Fannie Mae and Freddie Mac are increasing their fees on loans tied to risk based pricing. Botom line is if you have less than a 740 score and putting less thann 25% down on a purchase, you will experience and increase in the cost and/or rate of your future purchase loan. You can see more on the video at this link: http://www.thinkbigworksmall.com/mypage/tbws/
Anyone out there thinking about buying a property, now is the time to move. Please contact me for a free Estimate for your new loan.
Tuesday, February 8, 2011
Sunday, February 6, 2011
Mortgage Market Guide for the week of Feb 7 2011
Last Week in Review: January’s Jobs Report is in - was it a good or bad one?
Forecast for the Week: It’s a quiet week when it comes to economic reports, but it remains to be seen whether the news from around the world will be good or bad for our markets.
View: Need some cough syrup? Just ran out of bandages? Read this week’s View article...and learn more about the new Flexible Spending Account rules...before you head to the store.
Read more in this week's Mortgage Market Guide: http://www.box.net/shared/fa6z3539mf
Forecast for the Week: It’s a quiet week when it comes to economic reports, but it remains to be seen whether the news from around the world will be good or bad for our markets.
View: Need some cough syrup? Just ran out of bandages? Read this week’s View article...and learn more about the new Flexible Spending Account rules...before you head to the store.
Read more in this week's Mortgage Market Guide: http://www.box.net/shared/fa6z3539mf
Thursday, February 3, 2011
Now Is The Time To Buy Real Estate
A Wall Street Billionaire says NOW is the time to buy Real Estate. Watch the video here: http://http://www.thinkbigworksmall.com/mypage/tbws Tell your friends, neighbors and/or clients about it.
Wednesday, February 2, 2011
Riding the Wave of Change in Your Real Estate Business
"The sky is falling! The sky is falling!" This is what many agents felt when people started looking on the Internet for their next home. "The end is near!" This was the response by many when the MLS was made available to anybody with an Internet connection. Technology, the Internet specifically, has forever changed the way people buy and sell their homes.
The real estate market has changed so quickly and completely that there are many real estate agents at a loss for what to do now. Experienced agents that never had a problem attracting new clients through traditional advertising are now finding out that they need to rethink their marketing strategy. New agents are finding themselves in an industry that is in the middle of a transformation. They have been finding that the rules that they just learned about building a successful real estate business are being rewritten before they even have a chance to apply them.
Old Rule: As a real estate agent you have exclusive access to the list where your prospect will find the home of their dreams. Your sellers rely on you to put their house on this list of dreams.
New Rule: Anyone with an Internet connection can search the MLS listing. FSBO’s can add their home to the list through any number of sources.
Old Rule: You hold Open Houses so that interested home buyers can see the inside of your seller's home without an appointment. This is also a good way to prospect for buyers.
New Rule: Interested home buyers view digital pictures and virtual tours of homes at their convenience, without an appointment, at anytime of day.
These new rules do change the real estate industry in a fundamental way. They do not, however, mean that the end is near or that the sky is falling. As long as you understand that the new rules exist and what it means for your business, you will be able to ride the tides of change all the way to the bank.
If buyers and sellers do not need real estate agents for the MLS or for viewing houses, what do they need them for? How can agents get prospects to come to them?
At the same time the Internet was changing the way people buy and sell their homes, it was also contributing to a more fundamental change in people as consumers. People are hungry for information and they want that information at their fingertips at all times. A savvy real estate agent will take advantage of this demand for knowledge and information by becoming the source that buyers and sellers come to.
Agents can establish themselves as an expert there to help. By offering reports such as "Ten Things You Must Do Before Selling Your Home" or "3 Mistakes You Don't Want To Make When Buying A New Home" your prospects will come to you. An important aspect of this new marketing strategy is going to be capturing the information of prospects requesting your reports. Whether it be name, address, phone number, email or in the best case scenario all 4 points of contact, make sure you are able to follow up with them.
Here are just some of the benefits of becoming an information source for people that are starting the process of buying or selling a home.
*An agent can start to build a relationship with potential clients based on trust and respect.
*Buyers and sellers seek out the agent instead of the agent seeking out the prospects.
*There is no better quality of lead than one that raises its hand and says, "I would like information about selling my home."
*Agents can set themselves apart from their competition by using non-traditional advertising.
*By establishing a good rapport and helping potential clients find the information they need, they will come to you when they are ready to make their move.
The real estate industry has been undergoing a fundamental change. Some agents may have a doomsday view of these changes and at this point real estate agents have two choices. They can simply wait for the end to come or they can adapt with this evolving market and ride the wave of change all the way to the bank. For an additional tool to take advantage of the tech or cyber buyer, generating more views of the property and more leads for you to follow up on, please watch the video at the top of this site or simply contact me for more information.
