Well Dunn

More Foreclosures?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Mon, 26 Jan 2009 07:14:50 -0600

I've tried to duck under tables, hide behind closed doors, and cower in dark corners. No matter where I've tried to hide myself, the foreclosures and short sales have found me. I've done my best to conquer the demon and have gone to classes, and studied under agents who specialize in these kinds of transactions so I can represent my clients to the best of my ability. That doesn't mean I like them. I don't. These transactions are difficult, and often take a toll on the sellers (in short sales) and buyers. It takes a bank months to do what a good real estate agent can do in a week.

One of my clients, a first time home buyer, is looking for a foreclosure. He needs to keep his monthly payments down and doesn't mind doing some work on the house. He commented to me "It seems there are more houses coming on the market now." My response was "Yes, the suits are back from their holiday hiatus and are now ready to go to work to unload the inventory they've gathered up over the holidays."

An article this morning in inman news is predicting even more foreclosures to hit the market (again, remember this is a national newsletter and may not reflect what's happening in the twin cities metro). Even though my clients are not economists, nor do they have crystal balls, they are noticing the trend here in the Twin Cities.

I met a first time home buyer over the weekend who was looking in Minneapolis for a foreclosure. He was shocked to find out there were offers on two of the homes we looked at. If you're going to be in the market for a foreclosure this spring put on your running shoes. You're going to need an agent who watches the market very closely for you, prepares you for the ups and downs of dealing with these difficult transactions, and you HAVE to be ready to write the offer as soon as you see the house.

If Inman News' prediction is correct, the foreclosures we'll see come on the market will be listed at fire sale prices. There will be buyers who will think they can get the house at clearance prices, and a few will. The majority will sell at fair market value, because they'll end up with multiple offers that will drive up the price.

The buyers who will win in this market have a great agent, are pre-approved with a NON-fha loan, have reasonable expections for how long the negotiation process will take, and aim to get the house at a fair market price.

Source: Minneapolis Longfellow and Nokomis Real Estate Guide

How the low interest rates effected my marriage

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Mon, 19 Jan 2009 10:22:36 -0600

The last couple of days it's been like watching an exciting auctioneer. Except he's counting backwards and no one knows when he'll stop. 6.75%...6.5%...6%....6.5%...5.0%...6.5%....4.5%...and on and on we go.

Monica Tucker told me rates were so volatile yesterday that Wells Fargo wasn't even willing to quote a rate until yesterday afternoon (Edina Realty Mortgage and Wells Fargo are affiliates).

About 5 months ago I was certain when we hit 5% on mortgage rates we just weren't going to see them that low again. This was a delicious little morsel I got to pull out of my pocket and use to taunt my husband. You see, I am in the real estate business and I am a professional. I told him it was time to look at refinancing. Our loan is currently at 6%, and it needed to be around 5% before it made sense for us to pull the trigger. He drug his feet, and it started to creep up to 5.375. Then, it continued to go up. I was convinced we missed our opportunity. I was convinced it was going to cost us an extra $30,000 over the life of our loan because he didn't act fast enough. So, for the last few months, I've taken every opportunity given to me to kindly "remind" him that his cautiousness had "cost" us money. I've used the "I told you so" and the "remember that 5%" and the "haven't you learned your lesson about listening to me?"

Finally, we've locked in on a refinance deal at 4.75%. We're going to float this lock for the next 60 days to be sure the rate doesn't go any lower. Rest assured, we'll both be watching them closely.

For each eighth of a point they go lower, this wife and real estate agent will be eating crow! Now he get's to say "Aren't you glad you listened to me?", and "the tortoise wins the race", and "told you so."

Last night he finally said to me, "You know, I was worried we lost our opportunity to jump in on a lower rate."

We both learned a few valuable lessons:

1) When the opportunity comes along, grab it. Although we're at 4.75% now, we could have been at 5% 6 months ago. It doesn't make sense to gamble the market because even if you're a real estate professional, no one can predict what will happen. It's a shame to pass up a good deal to wait for a great deal, and miss out on both.
2) Be careful about the I told you so's.
3) Always listen to your wife.
4) Crow doesn't taste too bad as long as your laughing about it.

Source: Minneapolis Nokomis and Longfellow Real Estate

Senior Housing Wish List-What do Baby Boomers Want?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Sun, 03 Feb 2008 11:14:37 -0600

Open a paper, turn on the TV, or while you're surfing the internet you'll see an article about real estate. Everyone has a prediction about when the real estate market will turn around and no one seems to agree. Let me introduce you to my simple math: In areas of Minneapolis and St. Paul we have about 11 months of inventory on the market. I suspect it will take at least 8 months before we start to see home prices begin normal appreciation (3-7% per year) again.

