master the obvious - 10/26/07 08:17 PM
Whether it's from hard work, luck or your Great Aunt Edna - you have gotten a listing. Congratulations!
Please do some basic things. Fill out all the fields completely in MLS. Upload as many pictures as you can of the house. Do a nice fact sheet on the house. Return calls from agents and the public. Do feedback on all showings and share that with your clients. Update your clients weekly on new listings in the area, price changes on competing listings, and on pended listings. If your listing is not selling after a few weeks, seek price reductions and ask your clients to … (7 comments)
|
Buyers can't make seller disclosures - 10/26/07 05:08 PM
In the hurry to get things done quickly, buyers' agents often will have clients fill out blank disclaimers and blank lead based paint disclosures for the listing agent to have the sellers sign. For agents who do this: DON'T!!
The law in most states (my guess is all states) is that sellers have to provide buyers signed disclaimers/disclosures. HUD requires the seller/landlord provide a buyer/tenant a completed lead base paint disclosure and if there are know lead hazards, any records or inspection reports.
If buyers do not get the disclosure/disclaimer at contract time they have a 3 day review/recession period on the contract. If they don't' get it … (4 comments)
|
big a big fish in a small pond - 10/25/07 05:51 PM
Low on cash?
Have very few prospects?
Feeling really low?
Don't let fear paralyze your business. I'm going to give you a simple, inexpensive marketing plan. It's going to mean that you actually have to get out and work - so be prepared.
Step 1: Choose a 100-home farm area. Make sure the price range is between $125,000-200,000. Find an area with the highest rated schools. Run a CMA and get familiar with home sales over the past three to four years.
Step 2: Create a one-page flyer. You can use the templates for newsletters in Microsoft Word. On one section you will list sales in the area … (4 comments)
|
helpful guidelines for marketing - 10/25/07 11:58 AM
Here is a helpful matrix I give my agents regarding marketing. This shows the per piece price of marketing materials and how much it actually costs to market based on increasing sizes of market areas.
Money is tight for new agents (all agents) so using marketing money wisely is very important. I suggest agents buy all their marketing material up front and have a plan to send out a marketing piece every two to three weeks. They probably want to buy enough materials for ten mailings/distributions.
This plan allocated .26 cents for direct mail. We have a direct mail center in house … (2 comments)
|
Join remax action - 10/24/07 03:07 PM
If you are an agent in the Central Virginia Region mark your calendar for November 13th from 7-9 p.m. We will be hosting a "carreer night" for agents who want to know more about RE/MAX Action. The event will be held at 11551 Nuckols Road, Suite D., Glen Allen, VA 23059. RSVP to Gary Duda @ 804-521-5601 or email at garyduda@remax.net.
… (0 comments)
|
The key to direct mail is to start small and stick with it! - 10/24/07 02:31 PM
If you plan on making direct mail a part of your Real Estate marketing plan - start small.
Realtors new to direct mail often take on too large a market area only to find they lack the funds and time to keep up with their program. The end result is that after a couple mailings the agent does not see results and gives up. The only guarantee with direct mail is that if you don't do it - it won't work!
If you want to use direct mail a better plan would be to start with a small neighborhood of maybe no more … (13 comments)
|
check list to getting home ready to sell - 10/23/07 06:41 PM
If you are getting ready to sell, here is an easy check list of what to do.
Make Repairs:
If there is wood rot, broken windows, damaged shingles or other visible damage, then have it repaired. It's a lot easier to sell a home that is mechanically and physically in shape. Fixing items before a home inspection also allows the items to be repaired more economically because the seller can make repairs without having to abide by sometime unreasonable repair recommendations. Buyers also hate to see repair items because they fear the home has not been care for by the sellers.
Cosmetic Items are cheap:
To quote a local … (1 comments)
|
the work really starts after the contract is written - 10/23/07 01:36 PM
Once the contract is written, the job of a good Realtor has really just begun. So has the job of a host of people including lenders, attorneys, title companies, insurance agents, home warranty companies and so on.
The beginning: Writing the contract.
