Who has the right to display the flag where, when & under what circumstances? - 09/30/06 01:22 PM
There was a very informative article in today’s Washington Post regarding our flag. Over the years and especially since 9/11, homeowners, HOA’s and Condominium’s have been squaring off over where, when and how the colors may be displayed. Congress stepped in and in July 2005, President Bush signed into law, … (2 comments)
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The IRS is partnering with Mortgage Companies (sort of) - 09/30/06 08:55 AM
Starting this Monday, if you have any clients who are planning to apply for a mortgage using a “Stated Income” or other limited-document approach, they had better be careful what income they post on the loan application. The IRS has recently overhauled a key income verification tool used by lenders, … (16 comments)
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Client Follow-up Systems: What really works? - 09/30/06 07:06 AM
There is a thriving industry of people and organizations ready to sell you newsletters, flower seeds, magnets, coasters and just about anything else you can think of that your name and phone number can be stenciled or stamped on. Over the years, I have tried numerous things, but keep coming … (15 comments)
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When does partnering make sense? - 09/29/06 04:49 PM
Have stumbled around the block a few times, I have mixed views on the value of having a business “partner”. Over the years, I have seen at least 35 or 40 partnerships explode or otherwise end nastily with hard feelings all around. Having been through it twice myself, I would … (3 comments)
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When do Purchasers Make Offers? What if it is your day off? - 09/29/06 09:00 AM
Have you ever paid attention to when buyers are ready to make purchase decisions? Not counting relocating families who have to make a quick decision, is there a pattern? I am usually prepared to show properties some portion of all seven days ( yes, I do take time off) and, … (2 comments)
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Show Appointments: To meet at or ride together to? - 09/28/06 01:40 PM
I have heard from an increasing number of agents that the way they work with buyer prospects and clients is dramatically changing. Due to the amount of property data available on the Internet and virtual tours, many buyers just aren’t interested in exploring or solely relying on the Buyer Agent to … (9 comments)
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Showing Client Appreciation - 09/27/06 10:05 AM
When I have a settlement, I am always there, whether needed or not, to support my clients as they close a transaction that was important to them. I have already thanked them for their business – at listing or buyer agency signing, at contract signing and on the way to … (4 comments)
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Technology versus Paper! - 09/27/06 09:53 AM
Having stumbled my way around the block several times in trying to decide how and what parts of my business to automate, I have come to a few workable conclusions for me not to empty the bank account and still get the job done: It doesn’t all have to be automated. … (5 comments)
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Not all Radon Test Results Are Valid Indicators of a Problem - 09/26/06 09:58 AM
Radon Gas is everywhere. It becomes a problem only when it seeps into a home and collects into an un-disbursed concentration greater than 4.0 pCi/L for an extended period of time. The fix is usually fairly easy and typically cost $750-$1,000 (in our area) to install a monitor and fan-ejection … (2 comments)
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So, you think you could do better if you went out on your own…. Part 1 - 09/26/06 09:52 AM
My first time….
We have all had our adventures that have lead us to where we are currently in our real estate careers. If you don’t mind, I would like to offer some snapshots of things that happened along the way that ultimately led me to want to be on … (9 comments)
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Vacant homes die more quickly - 09/26/06 09:46 AM
Homes were made for people to live in and thrive when taken care of. Vacant properties deteriorate much more quickly when the major systems of the home are not used. If you list or sell a home that has been vacant for more than 30 days, you can expect the … (2 comments)
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"Buy from Me or Get Out of My Car!!!" - 09/25/06 09:42 AM
Back in 1989, before the huge market collapse, I attended a seminar entitled: “Buy from Me or Get Out of MY Car!” It was a half-day well spent in discussing who gets in your car when. It’s not just a matter of being financially qualified. It’s also important that the Buyers … (22 comments)
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Real Estate Attorney or Settlement Technician? - 09/24/06 08:24 AM
Have you ever gone to a closing, expecting to see a seasoned real estate attorney and end up with a settlement technician, who has maybe been around for a month or so? What happens when things go south at the table over unresolved contract or repair issues? Yes, we Realtors … (2 comments)
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Who still previews? - 09/24/06 07:19 AM
“Seasoned” Realtors still remember the days of thermal printers, no computer, lousy and tricky lockbox keys, a manageable inventory, a 1 or 2-page Sales Contract and – an expectation that you would preview new listings as they come on the market. Many of today’s agents look at me as if … (9 comments)
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Home Inspection or Not - 09/24/06 06:28 AM
Have been around for many years, I have seen lots of different views on the usefulness or necessity of home inspections. How we have treated this matter has come back to haunt and roost on more than a few Realtors - legally, financially and professionally. Home Purchasers (with or without … (3 comments)
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"Parking Lot Bailout!" - 09/23/06 09:38 AM
You are just returning to your office with your prospective buyers, Tom and Jill King. This was your first outing, you showed them eight properties in the price range and general areas in which they had expressed interest. Now, it’s time for the close. You think of your favorite Mike Ferry … (4 comments)
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A Fixed-Rate Solution to Equity Line Uncertainty - 09/23/06 05:05 AM
There was an interesting article in the Post today about options for reducing payments and making home equity line payoff more predictable. With the slowly, but steadily increasing interest rates, particularly for home equity loans, some folks are getting nervous about payemts on $70,000 to $100,000 and more lines of credit. … (2 comments)
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Ever List a "Haunted House"????? - 09/22/06 12:26 PM
Six years ago, a colleague and I were invited to meet with the current owners of an antibellum colonial that was built in the 1840's. During the Civl War, the home was used by both the Union and Confederate at different times as a hospital. Except for the kitchen and bathrooms, … (18 comments)
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He really, really didn't want to buy or get married! - 09/21/06 06:16 AM
A couple of years ago, I had an engaged couple contact me for assistance in finding a place to live. She had made it clear that they wouldn't be moving in together unless there was a ring and date. Her birthday was a month off and his plan was to give … (3 comments)
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What's Your Best Internet Quote?? - 09/21/06 04:49 AM
Saw these quotes this morning and thought they were worth passing on since we are all caught up in the Internet/Blog/Networking revolution.
