Success tips

Platinum Group – November

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PG1

Don’t wait to put houses on the market – multiple contracts
at $875,000 in Lansdowne – needs work but 7,500 sq ft on three levels – people
waiting in line to buy

Reasons to list today – you know what prices are today, you
know inventory levels, you know what  rates are today, buyers who are looking this
time of year are serious buyers

Where do you price properties and why – psychology of buyers
or internet strategies of being on the number for search engines – when market
is hot, it doesn’t matter – analyze DOM and number of showings in first week in
same area at same price

Agents continue to be agitated over short sales when
expectations are not set up front.  When
expectations are communicated from the beginning agents are easier to work
with…also, don’t burn bridges with agents who pester you – don’t blow off agent
because they are keeping your feet to the fire.

CDRS – America’s Home Rescue Short Sale process is the
program to work with when dealing with short sales

Write addendum to contract outlining your process for
handling the short sales – communication the time frame, your communication
frequency and type, who communication is with and when and why then have buyer
sign.  Are you committed?  Are you sure this is the right house for
you?  Are you prepared for the process to
take several months?  Will you be ok with
not hearing from me, as the listing agent for sometimes weeks at a time?

The foreclosure report: 
sense from Kent Eley and Fannie Mae is 2nd quarter of
2010.  Administration is trying to be
gentler on folks and not kicking them out in winter and around holidays as well
as push loan modifications.  Also, money
given in stimulus package, banks were told not to foreclose by try and work the
loans out.  Other agents feel that it is
the ignorance of the bank and no one moving fast enough because no one is
giving them direction on what to do as banks are overwhelmed.

Is anyone specifically marketing to get move up buyers into
the market?  What are you doing to get
the word out because most people don’t know or understand what was in the
extension.  Email campaigns, newsletters,
phone calls – just do it. 

Quick analysis: 
Market on upswing, foreclosures coming in second quarter, MBS are going
to stop being purchased by the government in March, tax credit ends on April 30th
even though you have to close by June 30th – therefore you will make
a majority of your money in the first quarter of next year and you need to get
busy today to take advantage of the future market.

What happens to Fannie and Freddie moving forward?  Who will absorb the secondary market funds?

PG2

Answering the ‘Not So Simple Questions’

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I was recently asked by an old friend, an innocent question
in his mind I am sure but as you can see from my answer it is anything but a
simple question.  He asked, “How will the
market be in the spring?”. 

Here is the response: 

You ask an interesting question which requires me to pull
out my crystal ball.  Here goes my best
guess.  There is a lot of uncertainty of
what can happen in the spring.  There is
speculation that the extension
of the Tax Credit will pass and be offered to all buyers (with
restrictions) through April 30th, then reduce quarterly through the end of the
year until it is gone.  This measure will
help sustain momentum that we currently have in the market – especially in the
under $400,000 market.  In all likelihood
it should pass this week.  This, as
previously mentioned will be good for our market. 

At this time we have very low inventory – it's down 54% from
this time last year.  It has been rumored
that foreclosures
will be released into the market by the banks – the question is, how many
are in NOVA and how will they be released? 
Slowly or just dumped.  If we have
a lot and they are released simultaneously, how far will prices fall?  We have seen the phenomenon of prices falling
with low supply and high demand – it is a true economic anomaly in my
opinion.  If they are released
strategically and are allowed to be absorbed by the market naturally, we will
continue to see a rebound price wise and have a healthier market.  Tying into this question is how soon will
they be released?  This supply and demand
aspect which is tied to pricing is also critical to the strength of new home
sales.  With the cost of land, builders
can’t build product and make money in many areas, they are “shut out” of being
able to build.  Until we see an increase
in prices, many builders will remain on the sidelines.  This carrot of foreclosures has been dangling
in front of us for about a year now. 
Stay tuned on this one as it may be a critical piece to our housing
recovery depending upon how it is handled.

Mortgage interest rates are low now but have slowly
increased upward the last few weeks. 
The government has committed to buy Mortgage Backed Securities through
next spring – to the tune of $1.2 trillion. 
Who will step up to buy these securities in the future?  If no one does, how high will rates go and
how quickly?  Additionally, it appears as
if we see the high loan limit of $729,750 stay at this level for our area, if
it doesn't, how drastically will it hurt the upper price points that are
already experiencing a slower market.

