These are important staples to have in your cupboard at all times.  All can be useful in an emgency.  I believe the best chocolate chip cookies are made in Virginia Beach, but I have been told that the Realtors in Atlanta have access to better cookies.

Yep, it is the time of the year that we get our old goals out, blow the dust off them, and try to freshen them for the new year.  And it is an important thing to do.  We have to have a roadmap of where we are going, and we need to know when we get there.  Or we just keep aimlessly moving along in the fast (or slow) lane.

But how about going one step further?  Write that goal down.  Now close your office door, put your feet up on your desk, and DAYDREAM!!  Take a few minutes to create the picture in your mind of what it will look like, who is there, what is being said.  Use all your senses in your daydream, and visual it.  Hold that daydream in your mind for several minutes.  AAAAhhhh, now go on with your day.

Do this every day... take the time to visualize and take a mental break from your day.  You will feel refreshed, happier, and you just may get what you dreamed of.

Because what the mind can perceive, the body can acheive.

Now, go get your daydreaming done : )

I wanted to share a tip I recieved in an email today.  As we wind down 2007, prepare for the Holidays, and look forward to 2008... here are some things you can be doing at home;

Today is Winter Solstice, a time that marks the longest day of the year. On this day we recognize that the dead of winter has passed and we now await the return of the light into our lives and into our celebrations. In order to take best advantage of the energies of this day, you should make sure that your holiday decorations include the following: a bit of mistletoe (for eternal love), evergreens (for longevity and strength), rosemary (for lifted mood and spirits) and, holly (hung around the house during this season to promote and invite tremendous luck!) In fact, tradition tells us that if gather nine holly leaves and wrap them in a white cloth with nine knots tying the loose ends and then you put this under you pillow that your dreams will come true! Now, there's a HUGE gift from Mother Nature! Enjoy!

Warm Regards, Ellen Whitehurst

I am.  I sell myself everyday.  I sell my services.  I sell my expertise.  I sell my knowledge.  and yes, I sell houses.  I really, really do.  And I am not ashamed of it.  No, I don't force my clients to buy something they don't want or need.  That is not my role.  But I do help folks find what they are looking for. And no house is 100% perfect.  Ever.  Even if you build it from the ground up.  So, I help my clients see how the almost perfect house, can become their home.  I call that selling.

I have heard, we don't have a product.  Uh, I beg to differ.  Every house on the market is my product.  And I am responsible for getting to know my product.  And do not tell me that you can learn your product at a desk with virtual pictures.  You must get out there, see it, touch it, taste it, understand it... then you can sell it.

Why do agents reject the fact that they are salesman?  Why is that offensive to you?  Yes, I advise and counsel and nurture the sale to closing... But don't forget if you aren't selling you are sitting around your office telling folks how invaluable your "counseling" services are and not seeing too many closings.

Happy Selling to you!!

Overcoming Objections?  Do you do it?  Why or why not?  I'm talking about taking a buyer out to see a property, and they don't like the color of the wall or they don't like the natural wood trim?  Well, you can paint it or better yet, in this market, ask the seller to paint it.  I'm astonished at the inability of some agents to help their clients "see" a way around obstacles.  I was out with clients today, and one house we looked at was perfect in every way, except the laundry room/closet was located in the kitchen area.  That was a deal breaker for them.  And moving the laundry room is difficult at best.  But we looked at another house that had wood paneling, which they don't like, and I started talking to them about how painted wood paneling actually looks good.  gives texture, movement and brightens a space.  The home went from not even considering, to the maybe pile.  I want them to have some maybe's.  I would like to sell them a house.  I would like to go to closing.  I don't mean talking folks into buying a house that is wrong for them.  I am talking about helping a buyer see a home in a positive light.

I also am surprised at agents that don't do a little homework in advance and *know* that a home is priced way under the competition.  When it is my listing, and the agent calls to show, I will tell them:  Please check the comps and the competition, this home is priced xxx under market and with these schools is a very good deal.  Then the agent calls back and says something like, they didn't like the paint.  Are you kidding me?  They are getting premeir neighborhood at cheeseburger prices and you can't overcome a paint color?

