Smells That Sell Your House

Smells That Sell Your House

RECBL - Real Estate News

During an open house your potential buyers are engaging and relying on their senses. Your clients are listening to the neighborhood and visualizing the living space and how they are going to interact with the new surroundings. Hearing a client say, “What’s that smell?” may send your mind racing to determine what aroma your client has picked up.

The sense of smell is the strongest of all the senses to connect buyers to a home. While a bad smell can really deter buyers, a good smell can tempt buyers to a sale. From "green" scents to seasonal scents, discover the right smells for triggering positive emotions and home sales.

The following short list of smells that sell your house can make a world of difference.

1. Clean Smell
Most of us associate "clean" with strongly scented cleaning products and disinfectants. It can even make buyers nostalgic. But remember, a little goes a long way. You should dilute your cleaning solutions so buyers don’t get overwhelmed.

2. Citrus
Using actual fruit is one way to get a clean smell without all the cleaning products. Lemon, orange and grapefruit scents are best. One great tip is to grind up lemon or orange rind with a few ice cubes in the garbage disposal. This will freshen up the kitchen, one of the most important rooms in the house.

3. Natural Smell
Sometimes the best scent is no scent at all. Try using "green" cleaning supplies, baking soda and other non-scented products that neutralize odors. The idea is that simpler is better, so you want to avoid complex, artificial smells from potpourri, sprays and plug-ins, which can actually distract buyers and turn them off.

4. Baked Goods
Nothing can make a house smell more like home than freshly baked goods, but be sure to stick to simple smells like vanilla, cinnamon and fresh bread. You don’t have to really bake anything. One trick is to boil some water and throw in a few cinnamon sticks an hour before a showing.

5. Pine
Don’t we all love that fresh pine scent? Especially with the holidays around the corner, it’s a great scent to greet buyers when they walk in the door. If you don’t want to put up a live tree, you can simply hang a wreath of tree trimmings or some fresh garland. You can’t go wrong with setting a holiday mood to inspire a sale.

There’s a lot that goes into the sale of a home. Make sure a great smell is at the top of the list.

Source: American Home Shield(R)



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Why You Should Never Skip Out on Lead Generation

Why You Should Never Skip Out on Lead Generation

RECBL - Real Estate News

The real estate industry is full of peaks and valleys. For many agents, these peaks and valleys are often reflected in their incomes, making it difficult for them to build profitable, successful businesses.

Almost all agents find themselves facing one or more of the common challenges of the business, which include inconsistent income, difficulty generating high-quality leads, weathering the emotional highs and lows, lack of structure and inability to stand out among the competition.

If you’re stuck in the cycle of peaks and valleys, there’s one thing that can help you break out: having a system. When you have a system to follow, you have the tools and strategies you need to stay focused and on track to build your business. The right system not only helps you earn more; it’ll help you save time and create consistency and predictability in your business. While the market may experience peaks and valleys, your business doesn’t have to.

Target Market Your Database
The most effective way to build your business is to tap into your existing relationships and ask for referrals. Working by referral allows you to target market your database, nurturing your relationships through consistent contact and providing your clients with valuable information and insight, as well as a high-level of service. When you talk to them, listen for a need you can meet and act on it right away. If your client mentions they’re thinking of replacing the roof on their home, connect them with reputable roofers in your network. Or, if they mention they’re thinking of starting a business, give them a book from your favorite business leaders to help them keep their motivation high. These seemingly small gestures have a big impact and help to build your relationship.

A benefit of building your database with people you enjoy working with is it helps you better manage your time and prioritize your day. You won’t waste time dreading an upcoming interaction with a mean or overly-demanding client; instead, you’ll do your proactive lead-generating activities with a smile on your face. Boost the effectiveness of your interactions by tracking your activities and results; that way, you can see where you stand in your business, tap into more opportunities to connect with your clients and fill your pipeline with a steady stream of leads.

Once you’ve developed a relationship with your clients-whether you’re currently working with them or you helped them buy or sell a home a few years ago-ask them for referrals to other great clients like them. Most people will be eager to refer you to their friends, family and co-workers, if asked. Since "birds of a feather flock together," asking your best clients for referrals helps you ensure youll continue to build a database of great people you enjoy working with.

Lead-Generating Habits Necessary to Success
If you want to succeed, be sure to cultivate these habits. They’re imperative to developing a lucrative and predictable business.

1. Commit to two hours of proactive lead generation activities each day. This includes calling your clients to check in, writing personal notes to thank clients for their business or delivering small gifts of appreciation to your client’s homes or offices.

2. Mail an item of value each month to help you reinforce your character and competence as an agent. While these marketing pieces don’t necessarily have to discuss real estate each time, they should cover a topic of interest to your clients, whether they’re current or aspiring homeowners.

3. Always follow up with a phone call after you’ve sent your marketing piece to see how they’re doing and ask if there’s anything you can do to help. This is the best time to listen for a need you can fill, so listen closely.

4. Send a personal note after you speak with your client on the phone to express how much you enjoyed catching up with them.

5. For your best clients, deliver a small gift of appreciation to their home or office to further build the relationship.

Don’t forget to ask for a referral each time you speak with your clients. A gentle reminder will help them remember to refer you when a family member, friend or co-worker mentions they’re thinking of buying or selling a home. If you’re not sure how to ask, we’ve created a resource to help you start the conversation.

For more information, please visit www.buffiniandcompany.com.

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First-Time Homebuyers: Your Time Is Now

First-Time Homebuyers: Your Time Is Now

RECBL - Real Estate News

Fall is for first-timers. If you believe you missed your opportunity for a chance to pick up your first home this past summer, think again.

In this era of investment, the best property investments may be in other cities. Even if you intend to stay close to home, knowing what’s going on in other states might provide a superior return on investment.

As you may have read in my very popular post on US Housing Predictionsfor 2018 to 2020, the US housing market is hot and some cities are hotter than others. No housing crash is forecasted.

Even normally depressed quiet markets are coming to life and beginning to catch investor’s eyes. It’s good news for Michigan, Florida, California, Texas, and New York and even better for real estate investors in 2018.

Scorching hot opportunity in the best cities! Will the hot markets of San Francisco, San Jose, Silicon Valley, Phoenix, and Los Angeles do as well as expected? Those cities with the highest home prices are not your only option. There’s plenty more towns and cities across the nation where you can buy rock bottom and sell high including this list of real estate by zip code. Cities you’ll read about below with lower home prices and rising employment rates may be your best bets for 2017 to 2020.

