Why do some agents refuse to understand that they do not determine whether or not they can tell selling agents about mulitple offers. The Seller makes the desicion. In our office, this is determined by the Listing agreement.
Standard of Practice 1-15 Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers' approval, disclose the existence of offers on the property. Where disclosure is authorized, Realtors® shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)
Often times it is advantagious for the seller to allow you to to disclose that there are other offers and even what those offers are. Wouldn't a buyer bring their best offer if they knew what they were competing with. Yet many agents still think that these are not viable options and are not discussing this important negotiating tool with their sellers.
The flurry of bank owned properties the past few years has complicated the matter. The banks come with their own listing agreement. Now that we are going back to more traditional sales and short sales, it is time for the real estate agents to get back to basics. Discuss it with your seller, then when you get that call, if it is not under contract, answer the question. Can you disclose whether you have other offers, and what those offers are?
Standard of Practice 3-6
REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)
After an offer has been accepted, even with contingencies, it must be disclose to other inquiring REALTORS®
Monday, September 14, 2009
Monday, August 10, 2009
Northern Virginia July 2009 update
Overall, the average days-on-market is slightly above 4 months. This means we are in a normal market – neither a buyer’s market nor a seller’s market.
NORTHERN VIRGINIA ASSOCIATION OF REALTORS
July listings compared to June: Decreased 2% to 7,439.
July sales units compared to June: Decreased 5% to 2,053.
July 2009 Sales Units compared to July 2008 Sales Units: Up 11%.
The average sold price for all homes in July was $460,807, Down 5% compared to 2008
DULLES ASSOCIATION OF REALTORS (LOUDOUN COUNTY)
July listings compared to June: Decreased 2% to 2,238.
July sales units compared to June: Decreased 9% to 477.
July 2009 Sales Units compared to July 2008 Sales Units: Decreased 8%.
The average sold price for all homes for July was $379,501, Down 5% compared to 2008.
PRINCE WILLIAM ASSOCIATION OF REALTORS
July listings compared to June: Decreased 1% to 3,093.
July sales units compared to June: Decreased 1% to 787.
July 2009 Sales Units compared to July 2008 Sales Units: Decreased 22%
The average sold price for all homes for July was $233,202, Down 5% compared to 2008.
NORTHERN VIRGINIA ASSOCIATION OF REALTORS
July listings compared to June: Decreased 2% to 7,439.
July sales units compared to June: Decreased 5% to 2,053.
July 2009 Sales Units compared to July 2008 Sales Units: Up 11%.
The average sold price for all homes in July was $460,807, Down 5% compared to 2008
DULLES ASSOCIATION OF REALTORS (LOUDOUN COUNTY)
July listings compared to June: Decreased 2% to 2,238.
July sales units compared to June: Decreased 9% to 477.
July 2009 Sales Units compared to July 2008 Sales Units: Decreased 8%.
The average sold price for all homes for July was $379,501, Down 5% compared to 2008.
PRINCE WILLIAM ASSOCIATION OF REALTORS
July listings compared to June: Decreased 1% to 3,093.
July sales units compared to June: Decreased 1% to 787.
July 2009 Sales Units compared to July 2008 Sales Units: Decreased 22%
The average sold price for all homes for July was $233,202, Down 5% compared to 2008.
Thursday, July 23, 2009
Prospecting on an Empty Wallet
Tired of prospecting for clients?
Wouldn't you prefer that they approached YOU?
Generally we don't like cold calling. Nor do we much like sending out dozens of prospecting letters and then getting maybe a 0.5% response.
Generally we don't like cold calling. Nor do we much like sending out dozens of prospecting letters and then getting maybe a 0.5% response.
Why don't we like it? Because we don't like rejection. We don't like feeling that our call or letter has failed. It can be pretty depressing when you have been making cold calls all day with zero response. And that's perfectly normal. None of us like trying our best and then being told NO!