Right now, we have buyers looking for homes, we have low
inventory levels, low interest rates and loan programs to get buyers into
houses.  It is a great time to be in the
market.  Over the next few weeks, we will
see how things play out for the spring – beyond that will require a second
crystal ball.  Hope this helps!

How to Expedite the Loan Modification Process

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As a Member of the Top 5 in Real Estate Network®, I am frequently asked these
days for my advice on loan modification…specifically, how quickly new loan
terms can be arranged. Waiting to find out if your application for loan
modification has been accepted can be a nerve-wracking and frustrating
experience—especially if you’re still receiving late payment notices and
creditor calls. Here are some important insights into the loan modification
process from consumer advocate and author Ralph R. Roberts.



1. The loan modification
process typically takes 30 to 90 days, depending mostly on your
lender. The loan modification timeline, however, is not set in stone. The more
complex your situation, the longer the process takes. Borrowers with a lot of
collateral issues can see their loans take longer than what has become the
typical 30- to 90-day timeframe.

2. A professional can
often reduce the amount of time required by processing your
paperwork efficiently, presenting your application exactly the way the lender
wants it, and knowing from past experience what the lender is able and
typically willing to agree to. Find out how long the process is likely to take
and mark the dates on your calendar.

3. Refer all matters to
the professional who is representing your loan modification.
Anything you say to the lender could confuse things or compromise your
representative’s ability to negotiate the best deal on your behalf.

4. Log all phone calls and
correspondence between you and your lender or representative. Keep track of
important dates. Consistent follow up is paramount to a successful
modification.

5. Explore other
options. If the lender denies your request for a loan
modification or presents an offer that you cannot accept, you will need a plan
B. Consult a real estate agent about listing your home for sale. Talk to a
mortgage broker or loan officer about refinancing. Speak with a bankruptcy
attorney to find out whether filing bankruptcy would be a better choice.

6. You might continue to
receive delinquency notices or late payment phone calls. Push
to have all default and foreclosure actions put on hold while your workout
attempts are underway.

The loan modification process can be long and trying, but doing your part to
keep the process on track by remaining informed can increase your chances of a
positive outcome and reduce stress. For more advice on loan modification,
please e-mail me—I can point you in the right
direction. Please also forward this important information to your social
network; it just might help someone you know.

New Agent/Refresher Series Update

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Our New Agent/Refresher Series was another big hit
Tuesday.  Josh Burruss from Potomac
Mortgage Group reviewed the second half of qualifying buyers to a packed
conference room – again!  Yes, I said part 2 of qualifying because so many
great questions were asked in the first session that we had to add a
second.  It is amazing how our training started off as new agent training
and how many experienced agents have participated in these trainings.  It
is a testament to them wanting to refresh themselves, find out what is new on
the horizon and pick up on a new technique or two in the process.  Josh
had printed his presentation recently and, of course, some things had changed
since.  It goes to show you how our industry changes so rapidly and how
important it is for us to stay on top of these changes so client’s we serve get
the right advice when buying or selling real estate.

PMG1       

Our New Agent/Refresher series features agents that excel in
various segments of our business.  Upcoming events in November
include:  Paul Hunter and
prospecting by referral; Art
Grace and the sales agreement which can be credited to post licensing or
continuing education.  To learn more about our training programs check
out this link or check out our calendar for upcoming events.  As we always
preach – you gotta learn more to earn more.  Get it?  Got it? 
Good!

 

Now, go sell something!

Demand Success Today

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As you know, RE/MAX officials were in town yesterday. 
Here is what was shared!  Click on the link for the presentation.

Demand
Success Today

 

The Economy –

Right now our recovery is considered to be a jobless
recovery because we continue to lose jobs yet; the economy is pulling out of
the recession without creating jobs. The nation’s jobless rate won’t be back to
4.5 % until 2014.

 

Most companies have cut back and will not rehire people they
let go.  The car business most definitely won’t hire their people back –
everything is cheaper in China and a lot of production is being exported there.

 

Housing will have a hard time helping economy get out of
recession because new home sales have plummeted so far down.

 

America is responsible for 27 % of the world’s GNP China is
7% within 30 years China will lead world in production.