Seventy of the top 100 largest metropolitan areas see more starter homes on-market in October, November and December, relieving prices 4.8 percent over spring, according to the recently released Trulia Inventory and Price Watch.

The most dramatic shifts-in favor of first-time homebuyers-in prices and supply are out West, in Arizona, California, Colorado and Oregon.

"Housing markets along the West Coast have long been plagued by tight inventory and worsening affordability, but it’s not completely hopeless for would-be homeowners," says Cheryl Young, senior economist at Trulia. "The seasonal swings in listings and prices in the San Francisco Bay Area, Portland, Ore., and even Phoenix, means buyers will likely find more homes for sale at a lower price in the fall and winter months."

Make no mistake: The housing market is still in a squeeze. Entry-level home inventory sank 20.4 percent year-over-year over the summer, while move-up home inventory shrunk 12.5 percent. Even luxury homes were at a shortage, down 2.3 percent. First-time homebuyers were forced to shell out 39.7 percent of their monthly earnings for a starter home.

The change of season, still, could usher in more opportunities.

"Starter homebuyers should begin looking now," Young says. "The fall season provides a great opportunity for finding the right home and neighborhood, thanks to a bump in homes for sale on the market, followed by lower winter prices."

For more information, please visit www.trulia.com.



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Upgrades That Boost Your Home's Value and Enjoyment

Upgrades That Boost Your Home's Value and Enjoyment

RECBL - Real Estate News

(Family Features)-A home is often a family’s single largest asset, so making investments with upgrades and home improvements is almost always a good idea; however, knowing when and where to make those improvements isn’t necessarily a simple decision.

Budget and space most often dictate the direction, but keeping function and your lifestyle needs in mind can help create a space that makes for an all-around smart investment.

​Add technology in unexpected places. With the surge in smart devices, it’s becoming increasingly common to add technology throughout the house, and the bathroom is no exception. From heated floors to mirrors with embedded TV screens, the options are plentiful. A bathroom outfitted with the latest technology can bring function and a whole new level of style and elegance to your home.

Go green for the Earth and savings. Appliances and climate control systems are often the first features homeowners consider when it comes to environmentally-friendly upgrades, but windows and window treatments are another way to make a big impact. In a similar vein, skylights are a surprisingly affordable upgrade for the functionality and aesthetic benefits they provide, especially in the bathroom and kitchen where ventilation is as important as ample lighting.

You can give your lighting and home value a boost with an ENERGY STAR(R)-qualified option, such as Velux solar-powered fresh-air skylights, which open for air flow, reducing dependence on electrical lights and fans, with the touch of a programmable remote control.

For expanded control over the amount of light and warmth that enters or leaves your rooms, solar-powered skylight blinds are available in more than 100 designer colors and patterns. Like the skylights, Velux solar-powered blinds are operated with the remote. The solar products and installation costs are also eligible for a 30-percent federal tax credit.

Finish the basement. Adding finished square footage to your home is nearly always a way to increase its value. For many homes, the basement is the most practical place to gain that space. Instead of using it as a collection ground for dust bunnies and storage, converting it into usable space can bring meaningful value, not only in dollars and cents, but in overall enjoyment of your home.

When making plans for finishing a basement, keep function first. Adding features like bathrooms can be costly, but having ready access to those facilities may pay off if you plan to spend lots of time downstairs. Also keep climate in mind; in parts of the country basements tend to be damp, so use materials that can withstand the conditions.

Create outdoor living space for all year long. If a basement renovation isn’t practical, you may be able to create additional living space in an area you already have: outdoors. Even small patio spaces can become cozy gathering spots with the right furnishings and decor. For a larger yard, create destinations that make it comfy to congregate, such as a fire pit or grouping of chairs with overstuffed cushions.

This is another area where climate will play an important role in your plans: adding an enclosure to a patio can make it usable during all but the coldest months, while a pergola can lend necessary relief to an area that bakes in the sun.

Add curb appeal. While you’re considering the upgrade options outdoors, don’t forget to think about your home’s exterior appearance. Reworking landscaping to highlight architectural features and freshening up paint can make a big impact. Adding decorative elements like shutters or new lighting or doors can also update a tired exterior.

Source: Velux

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Disappointing Appraisal? Steps to Take

Disappointing Appraisal? Steps to Take

RECBL - Real Estate News

Appraisal disappointing? You have options, according to the Appraisal Institute.

"Homebuyers and sellers should first understand what an appraisal is and how it’s used," says Jim Amorin, president and acting CEO of the Appraisal Institute. "Real estate appraisals for mortgage finance applications are prepared for the bank or financial institution so they can better understand the collateral risk in making the loan. This can be confusing, because homebuyers typically pay for the appraisal and receive a copy of it."

​In some cases, the appraisal may not match the contract price-but just because an appraisal comes in below (or above) the listing or contract price doesn’t mean it’s flawed, Amorin says.

The agreed-upon contract price may be above market value, for example. In those situations, the buyer and seller often renegotiate the contract at more favorable or balanced terms.

Homebuyers should ask their lender for the qualifications of the appraiser, including whether they are designated by a professional association like the Appraisal Institute, says Amorin. A qualified and competent appraiser knows how to conduct a thorough market analysis and make appropriate adjustments.

Homebuyers also can ask whether the appraiser is directly engaged by the bank or whether the bank utilizes an appraisal management company, and what their procedures are for engaging qualified appraisers.

"The best way for consumers to combat potential problems with appraisals is to ensure the appraiser hired by their lender is highly qualified and competent," Amorin says. "Consumers have every right to demand the use of a highly qualified appraiser, someone with field experience in their market and knowledge and experience to handle the assignment properly."

Contrary to incorrect interpretations of appraiser independence requirements, appraisers welcome information that would assist the development of credible assignment results," says Amorin. If lender policies permit, consumers can accompany appraisers when conducting the property inspection and may provide the appraiser with any information they consider important.

Amorin suggests consumers ask their lender for permission to do so, and confirm the appointment. Consumers should also take note of whether an adequate inspection is performed. Did the appraiser spend enough time at the property to observe important features or improvements or potential problems?

