Lynn Sperry's News Flash & Coaching Blog

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2011-10-27T09:48:00.000-07:00

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Number of short sales on the rise

2011-08-28T18:06:00.002-07:00

Short sales are increasing as a percentage of home sales in many states, helping some neighborhoods and homeowners avoid the more devastating impacts of foreclosures.

The increases were sharper in some states, including California, Nevada, Michigan, Georgia and Colorado, the data show.

In Colorado, short sales were 17% of all sales in the second quarter, up from 10% a year earlier. In California, they made up 25% of sales, vs. 18%.

Bank of America, the largest home mortgage servicer, expects to complete more than 100,000 short sales this year — more than double what it did in 2009, the bank says.

Wells Fargo Senior Vice President J.K. Huey says short sales have been "steady to slightly" up in recent months, partly because there are fewer bank-owned houses for sale in some markets, and that has forced buyers to pursue more short-sale properties.

Short-sale homes, which often remain occupied until sold, tend to retain values better than those that go through foreclosure. That helps values of neighboring homes.

In the second quarter, short-sale homes sold at a 21% discount to non-foreclosure homes, while bank-owned homes went at a 40% discount, RealtyTrac says. Short sales may also reduce losses for loan owners because they avoid full foreclosure costs. Borrowers may qualify for new mortgages sooner after a short sale than after a foreclosure.

"Short sales are a very positive solution," says BofA Vice President Dave Sunlin.

Short sales peaked at 16% of the market in early 2009, RealtyTrac says. Realtors say there should be more short sales and that they should get done faster.

"We lose buyers constantly because short sales take too long," says Beth Peerce, president of the California Association of Realtors. Short sales completed in the second quarter took 245 days, on average, RealtyTrac says. In a June survey, 77% of California Realtors called short sales difficult or extremely difficult; 15% said clients were foreclosed on while pursuing short sales.

Many short sale efforts fail because homeowners aren't eligible because they can still make payments, or purchase offers are too low, says Wells Fargo's Huey. Loan owners may not agree on sale prices, either, she says. In most states, lenders can try to recoup short-sale losses from homeowners unless balances are forgiven. At BofA, Sunlin says balances are forgiven more than half the time.

READ ASAP for Information-CAST VOTE by 5/27/11- Click on Link to Preview!!

2011-05-27T11:10:00.001-07:00

Consumer Financial Protection Bureau Previews Propsed RESPA GFE/TILA Combined Forms

NAR attended a meeting at the Consumer Financial Protection Bureau (CFPB) on Tuesday, May 17, 2011 where they previewed two versions of a two sided simplified GFE/TIL. The Dodd-Frank Act requires them to merge and simplify the two forms. The front is a summary and the back contains details. Both forms look fairly straightforward and simple though some industry concerns already exist. With regard to tolerances and the RESPA structure put together by HUD in 2009, they said they assumed existing regulations would govern though they will be reviewing both HUD changes to RESPA and Fed proposals on TILA. Even so, the forms stop talking about tolerances when you get out of the lender section which may mean they are considering dropping them for third party charges.

The CFPB outlined an extensive process for public and industry review that will include multiple "pre comment" opportunities. The first began Wednesday, May 18, 2011 and there will be a comment period that ends Friday the 27th of May. This is not a true regulatory comment period so one shouldn't be discouraged by the short turn around. This is to help them fine tune the forms and the process and there will be more opportunities throughout the summer. Those with an interest in this process should sign up for reminders at the link below. After they finish the pre-comment period, the CFPB will issue a proposed rule. Their hope is to really address most issues in advance.

Link to view forms and provide comments throughout the process

Kenneth Trepeta 202-383-1294, Jeff Lischer 202-383-1117

READ ASAP for Information-CAST VOTE by 5/27/11- Click on Link to Preview!!

2011-05-27T11:08:00.001-07:00

Freddie Mac Announces Summer Incentive for Agents

2011-05-27T11:06:00.001-07:00

Freddie Mac Announces Summer Incentive for Agents

On May 16, 2011, Freddie Mac announced a bonus incentive in connection with the sale of Freddie Mac-owned properties listed on the company's REO website, www.HomeSteps.com, for selling agents who submit initial offers between May 16, 2011 and July 31, 2011, and close escrow on or before September 30, 2011. The $1,200 bonus incentive will be paid to selling agents representing qualified owner-occupants homebuyers who close by the deadline. No incentives will be given for investor purchases. Freddie Mac HomeSteps properties are owned by Freddie Mac and include a wide selection of homes, including single-family homes, condominiums, and town houses.

Freddie Mac HomeSteps Incentive

Jeff Lischer 202-383-1117, Tony Hutchinson 202-383-1120, Charles Dawson 202-383-7522

Banks Rush to Revamp Foreclosure Rules

2011-04-29T11:55:00.000-07:00

Daily Real Estate News | April 29, 2011 | Share

Banks Rush to Revamp Foreclosure Rules
The rush is on for banks to meet a mid-June deadline in offering up plans on how they plan to meet a set of guidelines by U.S. regulators to clean up their foreclosure procedures. The banks will have another 60 days after that deadline to implement the changes.

As part of the rules set by U.S. regulators, 14 financial institutions will be required to provide a single point of contact to borrowers trying to modify a loan or in the foreclosure process as well as set “appropriate deadlines” for deciding whether borrowers can get a loan workout. Regulators are also requiring banks to ensure their staffing levels are on par to handle the flood of foreclosures and loan modifications.

Several banks have already taken steps to implement the changes.

For example, J.P. Morgan says it’s developing a software program to make it easier for employees and borrowers to track loan modification requests. It also has started providing borrowers with a “relationship manager” to help navigate the loan modification or foreclosure process.

Citigroup, which already provides a single point of contact, says in the next few months it'll debut a “concierge" system that will provide a small team of employees to guide delinquent borrowers and home owners at risk of default.

Banks are also making efforts to speed up their loan modifications, after customers have complained of long delays from banks in responding to requests. For example, Los Angeles Neighborhood Housing Services says it takes an average of 141 days for its borrowers to get an answer on an initial loan modification request. Wells Fargo was found to have the fastest turnaround: Initial reviews averaged 79 days. But the bank says now 60 percent of its borrowers receive a decision five days after the company receives the request.

