Dear Friends and Customers:
Last week's breaking news was very exciting and we had many of you asking us how the new $7,500 tax credit would be applied. I have included a weblink that you can use to send to your prospects. This should be a very exciting time for first time homebuyers. Enjoy this week's Real Estate Update..
Frequently Asked Questions
About the First-Time Home Buyer Tax Credit:
www.federalhousingtaxcredit.com
More Goodies........
Investor Report: New Housing Bill and Tax Benefits
by Kenneth R. Harney/Realty Times
Foreclosure relief for home owners may be getting all the press on the new housing bill signed into law by the President this Wednesday. But there's plenty of tax-related goodies sprinkled through the bill's nearly 700 pages for sharp-eyed real estate investors.
Start with the low-income housing tax credit program -- the federal government's biggest source of support for affordable rental complexes -- driven mainly by tax shelter offerings.
The bill basically increases the size of the program, at least temporarily, by raising the current state-by-state volume limitations on tax credits. Put another way, the bill expands the number of potential deals supported by credits that developers and investors can do through the year 2009.
It also streamlines many of the technical regulations that govern the housing tax credit program, and simplifies the rules on the use of state tax-exempt multifamily bonds to finance tax credit projects. On top of that, it eliminates current IRS restrictions that prohibit the use of low-income housing and rehabilitation tax credits to offset the alternative minimum tax.
Elsewhere in the bill, tax rules affecting real estate investment trusts (or REITs) are significantly streamlined. Although the details of the changes are mainly for green eye-shade accountants and lawyers, the bottom line is that the REIT industry welcomes the changes and believes they will be good for business.
That's important because stockholder-owned REITs represent one of the most efficient ways for small investors -- and big institutions -- to put money into commercial and residential real estate, as well as into mortgages.
The housing bill also sweetens the pot for Gulf Opportunity Zone (or GO Zone) developments -- a tax resource for real estate and other investors in the hurricane-damaged areas of Alabama, Mississippi and Louisiana. As we've mentioned a number of times here on Realty Times, when the government will pay you to invest in an area where property values can only go up -- you ought to take a hard look at it.
The latest changes waive the start-construction deadlines for certain properties eligible for bonus depreciation in the GO Zone, and allow property investors and developers to amend federal tax returns to take into account their receipt of hurricane-related recovery grants.
Published: August 1, 2008
A little tidbit for you..........
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Laws of Persuasion
by Bob Hafer/Realty Times
John D. Rockefeller once said, "The ability to persuade people is as purchasable a commodity as sugar or coffee. And I will pay more for that ability, than for any other under the sun." In this article you will learn about the law of reciprocity. This law positions you in the eyes of your prospects as a giver and not simply a taker. The simple fact is the more you give; the more you receive. Begin using the law of reciprocity now and see how things begin to move toward you rather than away from you.
To some degree, reciprocity has control over us all. You can probably think of times you've felt obligated or compelled to do things for others because they did something for you. This is the result of conditioning from early childhood and is hard to override.
In Robert Cialdini's book, Influence - The Psychology of Persuasion he relates a story of a university professor who tried a little experiment. He sent Christmas cards to perfect strangers. Although he expected some reaction, the response he received was surprising. Holiday cards addressed to him came back from people who he had never met nor heard of him. The great majority of those who returned a card never inquired into his identity. They received his holiday card and automatically sent one in return. You may have done the same thing, I know that I have.
While small in scope, this study demonstrates the action of one the most potent weapons of persuasion, the law of reciprocation. The law says we will try to repay, in kind, what another person has provided us. By virtue of the law of reciprocity we feel obligated to repay favors and gifts. Look for opportunities
Employing the law of reciprocity in home selling pays big dividends because most salespeople do not use it. Let's examine a few things you can do today:
- Have refreshments (cokes, water, cookies, candy) available for your customers to enjoy the time they spend with you.
- Take your prospects to lunch or have movie tickets available so your prospect can relax and take a breather.
- Have coloring books and crayons available for your customer's children. Let the children take the books and crayons home. Ask the children to bring back their drawings so you can display them for other prospects to see.
- As prospects leave give them a small token of appreciation. One salesperson I know purchased microwave popcorn and attached the message "Thanks for Popping In" and mailed it out immediately so that it would arrive the next day.
- Call each prospect and leave a short voice mail message thanking him or her for spending their valuable time with you. This phone call should be placed immediately.
- Send bouquet of flowers to a buyer who signed a contract or to a co-operative Realtor who help you make a sale. Follow up the flowers with a phone call asking for a referral.
- Take a Realtor friend to lunch or hold an open house with food. Follow up luncheon with a referral request.
When you employ the law of reciprocity you're treating your prospect as a special person. Every time you do something extra, you are building a greater sense of obligation.
Begin to look for opportunities to use the law of reciprocity. You'll be amazed at how effective this law can be. Remember, in order to receive, you first must give. Give a lot, get a lot. Give a little, get a little.
Published: August 4, 2008
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Please contact me if you would like detailed information on the below mentioned Seminars and upcoming events for your consideration:
Short Sale Seminars, Back by Popular Demand....... Floyd Wickman Production Workshops , August 13, Palm Beach and August 15, Miami.
Mentor with the Millionaires Conference, September 20, Boca Raton Marriott.
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Knowledge is Power
"Success does not create Happiness...Happiness creates Success...Be Happy"
Here's to your success,
Maria Elena Arias ,CEO
Meyling Calero , VP
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