This conversation bores me. It's like hearing the same song on the radio over and over again. It's much more interesting to talk about what will happen to the housing inventory with the demand baby boomers will place on the market. Perhaps I think this conversation is so much more interesting because there isn't really anyone talking about it. It's a good thing I don't mind talking to myself!

The real estate market today is the result of a number of historical events that developed into the perfect storm. I'm starting to wonder if there is something parallel happening with the senior housing industry. There is a widening gap between what my baby boomer clients say they want, and what is available on the market.

Disclaimer: My observations about baby boomers are in no way meant to apply to the entire baby boomer cohort. These are my observations of working with elder clients and their adult children with their housing needs. Perhaps the clients I work with are the exception (they are exceptional) to the large scale, expensive market research studies the senior housing industry has conducted. Whether my clients are the exception or representative of a larger segment of boomers there is a segment of boomers clamering for something "different" than what the senior housing builders are providing.

Nursing Homes-We don't want you, but we need you
We all dream of a day nursing homes disappear. The paradoxical truth will remain that as medicine advances and keeps us alive longer, we will outlive the capabilities of our bodies, and many of us will need 24 hour nursing care. While it may look much less institutional than today, they will still exist in one form or another.

I don't want to live with old people
Baby boomers are saying they aren't too keen on age-segregated housing. Yet, I look around at the new construction of the large senior housing companies and they are flooding the market with 55+ housing and assisted living communities with more amenities that a gold crown resort.

I don't want to be put out to pasture
Baby boomers want to stay viable and active in their communities. They have a second half of life filled with new opportunities that won't center around shuffle-board. If baby boomers continue to live full active busy lives, will they have time to use the indoor putting green, wave pool and party room in the age segregated housing they don't want to live in?

I want to live in "MY" community
If builders can figure out a way to package and sell a community instead of a brick and mortar senior housing structure bloated with amentities boomers won't use, they'll make a mint!

We are already seeing the first grass-root efforts to define age friendly communities. In Minnesota, St. Louis Park has the Naturally Occurring Retirement Communities (NORCs), and Monterey is the first co-housing community in the Twin Cities and there are others underway.

I'm just a real estate agent who specializes in helping elders with senior housing options. I'm not an economist. But I'd like to know...what will happen with all of the new assisted living structures that are being built, if boomers don't want to live in them?

Are Ramsey and Hennepin County Taking the Ethical "Low Road?"

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Mon, 07 Jan 2008 22:01:36 -0600

I have a quick quiz for you to take and I hope you'll leave some feedback. Here's the dilemma:

Let's say you go to Target to buy a shirt. The sales tag says the price is $50. You hand the clerk behind the register $50. When the sales clerk scans the sales tag, the price comes up as $25. There the clerk stands with your 50 dollars in hand. Should the clerk tell you the real price and refund $25 to you, or pocket the profit with no mention of what the shirt truly costs? Is $25 that big of a deal?

That's exactly the position Hennepin and Ramsey county are in, and THEY AIN'T TELLIN!

To see the rest of the article and to join the conversation, join us at the Nokomis Longfellow Real Estate Guide

Blogging Opens up New Opportunities.

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 19 Dec 2007 08:42:39 -0600

I continue to have opportunities opening up to me thanks to first learning how to blog at ActiveRain in November of 2006.

I've been working hard on my other blog (Real Sage Advice) where I address senior housing and aging issues. Because of those efforts I've just recently been given my own little corner of the Gilbert Guide blog. Gilbert Guide has a panel of experts that address aging issues; from long term care insurance, financial planning, cancer treatment, and geriatric care management. NOW they have a Senior Real Estate Specialist to add to their knowledge base.

I'd love to give you a list of "what I've learned by contributing to a group blog" or "what you should know about copyright when you post on someone else's blog" but today, I'm just keepin it simple, appreciating the opportunity, and feeling grateful for this community and the people I've met because of it.

Completely off topic-but what fun!

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 06 Jun 2007 05:04:14 -0500

This is completely off topic, but I just have to share it. You can see the original post at RealSageAdvice-my other blog where I talk about senior housing and aging issues. Jay Leno featured The Zimmers on the Tonight Show last night. Here they are in all their glory, the oldest rock band in the world.

