Brooke the Broker

The Critical Difference Between Working On Your Business and In It

2012-01-09T10:09:00.000-05:00

Here's a great article about working on your business as opposed to working in your business. I am constantly asking my agents how many hours a week they are working "on" their businesses. Need a boost: read this article that was posted on Hobbs/Herder's blog: http://www.agentsuccess.com/blog/?p=487

We have all heard the advice many times that to succeed in a big way you have to learn to work on your business and stop working in it. But what does that really mean, how do you do it and why is it so hard?

The Textbook Definition

First, you must have a clear understanding of the difference between working in and working on your real estate career. Working in your business covers all the things that you do to conduct real estate, it includes creating your marketing, handling calls, selling, showing, servicing, running, earning – you know, the seemingly endless “stuff” you have to do to get a sale closed.

Working on your business means taking a step back to look at how you do each thing and trying to figure out if there is a more effective way, order or system to do the things that have to get done in order to complete a transaction.

Don’t Slip Back Across the Line

It does not sound that hard and it really isn’t, but you do have to avoid some of the pitfalls that trap a lot of agents and prevent them from reaping the great rewards that come from mastering the art of working on their business. A lot of agents set aside some time to work on their business and they say, “Well, lets start at the beginning of the cycle – how do I attract clients through my marketing and advertising?”

They take a look at what they are doing and they say, “Wow, I can see some room for improvement,” and they instantly start working to improve their marketing materials. Suddenly, with out even being aware of it, they are back working in their business, not on it.

Think “Big Picture”

When you work on your business, you have to think strategically. Instead of thinking about how to improve your marketing, ask the following questions:

•“What am I trying to accomplish with my marketing?”

•“Is the marketing medium that I have selected the best way to communicate my message?”

•“What are the alternatives?”

Through your thinking you come up with a written outline of the marketing strategy and reasoning behind that strategy. You will then follow this strategy when you go back to work in your business to actually create and improve your marketing materials.

Resist the natural urge to go directly from strategic planning to implementation. If you give into that urge, you will find that most of your time will get spent working in and not on your business. This sounds easy but forcing yourself to think through, evaluate, and then create a strategic guideline is hard work. When you are done you may feel like all you have accomplished is creating more work because now you have to implement this in your business.

Don’t Bite More Than You Can Chew

Another pitfall that ensnares a lot of agents is failing to break things down into manageable pieces to work on. One day they have the epiphany that they desperately need to systematize every aspect of their business if they truly want to do a large volume of business and still have a life. So they set aside a day to start the process and start thinking about every step of the process from beginning to end and how it all interrelates.

What they find is that they lay a plan for step 1 and then start on step 2 but realize that step 1 should be changed to support step 2 more effectively. So they redo it, and then they do step 3. But now step 2 needs to be reengineered to support 3 more effectively, which requires that they redesign step 1 again. About the forth time they redesign step 1 they are mentally exhausted. By this time, it seems so big and overwhelming to get it all done at once most people simply give up.

Prioritize Your Work

The best way to make progress is to start with one area that desperately needs to be strategically thought through and then implement it in your business. Then go back and create the strategic plan for the next piece and then the next. Once you have completed that process, you start over and redo the first piece that you did. This should be a never-ending process of refinement and improvement. If you ever find yourself saying, “everything is now perfect and cannot be improved,” you have stopped growing as a person.

The advantage is that once you start spending more of your time working on you business rather than in it, you can finally get your business and your life under control so that you will enjoy each day of your life and the journey that you are on. There is no shortcut to the process. You have to do it for yourself, but the rewards are huge.

I strongly recommend that you start by working at least 3 hours per week on strategic planning and eventually work yourself up to one full day per week. In addition, you should block one week, twice per year, to work on your business.

Are You Above Average?

2011-11-14T09:44:00.000-05:00

Start Succeeding in 2012 TODAY!!!!!

2011-11-07T10:47:00.000-05:00

Here's a great article posted by Matthew Ferrera on his blog: matthewferrera.com. Click the link above to go to the originial source.

It’s November 2: Do you know where your business plan is? While others are winding down for the holidays, you can gain significant market advantage if you’re ramping up for 2012 – today! Here are four ways to do it.

Recently, I had the pleasure of teaching on the same program as Rosey Koberlein, CEO of Long Realty Companies in Arizona. As we chatted beforehand, she mentioned something so smart – yet so simple – that it bears repeating to our readers: While others are winding down for the end of the year, smart companies are gearing up for next year. Her advice to sales people was to avoid the temptation to slow down with the holidays, and outsmart the competition by getting a two-month head start on 2012.

Simple. Smart!

Yet too often forgotten by an industry that’s stuck in its legacy mindset. Things like “all real estate is local” and “seasonality” when, in fact, the market never stops. Not locally. Nor around the holidays. Just like any other month, buyers buy, sellers sell, lenders lend, movers move and the market goes on.

It’s up to us to decide what to do with those months – just like any other day, week or month of the year. Look out competition!

Here are four ways to maximize Rosey’s advice, and start 2012 in early November:

1.Prepare your clients. Have a conversation today with your sellers about taking advantage of the seasonality cycle. While other sellers might take their homes off the market, or limit their accessibility, your clients should move aggressively to position their price, features, conditions and accessibility during the last two months of the year. They should leverage the “holiday sales spirit” and be the shining star in the marketplace. Same for buyers: mortgage brokers, movers, and other ancillary service companies will be trying to meet their end-of-year goals, so making a decision before the end of the year could maximize their value options for completing the sale.

2.Prospect by Season’s Greetings. Leverage the multiple holidays between now and the end of the year to dramatically increase contact points with your sphere of influence. There are more than 17 major observances – prospecting opportunities, really – in the Western calendar alone: Daylight Savings date, Veterans Day, Thanksgiving, Elections, First Day of Winter, Boxing Day, the religious holidays and New Years Eve. That’s a lot of friendly reasons to contact past clients and supporters who can send you referrals, engage your Facebook and Twitter postings, and watch your fun YouTube videos. Oh, and we suppose, open your snail mail greeting cards.

3.Make investments early. Use the tax calendar to make your 2012 investments in November and December. Think ahead to what you’ll need to be successful in the new year – a tablet, video camera, updated laptop, smarter smartphone – and make those investments two months before others hope to receive them as wrapped gifts! Then watch some training videos or attend a workshop to build your skills long before your competition plugs them in for the first time.

4.Show up! Remember, it’s your job. So avoid the temptation to check out or sneak out to go shopping; Simply showing up while others are idling can give you the advantage. Be the person who answers the phone, does the extra floor duty or open houses, leads the meetings and works the room at social events.

It’s often said that we lack the time to reach out goals. Yet these simple ideas could help you turn a twelve month business plan into a fourteen month implementation strategy. Line up your advantages – clients, prospecting moments, investments and schedule – for the new year early. And you’ll be enjoying the holidays better than most, closing deals while others are closed

Open House Extravaganza THIS Sunday!

2011-11-01T16:32:00.000-04:00

Press Release

We're Ready for YOU

2011-09-28T12:16:00.000-04:00

http://www.boomingrealestatecareers.com/bals_PreSingle.php?mid=TkRjdw%3D%3D&loginId=T0RFMg%3D%3D#.ToNIWlAW6j4.blogger

Stockpile the Listings!

2011-08-11T09:36:00.000-04:00

In the Fredericksburg area (Fredericksburg, Spotsylvania and Stafford) there are 1362 total properties for sale. Only 180 (13%) of those are short sales and only 89 (7%) of those are Foreclosures.

What does this mean? 80% of the houses out there are normal sales, so, in your personal marketing efforts, get back to focusing on marketing yourself to sellers (the people that is) and don’t worry about focusing on foreclosures. Short Sales and Foreclosures will always be around, but we are at a point where there are fewer and fewer of them over all. Of course, in certain price ranges, short sales and foreclosures may be all that is available to your clients, but, in the real estate market, everything tends to even out at some point.

Now is the perfect time to buy: yester day, 30 year fixed rates were at 4% with NO POINTS!!!!!!!!!!!!!!!!!!!!!!!!!! And Prices are starting to tick upwards.

So how do you take advantage of this positive swing?: stockpile the listings and market your successes with them!

Keep up the great work.

Fredericksburg.com - Spotsy passes growth plan

2011-08-11T09:15:00.000-04:00

Fredericksburg.com - Spotsy passes growth plan

Fredericksburg.com - INVENTORY SHRINKING, PRICES UP

2011-08-11T09:07:00.000-04:00

Fredericksburg.com - INVENTORY SHRINKING, PRICES UP

Stafford County Housing Market Data

2011-06-22T08:50:00.000-04:00

Stafford County Housing Market Data

Looking to Build Your Career? Start here...

2011-06-21T09:11:00.000-04:00

http://www.boomingrealestatecareers.com/bals_PreSingle.php?mid=TkRjdw%3D%3D&loginId=T0RFMg%3D%3D

For Rent: 3BR/2BA Single Family House in Fredericksburg, VA, $1,600/month

2011-06-14T11:25:00.001-04:00

My Rental house is available again: Check it out.

For Rent: 3BR/2BA Single Family House in Fredericksburg, VA, $1,600/month

Fredericksburg.com - ROAD WORK UNKIND TO RT. 3 PHONE LINES

2011-06-14T10:58:00.000-04:00

Hey, neighbors: Wonder what's going on with your internet and your phone...here's the answer:

Fredericksburg.com - ROAD WORK UNKIND TO RT. 3 PHONE LINES

Local commercial realtor to climb for kids’ sake - Business Browser

2011-06-13T09:05:00.000-04:00

Local commercial realtor to climb for kids’ sake - Business Browser

I-95 Interchange proposal takes another step - Transportation

2011-06-09T12:48:00.000-04:00

I-95 Interchange proposal takes another step - Transportation

How to Control Your Time | Real Trends

2011-06-09T12:44:00.000-04:00

How to Control Your Time | Real Trends

Check out our new iPhone/Droid app!

2011-05-31T11:29:00.000-04:00

FredericksburgArea

Select your device:

2011-05-27T14:08:00.000-04:00

Press Release

2011-05-27T14:00:00.000-04:00

Press Release

Fredericksburg.com - Can makeover save restaurant?