Banks are also increasing their staffing. J.P. Morgan has announced it’ll add up to 3,000 new home-lending jobs, and Bank of America plans to hire about 3,000 employees to focus on its troubled mortgages.

New Incentives From Fannie, Freddie

Banks and mortgage servicers also must meet new guidelines from Fannie Mae and Freddie Mac, announced this week, that aim for more loan modifications and prevent foreclosures from taking too long.

Mortgage servicers will be required to approach borrowers earlier, making contact frequently after just one missed payment.

The GSEs are also offering incentives: They’ll pay $1,600 in incentives depending on how quickly servicers complete a loan workout. They also will impose a $500 compensatory fee on servicers who do not complete loan modification applications within six months after the loan goes delinquent. The changes will go into effect in the second quarter.

Source: “Banks Rush to Improve Foreclosure Practices,” The Wall Street Journal (April 29, 2011)

FHA Takes Steps to Bolster Capital Reserves

2011-02-18T13:30:00.000-07:00

RISMEDIA, February 17, 2011—As part of ongoing efforts to strengthen the Federal Housing Administration’s (FHA) capital reserves, FHA Commissioner David H. Stevens announced a new premium structure for FHA-insured mortgage loans increasing its annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans. The upfront MIP will remain unchanged at 1.0%. This premium change was detailed in President Obama’s fiscal year 2012 budget, and will impact new loans insured by FHA on or after April 18, 2011.

“After careful consideration and analysis, we determined it was necessary to increase the annual mortgage insurance premium at this time in order to bolster the FHA’s capital reserves and help private capital return to the housing market,” said Stevens. “This quarter point increase in the annual MIP is a responsible step towards meeting the Congressionally mandated two percent reserve threshold, while allowing FHA to remain the most cost effective mortgage insurance option for borrowers with lower incomes and lower down payments.”

The proposed change was announced last week as part of the Obama Administration’s report to Congress, which outlined the Administration’s plan to reform the nation’s housing finance system. The Administration’s housing finance plan also recommended that Congress allow the present increase in FHA conforming loan limits to expire as scheduled on October 1, 2011.

This premium change enables FHA to increase revenues at a time that is critical to the ongoing stability of its Mutual Mortgage Insurance (MMI) fund, which had capital reserves of approximately $3.6 billion at the end of FY 2010. The change is estimated to contribute nearly $3 billion annually to the Fund, based on current volume projections. It is vital that HUD take action to ensure that FHA will continue to serve its dual mission of providing affordable homeownership options to underserved American families and first-time home buyers while helping to stabilize the housing market during these tough times.

On average, new FHA borrowers will pay approximately $30 more per month. This marginal increase is affordable for almost all home buyers who would qualify for a new loan. Existing and HECM loans insured by FHA are not impacted by the pricing change.

FHA will continue to play an important role in the nation’s mortgage market in 2011. President Obama’s FY 2012 budget projects the FHA will insure $218 billion in mortgage borrowing in 2012. These guarantees will support new home purchases and re-financed mortgages that significantly reduce borrower payments.

For more information, visit www.hud.gov.

RISMedia welcomes your questions and comments. Send your e-mail to:realestatemagazinefeedback@rismedia.com.

Digital Signatures from AAR on Zipforms - FREE

2011-01-02T16:28:00.002-07:00

Coming Soon: Digital Signatures from AAR!

By: Tom Farley on December 28, 2010

It wasn't long ago that I asked if you would e-sig. You responded quite emphatically. . . "Yes!"

That started a process in which 2010 AAR President Holly Eslinger and her leadership team of Duane Fouts, Holly Mabery, Jack Woener and AAR staff began researching which company would be the best choice to provide AAR digital signature member benefits. We investigated several different providers, including EchoSign, eOriginal, Authentisign, DocuSign(R), zipLogix Digital Ink (TM) and Alpha Trust. All of these companies are good companies with good products. We appreciate the time and effort each provided in answering our questions and providing responses to our requests for proposals.

In the end, AAR chose zipLogiz Digital Ink (TM) to provide digital signatures as our latest member benefit. This benefit is provided to you as part of your current AAR dues and requires NO monthly fees or annual contracts with the vendor!!

This benefit will allow you to email your customers AAR forms to sign digitally-no printing, faxing or driving around town to get the forms signed. This new efficiency tool will reduce your costs, save you time and reduce delay. Your customers will also find this a time saver and convenient way of working with you during their purchase or lease. Everyone is going paperless!

We are currently working with zipLogix to ensure that this new member benefit works seamlessly with our electronic forms through zipForm 6. We are also working to ensure that the product works in multiple browsers, that it is intuitive and that you can add documents that are not contained in your zipForm library that require signatures. Our staff is testing the product and suggesting changes to the vendor. Our TARGET date for release is mid-first quarter 2011.

Two digital signature options will be available and integrated with AAR forms in zipForm 6: zipLogix Digital Ink (TM) and DocuSign(R). Digital Ink will be a member benefit paid for by AAR. DocuSign requires YOU to have a SEPARATE agreement and pay a fee TO the company.

With the addition of digital signatures as member benefit, AAR is striving to help you and your business succeed. This latest benefit added under the Business Services Department at the association continues our efforts to help YOU go totally electronic and paperless. AAR Transaction Management through SureClose, AAR electronic forms through ZipForms 6 and now AAR digital signatures through Digital Ink----what could be next? Maybe the Arizona Integrated Business Platform? Stay tuned for more on THAT idea in a future Blog.AAROnline.com post.

THE OPEN HOUSE CAN BE AN EFFECTIVE STRATEGY

2010-07-25T18:23:00.001-07:00

Posted: Friday, July 23, 2010

Category: Marketing Plans

Now that realtors have access to the MLS listings on-line, some are questioning if the traditional method of holding an open house is still in fact viable. But is it still a worthwhile idea to spend the time and energy to have an open house? Consider that up to 48 percent of the property purchasers use the phrase open house in their search engine queries. Research illustrates that this proven practice remains an successful strategy, so it just makes sense to take advantage of the opportunity.