Homebuyers should take advantage of their right to obtain a copy of the appraisal report," Amorin says. Even though the appraisal is ordered to help assess lender collateral risk, buyers are entitled to a copy of the appraisal report. Federal regulations require lenders to provide property buyers with free copies of appraisal reports no later than three days before the loan closes.

Although appraisal review is best performed by qualified appraisers, consumers should examine the appraisal for potential deficiencies, says Amorin. According to "Appraising the Appraisal: The Art of Appraisal Review," common errors in appraisals include: misuse of adjustments to comparables; disregarding special financing and concessions; or miscalculation of gross living area (GLA).

Amorin suggests consumers ask themselves:

• Do adjacent homes add or detract from the value of the subject property?
• Is the subject property equal to or lower in price than surrounding homes?
• Does the floor plan have any functional problems?
• Does the house (particularly the kitchen and bathrooms) require major remodeling to make it comparable with similar homes in the same price range?
• Is the number of bedrooms and baths in the home comparable to similar homes in the same price range?
• Did the appraiser perform an adequate inspection?

"Most lenders have appraisal appeal procedures, known as Reconsiderations of Value," says Amorin. "If you’re aware of recent, comparable sales information or items that may not have been available or considered by the appraiser, provide those to the lender. If problems were found with the first appraisal, you can and should obtain a second appraisal."

Source: Appraisal Institute

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Inside the Mindset of Gen X Buyers

Inside the Mindset of Gen X Buyers

RECBL - Real Estate News

Not to be overshadowed by the recent focus on millennial and boomer homebuyers, Generation Xers are making something of a buying comeback in today’s real estate market. Here’s why this trend is significant.

Members of Generation X (ages 37-51) have been somewhat sidelined when it comes to coverage of the social and financial impacts of the different generations. But recent studies are finding that those who came of age in the 80s and 90s represent a higher percentage of new homebuyers than in years past and are gaining a noted foothold in the real estate market.

Coming of age in the real estate market
According to industry sources, millennials are the generation buying the largest share of property at 35 percent.

Following right behind, however, are members of Gen X, accounting for 28 percent of home purchases-up from 26 percent last year.

Forbes reports that the increase in home purchases by Generation X is especially significant in that this sector has the highest average amount of student debt among the generations-$30,000-compared to an average balance of $25,000 for millennials. Industry sources also report student loans are a contributing factor as to why Gen Xers delay buying a home longer than their millennial counterparts.

What are they looking for?
According to industry sources, the following factors might influence the real estate comeback among Gen Xers. These factors may also help determine the kinds of homes these buyers are looking for.

Members of Gen X are typically:

• In their peak earning years
• The generation making the most money, with a median annual income of $106,600
• More likely to have families
• The largest generation with kids still living at home

While they may have taken longer to purchase homes, the generation in between the famed boomers and millennials is on its way to a real estate comeback. With more income and more children living at home, Generation X may be looking for bigger homes at a higher price point to accommodate their family and lifestyle needs.

Although millennials and boomers continue to generate coverage as buyers and sellers in the real estate market, the middle generation, Gen X, is coming into its own and is at its peak as more members join the ranks of American homeowners.

Source: HSA Home Warranty

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Effective Ways to Communicate With Each Generation of Homebuyers

Effective Ways to Communicate With Each Generation of Homebuyers

RECBL - Real Estate News

It isn’t all about phone calls anymore-and we promise: knocking on strangers doors isn’t the status quo, either. Your clients prefer to be communicated in a variety of different ways, often depending on the generational attributes that distinguish us all.

It’s hard to bridge the gap between baby boomers and millennials. The time has come where the real estate industry has begun to embrace the new and largest generation of homebuyers.

Because of this, we thought we’d create a quick cheat sheet so you can better connect with your ever-growing and evolving sphere.

Traditionalist - Born Before 1945
Traditionalists, or Maturists, are now well past the normal retirement age. They shy away from technology and put a high importance on safety, security, and capital preservation. Why? They grew up in the shadow of troubling times, namely the Great Depression and World War II. Communicate with them through print and face-to-face.

Baby Boomers - 1946-1960
Generally, since this gen adapted to online communication technology later in their lives, baby boomers prefer to talk face-to-face or on the phone. They were influenced by rock music and the Cold War, and all of them probably remember exactly where they were when Neil Armstrong took his first step on the moon. The best thing you could do is pick up the phone and call them.

Gen X - 1961-1980
This gen is a bit more technologically advanced and receptive to new innovations than the baby boomers are. They’re sandwiched between two much larger generations and often are raising kids while taking care of their now elderly parents. They embrace new communication channels like email and Facebook; in fact, emailing is favored and the easiest way to get in touch with them without interrupting their day.

Millennials - 1981-1995
At 75.4 million, millennials are now the largest generation yet, which means the largest generation of homebuyers. This crew grew up with technology at their fingertips. In their childhood, they saw cell phones surface, and in their young adulthood were using laptops and tablets every single day. Online communication became a thing in all aspects of their lives: family and friends, romantic relationships and work. They’ve not only been heavy users of social media; they created it. They prefer real-time conversations on platforms like WhatsApp, Instagram, Snapchat, Skype, or simply iMessage, which is why they expect answers to questions almost instantly. If they don’t pick up when you call, try sending them a text. Chances are they won’t listen to the voicemail you left anyways.

This might all seem overwhelming or annoying (or both), but creating clear lines of when to use which communication styles for your sphere will mean more bang for your buck (and time). After all, there’s a fine line between helpful and bothersome. You don’t want to rub people the wrong way. A set of communication guidelines will help you settle into the role as a clients trusted advisor quicker than ever before.

For more information, please visit www.moxiworks.com.

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5 Benefits to Having a Stager on Your Team

5 Benefits to Having a Stager on Your Team

RECBL - Real Estate News

The following information is provided by the Center for REALTOR(R) Development, with assistance from Lauren Hampton and the Podfly editorial team.

In episode 7 of the Center for REALTOR(R) Development Podcast, Monica Neubauer has a great conversation about home staging with Helen Bartlett of Kansas City Home Stagers.

Bartlett is a national award-winning home stager and home stylist who’s been staging homes in the metro Kanas City area in both Kansas and Missouri since 2011.

She has been recognized by Houzz with multiple service awards and "Influencer" and "Recommended" badges on her professional profile. Bartlett has also been named as one of the "Top 200 Influencers in the Home Design Industry for 2017," and recently co-authored a book, "Home Staging: The Power That Sells Real Estate."

