Author: Drake Realty

The Agent Advantage
Noteworthy Notes from Drake

Dear Drake Agents:

Volume 2, Issue 1

Spring is here and the real estate business is picking up. As business picks up it can get hectic and some things can get overlooked. Please take time to read the information included in this newsletter. We have covered lots of topics such as vacation coverage, representation on a contract, the proper way to submit a counteroffer, and lots more.
CE classes offered by Residential Title continue to be a big success. Look at the calendar on the back for the next class, it will be held in the Lawrenceville area and these classes will continue to be scattered throughout the city to enable more of you to attend.
Village Home Mortgage continues to offer dinner and learn opportunities, which those who have attended have found to be enjoyable and informative. Also, if you have a listing and would like to include financing options, Village Home Mortgage will be happy to help you with this.
We now have six offices. Buckhead is officially opened, located at 2972 Lookout Place, NE, Atlanta, GA 30305. Douglasville will be opened early April and located at 8657 Hospital Drive, Suite 101A, Douglasville, GA 30134. All of our offices are available to all of our agents 24/7. Please do not hesitate to stop by any of our offices if you are in the area.
Bernie & Glenn

Spring, 2006

NOW OPEN
DRAKE REALTY BUCKHEAD
2972 Lookout Place, NE
Atlanta, GA 30305
Phone: 770.783.2199
a b
COMING SOON
DRAKE REALTY
DOUGLASVILLE
8657 Hospital Dr.
Suite 101A
Douglasville, GA 31034

Any agent referral entitles that agent to one free month of monthly dues.

HUD keys are available from HUD listing agents!

Vacation coverage
Every year there seems to be one or two agents who do not think ahead about their vacation and call the office in a panic because the listing they thought would never sell, now has a very interested buyer. If you are making plans for time away, even just a weekend away, you need to take time now to pair up with someone who you can work with to cover vacation times. You need to sit down, discuss and put in writing how each other is to be compensated for their time. Some agents have agreed upon a flat fee during their time away, others have broken it down by tasks, any way you want to work it, is fine with us but you need to have it clearly defined and in writing and signed by each party. We will not provide coverage when you are out of town but we will give you names of those agents who we feel will work with you. Don’t wait until the last minute!

One contract – Two Settlement Statements
We run into confusion on land purchases and multi building purchases when it comes to the fees charged by Drake. If you write one contract for two lots, which are side by side, one buyer, but the attorney splits this into two separate settlement statements, you will be charged for two transactions and you will need to have two contracts. This is no longer one transaction but now it is two. Please keep this in mind when you are writing contracts. Once the property is broken up and there are multiple settlement statements being generated, you will be charged for each settlement statement, as each represents one transaction. You will also need to turn in appropriate contracts for each settlement statement.

Drake Name Tags $25.00
Email
drakerealoffice@bellsouth.net

Inside this issue:

E & O Insurance	2
How do I Sign a Contract	2
FMLS/MLS Comments	3
Selling Personal Property	3
Spring Fling	4
Dinner n’Learn Seminar	4
CE Credit Class	4

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Volume 2, Issue I

E & O Insurance Guidelines
The following steps need to be part of every contract you write or are involved in to reduce or even waive the $5,000.00 deductible that our E&O Insurance carries. If you are involved in a transaction where we have to use our E&O Insurance, you will be charged the deductible but if you follow the below steps, you will be able to reduce or possibly waive this fee.
All contracts must be written on GAR forms. These are found on the FMLS and MLS web site so there is no reason for not having the correct form. If you are presented a contract on a non-GAR form, insist that it is on a GAR form.
Home Warranty on all homes. Make sure one is purchased on all transactions.
Home Inspections are a must. You should always tell your buyer that they should get a Home Inspection. If they refuse, they must put in writing that they waive the right to a home inspection. Please make sure they sign and date this.
A sellers disclosure form filled out by the seller, signed by the seller and signed by the buyer prior to closing.
If you follow these four steps, you are doing your due diligence to reduce and/or waive the deductible.

How do I sign a contract?
We have encountered confusion regarding the signatures on a contract when only one agent is involved. If you are representing the seller and there is no selling agent, then you only sign as the listing agent where signatures are required. If you are representing the buyer and there is no listing agent, you only sign as selling agent where signatures are required. If you sign both as a listing and selling agent, you are indicating that you are representing both sides of the contract. If you correctly fill out page 5 of the contract regarding representation showing only one side represented, and then go and sign on both sides, you are overriding what has been indicated in the body of the contract. Do not sign as a listing and selling agent unless you are representing the seller and the buyer. If you are representing both the seller and the buyer, you need to talk to one of the brokers before you do this. Dual agency is not something we allow agents to do unless we talk to you specifically about the particular transaction. This is very risky and the liability on this transaction is great.
If you are on a team and one member represents the buyer and another represents the seller, this is designated agency because one broker is representing both parties. This is not dual agency. You must indicate on page 5 of the contract that this is designated agency and sign appropriately.
If you or your team is representing the buyer and the seller this is looked at as two transactions when it comes to collection of fees. We will charge you a transaction fee for the selling and buying side and if applicable, and will charge FMLS on both sides as well.

