Nearing End of 2nd Quarter – Are you on pace?

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Some of the questions you should be asking yourself - 

1. Are you on track with your goals?  Do not justify, let your results control any necessary changes/adjustments.
2. What is working BEST and what is NOT working? 
3. Are you and your team using your time effectively?  Are you focused on our CORE? ( Core = the 2 to 5 most important drivers of your business)
4. Are your goals and priorities aligned?  What you do each day are your priorities. 
5. Know your stats for the first ½ of the year
   • Your average sales price — do you want to increase it?
   • How many client leads were generated?
   • How many clients did you successfully serve and turn into a sale/closing?
   • What is my current average commission earned?
   • What % of my business are listings vs. buyers?
   • What % of listings sold vs. listing taken?
6. Where are my leads coming from?  How does my plan of attack need to adjust to increase my lead flow?
7. Ask other questions important to you and your business.  

When you ask the important & necessary questions regarding your current business results it will help you create a productive thought process that can increase your current results or adjust them in a desired direction.  

If you think you do not have time to do this????  I submit to you that you do not have time not too!!  I promise that you will save time & $$$ in the long run.

Market Update

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• Listing Available in the MLS – 17,200
• Short Sales in MLS – 6,600
• REO’s Available in MLS – 4,488
• Pended Escrows in MLS – 11,000
• 25,000 + REO’s coming from bank back log
• Watch the mix of price ranges that hit market as there will be opportunity to sell higher priced properties as well as lower end. 
• Many of the present short sales will become REO’s
• Only 7 to 10% of short sales actually close escrow. However, they are 38% of today’s existing inventory. 
• It is imperative that you know about the expertise and ability of a listing agent to get a short sales closed.
• Below is a list of MLS agents who have successfully closed short sales. Prudential Americana Group agents are highlighted and appear first on the list in order of number of transactions closed. 
  • Be clear that they know what they are doing. 
  • They have a proven, strong and effective relationship with the banks they deal with.
  • They close their deals.
  • They communicate keeping you in the loop on the good and the bad news. 

List of Short Sale Agents

 

HUD Homes Opportunity

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Prudential Americana Group has been selected HUD Homes Broker for Las Vegas offering yet another opportunity for Agents to capitalize in this fast paced market. 

 

1.    With Commissions up to 5%, HUD Homes are a great alternative to REO deals.

2.    HUD Keys are now available at all Prudential locations.  Agents will need their NAID numbers, Drivers License, and $3.00.  For a list of Prudential Americana Group offices, please visit our website. 

3.    A list of available HUD properties are downloadable on our website.  This list is updated every Friday. 

4.    Properties are competitively priced but with fewer multiple offers to contend with.

5.    Owner-occupied buyers get first priority.

6.    Investors are welcome after the initial auction window for owner-occupied buyers has passed.  These become day-to-day auctions.  Bid by midnight-be pending tomorrow!

7.    All HUD homes are vacant so they are very easy to show.  Many HUD homes are in good to excellent condition.  Stop by any of our Americana offices to obtain a HUD key.

8.    True online auction – bottom line best net to HUD is the winner. 

a.    HUD Net is Sales Price minus Seller’s Contribution minus commission.

b.    All bid details are available on the HUD site:  http://www.mcbreo.com/.

c.    Very quick response times from HUD on winning bids – eliminates chasing the listing agent for status.

9.    Fully understanding the HUD Home Process helps you position yourself as an expert.  It is a fantastic way to reconnect with your entire sphere of influence.  Make sure to take advantage of this new buying opportunity by having all the people you know well informed and excited. 

 

Want to learn more about selling HUD homes?  Americana is now offering HUD classes free of charge to all Agents.  You will learn how the HUD process works, how to make HUD offers, and how to utilize this program to earn maximum commissions.  Classes are scheduled for April 30^th and May 5^th – 9:00 – 11:30 a.m. in the Pebble Training Room.  Seating is limited – RSVP today at 796-7777 or michellef@americanagrp.com.

  

Buyers!