As a REALTOR(R), having a stager as part of your team can be beneficial for both you and the seller. You will be appealing as an agent if staging is something you can offer your seller, and the stager can also help to share their best advice for the sellers, and that can help preserve the relationship between seller and REALTOR(R). Home stagers are on the same team as the real estate agent, because it’s about making a successful transaction for the REALTOR(R) and the homeowners. Below are five ways that having a stager on your extended client team can be a huge bonus:

1. A stager can provide a general staging consultation. Everyone selling their home should at least have a stager consultation. Something as brief as an hour-long consultation could lead to value in the thousands of dollars and runs at a reasonable rate. For REALTORS(R), you can make a consultation part of your business model, especially if you don’t particularly have an eye for decorating.

2. A stager can help you "edit" current furnishings. When a professional stager comes into a house that’s occupied and needs attention, one of the easier ways to highlight a home is to "edit" existing pieces of the house and de-clutter the house of things that can make the space feel outdated. Painting and updating the light fixtures are two of the least expensive ways to make a home seem relevant. These types of updates can make a home feel move-in ready, and when a home feels move-in ready for a buyer, they are willing to pay more.

3. A stager can help prospective buyers connect emotionally with a property. Home staging is more than just decorating. The difference between the two is a house versus a lifestyle. Staging allows the buyer to focus on the house and their emotional and psychological connection to it. It is especially important to stage a vacant house because when there’s nothing else to look at, the buyer may start to focus on the negative things. Once a buyer is connected to a house, they are willing to pay more for it, and a staged house may sell more quickly.

4. A stager can help you sell the property more quickly. Home staging is preparing your house to go on the market so that it sells quickly and gets the highest dollar by appealing to the most number of people. Some examples of staging are painting, cleaning, making repairs, or updating your home. The goal is to create a warm and welcoming house that will capture a buyer’s attention. Buyers want to see how they can live in that house.

5. A stager can help the seller sell their property for more. Staging usually costs anywhere from 0.5 percent to 3 percent of the list price, depending on where you are in the country. Typically, a staged home will net anywhere from 7 percent to 10 percent more than an un-staged home, which will likely more than cover the staging cost. The home will also likely sell more quickly, which will save you money on holding costs. Every home can benefit from some level of staging. Though it is a sellers market in many places in the country right now, with a little bit of staging, you can get multiple offers, or even over asking price.

Sometimes it can be hard for a homeowner to have a home stager come into their home and tell them the things they should change. Remind your clients that it’s important to keep an open mind, because, in the long run, it’s a service that will help them, and everyone else involved in the transaction. Everyone benefits from successful staging- the seller benefits from a quick sale at top dollar; the buyer benefits because they’re excited about making the space work for their lifestyle; and the real estate agent benefits from the referral business that could come from the successful transaction.

For much more about staging, check out the complete recording of episode 7 (as well as all the others that have been recorded up to now) at the podcast web site at CRDpodcast.com. The links at the top of the page will lead you to the different audio marketplaces where you can subscribe to the podcast: iTunes, Android, Stitcher, TuneIn, GooglePlay-whichever of these you prefer to use for your podcast consumption.

Our monthly podcast focuses on education in the real estate industry. It addresses formal education programs (such as those from NAR) and informal sources of industry knowledge (such as peers and mentors). It’s intended audiences include REALTORS(R), real estate professionals, allied professions (such as appraisers and lenders), educators, education providers, and consumers. To listen or subscribe, visit www.crdpodcast.com.

For more information about our online courses and products for REALTORS(R) and real estate professionals, please visit onlinelearning.realtor.

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Build Rapport and Convert More Leads

Build Rapport and Convert More Leads

RECBL - Real Estate News

"Know, like and trust" is a three-step process that agents need to master in order to convert more of their own lead database. Most leads start out as strangers who transition into a warm lead and then evolve to someone that "knows" you as their sales person. Getting to the "know" stage is essential in the lead conversion process.

Prospects must know you because, when they do, they’re more likely to like you and refer you to other buyers and sellers.

Trust is also an important part of the equation. When your clients trust you, your advice has greater weight and the sales process goes more smoothly.

There are many ways to build "know, like and trust," and they all begin with building rapport with your leads. Here are 10 tips to start your relationships off right!

1. Make a good first impression. Whether your first meeting is over the phone or in-person, you have to make the best impression possible. Speak with confidence and greet them with a smile. Make sure you present the image of a relatable professional. If you dress too nice, you could ostracize your more casual leads. If you dress too shabby, however, they won’t see you as a pro.

2. Small talk. Don’t dive straight into questions about income, savings and credit score. Break the ice with some safe, comfortable small talk so they can get comfortable with you.

3. Call them by their name. Start using your leads name right away. Not only will this help you remember it; it will also give you a psychological foot in the door. People love hearing their names. Using it can help endear you to your lead.

4. Open-ended questions go a long way. People love to talk about themselves. Let your prospects share information about themselves by asking open-ended questions like, "What’s the most important thing you must have in your house?"

5. Find common ground. Finding out what you have in common can help you bridge the gap between you and your lead. Do they like basketball? Do they enjoy cooking? Have they been to that coffee shop downtown with the really great biscotti?

6. Offer a compliment. Make sure any compliments you give are honest and sincere. Otherwise, they may come across as condescending and damage your relationship with your lead.

7. Model your body language. Observe your lead to determine how loud your body language is. This will help ensure you don't intimidate them.

8. Adjust your tone of voice. People typically like people who are similar to themselves. Try to adjust your pace, volume and tone to be closer to that of your lead.

9. Be genuine. If you don’t like football, don’t pretend you do. If you aren’t feeling bright and bubbly today, don’t force it. Real estate relationships aren’t about acting. Let your leads like you for you. Be yourself.

10. Be empathetic. People buy and sell homes for a variety of reasons. They could be going through a divorce or having a new baby. They may need a larger home to take care of an aging family member. Whatever is going on, there is an innate desire in most people to be understood. Give your leads that understanding by acknowledging their hardships, triumphs, and other driving emotions.

Now that you have the "know, like and trust" process to convert your leads, if you are looking for ways to attract first-time millennial homebuyers, Homes.com can help. With over 13 million monthly visitors, Homes.com can connect you with quality leads in your area by giving you the ability to target consumers during the initial stages of their home search process. Don’t let any more of your local millennial homebuyers slip away to your competitor. Start connecting with them today.

