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Ask The Expert: Lillian Burry
Lillian G. Burry, Broker
Lillian G. Burry is the owner/manager of Colts Neck Realty and has been in the Real Estate industry for more than 30 years.Lillian has also served on the executive board of the Monmouth County Association of Realtors and was president of the Women’s Council of Realtors, a national organization that fosters education within the profession. She has been the recipient of many real estate awards including: Monmouth County Sales Associate of the year, N.J.A.R. President Club, N.J.A.R. Distinguished Sales Club, and N.J.A.R. Million Dollar Sales Club. In 2009 Lillian Burry once again took her seat as a Monmouth County Freeholder after being re-elected to that office in November.
Lillian G. Burry, Broker
Colts Neck Realty
Colts Neck, NJ
What is the biggest myth about the real estate industry?
Actually, I think there are two myths about the real estate business. The first is that anyone can sell real estate, but that really isn’t true…not everyone is created equal. It is important to have knowledge of the business as well as an ability to communicate. It is simply not true that “Anyone can do it!” The second myth is that people think real estate people are less than honest and that their only goal is to make the sale. In fact, to be a successful realtor, you must build up a good reputation. Ethics are key; they are very important…as important as it is in politics.
What are the key criteria in hiring someone as a listing agent?
They must have familiarity with and knowledge of the area, as well as a sound understanding of the real estate industry. They should be people of reputation and have an excellent track record. You also don’t necessarily want a “yes man”; you want someone who will tell you the truth about your home’s value and who can give you professional direction and assistance.
What are the key criteria in hiring someone as a buyer’s agent?
Well, a lot of the same things I just mentioned apply to the buyer’s agent; in fact, they may actually be the same person or office, and that is what is called a dual agent. For the buyer, your agent must really know and understand what you are looking for. Communication skills are vital. It can be extremely frustrating [for the buyer] if they are shown houses that are not right for them or are the wrong price. The realtor must listen.
What makes for a smooth closing?
Again, communication is number one! It behooves the real estate agent to tie up all loose ends. The closing will go smoothly if the real estate agents have gone over all stages of the transaction from the beginning. This means making sure the inspections are done properly, that all disclosures are read and signed off on, the attorneys are in communication with each other, the clients are aware of all of their responsibilities and closing costs, and that the money has been deposited on time. As long as everyone is kept in the loop you can minimize any closing-day hysteria. The longest closing I ever did lasted 8 hours! But a normal closing should only take about an hour and a half. Buyers usually get there with their attorney a half-hour earlier to close out their mortgages; then the seller(s) comes in with their attorney to sign the final papers and complete the sale.
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