California Real Estate Musings...

Attending the NAR Convention? If so don't miss our NAR Mixer...

RealEstate.com — Fri, 06 Nov 2009 09:34:20 -0600

Spend the day at the National Association of REALTORS Convention in San Diego and then come join us at one of San Diego's best hangouts...Tivoli Bar! This will be a casual mixer with lots of great people that are involved in real estate. Network, share stories, and enjoy a full no-host bar and food menu. Please RSVP and feel free to invite all of your friends!

THX to Brian Brady for co-promoting. This is shaping up to be THE PARTY of NAR! We are working on sponsors and door prizes so if anyone wants to contribute please let me know! We are going to pack this place and have a great time. For more info visit the link below and join our FaceBook page! See you all next Friday!

http://www.facebook.com/RealEstate.comCalifornia#/event.php?eid=168713273788&ref=mf

Attending the NAR Convention? If so don't miss our NAR Mixer...

RealEstate.com — Fri, 06 Nov 2009 09:32:59 -0600

http://www.facebook.com/RealEstate.comCalifornia#/event.php?eid=168713273788&ref=mf

Attending the NAR Convention? If so don't miss our NAR Mixer...

RealEstate.com — Fri, 06 Nov 2009 09:31:46 -0600

http://www.facebook.com/RealEstate.comCalifornia#/event.php?eid=168713273788&ref=mf

Coming to NAR Convention? Don't miss our NAR Mixer...

RealEstate.com — Fri, 06 Nov 2009 09:30:51 -0600

http://www.facebook.com/RealEstate.comCalifornia#/event.php?eid=168713273788&ref=mf

What the Talking Heads want you to believe...

RealEstate.com — Fri, 06 Nov 2009 09:25:31 -0600

Let me start by saying the views expressed in this blog are mine alone and in no way reflects the beliefs or opinions of my company or any others. The two quotes I mention below are just two of several I have seen recently that offer a similar opinion on the tax credits and their effect on the real estate market. Let me also say that my view may be skewed a bit as well, due to the fact that much of the work we do is representing first time buyers. This post is a reflection of what I experience daily and what our clients tell us.

In my previous post I pointed out some good news on the real estate front, among them the first time home buyer tax credit extension and expansion. A few recent quotes around this issue include, "I am not applying the recent home-price rebound to the tax credit," said Cameron Findlay, chief economist at LendingTree, in a recent interview. "I don't think the tax credit makes as big an impact as people make it out to be, although it certainly motivates first-time buyers," he said. "If it expires, I don't think it would shake the housing market as much as some have predicted." And in a recent interview, Fox-Pitt Kelton analyst Robert Stevenson said the Senate's proposal for extending the $8,000 tax credit for new homebuyers will have a "limited impact" on home sales. Ok, so what do these analysts attribute to the fact that for 8 consecutive months (according to the National Association of REALTORS) housing sales have spiked? If not the tax credit, then what is it? Look, I know this is not all we need to continue the recovery, but from the perspective of someone on the street these measures absolutely make an impact! Here's what NAR has to say:

Pending home sales rose again, marking eight consecutive monthly gains - the longest streak since measurement began in 2001, according to the National Association of Realtors®. Lawrence Yun, NAR chief economist, said the momentum is understandable. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," he said. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."

We can argue the merits of tax credits all day, but the reality is 40% of first time buyers have said they only bought a home because of the credit! 40%! If that does not say it all then what does? Our recent experience tells me that with the looming deadline of the first time buyer tax credit has caused buyers to stop their search as they now understand they could not beat the deadline. By extending it we will see a spike in activity as these buyers get back in the game and drive volume into 2010. The proposed extension that will include a $6500 credit for move up buyers will also have an impact. By including language that the move up buyer has had to have owned the home for at least 5 years, that effectively limits the number of potential buyers...and sellers...that are upside down. Don't overlook what I said...sellers! This credit will help drive fresh inventory that we desperately need to the market and create not one but two transaction sides. This was a bold move by Congress...and a smart one. I have blogged about this in the past, we have huge need for new inventory. Most homes have multiple offers or are in the long process of getting short sale approval from the banks, so it has limited what buyers can select from. Add in that more cash buyers are flooding the market and it makes it even more difficult for FHA and VA buyers to get offers accepted. This is the reality of the market and varies drastically from what is reported. You want the straight truth? Talk to a busy REALTOR who is out in the trenches all day.

What is the "Good News in Real Estate?"

RealEstate.com — Mon, 02 Nov 2009 13:15:13 -0600

To say it's been a tough few years in real estate would be a huge understatement. However in every market there is opportunity to be found and believe it or not people make money in every real estate market. As an example, real estate brokers that handle foreclosure property are experiencing the best years of their careers. Same with brokers that handle short sales. Now, it's a lot more work and it's tough, but nonetheless they are busy. While thinking about these types of things I started to wonder, "What is the good news in real estate?" Here's what I came up with.

Conforming loan limits extended through 2010. The California Association of REALTORS noted the U.S. Congress late yesterday passed a congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown. "There is no doubt that higher loan limits and the federal tax credit for first-time home buyers have helped stabilize California's housing market over the last year," said C.A.R. President James Liptak. "C.A.R. applauds our congressional representatives for their actions to extend the higher loan limits through 2010. They now should focus on making higher loan limits permanent."