 

Foreclosures –

Build your resume, contact the right people and give right
presentation to get REO business

 

There are 3.5 million foreclosure filings per year expected
in 2009 and 2010

 

25 % of homeowners with a mortgage are underwater

 

A huge number of commercial loan maturities are coming due
in 2011 and 2012 which will put pressure on this sector.

 

Savings rate is 7 % today as a result of people’s fear over
job loss, their property values being down, and they can’t use their house as a
piggy bank anymore plus their 401K’s are down so consumers have become less
likely to spend.

 

You can’t use yesterday’s business methods to make money in
today’s market and expect to be in business tomorrow.

 

Number of Realtors –

800,000 in 2000

1,400,000 in 2006

1,100,000 in 2009

Need 900,000 for more agents to be successful

 

LIFO last in first out is a great rule for real estate when
referring to Realtors

 

9.7 million Distressed properties right now,  4.7
million will sell over the next few years – many will renegotiate to stay in
their properties.

 

RE/MAX has 6 % of agent total and handles 26 to 28 % of REO
sales

 

Systemized and standardized process for short sales is
expected to be announced within 2 business days.  This is coming from the
government and discussions with Liniger.

 

NAR has a new designation to handle short sales – SFR. 
RE/MAX agents can get discount on Mainstreet – contact me for details

 

Rebuild USA 203k specialists

 

There is a new foreclosure tab on remax.com.  Don’t
forget to register as well as update your profiles email address, education,
designation, specialties to get leads.  You must have a designation to
receive leads for short sales and foreclosures – don’t delay, do it today!

 

Know your market and its dynamics –

 

Our market is predominantly 1st time buyers and
investors  – get into these business arenas.

 

Generations –

Baby boomers 3 more moves downsizing selling buying selling
smaller house moving in with their kids or family members

 

Generation X –

50 % not married yet and most have no kids.  They are
just now beginning to buy houses skeptical but loyal

 

Millennials –

Very different on line, no high pressure, knowledgeable,
instant everything

 

 

When dealing with online leads, have the shot gun approach –
send out response to 5 agents and the first to respond gets the lead.

 

80 % of Americans have nothing to retire on assisted living
or nursing homes or moving in with family

 

Social media will take you to the next level take pictures
of clients after settlement do portraits get busy getting involved with it
today – don’t delay it is not going away.

 

The crowd was enthused – you should be too!  Get
it?  Got it?  Good!

 

BrettandDave

 

Breakfast with Dave Liniger and Krisi Graning

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The purpose
of the breakfast was to encourage open dialogue on our region to take back to
policy leaders. Looking to get pulse on market to show congressman and
governors what is happening in the trenches. 
According to Dave, NAR has lost credibility with the government. 


BreakfastDST

 

One agent
has 11 properties under contract and all have appraisal issues.

 

Inventory
levels are low. Foreclosure process has been slowed by Obama’s policies on
occupancy rules and how people who are living in properties are treated.  If a tenant can produce a lease, they can
stay in the property until the lease term ends. 
Issues are – who gets the rent and how can the lease they produce be
validated – this is a bad policy people!

 

The media
still creates problems by sending mixed messages to viewers which continues to
wan consumer confidence on all levels.

 

Appraisers
don’t understand market and understand reality of our pricing and trends.  It appears that too many are under qualified,
unprofessional and unfamiliar with areas they are appraising.

 

Under
$400,000.00 market is strong – upwards of 18 contracts on houses.

 

HVCC has
lead to incompetent people appraising our property resulting in low appraisals

 

All real
estate is local agents and appraisers need to be local.

 

Agent
quality is low with REO’s across the board agent professionalism and ethics is
not up to par with what the consumer demands.

 

Take new HUD
1 to your asset managers for a training session to build better relationships
and get more assets to sell.

 

No FHA or VA
contracts has hurt many first time home buyers trying to take advantage on
$8,000.00 tax credit.

 

Extension of
unemployment benefits was to be voted on last night the first time tax credit
may be attached to that bill – stay tuned. 
Tax credit extension would be the tiered down version.

 

Get up to
speed with the market, understand its challenges and become a success – Get
it?  Got it?  Good!

 

Now, go sell
something!

Business Planning Retreat

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A great time was had by all! 
Our weekend at the Hyatt in Cambridge, MD started off with golf and spa
treatments.  The course offered beautiful
views, challenging holes, and plenty of opportunities to talk trash!  The spa offered hot stone massages, Swedish
massages, facials, and sauna/steam showers. 
It was an appropriate way to get everyone in the right frame of mind to
take their business to the next level. 

