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Distressed Properties in CMA’s

April 15, 2011 By

Most people have heard a lot of rumors and stories about short sales and foreclosures, but actually know very little about them. This is particularly true of people who are current on their mortgages and worried about selling their home in a market full of distressed properties.

Instead of avoiding the topic, it is essential to discuss distressed properties as a key part of your listing presentation. The question is, how to do it and at what part of the presentation? Many agents talk about distressed properties when going over the Comps. Here’s another approach—what about discussing distressed properties in the Marketing Plan part of your CMA/Listing presentation? One of the favorite features of the eNeighborhoods CMA is the ability to make your own Marketing Task List.

Tab six of the eNeighborhoods CMA is the Marketing tab. Just click the “Add Task” button from the left side panel, and type things like “Explain Short Sales and Foreclosures.” Now it is part of both your listing presentation and your CMA report. This is your opportunity to explain to your client that all is not lost when competing with distressed properties. Some buyers may be willing to pay a little more for a clean listing, as you will emphasize in the Public Remarks, Flyers, Ads and other marketing materials. Examples may include:

· Distressed properties are usually sold “As-Is” and can be far riskier than a Clean Listing

· Short sales list prices found in the MLS may not be approved by the lender

· Short sale offers typically take longer to receive a response, exposing buyers to further market declines over time

· Lender owned transactions typically counter with a very one-sided bank contract that overrides approved Florida real estate contracts

· Clean listings, on average, are in better condition than distressed properties

The most important thing to remember about discussing distressed properties is that you may turn a potential negative into a positive for your client. In addition, you will be demonstrating your knowledge of the market when you help your clients understand the differences between clean listings and distressed properties.

eNeighborhoods offers Live Webinars every week on the eneighborhoods website at http://www.eneighborhoods.com/training.html, Be sure to take advantage of these information packed sessions!

Brett Woolley, REALTOR®, MBA, ABR, National Trainer, eNeighborhoods has worked in the MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. He currently conducts software workshops for approximately 5,000 real estate professionals a year. A licensed and practicing REALTOR® himself, Brett enjoys sharing ‘war stories’ with groups and helping agents and brokers actually solve their real estate problems using eNeighborhoods software products.

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Custom MLS Reports: It’s about Solving Problems

April 8, 2011 By

As I travel across the country conducting WyldFyre7 workshops, familiar faces of real estate agents often ask “Are you going to show us some new reports”. The answer is always “yes” because I continually design custom MLS reports in WF7 based on problems that I encounter as a real estate professional. That’s the beauty of WF7, it is much more than an MLS search engine, it is a tool for solving real estate problems using listing information.

Recently some clients closed on a property and moved into their new home which was a foreclosure. It was during this transaction that I recognized the need to do a better job of pre-screening foreclosed properties for buyers. There were so many questions to ask up front that could have saved time and hassles later. For example, is the foreclosed property owned by Fannie Mae? If so, you better add several business days to your projected closing, as Fannie Mae takes 48 hours after all of the papers are signed to review the HUD1 statement, which could cause your closing date to slip.

Based on a desire to be more thorough in pre-screening foreclosures, I looked to WF7 to solve the problem. As a result, there will be a special report available that includes only the property information needed: a photo, the listing agent contact information, and a series of questions to ask about the property. Now you can call the listing agent and just go down the list of questions from this new report, and not worry about forgetting to ask something important. The new report is called the “Foreclosure Checklist.” We are currently working on getting it added to a general upgrade so that all RMLS agents using WF7 can use it. But don’t forget, any agent with WF7 has the best tool in the industry for creating custom MLS reports. Learn to use that tool to solve your real estate problems and you’ll find it indispensable to your practice!

Brett Woolley, REALTOR®, MBA, ABR, National Trainer, eNeighborhoods has worked in the MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. He currently conducts software workshops for approximately 5,000 real estate professionals a year. A licensed and practicing REALTOR® himself, Brett enjoys sharing ‘war stories’ with groups and helping agents and brokers actually solve their real estate problems using eNeighborhoods software products.