Where do the names Nokomis and Longfellow Minneapolis come from?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 06 Jun 2007 04:29:54 -0500

Henry Wadsworth Longfellow wrote "The Song of Hiawatha" which is where many of the nomenclatures of the East Nokomis Neighborhood come from. I learned about this while snooping around on the Nokomis Neighborhood website. It referenced the poem, but didn't tell me much about it.

You can see the original post at www.minneapolisnokomis.com.

The following table references the meaning of some of the names we find in the Nokomis and Longfellow neighborhoods in South Minneapolis.

Longfellow's Word	Meaning according to Longfellow	Source Language	Original Word	Meaning
Hiawa'tha	the prophet, the teacher, son of Mudjekeewis, the West-Wind and Wenonah, daughter of Nokomis	Onondaga	Hayowent'ha(name)	He who combs
Keeway'din	the Northwest wind, the Home-wind	Ojibway	giiwedin	north, north wind
Minneha'ha	Laughing Water; wife of Hiawatha, a water-fall in a stream running into the Mississippi between Fort Snelling and the Falls of St. Anthony, Minneapolis	Dakota	mni-haha	waterfall
Minne-wa'wa	a pleasant sound, as of the wind in the trees	Ojibway	minowewe	make a good sound
Monda'min	Indian corn	Ojibway	mandaamin	Maize,corn
Noko'mis	a grandmother, mother of Wenonah	Ojibway	nookomis	my Grandmother
Weno'nah	the eldest daughter; Hiawatha's mother, daughter of Nokomis	Dakota	winona	first-born daughter

Minneapolis Longfellow Gardens

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Thu, 31 May 2007 22:14:53 -0500

Being a REALTOR who blogs somehow seems to force me out of my shell. I've started to carry my camera with me everywhere so I can make a point to grab pictures of the amenities of my neighborhood in Minneapolis. I love the Longfellow Nokomis area. There's SO much to write about!

I've driven by the Longfellow Gardens a million times and never stopped to look at them...until today. It seems there are always a million things to do and not enough time to do them in. Today I made it a point to spare 15 minutes to stop, and literally, smell the roses. What a great way to start the day.

If you're selling or buying a home it's so easy to get caught up in the emotions of it all. I encourage you to take a 15 minute break today and find a way to rejuvinate yourself. Your mind, body and spirit will thank you for it!

Get more information about the Minneapolis Longfellow and Nokomis Real Estate Market at the Longfellow Nokomis Real Estate Guide

Sellers Penalized for Negotiating

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 23 May 2007 16:21:04 -0500

It's very common in the Twin Cities market for first time home buyers to ask sellers to pay for some of the buyer's closing costs. Today's buyers may have "A" credit, have a good job, and a good lender, but they have trouble coming up with enough money to pay all of the closing fees to get into the house.

Sellers who are wanting to negotiate in good faith with a potential buyer often raise the sale price of the home to compensate for contributing to the buyer's closing costs.

When the sale price of the home goes up, so does the commission. As a result, we are seeing these kinds of comments in the MLS more often:

"Commission not paid on seller concessions", or
"Commission based on net."

This statement was just released by our regional MLS:

There is nothing to prevent these kinds of changes to the compensation being negotiated between the parties before a deal is concluded. However, the listing broker may not require (through statement on the MLS) the cooperating broker to accept a commission based on the net sales price (or other deviations from the rule). Compensation offered strictly according to the rule of flat dollar amount or percent of gross selling price is essential to preserve the contractual relationship between brokers that is created by participation in the MLS.

Why should a seller have to pay a real estate agent's commission on a sale price that's been adjusted to include buyer's closing costs? It doesn't seem fair that a seller would be penalized and charged more commission simply because they are trying to negotiate a sale with a buyer.

Old Fashioned Marketing

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Mon, 21 May 2007 18:21:02 -0500

I love gadgets and technology. I enjoy spending time on my website, blogging and producing my own virtual tours. I enjoy going to listing presentations and telling prospective clients I have an internet marketing STRATEGY not just a website. Our regional MLS in the Twin Cities allows 10 pictures on the internet, Edina Realty allows up to 30 pictures, but my website, www.TwinCitySeller.com has the maximum amount of customization with unlimited pictures, a customizable brochure and virtual tour...and it's where I spend a lot of my marketing time.

I'm always looking for ways to get people to my website because it's one of the best ways I have to show off my clients home.

