REAL ESTATE TOPICS

How and where can new real estate agents market themselves if they haven’t chosen a specialty?

Developing your geographic territory requires reaching out with the right type of prospecting letters

This post by Marte Cliff, of Marte Cliff Copywriting, was originally published on ActiveRain.

In my work as a real estate copywriter I talk to a good number of agents who are just starting out. Some of them are eager to get their websites up and running and know that they need individualized content and an agent bio that makes them stand out from the crowd.

Typewriter image via Shutterstock.

They also know that they need to reach out and pull those prospects in, or they won’t be noticed. Just being online is no help if no one visits your website.

Some of them have the funds available and are committed to spending what it takes to get started. Others have spent most of their available funds just getting this far. They’re feeling shocked at all the expenses beyond the schooling.

Now they’re afraid to spend more. So what to do?

I believe every agent should choose a niche or two and become THE expert, but an agent who is just starting out can’t know yet what niche will interest him most. So I’d suggest starting with a geographic territory.

If you’re in this position right now …

Choose a neighborhood you know well, then learn everything you don’t already know about it. For instance, learn all about the zoning districts, the utility fees, the school district boundaries, and the taxes. If yours is a neighborhood with a homeowners association, get a copy of their rules, bylaws, etc., and learn what they say. Know the HOA fees, as well.

In other words, really become the expert.

Then, start small. Choose a specific number of homes and begin mailing to the homeowners. Maybe you can afford to mail to only 100 or even fewer. But choose which ones and be consistent with that list. You’ll get better results if you mail to 100 people 10 times than if you mail to 1,000 people just once.

Once you begin getting results from your mailings, set aside dollars from every closing to expand your mailing territory. And again, be consistent.

Master marketer Barbara Todaro mails thousands of postcards per month now, but she began by mailing just 20 “just listed” cards every time she got a new listing. Read her recent post on the subject right here.

You do have to be careful what you say in your mailings. “Just listed” and “Just sold” notices are pretty self-explanatory, but if you’re working to develop your own territory, you have to give those people a reason to read your message. “Here I am, hire me” just won’t do it. Remember that you have to give before you get.

If you write well and understand the psychology of marketing, write your own letters. If not, use mine. You’ll find my geographic territory prospecting letters here.

What else can you do? Many things. I even wrote a small e-book about it: “107 Ways to Build Your Real Estate Career on a Tiny Budget.” More than 90 of the ways I mention require no money at all — or only enough to fuel up your vehicle.

Since you’ve come this far, don’t stop. Give yourself the needed push to get over the hump and begin making money.

Get marketing, and, as Barbara says, “Market like you mean it!!!!”

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REAL ESTATE NEWS

Consumer watchdog to roll out e-closings pilot project

Consumers frustrated with lack of time to review stacks of paperwork, jargon-filled documents

Apr 29, 2014 Inman News Staff Writer

Closing on a mortgage can be a frustrating, overwhelming and sometimes baffling process for consumers. That’s why the federal Consumer Financial Protection Bureau has decided to launch a pilot project in which it will evaluate whether electronic closings can help consumers navigate the process better.

The bureau has released guidelines for the project along with a report detailing borrower challenges during the mortgage closing process. The top three “pain points” noted in the report were: not having enough time to review closing documents; an overwhelming stack of paperwork; and documents that were full of terms they could not understand or contained errors.

Sea of forms image via Shutterstock.

A new rule that will go into effect in August 2015 requiring the use of new, simplified mortgage disclosure forms will address at least one of these concerns: Consumers will receive a Closing Disclosure form at least three business days before their closing date.

“Mortgage closings are often fraught with anxiety,” said CFPB Director Richard Cordray in a statement. “We have taken action to address some of the problems consumers face, but more needs to be done. Our e-closing pilot project will provide valuable insight into how to improve the closing experience for consumers.”

Those who would like to participate in the pilot project must submit proposals as a partnership between a technology vendor providing an e-closing platform and a lender that has contracted to close loans with that platform. The project will launch later this year.

Some of the features the agency would like to test are those that could enable consumer understanding, such as educational materials that could be reviewed before the closing table; technologies that would let consumers see an entire package of closing documents at least three business days before closing; and tools that would help both industry pros and consumers detect errors and discrepancies in closing documents.