C.A.R. calls for extension of federal tax credit. The proposed extension AND expansion of this tax credit includes language that extends the closing deadline for first time buyers from November 30, 2009 to June 30th 2010. A buyer must be under contract by April 30th 2010 and close by June 30, 2010. The new bill also includes a tax credit of up to $6500 for move up buyers that have been in their homes for at least 5 consecutive years over the past 8 years. According to The California Asscociation of REALTORS, nearly 40 percent of first-time buyers said they would not have purchased a home if the federal tax credit for first-time home buyers was not offered. This underscores the significance of the federal tax credit to the housing market's recovery in California.

September sales rise...Median price declines. The California Association of REALTORS reported that September sales were up 2.1 percent to a seasonally adjusted rate of 530,520 units on an annualized basis. The Unsold Inventory Index fell to 4.2 months in September, compared with 6.5 months in September 2008. The index estimates how long it would take to sell off the existing inventory. Fewer listings typically equates to more sales happening faster. The median price of an existing, single-family detached home in California during September 2009 was $296,090, a 7.3 percent decrease from the revised $319,310 median for September 2008, C.A.R. reported. The September 2009 median price rose 1.1 percent compared with August's $292,960 median price.

Economy up, interest rates down. In a recent statement, the Federal Reserve said that financial markets have improved, home sales have increased, household spending seems to be stabilizing and businesses have continued to make progress toward aligning inventory levels with sales. The Fed also said it will keep the benchmark federal funds rate at just zero to 0.25 percent and continue other policies that have helped to support mortgage lending and home sales. "Economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period," the Fed said. A recent loan quote on LendingTree.com listed a 30 year fixed FHA loan of $272,500 at an interest rate of 4.88%, an APR of 5.19%, and a monthly payment of $1556. Good news for borrowers looking at historic rates and terms!

The Many Hats We Wear in Real Estate...

RealEstate.com — Tue, 06 Oct 2009 16:56:02 -0500

As real estate professionals we know very well that we wear a lot of hats. The average real estate customer sees it as, "Sheesh...all you do is put up a sign and wait for a buyer!" They don't see the marketing hat, or the showing hat, or the qualifying hat we all have to put on just to get a buyer through the door! I have often said you could train a monkey to stick a sign in a yard with a toll free number on it, a buyer can call it and say, "I'll take it!" But the monkey could not handle the details of closing that deal.

So you have the buyer on the hook and it's time to change hats...you are now...The Negotiator! So Capone may not be the best example, but let's be honest...in this market you need leverage! Heck, you may have to get downright heavy handed to even get a return phone call. The fine art of negotiation has changed in this environment and you may find yourself getting down and dirty just to get the right person on the phone. The point is you have to, "Go to the mattresses" to put your client's offer in the best position to win the deal!

At this point in the game it may come down to the fine art of seduction. If the heavy handed approach is not working we need to try a little finesse. You know, smooth things over, make some small talk, a little wink of the eye may go a long way. Hey, we work on commission and I gotta do what I gotta do!

At times we may be confused as to just exactly what hat we should be wearing. So we might have to try them all on at once and see what fits. Am I the therapist, the babysitter, the mother? We may be all of them at once. Look, we know buyers get cold feet and we have to help them understand the next step. So our job is to smooth things over, help them understand the big picture. Everyone has doubts so we need to reassure them and maybe even coddle them a bit. Hey, if the hat fits wear it!

Now we are talking! This is a hat I love to put on. It's all about the fun we get to have as we get to know our new client and maybe even become friends. And that is one of the great benefits of real estate...we work with people and get to enjoy some great times and adventures with them. It may not quite be like this: Elwood: It's 106 miles to Chicago, we got a full tank of gas, half a pack of cigarettes, it's dark, and we're wearing sunglasses. Jake: Hit it. But we can certainly enjoy the ride!

Which brings me to the Stingy Brim. My favorite hat of all. Why? Well it let's me be me and just have fun and celebrate the small things in life. Like meeting a new client, or enjoying my sons soccer game, or signing a nice commission check for an agent that just closed a big deal. For more on that you can check out my video blog on The Many Hats We Wear here: http://www.twitvid.com/ACCD4

New rules for higher-cost loans to take effect Thursday...

RealEstate.com — Tue, 29 Sep 2009 15:52:38 -0500

New rules targeted primarily at mortgage lenders making higher-cost loans take effect Thursday, more than a year after they were finalized by the Federal Reserve. On Oct. 1, new rules adopted by the Federal Reserve will go into effect, requiring greater diligence on the part of mortgage lenders and brokers who make so-called high cost loans for borrowers with weak credit. The interest rates on these loans are at least 1.5 percentage points higher than the average prime mortgage rate.

The regulations - finalized in July 2008 but only now being put into effect - bar lenders from making a high-cost mortgage without verifying that a borrower could repay the loan in the conventional way, and not simply through a foreclosure sale. During the home lending boom from 2003 to 2006, subprime lenders would often offer loans without requiring borrowers to prove that they could make the monthly payments. With stated-income loans - or as some called them, "liar loans" - borrowers could easily fabricate annual income figures and even buy a home without a down payment.

The final rule adds four key protections for a newly defined category of "higher-priced mortgage loans" secured by a consumer's principal dwelling. For loans in this category, these protections will:

· Prohibit a lender from making a loan without regard to borrowers' ability to repay the loan from income and assets other than the home's value. A lender complies, in part, by assessing repayment ability based on the highest scheduled payment in the first seven years of the loan. To show that a lender violated this prohibition, a borrower does not need to demonstrate that it is part of a "pattern or practice."

· Require creditors to verify the income and assets they rely upon to determine repayment ability.