What am I missing here?  Do you think it is your job to help overcome objections or point out the positives along with the negatives?  What are some of your best responses to objections?  Do you like the listing agent to point out things PRIOR to visiting the home?

 Shelly

Do you think all our neutralizing is beiging America?  Think about it.  We tell our sellers: please paint neutral, please use neutral carpet, and tile, and flooring in general.  Please upgrade to stainless appliances.  You gotta have granite or forget about it.  Isn't it just the same house over and over again?  Do you ever wonder if there will ever be a unique home built in America again?

And then the buyers... they don't want to paint.  Why aren't the counters granite?  Oh, I don't like grey carpet, I wanted taupe.  And when they pick out their houses to look at, they are the exact same style just in different neighborhoods. 

I want to sing to them:

Do you like it with a fox?  Do you like it in a box?  Do you like it in the rain?  Do you like it on a train?  Do you like the house over there?  Do you like anywhere?  Because this house, my client, is all the same!!!

Shelly

So, what does the title have to do with you?  IRead On:

Today, I had to attend a mandatory 2 hour class regarding new laws that have been put in place in Virginia regarding Limited Service companies.  Virginia decided that the consumer has a right to choose who they want to help them sell a house (no surprise there), but they decided that the consumer also has a right to know what is included and what is NOT included. 

On this website are agents that give full service for a discounted price or rebate, and we have limited service companies and we have full service companies.  I'm ok with that.  There is always a need for choice.  And I am not afraid of representing what I do.  What has always bothered me, is when the offer is finally negotiated and signed, things weren't followed through on, or proper disclosures weren't done, etc.  and if I wanted my buyer to complete the deal, I ended up doing it.  Just to get the deal done.  I believe that some discount brokers count on the buyers agent to pick up the pieces and carry the ball.

Now, in VA. when you are offering limited service to a client, you must disclose the following:

1- You must spell out what you will do for the negotiated fee.
2- What you will NOT do for the negotiated fee.
3- and you must include a very large disclosure paragraph, in bold or underlined, that basically says the undersigned understands and acknowledges their informed consent.

Also, a limited service company still has to provide the required disclosures, including condo and poa docs, home disclosure/disclaimers, and additional local, required disclosures.

The legislation goes on to allow me as the buyers agent to perform certain actions for the seller, like order termite, pick up the POA docs, etc without taking on the liability or changing the agency relationship, AND I can charge the seller for that time.  Whatever amount that is agreed between my broker and seller.  For instance, if the seller says, who should I order the termite from?  My answer, here is a disclaimer and a list of fee for service, please sign here and I will be happy to tell you.  I will present my invoice to your settlement company for reimbursement of time and knowledge.  I may do the former if I have informed my buyer, and they are ok with it.

I think this is a step in the right direction.  I think the law still has some loopholes, and hopefully those will be ironed out soon.  I bring this up to you, to ask, how is it handled in your state?  Something similar?  Or not at all?  What do you think?

What?  isn't it supposed to be Peanuts, Popcorn, CrackerJack?  The familiar call of America's Game?  We are baseball fanatics in our house.  Football is considered an off-season sport, to be enjoyed once the World Series is over.  This year saw Barry Bonds hit his 756th homerun, beating the previous record held by Hank Aarons record, held for about 30 years.

But there is controversy surrounding this homerun record.  Did he use performance enhancing drugs?  Drugs that are illegal?  If so, does he deserve this honor?  First, it is important to note that Barry Bonds is one heck of a hitter.  To see that ball at the speed that is going and make a contact with the bat... well it is just amazing. No question that performance enhancing drugs DID NOT help him with that.  The question is, would he have had the power to turn those hits into homeruns without performance enhancing drugs?  Those drugs strengthen, and allow extra power.  Hank didn't have them.

