RISMEDIA, April 16, 2010—The extension of the home buyer tax credit encouraged many fence-sitters to jump at the chance to achieve the dream of homeownership this past year. Tax incentives, low interest rates and prices have made homeownership more affordable than ever, creating an influx of first-time buyers in the market. As the deadline for the home buyer tax credit approaches, many REALTORS® are wondering: what happens next?
Any seasoned professional like yourself knows that real estate is cyclical. Prices will rise and fall, inventory will fluctuate and opinions will change, but your buyers and sellers remain. And today’s buyer is more educated than ever.
According to the 2009 NAR Profile of Home Buyers and Sellers, 93% of first-time buyers started their home search online. With an awareness of the homes available prior to meeting with an agent, today’s buyers are looking for someone to help them with the parts of the process they can’t do alone. According to the survey, 90% of buyers considered knowledge of the purchase process, responsiveness and knowledge of the real estate market as very important when deciding to work with an agent.
While it is still uncertain how the market will adjust to the expiration of the tax credit, low interest rates and affordability will still draw buyers into the market. In an attempt to get you thinking about building your buyer business this spring, I thought that I would remind you of some “back to basics” to ponder:
Know your market. From inventory that a buyer may have overlooked in an online search to short sale and foreclosure options, knowing your local market inside and out can provide added benefit to your client. The current market has made more options available to first-time buyers, in price ranges that some may have overlooked previously.
Host a home-buyer seminar. Home-buyer seminars put agents in front of motivated buyers and give them an opportunity to shine as a source of knowledge and a trusted advisor who can guide a buyer through the complex process. Try setting up one through your office or encouraging agents to co-host a seminar with a local lender to explain financing issues.
Connect with buyers on their level. Not only are today’s buyers educated, but they are technologically savvy. Whether it’s a phone call or a text message, finding out a buyer’s communication preferences is the first step in setting the tone for your relationship throughout the home-buying process.
Maximize your social influence. Social media outlets like Facebook, Twitter and LinkedIn allow brokers to reach out to agents and agents to reach more buyers than ever before. Contributing to these online networking communities regularly can not only build sphere of influence but it creates top-of-mind awareness when a consumer decides to look for an agent.
Be a financial guide. From outlining key steps to suggesting preapproval, guiding buyers through the financial parts of the transaction is especially important in today’s market
Friday, April 16, 2010
Friday, March 19, 2010
Five Easy Steps to Turn Leads Into Customers
(compliments of Bob Corcoran)
We know that consumers choose agents who respond first to their inquiries. It is a plain fact. Research has proven it and yet, lead management remains the single biggest problem in real estate. The solution to the lead management problem is simple. Yet, few have caught on.
Here are five steps you can start taking today to convert leads into customers.
1. Know the goal - Agents fail to understand the goal of lead management. The goal is this: to get the appointment - nothing more, nothing less.
2. Craft a powerful experience - To get that appointment, you must craft a powerful experience for all the kinds of leads that come to you. An experience that makes them say, “Wow, that’s amazing!” Create that experience by determining what your customers want, then give them that and more. What would make them truly want to do business with you?
3. Know your “ABC’s” - Assign your leads into one of three categories. “A” leads are ready to buy or sell now. “B” leads plan to buy or sell in the next month or two. “C” leads might buy or sell in the next three to six months. Develop an action plan for each kind of lead.
4. Use technology - Even though technology is clearly essential for agents, remember this: real estate is – at its very core – a people business. So determine if the software or gadget you’re looking to buy will give prospects the experience you’ve spelled out in your plan.
5. A positive attitude. If there were a single ingredient of success, attitude would be it. Can you imagine a top producer with a bad attitude? Well, if you can, I promise you they won't be one for long. The fire inside successful agents is at the very center of their belief that they can succeed - that they will succeed - no matter what. Period. Stop for a minute and ask yourself if you really, truly believe this about yourself. If not, do some soul searching to find out what will help you believe. Because once you do, watch out - this main ingredient kicks in and you'll have all the success you can handle.
Work hard on your business, lead conversion and attitude and you can find success in today's real estate market!
We know that consumers choose agents who respond first to their inquiries. It is a plain fact. Research has proven it and yet, lead management remains the single biggest problem in real estate. The solution to the lead management problem is simple. Yet, few have caught on.
Here are five steps you can start taking today to convert leads into customers.
1. Know the goal - Agents fail to understand the goal of lead management. The goal is this: to get the appointment - nothing more, nothing less.
2. Craft a powerful experience - To get that appointment, you must craft a powerful experience for all the kinds of leads that come to you. An experience that makes them say, “Wow, that’s amazing!” Create that experience by determining what your customers want, then give them that and more. What would make them truly want to do business with you?
3. Know your “ABC’s” - Assign your leads into one of three categories. “A” leads are ready to buy or sell now. “B” leads plan to buy or sell in the next month or two. “C” leads might buy or sell in the next three to six months. Develop an action plan for each kind of lead.
4. Use technology - Even though technology is clearly essential for agents, remember this: real estate is – at its very core – a people business. So determine if the software or gadget you’re looking to buy will give prospects the experience you’ve spelled out in your plan.
5. A positive attitude. If there were a single ingredient of success, attitude would be it. Can you imagine a top producer with a bad attitude? Well, if you can, I promise you they won't be one for long. The fire inside successful agents is at the very center of their belief that they can succeed - that they will succeed - no matter what. Period. Stop for a minute and ask yourself if you really, truly believe this about yourself. If not, do some soul searching to find out what will help you believe. Because once you do, watch out - this main ingredient kicks in and you'll have all the success you can handle.
Work hard on your business, lead conversion and attitude and you can find success in today's real estate market!
Monday, November 16, 2009
INFO TO GET BUYERS OFF THE FENCE
With interest rates at record lows, plus the $6500 - $8000 tax incentive for buyers, there has never been a better time to purchase a home. Why are buyers waiting? What can agents do to help buyer's realize this wonderful opportunity? Sometimes a little basic math can plant the seed. The following is a simple but powerful analysis by Pat Zaby:
"Did you know that a 1/2% change in interest isapproximately equal to a 5% change in
sales price?"
This is a powerful statement that can help you get buyers off the fence. Buyers need to realize the importance of the relationship of interest rates to the monthly payments.
Change in Interest vs Reduced Sales Price
Purchase Price $200,000 / Term 30 Yrs.
Interest Rate Payment Increase in Price
5% $1073.64
5 1/2 % $1135.58 5%+ = $1127.33
6% $1199.10 10%+ = $1181.01
An increase in either interest rates or prices can add significant dollars to monthly payments. This is the message to buyers who are waiting for the "bottom".
Professional agents know the numbers and use them to educate their clients.