Once the contract is written, the closing process is underway. (This document is geared toward the Richmond Virginia Market and there are minor to major differences in other areas of the state and country.) The contract must be sent to the following parties:
LendersAttorneys/Settlement AgentsBoth Real Estate FirmsBuyers and SellersThe closing process happens on several different levels before it all comes together … (4 comments)
|
It wasn't fraud that put most lenders out of business - 10/18/07 08:43 AM
In a free-market economy such as ours, the willingness to make money spurs on many things, including the housing and mortgage market.
Much of our recent real estate explosion was fueled by lenders lowering the bar on what it took to get a loan. The reason they lowered the bar was there were investors willing to buy those loans in the secondary mortgage market.
In the mortgage-money cycle of life, loans are made, they are sold in the secondary-market, and then loans with similar characteristics are packaged into mortgage-backed securities. These mortgage-backed securities typically are safe investments for pension funds and life insurance companies.
Over the … (2 comments)
|
It's not the Fed that keeps long term interest rates low - 10/18/07 08:02 AM
It's become common for the public to watch the actions of the Federal Reserve, thinking that their raising and lower of interest rates will have some affect on home mortgage rates.
The truth is that what the Fed does has very little impact on interest rates for most home mortgages. To understand what drives long-term mortgage interest rates you must understand where the money for home mortgages originates.
Home mortgage money comes primarily from investors. Once a mortgage is made to a homeowner it is sold on the "secondary" market and packaged with other mortgages becoming a "mortgage-backed security." This security is … (0 comments)
|
Let's spread some sunshine - 10/17/07 07:29 AM
Now is an amazing time to buy real estate!
Interest rates are historically low. There is lots of inventory. Builders are making deals. The sun is shining. The birds are singing and the crisp autumn breeze on my face makes me happy to be alive! Gosh, I feel like singing show tunes.
If you are in Real Estate, that is what ought to be running through your head and flowing from your mouth. Sure things are a bit tough now. We all know that, but the public is hearing enough of the bad stuff from the media. Bad news sells better than good news.
We have been through … (4 comments)
|
Your success is ultimately up to you! - 10/15/07 04:33 PM
If your real estate business isn't all it can be, here are some important questions to ask yourself.
Do you consistently work a full 40-hour week at real estate?Have you mailed out or used all of the marketing materials you have purchased in the past year?Do you let more than an hour or two go by before returning emails or voicemails on a regular basis?Have you taken a class within the past six months toward a Realtor designation such as GRI, ABR or CRS?Do you go onto your MLS daily to see what is happening with new, pended, sold or expired listings?Have you visited … (2 comments)
|
Here are some things not to do that will increase your business - 10/15/07 09:04 AM
One of my last blogs was about name tags and car magnets - all great things to increase your visibility as a Realtor. However, I omitted some important common sense items:
If you are going to wear a name tag then please don't:
Be rude to people - they definitely won't call you. If you really must be rude please don't let them know you are a Realtor - our industry has enough image problems.Talk on the phone while being served by a cashier/waiter (it's rude whether you are wearing a name tag or not. And by the way, these folks buy homes too)Let doors shut … (10 comments)
|
Inexpensive tips to increase your business - 10/13/07 09:56 PM
While there are many ways to market yourself as a Realtor, here are a few inexpensive methods that you may have overlooked.
When in public, always wear a name tag that says who you are and what firm you work for. It may sound corny, but I guarantee it will prompt people to ask you about real estate. The best name tags are magnetic and don't ruin clothing as easily as the ones that use pins.
I know this will bring jeers, but car magnets are also great conversation pieces. You might want to get something a little nicer looking than just the … (10 comments)
|
Feedback can turn a stale listing into a paycheck - 10/12/07 03:24 PM
Your listing isn't selling. Trust me you are not alone. However, your clients really "need" to sell and you feel frustrated - what can you do?
The answer is simple - give your sellers regular feedback on showings and on changes in the market.
Calling for feedback from showings is the key to getting any home sold - particularly a home that is for sale in a down market. Your clients need to know what buyers are thinking about their home. If you don't call for feedback from each and every agent who shows your listings, you are missing a great opportunity. … (5 comments)
|
So What's a CLUE Report - 10/10/07 10:30 AM
If you are a homeowner you might want to be aware that filing an insurance claim for damage to your home could one day impact your ability to sell your property.
