Real estate

Here We Go Again

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Platinum Club October

Asset managers are checking up on their listers to make sure
properties are being marketed properly. 
If you are listing foreclosure properties – tighten up if you want to
keep your listings!

2nd quarter is when the next “wave” of foreclosures
is to be released – here we go again!

3 month moratorium on foreclosures is more here say yet
properties are going to foreclosure in November.  Apparently, the banks are going to do away
“stages” of appraisals.

Ekko works well with short sales, S5 is OK –nothing above
the others, and Advanced Title gets them done.

Banks have stacks of short sales to work through – Bryan had
4 approved in the last week – 1 in 70 days, 2 in 3 to 4 months and 1 in 6
months.  It seems as if the Asset Manager
makes all of the difference not necessarily the bank. 

Take short sale listings to generate buyer s leads and close
them because chances are your listing
won’t close.  Short sales make the agents look incompetent.

Buyers are indecisive and becoming unrealistic – coming up
with excessive home inspection lists.

Upper bracket prices continue to fall and those buyers are
more cautious.  People are backing out of
remodeling contracts as well – the economy is their excuse of why they aren’t
moving forward.  National news and lack
of details about our market is making them uncomfortable in both scenarios.

Are there more listings coming on the market?  The answer is yes – inventory is low put it
on now.

Builder activity is on the rise.  One builder, Van Metre is up 40% and is
raising their prices – NVR posted a 50%
increase over last year’s sales.

We all believe Tax Credit for first time buyers will be
extended.  As previously discussed each
real estate transaction “touches” 29 different industries and generates $62,000
in capital to the economy.

We also believe that the loan limit will go back to $625,500
and remain there as prices are lower – we all have had fewer sales above the
$700,000 price range.  Also, the
government may want to diminish their exposure and not raise it back up.

Condo associations need to be proactive to get their
properties approved FHA after November 2, 2009 – no one has heard of any
associations taking the lead.  Be sure to
make sure the project is in process of approval prior to finalizing
contacts.  No more spot approvals with
FHA after this date.  Here
are the outlines of the program – lots of questions are still
unanswered.  Will this kill the condo
market?

What does all of this mean? 
Professional Realtors are more valuable and more needed today more than
ever.  Get it?  Got it? 
Good!

Now, go sell something!

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It’s time to invest!

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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 :

1.

To put (money) to use, by purchase or expenditure, in something offering potential profitable returns, as interest, income, or appreciation in value.

 

2.

To use (money), as in accumulating something: to invest large sums in books or education.

 

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!

Walter Bond, Kathy O’Neal…what a great day of speakers!

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Walter bond
Today’s speaker at our exclusive business development group Accelerent was Walter Bond who amazed the crowd with his personality, flair and common business sense to help us “sell” our way out of the recession.  Here are a few of his tips:  strive to be the top in your business – whatever your chosen field may be; connect with people – don’t just communicate; execute the principals of the of your business – be fundamentally sound; differentiate yourself and most importantly be likable!  As we know, people buy from people they know, like and trust.  They know you by branding yourself, they like you because they you “connect”/build rapport with them and the trust you through your knowledge, skill and expertise you display in your business.  Also, to be the best, carve out your niche!

Our Top Producer Panelist in today’s training was Kathy O’NealKathyo
 

Team of 3 plus Kathy

Unlicensed assistant – visual tours, schedules appointments, client coordinator

Part time IT guy – does videos, website design, blogs

Husband – writes blog, works internet stuff, but they don’t do twitter or Facebook or Linkedin

Kathy – the face of the team

Videos are of testimonials, interview Kathy, buyer process – people know you before you meet them – think about

Incorporate video into your program – financing, seeing properties, writing contracts, settlement, foreclosures, short sales

Now send video emails introducing yourself

Keep up with past clients – know market area – newsletter – client party (cut down Christmas Trees nic– birthday cakes about

Podbeam – podcasts that are hosted by another

Blog a few times a week – interview clients, potential buyers

Thoughts on the market – under $400 is hot – people who would put house on the market don’t know they can sell their house in today’s market – not enough houses for sale – lots of buyers out there – not enough move up buyers – not too many appraisal problems – think prices are coming down, sell now – foreclosures are coming so not sure how this will affect values, we know where it is now – appreciate agents who answer phones

Keys to success – do the basics, good service, keep up with your client base, figure out what you do well and keep doing it, keep up with the market, connect with people, be a real person, look for new trends. 