Of course, just putting an Open House sign on the lawn will not guarantee you the results you are looking for, so start setting up your action plan a few weeks in advance by posting on the internet and printing fliers. understanding which features are most critical to potential buyers will create a different open house strategy for a Brampton real estate agent versus other realtors in other cities. Evaluate the area and determine the best places to put up directional signs to funnel in traffic from the major arteries and side streets. A few days before the open house, boost up the attention by handing out fliers to the surrounding homes in the neighborhood. Make certain there is an announcement on the front page of your site and place notices in the local publication. Make the most of all your publications channels by creating fast and easy methods to direct the public to your current open house listings.

Once open house day is here, it is crucial to make the most of the opportunity. Meet the buyers at the doorstep and be friendly and educative. Try to prevent from pre-judging anyone who walks through your open house, as their appearance or race has no impact on their level of interest. Areas such as the Burlington Ontario real estate sector consist of a lot of different kinds of people which makes judging if a person can afford a home that much more difficult. They might actually be evaluating your methods to see if they want to use you as their agent. Instead of barraging them with typical sales questions pay careful attention to what they have to say and respond with specific questions that show you are paying attention to their requirements.

In a lot of the real estate courses that you have attended over your career you have certainly been informed that if a home stands out to the potential purchaser it has a better potential to sell. Once the visitors have toured the open house, you need to make sure you offer them some easy-to-carry handouts that will prompt them to remember your property and your property because they may view numerous houses in a single outing and you want to assure yours will stay fresh in their minds. If you are able to create a complete handout to the neighborhood that also provides useful tips on searching for a home you have a much greater possibility of hearing from them again. In this handout you can also include information regarding properties that are in a similar price bracket, even if they are not represented by your brokerage, so they can do their own comparisons. Offer maps of the area and simple internet links that will guide them to detailed facts on the web. You should keep in mind the reality that an open house day can have a return on the investment, and regardless if you do not see results the day of the event, the energy you put into making it properly can pay off later on.

2010-07-15T17:42:00.001-07:00

Commercial Turnaround Likely Next Year
Vacancies are still increasing in many parts of the U.S. and new commercial construction will be sparse this year, Kermit Baker, chief economist for the American Institute of Architects said Wednesday.

“There are a number of factors at play here that are contributing to one of the steepest construction downturns in generations,” said Baker. “We have businesses nervous about expanding their facilities, a fragile financial sector, excess commercial space, and general unease in the international economy.”

He predicted that demand for retail, hotels, healthcare, and recreation facilities will result in a turnaround in 2011.

Source: Los Angeles Times, Roger Vincent (07/14/2010)

2010-06-29T15:47:00.000-07:00

House OKs extension of tax credit closing deadline
Senate could vote Wednesday By Inman News, Tuesday, June 29, 2010.
Inman News
In a 409-5 vote, House lawmakers have passed a standalone bill that would extend for three months Wednesday's deadline for closing on a home purchase in order to claim the federal homebuyer tax credit.
The Senate could vote on the bill, HR 5623, as soon as tomorrow, although the death of Sen. Robert Byrd, D-W.Va., has slowed the pace of work in that chamber.
Without an extension, the National Association of Realtors estimates as many as 180,000 homebuyers who were under contract by April 30 may miss the June 30 closing deadline, including 17,700 in California, 15,340 in Texas, 14,830 in Florida and 9,130 in New York.
"Keep your fingers crossed," said Lucien Salvant, an NAR spokesman, who said prospects for quick passage of the bill are mixed.
While some observers think HR 5623, "The Homebuyer Assistance and Improvement Act," could sail through without further delay, there's no guarantee it will come to a vote, Salvant said.
The Senate is already on record supporting an extension, having amended a bill on June 16 to push the deadline back to Sept. 30. But other provisions of that bill, the "American Jobs and Closing Tax Loopholes Act of 2010," have proved controversial, prompting House lawmakers to introduce a standalone bill.
Contact Inman News:

2010-06-28T10:05:00.000-07:00

Bill Extending Tax Credit Closing Deadline Falls Through in Senate

By: Carrie Bay 06/25/2010

An amendment that would have extended the closing deadline for the homebuyer tax credit by three months failed on the Senate floor this week.

Senate Majority Leader Harry Reid (D-Nevada) proposed the extension, and the amendment itself was approved by a large margin last week as an add-on to H.R. 4213, the American Jobs and Tax Loopholes Act.

Republican senators, though, defeated the full measure on Thursday, for the third time, when Democrats moved to end debate and push it to a chamber vote. Reid has indicated that after three unsuccessful attempts, he plans to drop the matter altogether.

The amendment would have extended the tax credit deadline for closing on a home purchase to September 30. The current deadline is June 30.

The National Association of Realtors (NAR) says some 180,000 homebuyers who signed contracts in time will not be able to make the June 30 closing deadline, simply because of the time it takes for lenders to complete transactions. The trade group estimates that 75,000 of those who will miss out on the tax break are buyers of distressed properties.

NAR says its members have reported that as many as one-third of qualified applicants have already been notified by lenders that their mortgages will not close before June 30, due to the sheer volume of applications in the pipeline.

The tax credit amendment was just one piece of the multi-faceted bill that was primarily intended to extend unemployment benefits for Americans out of work for more than six months.

Republicans rallied against the measure on the grounds that it would have added $30 billion to the “already staggering national deficit,” they said.

2010-06-23T10:43:00.001-07:00

Your Online “Silver Bullet”

Published on Wednesday, March 10, 2010, 10:16 PM Last Update: 3 month(s) ago by Michael Russer

http://www.brokeragentsocial.com/article/694/your-online-silver-bullet, this is the link to this article from Mr. Internet, Michael Russer. I am providing this as some portions of the article as it posted to my blog lost some of the right side margin.