Wednesday, November 11, 2009
Support Our Troops on Vet's Day & Throughout the Year
Veteran's Day is a day to loudly and proudly honor all of those who have bravely served our great country.
This year, while we're remembering all of those who have served in the past, let's also do something to support our current active military.
Don't have any ideas of what you could do? Well, here are just a few to get you started:
- Send a letter or care package. There are several websites that you can check out to get you the right information for this. You can check out www.anysoldier.com, www.letterstosoldiers.org, and www.amillionthanks.org.
- Donate blood for troops in combat. There are blood banks and blood drives all over the country on an given day. Your blood may stay within your community, or it could be the life-saving nectar for someone protecting your freedom. You can check out www.militaryblood.dod.mil for more info.
Offer up your unused frequent flyer miles at www.homemiles.org. This could not only get a soldier home for a little much needed R & R, but it could save us (taxpayers) a little dough, too.
Volunteer to foster a military personnel's pet through www.netpets.org/militarypet/foster.php.- So many of their beloved pet end up in shelters because they are leaving the country and can't take them along. How awesome would it be for them if someone could take care of their pet while they're away, and then when they return, their pet is waiting for them! I'm certain that's one of the best welcome-home gifts -- especially if their animals are their family!
- Donate sports equipment, games and more to the troops through www.give2thetroops.org. They do have some down-time, and while it isn't much, I'm sure it would be really nice to get a taste of home by being able to get a flag-football or basketball game going.
And don't forget to say THANK YOU to all past and active military this Veteran's Day (and after)!
Tuesday, November 3, 2009
Getting Back to Basics - Fall 2009
Over the past three years we have seen a repricing of property values as well as an adjustment of attitudes. Our new real estate reality is a reversion back to the past, to the basic fundamentals of acquiring real estate. Do you remember these practiced principles?
* Make a sizeable down payment. Be prepared to make at least a 20% down payment. This will pay off in the up-cycle with higher equity, lower payments, and better interest rates. If you are purchasing a condo, be prepared to put 30% down.
* Buy within your budget. Just because you're approved for a mortgage amount doesn't mean you can afford the home. The three C's of mortgage lending are credit, capacity and collateral. Also, a safe mortgage has traditionally been one where the mortgage was no more than three times the buyer’s annual family income. Dave Ramsey says it should be no more than a fourth of your monthly income.
* Buy & Hold. The industry still has some pain to endure, and now is not the time to think “fast buck.” We still have a plethora of distressed properties to sell off, but prices are stabilizing. Your plan should be long-term. If you have investment properties, don’t forget about 1031 Exchanges.
* Know your market. Real estate is truly local. While it’s great to know national housing trends, these trends are not necessarily locally pertinent. Know your market's driving forces: comparative sales in specific neighborhoods, local job outlook, distressed properties sales, average percent reduction from list to sale price and price changes. These create a local story that needs to be understood.
* Watch for signs in the next cycle. From 2000 to 2005, U.S. property values increased by an average of 53%, with many markets far exceeding that, including California at 109%, Nevada at 94% and Florida at 90%. That party ended abruptly, and the ripples are still being felt. Continued home-price run-ups year after year should raise a big, red flag.
The Fall season looks to be very promising especially if the $8000 Tax Credit is extended. Now is an excellent time to buy - CALL A REALTOR to help you with any of your real estate needs.
* Make a sizeable down payment. Be prepared to make at least a 20% down payment. This will pay off in the up-cycle with higher equity, lower payments, and better interest rates. If you are purchasing a condo, be prepared to put 30% down.
* Buy within your budget. Just because you're approved for a mortgage amount doesn't mean you can afford the home. The three C's of mortgage lending are credit, capacity and collateral. Also, a safe mortgage has traditionally been one where the mortgage was no more than three times the buyer’s annual family income. Dave Ramsey says it should be no more than a fourth of your monthly income.
* Buy & Hold. The industry still has some pain to endure, and now is not the time to think “fast buck.” We still have a plethora of distressed properties to sell off, but prices are stabilizing. Your plan should be long-term. If you have investment properties, don’t forget about 1031 Exchanges.
* Know your market. Real estate is truly local. While it’s great to know national housing trends, these trends are not necessarily locally pertinent. Know your market's driving forces: comparative sales in specific neighborhoods, local job outlook, distressed properties sales, average percent reduction from list to sale price and price changes. These create a local story that needs to be understood.
* Watch for signs in the next cycle. From 2000 to 2005, U.S. property values increased by an average of 53%, with many markets far exceeding that, including California at 109%, Nevada at 94% and Florida at 90%. That party ended abruptly, and the ripples are still being felt. Continued home-price run-ups year after year should raise a big, red flag.
The Fall season looks to be very promising especially if the $8000 Tax Credit is extended. Now is an excellent time to buy - CALL A REALTOR to help you with any of your real estate needs.
Wednesday, October 21, 2009
Real Estate Tidbit
Among Realtors who earned at least $100,000 last year, 9 in 10 had been in the business for at least six years. (Source: 2009 NAR Member Profile)
Friday, October 2, 2009
Managing Leads
Why do some Agents struggle to sell five homes in a year and others sell 100? Two words: Lead Management.
Frankly, getting leads isn't that difficult. You can generate leads all day and night through your website, advertising, word of mouth, yard signs - on and on. The tougher job is managing leads. In fact, converting leads is the number one issue affecting the sales profession across all industries - real estate is not alone.
That's why the best investment an agent can make is in an effective lead management system - it is the kitchen for the restaurant. It doesn't have to be the latest, greatest high-tech gadget on the shelf. Ask yourself, "Is my system helping me achieve my sales objectives?" If not, it is time to invest in one that does.
Consumers want it both ways. They want to look at what's out there for sale without being bothered by a sales agent. When they are serious about buying, they want an instant response to any inquiry.
That's why most successful lead management efforts include a drip mail campaign to keep your name in front of the prospect (and in your database), even when people leave only an email with no phone number. When they give a phone number, you can make initial contact with a quick call and learn valuable information that will help structure your plan for further contacts through emails and periodic calls.
If someone is shopping homes, actively or passively, it is likely they have filled out contact forms on other agent's site as well as yours. If these other agents are doing their jobs, they are also calling the prospects and turning on the faucet of drip emails. If you call first, you will reach a certain number of people who are ready to go. For those not quite ready to buy, you increase the likelihood they will work with you when they are ready if you put them in your database and continue to follow up by email.
Make a Commitment: I will take a look at how I am managing my leads and will make the necessary changes. Deadline: _________
Powerful article from Bob Corcoran's Facebook
Frankly, getting leads isn't that difficult. You can generate leads all day and night through your website, advertising, word of mouth, yard signs - on and on. The tougher job is managing leads. In fact, converting leads is the number one issue affecting the sales profession across all industries - real estate is not alone.
