Scott’s Market Minute May 20, 2013
Scott MacDonald offers current market stats and information in his Market Minute for Northern Virginia. Inventory has increased slightly offering buyers a little more to look at. Home Buyers and Sellers will want to keep in mind that by closing before July 1, 2013 Grantor’s Tax increase you will save money. There’s still time to get your home listed for sale and sold! Call Scott MacDonald (703) 652-5777
Month: May 2013
Why is the Northern Virginia Real Estate Market slowing down?
Scott MacDonald of RE/MAX Gateway offers valuable information and insight in his Northern Virginia Real Estate Market Minute as to why the Spring 2013 Northern Virginia Housing Market is slowing down just a little. Homes priced competitvely are selling fast! Home Buyers and Sellers will want to save money by closing before July 1, 2013 Grantor’s Tax increase. There’s still time to get your home listed for sale! Call Scott MacDonald (703) 652-5777
Why you should close on your home before July 1, 2013 Grantor’s Tax Increase
Big changes are on the forefront for Virginia real estate if you are selling or buying a house. The state Grantor’s Tax is going from $1.00 per thousand to $2.50 per thousand of the sales price or tax assessed value, whichever is higher on July 1, 2013. Here is the impact – on a sales price of $500,000 the fee is going to go from $500 to $1,250
The tax is typically paid by the seller in a resale scenario and the builder usually passes this fee on to the buyer. As a result, it has become a nominal cost associated with selling to one of a greater impact and one that will potentially bring attention to people on both sides of the table. In other states, including Maryland, this tax is absorbed by the seller with first time buyers, is split in most cases but in the end, is a negotiable item between the seller and buyer. It will be interesting to see if this becomes the case in Virginia. Our fee is less than Maryland’s but is still is significant enough to take notice and pay attention to what will be the impact as it becomes implemented and the prices increase.
The change goes into effect on July 1st so you will want to plan accordingly. This year July 1st falls on a Monday so in order to avoid paying the tax, we are encouraging our clients to close by the 26th of June. This will ensure the property gets recorded at the courthouse prior to the Friday rush that many title companies are expecting and save your money.
Many of you may recall that back in January of 2008, this tax went up 5 times so the same scenario listed above would have resulted in a $2,500 tax on the sale of properties in Virginia. Therefore, this increase is not as significant. In March of that year the Supreme Court of Virginia repealed the tax stating a transportation authority NVTA did not have the right to levy taxes.
The additional fees today are also put in place to cover costs associated with transportation initiatives and road improvements in Northern Virginia and Hampton Roads in an effort to ease the congestion in these regions. As such, this tax is only applicable to these regions. Let’s see some results, please.
How Do Top Producers Create Their Success? REMAX Gateway Round Table May 2013
The Spring Real Estate Market has really taken off and as we enter the month of May, rounding out the 2nd Quarter of 2013, it’s a great time to look at the some of the best practices of a few of RE/MAX Gateway’s Top Producers and what they attribute to their success, year after year.
RE/MAX Gateway Top Producer Panel MAY 2013 Share Successful Business Techniques
Our May 2013 Top Producer Panel consisted of Joe Doman, Bryan Felder, and Kathy Worek. These seasoned Agents offered some of their most trusted techniques and business strategies.
Where is your business coming from?
Sphere, internet leads, referrals. 25 closed and pendings, just wrote 4.5 million in contracts and working them out.
4/4/4 – shoot for the numbers: reach out to sphere/internet leads/people in process, in this order
I just got off a call and overall the stats from across the country are: 38% sphere, 19% direct mail, 15% open houses and geo marketing, 9% expired(s) – especially older ones, 7% online and 12% other – like fsbo’s, sign calls and relocation(s). That does actually add up to 100.
What is different from last year to this year?
We have our WordPress site up and running, more focus, getting more things done. We are tracking of our numbers.
What has made the biggest difference in your business?
I think a combination of things like positive affirmations every morning; coaching is critical to my success – keeps me focused and on target, mindset & attitude my positive/upbeat, an assistant and time blocking. I color code the calendar to see how I am spending my time.
What is the best piece of advice would you give the agents today?