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REAL ESTATE TOPICS

5 Tips for Navigating the Next Generation of Real Estate

AUTHOR:BRENDON DESIMONE 

Times have changed since the real estate boom of the 1980s. New technology, the flow of information, the global economy and a shift in societal structures have altered the real estate game forever. This isn’t our parents’ real estate market. And some of the strategies that were put to use in the ‘80s, if implemented today, would cause financial harm or result in missed opportunities — or both.

Here are five tips to consider as you explore buying or selling in this next generation of real estate.

1. We have evolved: Owning might not be for everyone

The typical home buyers of last generation got married in their early 20s, moved to a single-family home in the suburbs, got a 30-year fixed mortgage and planned to pay it off. Buying a home happened once, maybe twice in a lifetime.

It’s no longer standard practice to live in your hometown after high school or college. In fact, it’s more common for today’s professional to take a job in Denver, Dallas or even Dubai. Additionally, that stable long-term job, with access to a pension after retirement, has all but evaporated. Buyers change jobs more often than ever. The flexibility granted by renting has provided a different picture of today’s American Dream for many.

2. Technology speeds things up: But don’t rush a real estate purchase

Not unlike most industries, technology and the Internet have sped up the processes of looking for, transacting or selling a home. A great new listing could hit a buyer via a text from their agent, an email alert from the local MLS, a notification from Zillow on a mobile device and maybe even an old-fashioned phone call from the buyer’s agent. The actual real estate transaction process has been sped up as well. Clients can sign contracts or review property inspection reports and disclosures on a mobile device during their beach vacation. Even so, no matter how quickly we move or how much technology can make our world efficient today, buying or selling a home should never be rushed.

3. The real estate agent’s role has shifted: But a good agent still matters

Before the Internet and online listings, some people believed the real estate agent’s only value was to provide access to the listings. It’s always been a highly emotional and financial decision, and a good local agent likely did more than just open doors in the 1980s. Today, an additional part of the agent’s role is to make sense of the information. Data alone is meaningless without color. A good local agent, living and breathing their market, will add more value than ever. Finally, in many parts of the country, where attorneys are not involved in real estate transactions, the agent is the center of the transaction. Don’t settle. If you are not impressed with your agent, find another. The right agent can make all the difference.

4. It’s a seller-beware culture today: Do your homework

Search is in the DNA of millennial or Gen Y buyers today. They simply won’t take anyone’s word for anything. They will search, research and double-check everything. A smart seller today needs to be armed and get one step ahead of the buyer. Today’s buyers have much more at their disposal, and so it’s the seller who needs to beware. Not knowing what the buyers are seeing or staying one step ahead of them can affect your bottom line when going on the market today. Leverage today’s resources and technology and think like a buyer before going on the market. Once you go live, there’s no turning back. If you aren’t completely ready to sell, don’t list.

5. Know all of the loan options available today: Choose carefully

Access to dozens of loan products didn’t exist just 15 years ago. Banks have developed new products to evolve with the times. The acceptance and use of some of those products, for some people, led to a steady stream of foreclosures years later. When I bought my first home in 2004, my father suggested I get a 30-year fixed mortgage. I thought he was crazy. I didn’t know what I’d be up to in five years, much less 30. A buyer today needs to spend some time researching loan options and consider them in the context of their personal situation. Work closely with a good local mortgage professional to help decide which type of loan makes sense for you – now and in the future.

It’s emotional — and that’s not likely to change

No matter the decade, the changes in consumer behaviors, or the type of home, real estate transactions will always be more personal than any other. Add to this the changes in technology and the access to information, and it’s easy to lose sight of what’s important. Unlike buying a new flat-screen TV or selling a used car online, buying or selling a home will always be an emotional purchase. A home is where people have made some of their most important memories, a place that has been constant through the ups and downs of life. While the world may be speeding up on what seems like a daily basis, it’s always a good idea to take it slow when buying or selling a home.

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REAL ESTATE TOPICS

Setting the Record Straight: Top Home Buying Myths

by Courtney Soinski

Whether you’re a real estate professional or first-time home buyer, the home buying process and real estate transactions can be stressful.  There tends to be some common misconceptions in this process, so it’s very important that you’re well informed of what is fact and what is fiction.  We’re here to set the record straight.