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The theme of this year’s business planning was Around the
World.  We started off in our RE/MAX Hot
Air Balloons in Middleburg, VA where we visualized our trip (our
businesses).  We had to determine our
course of action for our trip going forward by first reviewing where we had
come from in 2009.  We analyzed what our
key performance indicators are for 2010 and how we will measure success.  Additionally, we set short term and long
range goals to set our course for success.

Our next stop was a crash landing in Greenland where we were
kidnapped and had to participate in a dog sled race to get our balloon
back.  In Greenland, we had to determine
how to problem solve our way out of the mess we were in (short sales,
unprofessional agents, foreclosures, etc), think strategically on how we were
going to get ourselves out of these situations and continue to set our course
for success by reviewing our “why” of being in business.

Luckily, we were able to get our balloon back and get back
in the air to look at our business from a higher altitude!  But, guess what?  We got blown off course and crashed landed in
a boat in Luxor, Egypt where we had to navigate the Nile 350 miles to get our
balloon repaired.  We were on our way to
accomplishing this by looking for new opportunities available to us and how to
build upon them and grow them and ask ourselves if we have currently taken
advantage of them in today’s market when we were arrested!  We had to analyze our negotiating skills and
how to improve upon them based upon challenges we faced as well as realize we
need to have contingency plans in place to handle each situation we encounter
in our market.  As we handled these
challenges, we were able to move on!

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Believing we were going to sail smoothly home – we once
again experienced a challenge – another crash as our balloon got a tear from
high altitudes and we landed on the Great Wall of China.  While in China, we had to improve our
communication skills – listening, being the first order of business in
developing better communication skills. 
Then we moved on to looking at non verbal communication, tonality and
other forms of communication others use to communicate.  We considered the options available to
redefine our business and reinvent ourselves in the process.  As markets change so must we.  Our balloon is repaired and we are back in
flight and on our way to success again!

I think you know what happens, we have an emergency
landing.  This time in Pago Pago!  It is an extremely poor island where it was
time to reflect on what is important to us – our value system.  We reviewed what is important to us today and
what values are going to carry us to where we want to be in the future.  Self analysis is a strategy to help us grow
both personally and professionally!  This
also incorporated accepting change in ourselves, our business, and why this is a
critical piece to success in any endeavor we undertake.

On the last leg of our trip home, we realized at our high
altitude that flying high isn’t the only key to success.  We must have the right attitude to get us
there.  It is important to manage our thoughts
and actions to develop the right habits to lead us to a successful career! 

Finally, we were home with a our travel log that included
short term goals, long term goals and an action plan to get us to success.  We set a meeting to discuss our trip and
review our progress in 90 days.  Our
travel logs were shared and we are going to hold others accountable to their
success in our next meeting! 

We discussed the importance of getting away, putting things
in writing, and being held accountable to our objectives we can attain much
greater success.  We hope that you will
join us on our next journey because by failing to plan, you are planning to
fail.  Get it?  Got it? 
Good!

Now, go sell something!

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Your Reptuation

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Wooden The great leader and coach John Wooden once said, “Your reputation takes years to develop and only a minute to destroy”.  Do the right thing every time and your reputation will lead you in a positive direction and it will also leave an indelible impression upon others which will carry you to success in all areas of you life.  There are many factors that go into building a quality reputation – here are just a few – integrity, character, hard work, follow through, and results.  It is imperative to not be known as unethical, unprofessional, unresponsive or that you walk the integrity line – if you do, you will only have temporary success if any at all.

In my opinion, it starts with integrity which includes your word.  Do what you say you are going to do.  If you tell someone that you or your client is going to do something – stay with it –make your clients perform to what they committed to verbally.  Telling people one thing yet doing another is the fastest way to ruin your reputation.  You lose trust in those you speak with and in the end get no respect and your actions are indefensible.  Your word is your bond – don’t stray from this premise.  If people take you at your word and you follow through you will be known as dependable, reliable and a person of honor – all quality characteristics.  Having a reputation as being a storyteller, liar, undependable, untrustworthy are all problematic qualities and won’t get you far in any endeavor for any length of time. 