· Ban any prepayment penalty if the payment can change in the initial four years. For other higher-priced loans, a prepayment penalty period cannot last for more than two years. This rule is substantially more restrictive than originally proposed.
• Require creditors to establish escrow accounts for property taxes and homeowner's insurance for all first-lien mortgage loans.

Dramatic Changes Part 3....Or "How to build a listing inventory in 120 days"...

RealEstate.com — Mon, 21 Sep 2009 18:57:15 -0500

Now we are getting somewhere! After several weeks of the dreaded, "Getting ready to do something" stage, we are now moving into the actual doing! I love it when a plan comes together...sorry George Pepard aka John "Hannibal" Smith. So what does one do when it's a buyers market and you have no inventory to sell? We keep hearing about the suppossed release of thousands of new foreclosures and that the banks are trying to do the right thing...but how does that help The Smith Family that wants a new home now, has made 15 offers, and just can't get what they NEED...not want...but NEED? You get proactive and go out and find the inventory...and that is exactly what we are doing.

I have met with the top agents in my company and we have brainstormed, discussed, thought out, and created a plan of attack that is not only working...but working fast! I laid out an agressive plan to add 500 new listings to our books by the end of the year and we are out of the gate fast. The first week we have had nearly double digit listings, three great meetings with short sale negotiators, and a meeting with a solid contact for REO listings. The best part is we can feel the momentum building. Like I said, "I love it when a plan comes together!"

The cool things is that because we have some fantastic agents, with so much experience, it was just a matter of time before we broke out. But it's the enthusiasm, and responsibility for their own future and business that really excites me. Whenever a group gets together to talk about issues and challenges, well having 50 heads is better than one, right? The synergy and teamwork that has been created is just awesome and I can't wait to see what the 4th quarter holds for these exceptional people. Going back to my first post on change, I mentioned that transparency and keeping our eye on the goal was a key factor in making this work. I could not be more convinced of this now! Just the simple act of putting it out there, the good and the bad, and then having an honest discussion about what needed to happen and asking these true professionals for their best ideas and help to bring it all together has been THE driving force behind making these changes not only possible, but DRAMATIC!

So, I have decided to end this series and focus on making sure we keep the ship headed in the right direction. I would challenge any of you facing challenges and/or change to embrace the opportunity. At the end of the day it's about doing what you love and seeing others be successful...and we all have it in us to make that change a reality!

Changes Part 2...

RealEstate.com — Fri, 04 Sep 2009 15:48:21 -0500

After posting part one of the Dramatic Changes series I did not realize exactly what I had gotten myself into! So I apologize for taking so long to post Part 2. Work first and all that! At any rate, what a great couple of weeks it has been. I have spent time with my staff, some of our other market leaders, and several of my agents here in California. Truely an eye opening process and I want to thank all of you for sharing ideas and expressing your feelings and ideas. With that said let's examine some of the changes and plans.

1. First on the list was taking a hard look at our agent roster. It is critical we have the right mix, sufficient coverage for our lead system, but most importantly is making sure the agents we have hired are really on borad with what we are trying to do. The market and economy has taken a toll on the real estate industry and so we wanted to find out who was really here and who was not. So we went through our roster, agent by agent, and made contact with everyone. Sounds easy, but the reality is we had 300 agents spread out from San Diego to San Jose! The end result is a leaner and meaner RealEstate.com in California. Along with that are stricter hiring guidelines to insure we have the highest caliber agent. So far so good, but is always hard to change the make up of an organization.

2. Next up is growing our listing inventory. We have primarily represented buyers, and certainly a large portion of our company lead generation is on the buyer side. We need to have more listings and so we set an agressive goal to add 500 listings by the end of the year...100 in each of our five main counties. We scheduled a series of meetings and invited our top agents to attend and explore ideas around this. What a great group and I'm blown away by the work ethic, team work and comittment to this project! We have now targeted several areas to go after and we are already seeing some results wirth a few new listings in this week alone. Stay tuned and be on the lookout for all those cool RealEstate.com signs!

3. The last big change was getting everyone to feel ok with the changes! I'm big on transparency and feel if everyone knows what the goals and expectations are, then we can all work toward a common end result. So breaking down why these changes were happening and getting everyone to see that they are changes that will have a positive impact on all of us and our organization. We will continue meeting with our top agents and exposing our new agents to what these great agents do each and everday to provide the highest level of service to our clients! Stay tuned for more as we progress toward meeting these goals...it should be a fun and wild ride!

Dramatic Changes...Week 1...

RealEstate.com — Fri, 21 Aug 2009 11:42:11 -0500

So the trouble with making changes is that it's never easy. And I don't mean the actual "change" part, but rather figuring out exactly what needs to be changed. This is where having a great team comes in handy. By asking one simple question, "What are your 3 or 4 major priorities for the rest of the year?", I got some great ideas and strategies. It's great to be able to see the big picture and have smart people helping you do it. So we sat down, went through the goals, steps, action plans, and timelines and realized we had basically written a new business plan to take us through the rest of 2009. And it excited me to see the enthusiasm it brought to my team!

Being a big proponent of transparency, I rolled out our game plan to our agents this week at our sales meetings. First in San Diego, then Orange County and yesterday in LA/Inland Empire. What a great response we got and in a weird way it helped me to see the light on a few things. First, it was clear to see some people just don't get it. And that makes one of our priorities easy...cut the dead weight and replace with better quality. Second, to see the excitement in others and see them when the light goes on, well that's just plain refreshing! You instantly recognize who the players are and who you need to spend time with. They ask the tough questions, they want to know more, they contribute ideas, and they care...they really care about the direction we are going and the service we are trying to provide.