Myth #1:  You don’t need a REALTOR®.

Before you bravely take on one of the biggest purchases or sales of your life, remember this: it’s not as easy as it looks.  REALTORS® know all the ins and outs of the local area as well as the market in which you’re looking to buy or sell.  Picking up the phone and calling a REALTOR® may be one of the best decisions you’ll make.

Myth #2:  The bigger the downpayment, the better off you’ll be.

Buyers’ immediate reflex is to put as much cash down as they can when buying a new home because they’ll borrow less, lower the monthly mortgage payments, and won’t need to buy mortgage insurance.  However, putting 20% down is not a requirement and it’s not for everyone.

Thanks to Federal Housing Administration Loans (FHA Loans), you can put as little as 3.5% down.  With this method, you’ll potentially have a lower interest rate, giving you more flexibility.  Your money is not all tied up in your house like in a traditional down payment that can leave you with little or no extra cash to spend on home care, improvements, or any other unforeseen circumstances.

Myth #3:  Appraisers set the value of a home.

The role of the appraiser is to produce a credible opinion of value that reflects the current market.  Appraisers are not responsible for setting the value of the home and they also do not confirm a home’s sale price.  According to David S. Bunton, President of The Appraisal Foundation, “Appraisers provide an analysis of the collateral, so that lenders understand the value of a property when making the loan decision.”

Myth #4:  You need perfect credit.

Most people assume that you must have absolutely golden credit in order to get a loan, but that just simply isn’t the case.  If buyers have less than perfect credit, lenders are often willing to work with them to get the best possible loan.

Credit is not the only thing that lenders look at when deciding to approve a loan, but your score will have an effect on the interest rate on your mortgage.  Make sure you review your credit report and if any errors are found, they should be reported to the credit reporting bureaus before applying for a mortgage.

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REAL ESTATE TOPICS

Nearly 2 million homeowners no longer 'seriously' underwater

By Les Christie  @CNNMoney April 17, 2014: 1:02 AM ET

NEW YORK (CNNMoney)

Surging home prices have helped nearly two million homeowners get back above water on their mortgages over the past year.

During the first quarter, 9.1 million, or 17%, of homeowners were seriously underwater on their home, meaning their debt exceeded the home's value by 25% or more, according to RealtyTrac. That's down from 10.9 million, or 26%, of all properties a year earlier.

These states have the highest levels of underwater homeowners

State	Number of seriously underwater mortgages	% of all mortgages
Nevada	261,272	34%
Florida	1,717,637	321%
Illinois	747,473	30%
Michigan	410,362	29%
Ohio	584,854	27%
Rhode Island	31,302	26%
Missouri	192,256	22%
Connecticut	93,519	21%
Arizona	252,232	20%
Maryland	291,225	20%

Source: RealtyTrac
Seriously underwater mortgages are loans where debt balances exceed home values by 25% or more.

States with the highest percentage of seriously underwater homes included Nevada, Florida and Illinois.

RealtyTrac also found that fewer properties in foreclosure are underwater.

"Because of rising home prices, many of the homeowners in the foreclosure process -- more than a third -- actually have positive equity. That will enable some of them to avoid foreclosure," said Daren Blomquist, a vice president for RealtyTrac.

These homeowners could leverage the home's value to either refinance or sell their home. "But many distressed homeowners with equity may not realize they have it and in some cases have vacated the property already, assuming that their foreclosure is inevitable," he said.

Metro areas where more than half of the foreclosures actually have positive equity include Denver, Boston, Minneapolis, Houston and Washington, D.C.

RealtyTrac also reported that the number of "equity-rich" homeowners, those with 50% or more equity in their home, grew to 9.9 million in the first quarter. That represents 19% of all mortgaged homes.

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REAL ESTATE NEWS

MORTGAGE LENDERS EASE RULES FOR HOME BUYERS IN HUNT FOR BUSINESS
Source: Wall Street Journal

As a sign of mortgage lenders’ rising confidence in the housing market, restrictive lending standards are beginning to ease, and the credit freeze is starting to thaw. Lenders have started to accept lower credit scores and to reduce down-payment requirements.