The real estate market has changed so quickly and completely that there are many real estate agents at a loss for what to do now. Experienced agents that never had a problem attracting new clients through traditional advertising are now finding out that they need to rethink their marketing strategy. New agents are finding themselves in an industry that is in the middle of a transformation. They have been finding that the rules that they just learned about building a successful real estate business are being rewritten before they even have a chance to apply them.
Old Rule: As a real estate agent you have exclusive access to the list where your prospect will find the home of their dreams. Your sellers rely on you to put their house on this list of dreams.
New Rule: Anyone with an Internet connection can search the MLS listing. FSBO’s can add their home to the list through any number of sources.
Old Rule: You hold Open Houses so that interested home buyers can see the inside of your seller's home without an appointment. This is also a good way to prospect for buyers.
New Rule: Interested home buyers view digital pictures and virtual tours of homes at their convenience, without an appointment, at anytime of day.
These new rules do change the real estate industry in a fundamental way. They do not, however, mean that the end is near or that the sky is falling. As long as you understand that the new rules exist and what it means for your business, you will be able to ride the tides of change all the way to the bank.
If buyers and sellers do not need real estate agents for the MLS or for viewing houses, what do they need them for? How can agents get prospects to come to them?
At the same time the Internet was changing the way people buy and sell their homes, it was also contributing to a more fundamental change in people as consumers. People are hungry for information and they want that information at their fingertips at all times. A savvy real estate agent will take advantage of this demand for knowledge and information by becoming the source that buyers and sellers come to.
Agents can establish themselves as an expert there to help. By offering reports such as "Ten Things You Must Do Before Selling Your Home" or "3 Mistakes You Don't Want To Make When Buying A New Home" your prospects will come to you. An important aspect of this new marketing strategy is going to be capturing the information of prospects requesting your reports. Whether it be name, address, phone number, email or in the best case scenario all 4 points of contact, make sure you are able to follow up with them.
Here are just some of the benefits of becoming an information source for people that are starting the process of buying or selling a home.
*An agent can start to build a relationship with potential clients based on trust and respect.
*Buyers and sellers seek out the agent instead of the agent seeking out the prospects.
*There is no better quality of lead than one that raises its hand and says, "I would like information about selling my home."
*Agents can set themselves apart from their competition by using non-traditional advertising.
*By establishing a good rapport and helping potential clients find the information they need, they will come to you when they are ready to make their move.
The real estate industry has been undergoing a fundamental change. Some agents may have a doomsday view of these changes and at this point real estate agents have two choices. They can simply wait for the end to come or they can adapt with this evolving market and ride the wave of change all the way to the bank. For an additional tool to take advantage of the tech or cyber buyer, generating more views of the property and more leads for you to follow up on, please watch the video at the top of this site or simply contact me for more information.
Tuesday, February 1, 2011
How To Build a Repeat & Referral Based Real Estate Business
However good your skills are in negotiating and selling real estate, any marketing professional will tell you that they are not enough to retain your clients. Communication is vital to winning and keeping clients for your business building rapport and earning respect are vital. Clients do not just buy your services; they buy your continuous support and that means maintaining that important element of human contact.
Without that human touch, your business will lose clients. With it, not only will you retain clients but also you will gain referrals. Statistics show that it is less expensive to keep a client than gain a new one. Most of us know the 80/20 rule that 80 % of business comes from current clients and 20 % from new ones. But were you aware that according to the Harvard Business Review it costs up to 8 times more to gain a new customer than retain an old one (Zero Defections by Frederick F. Reichheld and W. Earl Sasser, Jr.). If you do the math you will find that the 20% is only worth 4% of your business in real terms. You do not want to lose your past clients!
One of the main features is to utilize a Client Database Management system that allows you to maintain communications with little effort on your part. Formulate a desired contact strategy and produce 100% customizable direct mail for your clients on an annual, quarterly or monthly basis.
Designed pieces include postcards, letters, and folded card formats and can include calendars, recipes, sports schedules, magnetic dry erase boards and more. The contents are fun and full of helpful and informative tips for your clients.
Some subjects for example can include home improvement tips or knowing when to refinance. Each piece works to keep your name in front of your clients year round and also prompts your clients for onward referrals.
The service is typically competitively priced and pays dividends as you get referrals from clients already in your book of business by the most powerful medium of all word of mouth.
In the competitive world of real estate, that's a solid gold guarantee not only of continued repeat business but of new business as well.
Without that human touch, your business will lose clients. With it, not only will you retain clients but also you will gain referrals. Statistics show that it is less expensive to keep a client than gain a new one. Most of us know the 80/20 rule that 80 % of business comes from current clients and 20 % from new ones. But were you aware that according to the Harvard Business Review it costs up to 8 times more to gain a new customer than retain an old one (Zero Defections by Frederick F. Reichheld and W. Earl Sasser, Jr.). If you do the math you will find that the 20% is only worth 4% of your business in real terms. You do not want to lose your past clients!
