East Bay Real Estate Focus

Lonely Days and Sleepless Nights (One Mistake You Want To Avoid At ALL Cost)

Carl Medford (Keller Williams Benchmark Properties) — Wed, 29 Sep 2010 09:30:10 -0700

As the glut of foreclosures recedes, many "normal" sellers are hoping to cash in on the absence of distressed, low priced properties. With the current dearth of REO competition, a new mindset is emerging like the tips of crocuses poking through the melting snow of spring. Some sellers, optimism buoyed by rising market values, are convinced they can set their prices high and come down a wee bit, if absolutely necessary. Sellers adopting this mindset will be making a serious mistake. The temptation is huge for those who've been held captive in their homes due to the collapse of the market. For numerous reasons, many really need to liquidate their properties as quickly as possible. Causes include business failure, loss of jobs or reduced income, declining health, retirement and the like. Truth be known, many actually needed to sell last year but were unable to do so because mortgage balances were higher than market values. With prices in our area increasing since April, 2009, some have regained precious equity and, no longer faced with a dreaded short sale, are greeting the new day with a "FOR SALE" sign proudly displayed on their front lawn. Regardless of the specifics, the bottom line for these sellers is always the same: they need to sell soon AND get as much money out as possible. Therein lies the crux of the problem. They typically want more than the market will give. It's human nature and totally understandable. Unfortunately, with the market still very fragile, this perceived "need" can lead to dire consequences. The primary issue with homes priced too high is not that they don't sell right away or even for less than list price. They often don't get visited ... at all. Sellers who list too high may end up lonely, buyer-less and singing Patty Loveless' hit ballad: "Lonely days, lonely nights, Missing buyers, with all my might. Wanting you to stop on by, Lonely days, lonely nights. When you're gone this house gets lonely And talkin' to myself ain't company ... And nothin' seems to stop the tears from fallin' Feeling sorry you're not here to buy from me ..."* No visits = no offers. And, just like a loaf of bread, once your listing grows stale, count on it ending up on the discount shelf and selling for less. And there's another ironic twist here as well. With the advent of state-of-the-art Internet marketing and "Virtual Open Houses," sellers are pushing hard to have their listings showcased on as many sites as possible with as many pictures and virtual tours as allowed. For homes that are overpriced, however, extensive Internet marketing can actually make the problem worse. Buyers can now view homes online from the comfort of their living room or on their iPhone and quickly determine whether or not they're priced correctly. And regardless of how nice a home looks or extensively it is showcased, if buyers believe it is overpriced, they'll simply pass. And currently, there are many other competitively priced homes out there that will get the nod instead. Not fair? Maybe. Real? Absolutely. So a word to the wise is in order. Because, trust me, you don't want to end up singing the last line of Patty's song: "This is the loneliest I think I've ever been." * Lonely Days, Lonely Nights by Patty Loveless, lyrics modified by Carl MedfordCarl Medford, REALTOR®, CRS Helping You Write The Next Chapter Of Your LifeTM Keller Williams Realtycarl@carlmedford.com * 888-750-3300 * www.carlmedford.com

5 Critical Reasons You Need A Net

Carl Medford (Keller Williams Benchmark Properties) — Thu, 08 Apr 2010 03:03:39 -0700

As the economy has changed, more and more agents are looking around for something to save their business. The volume of ranting is increasing and the level of despair is palatable. And the irony is this: it's normally markets such as this that drive those losing jobs in other professions to take a serious look at becoming a REALTOR®. In the meantime, so many of our colleagues are headed down the proverbial anchor chain to get off the boat and onto dry land before the ship goes down. It goes without saying that desperate times require bold and innovative solutions and business models. This is not time for "business as usual." A classic definition of insanity is "doing the same thing over and over yet expecting a different result. Yet I see just that: REALTORS® cranking up the business models of the 70's and 80's and hoping that the sweat and effort will produce some much needed results. It will produce results, alright, but, in most cases, not the results they are looking for. We no longer stand and talk over our rear fence to the neighbors. For the most part, our children no longer play in the middle of the street with the other neighborhood kids. We come home and sequester ourselves: we approach our homes, drive over the moat, enter our castles, pull up the drawbridge and hunker down in front of our entertainment systems to relax. Want to talk to friends? We check our phones for tweets and fire up our computers to get onto Facebook. The only person we want to see at our front door is the dude with the pizza in his hands. It's a different world. Yet so many REALTORS® haven't turned the corner of realization. I'm amazed at how many REALTORS® are still functioning without a net. That's right. A net. Click here to see the 5 critical reasons you need a net. Carl Medford, REALTOR®, CRS Helping You Write The Next Chapter Of Your LifeTM Keller Williams Realtycarl@carlmedford.com * 888-750-3300 * www.carlmedford.com

Trulia.com Launches New Rental Section!