Want to know how to position yourself as an Expert?
1. Write articles for serious publications.
2. Speak at meetings and conferences.
3. Get a book published by a serious publisher.
1. Write articles for serious publications.
2. Speak at meetings and conferences.
3. Get a book published by a serious publisher.
Not yet ready for all of that? Try these...
Get Involved
•Join organizations
•Join Clubs
•Involve yourself in charity
•Make your actions ring an endorsement of your good name!
Get Involved
•Join organizations
•Join Clubs
•Involve yourself in charity
•Make your actions ring an endorsement of your good name!
Google this, Google that...
•What is your competition up to?
•How can they find you?
•Would you hire you?
•If you do not know what you are up against, how can you possibly Win?
•What is your competition up to?
•How can they find you?
•Would you hire you?
•If you do not know what you are up against, how can you possibly Win?
SOCIAL NETWORKING
•Facebook •Active Rain •Twitter •Linked In •Blog about your neighborhood and become the expert
•Facebook •Active Rain •Twitter •Linked In •Blog about your neighborhood and become the expert
Build a Business Directory
•Connect it to your website •Become the go-to person for info •Pop Bys •Call sporadically •Share the List with other businesses •Get through the "NO's" , Referrals go both ways
•Connect it to your website •Become the go-to person for info •Pop Bys •Call sporadically •Share the List with other businesses •Get through the "NO's" , Referrals go both ways
Tell 20 Concept!
Promote Listings that are "Coming Soon".
•5 on each side and 10 across the Street
•Use your Commodity •Neighborhood Preview •Neighborhood Barbeque
•Who's in your target neighborhood? •Have you met them?
Promote Listings that are "Coming Soon".
•5 on each side and 10 across the Street
•Use your Commodity •Neighborhood Preview •Neighborhood Barbeque
•Who's in your target neighborhood? •Have you met them?
By Introduction / Family
•Does your spouse prospect for you?
•Parents?
•Children?
•Previous Clients
•Does your spouse prospect for you?
•Parents?
•Children?
•Previous Clients
Everyone must have your business cards
Never neglect your past client database.
The more you keep in touch with your past clients, the easier your job will become. If you don't, you risk the chance that you're sending them the message that they were just another transaction and didn't mean much more to you. That could be a very costly message.
Consider past clients as one of your 'farms'... keep in touch!
The more you keep in touch with your past clients, the easier your job will become. If you don't, you risk the chance that you're sending them the message that they were just another transaction and didn't mean much more to you. That could be a very costly message.
Consider past clients as one of your 'farms'... keep in touch!
Plant Referral Seeds!
•Early and Often •Don't wait until the transaction is complete to ask for referrals. •Referral business reduces your sales expenses and sales cycle.
•Early and Often •Don't wait until the transaction is complete to ask for referrals. •Referral business reduces your sales expenses and sales cycle.
Use Closing Gifts wisely 
One agent delivers a unique, personalized real estate closing gift at closing.
A week later she delivers "something flashy, always with balloons," to the
client at work. "It catches the attention of other people in the office and
gives the client a reason to tell other people about me," she says
One agent delivers a unique, personalized real estate closing gift at closing.
A week later she delivers "something flashy, always with balloons," to the
client at work. "It catches the attention of other people in the office and
gives the client a reason to tell other people about me," she says
Business Cards
Never go to bed without handing out at least 10 Business Cards.
10 per day = Check the Math:
10 X 5 = 50 X 50 = 2500
1% call = 250, 10% buy = 25 Deals X $5000 (avg Com.) - $125,000
Never go to bed without handing out at least 10 Business Cards.
10 per day = Check the Math:
10 X 5 = 50 X 50 = 2500
1% call = 250, 10% buy = 25 Deals X $5000 (avg Com.) - $125,000
It doesn't take a fortune to make one. Just alot of persistence!