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Buyer Consultations: More Relevant than Ever

April 1, 2011 By

Just the other day I walked by a Starbucks and overheard two gentlemen discussing the local real estate market here in Arizona. The focus of their conversation was centered on the ‘unbelievable’ prices on short sales and foreclosed properties. Similar conversations are heard regularly these days, and chances are that many of you have heard the same.

The amazing thing is that rarely do you hear talk about the buyer who got burned in a Lender Owned transaction, or about someone who waited forever to hear back on a Short Sale offer, only to find out the property was foreclosed on anyway. It is human nature to spread fantastic success stories of people buying distressed properties. The fact is that most people are simply unaware of the risks involved in buying them. That’s why the Buyer Consultation is even more relevant than ever in today’s market.

Buyers can get pretty excited over housing prices they find on Public Websites. But do they know of the possible risks involved with many of these properties? A Buyer Consultation meeting, held before you get in the car to tour properties, is the best time to really educate your buyers and thereby win their loyalty. Here is a quick sampling of the risks of Foreclosures that most buyers are not aware of:

· Banks cannot provide adequate disclosures, if any.

· Banks often ‘counter’ with non state-approved contracts that are so one-sided they void any seller warranties, and can even include monetary penalties to the buyer if the closing date is missed for any reason

· FHA loans are very difficult to get unless the buyer is willing and able to pay for all needed repairs found during the inspection period. If the buyers cannot make the repairs, they are out the non-refundable cost of the inspection

Although I cannot give details at this time, stay tuned for some exciting new features in the eNeighborhoods Buyer Tour program. Brokers and agents will learn how to conduct a thorough Buyer Consultation with their clients. Meanwhile, take advantage of the fact that so many people are talking about distressed real estate. I just bought magnetic signs for my car that says:

Short Sales & Foreclosures…..

Do You Know the Risks?

In Today’s Market you need

Professional Buyer Representation!

Brett Woolley, REALTOR®, MBA, ABR, National Trainer, eNeighborhoods has worked in the MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. He currently conducts software workshops for approximately 5,000 real estate professionals a year. A licensed and practicing REALTOR® himself, Brett enjoys sharing ‘war stories’ with groups and helping agents and brokers actually solve their real estate problems using eNeighborhoods software products.

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Are Rental Customers Worth It?

March 25, 2011 By

I recently met a young couple in my area who are planning to buy a new construction home. They were very polite when informing me that they had already talked to another agent, and even though they found the new home subdivision, they registered the other agent with the builder. I wished them well which was all that I could do at that point.

A week later the couple called me and asked for my help. They were living in corporate apartment housing, and their time was up in just ten days. They needed a house to rent for the next six months while their new home was being built. When they called the “other agent” for help, she informed them, “Sorry, I don’t do rentals.” This was astonishing. The very help they needed most was not going to come from the original agent.

I immediately went to work helping this couple. We looked at several rental homes and most importantly, I pointed them to my Web site where they could search the MLS for themselves using IDX. This teamwork of both agent and client looking for a rental online was highly efficient, a great experience for the client, and sure enough we found a very nice rental home. Because we were prepared, we got our application in first and the couple moved in with their family soon after. But this is not where the story ends.

I have no problem helping renters even though there is not very much money in it. Almost all renters eventually become buyers, and there is the referral aspect as well. It’s sound marketing. But what happened here was telling. The couple noticed that a new phase of the subdivision was opening with a new builder. They decided to look there because they could have first pick of the lots. Of course, they asked me to represent them on the new home purchase. And to make it more interesting, another family member of this couple is also looking at the same new subdivision and they registered my name there as well.

For me, working rentals is planting seeds for the future. Of course you cannot spend an inordinate amount of time with rental clients. But there is technology to help make it more efficient. This is why I believe that every real estate agent needs to have their own place on the Internet where their clients and contacts can search for homes. I’m a big believer in Web sites and IDX. I’ve done three rental transactions this year all with the help of IDX, enabling the renter to search for what they want. My preparation and strategy was still needed to secure the rental home. That creates an excited and loyal client who may not only work with you later on a home purchase, but they may also refer you to friends and family for many years to come. Are rental clients worth it? To me they most definitely are.