2011-04-28T10:40:00.000-04:00

Fredericksburg.com - Can makeover save restaurant?

April's Market Report

2011-04-21T09:28:00.001-04:00

Fredericksburg.com - Castiglia's all fired up for old, new customers

2011-04-01T13:37:00.000-04:00

Fredericksburg.com - Castiglia's all fired up for old, new customers

Market Watch Video for March 2011

2011-03-31T11:28:00.002-04:00

Sammy T’s Frozen Yogurt coming to downtown - Business Browser

2011-03-31T11:02:00.001-04:00

I LOVE Sammy T's, I LOVE Frozen Yogurt and I LOVE the Pink and Green Logo. Can't wait to give it a try.
Sammy T’s Frozen Yogurt coming to downtown - Business Browser

Distressed Sales: State by State

2011-03-23T13:59:00.000-04:00

Distressed Sales: State by State

Fredericksburg.com - Stafford budget cuts tax rate

2011-03-16T10:58:00.001-04:00

Fredericksburg.com - Stafford budget cuts tax rate

What's going on in the Market right now?

2011-03-15T16:44:00.002-04:00

Our Very Specific Market Reports: what a great tool!

2011-03-08T10:23:00.000-05:00

Triangle marketshare!

2011-03-08T10:01:00.000-05:00

Triangle

Long & Foster launches neighborhood reports | Inman News

2011-03-02T11:00:00.000-05:00

Long & Foster launches neighborhood reports | Inman News

Check out our new Apps for iPhone and iPad.

2011-02-14T10:53:00.000-05:00

Shiloh, Mountain View, and Western Stafford Housing Market Data

2011-02-14T10:47:00.000-05:00

Shiloh, Mountain View, and Western Stafford Housing Market Data

Long & Foster has new reports that give market information for very specific locations throughout the area. What a great tool for our clients and agents!

Stafford County Housing Market Data

2011-02-14T10:45:00.000-05:00

Stafford County Housing Market Data

Why is RPAC Important to YOU? Becuase YOU Matter.

2010-12-02T10:09:00.000-05:00

RPAC $20 (Nickel a Day) from Virginia Association of Realtors on Vimeo.

Builder Bailout Scheme

2010-11-24T14:00:00.001-05:00

Here's the next brilliant scheme in our library: A builder scheme. Check it out:
1. A builder offers incentives to buyers: such as cash back at closing or payment for mortgage or home-owner association fees.
2. These incentives are not revealed to the buyer's lender.
3. The builder provides the incentives after the sale has closed.

Many lenders put a cap on the value of incentives that a buyer can accept, so the fraud is surrounding disclosure here.

Another builder scheme invloves the builders offering a buyer incentive of a mortgage with no down payment.
1. A builder wants to sell the property for, let's say $200,000.
2. The builder inflates the price to $240,000 when he finds a buyer.
3. The buyer's lender funds the loan of $200,000, believing that the downpayment will be paid at closing.
4. The builder gets the $200,000 from the sale of the home, pays off his building costs, FORGIVES the buyer's $40,000 downpayment and keeps the rest as profit.
5. The buyer's lender is lead to believe that there is equity in the home (in their eyes, the buyer put a 20% downpayment down).
6. If the buyer forecloses, the lender has no equity and must pay all foreclosure expenses.

So...if you are working with a builder: ASK QUESTIONS!!!!!!!!!!!!!! Talk to other agents who were involved in other transactions with that builder. This is a HUGE reason why, even when purchasing a new construction home, it is important for buyers to have their OWN representation.

Agents are licensed professionals, they need to make responsible decisions. As always: go into every transaction with your eyes open.

Up next: Reverse mortgage schemes.

Short-Sale Fraud #1

2010-11-18T15:08:00.000-05:00

Over the next few weeks, I will share with you some of the latest frauds that are going on in the marketplace. Fraudsters are coming up with new frauds every day because the old frauds are being detected fairly easily. An amazing fact is that the FBI has investigated over 2,700 Mortgage Fraud cases in 2009, but has investigated over 3,000 in only the first four months of 2010! (Source: FBI 2009 Mortgage Fraud Report Year in Review).

Let's look at one of the schemes that is currently out there:

This scheme is a short-sale scheme:
1. The fraudster recruits a straw buyer to purchase a home for the purpose of defaulting on the mortgage.
2. This straw buyer secures a mortgage using false documentation and information.
3. Once the transaction is complete, the buyer stops making payments on the mortgage, causing it to default.
4. Prior to a foreclosure sale, the fraudster (not the buyer) offers to purchase the property from the lender through a short-sale.
5. The lender accepts this offer, not realizing that the short sale was premeditated.

What can you do to prevent becoming involved in something like this?
1. Use lenders you know and trust.
2. Research the chain of sales on each property you list.
3. If you think something is fishy, talk to the agents that were involved in the previous sales.
4. Know what your buyers can truly afford.
5. Go into every transaction with your eyes open: if it is too good to be true, it probably is.

Stay tuned next week for a builder scheme.

I'd love to hear what you think of this one!

Another reason why Long & Foster is the best place for Top Agents

2010-10-27T12:15:00.000-04:00

I Was a Sailor Once

2010-10-25T13:26:00.000-04:00

(Photo from knowledgerush.com)

I liked standing on the bridge wing at sunrise with salt spray in my face and clean ocean winds whipping in from the four quarters of the globe - the ship beneath me feeling like a living thing as her engines drove her through the sea.
I liked the sounds of the Navy - the piercing trill of the boatswain's pipe, the syncopated clangor of the ship's bell on the quarterdeck, the harsh squawk of the 1MC, and the strong language and laughter of sailors at work.
I liked Navy vessels -- nervous darting destroyers, plodding fleet auxiliaries and amphibs, sleek submarines and steady, solid, heavy cruisers, battleships and aircraft carriers.
I liked the proud names of Navy ships: Midway, Lexington, Bunker Hill, Saratoga, Coral Sea, Antietam, Valley Forge - - memorials of great battles won and tribulations overcome.
I liked the lean angular names of Navy "tin-cans" and escorts - -
Barney, Dahlgren, Mullinix, McCloy, Damato, Leftwich, Mills, Stickell, Noa, Paul, Coontz, T.C. Hart, Glover & Sullivan Brothers - - mementos of heroes who went before us.
And the others - - San Jose, San Diego, Los Angeles, St. Paul, Chicago - named for our cities.
I liked the tempo of a Navy band blaring through the topside speakers as we pulled away from the oiler after refueling at sea.
I liked Liberty Call and the spicy scents of foreign ports.
I even liked the never-ending paperwork and all-hands working parties as my ship filled herself with the multitude of supplies, both critical and mundane in order to cut ties to the land and carry out her mission anywhere on the globe there was water to float her.
I liked sailors, officers and enlisted men from all parts of the land, farms of the Midwest, small towns of New England, from the cities, the mountains and the prairies, from all walks of life. I trusted and depended on them as they trusted and depended on me - for professional competence, for comradeship, for strength and courage. In a word, they were "shipmates"; then and forever.

I liked the surge of adventure in my heart, when the word was passed:

"Now set the special sea and anchor detail - all hands to quarters for leaving port," and I liked the infectious thrill of sighting home again, with the waving hands of welcome from family and friends waiting pier side.

The work was hard and dangerous; the going rough at times; the parting from loved ones painful, but the companionship of robust Navy laughter, the "all for one and one for all" philosophy of the sea was ever present.

I liked the serenity of the sea after a day of hard ship's work, as flying fish flitted across the wave tops and sunset gave way to night.

I liked the feel of the Navy in darkness -- the masthead and range lights, the red and green navigation lights and stern light, the pulsating phosphorescence of radar repeaters - they cut through the dusk and joined with the mirror of stars overhead. And I liked drifting off to sleep lulled by the myriad noises large and small that told me that my ship was alive and well, and that my shipmates on watch would keep me safe.

I liked quiet mid-watches with the aroma of strong coffee -- the lifeblood of the Navy permeating everywhere.

I even miss the screaming winds of the North Atlantic machine-gunning sleet and frozen bow spray into my foul weather gear as I stood lookout watch on the starboard wing.

And I liked hectic watches when the exacting minuet of haze-gray shapes racing at flank speed kept all hands on a razor edge of alertness.

I liked the sudden electricity of "General quarters, general quarters, all hands man your battle stations," followed by the hurried clamor of running feet on ladders and the resounding thump of watertight doors as the ship transformed herself in a few brief seconds from a peaceful workplace to a weapon of war -- ready for anything.

And I liked the sight of space-age equipment manned by youngsters clad in dungarees and sound-powered phones that their grandfathers would still recognize.
I liked the traditions of the Navy and the men and women who made them.

(Photo from julianstockwin.com)

I liked the proud names of Navy heroes: Halsey, Nimitz, Perry, Farragut, John Paul Jones and Burke. A sailor could find much in the Navy: comrades-in-arms, pride in self and country, mastery of the seaman's trade.

An adolescent could find adulthood.
In years to come, when sailors are home from the sea, they will still remember with fondness and respect the ocean in all its moods - the impossible shimmering mirror calm and the storm-tossed green water surging over the bow. And then there will come again a faint whiff of stack gas, a faint echo of engine and rudder orders, a vision of the bright bunting of signal flags snapping at the yardarm, a refrain of hearty laughter in the wardroom and chief's quarters and mess decks.
Gone ashore for good they will grow wistful about their Navy days, when the seas belonged to them and a new port of call was ever over the horizon.
Remembering this, they will stand taller and say, "I WAS A SAILOR ONCE AND I WOULD DO IT AGAIN."

Market Watch: Based upon August numbers:

2010-10-13T10:02:00.002-04:00

Your Business Plan

2010-10-06T15:11:00.000-04:00

I’m sure you would agree that productivity is never an accident! Wouldn’t you agree that it’s usually the result of a commitment to excellence, through intelligent planning and focused effort? Here are just some of the thoughts you can use in as your planning objectives.

Do you have a written Business Plan in place?

How many transactions are you going to close this year?

What is your average sales price going to be?

What is your average commission percentage per transaction?

What is your buyer to seller ratio going to be?

What kind of expenses are you going to have?

We've got Relocation Covered!

