Dennis's Blog

F O L L O W T H R O U G H (It's not an option!)

2008-07-02T15:51:53Z

I recently received a a very nice and supportive compliment while working on a deal. The funny part was tht it did not come from my client, but from his accountant. While listing my clients property Iit became increasingly more difficult to entice buyers to make offers on the property because there was a lack of financial info to disclose. I had been on the owner to provide myself with data but, his schedule and travel kept him from getting me the information I needed to bring an offer to the table. After several weeks of inneffective showings, Idecided to have a face to face with the owner and layout the facts as to why there were no reasonable offers. Being a straight shooter, I told him that his lack of response and action has led to the lack of offers and the failure to sell his business. I clearly let him know that if he wanted me to sell his business, he needed to act or get me the names of people in the business who could provide me with all the financials. He agreed realizing that even he wouldn't have bought the business if the past owner had not shown him his financial data. With that said he gave me the names and numbers of all his bookeepers and his accountant. Armed with a letter of authorization I immediately put the bookeepers to work provideng all the necessary data to the accountant who was then to prepare a full analysis of the business along with a narrative explaining the profits and losses over the past three years. After several days and dozens of intense phone calls we had a prepared packet for a buyer, who when given the packet scheduled a flight to visit the business and made an exceptionally strong offer the very same day as his visit. I heard back from the accountant of the owner a week later, when he called to tell me that at first he thought I was a pushy and impatient Realtor, but after seeing the response from the buyer and remembering the past Realtors, he had a change of mind. He told me that in the past, other Realtors had buyers but again no numbers and he saw only one offer over a eight month period. The one offer fell through because the Realtor took too long to produce the financials and the buyers soon found another property to purchase. He told me my tenacity and bulldog attitude was what was needed to get the ball rolling and completed. As a professional he commented that I was exactly what the business needed to get a deal done, and I was the first Realtor he has met that started the deal and had my finger on the pulse of the deal right to the close. In the future he has told me if he needs a Realtor, he doesn't need to look hard to find the right one, just to his rolodex where he has taped my business card.

Focus and quality pave way to recognition.

2008-05-01T01:49:53Z

What comes to mind when reminded of Ferndale, WA? Old Glory proudly displayed on the old smoke stack? The settler's cabins at Pioneer park? Haggen's Food and drug store? Or how about the truly missed ice cream shakes at Grant's Drive In? All of these are things associated with Ferndale, but few people know about them beyond the borders of Whatcom County. But if you travel down to the east end of Thornton Road, you will find a business that has focused its goals and committed to only producing products with the highest standards, thus becoming the most respected rope company known around the world.

With over 100 years in rope development Samsom Rope Technologies, Inc. is currently the world leader in high performance rope production. They have concentrated their efforts on specializing in high end ropes to meet the demands of a very specific market. By focusing their talents and being dedicated to producing the highest quality product possible Samson is the industry leader in quality and stregth. By being proactive Samson is also the most innovative in the development of lightweight rope that can outperform heavier and bulkier cables and ropes. They have discovered a business model that has led them to great success.

In today's housing market we should take the example of a simple but successful rope company. The have a plan and they follow it to perfection. First they focus. Don't try to be everything to everybody. Develop a system that matches your talents to fulfill the needs of a specific market or niche. This is what will keep you successfull during hard times. Second, give your best effort to produce the best results. Don't short change your clients. This develops and maintains your base clients. It also produces some of your best referrals. Third don't be satisfied with staying at a certain level. Always find ways to improve and perfect your system. By staying on top of the game you will bring in new clients to build your business. To learn more about Samson Rope Technologies goto Samson Rope.

In summary, if we focus our efforts, only give the best service, and continually strive to improve upon ourselves, respect and recognition will follow.

Talk IS CHEAP, KNOW THY LENDER!!!

2008-04-10T14:15:35Z

Knowing the lender that is handling the loan for your clients is becoming more and more a crucial factor in today's real estate market. With the ever tightening requirements to secure a loan, a small oversight can send you scrambling in search of a rescue ladder to pull your deal out of a fatal fallout. Typically I suggest to my clients to check with at least three local lenders that I trust to get the job done right. I have found in many cases that of out of area lenders do not show the loyalty or urgency compared to a local lender.