Brett Woolley, REALTOR®, MBA, ABR, has worked in the real estate and MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. A licensed and practicing REALTOR® with Boulter Properties in Phoenix, AZ, Brett enjoys sharing ‘war stories’ and helping agents and brokers solve real estate problems

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Are Agent Web Sites Downsizing?

March 18, 2011 By

In last month’s article I talked about using a domain name to get ranked on Google and other search engines. Part two of that discussion will focus on those who just want a simple Website for your existing clients and prospects.

For many years real estate professionals have been purchasing or subscribing to “agent Websites” that have been increasing in both complexity, pages, and the sheer number of links found on the site. Lately I have noticed a trend—a lot of agents are looking for something much simpler.

Recently I have been teaching Phoenix, AZ agents about a powerful IDX solution found within our own MLS system. To show the IDX in action I use my own basic “WordPress” Web site as an example. What has really struck me is the sheer number of agents who have been contacting me saying “I want a simple Web site like yours!”

The first thing to realize that there is only one purpose for an agent Web site—to have a place for your clients and prospects to search for homes on the Internet. That is it! Everything else is just fluff and clutter. With over 95% of all home buyers searching the Internet themselves before they talk to an agent, this should come as no surprise. So consider first things first! It all begins with subscribing to some form of IDX, and then considering a Web site later. When choosing an IDX product be sure that there is some form of lead capture built in. In many cases an IDX product is simply a link, or a Web address. So with that in mind, here are a few suggestions:

The “No Website” Website

If your IDX solution can stand alone as a link, you may just skip the Website for now. You can email the link to your clients so that they can search for homes while using your account. Or, how about putting the link in your email signature?

The Domain Name Only Website

Do you have a domain name but no Web site? You can just “point” the domain directly to your IDX link. For example “AgentJaneDoe.com” may take a client directly into an MLS search, right where they want to be anyway!

Blogging Websites: Simple & Often Free

This is a huge trend among real estate agents. Blogging sites like WordPress and Blogspot are designed for simple blogging, but they can also be setup as “static” Web pages or Web sites. For an example, you can check out my personal WordPress site at www.GilbertHomesAZ.net. These sites come with an Administrator’s tool so you control the theme, design, and content without the cost of a programmer or expensive subscription. And once again, don’t forget to put that IDX link prominently on your Home page.

Every agent should have a personal website for clients and prospects to search the Internet. But you don’t need something fancy and costly; the minimalist approach will work just fine.

Brett Woolley, REALTOR®, MBA, ABR, has worked in the real estate and MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. A licensed and practicing REALTOR® with Boulter Properties in Phoenix, AZ, Brett enjoys sharing ‘war stories’ and helping agents and brokers solve real estate problems.

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Stand Your Ground with Bank Bullies

March 15, 2011 By

With all the foreclosures, short sales and REOs, on the market today, sooner or later you will have to interact with a bank as the seller to close a deal. Unlike dealing with a private homeowner, banks have a lot of ‘rules’ about how to complete a transaction with them and some can be quite intimidating.

I recently closed on a bank-owned foreclosure where my buyers purchased a lovely country home in the mountains of Prescott, AZ. Because the home was in a rural area, it required additional inspections and paperwork for the domestic well and septic system.

After securing the winning offer, we looked forward to a fast and painless closing. As with all bank owned properties, there were counter offer addendums and the bank demanded that we use their vendors in the transaction, i.e. their title company and septic inspector. We did not feel comfortable with the bank’s title company and asked to use our own instead. The bank’s answer was yes, but only if we paid their title fees. These tactics are very common with bank owned transactions. It seems as if the spirit of RESPA has died and that the banks are demanding buyers to use not only their title company but in many cases their financing office as well!