Insurance claims on homes now may be submitted to a 10-year old database called the Comprehensive Loss Underwriting Exchange Property Database (CLUE). Information on past claims is available for insurers who are looking to write policy on homes. Information on a CLUE Report might give an insurer reason to not issue a policy on a home or to insure it at a higher rate.
Imagine your home suffers water damage from … (5 comments)
|
start planning your spring move now - 10/09/07 11:44 AM
If you watched all your friends and neighbors move this past year and you have vowed that next year will be your time to move - start your preparations now.
Too many homeowners wait until the last minute to get their home market ready and are often overwhelmed with all that needs to be done. Consequently, they either postpone a move they really want or sell their home for less because it needed some work.
Start your preparations by taking a good long look at your home. Call your Realtor and have him or her make recommendations on how to enhance the sale … (0 comments)
|
Look for a good investment not a deal - 10/08/07 10:49 AM
Everyone wants a deal in real estate or as it's been called - "the price of a lifetime." Many home lookers won't even make an offer unless it is tens of thousands under the asking price.
My advice to this type of buyer is look at the house and its potential long-term resale.
You never know how good of a deal your home was until you one day sell that home. If the goal is to make as much appreciation as possible then focus on the house and not the price.
Real estate is essentially supply and demand 101. The better demand for your home … (4 comments)
|
Having your own agent is always a wise idea - 10/07/07 09:44 AM
If you plan on purchasing a home, the first step is to find a reliable buyer's agent who will help guide you through the process.
A buyer's agent is your agent and represents your interests.
If the property is listed the seller already has an agent who is looking our for his or her interests. You have the same right to your own representation.
While it is illegal for the seller and listing agent to conceal known defects about the house such as a leaky roof or faulty furnace, it is not required for the listing agent or seller to disclose many other items such as:
Information regarding adjacent parcels of … (3 comments)
|
If you are moving why wait? - 10/06/07 08:10 AM
What is so bad with the housing market? Nothing!
Interest rates for fixed mortgages are historically low. Inventory is high. Sure we have seen the risky side of lending take a hit, but if you are a regular owner-occupant buyer things look pretty good on the buying front.
Now might be the best time for home buyers in years. There is plenty to look at. On the resale front you might actually have some negotiating room. On the new construction front, builders are making deals.
If you are looking to move up to a larger home, things are good too. I've had clients say they want to … (0 comments)
|
What did I just sign? - 10/05/07 10:06 AM
What did you just sign?
In the rush to buy a home, most people grant at best a cursory look to the documents they sign when making a purchase offer. Buyers typically focus on the offer price and closing date and pay little attention the rest of the contract.
The documents you sign when buying a home are important and do not always favor a buyer. There are many so-called "standard" contracts used in the Richmond area and the provisions within those documents can be as different as night and day.
Fortunately most buyers use a Realtor and have an attorney to advise them … (3 comments)
|
How much will that home actually cost? - 10/05/07 09:58 AM
How much will that house actually cost?
When a buyer is considering making an offer on a home carefully consider not only the price of the home, but the five year cost of owning it.
Too many home buyers rush into their purchase without regard to what it will cost to own that home over the next five to ten years. The cost of replacing major components of a home can run into the tens of thousands of dollars.
Before signing the contract make sure you know the age and approximate remaining life on the following items:
Heating and cooling system RoofExterior paintInterior paintCarpetHot Water HeaterKitchen … (0 comments)
|
Real Estate Advice - 10/04/07 09:48 AM
There are two types of sellers. Those who want to sell and those who need to sell.
You've gotten a new job in Tulsa and you have to move. You are now the type of seller who needs to sell. The problem is there are many homes for sale in your neighborhood that you will have to compete against. What do you do?
If you were the seller who wants to sell you probably would list your home at the same price the others are listed and hope for the best. However, you are the seller who needs to sell so you need a plan … (4 comments)
|
;)
;)