Despite all of the technology, I still get calls off of yard signs. A lot of them. People are still intriqued by the big white post and the "for sale" banner that hangs from it.

So, I thought I'd try this yard sign that will go next to the big for sale sign:

Are you using some old fashioned marketing to drive traffic to your listings?

Finally, Nokomis and Longfellow Minneapolis Get Needed Resource

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Mon, 21 May 2007 10:57:36 -0500

Yeah, We Know...

It's long over due
No one else is doing it
It will be helpful to our neighbors in Longfellow and Nokomis

I've partnered with other REALTORS at Edina Realty that live and specialize in the Nokomis and Longfellow area of Minneapolis. Our mission is to become the ultimate Nokomis Longfellow Resource for real estate, entertainment, and community information.

It was just launched today. We hope you'll join us in this new venture!

Longfellow Nokomis Real Estate Guide

Don't order something from the menu you can't pay for.

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Thu, 17 May 2007 08:24:24 -0500

This last week I met Claire (name has been changed), a 72 year old more full of life than anyone I had ever met. Her reason for moving is because she hasn't felt safe in her big home alone since her husband died one year ago. On a whim, she went to visit a senior cooperative in St. Louis Park, Minnesota. She fell in love with one of the units and purchased it that day!

In Minnesota, when you purchase a condominium or buy into a cooperative, you have a 10 day right of recission period in which you can cancel and have your earnest money returned to you. After signing the purchase agreement she called me to help her get her house on the market. When we looked at what her house would sell for, what it would cost to live in the Cooperative, and her monthly income, we discovered she would likely run out of money before she ran out of month.

We spent the next day looking at a some very nice, less expensive senior cooperatives in nearby cities. Because they were less expensive, the buildings were a little older, and the apartments not as big, she had a very hard time imagining herself living there. No kidding! If I planned on buying a million dollar house and then had to settle for a $500,000 house, I'd be disappointed too!

Know what you can afford before you spend your money!

I would have been able to save Claire a lot of heartache if she had called me BEFORE she signed the purchase agreement (or even before she had gone to look at housing that she really couldn't afford).

Follow this move plan so you don't have the heartache of having to "settle" for something you can afford:

It's not brain surgery, but what we can do can be scary

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 16 May 2007 23:29:45 -0500

I'm exhausted. I've been at the hospital for about 10 hours with my family. My Mother-in-law had a "procedure" done today that lasted about 5 hours and it involved an aneurysm, coils, a neurosurgeon and hospital food. Most of it's a blur. I feel like I've been hit by a truck. Today has been an emotional roller coaster. First the butterflies, then the waiting, then some information from the surgeon, then some more waiting, then finally, getting to see her awake with her eyes open. There's some sense of relief, we just have to wait to see if some of the paralysis and vision loss are temporary or permanent. I was in awe watching how calm and cool the nurses were on the neuro unit. My Mother In Law's nurse was calm, smiled and even managed to make us laugh. What a pro.

When my husband and I got home, I told him I wanted to try to write a post tonight. I had no idea what in the world I would write about. He just shook his head and stumbled off to bed (he acknowledges my blogging sickness and knows I'll sleep better after posting). Then, it hit me.

The emotional roller coaster, the waiting on pins and needles for information, and the feeling of wanting all of it to be "settled"; just tell me it's over.Does this sound familiar to you? It should. This is exactly parallel to the home buying process. It's dizzying.

I wonder, am I the calm confident smiling REALTOR who manages to put my clients at ease, maybe even make them laugh during the home buying process? Do I present information in a professional, timely, non-emotional way? Do I reassure my clients through my professional, organized demeanor?

Nurses are one of the hardest working bunch out there, next to REALTORs, of course. When you're in a position like my family was these last few days, you can instantly spot the great ones. You can also instantly spot the angry, bitter, been-in-the-profession-too-long ones. Nurses truly define the very nature of the hospital stay for the patient.

REALTORS truly define the real estate experience for their clients. This is why each one of us must be held to such a high standard. Nothing less than ethical, empathic, compassionate, professional, competent, reach for the bar excellence will do.

After-all, this is the bare minimum I'll accept for my Mother-in-law.

Runner up in Miss Real Estate Blog USA Contest

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 15 May 2007 12:29:20 -0500

I still haven't gotten my hands on that darn tiara. Teresa is hanging on it to very tightly! And there is some tough competition in Minnesota:

Not to be discouraged, last week I tried another avenue to see if I could get my hands on a tiara. I entered the real estate carnival, hosted by RSS Pieces. For the week the carnival was turned into the Miss Real Estate Blog USA Contest. I primped, taped, sucked, sprayed, and smiled for all I was worth.