I recently had a deal involving an out of state lender that my clients wanted to use because he offered them a great deal on the loan as well as a great rate. We pended the sale with a 45 day window for closing at the sellers request. My clients and I were agreeable to this and provided all documentation that the lender asked for within 3 days. We were ready to close or so we thought. The lender told me that my clients were pre approved for the loan and it just needed the appraisal. The appraisal was done and sent to the lender with 31 days left to close and everything seemed to be on track. I called regularly to check the loan status and after 16 days in underwriting, I wanted to know what was taking so long. He replied that the underwriter was back logged with several loans but assured me everything was in order and it would be done in 5 days. At this junction I decided it was time to put a back up plan into action because I was losing my faith in the lender. I told my clients that I didn't want to alarm them but this lender was taking much longer than what is normally needed to process a loan and I wanted an emergency plan in place. After five days I called back checking to make sure the loan was coming out of underwriting and he told me that It was not back yet but he would check with the underwriter and call me back. The next morning he called to tell me there was a problem. In the process of getting documents from my clients they had accepted tax returns that were handwritten on the IRS forms. For 6 months it had been the bank's policy that tax returns are typed before being submitted to the underwriter. They now needed official transcripts from the IRS of the tax returns in order to process the loan. This was something that should have been caught and easily corrected when we had a 40 day window. As you can guess, I have lost all faith in this lender. With a 9 day window, and in need of the transcripts, things were starting to fall apart. After several phone calls including one to the regional manager for the the lender, I discovered that the underwriters, had only received the loan application and appraisal only 2 days before he called me to tell me the problem. As you can imagine my clients, myself and the sellers agent were in disbelief. The loan officer had put my clients on the back burner since he had such a huge window for closing and then lied to me about the status. My clients immediately were in a panic because they really wanted the house. I told them we had two options. Try to extend the closing date and pray the seller would agree and leave it with the same bank or go to the back up plan with the knowledge they probably would not get as low of a mortgage rate. We optioned to the back up plan with one of my local trusted lenders who was willing to accept the the previous appraisal and all their personal documentation. He pushed the loan through within 72 hours, got my clients and comparable rate and we still closed on the original date scheduled.

I feel it is a must to have lenders who you know and trust your business to in order to keep control of the transaction. When you have trusted lenders to work with they work harder to keep earning your return business. The next time your client wants to use an out of area lender, make sure they know and trust the lender or they could be in similar circumstances.

Show your buyers you care!

2008-02-08T12:44:13Z

As a Realtor I try to show my buyers appreciation for their loyalty, especially when we close a transaction. So how do we make that loyalty become a lifelong relationship that brings referrals and more business down the road? We buy them a house warming gift, a home warranty, or a nice dinner, all these are great! But what can we do to make the buyer have a great experience that will stay with them and make them feel like you truly cared about their well being? I try to take my buyers out for a great dinner, usually a steak and seafood restaurant, but is that enough to make them remember me down the road? Keeping in touch on a regular basis after the sale is also helpful. But I want to make a dramatic impression! Well here is an idea that my clients have loved and they talk about it long after the fact.

As I said, I usually take them out for dinner where we have a great meal and enjoy some drinks and good laughs. But that is only part of the evening. I usually arrange to pick them up at home to take them to dinner, but when I arrive, I like to surprise them by showing up in a limousine where the fun starts from the minute we leave their house. We head out for dinner and I let them know, "I sincerely appreciate the loyalty they have shown me and I wanted to return the favor by taking them out for dinner and I thought a limousine would be a fun and safe way for all of us to go out to dinner and get home without any unfortunate mishaps." My clients just love the idea and the thought of their safety makes them appreciative of my actions. We all have a great night and they usually the remark how fun the ride was especially since they don't have to drive. Don't be surprised when they mention how they never have noticed things along the road as they have travelled it before. By the way, make sure you get a limousine company that has great customer service.

For all of you in the Whatcom or Skagit counties I have had the best luck with Kings Coaches out of Bellingham. They have clean cars and uniformed drivers, and they don't charge me extra for going down to Skagit county. The $500.00 - $700.00 night (dinner and Limo included) is not a bad investment, when it typically yields 2 or more sales down the road which net on average $5,000.00 or more per transaction. If you have any great ideas that you would like to share I would love to hear about them.

Realtors have your clients put "ICE" on their cell phones. A cool new life saver!

2008-02-01T12:45:34Z

Here is a great new concept that I think will become a nationwide trend. As a Realtor it is also a trend that many of my home buyers appreciate as a safety tip. Remember the days when we used to carry the old emergency contact card. Now we can do it again but only this time through th use of our cell phones we have digital contact card. We all carry our mobile phones with names & numbers stored in its memory but nobody, other than ourselves, knows which of these numbers belong to our closest family or friends. If we were to be involved in an accident or were taken ill, the people attending us would have our mobile phone but wouldn't know who to call. Most of us have hundreds of numbers stored but which one is the contact person in case of an emergency? Hence this 'ICE' (In Case of Emergency) Campaign The concept of 'ICE' is a quickly spreading trend that wil save lives. It is a innovative source of contact information during emergency situations. As cell phones are carried by the majority of the population, all you need to do is store the number of a contact person or persons who should be contacted during emergency under the name 'ICE' (In Case Of Emergency). The idea was thought up by a paramedic who found discovered when he was at the scene of an accident, most patients in an accident carried a cell phone, but paramedics were not sure of which numbers to call. He therefore thought that it would be good idea if there was a nationally recognized name for this purpose and thus the concept of "ICE" was born.