Over the next few weeks I'll post a little something about the path we are going down, the challenges and the triumphs in hopes that it will help you to overcome your fear of change. For me, this will be part therapy and part diary and I know I will learn many lessons along the way. The past few weeks have shown me that not only does change happen, but good positive change happens and quickly! New technology, new ideas, and new energy create amazing things and we have to be willing to recognize that change will happen...whether we want it to or not.

Deliver Happiness...and other things I learned at Inman Connect 2009...

RealEstate.com — Tue, 11 Aug 2009 12:25:37 -0500

Spending a week in San Francisco at the Inman Connect Real Estate conference is both invigorating and exhausting! Great ideas, innovation everywhere, presenter after presenter sharing ideas on everything from social media to branding. Whoooo...breathe!

So I thought I'd share just a few things today and then expand on a couple of the topics later in the week. This gives you a chance to process, absorb and hopefully put it into perspective. Now, Inman being a tech heavy event, I want to make sure my points are clear and easy for everyone to understand. But know this...technology has changed the way we do business...across the board. And think about it from the consumers eyes...how do they access information? Where can they go to find out about you? How do they use the data they gather? It's all out tehre folks and you ahve to understand the dynamics behind the mission. Here's what I learned from Alfred Lin, the CFO of Zappos.

If you are not familiar with Zappos, they are an online shoe and clothing company that has grown quickly and been recognized as the top company to work for by Fortune Magazine in their annual poll. Hundreds of companies try to emulate the Zappos culture. It was recently announced that they have been acquired by Amazon.com for a reported $900 Million plus! During Al's discussion he noted several times that a big part of their success was transparency. In other words they are open, honest and seek out employee's ideas and contributions. Their strategy is based on the essence of, "Without happy employee's they would not have happy customers." In fact his big idea was to "DELIVER HAPPINESS". Think about what the customer see's, how they feel and ultimately what their experience is like. Certainly something we can all take to heart. Al also gave us 7 tips on branding:

Decide on your image. This requires patience and commitment to the process and end result.
Consider what your core values are and exactly what you want your culture to be. Your culture is your brand!
Commit to transparancy. Be open and honest about everything.
Build relationships. Take an interest in and know your customers.
Have a vision. Always think bigger and more beautiful.
Build a team...Visionaries, Artists, and Scientists are needed to build a high quality team.
Think long term. What is the 5 year plan? 10 year plan and exit strategy.

I will have more to come on other topics soon. In the meantime, enjoy your week and think about how you can deliver some happiness to those around you!

A recent RealEstate.com, REALTORS buyer is profiled on local San Diego news...

RealEstate.com — Wed, 29 Jul 2009 11:35:19 -0500

As the market heats up it is becoming more and more clear that buyers are having a tough time getting offers accepted. One example is Brian Garlin. Brian's wife is active duty military and was on deployment during much of the property search and escrow process. After losing out on several multiple offer OVER-BIDS during their five month search, their offer was finally accepted. Brian's agents, Gordon and Diane Kane with RealEstate.com, REALTORS, said, "It is tough to compete with cash investors when you have VA financing. VA is not doing any favors with such stringent standards on property condition which eliminates many first time buyers and properties priced for first time buyers. With the downturn in prices, many first time buyers are jumping in only to find the process frustrating, to the point of giving up." Fortunately for Brian and his family, they had true professionals like Gordon and Diane helping them to understand the market, what the expectation was, and how in the long run it would pay off. Check out the video here:

http://www.10news.com/video/20198373/index.html

The silver lining of the market downturn has been the opportunity for first time buyers to purchase a home. I blogged about this recently and explained also that first time buyers are buying for the right reasons. They desire a home for their family, not an ATM machine to max out their equity to buy a boat, RV or other toy. The $8000 first time buyer federal tax credit and the $10,000 California state credit for new construction purchases has certainly helped, but more needs to be done. Many real estate insiders see these credits as band-aid fixes for a mortgage system that needs major overhauling. Even after the influx of Housing Stimulus money many banks are still "frozen". I'm not advocting throwing open the doors to the vault like they did previously, but make it easy for QUALIFIED BORROWERS to get loans.

How Californian's can protect themselves from Loan Modification scams...

RealEstate.com — Tue, 28 Jul 2009 12:03:12 -0500

Whenever the real estate market takes a turn, for better or worse, cottage industries seem to pop up. In the current downturn it's all about the loan modification. My personal belief is most of these companies are bottom feeders and taking advantage of people who are already in dire straights. Add in the fact that loan modification rarely works, and that homeowners can do the work themselves, and well it's not hard to see why real estate professionals are at the bottom of the food chain when it comes to popularity.

There are several ways homeowners in California can protect themselves. First, do your homework BEFORE paying anyone upfront fees. Several resources exist online where you can read up on the current market. The California Department of Real Estate (DRE) web site is a great place to learn about all things real estate. The DRE even issued a Fraud Warning in March, 2009 about loan modification scams. To view that warning and other resources visit the DRE nia Department of Real Estate's (DRE) web site at:

http://www.dre.ca.gov/pdf_docs/FraudWarningsCaDRE03_2009.pdf

http://www.dre.ca.gov/cons_adv_fees_alert.html

Here you can check the license status of real estate professionals, visit other resources such as the FHA and Hope Alliance sites, and even see the latest information on Advance Fee Agreements. In California a real estate broker must have an Advance Fee Agreement that clearly spells out what the broker will do for you. They must also have a letter filed with the DRE stating they are performing loan modification services for an upfront fee. They even have a list of brokers who have filed such a letter for your review. Please note the following is prominently displayed on the DRE site: The Department of Real Estate does not approve, endorse, recommend or make any representations about any of the agreements or their terms, or any aspect of a licensee's business activities. Consumers wishing to contract with a real estate broker for loan modification or any other similar or related services should carefully review the agreement(s) and consider obtaining independent advice before signing an agreement(s) or advancing any fees. Consumers should also consider comparing the services and fees offered by other licensed brokers on the list.