"Give a person a fish and you feed them for a day; teach that person to use the Internet and they won't bother you for weeks" -Unknown
… (2 comments)
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Horrid Closing Process - 09/20/06 05:14 AM
With more lenders and settlement agencies trying to extend their geographic tentacles, quality of service inevitably suffers. In Virginia, the purchaser the Purchaser usually selects the settlement agent. Typically and thankfully, no other attorneys are involved unless there is a dispute between the buyer and seller. We had a closing yesterday … (2 comments)
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Qualifying for a Reverse Mortgage - 09/18/06 04:41 AM
An elderly past client of mine has a life estate on her home. After she dies, the property will go to her son. She wanted to take out a reverse mortgage to help with expenses. Can she do it? No. To obtain a senior citizen reverse mortgage, the homeowner must be … (0 comments)
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Living Trust versus Will in Bequeathing Real Estate - 09/17/06 05:34 AM
A client of mine recently asked her attorney about passing property title to an heir by a revocable living trust. Does the living trust-heir receive the house at the decendent's presumably low cost basis, thereby incurring a larger gain on sale than if title simply passed by probabte to the heir … (1 comments)
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Appraisals Get Tough When Sales Slide - 09/17/06 05:18 AM
This is every agent's and seller's nightmare scenario: spend thousands sprucing home up, put it on the market, get an acceptable contract, find a new place to live, complete plans to re-enroll kids in new school, make arrangements to move and then the appraisal doesn't support the contact sales price! As … (6 comments)
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New Agents: Influx or Glut?? - 09/17/06 04:59 AM
Despite what you read in the paper about the decline in overall market activity, new agents continue to come into our industry in record numbers. The number of real estate agents with active licenses is 120,141 in the Washington DC Metro Area! These people are surging into the field even though … (0 comments)
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Spring Market: Boom or Bust? - 09/16/06 05:46 AM
Some industry journals have already started talking about the Spring 2007 market with predictions that range from a continued slow-down and lower prices to more bullish predictions with a retrun to houses selling hot off the griddle.
I agree the market is going to continue to improve, but I don't see … (0 comments)
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New Credit Scoring Standards? - 09/15/06 05:36 AM
Back in March, TransUnion, Experian, and Equifax launched VantageScore to "standardize" the way credit scores were calculated as an alternative to FICO. What has been the effect (if any) of the alternative scoring method? Is this a form of "grade inflation" or a good alternative to FICO?
Has anyone (Lenders or … (3 comments)
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Living a Balanced Life in a Crazy Business - 09/15/06 05:29 AM
How many times have you heard these statements from other agents?
"I can't take a day off!" "I feel like I'm working from 8am to 10pm!" "There's no time to do the things I enjoy." "I haven't had a vacation in years!" "Those people are driving me nuts with … (5 comments)
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Who's got the "BEST" approach to Newsletters???? - 09/14/06 05:27 AM
Has anyone recently compared newsletter sources? For starters, I am looking at Craig Forte's Service for Life newsletter and the newsletters from Resulti.
As I understand, Craig's whole take on the issue is that most people don't want to hear about real estate every month of their lives. They want … (7 comments)
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Marketing Idea or Violation of RESPA? - 09/14/06 05:14 AM
There is a n on-going debate among colleagues about a marketing idea - 25% referral to a non-profit organization. Some say that since the payment comes off the top of our commission and goes directly to the non-profit, that you are not paying a referral fee to an unlicensed individual. … (4 comments)
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What's the best electronic fax service? - 09/14/06 05:01 AM
A while ago, someone mentioned about maxemail.com for fax services, is this service dependable and priced right, which other services are competitive? Please help.thanks
I have also heard that Maxemail is easier and cheaper than eFax.