Despite the title of this article I am not a big fan of the term “silver bullet”. It implies that if you do (or purchase) just “one thing” the sky opens up, the birds start singing and all your business problems will suddenly disappear. There is no such thing. However, if you implement what I’m about to share below you will realize the closest thing to a “silver bullet” to doing more business online that has ever been offered in the real estate industry. And, it won’t cost you a dime…

The Amazon River of New Business

Even in today’s toughest markets, the Internet is still the “Amazon River” of new business that most sales people either ignore, or haven’t a clue on how to fish. In fact, most business is lost with the very first email a sales associate sends as a response to an online inquiry. How you reply to an initial online inquiry will ultimately determine whether or not you are going to do business with them.

Remember, the online consumer is someone you can’t see, shake their hand, check out their body language or even hear the sound of their voice. They prefer shopping for properties and services under the veil of anonymity provided by the Internet. Any attempt to impose traditional (i.e. face-to-face or on the phone) sales techniques with this consumer will only serve to drive them away from you.

Crafting an appropriate response to an initial online inquiry requires understanding what is important to the online consumer:

Privacy - everybody who does anything online is concerned about privacy;
Staying in Control - this means they want to be in control as to when and how much they reveal about their needs and wants;
Unrestricted Access to Information - consumers use the Internet because it gives them instant access to tremendous amounts of information while remaining anonymous. Being required to reveal who they are to receive information will only frustrate them.

Critical First Response Email Script

Let’s apply what we know about the online consumer and create an email first response “script” that will attract the consumer rather than repel them.

Now assume for the moment that you just received an inquiry that looks something like this:

Most sales associates (if they bother to respond at all) typically start probing for more information and/or attempt to qualify “Jane” —which is exactly the wrong approach. The following is a script that is specifically designed to “speak the language” of the online consumer and is the closest thing to a “silver bullet” you can find online:

Put yourself in the position of being “Jane”, who just sent the inquiry to a REALTOR. When you get this kind of response back, how are you feeling? What does this response say about the sales professional who sent it?

You will note there are two versions of the Critical First Response script above depending upon whether or not the consumer provided their phone number. Many sales people think that if the online consumer provides their phone number in their initial inquiry, then that is an open invitation to call them. Ironically, that is typically not the case. The second version of this script shown above helps you address this situation. Just send the response, wait 24 hours and then give them a call (assuming of course they did not explicitly ask you to not call them). You will find that by doing this the reception you will receive at the other end of the phone line will be considerably warmer.

By using this script you will immediately change the relationship you have (or could have) with the online consumer. And, your ability to convert them into new business goes up tremendously. In case you have any doubts about the efficacy of these scripts, I receive emails from sales associates all the time who tell me how well it works. Here’s just a couple I’ve received recently extolling the power of this approach:

I thought Charles’ offer to take me deep sea fishing was quite generous until he said that as a direct result of using these scripts he earned an extra $100,000 in commission in just 3 months. Oh yeah, almost forgot to mention that about 70% of the closings in his market are REO and Short Sales —without question a rather tough place to do business.

Here’s another sales associate who was so excited when she saw the results of using this script that she shared the consumer’s response with some of her fellow associates:

The first part of the consumer’s response to Talley’s reply is very instructional (highlighted section). You will see that she explicitly voices the very things we discussed earlier that are important to all online consumers. It’s as if it came from the mouths of babes!

If It Ain’t Broke Don’t Fix It!

These scripts are easy to implement. Simply create an email signature for each version of the script, making sure that your spelling and punctuation is correct. DO NOT be tempted to alter these scripts by even one word (other than of course your contact and PS: copy). Invariably, when sales people “tweak” the text they introduce their unconscious bias’ into the copy that typically reduces its effectiveness. I’ve heard some sales associates complain that the scripts don’t “sound like them”. Chances are they don’t, otherwise they wouldn’t be having the problem of converting online inquiries into closed transactions!

Success with online consumers is all about understanding human behavior. By applying this understanding in a practical way via “Critical First Response” email scripts you greatly increase your chances of turning casual inquiries into serious new business, no matter how tough your current market is. While not a “silver bullet”, they certainly are the next best thing.

NOTE: Mr. Internet®, RUSSER Communications, its staff and officers receive no compensation whatsoever from any third party vendors (unless he/they are directly involved with the creation and/or improvement of a vendor service or product), and make no recommendations as to the suitability of the products or services mentioned in this article. Always thoroughly investigate any product or service before trying or purchasing.

Mr. Internet is the alter-ego of Michael J. Russer, an internationally recognized Internet speaker, trainer, author, and strategic consultant to the real estate industry. He's dedicated to helping real estate professionals leverage their people skills into profit on the Internet. Send your Internet questions to help@askmrinternet.com or you can visit his Online Dominance Facebook Fan Page at www.facebook.com/Online Dominance

This article is reprinted in its entirety from the January 2009 issue of REALTOR® Magazine by permission of the NATIONAL ASSOCIATION OF REALTORS®. January 2009. All Rights Reserved other than mentioned above. Mr. Internet® is a registered trademark and IEC™ and Ask Mr. Internet!™ are trademarks of RUSSER Communications.

Real Estate Marketing Strategies – How You Can End The Habit Of Procrastination For Good

2010-06-20T16:09:00.003-07:00

As a business coach for real estate professionals for the last 12+ years, I often hear the same question from my clients, “How do I stop procrastinating and do what I need to do to pick up the phone?”

This article will give you a strategy guaranteed help you overcome the old pattern of procrastination.

Here’s the KEY: Pick a goal that is manageable for you

I was working with the client this morning named Steve who had been feeling stuck all week and unable to pick up the phone.

We identified that he clearly had an avoidance pattern going on. I asked that part of him to tell us why it had been preventing my client from making his prospecting calls.

It very clearly answered, “30 contacts today seems like too much. Steve will fail, and then he will be criticizing himself. I don’t want him to go through that pain so I’m stopping him from making the calls altogether.”

We did some negotiating with his “avoidance part” and it wasn’t long before a win-win agreement was reached.

The “avoidance part”, now called his Ally, was very agreeable to Steve making the calls as long as he would lower the number to 20 contacts a day when he sat down to prospect.

Steve knew that he could do 20 contacts today, he done it before and he felt very confident of his ability to do that.