2010-10-04T13:54:00.001-04:00

Community Shred 2010

2010-09-15T09:52:00.000-04:00

Online Lead Generation Strategies and Principles #12

2010-08-19T11:28:00.001-04:00

This image from the article, "Chasing the Long Tail" at the LeftClick Blog

The Business “Long Tail” Concept Part 1

The Long and Short of It: In Business ‘The Long Tail’ concept states that you can sell more, ‘less popular’ items than you can of popular items.

A common example is that Netflix rents more niche movies than popular ones.

So what does this mean to real estate agents? That you can make a business in marketing niche markets and that it can be often times more profitable.

The #1 real estate related website in the United States is Realtor.com. Knowing the Google keywords people use to find Realtor.com will tell you a lot about online consumer behavior and will give you a lot to think about in your own online lead generation efforts as they relate to niche markets.

Your next tip is part 2 of The Business “Long Tail” Concept.

The Online Marketing Sieve

2010-07-26T14:01:00.000-04:00

By consolidating as many listings as possible from Realtors and Brokers throughout the country and then providing these value added tools and information, real estate related websites make money by directing online consumers to OTHER agents, brokers and service providers that pay to be featured or otherwise highlighted and linked to.

What does this mean to the Realtor and Broker whose listings are attracting the online consumers to these websites in the first place? It means they are losing a large percentage of the traffic and leads that they could be getting if they were the one providing the other information that they want.

In your next tip I will share information with you on the “online marketing funnel”

Call me today and I will support you with your online lead generation strategies.

Lem & Blake Show Episode 5: Property Disclosure Law 2010

2010-07-12T14:37:00.000-04:00

Lem & Blake Show Episode 5

4 Tips on Converting Online Leads

2010-06-30T11:44:00.000-04:00

To convert the greatest number of online leads, your online marketing should include the following:

• 1. Around 6 good quality pictures of the property (Not 2 and not 25!)

• 2. Basic information of the property (condition of the foundation not needed here!)

• 3. Multiple search tools and local information to increase buyer response (a link to your homepage or a virtual tour is great, but not nearly enough)

• 4. Multiple reasons and ways for the buyer to contact you (just an email and phone number is not enough)

The goal of online marketing is to whet the appetite of likely buyers and then give them the tools, reasons and ways to contact you. By following these principals, just like the big corporate websites, you will find, as brokers and agents have before you, that there is a lot of business easily found online.

In your next tip I will share with your #1 online marketing tool “listings”

Call me today and I will support you with your online lead generation strategies.

Is it the right time to buy? New video for our agents to use!

2010-06-28T13:49:00.001-04:00

Neighborhood Videos the right way.

2010-06-25T11:27:00.000-04:00

One Click It

2010-06-16T09:20:00.000-04:00

People love it when answers come easy. And people much prefer clicking to typing. You know what is hot in your market. Don’t make buyers go somewhere else looking for this information! Include links to predefined IDX searches for a few of the hottest or interesting markets in your area to really get buyers clicking on your online marketing and not typing their way somewhere else.

Downtown Condos $200-$250,000

Hayes Valley Homes $800-$1.2m

Foreclosure and Banked-Owned

$5,000,000+ Homes

Local Farmer’s Markets

Include a few searches for the hottest markets in your area with hyper links to your website where the appropriate IDX search will be displayed along with ALL the rest of the tools and information that buyers are looking for online. By giving buyers the easy answers you know they want at a click, you will start to get your share of this 35% of potential buyers and get the opportunity to continue the conversation further increasing your chances of converting more leads.

In your next tip I will share with you information on “Free form marketing websites”

Call me today and I will support you with your online lead generation strategies.

Give buyer’s MORE Value: Local Search and Local Information.

2010-06-09T14:02:00.000-04:00

Buyers begin their online home search looking at property listings. This is why having your property on as many relevant websites as feasible is always good. But buyers also want information on the neighborhoods, the schools and even unique things like the history, farmers markets, and more so they can make an educated decision in the home buying process. This is where local brokers and agents can really shine and put themselves at an advantage over others in their market. Put these tools and information in front of buyers when they are most likely to ‘convert’, when they are looking at property detail information of your listings on the Internet. Trulia, Zillow, and Realtor.com do this, you should too.

In your next tip I will share with you the “One Click It” Strategy

Call me today and I will support you with your online lead generation strategies.

The latest Market Information

2010-06-07T14:04:00.001-04:00

Market Information for April 2010

2010-04-20T15:00:00.001-04:00

Sale of the Century?

2010-04-20T14:13:00.000-04:00

From; http://www.matthewferrara.com/rssfeed/sale-of-the-century/

Posted by Matthew Ferrara;

REALTORS must plant harvest seeds this Spring: Only they can decide whether the summer market will be the worst in decades, or become the sale of the century.

By summer time, the government’s home buyer tax subsidy will be history. Changes to FHA lending requirements will affect marginal purchasers. Consumer credit will remain tight – and tighten further – as credit card companies reduce existing open limits in the face of persistent unemployment. Add two million foreclosure housing units to the supply, and housing markets across the country are likely to stutter, and stall.

Still, there are some indicators that the summer of 2010 could turn out to be the sale of the century – if the real estate industry can shift gears fast enough.

Traditional sales cycles are going to slow; much of the summer purchasing has already been completed as the tax credits simply “moved forward” planned purchases to the first quarter.

The piling on of rising fuel prices, high food costs and youth unemployment exceeding 20% are likely to shut off the flow of first time buyers for quite some time. Gen Y’ers will simply decide to move back home with parents or stay in school over the summer months. Move up purchasers are keeping n eye on steadily rising mortgage rates, threatening to hit levels that, while historically low, touch the psychological level that makes seller-buyers consider staying put a while longer. The long-awaited double-dip will be a likely result as banks try to clear inventory, ramping up short-sales and flooding markets with cheap foreclosures.

Yet in pure economic terms, such conditions will mark the absolute best time to buy real estate.

The golden rule of commodity markets is buy low, hold, then sell high later. This summer’s housing market will represent the greatest time in a generation for the first part – buying low – to occur. The seeds of great wealth are on the verge of being planted.

Unfortunately, the average real estate company and agent are ill-prepared to work in this kind of commodity market environment. Only a rare few agents have been trained to find the kind of buyers such a market requires. Hardly any brokers have within their sphere of influence the likely candidates with both money and risk-tolerance to make the summer of 2010 a launching pad for the wealth explosion of the next decade. Just who are these buyers?

Investors.

While the DOW recently breached 11,000, many market observers continue to point to the trillion-dollars-plus that institutional investors are holding in cash, unsure of the next big play. Even smaller investors – home builders, rehabilitators, rental management groups – have waited for the proverbial bottom to make a move. That time is now.

If they don’t act fast, most real estate agents are likely to be left out of the party. Most were never taught to tap into the investor segment of the real estate marketplace. For the majority of agents, sales training focused them on their “friends and family” sphere of influence or “local neighborhood” farming areas. Their experience has revolved around the “personal” buyer of one commodity unit (with marginal cash and credit to do so). whose ability to move in this summer’s market will be greatly curtailed, if not entirely calcified. So few real estate companies have the personal connections to high-net-worth buyer networks with the liquid funds necessary to absorb both excess and existing inventory when the sale of the century hits this summer.

Plenty of capital, tolerance for risk and stamina has been sitting on the sidelines waiting for this sale. These are the purchasers who think long term – renting, rehabilitating, even building what will turn out to be this century’s greatest asset investment – over the next decade or two. Cyclical rising energy costs or even moderate but sustained unemployment are merely one-eyebrow-raised-pauses for long-term investors. When all of these conditions collide with two million extra supply units, the rushing sound we’ll hear in the industry won’t be equity escaping but investment dollars pouring in.

There still is time for real estate agents and brokers to prepare for the sale. But it will take a radical shift – not just in marketing and making connections, but in their heads, too. Right now everyone is focused on “short sales” and mortgage modifications. Countless hours are being sapped in making offers on foreclosures one-at-a-time. And in a commission-based business, it all translates into more work for less income. That means the timing is right for both investors and REALTORS to get together, to shift gears towards more sales outcomes. Financing won’t be the issue with investor-buyers; cash talks.

If real estate agents can start searching, befriending and building relationships in the Spring, it might turn out to be the greatest sale of the century throughout the summer market to come.

Wanna know about Short Sales? Here's a great video...

2010-04-12T12:18:00.002-04:00

Wall Street Jornal article on new Federal Rules on Short Sales.

2010-04-12T10:45:00.000-04:00

Click on the link above for more information!

Federal Short Sale Rules take effect on April 5th...what's it about?

2010-04-01T16:03:00.002-04:00

Facing Foreclosure: talk to a FREE counselor

2010-03-23T10:19:00.001-04:00

If you are facing Foreclosure, please, do not work with a "counselor" who charges you money. HUD (the Department of Housing and Urban Development) provides counseling services for you FOR FREE. Click on the attached link to get to the home page...it will make all the difference in the world.

http://portal.hud.gov/portal/page/portal/HUD/topics/avoiding_foreclosure

Market Information Video for March 2010

2010-03-23T10:10:00.000-04:00

Quick Questions and Contrarian Thoughts about Real Estate 2010 by Matthew Ferrera: a segment from his post:www.matthewferrara.com/rssfeed/qa_contrarian/

2010-03-19T09:59:00.000-04:00

Q. How do you see the real estate website of the future?

A. One thing is for sure: it won’t be based upon the Sears Catalog mentality. Today’s websites still base their approach to selling real estate around a “database” of listing sheets. And as you know, I’ve written many times that the listing sheet is pathetic. It forces everything into a flat space, that is little more than a “retread” of a printed sheet of paper. Even online, with a few dozen photos and a fish-eye-lens virtual tour, the entire approach is flat, columnar, and ugly. And most of all, it’s not “interactive.” Now, go look at the Mercedes-Benz website and see how they sell cars: The database portion only serves to help you “find” a model. After that, Mercedes does everything it can to get you into the driver’s seat. It’s a simulated driving experience, with video, sound, music all geared towards your emotions. Even their virtual tours let you look around the car from the “driving” position, as if you were turning your head and touching the leather, the controls, the wheel. It’s time to move away from the “you can print out a listing sheet” model and get people emotionally involved in properties. The future real estate website will look more like YouTube and less like a glorified database. Otherwise, Gen X and Gen Y will totally tune out.