In priority order, my interests are reliability, ease of use and cost. All suggestions greatly … (5 comments)
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Variable/Reduced Commissions for Limited-Service Buyer Agents - 09/13/06 05:17 AM
As most of you know, there are new limited-service companies that are taking market share of un-represented buyers in return for commission rebates up to 2% of the sales price. A number of traditional brokerages are trying to find ways to circumvent this market penetration. I have to admit that … (11 comments)
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Realtor needs HELP - he found a kidney - needs cash - 09/13/06 04:46 AM
Michigan Realtor needs HELP - he found a kidney - needs cash Forwarded from: "Jackie Hawley" <jackie@jackiehawley.com> An agent in Oxford, MI needs the help of fellow Realtors (and anybody else who can help). John Bray at Coldwell Banker Shooltz in Oxford, MI needs a kidney. And not because he's a … (2 comments)
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What's the best type of Newsletter to send out? - 09/13/06 04:37 AM
Over the years, I have tried a number of different newsletter formats and, my experience tells me that the format is less important than contact consistency. Industry surveys repeatedly say that people don't remember hearing from us until they have received 4 to 6 mailings. While the presentation, format and content … (1 comments)
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Prospecting Assertively by Email - 09/12/06 08:51 AM
A long-term client of mine received this email recently from another agent who would like to do business with her. She didn't mind the email approach, but, fortunately for me, she's not ready to change agents.
Hello,
A quick note here to let you know, that I have set some really big … (6 comments)
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Open House with a little different twist - 09/12/06 06:26 AM
I recently held an open house in the evening, from 5 to 7, on a listing tucked away on a side street. The only way people would know about the open was to have seen it on my site, or to follow the signs pointing in to the house.
… (13 comments)
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Buyer Agents - Make certain you "go the distance" for your Client! - 09/12/06 05:23 AM
The Fifth District Court of Appeals of Ohio sitting in Delaware CountyRecently decided a case dealing with an alleged acreage shortage andAddressed the duties of the seller and the real estate agents involved inThat transaction. (See Schmiedebusch v. Rako Realty, Inc., 2005-Ohio-4884.)The case is insightful, as it illustrates the relatively minimal … (1 comments)
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Post Card Resources - 09/11/06 05:31 AM
A number of you have expressed interest in using post cards for business and sphere-of-influence mailings. Here are some sources and comments: 1. http://bpggraphics.com - email rhillier@bpggraphics.comThey do 40,000 full 2 sides colour 4-up cut and bundled in 100's for $995.Service is excellent. These cards are glossy and 110 stock. … (2 comments)
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Wrap Loans Are Still Around!! - 09/11/06 05:15 AM
Wrap Loans Are Still Around!!
"Wraps" are STILL being done. It just depends which real estate submarketyou are working in. In 1-4 family residential like most of us here work,wrap loans are rare. And there are a variety of ways to structure a wraploan.In fact-- killing two birds with one stone-- a … (2 comments)
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Why Classified Advertising is Essential to Your Success!! - 09/11/06 05:01 AM
While the goal of your classified ads is the same as the goal of your editorial-style direct response ads (I.e. To get prospects to pick up the phone and call you), the urgency of the prospects you will be attracting, and the way you must attract them, is somewhat different. … (2 comments)
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Why your email may not be delivered...... - 09/10/06 12:49 PM
Prior to the suffocating media coverage on the war against terrorism the occurrence of a new email-borne virus seemed to dominate the news on a weekly basis. You'll all remember "I Love You", "Code-Red", "NIMDA" and more, particularly if you or one of your co-workers or friends was infected. These viruses … (1 comments)
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What do I say now?????? - 09/10/06 12:37 PM
If you are a normal Realtor, sometimes it's really difficult to say the right thing at the right time. Or, 15 minutes after you have left the prospective client (Buyer or Seller), you think of 5 other things you could have said to get the Listing or a Buyer Agency Agreement. … (3 comments)
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PURCHASE CONTRACTS: “CAN THESE BE EXCHANGED UNDER SECTION 1031?” - 09/10/06 12:14 PM
PURCHASE CONTRACTS “CAN THESE BE EXCHANGED UNDER SECTION 1031?”
In certain markets across the country, the demand for new construction has been very strong. In those markets, an investor who has executed a purchase agreement for new construction may be able to sell a contract to purchase new construction before taking … (1 comments)
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Real Estate Practices in England?? - 09/09/06 09:28 PM
Amazin! ...So, thanks to Jim Cummings we've learned that in England thereIs a legally tolerated practice called *gazumping* which is whenThe seller has accepted an offer on his property, but when a higherOne is proffered, he takes it instead. Intrigued, I researched theNew term on the web and found … (1 comments)
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Teleconference For Blogaholics! - 09/09/06 08:46 PM
… (0 comments)
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Help with ads for Craig's List and other classified ad sites - 09/09/06 08:27 PM
I was referred to this site by a friend. Thought it might be of interest to the group. Build your ad once. Get it on several top classifieds sites. Free. Check out: Postlets Plus Postlets™ are category-specific ads that you build just once and post on several top classifieds … (8 comments)
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