann.delaney@tksir.com 609-967-7950
Author: ann
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Full circle!
When my sisters and I were young, it felt like it took FOREVER for our dad to drive us somewhere.
He would slowly cruise along Dune or Ocean Drive, turning his head to look down each street.
If he noticed we were passing one of the job sites (he was in the carpet and tile business), he would stop and check in with the builder or installer.
This morning, I laughed at the realization that I likewise, look down every street as I drive to work!
And at this time of year, I am so happy to see “my” owners down enjoying their shore homes Γ°ΕΈΛΕ½
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2024 Rental Season
Similar to last spring, our rental activity has been disappointingly slow.
There are several factors:
- We have returned to pre-Covid demand, with prime weeks coinciding with the school calendar. Late June to mid-August are once again the standard rental weeks. Weeks books beyond that time frame are considered bonus rentals for owners.
- Families often have difficulty coordinating everyone’s schedule. Therefore, last minute bookings have become more common.
- When potential tenants are searching online, they see a variety of options still available. That lowers their sense of urgency. Procrastinators are no longer at risk when planning a beach vacation!
We expect an increase of rental inquiries in the coming month.
In the meantime, we are spreading the word via social media and other online advertising to encourage vacationers to commit.
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New Rules Regarding Commissions
The news reports are confusing for consumers (and frankly real estate agents).
I have been studying the information to help convey the practical facts.
Commissions have always been negotiable. However, an agency has the right to determine their fee for the services provided. This fee is disclosed to the consumer, and the consumer has the option of working with the agency or not.
No fee is earned until we complete a transaction. Compensation is only paid if we finalize/close on a sale.
Currently, the listing agreement with the seller states the total compensation to be paid, and ultimately shared between the brokerages and the seller/buyer agents.
The new regulations (effective July 2024) will require buyer agency agreements. Buyers will acknowledge their financial responsibility for the buyer broker’s fee. This fee can be paid directly by the buyer, or negotiated in the offer to the seller in the form of a concession from the seller, or as a portion of the listing broker’s commission.
Bottom line- it’s a math equation to satisfy all parties.
Both the buyer and seller are ultimately paying for their representation through the purchase price funds and sale proceeds.
Moving forward, we will clarify the language that will be acceptable to lenders regarding seller concessions.
As a lifelong resident, with 40+ years of experience in this market, I am here to help buyers and sellers navigate the process.
Thank you for trusting me to assist with your island real estate needs!