New FHA Changes Coming April 15

2010-03-19T09:43:00.001-04:00

New FHA Changes Coming April 15

Posted using ShareThis

Matthew Ferrara Understanding Re Generational Differences

2010-03-17T20:09:00.001-04:00

Check out this SlideShare Presentation:

Matthew Ferrara Understanding Re Generational Differences

View more presentations from Matthew Ferrara and Company.

Market Statistics Video: What fun!

2010-03-16T16:59:00.002-04:00

Long & Foster's New Video Channel: Awesome

2010-03-09T13:23:00.000-05:00

Long & Foster has just rolled out their newest marketing tool: Long & Foster's very own video channel. This site is packed full of videos that agents can use in marketing themselves, their property listings and prospecting. More videos are being added every single day: check back often.

Short Sale Fraud is here. Guess what these banks are doing now...

2010-01-16T13:35:00.001-05:00

If you find yourself in this situation...speak with your broker, legal department, settlement agent or consult this blog. It's illegal to participate, but these banks make it so hard to refuse (especially when its your buyer's dream home on the line).

From CNBC:

The New Code of Ethics: Effective January 1st

2010-01-04T15:47:00.000-05:00

Quite a few ammendments and newly addopted standards are now in effect for REALTORS throughout the nation. Here's a summary of these changes so you are on the ball.

Amendnents:
Standard of Practice 3-2: Now says:

To be effective, any change in compensation offered for cooperative services must be communicated to the other REALTOR prior to the time that REALTOR submits and offer to purchase/lease the property.

This amendment just changes the way this paragraph is written...the basic requirements are still standing, but it is much easier to understand, now...So, this is going to create some issues with our local MLS (MRIS) which doesn't have the ability to annotate a "true" change in compensation. It also will present an issue because, most of the time, the commissions are not "re-negotiated" until right before settlement. In a short sale, this might be 2-6 months after an offer is first submitted. I think we are going to have to include a disclosure with our home packets, flyers and attach it to the listings in MRIS (yes, you can do this, now). The disclosure will simply state that there is a chance that the commission may change, that the other REALTOR understands this and is in agreement to any change that may occur. Our Long and Foster attorneys will have to work on this one.

Article 11: Now says

The services which REALTORS provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, land brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate.

REALTORS shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth.

Here they added "Land Brokerage" as a specialty. Not sure why it wasn't there before, but it's there now...so if you are not a land specialist...find someone who is to refer your business to. You'll be glad you did (and so will the clients and the other agent!)

Standard of Practice 11-1: Now reads:

When REALTORS prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following unless the party requesting the opinion requires a specific type of report or different data set:

1) identification of the subject property

2) date prepared

3) defined value or price

4) limiting conditions, including statements of purpose(s) and intended user(s)

5) any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants

6) basis for the opinion, including applicable market data

7) if the opinion is not an appraisal, a statement to that effect

Here, they added the statement "Unless the party requesting the opinion requires a specific type of report or different data set." This is in response to the BPO's, BPA's, ERC's, BMA's, etc that are all over the place right now (and will be for a while to come). These are opinions of real property value but may not contain all 7 items a "traditional" CMA would require. The lesson here; make sure you include these 7 things when putting together your CMA's for both your buyers and sellers.

Standard of Practice 12-5: Now reads

REALTORS shall not advertise nor permit any person employed by or affiliated with them to advertise real estate services or listed property in any medium (e.g., electronically, print, radio, television, etc.) without disclosing the name of that REALTOR's firm in a reasonable and readily apparent manner.

Here they added "real estate services." So...this means that, if you are advertising a service you provide, you still need to disclose your firm name (and other disclosures your state requires) in a manner that it is obvious you are affiliated with that firm. I guess they just needed to clarify that you have to do this all the time...not just when you are advertising listed property.

Standard of Practice 15-2: Now reads:

The obligation to refrain from making false or misleading statements about competitors, competitors' businesses, and competitor's business practices includes the duty to not knowingly or recklessly publish, repeat, retransmit, or republish false or misleading statements made by others. This duty applies whether false or misleading statements are repeated in person, in writing, by technological means (e.g. the Internet), or by any other means.

Here they added the word "publish." Wow...so it wan't unethical to publish misleading information about our competitors until now. Call me crazy, but my morals would stop me here (shows you there is a difference between Ethics and morals). I'm glad they made it clear, now, and I hope there wasn't that much of an issue with it before this change was made. Keep in mind, you cannot "retransmit" this information: be careful on Twitter doing a RT's: you may violate this Article by simply hitting the wrong button on your i-Phone or Blackberry.

Standard of Practice 16-20: Now Reads:

REALTORS, prior to or after their relationship with their current firm is terminated, shall not induce clients of their current firm to cancel exclusive contractual agreements between the client and that firm. This does not preclude REALTORS (principals) from establishing agreements with their associated licensees governing assignability of exclusive agreements.

This basically says the same thing as the old one, the words are just moved around to make it more clear: it used to say: "prior to or after terminating their relationship with their current firm." Now it says "prior to or after their relationship with their current firm is terminated." Thanks for the clarification NAR!

New Adoptions:

Standard of Practice 3-9: Brand new!

REALTORS shall not provide access to listed property on terms other than those established by the owner or the listing broker.

So...if you are showing a property to your clients and someone else shows up (off the street) also wanting to look: watch out...you could be in violation of the CoE (and you could also be putting yourself and your clients in danger). This standard is for everyone's protection. There have been too many murders and scams surrounding people other than the owners or agents having access to homes (especially vacant homes) and we don't want you to be a victim.

Standard of Practice 15-3: Brand new!

The obligation to refrain from making false or misleading statements about competitors, competitors' businesses, and competitors' business practices includes the duty to publish a clarification about or to remove statements made by others on electronic media the REALTOR controls once the REALTOR knows the statement is false or misleading.

So...if you are blogging about your competitors...you might want to go back and delete the posts that are misleading or incorrect. Personally, I think it is disrespectful to blog about your competitors: you should be blogging about why you are so good, not why they are so bad. I turned down working at a brokerage because their broker's recruitment presentation was all about how bad the other brokerages were...what a huge turn-off. Be a gracious competitor and do what's right. Morals, people, Morals.

It is important for our Code of Ethics to change with the times and the fact that it is a working document is one of its benefits. The Code is what sets REALTORS apart from all other Real Estate Agents and we need to cherish the Code, live the Code and adapt with the Code and it will do the same for us.

Questions? Visit Realtor.org for more information. Who knows what changes will come about this next year, but if you think something should be done, your voice will be heard!

Have a great 2010!

The Importance of January 2, 2010

2009-12-30T12:46:00.000-05:00

Posted by Matthew Ferrara on December 29, 2009 on http://www.matthewferrara.com/blog/company/jan2/

During the holidays, most of us are taking some time to slow down, enjoy the season, and recharge the batteries. It’s been a tough year – and next year will likely prove just as tough. But while it’s important to enjoy the festivities and good cheer, don’t forget that January 2 will likely be the most important day of the next twelve months. For REALTORS especially.

What happens on January 2, 2010? It’s the first acceptable day to get back to work in real estate. Saturdays and Sundays are usually workdays for real estate professionals, but none in the last year will be as important as this particular Saturday:

The first work day after millions of listing agreements expire at the end of 2009.

Certainly, someone will argue that ambitious real estate agents could pursue expired listings on New Year’s Day – but let’s at least pretend to some decorum in an industry that usually spends most of its time at the jewelry-booth at its Annual Convention. Leave the First off-limits, if not just for hangovers.

But on Saturday the Second, the gloves come off. And they should. It’s going to be a field day for every over-priced, newspaper-and-postcard marketed listing that failed to sell in the last quarter of 2009. Most listing agreements run 3 or 6 months, and many consumers tend to think in terms of calendar periods. So the end of 2009 is a very natural “end date” for thousands of listing agreements nationwide.

So you’d better be prepared for the first work-day after. And that means starting today.

Smart real estate agents should be laying the groundwork in December for Saturday the Second of January. It starts with information gathering – like making an appointment to tour potential future targets before they expire. Sure, you probably won’t know which homes exactly are about to expire at the end of the year. But it doesn’t take a math whiz to run a MLS report by days-on-market. Just sort by 75 and higher; or 160 or higher. Then make some appointments to see the home before it possibly expires.

And take some notes. Maybe even some photos.

Oh, that’s naughty, you say! Coal for you, in your stocking! Isn’t that the entire point of targeting expired listings, anyway? To demonstrate you can do what the other agent couldn’t or wouldn’t – which is get the job done, using ambitious techniques. It’s called sales, and not everyone gets a trophy.

If you wimp out on the ambitious technique, then at least printout some MLS sheets and file them in advance. This will provide you with more information in case your MLS system purges data when a listing expires. It will be helpful to identify any weaknesses in the past marketing strategy being used, like awful photos, weird-abbreviation descriptions and missing data.

And if there was a virtual tour, was it a silent-movie?

Speaking of movies, that’s be another thing to prepare now, so you’re ready to target expired listings on Saturday the Second. Record a video or two or three about why homes don’t sell, good marketing techniques and current market conditions. Upload it to YouTube and post it on your blog. Then promote the video to the local marketplace. Provide consumers with information in advance about why (their) homes didn’t sell. That way, when you reach out to them on the Second, some sellers might recognize you from your video.

Recognition is important, of course, so make sure you tell the people who already know you that Saturday the Second is a big day. That means creating a campaign over the next few weeks on Facebook, Twitter and elsewhere to spread the word: Should anyone in your sphere of influence know anyone whose home might be falling off the market at the end of the year, share your video with them. Or contact you. Referrals still represent the single largest source of new listings. So why not get referrals of expired listings? At least you have a targeted date and time to push for them at this time of the year.

Which brings us back to Saturday the Second of January, 2010. What’s your plan for the big day? Will you have a marathon telethon, hitting the phones hard enough to make the New Year your best ever? Are your email marketing pieces ready to follow up with every call you make? Have you prepared your market reports and customer trend graphs to offer sellers – and you’ll just stop by to drop them off? You can’t possibly start doing this on January 1st, and there will be some holidays and hangovers between now and then.

