While searching the web I came across this catchy tune. Before long I was bouncing to the beat and even singing some of the lyrics -

"I got my mortgage and I made my payments. But my rate reset in my latest statement. It was 12-hundred, now its 24. I'm three months late, so I'm out the door."

From what I've been able to find out, the author is a former appraiser named David Girtsman from Ventura County and is currently working a web developer. Well "nuff" said, I hope you enjoy it as much as I did.

In any real estate market, price is the key. It's just not as important in an increasing (seller's) market than in a declining (buyer's) market.

In a seller's market, if you miss the target, (market price), you can always wait for the market to catch up to your price.

In a Buyer's market, if you miss the target, not only will the house not sell, you  will get angry and frustrated, the agent will feel helpless and worthless, and the home will lose value daily. Even in our buyer's market, with an average 147 days on the market, if a home hasn't sold in the first 27 days, you have lost your "honeymoon period." That is the time where the limited number of buyers that are out there, looking for the right home at the right price, would have bought the house if it was priced right.

After 27 days, the house loses the "new kid on the block" advantage.

In a buyers market, you have to price your home at tomorrow's market price, not yesterday's. If prices are falling 5% a year, then a $500,000 property today will be worth $498,000 next month and by the end of a typical escrow, $495,000. You need to price the house at $495,000 today so it can be the next home to sell, before values go down again.

What if you miss the target the first time? Request an urgent meeting with your Realtor.  Do keep in mind however, that pricing is an art, not a science. Your Realtors suggested price is an opinion, only the current buyers out there looking will tell you if the price is right.

As a rule of thumb, if after the first 27 days, your home had a lot of showings, but no offers, the price is probably within 5% of market. But, if after 27 days there are very few, or no lookers, the price is likely at least 10% over market, or more. Most buyers are willing to offer 5% under the asking price and not be afraid of offending the seller, but very few buyers will offer 10%, or more, under the asking price. 

The buyers, and their agents, will simply refuse to even look at a property that is 10% or more over priced.

During the first 27 days, and throughout the listing period, request to be kept informed of the market. Your Realtor should provide you with a new CMA every 10-15 days.  These CMAs will give you an idea of where prices are headed and will allow you to react before its too late.  As the seller you also have the right to know what new listings hit the market, or when a property goes into escrow or closes escrow.   By day 27 you should expect your second CMA and possibly a price adjustment.  If your latest CMA dictates that your home is priced appropriately for your market, you and your Realtor should take a second look at your homes marketing plan.  Being an educated seller doesn't cost you anything but it could save you thousands.  Stay on top of your home sale and don't forget, If the price is right... your home will sell. 

Let me start off by apologizing to all of you. I should have had this posting up last week, but school vacation has taken a toll on me and my already crazy schedule. I can't wait for school to start back up so I can regain part of my sanity...

Now let's get down to business, thank you to all of you who attended my Accessline class. I must admit the turn out was phenomenal and the feedback has been great. This post should serve as a refresher and future reference point. To those of you who didn't attend I hope you can find enough information here to motivate you to attend my next session.

Our class was a fast moving session filled with questions, excitement, and most importantly new found uses for Accessline. Below you will find a breakdown.

Captivating Sounds
The audio messages in your VM Mail box can be used to enhance your website and blog. It can also be used to create a memorable signature, describe the features of your new listing, and even provide an open house schedule. You can also use your VM as audio testimonials to be used in your listing and buyer presentations.
All you need to do is:

• Locate the proper VM in you Accessline list
• Download & Save the VM to your computer (don't forget to name this file so its easier to find later on.

Once you have created your document you will need to insert the audio file. To do this simply

• Select the text or picture that will be holding this audio
• Insert the Hyperlink by clicking on the Hyperlink icon or from the top menu items
• Once the link box comes up you will need to browse your computer for the appropriate file
• Press OK and test

This same process can be used in any office file (MS Word, Excel, PowerPoint, & Publisher).

Paperless Client Files
To minimize our paper dependency and save some trees in the process simply fax all your client docs to your accessline and later save each document and VM to your electronic client file. When your transaction is complete you can burn your e-File to a CD and provide a copy to your client and your MCA. It may be a good idea for you to dress up your client CD by creating a CD cover or label (software for this can be purchased at your local office supply store).

