How can you help your home buyers zoom in on the perfect home for them, without having to see every home listed for sale? Here are a few items for them to consider:
Condition: “Some homes take more work than others,” an article at Realty Times notes. For example, an older home may need replacements for appliances and systems from wear and tear over time. Foreclosed homes may have damage from sitting vacant for so long. Home buyers can have a home inspection done to make sure they’re not taking on more than they can handle.
Lifestyle: Does your buyer love having everything within walking distance or is open space what they prefer? Is your buyer is a private person who would prefer a single-family home in the country or a buyer who prefers to share walls and common areas with neighbors, such as with condo living?
Upkeep: How much maintenance will be involved with the home? For example, if your buyers prefer low-maintenance living, they may find condo living more suitable since they won’t have to tend to the yard.
Home buyers may also want to factor in the school system, the area’s taxes, and even future resale value in narrowing their choices, housing experts suggest.
Source: “Buyers: Making the Right Choice,” Realty Times (Nov. 30, 2011)
Wednesday, November 30, 2011
Tuesday, November 29, 2011
Do You Know Your Largest Segment of Buyers?
Hispanic households account for more than half of the nation’s home owners, HousingWire reports.
During the third-quarter, a total of 545,000 new household units were formed—53 percent of which were Hispanic households and the remaining 47 percent making up other minority groups and whites.
From the second quarter to third quarter, the number of Hispanic households grew from 6.21 to 6.49 million alone, according to Census Bureau data.
What’s more, Hispanic’s purchasing power in home ownership has more than doubled from 2000 to 2010, according to the National Association of Hispanic Real Estate Professionals.
"Hispanics are now helping struggling local economies across our nation through population growth and purchase power,” NAHREP President Carmen Mercado told HousingWire. “We believe these same dynamics will be a driving force in the resurgence of the housing market in the near term.”
Indeed, 57 percent of Hispanics in a housing survey say they consider owning a home a symbol of success, compared to 33 percent of all Americans, according to a Fannie Mae 2010 third quarter survey.
Source: “Hispanic Households Grow, Accounting for More Than Half of New Home owners,” HousingWire (Nov. 28, 2011)
During the third-quarter, a total of 545,000 new household units were formed—53 percent of which were Hispanic households and the remaining 47 percent making up other minority groups and whites.
From the second quarter to third quarter, the number of Hispanic households grew from 6.21 to 6.49 million alone, according to Census Bureau data.
What’s more, Hispanic’s purchasing power in home ownership has more than doubled from 2000 to 2010, according to the National Association of Hispanic Real Estate Professionals.
"Hispanics are now helping struggling local economies across our nation through population growth and purchase power,” NAHREP President Carmen Mercado told HousingWire. “We believe these same dynamics will be a driving force in the resurgence of the housing market in the near term.”
Indeed, 57 percent of Hispanics in a housing survey say they consider owning a home a symbol of success, compared to 33 percent of all Americans, according to a Fannie Mae 2010 third quarter survey.
Source: “Hispanic Households Grow, Accounting for More Than Half of New Home owners,” HousingWire (Nov. 28, 2011)
Monday, November 28, 2011
Freddie Mac eases its short sale affidavit
Last week, Freddie Mac amended its policy on mandatory short sale affidavits after the National Association of Realtors® and American Land Title Association (ALTA) had pushed for the change.
Freddie Mac originally created the affidavits to prevent fraud. They require the buyer, the seller, the real estate brokers, the escrow/closing agent and any transaction facilitator to certify a number of things, including that the short sale is an arm’s length transaction and that the buyer won’t resell within 120 days unless substantial improvements have been made. However, the affidavits created a significant liability risk for Realtors.
“Servicers must start using Freddie Mac’s new affidavits on Jan. 1, 2012, but they’re allowed to start using them immediately,” says Margy Grant, Florida Realtors corporate counsel. “If a servicer tries to use one of the old affidavits this month, it’s legal, but a Realtor may request one of the new affidavits if working on a short sale – or, before signing an old form, ask for an amendment, bearing in mind you may not receive one.”
Key changes
• The latest version of Freddie Mac’s affidavit includes a new phrase: to “the best of each signatory’s knowledge and belief.” The addition of the “knowledge and belief” standard significantly reduces Realtors’ liability.