So get to work now, because the importance of January 2, 2010 cannot be underestimated. On that day, careers will be won and lost. The seeds of success will be planted, or hard ground lost by those who thought that now is the time to slow down. That’s the funny thing about real estate: We actually know when the most important days of the year will be. Now it’s up to each of us to decide whether we’ll be ready for it or not.

Let’s hope so!

7 Reasons to be Grateful You're in Real Estate plus some awesome tips!

2009-12-09T12:20:00.000-05:00

by Tracey Velt

The last few years have been difficult, there’s no denying that! When times are tough and negative news floods the media, it can be hard to stay positive. But, no matter how tough the market is, there are always things to be positive about. And, a good attitude can take you far.
Real Estate Coach Bernice Ross of RealEstateCoach.com offers her 7reasons to look forward to 2010.

1. Marketing no longer requires big bucks.
While the pace of technological change can be frustrating, technology changes have dramatically cut the cost of marketing. To obtain a foothold in a new market 10 years ago, you had to door knock, spend thousands of dollars on print marketing, and regularly hold open houses. Today the web allows you to market your listings and your services in numerous places.

Instead of paying your local paper $50 for a 3-line ad, you can now post your listings on Facebook Marketplace, CraigsList, and many other high traffic sites at no charge. Granted, it takes time and effort, but it costs next to nothing.

2. Consumers actually want to talk to you.
No one likes hearing the phone slam down when you’re in the middle of your cold-calling spiel. It’s frustrating and humiliating. The great news about blogging, Facebook, LinkedIn, and Twitter is that the people on those sites are eager to be in conversation with you, provided that you share mutual interests outside of real estate.
Don’t bombard them with marketing messages. The goal is to make a friend now and do a deal later.

3. New technologies send sign and ad leads directly to you.
The old "floor duty" or "up agent" system, where one agent took all incoming sign and ad calls, was a huge source of frustration to many agents. In fact, the statistics from 10 years ago showed that in most offices, 90 percent of the calls were lost because the person taking the call couldn't get the caller's phone number. Today you can use an 800-call capture system or the new SMS (i.e. text messaging) systems that send those leads directly to your cell phone. In fact, a new study from MIT shows that if you respond in five minutes, the conversion rate is 79 percent. (Wait to respond in 30 minutes and that rate drops to 34 percent.)

4. Referral database building the easy way.
Until recently there was no easy way to contact high school and college friends, past business associates, or past clients with whom you hadn't kept in touch. LinkedIn now does that heavy lifting for you. Once you complete your profile including where and when you attended school and worked, LinkedIn notifies you about other people who were at those places when you were. You can also use services such as Zabasearch and Intellius to track down contact information about past associations as well.

5. Blogging just got a whole lot easier.
Three years ago, anyone who blogged had to be a decent writer to have any success. A hot trend for 2010 is vlogs (video blogs). For less than $300, you can obtain a video camera that takes great videos. Instead of figuring out what to write, you can interview your local mortgage broker about what's happening in the market, the football coach about the upcoming game, or anyone else who has something interesting to say to the people in your market area. In addition, new software from Adobe allows Google to convert the voice track of your video or podcast into searchable text. This improves your web ranking on Google and other search engines.

6. Multiple offers plus some limited signs of life in the luxury market.
Many of the hardest hit markets including those in California and Florida are reporting less than one or two months of inventory in the first-time buyer market. The result is limited inventory that is leading to multiple offers. Also, there are a few lenders slowly testing the waters in the luxury market. It's still hard to get financing, but at least there's a tiny trickle in this area.

7. Your market is not just local; it's global.
International buyers and sellers inhabit virtually every part of the United States. Current research shows that international buyers have a 50 percent closing ratio as compared to about 35 percent for domestic buyers. Agents who work with international buyers also make approximately 50 percent more as compared to those who work with domestic buyers only.

If you would like to add to this list, please take a moment to share your thoughts about what you're grateful for this holiday season. Email me at Tracey@traceyvelt.com.

Short Sale Reference Guide Released: Unbelievable!

2009-12-09T12:00:00.000-05:00

from an email from Sherry Bailey (Century 21 New Millennium) and Pat Breme (CEO of FAAR)

What an amazing tool!

"This summer the leadership from five Associations in the region- Dulles, Fredericksburg, Greater Piedmont, Northern Virginia and the Prince William met to address the ethical issues that are a result of the short sales environment. The Presidents and Association Executives and other Leadership, now called the Ethics Dialogue Group, saw the value in a group approach to solving challenges facing their members.

The overall mission is "To have a unified approach in creating a culture in the market place where ethical means professional." In an effort to ethically navigate through short sales the Group has produced the Regional Short Sales Reference Guide. Each Association is distributing the Guide to its members via email. Go to www.ethicsdialoguegroup.com where the document can be downloaded. The Guide itself and the Appendixes are separate attachments. There is also the Short Sale Ethics checklist that links the most common short sale situations with the Article of the Code.

The Guide is an easy read with many helpful comments. The topics cover pricing the short sale, MRIS status issues, confidentially and other areas that span the short sale process.

For example, did you realize that the MRIS rule in Section 6 has changed?
References to special compensation in any other field, other than the compensation fields are not intended to, or shall be construed to, permit any conflict with the unconditional offer of cooperation and compensation made in the compensation field(s). If there is any conflict between the unconditional offer made in the compensation field(s) and any other field, MRIS policy is that the information in the compensation field will control.

The Appendixes of the Guide list useful documents on short sales for those using the regional forms. Also included are documents generated by the Virginia and National Association of REALTORS® plus VAR's new short sale forms.

The Ethics Dialogue Group thanks the Virginia Association of REALTORS® and MRIS for participating in the discussion. As a result of the meetings, VAR orchestrated Lem Marshall's Short Sale Summit statewide tour for brokers, mailed an information postcard on the topic written by Lem and applied for and received a NAR grant to put on a loss mitigation course in 2010. The course will be offered through local Association real estate schools. MRIS listened to the input and held a MRIS Compliance and Legal Summit of Association leaders to discuss short sales and social media issues.

The regional Ethics Dialogue Group pledges to continue their effort monitoring the market for issues that challenge the practitioner from a business and ethical standpoint.

Thank you and enjoy the FREE Guide and the companion materials sponsored by your Association.
A comment form is provide at the website.

From the regional Ethics Dialogue Group,

Dulles Area Association of REALTORS®
Fredericksburg Area Association of REALTORS®
Greater Piedmont Area Association of REALTORS®
Northern Virginia Association of REALTORS®
Prince William Area Association of REALTORS®

Sincerely,

Sherry Bailey, GRI
President

Pat Breme, RCE, CIPS
Chief Executive Officer"

How to Put the Power of YouTube to Work in Your Real Estate Marketing

2009-11-30T16:43:00.000-05:00

YouTube is truly an amazing marketing tool for real estate agents–posting videos of your listings, information about your area and basic information about buying and selling homes. Today’s successful agents are creating personal video profiles, posting them on YouTube and linking to their website, Facebook, LinkedIn and other social media sites. Your personal video profile is a great way to get prospects to feel comfortable with you before they ever meet you. Remember that people like to do business with people they like. The goal of your website is to have the prospects who watch your video feel good about you and to like you after they’re done watching the video.

Think of the short 2-4 minute video clips that you see about Olympic athletes. These clips give us some insight into the type of person they are and helps to make them a real person in our minds.

As an agent, start with a brief personal introduction–who you are, your past, your family– and perhaps a short comment on why you decided to become a real estate professional or what you enjoy most about being a real estate agent. Don’t sell the second you start talking, saying what you can do for the person watching, etc., or you’ll instantly take on that used car sales persona.

When Hobbs/Herder creates one of these videos for an agent, we talk about things that themes we want to cover, the tone we want to create and develop a basic outline of topics, but we do not script it. If you read or recite a script, unless you are a truly gifted actor, it will come across stiff and uninteresting. When the camera starts rolling, you want to be both personable and professional. Smile…be friendly…and relax. We recommend not looking directly into the camera…but instead just off to the side as if you were being interviewed by Larry King.

It’s fine to use a cue card, where a subtle glance at key words can keep you on target. Don’t be afraid to use your natural humor; the key is to be yourself. The more relaxed and comfortable you are, the better you will come across on video. Record a few practice sessions and critique them with help from friends and family. But remember, it’s more important for your presentation to be authentic and personable than for it to be flawless. When you are ready to record the real thing, do three or four takes and select the best one.

Then post your video on YouTube, your website, in social media, and everywhere else you can think of.

Bullseye! Target Marketing on the Web

2009-11-30T14:21:00.000-05:00

Posted by Lore magazine: http://www.loremagazine.com/go/?blog_id=124

Target marketing has been around for ages. And, in today's consumer-centric real estate market, reaching the people who can benefit most from your services is vital to your success.

Real estate coach Rich Rogala of Consistent Clients offers these tips for drilling down to your super-target market and driving them to your website:

Ever wanted to become the local expert for a particular neighborhood in your area? For those of you in smaller towns with less competition, it might be fairly easy to stand out. But it’s awfully difficult to become the local expert for the entire city of, say, Chicago. There are just too many homes and too many sales associates. Plus, if you live on the north side, you may not be an expert on the south side real estate market.

A better solution is to take an area you do know really well, like a neighborhood, development, etc., and focus on becoming the expert for anyone buying or selling a home there.

One way to do this is to grab a domain name with your neighborhood keywords in it. This costs about $10 from GoDaddy or another domain registrar.

Simply go to www.GoDaddy.com and search for a domain using your keyword, along with real estate or home or something similar:

For example: lakeview-chicago

So if I went ahead and grabbed this, I have a domain for homes in the Lakeview neighborhood in Chicago. Can’t get much more keyword rich than that!

The next step is to create a page on your website to hold tons of information on the Lakeview neighborhood--market statistics, average price of homes that have sold, current listings for the area and more. The idea is to capture leads from your website. Make sure you add some kind of opt-in box. Offer to send those who opt-in a monthly update on the area or some other type of valuable information.

Finally, go back to GoDaddy, and forward that domain so it points to the correct page on your main website.