The 756th homerun ball is now owned by a gentleman named Mark Ecko.  And he wants you to decide what to do with it.  You can go to this website:  http://www.vote756.com/   and cast your vote.  There are 3 choices, you can vote to a) bestow it to the Baseball Hall of Fame as it is; b) Have it branded with an asterisk to mark the footnote regarding performance enhancing drugs and bestow it to the Hall of Fame; or c) have it banished to outerspace, never to be seen again.

As you read this, I am hoping that you are searching your soul for the right thing to do.  Yes the right thing to do with that ball, but also what is the right thing to do in your Real Estate Career.  You might be tempted to take an "easy way out", make a shortcut, enhance somewhere... but if it is illegal or morally wrong, why would you?  You brand yourself with an asterisk.  Or worse, get banished. You might get the game win, or the record, but will you truly win over the long term?

Stay true to yourself.  Play the game straight. And at the end of the game, you will know that you have played YOUR game, and no one can question your methods or enhancements.  You will know what you are capable of and can be extremely proud of what you accomplished.  And your fans (clients) will love you more for it.  They will know that they are associating with the right kind of agent. 

I just wanted to see how you feel about this.  I have a client that is purchasing a very nice, 3 story condo, one street back from the beach.  They are first time buyers and moving here from out of state.  We looked at everything, and this was the winner.  Priced right and they got a healthy closing cost assistance amount from the seller.  We get a call from the lender (they chose them) telling us they have the option to waive their appraisal.  I call the clients and explain to them, due to their great credit scores, and the sum they are putting down, their lender is willing to waive the appraisal.  This will save about $400 dollars in an appraisal fee (appraisal would have been $450, this way is about $50).  However, I tell buyer, this cost has already been included in your closing cost estimate, and should be covered by the CCA provided seller.  So why not go ahead and get the appraisal?  Then you will know.  Yes, we want the appraisal.

I call the lender and tell her the clients want the appraisal.  She says, but what if the value doesn't come in?  The buyers will have to come up with the difference!!  I say, "That is one way to deal with a bad appraisal, the other is the seller will have to meet the appraised amount."  And in this market, I want my buyers to have the best information AT THE TIME. Now, of couse I have already done a CMA and I don't see where there is going to be a problem, but I don't want that liability.  I feel (and told the lender) that I have to have my buyers best interest in mind and I am advising them to get the appraisal.  If there is a problem, we will deal with it.

What do you guys think about this? To appraise or not?  I say, my fiduciary duty requires me to do what I would want done.  And I would definately want an appraisal....  thoughts? 

I was wondering if your brokerage had floor duty, and if so how is it managed?  In my first company, floor duty was scheduled to the agents that had signed up for it only.  And they were only scheduled 9 to 5 Mon through Friday.  After hours an answering company took the call and forwarded it to your cell on your listing.  during floor time if a call came in the receptionist answered, and if they asked for an agent forwarded to them.  If the agent was in the office, the call was forwarded to them.  Other than that, the duty agent was asked to take the call. 

I have been at my new brokerage a year.  Everyone is expected to take floor duty, and if you are receiving relocation referals (an A agent), you must take duty or not get referals.  The phones are covered 24/7.  If you are the second shift duty person, you forward the phones to your cell at the end of the day, and answer the phone until 9am the next morning when the new duty agent shows up.  You also will get scheduled for Saturday's and Sunday's.  The receptionist answers the phone and same system is in place.  If you ask for an agent specifically, you will be forwarded to their cell.  If you are asking about a listing, and that agent is in the office they will get the call, all other calls go to the duty agent. 

I use my duty time to get caught up on paperwork, make tweaks to my website and listings.  Work on marketing.  I try to stay productive with my duty time. 

How does your company handle duty?  Do you still have it?  I knew of an office that didn't have any duty time.  When a call came in, it was announced over the phone PA and first agent to pick up, got the call.  Is your office militant about duty time or spontaneous?  Do you take duty time?  What do you do during duty?  Is duty time still necessary?  Or do you find it a dinosaur practice that brokers can't let go of?