• The new affidavit still has a sentence that the signer isn’t making “a negligent or intentional misrepresentation.” Only a signatory making a negligent or intentional misrepresentation must indemnify the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.
• Although Freddie Mac requires all signatories to sign a single affidavit; the amended policy no longer allows the affidavit to be an addendum to the sales contract. NAR advises Realtors not to sign a document implying they are parties to the sales contract.
Freddie Mac announced the change in Freddie Mac Bulletin 2011-23 (Nov. 18, 2011).
Source: Florida Realtors®
Freddie Mac originally created the affidavits to prevent fraud. They require the buyer, the seller, the real estate brokers, the escrow/closing agent and any transaction facilitator to certify a number of things, including that the short sale is an arm’s length transaction and that the buyer won’t resell within 120 days unless substantial improvements have been made. However, the affidavits created a significant liability risk for Realtors.
“Servicers must start using Freddie Mac’s new affidavits on Jan. 1, 2012, but they’re allowed to start using them immediately,” says Margy Grant, Florida Realtors corporate counsel. “If a servicer tries to use one of the old affidavits this month, it’s legal, but a Realtor may request one of the new affidavits if working on a short sale – or, before signing an old form, ask for an amendment, bearing in mind you may not receive one.”
Key changes
• The latest version of Freddie Mac’s affidavit includes a new phrase: to “the best of each signatory’s knowledge and belief.” The addition of the “knowledge and belief” standard significantly reduces Realtors’ liability.
• The new affidavit still has a sentence that the signer isn’t making “a negligent or intentional misrepresentation.” Only a signatory making a negligent or intentional misrepresentation must indemnify the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.
• Although Freddie Mac requires all signatories to sign a single affidavit; the amended policy no longer allows the affidavit to be an addendum to the sales contract. NAR advises Realtors not to sign a document implying they are parties to the sales contract.
Freddie Mac announced the change in Freddie Mac Bulletin 2011-23 (Nov. 18, 2011).
Source: Florida Realtors®
Thursday, November 17, 2011
How to Snap High Quality Photos With Your Phone
You can use your phone to capture high-quality photos of your listings, and no one might ever even guess you snapped the photo from your phone too.
With the rise of “iPhoneography and “smartphonegraphy,” a range of add-ons have debuted that can turn your phone’s camera into a mini-professional camera. Several companies have recently released affordable smartphone attachments for phone photography, including extra lenses that allow you to zoom or capture wide-angle photos.
“With a smartphone and some easy-to-use lenses, you don’t need to know anything about photography or lighting to take great pictures. It’s become extremely accessible,” Jen Giese, store manager with Photojojo, which sells smartphone camera attachments, told The New York Times.
Here are a few recently featured photography phone attachments in a recent New York Times article:
With the rise of “iPhoneography and “smartphonegraphy,” a range of add-ons have debuted that can turn your phone’s camera into a mini-professional camera. Several companies have recently released affordable smartphone attachments for phone photography, including extra lenses that allow you to zoom or capture wide-angle photos.
“With a smartphone and some easy-to-use lenses, you don’t need to know anything about photography or lighting to take great pictures. It’s become extremely accessible,” Jen Giese, store manager with Photojojo, which sells smartphone camera attachments, told The New York Times.
Here are a few recently featured photography phone attachments in a recent New York Times article:
- Photojojo: Smartphone camera attachments available from several manufacturers, such as a kit of three lenses (which includes a fisheyes lens to use for wide-angle images, a macro lens for close-up photos, and a telephoto lens to capture items fromfar away). The lenses can also be bought individually for $20 to $25 each.
- Olloclip: A three-in-one attachment for $70 that clips onto the iPhone 4 and 4S. Lens options include a fisheye, a wide-angle lens, and a macro lens.
- Pixeet: A 360-degree fisheye lens for $50 that works with practically any phone or tablet. Software can be downloaded for free from its web site to improve photos too.
- Studio Neat’s Glif: iPhone 4 tripod, which is a small rubber mount that can be used to balance an iPhone at different angles on flat surfaces.