Making sense of the story

• Lenders recognize that refinancing old mortgages will no longer be a huge profit center for banks, so competing for borrowers will be needed for business and future profits. As a result, lenders will have to open up to borrowers who may not have perfect credit or large down payments.

• For example, the lender TD Bank began accepting down payments as low as 3 percent through an initiative called "Right Step" for first-time buyers. A year ago, the program required at least a 5 percent down payment.

• Mortgage originations are expected to reach $1.1 trillion this year, which is down from $1.8 trillion last year and $2 trillion in 2012 due to less refinancing.

• While private lenders have shied away from low-down-payment mortgages in the past few years, in the past year, more than one in six loans made outside of the FHA included down payments of less than 10 percent.

• Credit scores for borrowers seeking conventional mortgages also are easing, as scores on purchase mortgages stood at 755 in March, down from 761 a year earlier.

• Smaller lenders are trying to appeal to first-time buyers while many larger lenders are gradually reducing down payments for jumbo loans in order to attract wealthy customers.

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REAL ESTATE TOPICS

Are We Communicating?

According to a recent survey of California homebuyers, one of the biggest challenges facing real estate professionals and their clients is communication. We all know past clients are a great source of repeat and referral business, so why is it that many real estate agents find it difficult to stay in touch after the transaction?

We know communication is key and yet the survey* shows that the main dissatisfactions consumers have with their agents are slow response time and ineffective/inefficient or undesirable communication methods.

How would your clients rate your communication?

As an agent, your relationships with your sellers are a fundamental part of your business.

Communication needs differ dramatically depending on your client’s home buying cycle. But one thing remains the same and that is the necessity to manage and track all communication and touch points for future reference. Quick access to past communications, documents or other notes will ensure that you and your team can respond quickly to your client inquiries or requests. How many prospects, active buyers and sellers, and past clients do you manage throughout the year? Keeping track of changing needs, email threads and important documents for your clients is something that doesn’t need to be difficult. With Top Producer® CRM, all important details and communications are quickly accessible from your computer, tablet or mobile phone, meaning you will never be stuck saying, “Let me get back to you when I am back in the office,” or “I will have to look for that email and get back to you.”

However, continuous and frequent communication with an ever-growing network of past clients and your sphere of influence can be a daunting task. Who should you connect with today, this week, this month? Ad hoc approaches leave many contacts with little-to-no contact. For many agents, not having a structured approach leads to doing nothing, or contact paralysis. If this sounds familiar to you it may be time to automate and simplify your follow-up with Top Producer® CRM.

Top Producer® CRM suggests daily which five of your contacts you should follow up with and what action to take making your follow-up feel like a breeze. Top Producer® CRM creates a personal interaction with past clients and your sphere that drives engagement to a closing with personal and intelligent communication.

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REAL ESTATE TOPICS

Ready-Made Residences: 14 Ultra Cool Prefab Homes

Prefabricated homes are increasingly popular for a variety of reasons, among them the relatively quick build time, the ecological advantages, and the flexibility they can provide across a range of budgets. As more and more people turn to this means of building a home, the results become more elaborate and unusual. Architects and designers work within this method’s constraints and make the most of its freedoms to create dwelling solutions suited for many different settings and functions: vacation homes in warm environments, primary residences in suburban areas, and cabin retreats in the woods. The following examples all make use of prefab construction either through modules, components, or whole structures—and they’re all places we wouldn’t mind calling home. | By Sara Carpenter, BobVila.com

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REAL ESTATE NEWS

The Worst Is Over, But the Best Is Nowhere Near

At a recent legislative and leadership summit for real estate managers, economists and industry leaders pointed out bright spots and investment opportunities, but warned that the economy is far from healed.

APRIL 2014 | BY SUZANNE HAUSKNECHT

The country isn’t likely to fall into a repeat recession, NAR chief economist Lawrence Yun told real estate management professionals meeting in Washington, D.C., last week. But that’s hardly cause for celebration among economists.

On the plus side, the country has added nearly 8 million jobs, replacing all those lost during the downturn, Yun said. Growth in consumer spending and high household net worth also bode well for the economy.

However, Yun was quick to stress, the economy is not thriving by any means. Business spending is growing at the slow, steady rate of 2 percent, he said, rather than a sustained 5 percent to 10 percent rate that would suggest real economic growth. Yun said businesses are “flush with cash.” While corporations typically leverage funding to outspend profit levels, recent data shows business spending and profits to be nearly equal, as executives are leery of overspending. This has resulted in improved balance sheets for most organizations, including banks.