In an emergency situation, Emergency Service personnel and hospital Staff would be able to quickly contact the right person by simply dialing the number you have stored as 'ICE.' For more than one contact name simply enter ICE1, ICE2 and ICE3 etc. A great idea that will make a difference! Let's spread the concept of
ICE by storing an ICE number in our Mobile phones today!

Whatcom County, Still A great Place To Live!

2007-12-18T16:03:02Z

Looking for a place to live, how about a whatcom county home? It seems like everywhere we turn the newspapers are screaming how bad the economy is with bold print. Even our local news puts the emphasis on the declining economy, but this perception is based on national news and national problems. If someone were to take the time researching the local and state numbers they would find that life is of a different sort here in western Washington. In fact the latest numbers have shown quite the opposite for our area. Even with the slow down in the national market, sales are steady for whatcom county homes. The current numbers are showing 201 homes sold for the month of November and half way through December we are on pace with 102 homes sold. Much of this could have to do with the median household income in Whatcom County rose 4.7 percent last year and now stands at $53,573. This is nearly a 5 percent increase from 2006, and a 12.2 percent increase over 2005. Statewide the median income was up about 8.9 percent over the same time period.

As our community has grown, we have had to diversify our job fields in a way that makes it easier for us to handle the down times. With the Georgia Pacific mill gone we have found a way around problems so a loss of a single plant can no longer cripple the economy of our area.

Even a slow down in construction, which has been our big job growth area the last five years, is not a major impediment to the local economy. That is not to say that everything is perfect. Our median income still trails the statewide median, but then this has been the case for more than 20 years. Let's not forget that when the United States dollar slumps it usually means a increase in Canadian investors coming down to Whatcom county to buy goods, foods, services and to invest in Whatcom properties.

What is your Christmas tradition?

2007-12-17T18:14:05Z

Christmas is my favorite time of the year! I love christmas for many reasons but when i sit down to think of the ones that have the most significant meaning only a few really stand out. I love sitting around the table talking with close family, sharing past memories and new adventures. I love watching Rudolph the red nosed reindeer with my wife and our two little ones (which is even more significant because we watched it at the mountain theater the night we got engaged.) I love seeing the smile on someones face when you wish them a merry christmas. But recently my 3 year old daughter gave me a greater reason to smile when she told me that she wanted put her quarter that she just earned in our family envelope on the tree. The envelope has been a tradition my wife and I have had where we contribute money between Thanksgiving and the 20th of December in order to fulfill the wishes of children being sponsered by the Salvation Army's Angel Tree. Every year we usually contribute about $400.00, but this year it seemed so insignificant as my daughter gave the quarter she worked so hard for by picking up her toys and saying, "Daddy, can I put my money in the envelope too? I want you to get some kids some more toys like me!" I felt so proud as a parent to see my little girl was watching the actions of her mother and I and gave joyfully in order to bring joy to another child. Giving joyfully has been so much more of a rewarding experience than receiving gifts, especially when you see the smile that it brings to a young child during the holidays. I look forward to the many years my family and I will carry on this tradition and especially the participation of our children as they get older. (by the way my daughter got two new shiny quarters in her Christmas stocking which she will find on Christmas morning!) :)

Home prices still up for the year despite recent price reductions.

2007-11-29T17:24:40Z

Home prices for Whatcom county are still up from 2006 prices according to the NWMLS. While homes may not be changing hands as fast as they were in 2006, they are still selling. At the end of October 2006, the average median price for residential property was $285,000 and finished with a annual total of $281,900. This year the number show that at the end of October the average median price for the month was $289,500 with an annual average of $291,850, a 3.5 percent increase for the year.

With homes being listed on the market for an average of 27 days longer than last year, many agents will have to learn the true nature of what a Realtor is supposed to be. Gone are the days of taking a listing and simply marketing it by putting it in the MLS, putting a sign in the yard and one or two printed media. Today's agent needs to be informed and ready to tell his or her clients what they need to know in order to sell the home and many times things that the homeowner may not want to know. For example why it is so important to price a house appropriately the first time it is listed rather than overprice it and chase the market down with price reductions. If you can price the home right at or just under the market price the first time chances are you will sell the home quicker. If you overprice and start chasing price down the line, the home owner usually has to settle for less some 100 days later than if the agent had informed them of setting it appropriately when the listing was taken.

Staging is also an important factor. Simple, but sometimes impractical changes can make a difference in selling a home. If a master bedroom is small looking because the current owner has a king size bed in it with other dressers and furniture, you might recommend they remove the king size bed and introduce a queen bed into the room thus making it look more spacious and appealing to prospective buyers. Keeping kitchen counters cleared and clean also makes it look more open and inviting. Let's not forget about doing things that appeal to the senses of our buyers like fresh baked cookies on the counter when doing open houses. You want the buyer to feel like they are in a place that they would love to stay and live.

Last of all, learn how to market using the internet. It is an incredible tool if you know how to get you information on it and how to make the buyers come to your personal sites. You may not have a buyer for your listing, but you are still generating leads for yourself and helping others find just the right home that suits them.