One of the main features is to utilize a Client Database Management system that allows you to maintain communications with little effort on your part. Formulate a desired contact strategy and produce 100% customizable direct mail for your clients on an annual, quarterly or monthly basis.
Designed pieces include postcards, letters, and folded card formats and can include calendars, recipes, sports schedules, magnetic dry erase boards and more. The contents are fun and full of helpful and informative tips for your clients.
Some subjects for example can include home improvement tips or knowing when to refinance. Each piece works to keep your name in front of your clients year round and also prompts your clients for onward referrals.
The service is typically competitively priced and pays dividends as you get referrals from clients already in your book of business by the most powerful medium of all word of mouth.
In the competitive world of real estate, that's a solid gold guarantee not only of continued repeat business but of new business as well.
Sunday, January 30, 2011
Mortgage Market Guide Week of 1/31/2011
Check out this week's Mortgage Market Guide. Find out what economic reports come out this week and their possible effect on rates. Check out the video near the end for tax tips from Kiplinger.com http://www.box.net/shared/9g2x6bnpzm
Thursday, January 27, 2011
Some Advise For New Real Estate Agents
Many new real estate agents think that once they’ve obtained their real estate license that the road to success will be easily obtained and quickly traveled. These agents experience a rude awakening when they realize the amount of time and effort that must be put into their work to experience even the smallest amount of success. It’s rare that a new real estate agent can achieve a significant amount of success by working part time. This is does not meant that success is impossible. Rather, that it will not be gained so easily.
Expect to make a financial investment that will not be returned in a short amount of time. You will spend money when you first begin your career as a real estate agent. Some fees that a new real estate agent must pay include the business license, local Multiple Listing Service fees, Board of Realtor fees, training or certification required by your Brokerage Company, as well as expenses for doing business.
It is a good idea to have a healthy savings built up because it could take a few months for you to receive your first paycheck. As a real estate agent, you are paid commission based on the houses you sell. The transaction must close before you are paid for the transaction, so don’t expect to receive your commission immediately. It typically takes between thirty and sixty days for the transaction to close.
You will likely work long hours when you first start out as a real estate agent. In most cases, you will be allowed to make your own hours, but keep in mind that you might have to work around your clients schedule in some cases. By no means should your clients control your time. However, be prepared to make a showing in the evening or on the weekend in the case that a client does not have any other available time. This might not be your ideal situation, but it is often necessary.
Know that you are expected to be more than just a salesperson. Often, real estate agents forgo customer service for the sake of making a commission. Your clients want to be treated as more than dollar signs. Putting more into each deal gives clients a reason to refer you to their family and friends. At times, your referral network will prove to your best marketing tool. Do the work it takes to find the perfect property for your clients. Understand that there may be times in the process that your client needs emotional counseling. These are the aspects of a real estate agent that make clients want to tell their friends about you.
Discouragement can come easily during your first months as a real estate agent. It might seem like everyone around you is closing deals while you struggle to find clients. When you start to feel this way, remind yourself that you are just starting out and these people have had years of practice. Until you build your referral network and other marketing strategies, finding your clients will be entirely up to you. You will have to resort the manual method of overturning every stone to find clients. With some practice you will refine the way you find new clients and the new guy in the firm will look to you for advice on finding clients.
Expect to make a financial investment that will not be returned in a short amount of time. You will spend money when you first begin your career as a real estate agent. Some fees that a new real estate agent must pay include the business license, local Multiple Listing Service fees, Board of Realtor fees, training or certification required by your Brokerage Company, as well as expenses for doing business.
It is a good idea to have a healthy savings built up because it could take a few months for you to receive your first paycheck. As a real estate agent, you are paid commission based on the houses you sell. The transaction must close before you are paid for the transaction, so don’t expect to receive your commission immediately. It typically takes between thirty and sixty days for the transaction to close.
You will likely work long hours when you first start out as a real estate agent. In most cases, you will be allowed to make your own hours, but keep in mind that you might have to work around your clients schedule in some cases. By no means should your clients control your time. However, be prepared to make a showing in the evening or on the weekend in the case that a client does not have any other available time. This might not be your ideal situation, but it is often necessary.
Know that you are expected to be more than just a salesperson. Often, real estate agents forgo customer service for the sake of making a commission. Your clients want to be treated as more than dollar signs. Putting more into each deal gives clients a reason to refer you to their family and friends. At times, your referral network will prove to your best marketing tool. Do the work it takes to find the perfect property for your clients. Understand that there may be times in the process that your client needs emotional counseling. These are the aspects of a real estate agent that make clients want to tell their friends about you.
Discouragement can come easily during your first months as a real estate agent. It might seem like everyone around you is closing deals while you struggle to find clients. When you start to feel this way, remind yourself that you are just starting out and these people have had years of practice. Until you build your referral network and other marketing strategies, finding your clients will be entirely up to you. You will have to resort the manual method of overturning every stone to find clients. With some practice you will refine the way you find new clients and the new guy in the firm will look to you for advice on finding clients.
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