Here are the numbers!

 Active inventory is down 56% from 2008 with onluy 5,850 active listings on the market. The vacancy rate is holding steady at 28% of the market leaving us with a 1.7 months supply of houses for sale.

The rental market has a 1.9 month supply of rentals on the market with 3,004 properties currently for rent.

Now, go sell something!

 

Social Media Training

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Social media training 001

Please attend the free event at NVAR – rebarcampdc.com October 27, 2009 – 8:30 – 5.  Please RSVP soon to make sure you get in!

Blogging is an important part of your internet presence – 73% of internet users have read a blog.

Google loves blogs – to get higher in the searches on various search engines – you’ve got to blog.

Blogs enhance your image on the internet.

Use http://technorati.com/ to “ping” your blog and get higher in search engines.

Incorporate videos and hyperlinks into your blogs.

Blogging allows you to present your internet presence to sellers in listing presentations.

Provide information on market, neighborhoods, and industry news to show your expertise in real estate.

Tips for blogging: www.davidrisley/2008/11/50-rapid-fire-tips-for-power-blogging/

Ed says – change or die!  Remember when people complained about the new electronic lockboxes…

Here is the presentation from today!

As usual – THANK YOU Kendall and all of our attendees!

Now, go sell something!

All is quiet on the Western Front

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All is the same over the last month or so – same issues with short sales, foreclosures, etc

Agents are being more demanding and asking for shorter timelines – short sales are bringing out the worst in other agents.  Agent’s frustration over short sales are carrying over into other transactions.  Agents have an all gloves off mentality.  Buyers and sellers are also frustrated because of timing of getting deals done, HVCC, TIL, etc. 

Nip unprofessionalism behavior in the bud.  Track all conversations in writing with agents.

First time buyers are antsy – wanting deals to be done so they get the tax credit, get rates locked in, and get closed.

Notice of trustee sales is at an all time high

The highest month of foreclosures were September of ’08 – trustee sales today are 30% higher than that

Market is slowing – sales are down because inventory levels are down

Commercial market is about to tank – financing is gone – only sources are pension funds, insurance money and conduit lenders are the only avenues.  No new construction can be financed either.  Churches and schools are building but back log is diminishing.  Commercial market is in directly opposite of residential market.  Death, divorce and relocation are our salvation as well – people have to move!

Titanium is in control of 31,000 people in our area who are in one form of distress – not foreclosed on by the bank yet.

The attached article was also discussed.

Outlying areas are coming back strong – we are doing better than other counties – including Maryland.

That’s it – go sell something!

Interesting market update

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It is an interesting time in the market right now. For the first time in a long time, there are not a lot of changes in our market to report – it is the same ole story – which is kind of nice.   Over the last several weeks, we have reported shifts which were affecting our industry and we were on top of for our clients and agents alike.  Last month we talked about short sales, foreclosures and those trials and tribulations. Right now everything is flat in terms of news. The inventory levels are down, buyers are still out looking for homes, the hot price ranges remain hot and we are ready to help!

What makes me wonder is, is now the calm before the storm?  As we’ve been speaking about over the last several weeks, many questions have been raised that we cannot answer – yet.  Many of our questions include the short sale process, inventory levels, release of foreclosures by banks, and other concerns over distressed properties still have not been answered.  Additionally, we have impending issues we are dealing with such as the first times tax buyer credit coming to an end on November 30, …will that be extended with all of the billions of dollars being spent by the government?  When will interest rates rise…is looming on our horizon – how soon will that happen? Foreclosures are slowing being released…will they be released all at once and will that have an impact on our values?  How much can the government spend to buy mortgage backed securities against the Federal Reserve’s advice and how will this impact us going forward.  There are a lot of questions that need to be answered and only time will tell what the outcome will be for the housing market.  So, for now, there is nothing turbulent to write or speak about today.  All’s well that ends well I guess will be the theme of this month’s update.  Mortgage rates are great, buyers are buying, houses are selling, and we are still working to make it all happen for our clients.  Let’s hope we get more of the same going forward!

10 Ways to Protect Yourself from Mortgage Fraud

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As a leader in real estate, I am repeatedly asked specific questions about today's market – especially in today's economy. In an effort to provide more information to my community, I commited to providing current information that everyone may find useful. Here are the ways you can protect yourself from fraud….

