Oakton

Great information was shared last night at the Real Estate Information Exchange!

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Real Estate Information Exchange news you can use!

 

· Fannie Mae & Freddie Mac have been ordered to delist from the NYSE because they have been trading below $1 for more than 30 days. The delisting will be effective July 8th .

o   They can still post filings w/ the SEC

o   Investors will be able to buy & trade on the over-the-counter bulletin board (I attached a definition)

o   Trading on the over-the-counter bulletin board will cause the trading volume will drop, prices will deteriorate further, price volatility will increase it will become more difficult to trade a large number of stocks

 

·     Housing starts fall

o   Housing starts in May fell 10% from April (but up 7.8% from this time last year)

o   Building permits are down 5.9% from April (but up 4.4% from this time last year)

o   Builder confidence is dropping due to problems with obtaining financing, faulty appraisals, competition from short sales & foreclosures

 

·      Senate approves extension of Tax Credit Closing Deadline because of backlog of closings due to close by June 30th…homebuyers and lenders now have until September 30th to close on their properties!

 

· Bank of America has converted an additional 16,000 homeowners from trial to permanent loan mods this past month….bringing its total to 70,000!

o   HAMP is B of A’s biggest effort and have completed 71k non-HAMP mods so far this year

o   Total delinquency rate (according to Moody’s) among 2005-2008 subprime loans peaked at 54.4% in Jan. 2010 and since then the rate has began to decline and as of April is 51.5%

o   24% of delinquent borrowers in Feb were current in March

o   Expect that 50-70% of permanent mods will eventually default…wow! Because negative equity is such a significant driver of default (the level will depend heavily on the successful implementation of principal forgiveness)

 

· VA Dept of Health recommends denying 2 applications for a Haymarket Hospital – just so you know what is happening in our area…

 

· RIS Social Media conference…lots of good information, you have to leverage social media in your business… it’s the future. If you would like to learn a few tips, set up a time to meet with me!

 

· Josh Burruss of Potomac Mortgage Group briefed us on what’s happening in the mortgage side of things.  New Disclosures! Undisclosed Debt Disclosures and New Debt Acknowledgement at Closing form.  Credit will be pulled for FHA borrowers 3 days prior to closing and these forms have to be signed confirming that no new debt has been incurred during the time period while we wait for closing.  This can hurt a lot of buyers whose credit scores are one or two points away from being in the poorer credit zones. Stay tuned as things seem to change daily.

Why salespeople are successful!

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I recently wrote an article about why agents fail and thought I should counter that article and mention why salespeople are successful.  Here are a few tips to help you know why agents are successful:

· They are continuously prospecting.  When at their kids games, or at the grocery store and any place in between, they are adding people to their database to increase their chances of receiving a referral.

· They can communicate their value proposition to those they meet.  They know why they are in the business and how to let people know, in an informative way of why they should buy or sell and use them as their agent.

· They know the market, stats, and trends and can repeat them quickly and easily.  People love to speak about real estate and if you can be the information provider, you will become a trusted advisor to them and receive more leads.

· They know why today is a good time to buy or sell and can state 3 examples of why this is the case.  People need to know the “real” reasons why now is a good time to buy or sell a house that is factually based and personal to their situation.

· They further their education above and beyond the minimum standards of continuing education.  Agents who earn designations and can communicate why the designation is important to the client earn more money than agents who do not earn a designation. 

· They are continuously networking with business people, previous clients and other industry professionals.  They join BNI, chambers, or start networking groups of their own to increase their databases and get more opportunities for referrals.

· They have a plan and work their plan.  If you don’t have a business plan, develop one today!  Your business plan will give you the direction you need to be successful and give you a daily plan of action to accomplish your goals.

· They utilize social media as a tool to market themselves and their listings and services.  It is a fact – social media is here to stay.  It is time to embrace this phenomenon and get online.  Blog, get on Facebook, Linkedin, Plaxo and reach out to your database to let them know you are in the business and you are successful in it.

· They communicate the value of working with a Realtor and subscribe to the code of ethics.  They are professional and show it through their actions and interactions with others.

· They are results and solution oriented and don’t dwell on the negative situations they encounter.  They look for the educational value or learning experience in each opportunity they face.  Failure is approached as learning experience not a negative one.

· And lastly, they have positive attitudes and attack each day with enthusiasm.  Be an example to others in how you approach situations with optimism and passion and results will follow as they do with other successful people.  Get it?  Got it?  Good!