Tuesday, July 21, 2009
New Truth in Lending Law changes - July 30th
Truth In Lending Changes Take Effect July 30, 2009
Predatory lending practices played a large role in the recent global economic collapse. Those practices included funding loans with falsified information, hidden costs and charges. They also packaged subprime loans as prime loans and resold them to international investors. The resulting negative ramifications have been felt globally as the investments proved to be not what they appeared to be ... for the investor and the borrower. That has resulted in an assortment of laws and/or guidelines, Federal and State, intended to protect the consumer and the investor the latest of which takes effect on July 30th.
The new Truth in Lending Regulation (Reg Z) changes take effect for loan applications filed on, or after July 30, 2009. The new requirements apply to all mortgages secured by a primary or second home. Investor loans are exempt. Two main changes are the requirement of the lender to give a good faith estimate of loan costs within 3 business days after the loan application (early disclosure), and the lender may not now collect any fees before the disclosure is provided, except for a reasonable credit report fee.
More Reg Z changes: a) The closing may not occur until after a 7 day waiting period following the consumer's receipt of the early disclosure., b) If the annual percentage rate (APR) increases by more than 0.125 percent from the early disclosure amount, the lender must provide a corrected disclosure and wait an additional 3 business days before closing the loan. It is important to understand that the APR not only includes the interest rate on the loan, but certain other settlement costs. c) The consumer may modify or waive both waiting periods for a documented personal financial emergency, with some restrictions. d.) There is also a requirement for first lien hiolders to escrow funds for taxes and insurance, but that will be phased in during 2010.
It is important to understand that the APR can be affected by something seemingly innocent, but with the potential for major consequences. These can include an unlocked interest rate, a change in the loan amount, a product change (the loan product), rate re-lock due to market improvement, change in closing date, and changes to fees including settlement fees. Each of these items can occur innocently enough during the course of a transaction and, if too close to the scheduled closing date, can wreck havoc with the closing timing.
The changes aren't really drastic, but they have the potential to delay closings. It is important that everyone - borrower, Realtor, and lender - all pay attention to the details from the onset of the loan process to the funding. Minor changes can cause several days of delays. Delays can result in missed closing dates which can mean not only not moving on the weekend that you have arranged for with your friends and work, but can also mean a breach of contract that could cause you to lose the property (and possibly your deposit), in certain circumstances. All parties must be diligent in their efforts and communication on the loan process to minimize aggravation.
Getting a new loan? Better plan on at least a 30 day period, and be diligent during the process. The longer the process goes the more opportunity there is for an issue. As changes occur during your transaction make sure of their consequence, if any, on your loan process.
It is more important than ever that you use a Realtor, loan officer, and settlement company that are informed and that you can trust.
Predatory lending practices played a large role in the recent global economic collapse. Those practices included funding loans with falsified information, hidden costs and charges. They also packaged subprime loans as prime loans and resold them to international investors. The resulting negative ramifications have been felt globally as the investments proved to be not what they appeared to be ... for the investor and the borrower. That has resulted in an assortment of laws and/or guidelines, Federal and State, intended to protect the consumer and the investor the latest of which takes effect on July 30th.
The new Truth in Lending Regulation (Reg Z) changes take effect for loan applications filed on, or after July 30, 2009. The new requirements apply to all mortgages secured by a primary or second home. Investor loans are exempt. Two main changes are the requirement of the lender to give a good faith estimate of loan costs within 3 business days after the loan application (early disclosure), and the lender may not now collect any fees before the disclosure is provided, except for a reasonable credit report fee.
More Reg Z changes: a) The closing may not occur until after a 7 day waiting period following the consumer's receipt of the early disclosure., b) If the annual percentage rate (APR) increases by more than 0.125 percent from the early disclosure amount, the lender must provide a corrected disclosure and wait an additional 3 business days before closing the loan. It is important to understand that the APR not only includes the interest rate on the loan, but certain other settlement costs. c) The consumer may modify or waive both waiting periods for a documented personal financial emergency, with some restrictions. d.) There is also a requirement for first lien hiolders to escrow funds for taxes and insurance, but that will be phased in during 2010.