Shelly

I'm a little slow this week. I'm not complaining.  Just stating a fact.  I am not usually slow, haven't been slow, so this is kind of welcome.  I am hoping this is an end of summer lull.  Folks are squeezing the last few days of summer out, getting ready for school starting, etc.  Even if they don't have kids, it's like the back to school mentality hits everyone.  Focusing on the coming year and coming months becomes my main focus. 

I am thinking about my past years successes and challenges.  What can I be doing to increase my successes?  Where are my strengths and my areas of opportunity for growth?

I know that for the next couple of months I need to carve out time to focus on my website.  I know that I need to get more individual content, work on my SEO, and increase my blogging.  I would also like to incorporate more facebook time.  I want to be an "early adopter" of this technology. 

My license is up for renewal in November, and I have most of my continuing ed classes, but I spent time yesterday checking what I had against the mandatories imposed by our State Board.  I had done pretty good (I am going for my GRI) and only needed one more class in Real Estate Law (I have to do 30 hours, plus a special 2 hour limited rep class) and the new limited rep class.  The gods and godesses were shining on me.  October is a GRI class that fits the bill for the class I was missing, so I can get back on track to earning my GRI. 

While I start setting these goals, I put deadlines to them.  I will have parts of my website working as I want them by Oct. 15th and I will complete my GRI by this time next year.  I find this to be the best use of my slow time.

Oh, and I will  go shopping for some new back to school clothes for my son.  I can multi-task.  I am thinking about my business while I function within the family : )

Shelly

Like 'em, Love 'em or Hate 'em, we will continue to see contingent contracts.  I am talking about contingent upon a buyers home selling.  In this market, I see two sides to this coin.  1) nope, don't want them, can't expect the other home to sell;   and 2) at least it is a bite, take it and see what happens.

If you are writing a contingent offer for a buyer a few things to keep in mind:

1) Put in a close date, no use of TBD.  And use a date as far out as the seller will allow. Be aware of the date and do not let it expire on your client. Once dates on the FRR addendum have expired, the contract is dead. All extensions must be made prior to the expirations.

2) When writing the First Right of Refusal (FRR), be a saavy buyers agent and specify that the 72 or 48 hours do not apply to holidays and weekends, this will allow the buyer time to get financing or a bridge loan if they desire to move forward.  Hard to scramble on the weekend!!

3)Talk to your buyer upfront about the possibility of using a bridge loan, IRA's, Stocks, etc IF it becomes necessary.  That way if the FRR is called, they will be further down the path.

4) Be careful how you write the addendum.  An example: A FRR offer to be removed with evidence of a copy of the HUD and settlement of the buyers home.   The FRR is called and buyers have not sold thier home, but could purchase the home with special financing.  But because the addendum stated it had to be a HUD, sellers chose to sell to the second offer and could.  Always write what you mean:  In this case it could have been "Proof of sale and settlement of buyers home (HUD) OR proof of funds or alternative financing allowing buyer to close within 30 days". 

5)  Be aware that any offer after the one with the FRR only has to be acceptable to the sellers to be able to call the FRR. Terms do not have to be the same, and can even be a lower price!!

6) Some ways to entice a seller to hold out and accept an extension: have the buyer pay the sellers mortgage for the extension period, have a Non-Refundable EMD that graduates and gets larger as time passes, you could even request a large EMD upfront, and write that portions of it become non-refundable as time passes.

If you represent the seller here are some issues you may want to consider:

1) Get as many of the other contingencies (inspection, etc) removed as quickly as possible.  The buyers agent may not want their buyer coming out  of pocket, too bad.  Make it part of the contract that they will be done and over within a reasonable timeframe (10 days?)

2) Do not call the FRR until you have come to a meeting of the minds with the buyer and seller of the second contract.  Write the contract "subject to the current buyer of 123 Main Street not being able to remove their contingency with-in 48 (72) hours.