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1.     Bring them into the office – times are different today.  

 

2.     Know how to interview your buyers  –

 

·        Determine their goals, wants and needs – FIRST!!!  Take notes. This process will help you learn so much about your buyers if you truly want to learn it.    

·        Lay a foundation for a realistic expectation while supporting their goals and excitement about the process.     (More work, I don’t mind because if you know what you are doing you can help your clients WIN BIG in this environment.) 

·        Lay down realistic and positive expectations.  

·        Explain if they want to win as big as possible then they must address new and important issues that will help them.  (Let them know your job is to help them win BIG in this environment and guide them through the process.)

·        Cover Loyalty – I can help you with all types of real estate purchases, land, new homes, resale’s for any company, etc. All agents utilize the same computer system (Explain why you are different. – How they win BIGGER with you.   

·        Do not forget to determine if they have another property to sell.   

·        Explain that we must lock down financing FIRST as it give them leverage when we make an offer. Less then the whole truth can prevent them from winning big. (Use live examples when ever possible)

·        Keep them excited about the inventory that you know about not on your computer skills.

·        Explain the entire process. This will validate your expertise and lay the foundation for a smoother process. Please do not make the mistake and assume they understand how things truly work.     

Consistency is the Key!

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1. Be organized – Utilize systems like our paperless system which will automatically create more organization in your life, only touch a piece of paper once file everything else away or trash it immediately if it is important it will come back.    
2. Know your core business drivers — focus on the 3 to 5 items that moves your business forward. These are your business priorities that your business cannot live without.  
3. Focus on solutions not problems – simply keep your mind focused on what is working. See any problem as an opportunity to adjust and become better.  
4. Excuses are your way of saying “I am tired/frustrated.”  – Just say “I am tired/frustrated” and take a real break. – Take a vacation in town due something fun. You are best for your business with a positive and productive mindset.      
5. Be the best leader you can be! – Stay committed to your plan long-term. This market environment will continue to test you. It will test your resilience, commitment, and ability to be flexible and deal with change.    

If Your Buyers Are Wanting to Wait For The Right Price Read This!!

HOUSING: Las Vegas homes called undervalued.  National study puts Las Vegas near bottom, at 18.8 percent below market value.

NAR Call to Action to Preserve FHA Loan Limits

If you are not aware the HUD is set to lower the threshold amount for FHA loans in the Las Vegas Valley. This would make it more difficult to gain FHA loans for homes in excess of approximately $250,000. There is a call to action from the National Association of REALTORS® to contact your Senators and Representatives of Congress to support a plan that would render FHA loans at an amount closer to their current limits permanently, approximately $400,000.

At this TAKE ACTION WEB SITE you can find more information and a very easy way to send a letter to your representatives.

I encourage you to take the time to visit the above site Contact Congress today and ask them to include National Association of REALTORS®’s Four-Points in the next stimulus package.

National Association of REALTORS® Four Point Plan

The most recent economic stimulus bill, the Emergency Economic Stabilization Act, was a good first step towards stabilizing our nation’s economy. Unfortunately, a number of the Act’s provisions have not proven to be as useful at stabilizing the nation’s housing markets as was first thought.

Congress may consider second economic stimulus bill this month. If they do, there are a number of changes that could help to provide more stability to the nation’s real estate markets which most agree is a necessary step towards recovery.

NAR has urged Congress to include the following provisions in any future legislation:

• Make the $7500 tax credit available to all purchasers and eliminate the repayment requirement. The credit’s limited availability and required repayment terms have severely limited the credit’s appeal to potential homebuyers. As a result, the credit has not been widely used or proven effective at stimulating sales.
• Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 would significantly reduce the FHA, Fannie Mae and Freddie Mac loan limit from their 2008 levels. Now is not the time to limit the availability of affordable mortgages.
• Get the Emergency Treasury bank relief program back on track by targeting more funds to mortgage relief efforts and increasing efforts to mitigate foreclosures. Don’t just give the banks unrestricted cash. Make the program work to improve mortgage and housing markets as it was originally intended.
• Permanently bar banks and banking conglomerates from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply properly manage their current lines of business. Do we really want them to manage on the home buying process? Imagine what could have been the situation now if they already had the added ability to engage in real estate sales.