That's why the best investment an agent can make is in an effective lead management system - it is the kitchen for the restaurant. It doesn't have to be the latest, greatest high-tech gadget on the shelf. Ask yourself, "Is my system helping me achieve my sales objectives?" If not, it is time to invest in one that does.
Consumers want it both ways. They want to look at what's out there for sale without being bothered by a sales agent. When they are serious about buying, they want an instant response to any inquiry.
That's why most successful lead management efforts include a drip mail campaign to keep your name in front of the prospect (and in your database), even when people leave only an email with no phone number. When they give a phone number, you can make initial contact with a quick call and learn valuable information that will help structure your plan for further contacts through emails and periodic calls.
If someone is shopping homes, actively or passively, it is likely they have filled out contact forms on other agent's site as well as yours. If these other agents are doing their jobs, they are also calling the prospects and turning on the faucet of drip emails. If you call first, you will reach a certain number of people who are ready to go. For those not quite ready to buy, you increase the likelihood they will work with you when they are ready if you put them in your database and continue to follow up by email.
Make a Commitment: I will take a look at how I am managing my leads and will make the necessary changes. Deadline: _________
Powerful article from Bob Corcoran's Facebook
Wednesday, September 30, 2009
Concerned About Appraisals?
The following is an excellent article from Active Rain, 9/30, Frank & Sharon Alters, CDPE-Short Sales Jacksonville-Orange Park-Fleming Island (Watson Realty -):
Appraisals are an important part of the process in purchasing or selling a home. More than ever, the appraiser has the power to determine whether or not a sale goes to the closing table.
As if it were not difficult enough to value some homes in today's real estate environment where often there are no comparable sales in the last year or more, the government swoops in to 'correct' the abuses in the appraisal system, and the consequences of HVCC are that appraisers are traveling a long distance sometimes and are doing more work for less pay. Even if an appraiser has local knowledge, they may or may not do a thorough investigation of the comparable properties and they may choose to use Comparable Sales that are not ideal.
It is imperative that a real estate agent meet the appraiser when one of their listings has sold. This is not to try to influence the appraiser in any illegal way, but to give them the best information, so that the appraiser can value the property accurately. An added bonus is the information you will learn from the appraiser if you ask questions.
10 Ways to Get a Better Appraisal
1. Meet the appraiser at the house. Take the lockbox off the door after you get a contract so an appointment will have to be made.
2. Give the Appraiser as many Comparable Sales as you have for the subject property. If it's a property where there are few or no comparable sales, go out in a radius search until you find some. Go back as far as a year or even more if it's a special type property (waterfront, for example). Realize that the appraiser may deduct value if the sale is further than 3 months out.
3. Call the agents for the Comparable sales to get as much information as possible for the appraiser. The house that sold down the street that needed a new roof - they need to know that, but it's probably not in the MLS information.
4. Give a complete list of every upgrade and improvement that has been performed during the seller's ownership. Be sure to include maintenance items as well as cosmetic upgrades. There is a category for "condition" on appraisals and although it won't match dollar for dollar, it will be mentioned.
5. Be sure to note when flooring is "hardwood" instead of "wood" or "laminate." Be specific about other surfaces (granite vs. corian) and improvements. A glazed 42" raised panel cabinet with full coverage costs most than Level 1 42" cabinets. Thermador appliances are more valuable than GE Profile, for instance, and an appraiser's quick trip through the house may not take in such details.
6. Give them a copy of your Marketing materials, including the beautiful photos you have of the interior, exterior and grounds.
7. Be sure to note anything about the lot - the Preserve not only on the side but across the street, for instance. Note the size of our lot vs. any comparable sales (if it's to your advantage).
8. Local appraisers probably know the Community amenities, but it never hurts to also give a list of those as well.
9. If there are communities nearby that are not really good comparables, a map with some notes about the lack of amenities, production starter homes vs. your community with custom homes on estate lots, etc., can be very helpful to someone from out of the area.
10. Be gracious, not pushy. Even if the appraiser is from 100 miles away, respect and helpfulness will go much further than a condescending, "You drove all the way from there?" attitude.
If you make the effort to be sure the appraiser is well educated about your listing, you have a much better chance of the house appraising and the sale going through. Appraisers' work hasn't lessened but many times their fees have been cut in half or more. Anything we can do to help is in the Sellers', Buyers', ours, and the community's best interest.
Happy Selling!
Appraisals are an important part of the process in purchasing or selling a home. More than ever, the appraiser has the power to determine whether or not a sale goes to the closing table.
As if it were not difficult enough to value some homes in today's real estate environment where often there are no comparable sales in the last year or more, the government swoops in to 'correct' the abuses in the appraisal system, and the consequences of HVCC are that appraisers are traveling a long distance sometimes and are doing more work for less pay. Even if an appraiser has local knowledge, they may or may not do a thorough investigation of the comparable properties and they may choose to use Comparable Sales that are not ideal.
It is imperative that a real estate agent meet the appraiser when one of their listings has sold. This is not to try to influence the appraiser in any illegal way, but to give them the best information, so that the appraiser can value the property accurately. An added bonus is the information you will learn from the appraiser if you ask questions.
10 Ways to Get a Better Appraisal
1. Meet the appraiser at the house. Take the lockbox off the door after you get a contract so an appointment will have to be made.
2. Give the Appraiser as many Comparable Sales as you have for the subject property. If it's a property where there are few or no comparable sales, go out in a radius search until you find some. Go back as far as a year or even more if it's a special type property (waterfront, for example). Realize that the appraiser may deduct value if the sale is further than 3 months out.
3. Call the agents for the Comparable sales to get as much information as possible for the appraiser. The house that sold down the street that needed a new roof - they need to know that, but it's probably not in the MLS information.
4. Give a complete list of every upgrade and improvement that has been performed during the seller's ownership. Be sure to include maintenance items as well as cosmetic upgrades. There is a category for "condition" on appraisals and although it won't match dollar for dollar, it will be mentioned.
5. Be sure to note when flooring is "hardwood" instead of "wood" or "laminate." Be specific about other surfaces (granite vs. corian) and improvements. A glazed 42" raised panel cabinet with full coverage costs most than Level 1 42" cabinets. Thermador appliances are more valuable than GE Profile, for instance, and an appraiser's quick trip through the house may not take in such details.
6. Give them a copy of your Marketing materials, including the beautiful photos you have of the interior, exterior and grounds.
7. Be sure to note anything about the lot - the Preserve not only on the side but across the street, for instance. Note the size of our lot vs. any comparable sales (if it's to your advantage).