Voila! You have a keyword-rich domain name pointing to an info-rich page on your website. From here, there are lots of different ways you could promote this:

1. Marketing materials. If you sponsor any events in your community, use this domain on your promotional materials instead of your usual website.

2. Create an area for resources. If you write any articles for your blog on this particular neighborhood, add a paragraph or excerpt of the article with a link pointing back to your original post.

3. Send out a mailer to neighborhood residents with a really targeted call to action. Example: Hey Lakeview residents! Ever wanted to know what homes and condos in your neighborhood sell for? Check out your new neighborhood real estate resource-- www.LakeviewChicagoHomes.com--where you can find out instantly.

What are you doing to target your niche?

5 Ways to Promote the Tax Credit and Extension

2009-11-17T10:00:00.000-05:00

From Lore Magazine: http://www.loremagazine.com/go/?blog_id=121

Get Started Today!

Earlier this month, legislation was passed that extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time homebuyers until April 30, 2010. In addition, it expands the credit to grant up to $6,500 credit to current homeowners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

We’ve got 5 ways you can promote this to prospective buyers:

1.    Blog about it. Have you worked with first time homebuyers who have a particularly touching story about how they finally achieved the American dream of homeownership because of the tax credit? Tell their story on your blog to inspire other prospective homebuyers.

2.    Make the call. Go back to past customers who bought with you in the past eight years. Let them know that now is the time to take advantage of low prices and a $6,500 tax credit.

3.    Produce a flier. Design an informational flier that explains who qualifies for the tax credit and the benefits. Give prospective homebuyers suggestions for spending their tax credit on home remodeling, upgrading appliances and decorating--or paying down their mortgage! Add your name, company and contact info as well as your logo and tack the fliers onto community bulletin boards at places such as Panera Bread, Einstein Bagel and Starbucks.

4.    Join the Army. The new legislation includes benefits for Armed Services members as well as intelligence service and foreign-service personnel— those who are on active duty and out of the United States for 90 days during any part of 2009 get an additional year to buy their homes, to May 1, 20ll.
In addition, they don’t have to repay the credit if they have to sell their home after fewer than three years occupancy due to official business. Highlight this information and reach out to those in the armed services.

5.    Sponsor a homebuyer seminar. Hold an informational seminar for homebuyers about how to qualify and apply for the tax credit. Hand out an info packet with your current listings, details about the tax credit and more.

For information from the National Association of Realtors about who qualifies click here.

Do you really think I’m visiting your Facebook profile to look for homes? Really!?!

2009-11-12T13:39:00.000-05:00

Posted By NikNik on November 11, 2009: http://www.mytechopinion.com/2009/11/do-you-really-think-im-visiting-your-facebook-profile-to-look-for-homes-really.html

Saturday night brings with it one of my most favorite TV segments…“Really!?! with Seth & Amy”. In this SNL skit, Amy Poehler and Seth Meyers share their snarky take on current affairs. So in the spirit of “Really!?”…I’m going to shed some light on “Real Estate Listings Inside Facebook”!

Let’s start with obvious failures inside Facebook…at the moment!

MyRealEstateListings (there are 2 of them, as well as a few more similarly named cohorts) but they essentially all do the same thing- create a “MyRealEstate” or “MyListings” tab on your profile. You can then click on the tab (when was the last time you clicked on a tab) to view a lack luster interface of your manually entered listings from which you can then decide to click further to obtain details, which lands you on a third party site outside of Facebook. Click for more details, really!?!

My Listings, or Realtor Listing Application, displays your listings on a tab or box on the side of your profile. But again when you click to learn more you are taken to a third party site away from Facebook. Third party site. Really!?!

CenterStage for Real Estate, a failed, failed attempt to charge you $8 for displaying listings inside Facebook. Don’t even get me started! $8, really!?!

Oodle Pro aims to solve the listings inside Facebook issue. The tool can distribute listings to online communities like Facebook Marketplace & MySpace Classifieds. I’m sorry, when was the last time you were on MySpace. Really!?! Oodle Pro can upload your listings to your Profile and Fan Page, yet they recommend to keep personal and professional identities separate from one another. Listings on both, or is it one or the other, really!?! And Oodle Pro will run you $15 a month! Really!?!

I will throw them a small “woot” for displaying links back to social profiles from wherever your listings get posted online. And I do see great value in listing syndication to numerous online marketplaces and listing aggregators…don’t get me wrong! But the Facebook MarketPlace is not where I’ll be turning to search for my dream home. Really!?! I’ll turn to a reputable source…like the agent, broker, or one of the major real estate portals.

Apparently, the best options…

Posting your listings as status updates on a Fan Page dedicated to your local market, where locals can choose to participate seems like the best choice to me! This strategy is non-invasive, opt-in, and informative. It can even be more friendly and creative since you can add your own take via text in the status bar along with a link to the listing…preferably one that takes you back to the agent/broker blog or site. Check out the example from Heather Elias.

Now if you don’t host listings on your own domain, the next best option is creating a single property site or posting to Vflyer or Postlets. Once you’ve created a detailed packed site with all the trimmings (local info, pictures, video, etc) you can post the URL to your Fan Page Wall and include a brief message. Some services include an autopost to Facebook feature.

SeeMyListings from Realtor.com is a widget that can be added to your Facebook profile and displays your listings. To view more details you are derailed to a 3^rd party site, but it is a more reputable site (at least in the eyes of consumers) and also displays listings in a much more user friendly manner. See the example I grabbed from Mariana Wagner’s profile on the left.

Now if you are looking for a more organic way to share listings inside Facebook, I would recommend using photo albums. You can create photo albums of active and sold listings. I have to say, The Rains Team, does a great job of sharing listings via photos on their fan page. But don’t forget to include a few details about the home, and important contact info. I also came across Lesley Lambert’s photo of a recent listing via Posterous inside Facebook. She emailed the photo from her phone which was posted to her Posterous site as well as her Posterous photo album inside Facebook.

Last but not least, if you like to have stuff that no one else has you can create a custom tab for your listings with FBML (Facebook Markup Language). You could brand the landing page with links to your blog or listing sites. Check out the Los Gatos Real Estate & Homes Fan Page via Mary Pope Handy. She includes a great deal of area info, market reports and listings with links to her blog. But again, I worry that tabs get looked over. Nonetheless, I know where to look for Los Gatos housing info inside Facebook.

My opinions on all this…really!?!

Personally, if and when I’m ready to move again I wouldn’t go to Facebook to look for listings. I’d go to a resource that rocks…like the agent or broker Website or a national aggregator. I go to Facebook to make connections and build relationships….to chat and find out what’s new in the lives of my friends, family, colleagues and clients! Search listings, really!?!

But if you’re goal is to show everyone the listings you’re currently managing, then go ahead and share them at Facebook too. But consider posting them to a Fan Page dedicated to your market area with links back to you, your site, or your company…not third party sites. Third party sites, really!?!

Don’t fail at implementation! If you post photos about the listing on Facebook don’t forget critical contact info or brief details. No contact info, really!?!

So, what’s your opinion…

Do you think listings should be posted inside Facebook?
If so, what’s the best way?
Where do you post listings ? Profile and/or fan page?

7 Steps for Success

2009-11-10T11:22:00.000-05:00

Posted by LORE Magazine: www.loremagazine.com/7-steps-for-success

Is success achieved by trading your family for money? Is success achieved by trading your health for dollars? True and lasting success is accomplished by creating balance in all areas of life and adding wealth to all these accounts on a daily basis. Success is living today with all the zeal, gusto, and zest that you can pack into a 24-hour period of life we have today. Success is clearly not a destination but a daily journey we undertake every day.

Here are seven steps toward success from Dirk Zeller of Real Estate Champions. Use this as a basis for your 2010 business and marketing plan:

Step No. 1. You must first decide what you want. The truth is we can have anything we desire in life. If your vision is clear, you are assured that you will get there. The problem is we do not have a clear vision and set enough goals. We do not take the time to create the vision.

Step No. 2: Your goals must be written. Success begins when you grab the pen and paper (or your computer) and craft your ideal life. Successful people think on paper before they act. You must take the time to write your success plan and your goals down on paper.

Step No. 3: Create a time frame for your goal or vision. Set a target for when you'll accomplish it. You have to get your mind in motion to achieve it by a certain time. Without a timeline, you have no goal, you only have a wish. Wishes will only cause frustration.

Step No. 4: Create a list of the series of activities you must do for you to achieve your vision or your goal. As your motivation increases, the better you can clearly write out this series of activities. People will often not take the time to create the list. Planning a vision or goal completely through to create small bite size pieces makes it easier to digest. Successful people evaluate the situation and elicit help and create a plan to lighten the load on all. They then have everyone dive in and begin accomplishing things in bite size pieces.

Step No. 5: Re-check the series of activities to insure they are in the proper order. Organize this into a comprehensive step-by-step plan to achieve the vision or the goal. You need to start with the important and move to the least important. Do not delay, begin the most important item today. Do not move on to another item till you complete the most important item first. There is an order to all activities and tasks. Spend the time planning to create it.

Step No. 6: Don't allow procrastination to set in. The key is to start the momentum today. A primary law of physics is a body in motion will tend to stay in motion. Do not delay getting your body in motion.

Step No. 7: Keep the body in motion daily. Don't neglect to do something daily that moves you closer to your vision or your goal. Constantly ask yourself is this activity I am doing now moving me closer to or further away from my goal?

Once you're moving forward, your vision or goal can stay in motion with a smaller amount of effort. If you apply these seven steps to your real estate business, you can accomplish any amount of sales you choose to do. The truth in life is you are the one who does the choosing. The market, competition, and interest rates do not effect your choice or outcome. You are the one that does the choosing, so choose wisely.

House passes homebuyer tax credit extension, expansion.

2009-11-09T14:39:00.000-05:00

by Ben Martin, blogmaster emeritus (VARBUZZ.com) on November 5, 2009

The Unemployment Insurance bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0. The new provisions take effect as soon as President Obama signs the bill, which we expect will be before the weekend. Right click this link and select “Save target as…” to download a chart explaining the difference between this credit and the one set to expire on November 30.

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before April 30, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

Here’s a Q&A from NAR about the new credit:

Q. Existing homeowner credit: Must the new house cost more than the old house?

A. No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Q. I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

A. Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Q. I am a first-time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?

A. Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phase-out range).

Q. I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?

A. No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Q. I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?

A. Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight, what he did since 3 years doesn’t impact eligibility.

Q. I am an eligible first-time homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?

A. You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

Social Media Revolution Video: Must watch

2009-10-28T13:36:00.000-04:00

http://www.youtube.com/watch?v=sIFYPQjYhv8

“Social Showing”: How Apple’s Video Nano Will Change Social Media and Real Estate Marketing

2009-10-20T11:44:00.000-04:00

Posted by Greg Herder on Sep 25th, 2009

Without even realizing it, Apple has unleashed massive changes in the way realtors are both showing and promoting homes.
Within a few days of its release, a 30-something couple had their iPod Nano with them when their agent showed them a home that had a kitchen they loved. They pulled out their Nano and took some video of the kitchen. They proceeded to record each of the homes they previewed. That evening they posted what they shot on Facebook so their friends and family could see what they had been doing that day. Instantly they starting getting feedback, comments and suggestions and, fortunately, their agent was in their Facebook network and was able to join in the conversation as friends and family members posted their thoughts.
The next day the couple made a post on Facebook, thanking everyone who had made suggestions and comments. They said they greatly valued the input they received and had decided to make on offer on the home with the great kitchen. They then called their agent to write up the offer. They told their agent they felt a lot more confident moving ahead because both of their parents thought they were doing the right thing. They also loved keeping their network current on what they were up too.
A new era of real estate has been born! For lack of better terminology, I have decided to call it “Social Showing.” It might not be for everyone, but today the Facebook generation loves getting everyone involved as well as getting comments, suggestions and feedback, especially for major purchases like appliances, cars and homes. You had better get used to it, because it is going viral and it’s going fast. The smart agents are headed to the Apple store today, and they are suggesting that their clients shoot video of the homes at each showing. The agents then post the video on YouTube and send the clients a link and also ask the clients to post the video on their Facebook page. This gives them two ways to get feedback from the people they know.
The Nano was designed from the ground up to shoot video and post it on the web. It is so easy that even the most tech-phobic agents can do it. This is going to move video marketing of homes into the mainstream faster than agents can image. Want to promote your broker open house? Take a quick video of the food you are serving so agents can see what to expect when they arrive there. Record a video update on what is happening in the market and post on Twitter, Facebook and your web site.
At the closing, pull out your Nano and record a video testimonial from your clients and post it on your Facebook page, and ask them to make a comment so it posts to their network as well. This is the ultimate in social marketing, and the agents who lead the way will generate a huge advantage. It won’t be long until agents are adding little professionally branded clips at the beginning and end of these videos that pulls all of their traditional brand identity into the social media world. Now is the time to lead the way and be seen as an innovator in real estate marketing.

Riding the Wave of Change in Your Real Estate Business

2009-10-09T14:00:00.000-04:00

By: Brandi Cummings

"The sky is falling! The sky is falling!" This is what many agents felt when people started looking on the Internet for their next home. "The end is near!" This was the response by many when the MLS was made available to anybody with an Internet connection. Technology, the Internet specifically, has forever changed the way people buy and sell their homes.

The real estate market has changed so quickly and completely that there are many real estate agents at a loss for what to do now. Experienced agents that never had a problem attracting new clients through traditional advertising are now finding out that they need to rethink their marketing strategy. New agents are finding themselves in an industry that is in the middle of a transformation. They have been finding that the rules that they just learned about building a successful real estate business are being rewritten before they even have a chance to apply them.

Old Rule: As a real estate agent you have exclusive access to the list where your prospect will find the home of their dreams. Your sellers rely on you to put their house on this list of dreams.
New Rule: Anyone with an Internet connection can search the MLS listing. FSBO's can add their home to the list through any number of sources.

Old Rule: You hold Open Houses so that interested home buyers can see the inside of your seller's home without an appointment. This is also a good way to prospect for buyers.
New Rule: Interested home buyers view digital pictures and virtual tours of homes at their convenience, without an appointment, at anytime of day.

These new rules do change the real estate industry in a fundamental way. They do not, however, mean that the end is near or that the sky is falling. As long as you understand that the new rules exist and what it means for your business, you will be able to ride the tides of change all the way to the bank.

If buyers and sellers do not need real estate agents for the MLS or for viewing houses, what do they need them for? How can agents get prospects to come to them?

At the same time the Internet was changing the way people buy and sell their homes, it was also contributing to a more fundamental change in people as consumers. People are hungry for information and they want that information at their fingertips at all times. A savvy real estate agent will take advantage of this demand for knowledge and information by becoming the source that buyers and sellers come to.

Agents can establish themselves as an expert there to help. By offering reports such as "Ten Things You Must Know Before Selling Your Home" or "3 Mistakes You Don't Want To Make When Buying A New Home" your prospects will come to you. An important aspect of this new marketing strategy is going to be capturing the information of prospects requesting your reports. Whether it be name, address, phone number, email or in the best case scenario all 4 points of contact, make sure you are able to follow up with them.

Here are just some of the benefits of becoming an information source for people that are starting the process of buying or selling a home.

*An agent can start to build a relationship with potential clients based on trust and respect.
*Buyers and sellers seek out the agent instead of the agent seeking out the prospects.
*There is no better quality of lead than one that raises its hand and says, "I would like information about selling my home."
*Agents can set themselves apart from their competition by using non-traditional advertising.
*By establishing a good rapport and helping potential clients find the information they need, they will come to you when they are ready to make their move.

The real estate industry has been undergoing a fundamental change. Some agents may have a doomsday view of these changes and at this point real estate agents have two choices. They can simply wait for the end to come or they can adapt with this evolving market and ride the wave of change all the way to the bank.

Recruiting a Younger Generataion

2009-10-06T12:39:00.000-04:00

Recruiting Gen x Gen Y Professionals

A great article from Lore Magazine:

Recruiting a Younger Generataion

Tips for hiring Gen-X and Gen-Y

Recruiting is hard work. “You can occasionally pluck the seasoned, successful sales associate from a different company but there has to be a reason for that person to leave,” says John Downey, executive vice president of Coco Early Associates in Massachusetts and New Hampshire. In addition, the ever-changing market is requiring sales associates to be more and more tech savvy in order to meet the needs of the next buying generation.

That’s why Downey’s brokerage decided to make a shift to recruiting younger professionals, in addition to seasoned agents. The company currently has six 20-something sales associates. “This is the best possible time to become a real estate professional as you’re forced to work hard and truly build a network that will keep you going,” says Downey.

That said, “We know the data—the average age of a sales associate is 54—and we don’t look down on that. We’re not bringing in new 45 year olds to take the place of 55 year olds,” says Downey. “We’re bringing in younger agents for a mutually beneficial relationship with veteran agents.” Younger agents can help train the older agents in social networking and technology while the older agents can serve as mentors to teach the business.

Another interesting thought: When a person in their mid to late 30’s, 40s and 50s go on Facebook, they reconnect with old friends. A 25-year old never has to reconnect, he or she has been in contact with friends since college. “It’s a whole different world,” says Downey.
Here’s what he does to reach the younger generation.

1.    Post to Job Boards. Coco Early Associates post job listings on local online college boards. “We post to all the surrounding schools and some that are a bit of a distance since many potential agents may live here but go to school a little ways away.” Downey also posts to Craigslist.org and Indeed.com, which feeds sites such as Monster.com and LinkedIn.com.

2.    Consider family. “I’m 54 and my own kids are in their mid-20s. If the average age of a Realtor today is 54, then we want to get the message out to our agents to talk to their kids about a career in real estate,” says Downey. “What are your kids doing and what are their friends doing? Let’s take advantage of the bad job market and recruit those right out of college.”

3.    Use the viral effect. “One of our top agents is Vincent. He’s 26, and he helped to recruit one or two people,” says Downey. Offer incentive to younger agents to recruit others who have the same ambitious attitude as your top young sales associate. And, understand that they do business differently than you do. If it works, then don’t mess with it. “I sit about 15 feet from Vinny, and I didn’t realize so many people were named “Dude,” says Downey with a laugh. “But these are his customers, and they’re buying $250,000 plus homes.”

4.    Offer a unique, tech-oriented service. Coco Early Associates offers an online auction service for all of its listings. At www.cocoearlyassociates.com/bid-a-home/index.php, interested buyers can place a non-binding bid on a Coco Early listing. “We have close to 500 listings and as a rider to every sign, we let prospective buyers know they can make a bid online.” He says that many people, especially first-time homebuyers, are afraid to make an offer because it’s so official. This gives buyers a non-threatening way to get conversation going, which is Downey’s goal. “We just want to get two sides talking. Younger agents love this tech-savvy service.”

Coco Early Associates also has an online yard sale function. “When we list a home, we’ll sell homeowners unwanted items online. We have 300-400 items for sale on our website.”

Overall, Downey says he’s pleased with the recruiting campaign. “We’re a mentoring company. We assign these new folks to an experienced agent, who helps train the sales associate on the basics of relationship building. Then, the experienced person learns from them about the online aspect of the business,” he says.

One side benefit-- “If we hire a 26-year-old, how old are his or her parents? They’re generally mid 50s and beginning the process of downsizing. So, we’re tapping into two markets— first-time homebuyers and almost retirees,” he says. “We’ve hit a homerun.”

Business Planning Time!

2009-10-06T12:31:00.001-04:00

A great video posted by Lore magazine.

A Day in the Life of a Gen X Real Estate Professional

2009-09-22T14:49:00.000-04:00

I have been inspired by the number of young people pursuing Real Estate as their profession of choice. The stereotypical real estate agent is a 55 year old woman, working part time. Quickly, this stereotype is changing at the hands of Gen X Gen Y professionals, graduating college and choosing Real estate as their first and only career.

I just happen to be one of those young people: smack dab in between Generation X and Generation Y. I chose Real Estate as my profession when I was 26 years old: recently off active duty from the Navy, recently married, and weeks after moving to a town where I knew two people: my new husband and my REALTOR. I have been proud to develop my business as a thriving, stable business over the years and I am excited about where it is heading. I am one that needs to be challenged, and with all these other young people coming into the business, I am finally challenged. I love getting together with them to talk about what we are doing, how we are doing it and how things are evolving. Our industry will have an entirely different feel in less than 5 years.