Yun’s comments came during the Institute for Real Estate Management’s 2014 Legislative and Leadership Summit held April 5-9.

Diving into real estate industry data, Yun said commercial real estate is slowly recovering from 2009, when transactions declined by 90 percent. Multifamily has steadily outshined the other sectors, partly because of the inability of many renters to convert to home ownership.

Another factor contributing to the strong performance of multifamily real estate is the lack of supply. “New construction in all sectors has yet to recover in any meaningful way,” Yun said. Housing construction, in particular, would need to rise by more than 50 percent to be restored to previous levels. This persistent underproduction of single-family and multifamily housing will continue to lead to low vacancy rates and rising rents for this sector, Yun said.

After sharing the market outlook, Yun was joined by real estate industry leaders Jeff Day, CEO of Berkeley Point Capital LLC, and Jonathan Miller, partner at Miller Ryan LLC and author of the Urban Land Institute’s Emerging Trends in Real Estate.

When asked where he would invest in the current market, Miller stressed the desirability of “24-hour cities — large cities in global pathways linked by international transportation hubs.” According to Miller, this is where the major part of the economy is growing and where most institutional and foreign capital is concentrated. Other areas are more lackluster, he said, with both market prices and rents for office buildings remaining stagnant for up to two decades in some cases. “It’s a have and have-not situation,” Miller said.

Still, the panel said the big-city model is being successfully replicated in smaller markets, such as Reston, Va., where a town center is home to a vibrant community with condominiums, movie theatres, and other retail spaces, attracting young professionals.

Yun predicted that both the Millennial and boomer generations will contribute to the desirability of condominiums in these 24-hour cities. “I’d invest in 24-hour cities that are developing. Look at areas where traffic is getting worse,” Yun said. “Build condos in 24-hour cities. Apartments are already there, but there is a pent-up demand for condos. A sizable number of renters will want to convert over to ownership. Therefore, property management of condos will be rising.”

The panel also forecast continued economic success in Texas cities and up through the middle of the country in the so-called “energy states.”

Addressing office-sector trends, Day told the audience to look for more amenities being offered on business campuses. The new model is to “glue them to the campus with dry cleaning, food, and so forth,” Day said, allowing workers to interact and complete personal business on-site.

When asked about the demand for green features in commercial real estate, panelists agreed that generally, lenders are interested in making sure they make loans on sustainable income streams. To that end, green features can be desirable, but factor into more of a capitalistic decision than an altruistic one.

Ultimately, the panelists agreed, the outlook for commercial real estate is good, with all sectors in recovery mode. Money is flowing again, they said. This will lead to continued growth in the industry — and demand for professional real estate managers to keep things operating strongly.

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REAL ESTATE NEWS

4 Types of Home Sellers That Will be Slow to Market

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 25, 2014

Low inventories continue to plague housing markets across the country, as buyers face limited options and more bidding wars. But with home prices rising, more sellers are starting to put their homes on the market.

However, more than half of all existing homes are unlikely to be put up for sale anytime soon, unless there are significant changes in the housing market, according to a new analysis by Redfin. The real estate brokerage looked at transactions across 29 metro areas for single-family homes, condos, and townhomes, as well as mortgages and refinances, since 1999.

Researchers identified the following four categories of homes that are unlikely to reach the market anytime soon:

1. Low equity: Estimated 19 percent of homes. These are homes where the home owner owes more than 80 percent of the value on the home. Many of these low-equity homes were purchased or refinanced during the housing bubble between 2004 and 2009, according to the Redfin analysis. Redfin estimates that nearly all low-equity home owners will be in the black for the next five years.

2. Low mortgage rate: Estimated 16 percent of homes. Homes that were purchased or refinanced when mortgage interest rates were at record lows aren’t likely to sell anytime soon. Redfin considers low mortgage interest rates to be below 4.25 percent. These homes were purchased or refinanced between 2011 and 2013.