Carl Medford (Keller Williams Benchmark Properties) — Wed, 07 Apr 2010 03:55:26 -0700

AS OF THIS MORNING (04/07/2010), RENTERS CAN NOW SEARCH FOR RENTALS ON TRULIA.COM. In a much anticipated move, Trulia.com launched their new rental platform designed to provide renters with a single, comprehensive source to locate rental properties. Until now, there has not been a single source for rentals that also included the state-of-the-art tools that Trulia provides. This new addition to Trulia.com will be very helpful to both end users and REALTORS® alike and will not have many of the "issues" found on other rental-based portals. It is VERY user friendly and, thanks to Trulia's months of preparation, jumps out of the gate with extensive inventory available for access. Click here to see the full press release. Click here to go to the new Trulia Rental link. Pete Flint, Trulia co-founder and CEO, explains, "With the burst of the housing bubble, more consumers than ever are trying to decide if they should rent or buy so we're giving them the tools to make the best decision for their lifestyle." He further clarifies, "We saw the opportunity to take our world-class interface, advanced search, rich maps and local neighborhood information and make Trulia.com available for renters, as well as home buyers. This is an exciting new market for us and we'll continue to innovate to make it the best experience on the web." Trulia touts the following exciting benefits to this new platform: 1. Smarter Decisions: To aid consumers and facilitate a more informed decision making process, Trulia offers a number of tools with its new feature, including: Rent vs. Buy calculator Renter's Guide with articles such as "10 Questions to ask a building manager when touring a rental", "How much rent can you really afford?" 2. Trulia Voices: Always the heart of Trulia's success, this section will also be available for rental-based Q&A. 3. Local Ratings and Information: Users will be able to rate local areas based on 12 different qualities including parking, cleanliness, safety, public transport, weather and more. Information is also available about nearby schools, local amenities and businesses provided by Trulia partners Greatschools.net and Yelp.com. 4. Advanced Search: Consumers want flexibility when they search for a place to live. Trulia provides the ability to search by keywords (ie. pool, waterfront, garage) multiple locations and custom ranges, as well as the capability to search by location, map and radius. 5. Smart Phone Access: Search on the Go capability is key: the ability to search anytime, anywhere is crucial in today's mobile, fast paced environment. Consumers can easily search Trulia's mobile Web site for rentals or homes for sale, now compatible with iPhone, Android, Blackberry and other mobile devices. 6. Personalization: Finding new digs is a personal decision with extensive ramifications. Trulia provides consumers with the ability to save both individual rental listings as well as communities. You can now send "favorites" to others via Trulia or Facebook, and sign up for auto-feed email alerts that function in real time and will alert you about new rental properties that match saved search criteria. New Tool Will Help both Renters AND REALTORS® This new tool provides obvious advantages to those looking for rentals. It's also a tremendous resource to REALTORS® as well. Since many REALTORS® do not handle rentals, Trulia now provides a comprehensive site to send clients to where they can gather comprehensive rental data. I know for sure this will be helpful to our team. Well done, Trulia!Carl Medford, REALTOR®, CRS Helping You Write The Next Chapter Of Your LifeTM Keller Williams Realtycarl@carlmedford.com * 888-750-3300 * www.carlmedford.com

Build A Better Business In 2010 - TOP TIP

Carl Medford (Keller Williams Benchmark Properties) — Mon, 04 Jan 2010 21:33:08 -0800

Seems that everyone is publishing their TOP 10 TIPS for a better business in 2010. They all seem to center around business plans, written goals, positive thinking in a negative market ... and the like. If you are like me and been around any length of time, you've seen many business plans and probably sat through many goal sessions. Although I'm a great advocate for planning and setting goals, I've personally concluded there's something even more important. In fact, I believe that without this one critical ingredient, no great game plan or set of strategic goals will get you where you want to go. It's adaptability. This past year is a great case in point. Our team duly met prior to the beginning of last year to lay down the tracks for the coming year's business. Since we've historically focused on listings, listings were at the heart of our discussions and our plans. We fine tuned our listing presentations, geared up to handle all the details that would come from an increase in listings ... you get the idea. Who knew that normal listings would go into the toilet because sellers were afraid to compete with REOs and Short Sales? Had we stuck with our game plan, we would have ignored the long queue of buyers lining up at our door to cash in on record low prices, rock bottom interest rates and the first-time buyer tax credit. Our business would have slammed to a halt. Bottom line: we quickly switched our focus and game plan. By reacting to the market and adapting, we ended up doing 2 ½ times the total business we've ever done in any previous year. Click here to read how had our best year ever ...Carl Medford, REALTOR®, CRS Helping You Write The Next Chapter Of Your LifeTM Keller Williams Realtycarl@carlmedford.com * 888-750-3300 * www.carlmedford.com

Manage Buyer Expectations – Or Be Managed – Top 4 Tips

Carl Medford (Keller Williams Benchmark Properties) — Wed, 23 Dec 2009 01:57:31 -0800

It's a scenario as old as dirt: You get an email from prospective client wanting to see a property. You can feel the adrenaline rush as visions of closing checks dance in your head. You quickly set up an appointment, head across town, show the home and then set up another appointment to show them more prospective digs on the weekend. Friday comes ... and you get an email with nineteen MLS numbers they'd like to see. A small ache starts meandering through your stomach as you realize you need to do some educmacatin. You start working the list and realize that fourteen of them are short sales ... appointment only. That nasty feeling in your tummy is beginning to call for out for large quantities of Maalox as you get ready to start making the calls to set up the tour. It's a classic scenario ... ending with the unreturned calls, failure to respond to emails and the devastating revelation that the clients you've been hauling around for the past few months ... just purchased a home from another agent at an open house. You've just been managed. Click here for tips on how avoid this all too common problem ... Carl Medford, REALTOR®, CRS Helping You Write The Next Chapter Of Your LifeTM Keller Williams Realtycarl@carlmedford.com * 888-750-3300 * www.carlmedford.com