Furthermore, a part of him that had been preventing him from taking the phone was now agreeing to be his Ally with a brand-new job description.

The deal was this: Steve’s part was to get on the phone and make 20 contacts a day. The Ally’s part was to:

1. Nudge him to get on the phone

2. Praise him for his efforts

3. Protect him from self judgment and criticism

At the end of the session, Steve reported feeling energized and highly motivated. We worked out some action steps and accountability along with a set of empowered beliefs. With his new and more realistic goal of reaching 20 clients instead of 30, the procrastination stopped.

Here’s a Tip: Procrastination is just another word for fear.

Next time you are procrastinating ask yourself these questions:

·What am I afraid of?

·What self limiting belief is driving me?

·What is a manageable action step?

Pick something you know you can achieve, take action, feel successful, and use that as a springboard for your future action.

I had to post this article by Dr. Maya Bailey, as this is one of the very important topics we discuss in my Career Enhancement Workshops. Where I try to hold you accountable, of if you will give you a "nudge" now and then. Hope you find great value in reading about this information that we have all heard before, but still have "moments" of procrastinating.

Enjoy learning from your Trainer and Coach!

2010-06-16T18:47:00.001-07:00

Senate OKs new tax credit closing deadline

Backers of amendment cite backlog of 180K home-buyers

By Inman News, Wednesday, June 16, 2010.

Inman News

The Senate has amended a bill to give home buyers who were under contract on a home purchase by April 30 an additional three months to close the deal and claim the federal home buyer tax credit.

Extending the deadline for closing from June 30 to Sept. 30 would allow lenders more time to clear a backlog of 180,000 home buyers nationwide, said amendment sponsor Sen. Harry Reid, D-Nev.

The amendment to HR 4213, the "American Jobs and Closing Tax Loopholes Act of 2010" -- which primarily extends unemployment insurance benefits -- was approved in a 60-37 vote Wednesday. The vote was mostly along party lines, with only four Republicans in favor and one Democrat opposed.

"While I am disappointed that more Republicans did not support this common-sense measure to strengthen the economy and reduce the deficit, I am committed to ensuring that more Nevadans and Americans can become homeowners and that this amendment becomes law," Reid said in a statement.

The House passed an earlier version of the bill in December, and the Senate approved its own version in March. The Senate is currently working on resolving differences between the two bills.

The National Association of Realtors supports the amendment, saying Realtors have reported that as many as one-third of qualified applicants have been told by lenders that their loans will not close before June 30 because of the sheer volume of loan applications in the pipeline.

The amendment does not extend the deadline for home buyers to qualify for the tax credit, NAR said in urging lawmakers to approve it, but simply extends the deadline for closing transactions already in contract.

"Since these applications were already in the pipeline and figured into the program's cost, the extension of the closing deadline should not incur any further government costs," NAR President Vicki Cox Golder said in a statement.

There has been some speculation that some home buyers will attempt to submit fraudulent claims for the tax credit by backdating documents showing they were under contract by April 30, and that extending the deadline for closing would expose the government to more fraudulent claims.

Now A Video Is Worth 1,000 Pictures

2009-12-15T13:37:00.001-07:00

RISMEDIA, December 15, 2009—We've all heard the phrase that a picture is worth a thousand words…and in real estate marketing, who could argue? But as pictures give way to the popularity and impact of full motion video, perhaps we should raise a different point. Why settle for one when you could have the other?

To see VScreen's video blog on this subject this week, visit http://vscreen.com/blog, and watch this video:

West USA Realty Taps Sharper Agent To Help Agents Cultivate Relationships

2009-12-07T15:45:00.001-07:00

In Case You Did Not See Our National Press Release in September, here it is for

RISMEDIA, September 29, 2009—SharperAgent announces a new relationship with Phoenix-based West USA Real Estate. Holding the distinction of having the most sales per office of any brokerage nationally, West USA has worked hard to give its agents a leg up on the competition. They selected SharperAgent's industry leading custom marketing platform and launched the company-sponsored suite in early June.

Clay Fouts, president and founder of West USA Real Estate explained the need for SharperAgent's marketing offering for his agents: "No matter how sophisticated our website is or how extensive our Web presence gets, our agents will always need a way to cultivate repeat and referral relationships, and no one makes that easier than SharperAgent."

Designed specifically with West USA agents in mind, the marketing technology offered in the new product includes: An all inclusive, easy-to-use contact manager to administer all lead sources and maintain critical information; Pre-written, industry specific, and demographically relevant marketing messages that can be used to target specific consumer groups or more broadly stay in touch with past clients and referral partners; A vigorous e-campaign engine with pre-built drip e-mail campaigns and performance tracking mechanisms and Customer friendly, professional and reasonably priced direct mail options.

Brian Wildermuth, SharperAgent's President and Co-Founder explains how SharperAgent is able to help agents even in a tough real estate market. "The real estate professionals at West USA have proven that they know how to produce, even in Phoenix's tough market. The new SharperAgent for West USA marketing suite will help these expert agents bring cutting edge technology to an old school business practice – relationship building. They'll be able to easily stay in touch with a demographically diverse, knowledgeable consumer base, and consequently turn all of their expertise into solid business growth."

Get Ready for 2010!!

2009-12-07T12:05:00.001-07:00

There's a process to personal change. It's an evolutionary process that goes down a specific line. It starts with your thoughts and ends with an affect on your performance. The change must go in succession and travels down a logical path that looks like this:

Thoughts --> Beliefs --> Expectations --> Attitude --> Behavior --> Performance

I think that summarizing 365 precious days of a person's life with the perspective of "it's all about the accomplishment of work" would not do it justice. I really like the definition "the manner in which something (or someone) fulfills its (their) intended purpose".

So, how was your performance this year?

With only a few working days during this holiday season, it's time to look at your 2009 final report card.

How'd you do? Have you taken the number of listings you needed to take? How about the number of closings? How'd you do with your daily disciplines that lead to success? This time of year is the perfect time to stop and analyze how you've done.