8. Local appraisers probably know the Community amenities, but it never hurts to also give a list of those as well.
9. If there are communities nearby that are not really good comparables, a map with some notes about the lack of amenities, production starter homes vs. your community with custom homes on estate lots, etc., can be very helpful to someone from out of the area.
10. Be gracious, not pushy. Even if the appraiser is from 100 miles away, respect and helpfulness will go much further than a condescending, "You drove all the way from there?" attitude.
If you make the effort to be sure the appraiser is well educated about your listing, you have a much better chance of the house appraising and the sale going through. Appraisers' work hasn't lessened but many times their fees have been cut in half or more. Anything we can do to help is in the Sellers', Buyers', ours, and the community's best interest.
Happy Selling!
Monday, August 24, 2009
Are Men and Women Different? You Betcha!
PARSIPPANY, N.J. (August 17, 2009) – It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.
The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.
“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”
Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on December 1, 2009.
Below are some key highlights from the Coldwell Banker Real Estate study:
Women may be inclined to make up their mind more quickly than men …
When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).
Women would rather live closer to their extended family than to their job …
55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.
A home’s security is a deal-breaker for both men and women …
64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).
Men and women agree on how they would use a spare room, for the most part …When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent
However, men really do want a “Man Cave”…
Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”
The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the innerpsyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.
“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”
Patton noted this topic is particularly timely given that many first-time homebuyers are hoping to take advantage of the $8,000 tax credit before it expires on December 1, 2009.
Below are some key highlights from the Coldwell Banker Real Estate study:
Women may be inclined to make up their mind more quickly than men …
When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).
Women would rather live closer to their extended family than to their job …
55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.
A home’s security is a deal-breaker for both men and women …
64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …
When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).
Men and women agree on how they would use a spare room, for the most part …When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:
Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent
However, men really do want a “Man Cave”…
Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment center, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighborhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”
Friday, July 31, 2009
Clients Seek VALUE From Their Agent
The following is an excerpt from a RISMEDIA article from July 31, 2009:
RISMEDIA, July 31, 2009-Extra services provided by real estate companies-such as inspections, appraisals and legal and moving company recommendations-have become increasingly important to home buyers and sellers, according to the J.D. Power and Associates 2009 Home Buyer/Seller Study.
The study, now in its second year, measures customer satisfaction of homebuyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (47%); office (28%); and package of additional services (25%). Four factors are examined for the home-selling experience: agent (34%); marketing (34%); office (17%); and package of additional services (15%).
For both buyers and sellers, the agent is still the most important driver of overall satisfaction. However, the importance of agents has declined substantially from 2008, while the importance of additional services has increased considerably-by 12 percentage points among buyers and 8 percentage points among sellers. In addition, actual usage of many of these services has decreased from 2008, likely due to cutbacks made by real estate companies in response to a depressed market.
“In a tight market, every aspect of service offered will be scrutinized very closely,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “For this reason, it is critical for real estate companies to promote the value that they bring to buyers and sellers, not only in any additional services they offer, but also in their agents and operations.”
The study finds that the proportion of first-time home buyers has increased considerably-to 56% in 2009 from 44% in 2008. Many of these first-time buyers may be attracted by improved home affordability and the perception of a strong buyer’s market. This presents both challenges and opportunities for real estate companies.
“The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators,” said Howland. “However, real estate companies and agents must carefully manage first-time buyer expectations. Although these buyers may believe otherwise, they must still overcome the traditional barriers to purchasing a home, such as being able to fund down payments, closing costs and monthly payments. Solid advice and service from agents may assuage these first-time buyers’ concerns and build customer loyalty.”
Additional noteworthy study findings include:-Home sellers report that, on average, 3.2 open houses were conducted for their property in 2009, compared with 4.5 in 2008.-Approximately 64% of home sellers used a website listing to market their home in 2009, up from 61% in 2008.-
The 2009 Home Buyer/Seller Study includes more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2007 and June 2008. The study was fielded between April and June 2009.Read more: http://rismedia.com/2009-07-30/real-estate-professionals-promote-your-value-now-more-than-ever/#ixzz0MqNFGxJV
RISMEDIA, July 31, 2009-Extra services provided by real estate companies-such as inspections, appraisals and legal and moving company recommendations-have become increasingly important to home buyers and sellers, according to the J.D. Power and Associates 2009 Home Buyer/Seller Study.
The study, now in its second year, measures customer satisfaction of homebuyers and sellers with the largest national real estate companies. Overall satisfaction is determined by examining three factors for the home-buying experience: agent (47%); office (28%); and package of additional services (25%). Four factors are examined for the home-selling experience: agent (34%); marketing (34%); office (17%); and package of additional services (15%).
For both buyers and sellers, the agent is still the most important driver of overall satisfaction. However, the importance of agents has declined substantially from 2008, while the importance of additional services has increased considerably-by 12 percentage points among buyers and 8 percentage points among sellers. In addition, actual usage of many of these services has decreased from 2008, likely due to cutbacks made by real estate companies in response to a depressed market.
“In a tight market, every aspect of service offered will be scrutinized very closely,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power and Associates. “For this reason, it is critical for real estate companies to promote the value that they bring to buyers and sellers, not only in any additional services they offer, but also in their agents and operations.”
The study finds that the proportion of first-time home buyers has increased considerably-to 56% in 2009 from 44% in 2008. Many of these first-time buyers may be attracted by improved home affordability and the perception of a strong buyer’s market. This presents both challenges and opportunities for real estate companies.
“The presence of more first-time buyers is encouraging, as it indicates that the real estate market is returning to more normal activity, with fewer speculators,” said Howland. “However, real estate companies and agents must carefully manage first-time buyer expectations. Although these buyers may believe otherwise, they must still overcome the traditional barriers to purchasing a home, such as being able to fund down payments, closing costs and monthly payments. Solid advice and service from agents may assuage these first-time buyers’ concerns and build customer loyalty.”
Additional noteworthy study findings include:-Home sellers report that, on average, 3.2 open houses were conducted for their property in 2009, compared with 4.5 in 2008.-Approximately 64% of home sellers used a website listing to market their home in 2009, up from 61% in 2008.-
The 2009 Home Buyer/Seller Study includes more than 3,100 evaluations from 2,801 respondents who bought or sold a home between April 2007 and June 2008. The study was fielded between April and June 2009.Read more: http://rismedia.com/2009-07-30/real-estate-professionals-promote-your-value-now-more-than-ever/#ixzz0MqNFGxJV
Thursday, July 23, 2009
There is No Such Thing as a SMALL SALE in Real Estate
With property values falling (locally 8-10%) I often hear agents complain about a small sale. The common thought is that you work twice as hard for half the money. The following is from Brian Block's blog on ActiveRain.com which addresses the importance of all sales regardless of the price.