It is important to understand that the APR can be affected by something seemingly innocent, but with the potential for major consequences. These can include an unlocked interest rate, a change in the loan amount, a product change (the loan product), rate re-lock due to market improvement, change in closing date, and changes to fees including settlement fees. Each of these items can occur innocently enough during the course of a transaction and, if too close to the scheduled closing date, can wreck havoc with the closing timing.
The changes aren't really drastic, but they have the potential to delay closings. It is important that everyone - borrower, Realtor, and lender - all pay attention to the details from the onset of the loan process to the funding. Minor changes can cause several days of delays. Delays can result in missed closing dates which can mean not only not moving on the weekend that you have arranged for with your friends and work, but can also mean a breach of contract that could cause you to lose the property (and possibly your deposit), in certain circumstances. All parties must be diligent in their efforts and communication on the loan process to minimize aggravation.
Getting a new loan? Better plan on at least a 30 day period, and be diligent during the process. The longer the process goes the more opportunity there is for an issue. As changes occur during your transaction make sure of their consequence, if any, on your loan process.
It is more important than ever that you use a Realtor, loan officer, and settlement company that are informed and that you can trust.
Thursday, April 23, 2009
Improve your Real Estate career in Virginia
Is your Woodbridge Broker working for you?
I constantly hear from agents that are unhappy with the support from their office manager. Yet, some are afraid to make a move that can spark their careers. If office chatter is about being afraid to ask a question because of the manager's attitude, this is ridiculous. Yet it is happening all around us. You are self employed. You can only count on yourself to make decisions that will benefit you. Your office should be a comfortable and nurturing environment. However many are creatures afraid of change...even when a change is best. Here is a small sample of what I hear:
Sales meetings are boring and stale
Our manager is demeaning
I spend all of my time doing administrative tasks
Their is no office administrator
The manager has favorites
The same people get all the leads
The equipment doesn't work
Everyone is out for themselves
Upper management won't listen
I am not important
Noone really cares if I am successful
There is no training
I get NO support
Sound familiar? I believe in something different! I have also worked in the environment I describe above. That is why I chose a company that matched my own ideals. That is why I manage in a different way.
This is a sample of marketing that we do for our agents. From sign up to sign down, we handle the marketing for our agents. As a matter of fact we even put the sign UP and take it DOWN. I want you out in front of people making new clients and sales.
My agents get semi-private office space. I hold weekly training sessions where agents are encouraged to try new things. Our weekly sales meetings are filled with breaking news and information about the ever changing market, government programs and mortgage news. I save any office admin updates for email, where you can read at your leisure. My sole purpose is to inspire you to motivate yourself and to give you the tools to think a different way. I want you to try something new, evaluate what works and drop what doesn't. Change your mold from time to time...just as the market does. I don't want JUST a large number of agents to please my boss. That is short term thinking. I want quality, thriving agents. I want an office environment that is helpful, friendly and the envy of the town. Anyone who knows me, believes that these are not unrealistic expectations. Most of those managers up the street are just waiting out their retirements.
I haven't even mentioned all of the great tools offered by Prudential itself! That is because I believe that it all begins with ATTITUDE. We all choose which side on the bed we get up on. The rest is a bonus.
You can choose to remain in a stale environment that is not condusive to a quality of life and is draining the life out of you. You can keep saying those items on the previous list. Or you can step out of the shadows and take control.
If you are in the Northern Virginia market, come and chat with me and/or my agents. Choose to enjoy and prosper. Reach me at 703-497-7788 or jim.evans@prudentialcarruthers.com
There has never been a more important time to do the right things for yourself!