Take a half-day in the next week to invest in replaying the tape of your whole year. Come up with your yearly numbers in the following categories:

Listing appointments
Listings taken
Buyer appointments
Buyer commitments
Closed listings
Closed buyers
Under contract listings
Under contract buyers

For some, you made it. This exercise will encourage you that you did the right things. Congratulate yourself and take some time to celebrate your victory.

For the people who fell short, you now see reality. Don't beat yourself up; resolve right now to do things differently in 2010. The step necessary to change your performance is changing your behavior. You've got to do things better next year in order to perform better. Change your behavior, and you change your performance…change your performance, and you'll change your life!

Make sure to invest the time. . . know where you are and how you got here. More importantly, however, reflect on what you want your performance to be like in 2010. Now, for a FREE 18 page Interactive Business Plan emailed direct to you, that will take you about 2 minutes to fill in projected income, commission amounts and percentages, go to www.arizonarealestatesuccess.com and click on the Interactive Business Plan. And WA-LA, you have your 2010 Business Plan emailed to you free from West USA Realty. And if you'd like to Assess your Performance. Click on the CBA (Comprehensive Business Assessment) and you will get another email with about 20 pages of very valuable information assessing your performance for 2009 and your one for your plans for 2010. As an added bonus, I will also provide you with a 10 week audio from Mr. Internet, Michael Russer for Free. Each audio last 40 to 45 minutes. This is a huge Coaching opportunity we provide you with, don't pass this up. Also, "Become A Fan" on Facebook of the Business Page entitled, Realtor's Coaching Tips and invite any other real estate professionals you know from any real estate brokerage. For that matter, invite those same professionals to get there own Business Plans and CBA using the West USA Realty Recruiting Website, www.arizonarealestatesuccess.com. Good Luck Super Agents, get ready to soar to new income heights in 2010!! Let's make 2010 ROCK!

Words of a Champion

2009-10-08T16:17:00.000-07:00

The key to improving your customer service is to clearly understand what your customer views as good customer service.

Everyone has a very different view of what constitutes customer service. Some people are far more demanding in what they want from people they do business with than they are with others in non-business relationships.

Joseph Mancuso wrote in his great book, Winning With The Power Of Persuasion, “The most powerful three letter word is ‘ask’.” He further said that most children ask about sixty questions a day. After they graduate from college, they’re asking two questions a day, and one of them is, “When do we eat?” The question is, what happened between the ages of three and twenty-three? How do we change back?

The most successful people ask a lot of questions. They are well prepared to ask the questions that make the greatest difference. Don’t assume that you know the answers before you ask the questions. We need to know the standard of service our prospects and clients want from us. We need to know how our prospects and clients want to be communicated with and what they expect. The questions are the key in this process. Let me give you some great questions to ask:

What would have to happen for me to be the best Agent you have ever worked with?
What is your expectation of me as your Agent?
What are the most important criteria when selecting an Agent?
How are you going to judge success when working with me?

These questions are powerful and will set you apart from all other Agents that a potential client might interview. They will also give you a very strategic standard of service you will need to follow if you want to create a “raving fan” through this transaction.

Lastly, take stock of yourself. Do a clear self-evaluation of the service that you are providing. Ask yourself this all-important question, “What is the one thing we could start doing or stop doing that would dramatically impact our customer relationships?”

It is essential for you to spend time evaluating this question. If you have other team members, ask them. Ask your Closing Coordinator. Ask your Listing Coordinator. You might even ask other Agents in your office to create some new insight for you.

Take the time to understand each client’s definition of customer service. Don’t miss the opportunity to create a “raving fan” every time.

To Your Achievement of GREATER success,

Dirk Zeller, CEO
RealEstateChampions.com

Ask The Correct Questions To Get The Best Answers

2009-10-08T16:12:00.002-07:00

Ask the right questions to get the best answers

When I was a kid, one of my favorite games was "Twenty Questions." Remember the drill? Animal, vegetable or mineral? Living or not? Famous? Male or female? And so on, until you had either guessed the correct answer or exhausted your quota. Don't forget, they could only be answered with a yes or no, which limited the information drastically.

The better the question, the better the chance of getting the answer. It took me a while to figure out how to best reach my conclusion. I had to think fast, and plan my questions so that they got narrower and narrower. I had to listen very carefully to the answers before I asked the next question, or I might waste a turn.

Alan Freitas, who is president of Priority Management, challenged me with this question: What kind of questioner are you? Asking questions will get you information; but asking the right kind of questions will get you better information sooner, as well as help establish rapport and trust.

Freitas doesn't like the Twenty Questions method, now that we're all grown up and in the business world. He counsels folks in his seminars to ask open-ended questions for two major reasons:

They invite the other person to participate and get involved, which increases the likelihood of securing their commitment.
The answers to open-ended questions provide you with information that you must have if you are to succeed in getting the other person to do what you want.

Additionally, Freitas says, open-ended questions require a more expansive response than a yes or no, or a simple statement of fact. They create a conversational tone and avoid sounding like an interrogation.

I recommend an approach that any journalism student learns the first day of class—the who/what/when/where/why/how approach. These questions work for any project, and they can't be answered with a simple yes or no. It's a perfect checklist to cover all the bases: the purpose, goals, details, timelines and staffing.

The first questions that generally are asked begin with "why." The "why" questions are the first that need to be answered: "Why are we doing this?" "Why didn't we do this before?" "Why should we change something that is working so well?"

My favorite business conversation starters begin with "how" and "what": "How do you recommend we proceed?" "What will be our biggest advantages as we work on this project?" "What is the worst thing that can happen, and how can we best handle it?" "What is our best possible outcome?"

I also like the "when" questions: "When do we review our progress?" "When do we roll out our plans to our customers?" "When do we need to involve more people on the team?"

The "who" and "where" details will follow; they deserve complete answers as well. "Who will coordinate?" "Where will we see the most improvement?" "Who will be involved?" "Where do we go from here?"

Clearly, each separate project will present its own set of questions, and the time to start asking them is before any work begins.

And please, dear manager, adopt the attitude that there really are no stupid questions—if they are sincere. I can't tell you how many times a seemingly innocent question has led to a whole set of possibilities, which sometimes have changed the scope and direction of our work. No one can think of everything!