From time to time I've had clients sincerely apologize to me for taking my time and causing me hassle for just "my small sale."
I always give them this same explanation:
There's No Such Thing as a "Small Sale" in Real Estate.
Sure, I've helped people purchase million dollar properties and I've helped people purchase a home for $79,000, and everywhere in between. However, if you're planning to spend $100,000 on your home or $800,000, that's a big purchase for YOU. The real estate process is the same on each property regardless of price, and you'll have the same questions whether purchasing that first condo or the dream estate on 2 acres with a pool.
It's important that you are treated equally. For a REALTOR, every sale is important and they all add up. Besides, my hope is to have clients for life, and I'd like to help you eventually sell your first home and buy your second and third ones. If I treated your sale as a small insignificant matter, would you want to work with me again when it was time for your third home?
Moreover, you may be purchasing a one bedroom condo, but perhaps you have friend, colleague, or fourth cousin twice removed that's ready to buy or sell that Wrightsville Beach mansion. You'll want to pass my name along, won't you?
Please don't apologize. Your sale is NOT small.
I want to help you whether you're searching high or low.
Get started today on your Southeastern N.C. home search in all price ranges.
Every sale should generate referrals for additional business, regardless of the price.
From time to time I've had clients sincerely apologize to me for taking my time and causing me hassle for just "my small sale."
I always give them this same explanation:
There's No Such Thing as a "Small Sale" in Real Estate.
Sure, I've helped people purchase million dollar properties and I've helped people purchase a home for $79,000, and everywhere in between. However, if you're planning to spend $100,000 on your home or $800,000, that's a big purchase for YOU. The real estate process is the same on each property regardless of price, and you'll have the same questions whether purchasing that first condo or the dream estate on 2 acres with a pool.
It's important that you are treated equally. For a REALTOR, every sale is important and they all add up. Besides, my hope is to have clients for life, and I'd like to help you eventually sell your first home and buy your second and third ones. If I treated your sale as a small insignificant matter, would you want to work with me again when it was time for your third home?
Moreover, you may be purchasing a one bedroom condo, but perhaps you have friend, colleague, or fourth cousin twice removed that's ready to buy or sell that Wrightsville Beach mansion. You'll want to pass my name along, won't you?
Please don't apologize. Your sale is NOT small.
I want to help you whether you're searching high or low.
Get started today on your Southeastern N.C. home search in all price ranges.
Every sale should generate referrals for additional business, regardless of the price.
Wednesday, July 1, 2009
Four Easy Ways to Cultivate First Time Homebuyers
By Chris Kaucnik / RISMEDIA
RISMEDIA, July 1, 2009-This article is about cultivating your first-time home-buying clientele after they are snuggled in nicely. The average home turnover is about 11 years, with a range of six to 16 years, depending upon your state. You definitely want to build relationships with your younger clients, knowing they could move again in just a few years.
Remember, generally, the first home is purchased to end renting and to build some equity. The desire for a second home usually begins when the family starts to grow. The third home is usually the dream home. If you like repeat business and referrals, targeted and consistent communication to this young group is key.
Since they average around 32 years of age, these clients will crave and need information about caring for their biggest investment. Here are some easy ways you can get started fulfilling their needs:
-Take note of what they focus on upgrading in the home. Send an e-mail or give them a call with a trusted vendor of yours for the project. Or, just send them vendors on a timely basis. A good example is HVAC vendors before heating and air-conditioning seasons.
-If you feel it’s appropriate, invite them to join you on your favorite social network. This is a great way to get to know them better and get referrals, too.
-E-mail them when a larger home in their neighborhood lists or has sold. They will be interested, and you may spark a discussion about moving up.
-Invite them to subscribe to your blog or news articles on your website, which discuss new homeownership, maintenance, remodeling or other related topics. Or, send them links to your articles or others that may be ofinterest.
We could come up with enough tactics to fill this magazine, but the point is for you to develop your own and adjust them as necessary. Keep meticulous notes on each family because the more you personalize your communications, the more effective they will be for you.
RISMEDIA, July 1, 2009-This article is about cultivating your first-time home-buying clientele after they are snuggled in nicely. The average home turnover is about 11 years, with a range of six to 16 years, depending upon your state. You definitely want to build relationships with your younger clients, knowing they could move again in just a few years.
Remember, generally, the first home is purchased to end renting and to build some equity. The desire for a second home usually begins when the family starts to grow. The third home is usually the dream home. If you like repeat business and referrals, targeted and consistent communication to this young group is key.
Since they average around 32 years of age, these clients will crave and need information about caring for their biggest investment. Here are some easy ways you can get started fulfilling their needs:
-Take note of what they focus on upgrading in the home. Send an e-mail or give them a call with a trusted vendor of yours for the project. Or, just send them vendors on a timely basis. A good example is HVAC vendors before heating and air-conditioning seasons.
-If you feel it’s appropriate, invite them to join you on your favorite social network. This is a great way to get to know them better and get referrals, too.
-E-mail them when a larger home in their neighborhood lists or has sold. They will be interested, and you may spark a discussion about moving up.
-Invite them to subscribe to your blog or news articles on your website, which discuss new homeownership, maintenance, remodeling or other related topics. Or, send them links to your articles or others that may be ofinterest.
We could come up with enough tactics to fill this magazine, but the point is for you to develop your own and adjust them as necessary. Keep meticulous notes on each family because the more you personalize your communications, the more effective they will be for you.
Friday, April 24, 2009
Great Spring Housing Market
The Spring housing market has proven to be even stronger than we had hoped. All of our offices are reporting contracts are up 30-60% over the same period last year, with no downturn in sight. This is welcome news for all of our agents who tightened their belts, sharpened their marketing and lead-generation skills, and basically worked very hard just to stay in this business. All of their hard work is beginning to pay off.
Not that it's a cake walk. There is a smaller pool of buyers that can qualify for loans, with a large percentage being first time home buyers - which requires a lot of patience on the agents's part. Investors are slowly getting back into the market by taking advantage of the many REO and short sale properties - which requires a lot of patience as well as an extra ton of paperwork on the agent's part. And working with sellers has been a challenge for listing agents faced with educating the owners about the reality of falling prices and more competition. Agents are really earning their commission.
But we are back to a fun, active market where our phones are ringing, our floor time has been excellent, open houses are well-attended, and contracts are being written. And activity creates more activity.
If you're looking for a real estate company where there is a lot of business, a lot of energy, and an upbeat positive atmosphere - check out Coldwell Banker Sea Coast Realty. It feels good to feel good again.