I came in as the fourth runner up. While quite an accomplishment, the tiara remains out of reach. Here is Miss Real Estate Blog USA and "her" court of runner ups:

Miss Blog Real Estate USA Larry Cragun: The Skyhook theory for buyers
First Runner Up Larry's Take: Unarmed Robbery Broker Style
Second Runner Up The House Chick: Top Ten Things to Know About Tucson Real Estate
Third Runner Up Posh'd: Let's Have a Chat
Fourth Runner Up Lisa Dunn: The Real Payoff in Working With Seniors
Fifth Runner Up David Edwards: Ridiculous article on MSN...Why More People Should Rent

I'm doing my dardest to up my blogging efforts both here, and my other blog at www.RealSageAdvice.com to see if I can yet reach that elusive tiara...if only for a day...

Show your Baby Boomer Clients how they can increase their choices in old age.

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 15 May 2007 11:12:51 -0500

As we age it becomes more and more important to be sure we've adquately planned for retirement. One of the most difficult aspects to plan for is health care. With rising prices, and increased longevity, there's no telling the kind of care we might need. However, as with the rest of life, those that plan, will have options. Those that don't plan will get what's left over.

Basically, when we turn 65, there is a 60% chance that, at some point in our life, we will need some type and amount of long term care. So NOT planning for something with such a high probability of occurring (and the chance of it being financially catastrophic) is foolish; we would never take that kind of chance with our car insurance, home insurance or similar.

And even younger people need long term care; at present (again a prevalence figure not incidence), of the more than 13 million Americans receiving long term care in all settings, about 40% of them are working age adults 18-64 years old.

When you're working with clients from the Baby Boomer, Silent or G.I. generations, it's not a bad topic to talk with them about. As they liquidate the assets from their home, do they have a plan in place to invest those assets? Differentiate yourself by referring them to a financial planner, and giving them information about long term care insurance.

Long Term Care Insurance is NOT nursing home insurance. In fact, long term care insurance will provide options for you and your clients to have OTHER health care BEFORE considering out-of-home kinds of long term care.

There's a booklet, "Own Your Future" published by the Department of Health and Human Services that is a great introduction to long term care insurance. Order it in bulk and make it available to your clients!

For more information about aging issues visit www.RealSageAdvice.com

The Real Payoff for Working with Seniors

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Thu, 10 May 2007 20:11:23 -0500

I often get "looks" from my real estate agent colleagues when I tell them of my adventures working with seniors. They wonder why I do what I do. Yesterday was a typical day of my work with my senior clients I thought I'd take a minute to share before I go off and do it again today.

Claire is a new client who was referred to me by a past senior client.

I met with Claire at her financial planners office at 8:30 am (Yes, some of us are working before 9:00 am!). Eight days earlier Claire had signed a purchase agreement at a new Twin Cities Senior Cooperative, and signed it without representation. After we had an idea of what kind of money she would net after her house sold, we reveiwed her monthly income. Oh boy. I was very concerned about how tight things would be for her after she moved. I suggested she meet with her financial planner to make sure it was "doable". After a discussion about how concerning this situation is for Claire, and a suggestion to look at a couple of other housing units before the 10 day right of recission was up, and a few tears, we ended the meeting. I assured Claire that moving and finding an affordable home will happen and that I would call her later in the day. She hugged me and said "The Good Lord must be looking over me!" REALTORs don't get paid for meeting with financial planners.

I returned to my office, put a call into the Minneapolis Public Housing Authority (I suspect we could find a program to help Claire pay for housing in a senior community) and two other cooperatives that were going to be more affordable for Claire. REALTORS don't get paid for doing research for senior clients.

I spoke with the senior Cooperative that Claire had signed the purchase agreement with (actually a subscription agreement) and told them closing would have to be contigent upon the sale of the back up home. We discussed the language already in the contract and what would need to change for this purchase to work. Because I was not the procuring cause in this transaction, I will not get paid for these negotiations or contract amendments.

I spoke with the financial planner again with some new information, and spoke with Claire again. I told her I thought making things work for this particular senior cooperative was a long shot - how all of the stars in the heavens are going to have to line up perfectly for it to work, and because of all the uncertainties she would endure a lot of unnecessary emotional turmoil. We could go look at a cooperative that would save her $100,000 and I asked her if she could see a little different lifestyle with that kind of money in reserves. Well, she agreed to go look at it with me, but still "has her heart set" on this other Cooperative. REALTORS don't get paid for bringing Senior clients to non-cooperating senior housing developments.