Nobel Prize-winning author Naguib Mahfouz put it this way: "You can tell whether a man is clever by his answers. You can tell whether a man is wise by his questions."

In my Career Enhancement Workshops, I spend most of the sessions, teaching a sales technique to enable agents to always know how to listen, ask, respond and learn.

Material excerpts from Harvey MacKay and Lynn Sperry

Taking Care of Customers is Taking Care of Business

2009-10-08T16:07:00.001-07:00

Harvey Mackay's Column This Week - July 30, 2009

Taking care of customers is taking care of business

"Customer service in America stinks."

That's what my friend Tom Peters, author of the blockbuster book, "In Search of Excellence," said many years ago. It must still be true because every time I write about poor customer service, I get more Amens than a Billy Graham sermon. That's why I want to touch on customer service again, from a different perspective.

It's unbelievable to me how business owners remain ignorant of the devastating effects of lousy service. And they wonder why business is suffering and the cash register isn't ringing?

The Research Institute of America conducted a study for the White House Office of Consumer Affairs, which found:

Only 4 percent of unhappy customers bother to complain. For every complaint we hear, 24 others go uncommunicated to the company—but not to other potential customers.
90 percent who are dissatisfied with the service they receive will not come back or buy again.
To make matters worse, each of those unhappy customers will tell his or her story to at least nine other people.
Of the customers who register a complaint, between 54 percent and 70 percent will do business again with the organization if their complaint is resolved. That figure goes up to 95 percent if the customer feels that the complaint was resolved quickly.
68 percent of customers who quit doing business with an organization do so because of company indifference. It takes 12 positive incidents to make up for one negative incident in the eyes of customers.

When I started out in sales, a salty old veteran told me, "Harvey, never make promises in business. They'll ruin you every time."

That might be good advice, but only up to a point. That point is reached when you go to contract because in a contract, you make commitments, which are the same as promises. You vouch for planned delivery dates, not random drop-off times. These are not tossed-off verbal guarantees but well-researched commitments.

Nothing is more important than customer service. No customer service, and pretty soon, no customers.

The key is to latch onto your customers and hold them fast. Don't just meet their needs. Anticipate them. Don't wait for them to tell you there's a problem. Go out and ask them if there's a problem. They are your most important focus group. Every word of personal feedback they give you is worth a million faceless questionnaires.

With business operating at digital speed, the margin for negligence is disappearing. Broken promises, missed deadlines, inadequate customer service and support—give in to any of these and you're finished.

And as customers become more knowledgeable, customer service becomes more difficult. A while back there was a series of articles in Fortune magazine focusing on customer satisfaction and why Americans are so hard to please.

Moral: If you don't take care of the Customer, they will disappear

Unify Our Efforts In Our Market Today

2009-08-13T14:42:00.003-07:00

Given the current foreclosure, short sale, loan modification situation in our market place today, more than ever, is an opportunity for all real estate professionals to unify our efforts. We have to, in order to get these types of transactions closed! This is an extraordinary market that calls for extraordinary service now more than ever before.

To be effective, it is imperative that we understand our role and are properly equipped with the kind of training, guidance and support to effectively evaluate our client's situation and successfully facilitate a short sale, if this is the best solution for both the homeowner and their lender.

The "quarterback" in a short sale is the listing agent. When you are clear in your understanding of the short sale process your closing ratios will dramatically increase. Here are 5 key point to that process.

#1: The listing agent must know the proper step-by-step process and contact & telephone information for working with various types of loans, as the process for short selling an FHA loan is quite different than the process for a VA or a Conventional or a HELOC loan.
#2: The listing agent must know what documentation is required to make up a complete short sale package for each lender they are working with and how to submit that package in a format that will get the lender's attention, satisfy their requirements, (and they are all different), and get an approval.
#3: The listing agent must know how the lenders calculate what they have to "net" in the short sale transaction, so that they can then effectively price the property in MLS to generate an offer that will be relatively quick, but sufficient to meet the lender's needs, as well as cover all of the seller's closing costs and the broker's commission.
#4: The listing agent must know what terms the lender will and will not approve in a buyer purchase offer.
#5: The listing agent must know how to establish his/her credibility and have an effective rapport with the loss mitigation rep who ultimately holds the key to the short sale getting approved and closed.

Now is the time to diversify and get the training through classes offered or by being mentored by an experienced agent in this area in order to be successful in this short sale, foreclosure market we are in. Rich Sharga recently state in the March 2009 issue of RisMedia's magazine, that "Realtors today have a unique opportunity to begin to heal neighborhoods and communities, and get the economy back on its feet one household at a time."

For more information, visit www.ShortSaleSolutions.bis and www.CDRSCertified.com.

The Three C's of a Buyer

2009-05-01T13:56:00.001-07:00

The Three Cs of a Buyer
When working with a buyer prospect, they must posses what I call the three Cs of a buyer:
Commitment
Compromise
Competitiveness
A Champion Agent expects commitment from the client. Most trainers will tell Agents to ask buyers, “Are you working with another Agent?” That really isn’t the right question or wording. The word working has too broad a definition. Working could mean they met an Agent at an open house; they are receiving property matches from them; there is an Agent who farms their neighborhood. The word working doesn’t mean they will buy and sell with that Agent.
The proper question is, “Are you committed to another Agent?” The prospects will either know exactly what you mean, or they will ask you for your definition of committed. Either way, you gain clarity and avoid wasting your time with a prospect that could be disloyal in the end. A clear recipe for disaster is investing your resources in a prospect that has a low or limited return. Not only are the odds long for a commission with this type of prospect, but also you will often beat yourself up later over not recognizing a poor prospect sooner because you didn’t convert them. This can affect your attitude, which will lower your confidence and production. Gaining commitment at a high level from a prospect is the only way a Champion Agent invests their time.
A Champion Agent only works with clients who are willing to compromise. If a prospect has the objective of achieving an “I win; you lose” type of transaction, your job will be far more difficult as their Agent. If they are unwilling to compromise in what they want in a home, you both will be looking a long time for the “perfect” home.
A Champion Agent counsels their clients that there are no perfect homes; that most people end up with about 80% of what is on their wish list in terms of amenities; that he or she is working to find the best possible home, based on their needs, wants, and desires, given the current market conditions and market competition.
A Champion Agent makes sure the prospect is willing to be competitive. Many buyers are hoping to be the exception rather than the rule. They want to be the one buyer to buy that home at 80% of the asking price, when the market average is 95%. They are unwilling to offer full price to anyone, even when there is a lack of inventory of homes, a large volume of buyers wanting homes, or market conditions dictate otherwise. A prospect or client who is unwilling to be competitive or take competitive action when the circumstances dictate will increase your time invested, increase frustration, lower client satisfaction, and lower the probability of your compensation.
Establishing early in the prospect cycle whether the prospect has the three Cs enables you to make better decisions regarding with whom you invest your resources. It also allows you to avoid the traps of the typical Agent’s service approach that borders on desperation.
By Dirk Zeller