How To Drive More Business To Yourselves

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In the recent past we have spoken about how important it is to understand your business and personal budgets, however, you will never run a successful business without consistently growing your revenues.

 

STEP #1 – Internal look

Evaluate what you already do – How you presently generate your business. I want you to add 1 additional proactive step and 1 additional passive step that you feel will drive more business your way.   E.G.–

• Better Web-site management
• More phone calls
• Better and more questions
• Better lead follow-up – Do you know what happenings to each of your leads?
• More in-depth conversations with database 
• Better mailings
• Better ad writing
• More productive Open Houses
• Additional Open Houses  

I also want you to STOP doing 1 item that does not work for you. This will save you time and money to do more productive activities. Caution: Check yourself and do your homework — if you see others doing the same activity and it is working for them go back to step 1 as all you may need is a better system or better follow-through.  

Techniques to Close Today’s Buyers and Sellers

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Today’s relevant market knowledge is the key.  You must include solutions and options for your clients specific issues!!     

Ask them questions until you create an opening for face to face real estate appointment.  Work hard to stay away from YES or NO questions. If you must be sure to always have a follow-up question to keep then talking. You listen!   

 

Get buyers & sellers talking about themselves, their homes, their lives, goals and plans. Just listen - you will learn a ton!  Ask them if it is OK if you take notes.  (Buyer & seller interviews are a MUST in today’s environment to save time and money for all parties.) 

 

Some good questions –

• May I ask you how you found my number?
• What brought you to this open house or this particular home?
• What caught your interest regarding this home?
• What are your plans when your home sells and closes?  
• Are you going to relocate or stay in town?
• Great, where are you relocating too?
• Can you tell me about that experience?  
• What are your most important objectives?
• What are your biggest frustrations as it pertains to working with a real estate agent?   
• What are some of your questions as it pertains to buying a bank owned property?
• What are your biggest concerns in buying a home today?  
• Who is your lender? To increase your chances of buying at the best price possible it is imperative you have an experienced professional lender who can ensure you receive the best financing possible, program and rate. We can help.    

REO Service Center in your neighborhood – as an open house

• Provide “Deals of the Century list” – Include recent closings showing price point and price per sq/ft.
• Keep in mind as homes gets smaller the price per sq/ft with most likely rise as you will not see the same price/sq/ft deterioration on a much smaller home.
• Share multiple offer phenomenon – what is happening and how they can take advantage of it. (Remember they can write multiple offers as well)
• Have lender available for all financing and credit questions (Shelter Mortgage will make themselves available.)
• Share why you are different. How you can help them succeed.

Winning Strategies with For Sale By Owners – Start by Asking Yourself Good Questions!

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1. Why are they trying it on their own?

•  They are dealing with some sort of limiting belief.  
  •  They think they can afford to lower their price further without having an agent. They see no/very little value.
  • They feel they will simply save the commission.
  • They feel they cannot afford an agent even though they would prefer to utilize one. They do not understand where the true value lies.   
  • They are simply not motivated at this time.

2. What are their true concerns and goals?

• Their money
• Risks
• Time and frustration
• Understanding all their options 
• Moving on-what ever that means to them

3. As an agent how should I handle my meeting with a FSBO and what should I want out of a meeting with them?  

• Do not fall into your own limiting beliefs.
  • House will not sell anyway
  • Seller is not realistic, ETC.
  • Do not have any pre-conceived notions 
• Think longer-term - what is your upside from meeting this person other then taking the listing today? Referrals, breaking into neighborhood, grow market share, grow sphere, etc.
• Ask good questions to help you get to their top concerns
• Present your “Value Proposition” – This is simply why they are better off with you then without you. Be specific how you will sell their house and put more money in their pocket!  
• Be prepared to go away and do more homework
• Position yourself as an expert