I firmly believe that the future of real estate exists in a huge generation gap. The movers and the shakers in the industry are usually the ones with the most experience. Quickly, the movers and the shakers in the industry are now the ones with the most innovative ideas. Many of these people are the Gen X, Gen Y agents. They bring to the picture lightning fast communications, innovative perspectives and criteria for rating properties, valuable tools for themselves and their clients, plus, the personal touch that many have been lead away from.

I would love to have an office with a great balance of Baby Boomers as well as Gen X Gen Y. I think we all have a lot we can learn from one another, but I also think this will bring some challenge over the next few years as the "standards" of the industry evolve.

I read an article from Lore Magazine this morning that sparked my interest in this subject today. I have included a link to it and a copy of it below.

Where do you see the industry moving?

From http://www.loremagazine.com/go/?blog_id=101:

Blackberry—check. Texting furiously—check. Mobile office—check. Welcome to the world of the Gen X and Gen Y real estate professional.The young professionals are rarely seen without a Blackberry Smartphone in hand. They have an office, but spend most of their days on the move. Grounded in technology, they communicate with hundreds of other 20- and 30-somethings every day via text messages. They use virtual faxes and the Internet to negotiate contracts. They are the new breed of real estate professionals and they specifically entered real estate with one goal—turning it into a lifetime career.While the average age of Realtor® is 54 and female, according to the National Association of Realtors® (NAR), the young men with Coco, Early & Associates are part of a new trend in an industry that’s seen tremendous change in the past few years. Facebook, MySpace, Linked In, blogs and even Twitter are their information highways. They maintain access to their clients 24-hours a day, 7-days-a-week because that’s how their generation works. One or two young males any realty firm is not noteworthy, but when six young men, with college degrees, recently took on the role of professional sales associates at the Massachusetts-based Coco, Early & Associates real estate firm, people began to notice. “They bring a youthful enthusiasm and technical savvy to our firm,” says Blaise Coco, co-owner. “That mixes perfectly with our more experienced professionals, [who are] wonderful mentors to these younger [sales associates], while these young guys can certainly teach us all about the ways in which their generation communicates and works.”Starting Early“I was attracted to the professional because it’s really self motivating,” explains Vinny Forzese, age 26. “It’s not a 9-to-5 desk job, and I get great satisfaction when I place someone in their new home. Matthew Trudel, age 29, has found that many friends in his age group are searching for their first home. He’s had success in connecting members of his generation to homes because he balances the human touch with the technology. He regularly sends out blanket text messages to 200 or so of his “closest” friends. He uses Facebook to highlight new properties for sale and even blogs. “In college we all texted each other and had Facebook pages. It seems perfectly natural for us to communicate this way,” says Trudel. “It’s not time consuming, I keep my messages brief. What’s most important is keeping up regular contact with your friends. So, when I have a new listing or hear about a great property, I use instant communication and Facebook to get the word out.”Their generation is also very mobile. Friends from college may now live anywhere in the country. Technology has made the whole world feel smaller and these young professionals embrace this technology when it comes to helping a customer relocate. They make the most of the buyer’s time and resources sending out virtual tours across the country and across the world.The Next WaveUnderstanding the X-Y generation makes these young men great assets to their firm. “Our generation does not wait for a [sales associate] to tell them about a neighborhood and they don’t drive by a potential property,” says Doug Early, age 25. “Our generation heads right to Google Earth. They type in the address and get a view of the house, neighborhood and even commuter routes. They use the Internet to look up similar sales and home values. They do a lot of the research that the [sales associates] do. They are informed buyers.”However, warns one young professional, “You can get good information from the Internet,” says Jeff Fragala, age 26, “but not complete information. Pictures and virtual tours often don’t do a property justice. Information online may not be up-to-date and often a potential buyer will have to spend hours on the Web using several sites and still see only a partial list of properties available in their market and price range. We can work with them through the Multiple Listing Service to get them all the listings, the new listings and then provide them with the personal service they need. Buying a home is a big decision and one that comes with stress. I work with people to guide them through the process and advise them on their options along the way.”“I am very focused on my work and take this opportunity seriously,” concludes Angel Boria, age 24. “For me, this a dream career and one that’s rewarding on many levels. It’s very satisfying to know you helped some realize the dream of owning their own home.”

Avoid MRIS Fines: Do's and Don'ts to help you with your Short Sales.

2009-09-08T10:56:00.000-04:00

From www.Mris.com:

Compensation:
• Do enter Compensation as a percentage of the gross or net sales amount or enter a dollar amount.
• Do make an unconditional offer of cooperation and compensation.

• Don’t enter a compensation amount or indicate in the remarks that compensation depends or is contingent upon third party approval.

Status:
• Do update listing status to Contingent upon acceptance/ratification of an offer.
• Do update the status of a listing pending third party approval to Contingent Contract.

• Don’t keep a property in ACTIVE status after accepting/ratifying an offer because the seller or any third party requests that the status remain active.

Listings:
• Do enter all property information accurately.
• Do make all status changes and other updates within 48 hours, weekends and holidays excluded.
• Do update Contingency Expiration Dates or Settlement dates when the dates change or have passed.
• Do use the Tax ID Autofill feature when entering listings.

• Don’t try to manipulate Days on Market, using tax and address information.
• Don’t enter two or more active listings for the same property unless the property is both for rent and for sale.

Remarks:
Internet (Public):
• Do include information about the property only.

• Don’t include any of the following information: commissions, showing contacts, agent or broker names, phone or fax numbers, web site or email addresses, virtual tours, alarm codes, lockbox codes or other security measures.
• Don’t include any links, active or animated content, or other comments containing HTML or programming code.

General (Agent) /Farm:
• Do enter information intended for cooperating brokers, such as special showing instructions, contacts or phone numbers, special contract information, special compensation information, properly excluded prospects, virtual tours, broker or agent web sites and email addresses. Foreclosure or Auction listings may reference a third party web site (such as HUD, VA) where contracts must be registered.

• Don’t include any Lockbox codes or other security system information without Seller’s permission.

A copy of the Rules and Regulations as well as other information on MRIS Compliance policies may be found at:
www.mris.com/compliance

But the Bank hasn't approved it yet...

2009-09-02T14:10:00.000-04:00

I hear this too many times: agents thinking that a sales contract is ratified until the Bank approves the short sale. Well, let me tell you....that's wrong.

When a purchase contract includes a Short Sale Contingency Addendum, which gives the buyer some options on voiding the contract if deadlines are not met, it doesn't create a situation, when it comes to ratification, any different than if there was a Home Inspection Contingency Addendum, or a Radon Inspection Contingency Addendum. The Short Sale contingency is just a contingency. A tool for one party to use to void the contract if needed.

The contract is ratified when the seller (the people) and the buyer (the people) agree to all the terms of the sales contract AND, because the contract is ratified, the good faith deposit (or Earnest Money Deposit (EMD)) is due.

Want an exception?: you have to include that in the contract. For example, if you do not want the EMD due until the Bank Approves the short sale (otherwise known as Third Party Approval), then you need to write that into the contract and have mutual agreement on this. If you don't want to do the home inspection until the Bank Approves the Short Sale, you have to write that in as well.

Virginia requires Earnest Money to be deposited quickly. My agents are required to turn in their EMD within 24 hours of a contract becoming ratified. Do you have standards like this in your office?

ALSO: MRIS rules require you to update your listing to represent the current status within 48 hours of it changing. I don't care if the bank has not approved the short sale, there is a ratified contract and the status in the MRIS needs to reflect that (CONTRACT, Cntg/No Ko, Cntg/Ko, TEMPOFF, etc). The seller cannot just decide that he wants to leave it "Active" so they get more offers. It's not the seller's decision what the status is in MRIS. Change your listings to reflect their correct status right away.

Here's a Video from Lem Marshall, VAR's Special Counsel, on the subject:

http://www.varealtor.com/portals/0/webcast/ShortSales/index.html

Buyers agents: Be careful how you ask.

2009-08-25T12:38:00.000-04:00

I recently reviewed a sales contract where the buyers agent submitted an addendum as a result of a home inspection that their buyer performed the day prior.

This is what the addendum said: and I quote

"Now, therefore, it is mutually agreed that the following provisions be added:

The Home Inspection Contingency is removed:

1. Roof has missing shingles.

2. Small leak under kitchen sink

3. Grounding strap is not connected

4. Refrigerator water dispensor makes noise

5. Garage door opener battery is dead

6. Gutters full of leaves

7. Tree branches touching house"

and the list went on.

Funny: no where in this addendum was a single repair requested. This addendum was simply a list of everything that was found wrong, and, as a great benefit to the seller, the buyer removed the contingency without asking the seller to do anything. When the buyer signs it, he agrees that these statements are true, when the seller signs it, he agrees that these statements are true.

That's wonderful...both the seller and the buyer agree that these items exist.

BUT>>>>>>>

What do you think the buyer thought was going to happen? You guessed it, they thought the items were going to be repaired because this is what their agent told them (and assumed) was going to happen. Now, when the buyer goes back to do their final walkthrough and none of these items have been addressed, what is the buyer going to do?

First, they look at the seller, then, after a long conversation between the buyers agent and the listing agent, the listing agent explains that the buyer never did request any repairs. Now who do they look to? Their agent: the one who was supposed to be looking out for their best interest. Guess who is going to be getting things repaired?

It is so important, when you are representing a client, to ensure that you are writing your addendums correctly. You need to ensure that the addendum states exactally what the buyer wants and leaves no room for interpretation.

What this addendum should have said was:

"1. Roof has missing shingles. Seller will replace all missing shingles with shingles to match the rest of the roof."

See how this is different?

Some tips to agents:

1. Never use the word "requests" If the seller signs this addendum, they
are just agreeing that the buyer made a request, they are not agreeing to do
anything.

2. Always use commands: Seller will, Buyer will, Listing agent will,
etc

3. If you want a professional doing the work, you need to specifically ask
for that.

4. If you want receipts provided at closing, you need to specifically ask
for that.

As licensed agents, it is our responsibility to present a realistic picture of what happend, what is happening and what will happen. Be sure you review your addendums before sending them on...or else you might be digging yourself a hole.