WordPress is the wave of the future, conveying useful information via blogs and/or video and social media, and setting appropriate expectations for you clients. Google + is a good tie in with SM. More than anything: believe in yourself. Be unique.
What do you wish you started doing sooner rather than later?
Real Estate in general. Direct mail, I’m really particular about things that I do so it takes me forever to roll something out. I wish I had done it sooner who knows though, maybe now was the right time. (EDDM)
What do you wish you didn’t do if you had to do it all over again?
Most of the things I wish I didn’t do have nothing to do with Real Estate. Although, it’s all lead me down the path I’m on today and it’s pretty awesome. A lot of things have made me the person I am now, they’ve built character, made me compassionate, appreciative and made me better in general.
Anything else to add that others should know?
“You can’t grow tomatoes if you plant corn.” When you plant seeds of doubt, worry, fear and failure , that’s exactly what you get. You need to plant seeds of positivity, wealth, abundance, happiness, success, greatness, love and gratitude. Don’t let your mind sabotage you; keep the course. I have been in a position where I didn’t know where my next dollar was coming from and didn’t have one left either. You need to have faith in yourself, believe in yourself and you’ll surprise yourself.
Bryan Felder of The Virginia Realty Group
Where is your business coming from?
Everyone’s business is different – Bryan’s is business to business. Set up 2 databases – one for business and one for clients. This system drives business to your business database from your client database. This will get you referrals from the businesses. Develop this piece of business.
What is different from last year to this year?
Networking with agents outside the area to get referrals for people moving to the area. I attend seminars and set a goal for collecting cards and start to market to them with a quarterly newsletter.
What has made the biggest difference in your business?
Focus on 4 categories and go deeper with database – 37 touch points with them every year.
What is the best piece of advice would you give the agents today?
Leverage your team to gain balance – push leads, do team huddles and meetings consistently, and educate.
Do a “To Do” list every day, then set 3 goals to keep the focus and my time managed. Keep records so you can bench mark your success.
What do you wish you started doing sooner rather than later?
You can make a lot of money. You cannot make a lot of money. You can spend a lot of money. So, you need to track your numbers. Review your P&L and check bank accounts. Do this now – don’t wait.
Is there anything else to add that others should know today?
Don’t grow your team too big. Only bring on the right people at the right time. You’ve got to have fun! Team activities, go out with agents – do stuff outside the office. Pick a niche. Ask your clients, “What one thing could I improve upon that would have made your transaction smoother? What about my staff?” There is always room for improvement and if you don’t ask you won’t know.
Kathy Worek of Kathy Worek Group
Where is your business coming from?
Business is growing through consistency in communicating with sphere – just listed cards, constant contact advertising, company newsletters and post cards. Four times per month is the number of contacts with sphere per month.
What is different from last year to this year?
Focus on sphere – professional marketing – client reviews online. Use WordPress with good content and quality information. List contractors on website and post RBI stats on the site and encourage clients to go to my site. Focus on neighborhoods and zip codes for Trulia and Zillow. Team rhythm is good – not as consistently as Bryan but still good. Take your professionalism to the next level by providing your client your checklists. Use the power of the team to leverage exposure for your clients.
What is the biggest difference in your business?
Consistency in marketing, consistent in processes has added to my business. Getting bigger internet presence and get reviews
Best piece of advice for agents to take in.
Appreciate your clients and let them know. Communicate your understanding of their situation.
What would I have done sooner?
Don’t be afraid to spend money on assistants – it frees up your time and allows you to get in front of clients and new business opportunities. Trust your staff. If you want to get to the next level – you need to hire the assistant. Speaking of assistants, Joe does videos to train his assistants. He tells them to watch the video and ask questions after they are finished.
Get a good database management system in place early and use it to the fullest.
Be firm in your listing agreements and commissions you charge.
Budget – and stick to it! You are running a business.
Anything else to add?
Get in front of people – be positive and optimistic. Network. Be nice to other agents.
Please feel free to contact me scottmacdonald@remax.net or (703) 652-5777 if you would like to attend our next RE/MAX Gateway Top Producer Round Table or if you have any comments or suggestions.
Get it? Got it? Good!
Now, go sell something!
Scott's Motivation and Real Estate Market Updates 