The bottomline is you have resources to tap into if you feel you have been taken advantage of. Use them! Educate and protect yourself on current trends and issues that can have huge consequences for you and your family.

Data indicates housing starting to recover...Existing home sales rise...Now what?

RealEstate.com — Thu, 23 Jul 2009 12:45:49 -0500

According to a recent article from the AP, the housing market has improved for 3 consecutive months, which hasn't happened since 2004. Joel Naroff, president of Naroff Economic Advisors Inc., stated, "The turnaround in the housing market appears finally to be here and indeed may be gaining some speed." Even the stock market responded positively with the Dow Jones industrial average rising above 9,000 for the first time since early January.

So what exactly does this mean? Well in California it means more of the same. We tend to bottom out and rebound before other states, so what we read today has actually been our reality for a few months now. Agents on the street have been seeing rising activity, more offers, more buyers putting pen to paper, and more closings. My own office set an all-time record for closings in June and 90% of that was representing buyers.

The good news is that buyers know this is a great time to buy...and they are buying for the right reasons! Not to use their house as an ATM machine, but because they have been priced out of the market for so long and they can now finally get the home they want for their family. And guess what? In 5, 6 or 7 years, they will sell that house and take their equity to that bigger and better home! We are also seeing more investors come back, as evidenced by the cash offers we are seeing. This is a great opportunity to revitalize areas that have been blighted by the foreclosures and abandoned properties.

On the surface there seems to be an abundance of inventory, the AP article mentioned a 9.4 month supply of homes. Typically when the market reaches a 7 month supply it balances out and we see prices stabilize. The reality is we have a very stale inventory...homes have been on the market for 6, 7 and 8 months. Many of these properties are short sales and have had multiple offers and are waiting for bank approval. This has caused a bottleneck and created frustration for buyers desperate to get into a home.

With another wave of foreclosures expected to hit the market soon, many real estate experts think prices will drop. I tend to disagree because this fresh inventory will be scooped up fast by buyers who have been trying to buy. We are already seeing offers coming in over asking price, with no loan or appraisal contingency. The new inventory will most likely cause a frenzy and that usually drives prices up. Add in low interest rates, sellers/banks covering closing costs for buyers, the $8000 federal tax credit, low downpayment criteria (3.5% for FHA financing) and other factors and it's easy to see why it's a great time to be a buyer. Now if I could only find that perfect home that just came on the market and no one else has seen it yet!

How RealEstate.com, REALTORS in California hired 65 agents in less than 3 months...

RealEstate.com — Mon, 20 Jul 2009 10:29:49 -0500

The answer is easy...Quality Agents...Quality Leadership...Quality Leads

RealEstate.com has set the gold standard in business opportunities for our REALTORS® with our incredible, industry changing "live warm transfers" from our nationally ranked web site to our agents cell phones in a matter of minutes. Upon receipt of the call, the buyer/seller is direct connected to an agent who can provide immediate information regarding specific homes to buy or to sell. The majority of our agent team hits the ground running with at least 1 sale from the company's leads within their first 30 days. There is no down time when we transfer an agent to our successful team.

RealEstate.com, REALTORS® demands the very best from each and every individual joining our team. Here, a real estate sales professional not only receives high quality leads but an extraordinary level of personalized support and management attention. We make an investment in our agent team...an investment of time, effort, commitment and more, which in turn drives each individual to unparallel levels of success.

Recruiting quality agents is an important part of providing outstanding service. RealEstate.com, REALTORS® looks for three primary qualities in every agent we hire. First, individuals must be a high potential real estate agent. This is someone who understands the value of what our company offers and is passionate about converting the leads into sales. The second essential agent quality is confidence in ability to see the big picture. Deep knowledge of the marketplace is a must. Finally, our agents need to be consistent in providing a high level of customer service. All are essential skills for RealEstate.com, REALTORS® mission, both for agents and customers.

For more information and to speak with our Regional Recruiter please visit: http://www.realestate.com/recruitment/agent.aspx

Summertime and the livin's easy...

RealEstate.com — Thu, 16 Jul 2009 11:33:43 -0500

In the midst of another epic San Diego summer, I was pleasantly surprised to read about the median price of housing in San Diego rising for the 3rd consecutive month. Sales volume is up, buyers are making offers, my agents are busy, summer living must be good! Now as the chart above shows it is a blip on the radar...but it's a positive blip!

What happens when the wave of new foreclosures and short sales hits the market is anyone's guess, but it would not be a stretch to think prices will drop and we will see even higher levels of activity as buyers jump head first into the frenzy. Already I am hearing from my nearly 300 agents in California that the "inventory is stale". Meaning the homes currently for sale have been out there for awhile and many have multiple offers...in other words all the good ones are taken!