Title Company: Knowing it would cost my buyers more, I counseled them on the risks of using the bank’s national title company. Mostly we were concerned about true neutrality. My buyers agreed to pay a little more to have our own choice. As it turned out, our title company did a spectacular job with the transaction, closed 10 days early, and even filed the buyer’s new ownership papers with the county for the domestic well and septic system at no charge. None of these benefits were possible with the bank’s vendors. The buyers were pleased with the results and felt it was worth it.

Septic Inspection: In Arizona the seller pays for the septic inspection. As expected, the listing agent and the bank had a preferred vendor with a maximum price they would pay for the inspection. Instead of giving in to their suggested vendor, I located a very reputable inspection company and insisted that we use them. The listing agent called to schedule the inspection but felt the price was too high, and the agent wanted the inspection done by their preferred vendor instead.

When the listing agent called me to explain, I stood my ground and said “No, we will use our inspector and we’ll pay the difference in price if it goes over your amount.” We later learned the bank’s septic inspector was a local company with a bad reputation, known for drive-by inspections and was currently fighting litigation. Again my clients were grateful that I was “looking out for them and standing up to the bank.”

These acts may appear small, but my clients knew that I was doing many things on their behalf, and said this was the easiest real estate transaction they had ever had. For a closing gift I got them a large fruit basket and put one of those “Easy” buttons from Staples in it. I hope they’ll remember me when talking to friends about how nice it was to have an agent truly represent them in a real estate transaction, especially with a bank-owned home.

Brett Woolley, REALTOR®, MBA, ABR, has worked in the real estate and MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. A licensed and practicing REALTOR® with Boulter Properties in Phoenix, AZ, Brett enjoys sharing ‘war stories’ and helping agents and brokers solve real estate problems.

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Add Video to Your Website

March 15, 2011 By

There are some very cool technology tools available to real estate agents now days. Here’s one you most definitely want to apply.

In recent articles, I have focused on agent Web sites. By now you probably know I am a big fan of simple sites that make it easy for visitors to do the only thing they really want to do—search for homes!

In order for your Website visitors to easily search for houses, you must have an IDX link featured prominently on your home page. Most IDX products are pretty straight-forward and easy to use. However, you might want to add something to your Web site that really separates you from the pack.

Add a short IDX Training Video to your Site

Many agents agree that a training video would be a great addition to their site. What stops them from doing it is the belief that training videos can only be made by experts, using expensive software. Not so!

Let me introduce you to a free Web-based application called Screenr (pronounced Screen-er). You do not need to buy or download any software to use Screenr; all you need is a Twitter account. So the first thing to do is sign up for a Twitter account, even if you never plan to send any tweets.

Next go to the Screenr Website at www.Screenr.com and watch the one minute training video on their homepage about how to create a Screenr video. You will need a microphone to record your voice if you have a PC; with a Mac the microphone is built in. Have your agent Website with your IDX search open in a separate window and you are ready to begin.

Screenr Instructions:

1. Click the yellow bar to record your video. A sizeable frame appears.

2. Navigate to your Website’s IDX search window and frame the video capture around the area you want to record.

3. Choose a microphone option from the bottom left menu.

4. Click the record button and you get a countdown of 1, 2, 3 before starting.

5. In your normal voice and at your normal speaking pace, click on the screen and describe how to use your IDX search. Click the Done button when finished. You are limited to just 5 minutes.

6. Next “publish” the video on Twitter but remember to copy the “embedded” link for your agent Website.

To see a sample, go to my Website at www.GilbertHomesAZ.net and watch the video for my IDX search here in Arizona. Since this technology is free, there is no harm in just trying it out. You’ll see how easy it is and the quality is astonishing, especially in high def, or full screen mode! Your clients and Website visitors will love it and it will really make you look tech-savvy!

Brett Woolley, REALTOR®, MBA, ABR, has worked in the real estate and MLS information industry since the early 90’s where he was instrumental in bringing programs such as WyldFyre software to the market. A licensed and practicing REALTOR® with Boulter Properties in Phoenix, AZ, Brett enjoys sharing ‘war stories’ and helping agents and brokers solve real estate problems.

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