Save Your Minutes
We can all agree that our phone usege has drastically increased due to the amount of prospecting we must do to achieve good results. That being said, the accessline website allows you to modify the way you are notified of new VM and faxes and also when & how calls are forwarded to you. All of this can be done via the Internet from your Accessline Call Manager section. Preset extensions have already been created for your convenience and creating a custom one is as easy as 1-2-3. For example, if you want all your calls to be forwarded to your cell phone after being given the opportunity to leave a VM on your accessline you would need to select extension 31 from the call manager section. Creating an extension allows you to customize your forwarding options. You may want to have incoming calls forwarded to your office and then your cell should you not answer your office line. This ensure that callers will eventually find you.

Time Blocking
Use the Schedule feature to modify the way calls are treated throughout the day or week. For example lets say that from 8am - 11am you are doing all of your prospecting and want no interruptions. From your Accessline scheduler

• Select the days you wish to schedule
• Select the start and end time and the extension you want to use.
• For this example the extension will be #70-Message Center.

Don't forget to turn your scheduler ON or else all your efforts will be in vain.

Shortcuts
The class ended by us going over some of Accesslines shortcuts which you will find listed below. When calling your VM you will need to enter your password and then press the appropriate option to satisfy your needs. Those options are as follows:

• #1 To listen to voice messages (Touch 9*1 to find number --Touch 9* to return the call)
• #2 To direct your call (Find-Me Follow-Me)
• #3 To access fax messages
• #6 To send voice message (61 - To forward a message --62 - To reply to a message --63 - To initiate a new message)
• #8 To access user options (Change greetings, passwords, etc)
• #9 To make a call (USA wide)
• #0 To get recorder help
• #00 To get customer care

List of Extensions
From inside your AccessLine, touch 2 then:

• 10 Callers touch 0 to reach your Home
• 11 Callers must state their name before being transferred to you. You will have the option of accepting the call or sending it to VM after listening to who is calling you.
• 20 Callers go directly to your office
• 21 Callers touch 0 to reach your office
• 30 Callers go directly to your cell
• 31 Callers touch 0 to reach your cell
• 40 Callers go directly to a number you program on-the-fly
• 50 Callers touch 0 to reach you at a number you program on-the-fly
• 70 Callers directed to your Voice Mail

I hope this post helps you remember many of the things covered in our class. If there is something I didn't cover or you need more help with, feel free to post a comment below so I can provide you with the necessary assistance. Once again thank you for attending this class.

By now, you've probably already heard the OptHome ads hitting the TV and radio waves. Have you checked it out yet? The site sells itself to consumers as "the ultimate homeowner resource combining the power of the internet with the knowledge and experience of industry professionals who practice their trade everyday!"

Sounds pretty cool and I bet many consumers will flock to it and take advantage of its many benefits. The site advertises its FREE gift cards and cash options for joining; and that my friend is a pretty strong hook for many unsuspected consumers.

Being the inquisitive person I am, I decided to join and rake in the FREE benefits. Everything was pretty cool until I was required to sign their OptListing Agreement. The agreement goes in to clarify that the FREE gift is not really FREE. By signing the agreement the consumer agrees to:

• Have OptHome act as a Facilitator
• Contact OptHome if they decide to sell their home
• OptHome will provide the seller with the real estate agent that best fits their needs
• At the time of closing the listing agent is required to pay OptHome a referral fee of up to 30%
• If the seller decides to sell as a FSBO they will be required to REPAY their gift plus all interest compounded monthly at a fixed rate of 7% per year
• The contract renews it self every 10 years, and if the seller decides to cancel the contract all of the fees must be repaid. Here's the icing on the cake, if the seller or the listing agent don't pay the fee, OptHome reserves the right to attach the home for the amount of the referral fee, plus costs and any collection fees.

Wow, who would've thunk it? It's not free after all...

My advice to you... Educate, Educate, Educate every one in your sphere. And don't forget to modify your due diligence... ask if your seller is an OptMember.

I can imagine that you will have a lot to say about this so let's hear it. How do you feel about having your consumers force you to pay a referral fee to someone you've never spoken to, or even worse pay a referral fee for a consumer you've been prospecting to for years???