Tuesday, November 15, 2011
Know Yourself, Know Your Clients
People like to interact with others who are like them. This basic premise is a key to successful interactions with buyers and sellers. At the REALTORS® Conference & Expo in Anaheim on Sunday, real estate trainer Jackie Leavenworth walked a crowd of about 80 REALTORS® through the DISC system — a method of understanding behavior and personality — and how to use it to meet clients’ needs.
DISC identifies four major elements of personality: dominance, influence, steadiness, and compliance. Dominance is the need for control and challenge; influence, the need to interact and persuade; steadiness, the need for security and stability; and compliance, the need to follow standards and be accurate and cautious.
To start, know yourself (Leavenworth recommended taking a DISC test online), then marry your natural behavior and style to match those of your client.
Buyers and sellers give clear indications of their personality type in the way they answer open-ended questions (influencers will talk about how party-friendly their home is, while those high in the compliance aspect will list the facts about the house, for example), their voicemail message, their home decoration choices, and even level of clutter.
Shape your tactics and approaches to match those of the clients you are working with, Leavenworth advised. She suggested tactics that are effective for each personality type:
Source: NAR
DISC identifies four major elements of personality: dominance, influence, steadiness, and compliance. Dominance is the need for control and challenge; influence, the need to interact and persuade; steadiness, the need for security and stability; and compliance, the need to follow standards and be accurate and cautious.
To start, know yourself (Leavenworth recommended taking a DISC test online), then marry your natural behavior and style to match those of your client.
Buyers and sellers give clear indications of their personality type in the way they answer open-ended questions (influencers will talk about how party-friendly their home is, while those high in the compliance aspect will list the facts about the house, for example), their voicemail message, their home decoration choices, and even level of clutter.
Shape your tactics and approaches to match those of the clients you are working with, Leavenworth advised. She suggested tactics that are effective for each personality type:
- For sellers high in dominance, lay out the process and ask how they’d like to be involved.
- For influencers, make the process fast and easy.
- For steadies, provide frequent updates about how the process is going.
- For compliers, be fact-based.
Source: NAR
The Power of Video Blogging
Vlogging, or video blogging, is poised to become more popular than blogging. With YouTube reporting 2 billion views daily, businesses are recognizing the value of posting short videos on a variety of topics. However, experts say useful content -- not ads -- is what attracts viewers. Vancouver real estate agent Ian Watt goes beyond posting videos of his listings to providing information deemed valuable by homeowners, and he prefers video and social media marketing over flyers and cold calls. To ensure that their videos rank toward the top of search pages, experts say agents should include their city in their video descriptions.
Source: "The Power of Video Blogging" Business Insider (11/14/11)
Source: "The Power of Video Blogging" Business Insider (11/14/11)
Thursday, November 10, 2011
Chrysler Puts REALTORS(R) on the Road to Savings
During the 2011 REALTORS® Conference & Expo in Anaheim, the National Association of REALTORS® named Chrysler Group LLC as the “Official Automobile Manufacturer” of NAR and the latest addition to the REALTOR Benefits® Program.
“This new partnership provides REALTORS® with significant savings and access to a wide range of vehicles, as well as services through Chrysler Group,” said Bob Goldberg, senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “REALTORS® are constantly on the go and their cars are a crucial part of how they conduct their day-to-day business. We are thrilled to work with Chrysler Group and believe this program makes a perfect fit for the REALTOR Benefits® Program.”
Through the partnership with Chrysler Group, NAR members and immediate family members at the same residence can receive a $500 cash allowance on the purchase or lease of select 2012 Chrysler, Dodge, Jeep, and Ram models. In addition, REALTORS® meet the requirements for Chrysler’s “On the Job” program and will receive a two-year oil, lube, and filter service contract covering eight oil changes, including diesel, at no cost.
Staff at the national, state, and local associations or boards of REALTORS® located in the 50 states, the District of Columbia, and Guam are also eligible, along with their immediate family members. NAR members attending the Conference & Expo can stop by the Chrysler Group Booth 471 on the expo floor in the REALTORS® Pavilion to learn more about the new partnership. Chrysler Group will also be conducting onsite test drives of various models during the conference this week.
For additional program details, visit www.realtor.org/Chrysler or your local Chrysler, Jeep, Dodge, and Ram Truck dealer with proof of eligibility.