3) When entertaining a contingent contract, ask the agent to show you that the home in question is currently listed, request the comps, review the listing yourself to see that it is being marketed, ask for the marketing plan, including if they have scheduled price reductions and offering any assistance, you may even request to preview to see if it is a saleable listing.  Ask if the buyer has enough equity in their home if they need to reduce the price to get it sold. 

4) Ask for a non-refundable EMD.

These are just some of my suggestions and thoughts, but with the bright minds here, I'm sure you have run into other situations.  Do you mind sharing?

thanks, shelly

I have been thinking and that may be dangerous : )  I think the Fed is going to have to step up and get FHA to allow 100% financing for first time homebuyers.  With the 100% financing squeeze that is happening, it does not bode well, in my humble opinion for the housing market. 

Housing is kind of a trickle up theory.  You gotta have first time buyers to buy the houses that allow the middle buyers to "move up".  If the first time buyers can't buy... then the trickle up can't happen.  Or will happen much slower. 

Currently, FHA offers a 97% loan program.  If they were able to come up with a VA type product, where they can offer 100% financing with a funding fee that can mortgaged into the loan, that might help stimulate the market to allow the move ups to be able to do just -- that move up.  The move ups take their equity out and put it into their next home.

Am I all wet or does this seem plausible?   Do you think FHA will come around with a 100% product?  I am not advocating loose credit ratings, just access to the loan products that allow the economy to move.

With all the talk about getting one star or 5 stars, I wanted to point out a much more telling point.  If you hover your pointer over the stars (or lack of stars) you will see how many folks actually rated the post.

It is interesting that a blog my have 50 views, and five stars.. When you hover over it, only one person actually rated the blog (and they thought it was excellent and gave the post 5 stars), thus the 5 star rating.  You can see a blog that has 15 views, and 1 star, hover over the star(s) and you will see that 4 people rated it, all with one star. 

Just a more telling view, in my very humble opinion, of what may actually be a good or a poor blog.  Try it yourself, just because someone got 5 stars doesn't necessarily mean it is a 5 star blog, only that one person thought it was.

In that same vien,  a blog can have 3 or 4 stars, and when you hover, you find out that many folks have rated it. Some may have rated it a 5 and some a 1, thus a 3 averaged out.... 

My advice, don't get too hung up on stars.  And get all the information, not just a little bit.

Shelly

This is a buyers market and buyers are asking for the world.  Are you preparing them?  I am.  I tell my sellers to expect the following:

Expect to pay closing costs and prepaids (up to 3%) for the buyers.  So why not offer some, if not all,  right up front?

Be prepared to have to fix everything on the inspection report, so why not get your inspection NOW and get it fixed the way you want to, so it isn't a problem when we get an offer?

Be prepared to have the buyer to ask for your: drapes, refrigerator, washer, dryer, or anything else they see in your home (so if you want to keep it, get it out of the house NOW). 

Do not expect a bidding war on your home.  Those days are gone.  Although, yes I have actually seen some multiple bids this past summer, they were fewer and further between, the house was in pristine condition and priced to sell.  It could happen, but don't expect it.

Do go into each and every room in your house and edit by at least 1/3.  One third of the "stuff" and 1/3 of the furniture.  Do not empty the house, but edit.  When in doubt, it should go.

Do paint.  If you are wondering if you should, then yes you should. 

Do make your home available to be seen when the agent/customer requests it.  They have too many choices and may not return to see yours at a time that is better for you. 

Do spend the time on the front of your home.  Spending a few dollars sprucing up the front will help get the buyers through the front door.  Powerwash your home, especially the front.  Get a new welcome matt.  Add some fresh, REAL flowers to the garden beds and put some pots out front.  Invite folks in as if you are having a party.  Don't clutter your front, but make it inviting.

Do price your home correctly.  Don't assume that someone out there is willing to over pay for your home just because you have a bigger lot, you NEED it, or any other reason. They don't have to and they won't.

Do realize this is a competition, and for us to win ALL the players must be commmitted. 

Do you have any others that you share with your sellers?  I would love to add them to my list.