The 29th annual U.S. Open Sandcastle Competition will be held Saturday and Sunday on Seacoast Drive at Imperial Beach. More than 140 vendors are expected to line the main drag for the street fair from 9 a.m. to 7 p.m. Saturday and 9 a.m. to 5 p.m. Sunday. The sandcastle competition, which will feature about 40 teams, is from 9 a.m. to 2 p.m. Sunday and castles will be on display until 4 p.m. Event organizers said they expect the usual turnout again this year, which is about 300,000 people throughout the weekend.

We know it's bright and sunny in San Diego and now we also know that America's Finest City leads the state in the number of residential solar installations. According to the San Diego Union, the city has 2,262 solar roofs that together can generate 19.4 megawatts of electricity - roughly equivalent to the power used by 12,000 homes. San Diego also has a special loan program, anticipated to launch this fall, that homeowners can tap into that allows them to repay the cost of adding solar over 20 years via their annual property tax payments. San Diego also offers a fast track permitting process so homeowners can have solar added quickly.

Lastly, I wanted to mention our sister company, LendingTree, has launched a new web site and it is AWESOME! LendingTree has always been about empowering consumers and the new site offers so many ways for you to take control of your lending options. The new site offers a look at current mortgage rates, the great Look B4U Lock feature that let's you enter a current mortgage offer and compare to other lenders in real time, and a new screenshot showing the most recent offers made to consumers from a LendingTree partner. Additionally you can get answers via the Ask the Tree Q & A section and tap into other tools like credit scores, calculators, loan definitions, and lender ratings and reviews. It's so easy to "branch" out to our other sister sites like RealEstate.com, Thrive, InsuranceTree, and Done Right as well. Don't forget to follow LendingTree on Twitter and be the first to catch our new commercial this coming Friday.

The Best Advice I Ever Got....

RealEstate.com — Tue, 07 Jul 2009 17:00:44 -0500

I just read this month's issue of Fortune Magazine and the main story was titled, "The Best Advice I Ever Got." It included some great insight from all kinds of people in the world of business, sports, politics, etc. As I read through the article I realized a theme among many of these great leaders. That theme was simplicity. It struck me how the best advice often revolves around making things simpler. From Tiger Woods to Warren Buffet to Bill Gates...many of the worlds' top leaders have been given the advice to keep it simple.

As I thought about that at 1:00 AM, which seems to be when I do my best thinking, I realized how complicated we make things. Then I asked myself, "Why? Why do we complicate things?" The more I thought about it the more I realized it has a lot to do with our personality style. As an example, the DRIVER type may complicate things just so they can "fix" the problems it created by complicating things in the first place. Talk about self-sabotage!

So I'll pass on the advice...KEEP IT SIMPLE! Break it down to the lowest common denominator and make it happen. I'll leave you with this great advice that Colin Powell got when he was a young man in the Army. It got me thinking about why I do what I do and why I love it...it's simple!

When I was a young infantry officer at Fort Benning, we had a lot of old captains who had served in World War II and Korea. They were not going to go higher in rank, but, boy, did they know about soldiering. So I didn't learn this piece of barracks wisdom from an Eisenhower or Pershing. I heard it from these wonderful reserve captains. This is the story: There was a brand-new second lieutenant who was very ambitious and wanted to be a general. So one night at the officer's club the young officer spotted this old general sitting at the bar. So he went up and said, "How do I become a general?" And the old general answered, "Son, you've got to work like a dog. You've got to have moral and physical courage. There may be days you're tired, but you must never show fatigue. You'll be afraid, but you can never show fear. You must always be the leader." The young officer was so excited by this advice. "Thank you, sir," he said, "so is this how I become a general?" "No," said the general, "that's how you become a first lieutenant, and then you keep doing it over and over and over." Throughout my career, I've always tried to do my best today, think about tomorrow, and maybe dream a bit about the future. But doing your best in the present has to be the rule. You won't become a general unless you become a good first lieutenant.

$10,000 new construction tax credit in California on hold...

RealEstate.com — Mon, 06 Jul 2009 17:11:57 -0500

As of July 3, 2009, the franchise tax board in CA is no longer accepting new home credit applications. There has been discussion to expand this program and it has been a major factor in helping the real estate industry rebound in recent months. Factor in the $8000 federal tax credit for 1st time buyers and it's easy to see why buyers are jumping off the fence.

As shown in the numbers below, they have received over $100 million in new home credit applications and more than 12,000 applications. This means the $100 million originally allocated for the program has been used up. Any additional applications will be subject to the availability of remaining credits. The state will continue to report certificates issued on a weekly basis until the full $100 million has been allocated and they expect to complete processing all certificates in August and notifications in response to all applications received, indicating the amount of credit allocated or denied.

This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

California began accepting applications for allocation of credit by fax only on March 1, 2009. The state began processing the applications on a first-come, first-served basis, on May 1, 2009.

Certificates issued for New Home Credit through 07/01/09:

As of Total certificates issued:Total credit allocated:Remaining credit available:

5/13/09	331	$ 3,246,532	$ 96,753,468
5/20/09	1,023	$ 9,942,884	$ 90,057,116
5/27/09	1,749	$ 16,699,924	$ 83,300,076
6/3/09	2,502	$ 23,822,657	$ 76,177,343
6/10/09	3,219	$ 30,465,953	$ 69,534,047
6/17/09	3,943	$ 36,857,428	$ 63,142,572
6/24/09	4,808	$ 44,947,157	$ 55,052,843
7/1/09	5,503	$ 51,442,798	$ 48,557,202

The amounts below reflect applications received, which include both processed and unprocessed applications.