For more information, please visit connect.homes.com.

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It's Time to Get Your Home Inspected

It's Time to Get Your Home Inspected

RECBL - Real Estate News

(TNS)-Buying a house can be difficult enough-especially in today’s market. Even after a seller accepts an offer, the sale is not a done deal until certain "contingencies" are met. Some are straightforward: Some buyers stipulate, for example, that a sale cannot proceed until they sell their current home. Other contingencies are more complicated. Either way, all are in place to protect buyers and sellers, allowing either to walk away from a deal if their conditions are not met.

Navigating these contract conditions can be confusing, and in today’s hot real estate market in which some buyers are waiving contingencies in order to win bidding wars, it can be difficult to determine which are important.

These days, real estate agents say they have seen buyers waive inspection contingencies to make their offers more attractive. In doing so, buyers are forgoing their rights to an independent inspection, meaning they cannot ask the seller for repairs or walk away from a property if it turns out to be unsatisfactory. In short, buyers are accepting a house as is-and potentially, all of its hidden problems.

To help buyers decide how important independent inspections are, we spoke to real estate agents and inspectors about what goes into a home inspection, and whether waiving that condition is a good idea.

What exactly is a home inspection?
In most typical real estate transactions, a home inspection is the next step that occurs after a bid is accepted. Buyers are responsible for hiring the inspector before the deal closes, and the process is in place to protect them.

The inspector’s job is to examine a home, determining whether there are problems with its exterior or interiors, from the foundation to the roof. The inspector provides a report to a buyer, who can then bring that information to a seller and use it back at the bargaining table.

How quickly do I have to schedule one?
"It depends on the contract and the state you’re in," says Frank Lesh, executive director of the American Society of Home Inspectors. But typically, he adds, buyers have five to 10 days after a home goes under contract.

Lesh’s advice: Once a home is under contract, contact an inspector immediately.

"Inspectors are busy, especially in hot markets," he says. "Some people tend to forget and wait until the last minute. You really only have a few days."

How can I find a well-respected home inspector?
Regulations for home inspectors differ across the United States. In New Jersey, for instance, inspectors are licensed and regulated by the states Home Inspection Advisory Committee. To become certified, inspectors must, by law, complete 180 hours of study courses, including 40 hours of unpaid field work in the presence of a licensed inspector. Each inspector must pass a national exam, and complete continuing education every other year.

In Pennsylvania, by contrast, home inspectors are not regulated by the state, and instead are required to be a "member in good standing of a national home inspection association," such as the American Society of Home Inspectors (ASHI) or the International Association of Certified Home Inspectors (interNACHI). Each association has its own requirements on certification and continuing education; for example, ASHI requires inspectors to pass the national exam and to complete 250 inspections to become certified. Continuing education is also required.

What does my home inspection cover?
A general home inspection is a noninvasive exam of a sellers home. "The standards of practice are pretty uniform," says Pete Ciliberto, owner and chief inspector of Real Estate Inspections, an inspection group. "We are covering all the major components and systems of a house-all of the structural elements, the foundation, exposed framing," and more.

What that means: A general inspector will inspect the general structure of the roof, and the gutters and downspouts around it. He or she will make sure the homes "flashing"-the thin layer of waterproof material that prevents water from getting into where it does not belong-is correct. The heating and air conditioning systems are also inspected to ensure they are up to snuff. So are ceilings and floors, chimneys and vents. The ventilation of attics is inspected, and a generalized overview of electrical systems is completed.

"There are probably over 200 things that we inspect," Lesh says.

What does it not include?
Many things are not included, inspectors say. An inspection is not technically exhaustive, they pointed out, nor does it determine a property’s suitability. Inspectors are not required to determine whether a building is up to code, and they are not required to move furniture, enter crawlspaces, or offer any services besides the inspection.

Most important, the experts said, inspectors are not required to determine the presence of rodents or pests. They are not required to assess air quality or test for mold, mildew or fungus. Airborne and environmental hazards are also excluded, meaning radon, lead paint and asbestos tests are not conducted in a general inspection.

However, buyers can bring in specialists if they have particular concerns-or hire a general inspector who may be trained in a specialized area.

"There are guys who do mold testing, air sampling, and other ancillary services," Lesh says. "If you want one person to take care of the whole thing, you can (find someone) to do that."

Why should I get one-and should I waive that contingency?
When making a financial decision as significant as purchasing a home, you want to confirm that you are making a wise investment. While inspections are not holistic, they offer a snapshot of a home’s condition, and can give you fair warning of what repairs may be needed now or in the near future. Plus, agents point out, after an inspection report is issued, a buyer can use the report to ask a seller for repairs-or can walk away entirely.

"They can ask for anything they want or can terminate for any reason-they do not have to say why," says Mike McCann, a real estate agent in the Mid-Atlantic region. "The fall-through rate is only about 10 to 15 percent of the time, but I will tell you now, over 90 percent of the time, concessions are made after the inspections."

McCann says he advises clients to never waive the inspection.

"If they don’t own the home, there are many things about it that they don’t know yet. You can’t check the roof. You can’t see every joist. Having a professional go through that is very important."

(C)2017 The Philadelphia Inquirer
Distributed by Tribune Content Agency, LLC

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Rock Your Fourth Quarter

Rock Your Fourth Quarter

RECBL - Real Estate News

You started 2017 strong, now finish stronger. Whether you’re on track to exceed your goals or you’ve fallen behind, you have two-plus months to finish strong and set the stage for a successful 2018. Luckily, autumn is a great time to get face-to-face with your clients and generate leads.

Don’t take your foot off the gas and coast into the holiday season; use this social time of year to seize opportunities to check in with your clients while you enjoy the spirit of the season.

The fourth quarter is prime-time. Many companies can do almost half of their business in the final three months of the year.

A lot of us do really well under pressure. When you're under pressure or when you have to hit a sales number you are likely to deliver your best performance. I know that's when I start dialing for dollars!

Start following up with everybody on LinkedIn, start sending those email. Do what you have to do so that you can get in front of your client. Don't wait for business to come to you, reach out and you'll be amazed at what can happen at the last minute. Finish strong!