Not that it's a cake walk. There is a smaller pool of buyers that can qualify for loans, with a large percentage being first time home buyers - which requires a lot of patience on the agents's part. Investors are slowly getting back into the market by taking advantage of the many REO and short sale properties - which requires a lot of patience as well as an extra ton of paperwork on the agent's part. And working with sellers has been a challenge for listing agents faced with educating the owners about the reality of falling prices and more competition. Agents are really earning their commission.
But we are back to a fun, active market where our phones are ringing, our floor time has been excellent, open houses are well-attended, and contracts are being written. And activity creates more activity.
If you're looking for a real estate company where there is a lot of business, a lot of energy, and an upbeat positive atmosphere - check out Coldwell Banker Sea Coast Realty. It feels good to feel good again.
Monday, March 23, 2009
Study - N.C. 2nd Best State For Business
North Carolina is the second-best state in which to conduct business, according to Chief Executive magazine.The magazine evaluates states on natural resources, regulation, tax policies, quality of living, education and infrastructure, among others. North Carolina ranked No. 3 last year.The state’s best asset is its work force, the magazine says. Chief Executive ranked North Carolina’s work force as third-best in the country.Other areas of strength included access to capital (No. 10), business friendliness (No. 10), transportation (No. 15) and technology and innovation (No. 18).Texas maintained its ranking of first on the list, which was based on surveys of more than 500 chief executives. The magazine says states that perform well in the rankings tend to have lower taxes and little unionization.California and New York were ranked the worst and the second worst, respectively.
Thursday, March 19, 2009
Low Appraisals - The Call We All Dread
We live and die by the appraisal. But low appraisals can happen in any market. There are a number of reasons why appraisals come in low. Here are a few:
· Artificially inflated prices resulting from multiple offers.
· Declining market values due to fewer buyers shopping among a larger inventory of homes.
· Fallout from an abundance of foreclosure or short sales in the neighborhood, especially when no other comparable sales exist.
· Incorrect evaluation by the underwriter.
· Overpricing by the seller.
· Inexperienced appraiser who doesn't understand influences on value.
· Appraiser overlooked pending sale data, which could reflect higher comparable sales when closed, or the appraiser selected comparable sales from the wrong neighborhoods.
· Buyer receives cash back from the seller, causing lender to believe the price has been inflated.
Solutions for Low Appraisals
Don't panic if the appraisal comes in low. It's tough to remain calm when it appears the pending sale will fall apart, but both parties have options:
· Buyer can make up the difference in cash.
The lender cares about the appraisal only to the extent it affects the loan-to-value ratio. A low appraisal does not mean the lender won't lend. It means the lender will make a loan based on the ratio agreed to in the contract at the appraised value.
· The seller can lower the price.
If the home was overpriced or the value was inflated, often this is the best solution. It makes the buyer happy and the lender is satisfied. There is no guarantee that if the buyer walks away, the seller won't receive a low appraisal from the second buyer's lender, not to mention the time and trouble it takes to sell the property again. Sometimes a bird in the hand is best.
· The seller can offer to carry a second mortgage for the difference.
If the buyer really wants the home but cannot come up with the difference in cash, making payments or a lump sum payment at a later date to the seller is an option. After the escrow closes, sellers often retain the right to discount the second mortgage, sell it for less than face value to an investor.
· Order a second appraisal.
First, ask the lender for a list of approved appraisers. Either the seller or the buyer can pay for the second appraisal. Sometimes the second appraisal will come in higher than the first, especially if the first appraiser was inexperienced or made mistakes.
· Supply a list of comparable sales.
Ask the agents involved to put together a list of recent comparable sales that justify the agreed-to sales price. Submit that list to the underwriter and ask for a review of the appraisal. Also, ask the agents to call the listing agents of pending sales to try to find out the actual sales price of those properties. Listing agents do not have to disclose the sales price, but many are happy to help out because they could find themselves in the same situation.
· Cancel the transaction.
We can’t save them all. Many purchase contracts contain a loan contingency. If the appraisal comes in low, the buyer does not qualify to buy the property at the agreed-to terms in the contract. A properly written loan contingency allows the buyer to cancel the contract and requires the seller to release the buyer's earnest money deposit.
Make sure your clients are aware that low appraisals do happen from time to time. It often takes compromise from both the buyer and seller to reach an agreeable solution. Use the options above to guide your client through the process.
· Artificially inflated prices resulting from multiple offers.
· Declining market values due to fewer buyers shopping among a larger inventory of homes.
· Fallout from an abundance of foreclosure or short sales in the neighborhood, especially when no other comparable sales exist.
· Incorrect evaluation by the underwriter.
· Overpricing by the seller.
· Inexperienced appraiser who doesn't understand influences on value.
· Appraiser overlooked pending sale data, which could reflect higher comparable sales when closed, or the appraiser selected comparable sales from the wrong neighborhoods.
· Buyer receives cash back from the seller, causing lender to believe the price has been inflated.
Solutions for Low Appraisals
Don't panic if the appraisal comes in low. It's tough to remain calm when it appears the pending sale will fall apart, but both parties have options:
· Buyer can make up the difference in cash.
The lender cares about the appraisal only to the extent it affects the loan-to-value ratio. A low appraisal does not mean the lender won't lend. It means the lender will make a loan based on the ratio agreed to in the contract at the appraised value.
· The seller can lower the price.
If the home was overpriced or the value was inflated, often this is the best solution. It makes the buyer happy and the lender is satisfied. There is no guarantee that if the buyer walks away, the seller won't receive a low appraisal from the second buyer's lender, not to mention the time and trouble it takes to sell the property again. Sometimes a bird in the hand is best.
· The seller can offer to carry a second mortgage for the difference.
If the buyer really wants the home but cannot come up with the difference in cash, making payments or a lump sum payment at a later date to the seller is an option. After the escrow closes, sellers often retain the right to discount the second mortgage, sell it for less than face value to an investor.
· Order a second appraisal.
First, ask the lender for a list of approved appraisers. Either the seller or the buyer can pay for the second appraisal. Sometimes the second appraisal will come in higher than the first, especially if the first appraiser was inexperienced or made mistakes.
· Supply a list of comparable sales.
Ask the agents involved to put together a list of recent comparable sales that justify the agreed-to sales price. Submit that list to the underwriter and ask for a review of the appraisal. Also, ask the agents to call the listing agents of pending sales to try to find out the actual sales price of those properties. Listing agents do not have to disclose the sales price, but many are happy to help out because they could find themselves in the same situation.
· Cancel the transaction.
We can’t save them all. Many purchase contracts contain a loan contingency. If the appraisal comes in low, the buyer does not qualify to buy the property at the agreed-to terms in the contract. A properly written loan contingency allows the buyer to cancel the contract and requires the seller to release the buyer's earnest money deposit.