Applications for New Home Credit received through 07/02/09:

As ofTotal Applications received:Total Credit claimed:

3/4/09	173	$ 1,715,826
3/11/09	711	$ 6,987,515
3/18/09	1,188	$ 11,599,825
3/25/09	1,710	$ 16,647,498
4/1/09	2,624	$ 25,578,709
4/8/09	3,135	$ 30,559,124
4/15/09	3,589	$ 34,939,035
4/22/09	4,199	$ 40,879,872
4/29/09	4,880	$ 47,353,795
5/6/09	5,668	$ 54,928,875
5/13/09	6,162	$ 59,579,591
5/20/09	6,816	$ 65,749,498
5/27/09	7,517	$ 72,511,587
6/3/09	8,522	$ 82,548,424
6/10/09	9,145	$ 88,252,190
6/17/09	9,848	$ 94,735,430
6/24/09	10,633	$ 102,638,616
6/28/09	11,162
6/29/09	11,316
6/30/09	11,710
7/1/09	11,925
7/2/09	12,138

This reflects the total amount of credit reported on applications received as of the date indicated. This amount has not yet been verified and may include duplicate, incomplete, and invalid applications. This amount is provided for informational purposes and does not reflect the actual amount to be allocated. Keep in mind that all applications will be processed on a first-come, first-served basis, based on the date received by fax only.

California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.

RealEstate.com, REALTORS expansion in California continues...New Agents join Team...

RealEstate.com — Wed, 24 Jun 2009 11:14:55 -0500

In the midst of a tough real estate market RealEstate.com, REALTORS continues to grow and add top notch agents and brokers to it's team. With nearly 300 agents in California already on board, we are continuing to look for great agents in Orange County, Riverside, Palm Springs, Los Angeles, Ventura, Fresno, Sacramento, and the Bay Area.

Recent additions to the team include:

Richelle Jacobs, a former Help-U-Sell Broker/Owner
Jim & Theresa DeBruyn, formerly with RE/MAX
Tony Molina, an independent broker in San Diego
Bipin Desai, LA based broker
Royall Forcell, LA based agent
Bill Keck, LA based agent
Orlando McKee, LA based agent
Greg Merritt, LA based agent
Frank Pamies, LA based agent

Since our inception RealEstate.com, REALTORS has strived to affiliate with knowledgable and experienced real estate professionals that understand the importance of providing the highest level of service in the industry. Our innovative lead system generates opportunity for our agents that is not found at other companies, with live customers sent to our agents cell phone in real time, after being pre-screened through our state of the art call center. We respond to every customer in minutes, not hours or days, and then connect them with one of local agents.

While this lead system is important, we like to say agents come for the leads but stay for the leadership! Our California management team has a combined 50 plus years in real estate and provides the highest level of training, support, and knowledge so our agents can focus on servicing their customers. We are always looking to connect with great agents and the main reason we have grown so quickly is due to our existing agents referring their friends and collegues from their previous company. Find out what all the buzz is about and contact our executive recruiting team by visiting:

http://www.realestate.com/recruitment/agent.aspx

RealEstate.com, REALTORS looking to grow in SoCal...

RealEstate.com — Sat, 20 Jun 2009 11:35:07 -0500

Hi all. As we are growing fast and have live buyer and seller leads, I am in need of adding a few experienced agents in our S. California market. Specifically we need coverage for the high desert, Palm Springs, Redlands, Highland, San Bernardino, Riverside, Orange County and LA. Check out: www.join-realestate.com for more info or contact me for a confidential interview. Thank you!

RealEstate.com, REALTORS looking for top agents in the Inland Empire...

RealEstate.com — Sat, 20 Jun 2009 11:30:05 -0500

Hi all. As we are growing fast and have live buyer and seller leads, I am in need of adding a few experienced agents in the Inland Empire. Specifically we need coverage for the high desert, Palm Springs, Redlands, Highland, San Bernardino and parts or Riverside. Check out: www.join-realestate.com for more info or contact me for a confidential interview. Thank you!

RealEstate.com Unveils New Website Featuring ‘Town Square SM' - a Community Social Network Connecting Homebuyers, Sellers and Real Estate Professionals

RealEstate.com — Wed, 10 Jun 2009 09:53:04 -0500

CHARLOTTE, NC, June 10, 2009 - Today RealEstate.com rolls out its all-new website, offering even faster, easier access to nearly three million homes for sale, as well as current home values, local resources and advice for homebuyers and sellers. At the heart of the website is Town Square SM, a real estate social network that creates an open dialogue between homebuyers, sellers and real estate professionals through blogs, forums, wikis, groups and more.

Driven by consumer feedback, the all-new RealEstate.com offers more direct access to the information homebuyers and sellers want, whether they are searching for a home or looking for advice. This includes a tighter integration between the website's search feature and hundreds of useful tips, tools, community guides and other information. Simply enter a phrase like "moving" and get a checklist on "choosing the right moving company," an article about "how to avoid moving scams" and more. As always, the website is seamlessly connected with RealEstate.com, REALTORS®, the company's full-service real estate brokerage, and its broker partners - so consumers can also get immediate live feedback from real-world professionals on specific listings.

Accessible at http://ts.realestate.com or via the RealEstate.com home page, Town Square SM brings the worlds of online and in-person real estate together in an interactive social community. By visiting Town Square SM, consumers can access expert insight from agents, share their experiences, learn about emerging real estate trends and search an A-to-Z encyclopedia about all-things-real estate. For real estate professionals, Town Square SM offers an opportunity to connect with interested homebuyers and sellers, network with other agents, share tips and best practices and blog about the latest real estate news and happenings in their area.