I told Claire she's the boss, if after looking at these other places she still wants to move into this first cooperative, we'll do what we can to make it happen. Then we talked through the possibility of having to hurry up and find a second choice if the "stars don't line up".

So, for about 4 hours yesterday, and a few hours today, I'll spend time doing a lot of things with my client I won't get paid for. But what a rich experience. My payment is being entrusted to help someone who doesn't have anyone else to help her, a financial planner who's trust I've gained, my past client who referred Claire looks like a hero, and I'm better for having experienced it. I can't put food on the table with this kind of payment, but it fills you up in a way money can't.

P.S. If history repeats itself, and it usually does, you can bet monetary payment will be forthcoming in the way of referrals!

For more tips on working with senior clients see me at www.RealSageAdvice.com

Use Research to Talk with Seniors about Moving

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Thu, 10 May 2007 07:57:30 -0500

If you're ever lucky enough to work with a senior and their family you know much of your job becomes reassuring the senior that move *is* possible. It's perfectly normal for seniors to feel overwhelmed with the thought of moving. Often, this is the very thing that keeps them stuck in a home with a ton of deferred maintenance, lonely and isolated.

The mistake families often make with seniors is to try to convince the senior to move. This is a lose-lose proposition. Even if the senior does agree to move, they feel as if they are doing it under coerscion. Take that same senior and open up a conversation about what they want...even if the end result is the same, the senior's perception of being in control makes all the difference in the world.

Have a conversation with the senior about soemthing you're an expert in. The housing market. Finally, a way to use the media's "the-sky-is-falling" message to your advantage.

Here is some interesting stuff about seniors and housing from the Pew Research Center about homeowners 65 and older:

This group is the most pessimistic about home values compared to other age groups.

Of those 65 and older 14% expect their home values to increase
Of those 50-63 years old 27% expect their home values to increase

Of those 65 and older 15% expect their home value to decrease
Average of all age groups, 10% expect their home value to decrease

Open up a conversation with this in mind: The fear of something lost is greater than the prospect of a benefit gained.

Instead of talking with the senior about all of the positives of moving, and trying to convince the senior of something they don't believe, talk with them about getting out of their house before a further decrease in the market, and before winter so they can sell their home for the highest price possible. The fear of loss of money is greater than the prospect of a nice new apartment.

Questions you can ask the senior:

If I can show you how moving vs. moving next year could save you money, would that be helpful to you?
What have you heard on TV or the Radio about the housing market?
How does that contribute to whether you sell now or wait?
What would you do if you had to replace XXXXX(the furnace, roof, etc) within the next year?

For other tips on working with seniors in transition, visit www.RealSageAdvice.com

10 Ways to Protect Your Client from Identity Theft

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 08 May 2007 09:32:21 -0500

Our clients enlist us to help them make the largest financial purchase they may ever make. We are in a position of great responsibility. They trust us to look out for their best interst in a highly complex legal and financial transaction. We learn personal information about our clients: their families, thier history, and their financial information. We are entrusted to keep all of their personal information confidential. How do you do this?

When you leave your office for the night, does your office look like this:

OR THIS (My office at Edina Realty, Highland Park)

10 ways to protect your client's privacy:

Shred anything with identifying information on it that isn't part of the permanent record.
Avoid throwing away papers with identifying information as they can be pulled right out of the dumpster
If working from home, lock up files to avoid family members from accidently having access to client information
Back up and encrypt your data files with client information
Insist your team members, and assistants take client privacy as seriously as you do, and follow the procedures you put in place for your business.
Title companies will need your client's social security number at some point in the transaction. You don't need to be the one to furnish it to them. I make it a practice to not take my clients SS#. The fewer people that have it, the less chance of identity theft.
Keep all of your client notes in one place. Avoid using post-its and scratch paper when it involves taking notes about the transaction or your client's personal information. The more control you have over the location of the information, the easier it is to protect it.
When faxing your client's information to the numerous people in the transaction, do what you can to ensure it isn't going to sit on a fax machine on the other end without being picked up by the intended person. Better yet, scan it and email it.
In Minnesota we are required to keep our files for a minimum of 7 years. That's a LOT of files to keep locked up! No one said it had to be in paper form! Scan your permanent files, and back them up. I copy them to DVD and keep that DVD in an offsite, secure location.
Back up your laptop or computer.