Adopt the mindset of a sprinter.
By the end of the year, many agents begin to feel their motivation wane. If that sounds like you, flip your calendar ahead to December and pick the last day you plan to work before the holidays. Then, count backwards through the calendar to see how many weeks you have left to reach your goals. This allows you to think like a sprinter and act as if each week is a separate sprint. At the end of each week, take a break to help you begin the next week refreshed and focused on your end-goal.

Focus on lead generation.
Keep your pipeline full of leads well into the New Year with consistent lead generation. Continue to do your proactive lead-generating activities right up until your vacation starts and not only will you achieve your goals this year; you’ll sow the seeds for business and closings in the winter and spring, as well.

Enlist help to stay motivated.
Take your motivation to the next level by pairing up with a colleague in the office. Compare notes each week to encourage one another. Share your successes and challenges of the week and provide accountability to help each other reach goals.

Get a lead by lunchtime.
If you need a lead, deliver a small gift of appreciation to help you get face-to-face with your clients and deepen your relationships with them. Luckily, were entering the most social time of the year when people are eager to connect. When you pop by your clients homes or offices with a small, thoughtful gift, you not only thank them for their business and referrals; you also ensure you stay at the forefront of their minds.

Connection Anxiety
If you’re nervous about dropping by your clients, start with the people you like the most. It'll fuel your energy and keep you motivated to visit more of your clients. Make sure they’re home or in the office when you arrive by calling ahead and letting them know approximately when you’ll be there. Keep the visits short; they shouldn’t be any longer than 15 minutes. 

Stay standing while you’re visiting to ensure you don’t stay too long. Don’t get hung up on the gift. The true gift is your time and the visit. The gift itself should be thoughtful and inexpensive, such as seasonal gifts like fresh picked apples from a local farm or a bag of Halloween candy or holiday-themed items such as a festive wreath, holiday ornament or baked goods. If you’re planning to host a holiday party, hand-deliver the invitation to your clients.

Scale Properly
It is so important to see your business through a critical eye. Take your ego out of it. Sometimes we get so focused on what we set out to accomplish, that we forget to take a look at whether it is working or not. If you look at particular project and realize it is not working, start to scale back.

If something isn't working, that's okay. But instead of thinking 'MAYBE it's going to get better, maybe it's going to get better' –course correct sooner and do what your numbers tell you!

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Make Sure Your Home Office Is More Office Than Home

Make Sure Your Home Office Is More Office Than Home

RECBL - Real Estate News

Working from home either full- or part-time is for some of us, the transition from brick and mortar to a virtual or home office is seamless. If you want to have the perfect environment when working from home, or if you want to improve your current remote work situation, I highly advise you to establish a home office which is more office than home.

1. A dedicated workspace. First, you need to actually have a dedicated workspace. That doesn’t mean a chair in your living room that you like to use while typing, or the kitchen counter because of its proximity to convenient outlets. Ideally, that means a closed-off room of your house, with a desk, where you can focus on work and only work.

There shouldn’t be many—if any—distractions here, and you should have the ability to physically block other areas of your house (especially if you live with other people). This will help you feel, psychologically, that you’re “going to work,” rather than just going to another room of your house, and can not only make you more productive, but also help you disconnect from work when you sign off for the day and leave that room.

2. A second monitor. You may find some conflicting opinions here, and you may have to factor in the specific requirements of your daily responsibilities, but the overall consensus is that adding a second monitor to your workplace setup is always a good idea. The extra room will allow you to multitask, keeping multiple windows open at the same time, and gives you more room to see the full scope of what you’re working on. Once you start, you won’t want to go back to a single monitor.

3. The right chair (or lack thereof). Don’t underestimate the power of a good chair. The right support, while working, can help you prevent postural problems, like back pain, later on. If you want to be trendy, you can try to use a stability ball, or if you’re interested in avoiding the problems with sitting in general, you can invest in a standing desk. In any case, you need a comfortable, healthy way to work.

4. A sound system. Sure, there’s a chance that you’ll use your sound system as a distraction, but evidence suggests that the right music at the right volume can make you more productive. Put simply, the music you enjoy listening to is the best music to hear—don’t worry about the specific genre—and a moderate volume that’s neither too loud or too soft is ideal. This can also help you feel less lonely.

5. Plants, art, and scents. If you want the full atmosphere of a stimulating office, consider getting some houseplants, investing in art on your walls, and even using incense or essential oils to diffuse scents in your workplace. These stimuli can help you think more creatively and reduce stress.​

6. Tangible notes. Your fancy note-taking app is handy when you’re on the go, but it also pays to have some physical pens and paper around the home office. Writing things down, physically, helps you remember them. Plus, the aesthetics of physical office supplies will make your home office feel less like home and more like an office.

7. Backup. Your home office should also have a few varieties of backup, in case things go wrong. You never know when your place may lose power, so have a backup power source ready, just in case. You’ll also want to make sure all your data is backed up, whether it’s on a local hard drive or in the cloud.

8. A view. Sitting next to a window may seem like an opportunity for distraction, but it can actually increase your alertness. All that natural daylight trickling in will make your mind more awake, and in months of good weather, you can open the window for a breath of fresh air. If you can’t have a window in your workspace, at least stay in a room somewhat close to a window.

9. A printer/scanner. Most businesses can operate completely paperless these days, but it’s still a good idea to have a printer nearby—just in case. Having a built-in scanner is also valuable, especially if you have clients or suppliers who still prefer to use paper for their transactions.

10. A public option. No matter how comfortable you feel working from home, working in isolation can still take a psychological toll on you. When working remotely, have one or two places where you can go to work in public and get out of the house. These may include coffee shops, shared workspaces, or even local parks.

This list isn’t meant to be wholly comprehensive; your personal preferences, your current environment, and the nature of your work may require you to have other additions before you can reach peak productivity. However, these 10 items should give you a head start in your journey. Plus, once you set up a home office, you can start earning that home office tax deduction—and if you’re self-employed, you’ll be especially glad you have it.

Do you have additional tips for our readers to help create a more functional home office? We want to hear from you. Contact us at businessdevelopment@cashbuyerslists.com

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What Is a Seller Counseling Session?

What Is a Seller Counseling Session?

RECBL - Real Estate News

The following information is provided by the Center for REALTOR(R) Development (CRD). A seller counseling session occurs at the beginning of your relationship with a current or prospective seller client and is a strategic activity that helps ensure a high-quality experience for everyone involved.