Character is described as doing the right thing when no one is looking.  Your character is developed over time and is a result of your actions and follow through on tasks you undertake.  You want to be a person of character and not a character – again do what you say you are going to do and your reputation will grow as will your bottom line.

The reputation of being a hard worker who is effective will get you more responsibility, more business, and more referrals.  Winston Churchill said, “If you want something done, give it to a busy man”.  Getting in early and staying late – doing just a little more than the next person will reap big rewards.  Water boils at 212 degrees at 211 degrees it is just very hot water – one degree makes all the difference.  The horse who wins the race by a nose wins hundreds of thousands of dollars more than the horse that loses by a nose.  Keep in mind; it is the little extra effort that pays off.  Be known as an effective, efficient, and hard worker.

Follow up and follow through are cornerstones of a solid reputation.  If you say you are going to email, call, send additional information, show up, and be on time – do it.  If people need to follow up with you, success will be difficult for you to attain.  If you are always late, don’t return calls, don’t answer your phone you will get the reputation as being unreliable – don’t fall into this category.  It is a reputation killer!

All of this being said – you need to get results.  You need to get people what they want through honesty, integrity and effectiveness.  Tell people what they need to hear, not what they want to hear.  Do what you say you are going to do.  Know the process to help you get results and guide people through the process.  If you don’t get results, you won’t build a solid reputation – you will only be known as a talker and not a doer.

Be known as reliable, dependable, results oriented, helper, leader, teacher, mentor and success will be yours.  Get it?  Got it?  Good!

Now, go sell something!

Care

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Care A question posed to me recently is, “Do you care more about
your people’s success than they care about their own success”?   After some deliberation, my answer was yes –
at times I believe that we need to provide more to our agents to help them get
over the hump or get them on their way to a successful career in real estate
and that they should seek more counsel from us to become more successful.  In understanding that everyone defines
success differently, it is still imperative to understand what success means to
each of our agents.

So, what was learned from this exercise?  I need to ease up – let the agents take
advantage of what we have to offer – stay current, but don’t add more to our
plate or theirs by offering more programs – and encourage them to apply what
they have been taught to their business to facilitate their success as well as
take advantage of what programs we currently have in place.  Will we still care?  Yes, of course, and here is how we plan on
accomplishing our goal – the acronym CARE:

C – Commitment-
we are committed to ensuring our agents are the most educated, professional,
top producing agents in our marketplace by providing them with training
opportunities, real estate exchanges, mastermind groups, blogs, and up to date
information for them to share with the clients, sphere of influence and those
they encounter on a daily basis.

A – Attitude – We
will be a positive, upbeat and energetic force in their environment that will
provide constructive feedback to enhance their business.

R – Responsibility
– We will encourage our agents to be responsible for their careers by providing
an encouraging environment, the right tools for success, a supportive staff
eager to assist our agents, and the time to assist them with their efforts.  We will also be responsible to them to by
providing constructive feedback and by helping them in their endeavors to be
successful in real estate.

E – Education –
We will continue to keep our agents educated through our current training
schedule, one on ones, quarterly meetings and our business specific summits so
they can help buyers and sellers make the right decisions when buying and
selling properties, grow their teams and build their business so they can
achieve the success they want out of their business.

We will always care and we will continue to inspire our
agents to greatness and will only seek to control what we can control and not
care more than they do about their success. 
You control your destiny, take advantage of what is available to you,
learn, earn, grow and succeed.  We are
here for you.  Get it?  Got it? 
Good!  Now, go sell something!

Breakfast with Janet Evans

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Janet Janet Evans, 5 time Olympic champion for swimming, came to our Business Networking group to speak to us on how to be a champion.  She mentioned that being a champion isn’t about winning. It’s about how you play the game and the vision you create for yourself to get you there. You set goals to get what you want, we all do. But once we reach the goals what do we do? Do we high five our friends and sit back on our laurels because we reached the goal we set out to reach? Or do we step back and reset that goal? Make it better, more challenging; make you reach higher than you thought you could?  That’s what Janet did when she made the Olympic team, she realized that it wasn’t just about making the   team, but about winning the gold and ultimately being proud of herself no matter how she performed.  A champion, she said, is someone who loves what they do, inspires others, does their best, doesn’t listen to what other say, believes in themselves, doesn’t always have to win and at the end of the day is satisfied with the end result.  Her speech defiantly gave you something to think about.