Make sure your clients are aware that low appraisals do happen from time to time. It often takes compromise from both the buyer and seller to reach an agreeable solution. Use the options above to guide your client through the process.
Thursday, March 12, 2009
HOW TO GET PAID!
If it doesn’t close – you don’t get paid
You’ve just got a signed contract, now what. In the real world a contract is just the beginning for any agent who plans to take the real estate profession seriously. What about getting the sale to closing? Closings don't just happen, they take place because at least one agent involved in the transaction makes the effort to ensure everything is progressing as it should.
I've seen many contracts fall apart simply because the agents involved dropped the ball. The bottom line: no closing, no commission–and probably no referrals, your future income. Those of us who plan to be around for the long term must show that we are the people clients can look to for advice and results.
When working for the Buyer:
Ask the lender for a list of items required for closing, and find out if they provide online or faxed loan status updates. If not, talk to the lender as often as necessary to make sure all work is being done–on your part and theirs.
· If you're working with a VA or FHA loan, make sure you're up-to-date on all the current requirements.
· Be sure deadlines are met, such as promised dates for all inspections and loan commitments. Convey all information to the seller's agent on time.
· Although you shouldn't steer a client to specific individuals, you should provide a list of service professionals who have good track records: surveyors, home inspectors, pest control companies, attorneys.
· Go with your clients to inspections if possible, sticking to the sidelines and watching what takes place. Home buyers are more likely to be stressed if repairs are required, even if they are minor. A thorough understanding of needed repairs makes it easier for you to counsel your clients and negotiate with the other agent if necessary.
· Don't forget to give your clients a list of all utility companies that service the new home. They'll need to arrange for services to begin on the day of closing.
· Make sure clients are talking with someone about home insurance. That sounds pretty elementary, but many home buyers wait until the last minute to obtain an insurance rider.
· In my state, most closings are managed by attorneys, and an attorney performs the title search. In other states title companies perform the title searches. Make sure arrangements are made for the type of work required in your area.
In short, make yourself available and stay informed.
When working for the Seller:
· If a commitment date passes with no confirmation from the buyer's agent, call the agent to find out why it's late, and when it can be expected.
· The appraisal is critical. If more than a few weeks go by with no appraisal, get on the phone to find out why. After the appraisal is complete, verify that the results meet the lender's expectations.
· Your office staff should tell you when inspections are scheduled, since the inspector must enter the house. Call the buyer's agent the next day to ask for feedback. If there's a problem, you want to know now, not in two weeks.
· Check-in with the other agent occasionally, to make sure things are progressing as they should.
Remind your clients about utility shutoffs or transfers.
· If your clients are selling one house to move to another, you may be handling two transactions. That means double-duty in making sure both deals are progressing towards synchronized closings.
Every transaction is different, you'll sometimes have problems that are deal killers. It happens. But if there are problems you want them to come up as early in the transaction as possible.
Make a checklist, follow the dates, and get paid.
You’ve just got a signed contract, now what. In the real world a contract is just the beginning for any agent who plans to take the real estate profession seriously. What about getting the sale to closing? Closings don't just happen, they take place because at least one agent involved in the transaction makes the effort to ensure everything is progressing as it should.
I've seen many contracts fall apart simply because the agents involved dropped the ball. The bottom line: no closing, no commission–and probably no referrals, your future income. Those of us who plan to be around for the long term must show that we are the people clients can look to for advice and results.
When working for the Buyer:
Ask the lender for a list of items required for closing, and find out if they provide online or faxed loan status updates. If not, talk to the lender as often as necessary to make sure all work is being done–on your part and theirs.
· If you're working with a VA or FHA loan, make sure you're up-to-date on all the current requirements.
· Be sure deadlines are met, such as promised dates for all inspections and loan commitments. Convey all information to the seller's agent on time.
· Although you shouldn't steer a client to specific individuals, you should provide a list of service professionals who have good track records: surveyors, home inspectors, pest control companies, attorneys.
· Go with your clients to inspections if possible, sticking to the sidelines and watching what takes place. Home buyers are more likely to be stressed if repairs are required, even if they are minor. A thorough understanding of needed repairs makes it easier for you to counsel your clients and negotiate with the other agent if necessary.
· Don't forget to give your clients a list of all utility companies that service the new home. They'll need to arrange for services to begin on the day of closing.
· Make sure clients are talking with someone about home insurance. That sounds pretty elementary, but many home buyers wait until the last minute to obtain an insurance rider.
· In my state, most closings are managed by attorneys, and an attorney performs the title search. In other states title companies perform the title searches. Make sure arrangements are made for the type of work required in your area.
In short, make yourself available and stay informed.
When working for the Seller:
· If a commitment date passes with no confirmation from the buyer's agent, call the agent to find out why it's late, and when it can be expected.
· The appraisal is critical. If more than a few weeks go by with no appraisal, get on the phone to find out why. After the appraisal is complete, verify that the results meet the lender's expectations.
· Your office staff should tell you when inspections are scheduled, since the inspector must enter the house. Call the buyer's agent the next day to ask for feedback. If there's a problem, you want to know now, not in two weeks.
· Check-in with the other agent occasionally, to make sure things are progressing as they should.
Remind your clients about utility shutoffs or transfers.
· If your clients are selling one house to move to another, you may be handling two transactions. That means double-duty in making sure both deals are progressing towards synchronized closings.
Every transaction is different, you'll sometimes have problems that are deal killers. It happens. But if there are problems you want them to come up as early in the transaction as possible.
Make a checklist, follow the dates, and get paid.
Monday, February 9, 2009
Real Estate Brokers and HUD Homes = $$$
HUD-owned properties are becoming a huge segment of today's market. When someone with an FHA-insured mortgage can't make the payments, the lender forecloses on the home and HUD takes ownership. It is then offered for sale at market value, based on a recent AS-IS appraisal, meaning, the market value in its current condition.
HUD homes are listed for sale by HUD-approved agents only. Coldwell Banker Sea Coast Realty has several agents approved to list HUD homes. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Our firm maintains a relationship with HUD and has access to HUD keys for showings.
HUD homes are sold by sealed bid auction through several HUD approved sites, such as www.gohud.com or www.hud.gov. This is where all of the training and experience of our agents is invaluable - We train our agents to evaluate the home and structure a bid that will meet their clients needs. HUD typically pays 3-5% to the buying agent with the winning bid.
CB Sea Coast Realty has all of the information needed to 1.) list a HUD home, 2.) search online for HUD-owned property, 3.) gain access to show HUD homes to buyers, and 4.) properly execute a winning bid! With the rise in HUD-owned property, savvy agents will want to associate with a firm that can guide them through the process.