The consequences of unprepared sellers cannot be overstated. In a recent article from REALTOR(R) Magazine, agent Ryan Zwicky outlines some lessons learned the hard way, one of which was about setting appropriate expectations from the start. Zwicky says, "I learned that trying to please the seller only harms them in the end. It is better to be completely honest and open from the start."

A seller counseling session is a powerful expectation-setting tool. It can be a sit-down meeting in person, a virtual web-based teleconference, or even a long phone call-all supplemented with a print resource, to help guide the conversation. The mode of communication that you use for it is not quite as important as your ability to carve out uninterrupted one-on-one time for yourself and the seller to get to know one another a little more deeply, and to go over how everything will work.

There is no one set way to do a seller counseling session, but there are some best practices and resources-home-grown or for-purchase-that can help you plan the conversation beforehand so that you don’t forget any aspect that needs to be discussed. For example, the Real Estate Business Institute (REBI), an affiliate of NAR, offers sets of customizable PowerPoint(R) presentation templates to help with structuring the conversation. The slides can be reorganized and adapted as needed to your situation. For those that want to take their seller representation skills to an even higher level, REBI also offers its Seller Representative Specialist (SRS) Designation course online at NARs Center for REALTOR(R) Development. It also offers the course for classroom delivery, and a schedule of upcoming courses.

Regardless of the exact structure and the exact resources used, a seller counseling session is an invaluable strategic tool that will help you succeed as a seller's representative. Below are 10 reasons why.

1. Demonstrate Your Value - The session helps you showcase your service package by giving you the opportunity to highlight and explain your business background, your education qualifications, the extent of your experience, and the value you bring to the process. Your expertise and service orientation will help your client feel at ease and taken care of.

2. Set Expectations - The session will help you set expectations so that in the long run there will be fewer surprises (and therefore fewer delays and less confusion). The client will come to understand their role, your role, and the roles of everyone else along the way. Things will run more smoothly. Smooth transactions lead to more referrals.

3. Get on the Same Page - As confusion and potential misunderstandings are addressed and cleared away up front, the session will help put you and your client on the same team so that you are working together with each other, and not at odds or toward opposing goals.

4. Reduce Risk - Because of this meeting, there will be fewer chances for confusion, missteps, breaches and conflict. Whenever processes are made clearer at the outset, the risk of veering off into antagonistic or dangerous waters is greatly minimized.

5. Explain What You Can and Can’t Do - An important aspect of further reducing risk is addressing what you as the client advocate can and cannot do. By addressing this early, there will be fewer or no client expectations or demands that you do something which is unethical, illegal, uncomfortable or just plain fishy. You can go over how agency works in your state and all of the seller disclosures required. You can also discuss what the REALTOR(R) Code of Ethics requires of you, your fiduciary duty to your client, and what that looks like in day-to-day practice.

6. Outline the Process - Your client will be a more calm, confident, and cooperative partner once they have a big-picture scheme in their mind about what the entire process will entail. Do this for them in the seller consultation session; give them the big picture, 50,000-foot view. This may be second nature to you, but to them, the entire process may be foreign and disorienting. They may not need as many check-ins along the way, and it will be less likely that they will become upset with you if you have explained the overall process beforehand.

7. Position the Property - Having an in-depth conversation about the property, its current position in the market, what can be done to improve this position, like staging (and what cant be overcome) will help you down the road when you and your client have to deal with price reductions, price negotiations, concessions, contingencies, multiple offers, deals that fall through and so on.

8. Explain Fees - Understanding the line items of the different services clients are paying for will head off a number of questions, objections and frustrations down the road, especially if things get challenging. Having a talk about fees as connected to the value of what you do to help the property succeed in the marketplace is key.

9. Gather Preferences - The seller counseling session is a great time to gather information to help you understand how your client prefers to communicate and be treated. Do they want a daily or weekly check-in, by phone or text? How would they prefer open houses be handled? What makes them stressed and what puts them at ease? You’ll want to gather this information to help you serve them in the way that works best for them.

10. Provide Resources - The session will provide you the opportunity to share resources that the seller can take home with them, review in detail on their own time, and ask questions about later. The value of takeaways and reading material as time-saving educational tools cannot be underestimated. The seller counseling session helps you present and offer these materials so that the seller knows they exist and understands how to review them.

To learn much more about seller counseling sessions and seller representation overall, please consider checking out the education, benefits, and resources offered by REBI and its SRS Designation. In October, the featured 25% OFF course at the Center for REALTOR(R) Development is the Seller Representative Specialist (SRS) Designation course, which is the basic requirement toward obtaining this credential.

For more information, please visit onlinelearning.realtor.

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Obtaining Financial Freedom Through Real Estate

Obtaining Financial Freedom Through Real Estate

RECBL - Real Estate News

Linda McKissack and her husband were $600,000 in debt when they made a real estate decision that turned their lives around. Today, their real estate business sells over $60 million and over 300 properties each year. McKissack says their biggest success is not their property sales; it’s how they learned to generate over $250,000 a year in passive income and achieve financial freedom through real estate.

Linda McKissack is an entrepreneur, REALTOR(R), and the author of "HOLD: How to Find, Buy and Rent Houses for Wealth." She’s also a trainer and speaker whose greatest passion is helping others achieve their maximum potential. She’s created five successful businesses and is an owner/investor in numerous residential and commercial properties.

Her message to agents everywhere: "You don’t have to live paycheck to paycheck. Learn how to obtain financial freedom through real estate."

Using lessons from her book, McKissack explains how to start investing and earning money even when you have no money.

"If you don’t design your life, something or someone else will," McKissack said. "Keep this question in front of you: What would happen if today the financial resources of your business totally disappeared? It happened to us; it happened to people in Houston, in Florida, in Puerto Rico with the hurricanes. What are you going to do when it happens to you?"

Drowning in Debt
"I was 23 years old and I didn’t know what the word economy meant," McKissack said. "In the 80s the economy was built around savings and loans, oil and gas and real estate, and it all crashed."

McKissacks husband shut down his Dallas nightclub, and four years later they were $600,000 in debt. He asked for her help digging out of debt, and said his mentor once told him the way to make a lot of money fast was in real estate.

"Im sure he meant invest in real estate, buy real estate," McKissack said, "not put your wife to work selling real estate, but sell is what I did." McKissack took a job in real estate sales, and Jim went to work in her office. They restructured their debt with a simple goal: getting back into the black.