How Will You SUCCEED In Your Real Estate Career?

2009-05-01T13:49:00.001-07:00

Tip #2
How Will You SUCCEED In Your Real Estate Career?
By having the right technology.
Today’s consumer is more tech savvy than every before.
They want information and they want it now.
To be successful as a real estate agent you must join the company that is on the cutting edge of technology.
We are committed to providing you with the best technology programs available so that in turn you can provide the same to your clients.
Call me today so that we can discuss how our technology will help you succeed in your real estate career.

Thank You,Lynn SperryWest USA RealtyPhone: 602-942-4200lynnsperry@arizonarealestatesuccess.com www.ArizonaRealEstateSuccess.com

Coaching Tip

2009-05-01T13:44:00.002-07:00

CONVERT THE CALL

When you get that incoming buyer call, they are full of questions and just want answers.

How do you gain control of an incoming call? Is it by providing answers or when you ask questions? Just find out what the buyers needs are, then deliver based on those wants and needs.

Here are a couple typical mistakes I see when a buyer calls in. The agent goes into sell mode, the agent provides all the information; the buyer graciously accepts the information and hangs up but the needs go un-serviced and the agent doesn’t get an appointment. Who is the biggest loser?

The second mistake that I see is the agent preparing their response for the buyer before the buyer completes what they are saying. Basically it’s an agent that doesn’t listen.

Here’s the solution: Listen very closely, restate what the buyer has communicated to you and base your next question on their response or question.

Please, if you would like to role-play this strategy, call me today and I’d be happy to help you.

Thank You,

Lynn Sperry
West USA Realty
Phone: 602-942-4200
lynnsperry@arizonarealestatesuccess.com
www.ArizonaRealEstateSuccess.com

Words of a Champion

2009-05-01T13:10:00.001-07:00

Words of a Champion
There is one large intangible in life toward success, and that intangible must be present for success to be reached. You can have the skills, discipline, and even receive good training, but if you are lacking this intangible, you won’t achieve success. That intangible is desire.
You must have the desire to be a Champion Performer. You have to want success so badly you are willing to pay the price. One of the biggest barriers for most people is, that the desire is not great enough, so the vision of success is not realized.
Each fall millions of boys gather to play peewee football, each with grand dreams of being the next Joe Montana, Jerry Rice, or Deion Sanders. They work, learn, practice, play, and yet, at the end of peewee football, only 10% of those kids will go on to play high school football. Then, of that 10% that play high school football, only 5% of those will go on to play college football. Finally, of that 5% that are left, only 2% will go on and play professional football. The intangible that separates that 2% from the rest is desire. Many of those professional football players had the desire to invest the extra hours needed to prepare them to compete on the professional level. They had the desire to be in the 2% in life. Do you have the desire to be in the 2% in your profession?
In life, as in football, only 2% of the people will eventually achieve their ultimate goals in life. Achievement of an ultimate goal can happen for anyone, but only 2% decide and inject desire into the equation to claim victory. Are you ready to join the 2%? There is always room for more!
To Your Achievement of GREATER success,
Dirk Zeller, CEO RealEstateChampions.com

Tips For Savvy Negotiating

2009-05-01T13:02:00.003-07:00

Tips for Savvy Negotiating Real estate salespeople can take several steps to ensure a successful negotiation, such as waiting for the buyer's agent to call about the inspection and waiting until the next day to contact the buyer's agent regarding the buyer's loan approval. In addition:
Withdraw for a bit when negotiations get intense but also avoid making the other party feel bullied.
Keep in mind that both buyers and sellers feel vulnerable during negotiations, so be willing to say "no" without fearing that the deal will fall through.
Finally, never assume a "take it or leave it" attitude. Make a point to always respond with a counteroffer. Source: Jennifer Allan, Realty Times (04/28/2009)

True Growth Requires Risk

2009-05-01T12:55:00.002-07:00

Words of a Champion
Dirk Zeller CEO
True growth in life happens when we are willing to risk and stretch our abilities, when we are willing to put it on the line for change. It is easy to get comfortable being around the same crowd, doing the same thing we have always done. We can often get attached to a system or activities that will only lead us to the same result we have always gotten.
We have to be willing to risk where we are today to get to where we truly want to be. By venturing out, we develop skills of strength that will build us up and make us stronger. Napoleon Hill said, “The strongest oak tree of the forest is not the one that is protected from the storm and hidden from the sun. It’s the one that stands in the open where it is compelled to struggle for its existence against the winds and rain and scorching sun.”
The challenges you are facing right now will make you stronger. Move forward and take them head on. Step up to the challenges. Step up to the opportunities that lie just beyond the challenges. You may be in darkness, but the light is right around the bend. When you overcome the obstacles facing you…you will then be able to drink in the sunlight of accomplishment to recharge your battery.
You are truly like that oak tree. The only difference is that you can replant yourself regularly out in the open. If that tree takes root in the forest, it will live its whole existence there. You can continue to move out into the open. If the forest grows out to you and tries to bring you in, you can move again. You have a tremendous advantage, are you using it? Resolve to move out into the open today!!

To Your Achievement of GREATER success,
Dirk Zeller, CEO RealEstateChampions.com