In this new motivational series, Scott will highlight how to become a Peak Performer.
In today’s Peak Performer Series message, Scott has an important question for you – How do YOU think about money? Does it stress you out? Is it a negative in your thoughts? Watch my quick video and see if you need to change your thinking when it comes to money.
Need more motivation? Give me a call at 703-652-5777 or email at scottmacdonald@remax.net
Now go sell something!
Agents, title companies and sellers beware. There is a scam that is out there that is hurting our industry. If you receive a contract from, hear or read about buyers from out of the country that are looking to pay cash for a house, that want to settle quickly, want to use your “reputable” settlement company and have never seen the house, run fast as you can from this situation. They will promise to wire the funds to your title company or the real estate company once the contract is ratified – usually late on Thursday or on a Friday – conduct a home inspection through a friend or relative over the weekend, then void the contract and request their funds be wired to their account by Monday or Tuesday at the latest. What is the problem you ask? The wire transfer is counterfeit and everyone gets caught in the middle and the buyer receives money that was never theirs from the title company or real estate office. In some scenarios, they will say their country won’t allow them to wire the funds but will have their friend or relative drop off a certified check. These funds too are counterfeit and the funds should not be released to the buyer unless verified they are valid funds.
What can you do to prevent this you ask? First, make sure they have seen the house – not just pictures on the internet. You wouldn’t buy a house this way and only a very few select people would – military or investors being ones that come to mind. Also, do as we do, Google the buyer, the buyer’s agent and the lender on every case. See what you can find out about them. See if they are on social media sites like Facebook or Linkedin. Learn all you can about them. In addition, check DPOR and see if there are any outstanding violations with the agent at the state level as they too may be in on the scam. Conduct your due diligence – ask to see “proof of funds” from a reputable source and Google the source if you are not familiar with them. And lastly, don’t accept the contract until the funds prove to be valid which can typically take 3 to 4 days of deposit into an account.
Here are examples of what other agents are receiving from the web. They may take on different forms of these emails so be on the alert. Some agents believe this to be a scam to sign up for Docusign but it is really a scam to get money.
One agent received a lead through Realtor.com
Att. Please i will need an offer on this,
Thank you very much for the email, I would like to purchase this property MLS # 4214263, located at 15380 Little Stone Way Alpharetta. The indicated price is $613,000.00 Please note my offering price is $600,000.00 Please send me the contract for this property and the following phrase should be added on the contract.
1. I will want to close on 12th June, 2011
2. I want to put down $30,000.00 Earnest money
3. I want to put contingency on inspection on the contract.
I and my wife will be buying the property and the buyers name should be. Leo Thang and Jiao Thang. Our address is 4645 Jane Street, Toronto Ontario Canada M3N 2K9
Please forward me a purchase contract agreement via docusign format, their website is http://www.docusign.com/ or any other electronic document I don't have access to a printer or scanner here therefore I can not sign and send it back in PDF format I am in a remote area now and i will like to do the signing myself on behalf of my wife.
I would also like to use a reliable title company for the closing. Kindly advise regarding this issue.
Thanks for your understanding. I await the purchase contract agreement as soon as possible.
Regards,
Leo Thang
Tel;003463236828
And some just receive leads through email…
Larry Sabo – Realtor in California
Dear Larry Sabo,
Att. Please i will need an offer on this,
Thank you very much for the email, I would like to purchase this property MLS # 116400, located at 3403 Beaver Brae Dr South Lake Tahoe, CA 96150.The indicated price is $659,000.00 Please note my offering price is $640,000.00 Please send me the contract for this property and the following phrase should be added on the contract.
1. I will want to close on 13th June, 2011
2. I want to put down $30,000.00 Earnest money
3. I want to put contingency on inspection on the contract.
I and my wife will be buying the property and the buyers name should be. Leo Thang and Jiao Thang. Our address is 4645 Jane Street, Toronto Ontario Canada M3N 2K9
Please forward me a purchase contract agreement via docusign format, their website is http://www.docusign.com/ or any other electronic document I don't have access to a printer or scanner here therefore I can not sign and send it back in PDF format I am in a remote area now and i will like to do the signing myself on behalf of my wife.
I would also like to use a reliable title company for the closing. Kindly advise regarding this issue.
Thanks for your understanding. I await the purchase contract agreement as soon as possible.
Regards, Leo Thang
As you can see, Leo Thang is just one person attempting this across the country – there are sure to be others. Become educated on the red flags, stay on alert for anything unusual similar to this situation, and keep yourself and your sellers from becoming victims of a scam. Get it? Got it? Good!
Now, go sell something – legitimately!
This week we learned yet another way to help agents today grow their business with developing new relationships through foreign investors. Our featured speaker was NVAR’s Chairman of the Board, Vinh Nguyen. He provided us with valuable information on how and where to establish these relationships as well as why we are a viable place for foreign investors to invest their resources. Here are a few highlights from our training:
Working with Foreign Investors
It provides you with an additional source of income by working with foreign investors – it is another spoke in your wheel of building relationships.
It helps to diversify your business and grow your database.