It was a good decision, but it took time to see the wisdom in it. "I made $3,000 that first year, but it cost me $15,000 to $17,000 to make that first $3,000. Fast forward to today and our team closes over 200 transactions a year and $60 million in volume. Today we run as a standalone business."

McKissacks first real estate investment came in 1991. They had no cash, a lot of debt to pay off and weak credit, and the only real estate they owned was the house they lived in, which had a big mortgage.

"We found a property the seller wanted to sell fast, without listing it. They asked if we knew of an investor who would purchase the home. We knew it was a good deal, even though the house needed repairs. We formed a partnership with our builder who put up money and got a loan. We located the property and put our commission into the deal. He did the repairs. We flipped the property for $15,000 profit and we were off to success."

What investing taught McKissack was how to beat the REALTOR(R) dilemma. "The REALTOR(R) dilemma is, the day you sell your last house is the day you make your last dollar. I used to think if I just sold 50 more houses, those 50 houses would solve all my problems. We keep thinking 50 or 100 or 200 houses are going to solve all our cash problems, but its not. Cash flow is not the answer. If you follow the statistics, if we don’t do anything different; most of us will die broke or dependent on the government, family, or friends."

Not wanting to rely on others for their financial security is what started the couple down the road to financial freedom with HOLD.

Creating Financial Freedom With HOLD
"HOLD is a long-term real estate investment strategy to which every real estate investor should aspire," said McKissack. "Be an investor, not a speculator. We bought our first property while we were still $600,000 in debt. We now own over 100 single family properties. There are a lot of people who have money they want to invest, but they don’t have the expertise to do it."

Going 50/50 is a definite option, especially using the HOLD strategy. The HOLD strategy is simple:

1. Find the right property for the right terms and at the right price.
2. Analyze - Make sure you have an offer in which the numbers and terms make sense. Do your due diligence on market values, rents, home prices and appreciations to limit your risks.
3. Buy an investment property where you make money going in. If your numbers are right, you'll make money on the margin and get a positive cash flow from the start. Don't buy a property hoping it will become a good deal. Buy it because it’s a good deal to begin with.
4. Manage a property until its paid for or you have a large amount of equity to leverage. Learn to run your investment properties like a business.
5. Grow your way to wealth and financial freedom. If one investment can bring you $2,000 a month, imagine the income from 10, 20 or 100 properties.

If you’re actually flipping houses (buy and sell), you’re just creating more cash flow. What you need is an investment. Our HOLD formula for wealth-building:

• Buy property at 10 percent or more below market value.
• Put at least a 20 percent or more down payment on the property.
• Be at a 70 percent loan-to-value ratio or less so you’re not over-leveraged.
• Cash flow should be a minimum of $200 per month after PITI and management on a 15-year amortization.
• Buy a newer home (15 years or newer) if possible.
• Buy a 3-4-bedroom brick or stucco (if possible).
• Buy homes in stable or appreciating neighborhoods.

7 Rules of HOLD Real Estate Investing

• Be an investor, not a speculator.
• Cash flow is king.
• It isn’t personal, and the numbers matter most. Don’t get attached to the house or people.
• Learn the magic of leverage.
• Cultivate relationships with other investors and people involved in real estate investing.
• Keep learning from others.
• Give to others and share your information, wealth, and knowledge.

By purchasing 20 single family rental properties that each generated $1,000 cash flow per month, and completing those purchases in five years, with each property financed on a 15-year note with at least 20 percent down payment, the McKissacks were able to keep investing in additional properties.

The HOLD strategy isn’t a get-rich-quick scheme, but a long, slow process which involves learning how to build and sustain a strong team and how to run your real estate career as a business, not a job. These and more tips and information on building passive income are in a recent webinar featuring McKissack. Learn more about the team-building cycle, including how to hire great people who can take you greater financial and business success, by listening to the entire webinar.

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Staying Ahead of Cyber Space Bad Guys

Staying Ahead of Cyber Space Bad Guys

RECBL - Real Estate News

During REALTOR(R) Safety Month in September, most agents’ thoughts turn to personal safety. While safety from physical harm is certainly the highest priority, it’s also essential to recognize that personal harm is more than physical, especially in today’s digital world.

Internet criminal’s nefarious activities take many different forms, including real estate wire fraud. Even though this scheme has been widely reported since it first surfaced in 2015, victims are still falling prey on a regular basis, making it one of the worst security issues in the industry.

How does it work? First, the criminal can gain access to the email account of one of the parties to a real estate transaction, and follows the communications between these parties.

Then, as closing approaches, the criminal sends an official-looking email to the buyers, directing them to wire their down payment to the criminals account. The criminal’s message may come from the hijacked account or from a "spoofed" account using an email address that’s deceptively similar to a legitimate party to the transaction. Buyers may be easily fooled into thinking the message is legitimate.

Fighting Back
Learning that your client has lost their down payment in a wire fraud scheme rates high on the "bad news" list. Not only has your client been severely harmed, but you will likely bear the brunt of widespread negative publicity, or worse. What steps can you take to prevent this scenario from occurring?

1. Protect your email account. It’s essential to use a strong, unique password that’s changed periodically. In addition to using solid antivirus software, be sure to keep all your programs up-to-date to reduce the risk of malicious code infecting your system and capturing sensitive information. Avoid public WiFi and always think before you click on a link-whether it’s embedded in a phishing email, or its clickbait on a website or social media post.

2. Use encryption tools. Standard email should never be used to send sensitive information, including financial data, contracts, wiring instructions, etc. Instead, use encrypted email, a secure document-sharing platform or a secure transaction-management platform in conjunction with personal phone calls to the client.

3. Talk to your clients. Knowledge is another powerful weapon against internet criminals. Tell every client about real estate wire fraud-how it occurs and what steps you (and they) need to take to prevent it. You may also want to have clients read and sign a notice regarding the possibility of cybercrime hitting the transaction.

Deterring real estate wire fraud and other types of cybercrime doesn’t have to be expensive, but it does require knowledge and vigilance on multiple fronts-not just during REALTOR(R) Safety Month, but every day of the year.

Marc D. Gould is vice president, Business Specialties, for NAR and executive director of REBAC. A wholly-owned subsidiary of NAR, The Real Estate Buyers Agent Council (REBAC) is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyers Representative (ABR(R)) designation to REALTORS(R) who work directly with buyer-clients.

For more information, please visit REBAC.net.

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