I work primarily with Seniors who are vulnerable to fraud, and identity theft. I take this topic seriously. So seriously, I make sure the companies I refer my clients to take it as seriously as I do.

Protect yourself and your client by puting some simple processes in place.

Splashing around wondering, Where are the Codgers?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 08 May 2007 08:30:53 -0500

As I started my morning routine with coffee in hand and started to dig in to the morning posts something didn't feel right. I realized after about 9 comments that the back porch report was missing. I went looking and realized the Codgers had missed two days in a row posting. Could this be? HOW could this be?

They live in my state, right across the river from me in fact(the WRONG side, but no one's perfect). I haven't ever met them, but what an impact they've made-both on me and this community.

Guys, if you don't show up soon, Me, T, and Bonnie are going to have to go out looking for you!

A Picture is Worth a Thousand...Buyers?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Sun, 06 May 2007 10:14:51 -0500

It's astonishing to me the number of homes listed on the MLS that are without photos. Perhaps even worse are homes that are listed with poor photos. We know from the National Association of REALTORs statistics that homes with a LOT of pictures are looked at more often and more closely by potential buyers. Let me show you what I mean:

Compare these photos:

With these:

The pictures in the first row are dark. The close up of the wood floor is, well, BORING! The pictures in the second row are bright and really show how large the rooms are (the second row of pictures are a house my husband and I rehabbed). Which house would you be more likely want to see?

In addition to pictures being used to market to buyers on the internet, they are also used to market to the REALTORs. As a seller you want the buyer's real estate agent to WANT to show your house over the hundreds of others that are on the market.

When I work with sellers I ask for to have the house for a couple of hours to take pictures and a virtual tour. I take up to 250 photos of the house while I'm there, and I only use the best ones. I use photos of the house on brochures, the MLS (which only let's put post 10 pictures), my TwinCitySeller.com website, my RealEstateWellDunn.com blog, Craig's list, Edgeio, Google, Yahoo, and 10 other websites I use to advertise listings.

In this market you have to put your home in the best light. Are you?

You Never Know When Opportunity Will Knock! Are you Open to it?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Sun, 06 May 2007 06:50:39 -0500

I haven't been at this blogging thing very long, Just long enough to have 100 posts on Active Rain. This is just long enough to know that blogging is where it's at!

In my short blogging history I've already been introduced to some extraordinary people and some very clever elder bloggers. This is primarily through one of my other blogs where I focus on Senior housing issues. One of the women I've met, Carol Bradley Bursack is an author, columnist and fellow blogger. Our kindred spirits are both passionate about elder issues. In the elder blog-o-sphere she's considered a thought leader.

Carol is in Fargo and I'm in Minneapolis. While I considered us to be like-minds, I never thought Carol would be a source of business for me, but rather someone who appreciated my passion for working with Seniors. She would likely be someone I would continue to learn from for a very very long time! A few weeks ago Carol sent me an email complimenting me on my other blog. Wow. My inner critic kicked in: There's an author and columnist reading my blog? How many spelling errors did I make? How many grammatical errors that caused her to just cringe? After a few exchanges Carol asked me to contribute to her column in the Fargo-Moorehead Paper. Me? Really?

One of her readers had some concerns about his 60 year old parents downsizing and buying a new home. You can read the discussion here. In fact, while you're at it, check out Carol's Blog Minding Our Elders.

A big thank you to Carol for asking me to contribute to an article. When a leader in a particular subject area calls your name to contribute, it's the ultimate compliment.

My lesson learned:(On some level I knew this, but it was re-confirmed! What can I say, it seems just when we start to take a lesson we already learned for granted, we have an opportunity to re-learn it!) Don't be too quick to dismiss networking with people who are outside your area of influence. Will you be open to the opportunity if Opportunity Knocks?

How do you balance your other blog with Active Rain?

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 02 May 2007 16:31:25 -0500

In an earlier conversation today, Maureen challenged me to rethink my position on Localism (by the way, thank you Maureen!). My current dilema is what I perceive to be a lot of posts on localism that were posted there merely for the points. There's no fair way for any of us to judge what is and isn't a good post, and I don't know that it makes sense to make post police to check the quality of posts. I'm not an advocate of censorship! So this question goes out to those of you who have another local real estate blog.