Work with immigrant population, it is a hedge against the main stream market.
Work with embassies, schools where a high number of foreign nationals attend and participate in local and national conventions.
Attend NAR conventions and attend global forums, learn their market and offer to speak at their conventions, build relationships through your knowledge and expertise of our market.
Many foreign developers are interested in our real estate market. They are looking to purchase bulk REOs, commercial, as well as buy houses for children studying here or abroad as they say in their country.
Many of these entrepreneurs have upwards of $50,000,000.00 to spend here in the US.
Develop referral channels for yourself to obtain business from different parts of the world.
Reasons they want to invest in the United States of America
Stability of our government
Price appreciation
The value of the dollar is low coupled w/depreciation
The benefit to you is they do not know who to use, build trust through developing contacts.
80 countries have agreements with NAR to accept referrals and pay referrals to US agents.
There are great resources available to you through NAR. Go to Realtor.org, resource, international buyers to learn more.
48 % of international buyers pay cash for their properties.
New loan program through HSBC
30 % down, 5.25 % no points
Foreign investors, paper trail on 30% down payment is the only qualification that requires verification.
Finding channels to bring in money quickly and legally is a challenge to learn to overcome. Get to know the process through your banker.
Your goal is to sell Washington area. Make them aware of the Nevada, California and Florida foreclosure issues and why we are different. We have:
Stability of market
# 1 in the world now for foreign institutional investors
Low risk vs. overseas risk
Diversify their investments
Other places to obtain more information on how to work with foreign investors: Association of Foreign Investors in Real Estate – AFIRE.org – has a lot of research information.
Also, it is important to learn immigration, visa, and green card processes to be able to speak with clients about these issues.
Were you aware that you can obtain a green card if you invest $1,000,000.00 in a business? If you buy a business or establish a new one and maintain it or if you hire 10 Americans, you will have green card within 3 months and you can apply for permanent status in 2 years.
Another option is to invest $500,000.00 in a designated, depressed area and you can get green cards – regional EBS’s program.
A few final thoughts: One thing to keep in mind is to not worry about communicating with your new contacts. Most wealthy investors have translators or speak English. Look into attending conventions and other associations, such as: AERAA.org and NAHREP.org and lastly obtain a designation – CIPS – develop relations with those agents and work referrals with them.
You have heard it before and will hear it again, the more you learn the more you earn – go get educated and learn how to build your database through alternative means. Get it? Got it? Good!
Now, go sell something!
What was the first thought that came into your mind? Was it about the stock market? Or was it about buying investment properties? Perhaps you thought it was getting others to invest in the previous two areas of opportunities. Now, what do you believe this statement is about? What does invest mean? Dictionary.com says it means :
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1. |
To put (money) to use, by purchase or expenditure, in something offering potential profitable returns, as interest, income, or appreciation in value. |
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2. |
To use (money), as in accumulating something: to invest large sums in books or education. |
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3. |
To use, give, or devote (time, talent, etc.), as for a purpose or to achieve something: He invested a lot of time in growing himself personally and professionally. |
Well, taking this into account, my intention was that it is time to invest in yourself and your business. The top companies in the world invest in their people – you should invest in you as well! If companies do it, why don’t you?
The real estate market, the economy and your business are not out of the woods yet. Yes, some aspects of the economy are stabilizing but we have a long way to go – foreclosure numbers, default rates, and unemployment rates (although reported to have slowed) continue to rise. Therefore, now is the time to invest in your business. It has become obvious to me that during times like these, many agents get too involved “in” their business when in fact, if they want their business to soar to the next level, they should get involved working “on” their business – today. It is time to reflect on what is working and what isn’t – where are trends in our area heading – who are key players in the industry and what are they doing – more importantly, what are you doing? Are you attending training? If not, why not. If you are involved in foreclosures, are you going to conferences out of town to meet new people, strategize and get new accounts? If not, why not? If you are doing short sales, are you meeting with experts who are experiencing success in the business locally and nationally to learn more about trends and what they are doing to be successful? If not, why not? Are you taking advantage of the free educational opportunities your association is making available to you? If not, why not? Are you taking advantage of one on one opportunities with your broker, fellow agents or a coaching program to help get through the market we are in and are going to encounter? Again, if not, why not?
These examples could go on for some time. It is my belief that you need to get out of your house, get out from behind your desk and educate yourself or else you will be left behind – doing what you’ve always done and get the results you’ve always gotten will not propel you to success. Times change, programs change, economies fluctuate and you need to as well if you want to succeed now and in the future.
It is important not to confuse activity with accomplishment. Determine what you want to accomplish and what you need to do to achieve what you set out to do. If you get willowed in the mire of day to day activities, put blinders on to what is happening around you, get out and network with others, and ask yourself how can you accomplish “big” things in your life. It is my opinion you need to invest in you today. Attend trainings, get coaching, attend business planning (it’s not too late), get a designation, attend mastermind sessions, go to real estate information exchanges. Take the time to get educated – NOW! Get it? Got it? Good!
Now go sell something!
Scott's Motivation and Real Estate Market Updates 