Source: NAR
“This new partnership provides REALTORS® with significant savings and access to a wide range of vehicles, as well as services through Chrysler Group,” said Bob Goldberg, senior vice president of Marketing and Business Development, Commercial Services and Business Specialties. “REALTORS® are constantly on the go and their cars are a crucial part of how they conduct their day-to-day business. We are thrilled to work with Chrysler Group and believe this program makes a perfect fit for the REALTOR Benefits® Program.”
Through the partnership with Chrysler Group, NAR members and immediate family members at the same residence can receive a $500 cash allowance on the purchase or lease of select 2012 Chrysler, Dodge, Jeep, and Ram models. In addition, REALTORS® meet the requirements for Chrysler’s “On the Job” program and will receive a two-year oil, lube, and filter service contract covering eight oil changes, including diesel, at no cost.
Staff at the national, state, and local associations or boards of REALTORS® located in the 50 states, the District of Columbia, and Guam are also eligible, along with their immediate family members. NAR members attending the Conference & Expo can stop by the Chrysler Group Booth 471 on the expo floor in the REALTORS® Pavilion to learn more about the new partnership. Chrysler Group will also be conducting onsite test drives of various models during the conference this week.
For additional program details, visit www.realtor.org/Chrysler or your local Chrysler, Jeep, Dodge, and Ram Truck dealer with proof of eligibility.
Source: NAR
Wednesday, November 9, 2011
More clients check agents’ online reputation
Many clients struggle to find the right Realtor if they can’t get a personal reference from family or friends. Internet sites that allow past clients to rate a real estate agent’s service are trying to fill that gap by allowing past clients to rate their agents, all with an eye to helping future buyers and sellers find the real estate agent right for them.
One site, RatedAgent.com, now operates a pilot program through the California Association of Realtors. The company says it currently has 10,000 agents signed up – participation is not mandatory – and it soon expects to have 50,000 agents within the next 90 days, along with “several hundred thousand reviews” from these agents’ past clients.
Many agents don’t trust online reviews, and many Americans agree. However, websites such as Internet-giant Amazon.com already post customer reviews of a product, and potential buyers are getting used to reading these references. If that system can be transferred to the real estate business, more and more consumers might be drawn to agent rating websites. However, it’s too early in the process to promise long-term success, and there’s always the potential for problems if a past client leaves a negative review.
“For agents, RatedAgent offers independently validated survey results, eliminates bogus comments from consumers they never served or competitors pretending to be consumers, and helps those who really deliver great service differentiate themselves from those who only promise great service,” RatedAgent.com CEO Larry Romito claims.
RatedAgent, as only one example, is voluntary for agents but currently costs $60 per year. The service is free for buyers and sellers. Agents can display only their overall Customer Satisfaction Rating, or they can also publish summarized responses to specific questions. They can also choose to include past customer comments, though they cannot edit out undesirable statements.
Source: Florida Realtors®
One site, RatedAgent.com, now operates a pilot program through the California Association of Realtors. The company says it currently has 10,000 agents signed up – participation is not mandatory – and it soon expects to have 50,000 agents within the next 90 days, along with “several hundred thousand reviews” from these agents’ past clients.
Many agents don’t trust online reviews, and many Americans agree. However, websites such as Internet-giant Amazon.com already post customer reviews of a product, and potential buyers are getting used to reading these references. If that system can be transferred to the real estate business, more and more consumers might be drawn to agent rating websites. However, it’s too early in the process to promise long-term success, and there’s always the potential for problems if a past client leaves a negative review.
“For agents, RatedAgent offers independently validated survey results, eliminates bogus comments from consumers they never served or competitors pretending to be consumers, and helps those who really deliver great service differentiate themselves from those who only promise great service,” RatedAgent.com CEO Larry Romito claims.
RatedAgent, as only one example, is voluntary for agents but currently costs $60 per year. The service is free for buyers and sellers. Agents can display only their overall Customer Satisfaction Rating, or they can also publish summarized responses to specific questions. They can also choose to include past customer comments, though they cannot edit out undesirable statements.