Proper time to turn in your contracts
Did you know that real estate law states that all contracts you sign on behalf of your broker; must be turned into your broker? Please make sure that you always forward a copy of any contract to the office. Once all parties have agreed and signed, then you can fax, mail or drop a copy with a cover sheet to the office. Do not wait until the clean copies are signed, we need a copy of the contract ASAP. You can continue to bring the clean copy of the contract when you are bringing the closing documents. If you fail to provide a copy of the contract timely, this could delay payment once you close.

Signage and Marketing Procedures
The advertising laws changed in January of 2005 and the Real Estate Commission has begun to fine agents and companies for violations. We require that all advertisements and marketing material be approved prior to publishing. We are not going to critique your material we are just checking it for compliance to the law.
If you have an old Drake Realty sign where the agents name and number are only on the sign, you need to purchase a topper from the office with the office number so your sign is in compliance.

Volume 2, Issue I

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Comments not allowed on FMLS/MLS
Recently FMLS and MLS have sent notices to our agents and our office stating that there are violations of their rules with comments in the Public and Private remarks section of the listings.
The biggest offender continues to be selling bonuses. Many agents continue to put this in the Public section of remarks and it can only be in the Private section. Also many agents continue to say selling bonus to selling agent but it must state to selling broker.
Comments that refer to a web site are considered self-promoting and are not allowed in either Public or Private remarks. If you need to direct agents to a web site to find out more information about a subdivision or the particular home, you might consider adding it to your personal voicemail. Do not refer to square footage and please do not indicate there are children in a home, this poses a security risk for your seller.

Are you Buying or Selling Personal Property?
If you are buying or selling property that you own Georgia Real Estate Law requires that you must notify the broker in writing of your intent. Please make sure you follow this as it is something that seems trivial but the Real Estate Commission requires this of all licensed agents. We will keep this letter in your permanent file in the event we are asked to produce it for the commission.

Staff Availability
As a Drake Agent, you always have access to our offices. In addition, Drake Realty is happy to provide you with administrative support personnel in all offices from 10:00am until 2:00pm Monday through Friday. Some offices have extended hours, so call each individual office before you arrive to verify their exact hours. Closings for staff meetings or special circumstances will be posted as necessary.

Drake Sign Availability
Signs are now available in all offices for $35.00 each. If we have your credit card on file and you would like to have the cost of the signs deducted from your card, please let us know. You may also pay via check, cash or through a closing. The administrative staff is available to help you with these purchases between the hours of 10:00 and 2:00 Monday through Friday.
Also, please make sure you have riders on each sign. Without the rider it makes it very difficult for a potential buyer to reach you. We are receiving a lot of calls inquiring about listings without riders and we don't always have this information at our fingertips. This could result in a lost sale.

Credit Card Payments
Drake Realty offers agents an automated payment program where we accept MasterCard, Visa, Discover or American Express credit cards. This is an excellent way to avoid late fees. If you are interested in getting set-up on the automated payment program please contact your Drake office and they will give you a Pre-Authorization form for Recurring Payment with Credit Cards to complete.

Mailing Contracts, Check, etc. to Drake Realty
Due to inconsistencies with the mail at some locations,
please use the address below when mailing information to Drake Realty
Drake Realty
3535 Roswell Rd., Suite 41
Marietta, Georgia 30062

Drake Realty
3535 Roswell Road
Suite 41
Marietta, GA 30062
Office: 770-565-2044
Fax: 770-565-7674

NNN

NEWS & UPCOMING EVENTS!!

RESIDENTIAL TITLE and Village Home Mortgage
UP COMING EVENTS
Continuing Education Class- 3 credit hours on “Mortgage Fraud and the Realtor” with Moris|Hardwick|Schneider attorney Howell Haunson.
When: Thursday, April 13, 2006 9 am- 12:15 pm
Where: Grace Fellowship Church (1400 Dogwood Road, Snellville GA 30078)
http://info.gracefellowshipchurch.com/aboutus/map
Ashley will be providing breakfast and coffee! Please RSVP to Ashley at
770-354-7625 or Ashley@residentialagency.net by Tuesday, April 11.
See you there with an appetite and your realtor license number!
“DINNER n’ LEARN” Seminar! - Jon Maguire and Cara Rinck of our preferred lender, Village Home Mortgage, will be teaching a “Commercial Real Estate” seminar with FREE FOOD provided. If you’ve thought about getting into the Commercial side of Real Estate, come out and learn the basics!
Spring Fling 2006!! Come out and celebrate springtime with your fellow agents,
brokers, Ashley and Jon. We will have dinner, hors d’oeuvres and drinks.
When: Thursday, April 27, 2006 5:30pm- 8:30 pm
Where: Buckhead Office
DON’T MISS OUT THIS TIME! Please RSVP to Ashley or Jon by Tuesday, April 25.

WHEN: Thursday, April 20th, 2006 / 7:00 – 8:30 pm	WHERE: Location TBD	RSVP: Please RSVP to Jon Maguire by Wed April 19th at jmaguire@village-capital.com or call (770) 331-7500

Volume 1, Issue 2

The Agent Advantage
Noteworthy Notes from Drake