Many of the challenges homeowners and home buyers are confronting today are the result of unscrupulous mortgages extended over the past several years. Help protect yourself during the home buying process with these tips from the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org, or in Canada, with tips found at www.genworth.ca:

1. Deal only with reputable mortgage bankers or mortgage brokers. Get recommendations from neighbors and friends who dealt with them as customers. Check on the mortgagor’s record with the local Better Business Bureau and state licensing authority. As a Member of the Top 5 in Real Estate Network®, I can also provide you with many credible mortgage resources.

2. Ask how long they have been in the business, and be wary of working with someone with less than five years experience, no matter how reputable their employer may be.

3. Unlike professional real estate agents like myself, mortgagors owe you no fiduciary duty. While it is in the long-term interest of mortgage lenders and brokers to treat consumers fairly, for many, that doesn’t stand in the way of charging higher fees or interest rates. Always get quotes from at least three mortgage lenders and/or brokers, and make sure each one knows you are doing so.

4. Since you’ll be providing them the most comprehensive personal financial information you’ll ever provide any company, ask the lender to describe their data security policies, both online and offline.

5. To reduce the likelihood of overpaying for a home, make sure that you review recent selling prices for similar homes in the same neighborhood before you make an offer. I can provide you with a detailed analysis of the homes in our communities.

6. Set aside some extra money for closing costs. One of the vexations of real estate financing are the differences in estimated settlement costs on the Good Faith Estimate (GFE) forms, and the actual settlement costs, which very often include several hundred additional dollars worth of previously undisclosed and creatively named fees.

7. Pick the right kind of mortgage. Interest rates are higher on 30 year fixed rate loans than on 15 year fixed rate loans. Adjustable rate mortgages are always a gamble. You may well save money over the first few years if interest rates are dropping, but predicting their direction further out is very speculative. Prepayment penalties can more than offset any savings if the rates go up after that and you want to refinance.

8. Get pre-approved for your loan. Even though there is a glut of homes for sale in most areas right now, a mortgage loan pre-approval is essential to many sellers, and gives a big negotiating advantage to buyers in almost all cases.

9. It is important to review loan documents in advance and understand all the terms. Don’t be afraid to ask questions. Try to avoid loans with prepayment penalties if at all possible.

10. Save all the copies of all documents you receive and/or provide mortgage lenders or brokers.


Joe Theisman…the hightlight of the RE/MAX Broker Conference

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Joe What a performance by Joe Theismann – again!  Being a lifelong Washington Redskin fan, I experienced many of Joe’s outstanding performances on the field but at the RE/MAX Broker/Owner meetings in Chicago, he outdid himself with his speaking.  He inspired many of us, surprised many more with his message and his delivery when he spoke about how he overcame a major challenge – a career ending injury – and how we can overcome our challenges in our lives by thinking about the following items.

 

· Be a part of something unique and special

· Think about what you will do to make a difference

· Who is it all about – the answer is – it isn’t you

· Embrace change

· Have a heart to heart with yourself – what do you believe in

· You can’t be a major success until you realize you can’t do it all by yourself

· Don’t accept failure

· Think, what can I do to help the team

· Who is your team

· Do you want to make a difference

· You have to want more for yourself – what will you give of yourself to get you there

· Reposition your attitude, thoughts, etc

· What do you do with a challenge when it is presented to you

· Have a passion

· Do it with enthusiasm

· Ask yourself, how high is your ladder – why does it have a last wrung

· Why do you believe in you

· Give and accept recognition

· Become an excited student – make it your mission to learn something today you didn’t know yesterday – everyday

· Fear is a motivator – what are you afraid of

· Attitude carries you to attain your goals

· To survive, you have to have written goals and post them.  98% of people don’t have written goals

· How will you know where you are going if it’s not written down and visualized

· Give yourself direction

· Life is filled with educational experiences not failures

· Be committed to having the feeling you can get it done

· Have pride in you, your company, your brand, what you do and why, and lastly be the best you – everyday

· Be reliable, accountable, available, be customer service oriented, have the right goals, the right attitude and be motivated

As I mentioned, he was right on with many of his statements and comments.  So, the questions is, what are you going to do about it?  Review the bullet points above, write you answers down on paper, review them and get started in a positive direction and live a more successful life.  Get it?  Got it?  Good!