Source: Florida Realtors®
Friday, November 4, 2011
Maximize Your Business Potential on LinkedIn
To maximize the potential of LinkedIn for positioning yourself as an expert in your local market and to generate new business, real estate agents must first create a strong profile that is easily located and makes a good first impression.
Use your real name in the name field, upload a profile photo using your name in the digital file name, and include a few of your top business keywords in the headline that appears below their name and in LinkedIn's search results.
When inputting your three main URLs, use the "Other" field rather than "My Blog" or "Personal Website" so that the link is personalized instead of simply stating "Company Website."
Agent profiles also should include a link to your Twitter profile, a keyword-like list of your specialties, current and past job information, and a summary featuring top keywords to make your profile easier to find in searches and showcase why you're the best agent in the market.
Make your profile visible to the public and search engines by selecting the appropriate options under "Settings."
Additionally, agents should send personal e-mails to LinkedIn contacts with whom they have a past business relationship to seek recommendations and testimonials.
Finally, as an agent, you'll get the most out of LinkedIn if you actively use the site to post updates, connect with people through groups, and contribute answers to questions asked by users about the real estate industry.
Source: "LinkedIn for Real Estate Agents," RealtyBizNews (10/27/2011)
Use your real name in the name field, upload a profile photo using your name in the digital file name, and include a few of your top business keywords in the headline that appears below their name and in LinkedIn's search results.
When inputting your three main URLs, use the "Other" field rather than "My Blog" or "Personal Website" so that the link is personalized instead of simply stating "Company Website."
Agent profiles also should include a link to your Twitter profile, a keyword-like list of your specialties, current and past job information, and a summary featuring top keywords to make your profile easier to find in searches and showcase why you're the best agent in the market.
Make your profile visible to the public and search engines by selecting the appropriate options under "Settings."
Additionally, agents should send personal e-mails to LinkedIn contacts with whom they have a past business relationship to seek recommendations and testimonials.
Finally, as an agent, you'll get the most out of LinkedIn if you actively use the site to post updates, connect with people through groups, and contribute answers to questions asked by users about the real estate industry.
Source: "LinkedIn for Real Estate Agents," RealtyBizNews (10/27/2011)
Wednesday, November 2, 2011
Unlicensed activity in Fla. at all-time high
For some reason, 2011 has seen an unprecedented number of crime allegations against licensed real estate agents, as well as accusations against unlicensed agents.
Darla Furst, a member of Florida Realtors who sits on the Florida Real Estate Commission (FREC), calls it “a horrendous situation.”
Florida’s Department of Business and Professional Regulation (DBPR) oversees licensee crime in the state, but it’s having trouble keeping up with the upswing in cases. In February 2011, DBPR had 600 investigations into rogue real estate agents. In nine months, that number has surged to 2,100. The number of cases against non-agents performing unlicensed activity has also gone up. Two years ago, DBPR had 531 cases about unlicensed activity; today they have 1,452.
Lawyers within DBPR handle real estate licensee complaints. Once they have the facts in hand, DBPR lawyers do one of three things: They send it to FREC, which can decide to discipline the licensee; they send it state lawyers who can press criminal charges; or they can dismiss the complaint.
A St. Petersburg Times investigation found that the increased number of cases has caused a backlog, and it takes about 18 months for a new case to makes its way through the system.
Source: Florida Realtors®
Darla Furst, a member of Florida Realtors who sits on the Florida Real Estate Commission (FREC), calls it “a horrendous situation.”
Florida’s Department of Business and Professional Regulation (DBPR) oversees licensee crime in the state, but it’s having trouble keeping up with the upswing in cases. In February 2011, DBPR had 600 investigations into rogue real estate agents. In nine months, that number has surged to 2,100. The number of cases against non-agents performing unlicensed activity has also gone up. Two years ago, DBPR had 531 cases about unlicensed activity; today they have 1,452.
Lawyers within DBPR handle real estate licensee complaints. Once they have the facts in hand, DBPR lawyers do one of three things: They send it to FREC, which can decide to discipline the licensee; they send it state lawyers who can press criminal charges; or they can dismiss the complaint.
A St. Petersburg Times investigation found that the increased number of cases has caused a backlog, and it takes about 18 months for a new case to makes its way through the system.
Source: Florida Realtors®
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