HUD homes are listed for sale by HUD-approved agents only. Coldwell Banker Sea Coast Realty has several agents approved to list HUD homes. Any real estate broker who is properly registered with HUD may submit contracts for purchase. Our firm maintains a relationship with HUD and has access to HUD keys for showings.
HUD homes are sold by sealed bid auction through several HUD approved sites, such as www.gohud.com or www.hud.gov. This is where all of the training and experience of our agents is invaluable - We train our agents to evaluate the home and structure a bid that will meet their clients needs. HUD typically pays 3-5% to the buying agent with the winning bid.
CB Sea Coast Realty has all of the information needed to 1.) list a HUD home, 2.) search online for HUD-owned property, 3.) gain access to show HUD homes to buyers, and 4.) properly execute a winning bid! With the rise in HUD-owned property, savvy agents will want to associate with a firm that can guide them through the process.
Wednesday, February 4, 2009
Sales Meeting at Sea Coast - You're gonna learn something!
We have a sales meeting every Tuesday morning at 9:00. Facilitated by Tim Milam, President of C.B. Sea Coast Realty, these meetings are designed to share information, discuss topics of interest, and motivate our agents. We often have guest speakers, i.e. attorneys, new home specialists, etc., and this week we wanted to educate our agents about Wrightsville Beach.
The beach towns are all a little different from other areas of New Hanover County. With a median price of $900,000 (Jan. '09 WRAR stats) WV Beach isn't for first-time home buyers. It is a nice mix of permanent year-round residents, 2nd homes at the beach, and investment property renting by the week in the summer months. As a "barrier island" it has lots of water, and lots of restrictions as to what can be built, where it can be built, and even if it can be built upon. This is one reason why we asked Steve Whalen, Mayor of Wrightsville Beach, to attend our sales meeting and discuss the trials and tribulations of selling real estate at Wrightsville. He did an excellent job of discussing the various setback lines (CAMA vs 1938 vs vegetation) and what they might mean to a homeowner, especially if the property experiences a natural disaster, i.e. hurricane.
Apparently the WV Beach Town Hall keeps a file on record for every one of the approx. 3000 properties that fall under the WV Beach domain. Agents involved in a transaction can inspect the property file to see the various setback lines, zoning, tax assessed value, and info about improvements, etc. There should be no surprises down the road if the homeowner decides to renovate or tear-down and rebuild. This information also reduces the potential for liability on the agent's part.
The Wilmington Office is located less than 2 miles from the Wrightsville Beach bridge, but any agent has the potential to list or sell beach property. And with a median price of $900,000 . . . thats not a bad paycheck.
The beach towns are all a little different from other areas of New Hanover County. With a median price of $900,000 (Jan. '09 WRAR stats) WV Beach isn't for first-time home buyers. It is a nice mix of permanent year-round residents, 2nd homes at the beach, and investment property renting by the week in the summer months. As a "barrier island" it has lots of water, and lots of restrictions as to what can be built, where it can be built, and even if it can be built upon. This is one reason why we asked Steve Whalen, Mayor of Wrightsville Beach, to attend our sales meeting and discuss the trials and tribulations of selling real estate at Wrightsville. He did an excellent job of discussing the various setback lines (CAMA vs 1938 vs vegetation) and what they might mean to a homeowner, especially if the property experiences a natural disaster, i.e. hurricane.
Apparently the WV Beach Town Hall keeps a file on record for every one of the approx. 3000 properties that fall under the WV Beach domain. Agents involved in a transaction can inspect the property file to see the various setback lines, zoning, tax assessed value, and info about improvements, etc. There should be no surprises down the road if the homeowner decides to renovate or tear-down and rebuild. This information also reduces the potential for liability on the agent's part.
The Wilmington Office is located less than 2 miles from the Wrightsville Beach bridge, but any agent has the potential to list or sell beach property. And with a median price of $900,000 . . . thats not a bad paycheck.
Tuesday, February 3, 2009
One Million More in 2009
Hi and welcome to my blog site - Herding Cats. This blog will attempt to describe the day to day life of a real estate manager in a large Coldwell Banker Sea Coast office in southeastern N.C. With about 140 agents on any given day, I'm never bored.
Agents - my customers. Its my job to make their job easier. In the strictest sense I bring them in, train them, encourage them, and am there for them to consult with. But this description falls short of the complex needs between a good managing broker and an agent who is working hard to succeed. It goes so far beyond the popular term "mentoring" and wanders very close to a "nurturing" relationship. I'm not here just to put out fires - I'm here to help agents change their lives. If they want the help.
Agents come in all shapes and sizes, young and old, and I've stopped thinking of the average agents as a female in her early fifties. These days we have twenty-somethings calling all of their friends to buy their first home, working mothers needing an income, and those that have officially retired who still need or love the art of the sale. We have couples working together on their business (God Bless Them), newlyweds showing property to their friends, and 25 year veteran agents who can sell ice cubes to eskimoes but now need IT training or they may as well get out of the business.
So its a challenge. Its a challenge to think ahead and embrace the next wave of technology, while hanging onto the basic skills and work ethic that is the foundation of a strong real estate business. Its a challenge to guide agents towards what will give them the best bang for their buck, the best way to spend their time, the best way to get over a disappointment, the best way to celebrate a deal thats closed. In sales its all about YOU, in sales management its all about THEM.
But at the end of the day I can honestly say its rewarding.
Agents - my customers. Its my job to make their job easier. In the strictest sense I bring them in, train them, encourage them, and am there for them to consult with. But this description falls short of the complex needs between a good managing broker and an agent who is working hard to succeed. It goes so far beyond the popular term "mentoring" and wanders very close to a "nurturing" relationship. I'm not here just to put out fires - I'm here to help agents change their lives. If they want the help.
Agents come in all shapes and sizes, young and old, and I've stopped thinking of the average agents as a female in her early fifties. These days we have twenty-somethings calling all of their friends to buy their first home, working mothers needing an income, and those that have officially retired who still need or love the art of the sale. We have couples working together on their business (God Bless Them), newlyweds showing property to their friends, and 25 year veteran agents who can sell ice cubes to eskimoes but now need IT training or they may as well get out of the business.
So its a challenge. Its a challenge to think ahead and embrace the next wave of technology, while hanging onto the basic skills and work ethic that is the foundation of a strong real estate business. Its a challenge to guide agents towards what will give them the best bang for their buck, the best way to spend their time, the best way to get over a disappointment, the best way to celebrate a deal thats closed. In sales its all about YOU, in sales management its all about THEM.
But at the end of the day I can honestly say its rewarding.
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