Do you have any concerns about your face/name/posts being posted with other real estate agents in your area that may/may not be posting sound, accurate, informative, compelling information? Do you have concerns about being associated with what someone might consider a low quality blog?

How do you decide what to post on Localism and what goes on your "other" blog?

The New Way to do a Listing Presentation

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Wed, 02 May 2007 15:41:57 -0500

During one of my brief periods away from Active Rain I took the time to work on a project that took me 4 years to get right. I perfected my listing presentation. After 4 years in the business this idea had been rattling around in my head.

I always left those listing presentation appointments with the same questions: How do I present all of this information in a succint compelling way so I can show the sellers the services I offer, and the value I add without their eyeballs rolling into the back of their head from boredom? I was boring myself!

Here's the problem: All of the sales classes I've taken have taught "teach them the value before you talk about commission, or you'll lose everytime." If you compare me to the competition based solely on commission, I can't compete, but when you understand what you're getting for the money, you'll be willing to pay for me everytime!

But young professionals aren't interested in a long sales pitch, and the seniors I work with just want to know I'll get their home sold. It took me a while to figure out that the value is not as much in the marketing services I provide, but the interpretation of up to date market information and application of that data to a successful sale. I've also learned I can't explain this skill to my clients-to-be, I have to SHOW them. I SHOW them through a conversational style presentation that gets to the heart of what they told me is important. I figure out the need and SHOW them the solution. Empty blather about a long list of marketing services may or may not be important to them.

I finally found something that works for me, at least most of the time. An autorun PowerPoint presentation on CD. Now I mail this out prior to my appointment, the consumer pops it into their CD player, and in 15 minutes they have a really good idea about the breadth of services I offer, and are also accustomed to hearing me talk since the CD is narrated by yours truly. Of course, I have a backup plan that includes a brief outline I can go over in person and more information printed out they can review, but I will never again sit at a kitchen table and blather on and on about ME and MY SERVICES.

Now when I get together with my clients-to-be my focus is on them, their goals, their concerns, their home, and correct pricing.

My success rate before the Listing Presentation was 98%. I felt pretty good about that, because you can't win them all! So far my success rate is still 98%. But what a different 98% it is! The client's I'm not working with are the ones *I* chose not to work with because I didn't believe I could help them get their home sold at the price at which they wanted to sell it.

I'm very very happy with this new 98%!

Pedal your way to success.

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 01 May 2007 23:22:36 -0500

Being a great REALTOR is like riding a bike. When we first start, we all need some training wheels. It can be scary out there and you never know how many pot holes or sharp turns you'll encounter. In fact, every time you get on the bike it's a new adventure. No two trips (clients) are the same, and your skills are sure to improve after each and every bike trip (transaction). You're wise to wear protective gear such as a helmet (E&O insurance) to protect yourself from injury. While there is some instinct involved in biking (sales) there are still things you can learn to become better at your craft. Which gear (sales technique) to use, when to stand and when to sit (when to offer advice and when to listen), and when to lead and when to draft (when to guide your client, and when to lay off and let them make a decision). While your natural abilities (people skills) may get you started just fine, it's the new knowledge (continuing education) you gain about the finer art of biking (real estate) that will help you to excel. The more knowledge you have, the better biker you'll be (the better you'll be able to serve your clients).

The Nokomis Scenic By way District

Lisa Dunn www.TwinCitySeller.com (Edina Realty) — Tue, 01 May 2007 22:19:29 -0500

If you haven't explored the Grand Rounds in Minneapolis, put it on your list of "must-do's" this summer. The Grand Rounds are 50 miles of paved bike and walking paths that essentialy make a circle around the city. There are seven by-way districts; i) dowtown/riverfront, ii) the Mississippi River, iii) Minnehaha, iv) Chain of Lakes, v) Theodore Wirth, vi) Victory Memorial, and vii) Northeast.

Who needs to go up north when we have so much green space right in our backyards? Ask anyone who just got back from a vacation near water and they'll tell you--water has restorative properties. Save your money on air fare and get out and enjoy what Minneapolis has to offer you!

Feeling inspired, I got out and took some pictures of the Minnehaha district of the Grand Rounds which includes the Minnehaha Creek, Lake Nokomis and Lake Hiawatha. Lake Nokomis is literally in my backyard, so of course is the Minneapolis Lake I consider to be "my lake". These pictures can't capture the energy that's in the air in Minneapolis when we finally get to come out of hibernation. This spring weather is going to make this year particularly memorable.