3. Purchased or refinanced in the past seven years: Estimated 14 percent of homes. A home that has been owned by the current owner for less than seven years isn’t likely to hit the market soon, according to the Redfin analysis. Redfin says that buyers are more likely to buy a home that has been occupied by the current owner for more than seven years. 

4. Company or investor owned: Estimated 3 percent of homes. These are homes that are owned by a company or investor who bought five or more homes in a metro area during the past 10 years. “These investors are likely holding on to their investment for the capital appreciation and rental income,” according to the Redfin study.

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REAL ESTATE TOPICS

5 Tips for Navigating the Next Generation of Real Estate

Times have changed since the real estate boom of the 1980's. New technology, the flow of information, the global economy and a shift in societal structures have altered the real estate game forever. This isn’t our parents’ real estate market. And some of the strategies that were put to use in the ‘80s, if implemented today, would cause financial harm or result in missed opportunities — or both.

Here are five tips to consider as you explore buying or selling in this next generation of real estate.

1. We have evolved: Owning might not be for everyone

The typical home buyers of last generation got married in their early 20s, moved to a single-family home in the suburbs, got a 30-year fixed mortgage and planned to pay it off. Buying a home happened once, maybe twice in a lifetime.

It’s no longer standard practice to live in your hometown after high school or college. In fact, it’s more common for today’s professional to take a job in Denver, Dallas or even Dubai. Additionally, that stable long-term job, with access to a pension after retirement, has all but evaporated. Buyers change jobs more often than ever. The flexibility granted by renting has provided a different picture of today’s American Dream for many.

2. Technology speeds things up: But don’t rush a real estate purchase

Not unlike most industries, technology and the Internet have sped up the processes of looking for, transacting or selling a home. A great new listing could hit a buyer via a text from their agent, an email alert from the local MLS, a notification from Zillow on a mobile device and maybe even an old-fashioned phone call from the buyer’s agent. The actual real estate transaction process has been sped up as well. Clients can sign contracts or review property inspection reports and disclosures on a mobile device during their beach vacation. Even so, no matter how quickly we move or how much technology can make our world efficient today, buying or selling a home should never be rushed.

3. The real estate agent’s role has shifted: But a good agent still matters

Before the Internet and online listings, some people believed the real estate agent’s only value was to provide access to the listings. It’s always been a highly emotional and financial decision, and a good local agent likely did more than just open doors in the 1980s. Today, an additional part of the agent’s role is to make sense of the information. Data alone is meaningless without color. A good local agent, living and breathing their market, will add more value than ever. Finally, in many parts of the country, where attorneys are not involved in real estate transactions, the agent is the center of the transaction. Don’t settle. If you are not impressed with your agent, find another. The right agent can make all the difference.

4. It’s a seller-beware culture today: Do your homework

Search is in the DNA of millennial or Gen Y buyers today. They simply won’t take anyone’s word for anything. They will search, research and double-check everything. A smart seller today needs to be armed and get one step ahead of the buyer. Today’s buyers have much more at their disposal, and so it’s the seller who needs to beware. Not knowing what the buyers are seeing or staying one step ahead of them can affect your bottom line when going on the market today. Leverage today’s resources and technology and think like a buyer before going on the market. Once you go live, there’s no turning back. If you aren’t completely ready to sell, don’t list.

5. Know all of the loan options available today: Choose carefully

Access to dozens of loan products didn’t exist just 15 years ago. Banks have developed new products to evolve with the times. The acceptance and use of some of those products, for some people, led to a steady stream of foreclosures years later. When I bought my first home in 2004, my father suggested I get a 30-year fixed mortgage. I thought he was crazy. I didn’t know what I’d be up to in five years, much less 30. A buyer today needs to spend some time researching loan options and consider them in the context of their personal situation. Work closely with a good local mortgage professional to help decide which type of loan makes sense for you – now and in the future.

It’s emotional — and that’s not likely to change

No matter the decade, the changes in consumer behaviors, or the type of home, real estate transactions will always be more personal than any other. Add to this the changes in technology and the access to information, and it’s easy to lose sight of what’s important. Unlike buying a new flat-screen TV or selling a used car online, buying or selling a home will always be an emotional purchase. A home is where people have made some of their most important memories, a place that has been constant through the ups and downs of life. While the world may be speeding up on what seems like a daily basis, it’s always a good idea to take it slow when buying or selling a home.

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