"Our mission has always been to immerse consumers in the data they need to make smart, well-informed real estate decisions, while also delivering expert guidance and personal support through our local brokers and agents," said Rick Finch, Vice President of Marketing, Product, and Operations. "The combination of our website, brokerage network and now Town Square SM offers a complete suite of resources for consumers to do this, creating a content-rich, highly intuitive experience for their individual buying and selling needs."

About RealEstate.com
RealEstate.com gives consumers a better way to buy and sell homes through a comprehensive suite of real estate services, tools and helpful advice. The site provides access to nearly 3 million homes for sale, 97 million home values and a unique deep-dive view into more than 22,000 cities reaching every metropolitan area in the U.S. RealEstate.com also features Town Square SM, an online community designed to facilitate an open dialogue between homebuyers, sellers, brokers, and local real estate professionals.

The company also operates five distinct business lines consisting of RealEstate.com, REALTORS®, an Internet-enabled real estate brokerage that operates in 20 markets with more than 1,300 sales agents; a Broker Network, a strategic lead generation program for real estate brokers that provides them with incremental, targeted, and high-quality leads; iNest, a lead generator that specializes in newly-constructed homes and offers consumers an exclusive cash bonus program; Domania, a provider of innovative customer acquisition and retention products for banks, mortgage lenders and REALTORS®; and also, a network of geo-targeted advertising opportunities throughout the RealEstate.com portal.

RealEstate.com is a division of LendingTree, LLC, a Tree.com, Inc. company (NASDAQ: TREE).

REALTOR® -- A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

RealEstate.com, REALTORS is looking....Are you?

RealEstate.com — Thu, 04 Jun 2009 12:55:34 -0500

Talk to Us About Our Great Career Opportunities for Agents

Training

We consider training one of our core tenets for success. Many agents have been in business for years, but few have seen our industry change as rapidly as it has in the last few years. Our training is designed to help our agents work with the savvy Internet consumer, how to work smarter, how use the current market to ultimately build a better, stronger personal business. Our training also is designed with a busy agent's schedule in mind. We combine recorded modules you can watch at any time from a computer with Internet access, to live class room training sessions with your market leader, to virtual classrooms with agents across the country. And you will be required to participate through group Q&A sessions or small breakout rooms monitored by our full-time national trainer. There's nothing quite like this in our industry.

Leadership

Our market leaders understand in today's economic market, the need to work more closely with agents to help them build their business and work with their clients. Teaching the latest listing presentation is meaningless to the agent trying to create business for themselves. Hands on mentoring from seasoned local leaders will provide the greatest return on the investment we make in our agents. Of course it's important to completely understand all items of a real estate contract, but our leaders help our agents maximize their opportunity to write contracts.

Business Building

Our business model has been built around our strength with Internet marketing and providing our agents quality leads from a variety of sources. In fact, most of our leads are provided by a warm transfer from our dedicated, multi-million dollar call center to our agents' cell phones. We understand if we provide business opportunities to our agents then it is reasonable to expect them to close on that business. Our website provides a variety of lead sources for consumers to get the information they need and then connect with an agent. Our multi-million dollar call center responds to within minutes and warm transfers that consumer directly to one of our agents in the area the consumer had question. Everything we do is focused on driving more business to our agents.

Our Agents are Talking!

"RealEstate.com, REALTORS® keeps agents busy with prospective clients from the first week. The lead system is very convenient and professional. I am on my 4th month with the company and I have 5 company generated contracts and counting for the month of April '09 as of the 17th!" - Desi Deswal, New York

"I had very little to nothing going on in my former real estate company. As soon as I started at RealEstate.com, REALTORS® the company generated Leads kept me busier than I have ever been before. The support and coaching are excellent and always there for you. The company does not "nickel and dime" you and so business expenses are much lower. Changing my real estate company to RealEstate.com, REALTORS® turned out to be an excellent career move. If you find yourself sitting in an office, get busy and out there with RealEstate.com. What do you have to lose?!" - Diana Weiss, Portland

For more information simply visit:

www.join-realestate.com or http://www.realestate.com/recruitment/agent.aspx

Nationwide Coverage Areas

Arizona
California
Colorado
Connecticut
Florida
Georgia
Illinois
Massachusetts

Nevada
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North Carolina
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Pennsylvania
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South Carolina
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RealEstate.com launches new version of site and adds social media platform...Town Square...

RealEstate.com — Thu, 04 Jun 2009 12:01:26 -0500

Today, RealEstate.com's Town Square opened up to the world. It has been under construction for a while within the virtual walls of our office, but today anyone and everyone can see it. In a nutshell, Town Square is where anyone, from consumers to agents to brokers to industry professionals (really, anyone) can come and talk about all things real estate. Talk about things that aren't specific to real estate but might be related. Or just to come and talk. Most people will come to the site and listen, or to be more accurate, to read. A post or a discussion or blog may cause a reader to have such a strong reaction, they will post an opinion, positive or negative and begin the discussion.

Included in Town Square are blogs, forums, media, and even groups. It's a great way to interact with consumers and other real estate professionals and we invite you to explore and participate. Already there is tons of informagtion, ideas, strategies, and lively discussion going on. This interactive forum allows for open communication and is another great example of how social media is becoming a critical part of our overall marketing and communication strategy. To access Town Square, simply visit www.RealEstate.com and click the Town Square tab. Welcome and enjoy!