Jim Evans
Managing Broker
Lake Ridge office
I constantly hear from agents that are unhappy with the support from their office manager. Yet, some are afraid to make a move that can spark their careers. If office chatter is about being afraid to ask a question because of the manager's attitude, this is ridiculous. Yet it is happening all around us. You are self employed. You can only count on yourself to make decisions that will benefit you. Your office should be a comfortable and nurturing environment. However many are creatures afraid of change...even when a change is best. Here is a small sample of what I hear:
Sales meetings are boring and stale
Our manager is demeaning
I spend all of my time doing administrative tasks
Their is no office administrator
The manager has favorites
The same people get all the leads
The equipment doesn't work
Everyone is out for themselves
Upper management won't listen
I am not important
Noone really cares if I am successful
There is no training
I get NO support
Sound familiar? I believe in something different! I have also worked in the environment I describe above. That is why I chose a company that matched my own ideals. That is why I manage in a different way.
This is a sample of marketing that we do for our agents. From sign up to sign down, we handle the marketing for our agents. As a matter of fact we even put the sign UP and take it DOWN. I want you out in front of people making new clients and sales.My agents get semi-private office space. I hold weekly training sessions where agents are encouraged to try new things. Our weekly sales meetings are filled with breaking news and information about the ever changing market, government programs and mortgage news. I save any office admin updates for email, where you can read at your leisure. My sole purpose is to inspire you to motivate yourself and to give you the tools to think a different way. I want you to try something new, evaluate what works and drop what doesn't. Change your mold from time to time...just as the market does. I don't want JUST a large number of agents to please my boss. That is short term thinking. I want quality, thriving agents. I want an office environment that is helpful, friendly and the envy of the town. Anyone who knows me, believes that these are not unrealistic expectations. Most of those managers up the street are just waiting out their retirements.
I haven't even mentioned all of the great tools offered by Prudential itself! That is because I believe that it all begins with ATTITUDE. We all choose which side on the bed we get up on. The rest is a bonus.
You can choose to remain in a stale environment that is not condusive to a quality of life and is draining the life out of you. You can keep saying those items on the previous list. Or you can step out of the shadows and take control.
If you are in the Northern Virginia market, come and chat with me and/or my agents. Choose to enjoy and prosper. Reach me at 703-497-7788 or jim.evans@prudentialcarruthers.com
There has never been a more important time to do the right things for yourself!
Jim Evans
Managing Broker
Lake Ridge office
Thursday, March 5, 2009
Will the Housing plan help in Prince William County / Lake Ridge?
The housing plan appears to be set to roll out to the lenders. where does this put us here in Prince William County. The plan is aimed to help 9 million homeowners. The problem is that these homeowners at risk of losing their homes must have a home that is worth no more than 105% of the loan value. With the pricing drops in our area, it is unlikely to assist many.
Long standing residents of Lake Ridge do not fair any better than in other areas of the County. From January 2006 to January 2009, the median price for sales in Lake Ridge was down 83% to $196,000. While in the County as a whole the spread was down 80% to $175,900. Unless homeowners purchased quite a ways back and put some cash down, this Housing plan is of little use locally. Many distressed homeowner will be looking at other alternatives such as Short Selling to eliminate additional financial hardships and their future livelihoods.
Tuesday, March 3, 2009
Prince William is on FIRE
Fire Sale that is! Bargains to be had throughout the County. Check this out!
While the prices continue to tumble in Prince William County, there are some very encouraging signs. Twice as many closings occurred in January 2009 as the previous year. New listings are down, contracts are up. Way up! 79% increase in number of homes sold in 2008 vs 2007.
If Days on the market continues to decline, we should see a reduction in the falling prices. Since mid 2005, we have witnessed the struggling housing market in Prince William. It has been longer and more painful than many other parts of the area and country. The foreclosure rates climbed hugely in 2007 and 2008. Is there an end in site? As long as savy buyers continue to buy up the bargain inventory, there should be. We'll keep watching and reporting. If you want speak personally about your opportunities please call our Prudential office at 703-497-7788.
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