Real Estate Daily Info
Your Source for Reliable Real Estate Information

c

Selling your house can be a challenging task nowadays. With the competitive real estate market, it is really tricky to sell property quickly, but not if you add curb appeal to your house for sale. Use these affordable home improvements tips and I’m pretty sure that you can attract more buyers!

• Declutter. Remove all unnecessary things in the house. Clean out the closets and make each room looks more spacious. “It’s the most affordable change that sellers can make when selling their abode,” says Marybeth Dennett, real estate professional with Triangle Star Realty in Durham, North Carolina.

Polish Furniture and Floors. Make your room free from dust and dirt. Make sure to convey a room with a pristine feel, and your buyer can surely not resist to your home’s charm.

• Update your lighting with modern fixtures to brighten and add warmth in your home.

• Throw away broken mirrors and replace it with a new one.

• Make a great impression! Welcome your potential buyer with a newly fresh front door.

• Remember everyone has personal style and preferences. So, keep your walls in neutral colors and remove wallpaper if needed.

If you have done all these efforts yet you were not able to sell your house within the period of time you want, it is recommended to contact cash house buyers. These legitimate companies buy houses and other properties in any condition and at any location.

man rolling sleeve

There is a general belief that investing in real estate is a sure way to have a steady income. Hence over the time, more aspirants have chosen to venture in this trade.

What many people fail to realize however is, like any other business, real estate requires a lot of investment, industry, diligence and dedication. Indeed the success of a real estate investor is apparently the product of hard work in which he put in his money, time, effort and devotion.
Being a real estate investor requires a lot of courage, talent and creativity to entice clients to employ his services. He should also keep abreast with the updates on the business community to identify prospective buyers. Real estate business, certainly, is not an easy path.

moving out

If you are a home owner and you are currently living in the house that you are selling, you have to make sure you are ready to vacate the house when the buyer is all set to take possession of the property.

There may be instances when the home owner or seller is not ready to go. But whatever the reasons for his inability to move out is no longer the concern of the buyer, although, perhaps for some kind consideration, there are buyers who may give the seller ample time to move out. But then again, this is not always the case for more often, after the sale is completed, the buyer won’t want to wait long anymore before the seller can depart from the house.

slavic-village.jpgSlavic Village in Cleveland, is experiencing a rise in crime rates. The culprit? Foreclosures in the neighborhood that forced a lot of homeowners to move out. The Country Treasurer reports that at least 800 homes have been vacated. It has attracted squatters and looters.
The area developed in the middle of the 19th century when Polish and Bohemian immigrants settled in to work in steel mills and factories in the area. With the foreclosure of houses, crimes have been up. Initially, the remaining residents tried to fight the criminals by organizing watch groups and prodding the police into action. Eventually, however, most residents just opted to move out.

As less of the residents remain, the fight to keep the crime rates down have become tougher.

This is not the first town to suffer this fate.

Links:
News source
Image source



Note: One of the biggest challenges real estate investors face is finding the money to fund those first few deals—even when they have some cash themselves. I sat down and talked with Russ Whitney, internationally known and respected leader in the real estate investment and financial training field, and here is his advice:

Jordan Taylor: I recently heard from a new investor who was buying a property at below-market value and had a 5 percent down payment, but the bank said because it was an investment, the down payment needed to be 20 percent. What would you suggest that she do?

Russ Whitney: She needs to shop around for a different lender. She probably went to a branch of a mega-bank that has very strict rules and the people in the branches do not have the authority to operate outside those rules. Another lender may look at the deal far more favorably.

What’s very important to always keep in mind is that when you take out a loan, the lender is not doing you a favor. The lender is going to make money on the deal through the interest on the loan and various other fees, such as points and closing costs. You’re the customer, and you should be treated that way.

JT: If the bank is going to make money on the deal, why do they turn down loans?

RW: Because they have to be sure they will make money on the deal. Banks make money on loans that are paid back on schedule, so they have rules and policies that are supposed to help assure that they make good loans. Unfortunately, sometimes strict rules don’t allow a bank the flexibility to work with a creative real estate investor. But just because one bank turns you down doesn’t mean you can’t get the deal funded. That’s why you need to look at other lending options.

JT: That’s easy for you to say–your name is Russ Whitney and people are probably lining up to give you money. What’s the best way for an ordinary person to do that?

RW: I recommend dealing with a good mortgage broker. Their job is to bring borrowers and lenders together, and they only get paid when the loan closes. They are a tremendous resource for real estate investors because they do all of the loan shopping for you, and the lender pays their commission. A sharp mortgage broker will help you structure the deal and then take it to the right lender.

JT: What do you mean by “the right lender”?

RW: Not all lenders are the same. They have different requirements, they like different types of deals. Traditional banks, for example, are very concerned with how much cash you’re putting into the deal and your credit rating. A hard money lender focuses on the value of the property and the loan-to-value ratio. Also, different lenders offer a range of terms. Some want the loan paid back quickly, perhaps within a year, others will go for much longer terms. The broker is also going to consider the lender’s fees and other policies, and make sure it’s all consistent with your goals.

JT: How do you find a good mortgage broker?

RW: Start by checking the yellow pages of your local telephone directory. Many brokers will advertise in the real estate classified section of the daily paper or in the weekly shoppers and real estate publications. If you’re active in your local real estate investors club–and you should be!–you’ll probably meet brokers there, or you can network with other investors to find out who they use.

Sit down with the broker and explain your investment strategy and goals. Ask if he works with lenders who want to fund the kind of deals you want to do. The broker should be enthusiastic and positive about what you’re doing–if you sense that he’s being negative, find another broker.

JT: Any other advice?

RW: Don’t give up. There is plenty of money out there to fund real estate deals. If you’ve put together a good package the way we teach, you can get it funded.

Washington politicians are busy discussing on how they would attack the problems of mortgage and how to aid the troubled homeowners. A bill made by Representative Barney Frank was passed by the House. This bill would allow the Federal Housing Administration in insuring new mortgages for those who are risking a foreclosure. A committee in the Senate would probably create a similar proposal, but the final legislation may not be exactly the same. Still, the house provides a sense of how their program could be effective once enforced. There would be certain factors which would be considered in order to qualify for the program.

by: Vii



It’s a jungle out there. You are all surrounded by the enemy vying for the same bounty. The enemy is trying to steal your business or better yet, make sure no new business comes your way. These enemies are disguised as other real estate professionals, the very ones who greet you at conventions with a smile and ask about business. They stand waiting for you to get turned down for business and then swoop down for the kill.

These enemies thrive on competition. These guys are out to get you and get you good. But there is good news – by implementing a dynamic marketing program, you can beat your enemies at their own game! All you need is a solid marketing program consisting of approximately 10 of the Marketing Weapons listed below (part 2 and 3 of the list will appear in the next 2 issues of my newsletter).

Just make yourself a marketing calendar (a marketing calendar is simply a document that lists your marketing weapons and shows when and how often they will be implemented) through the end of the year. Make sure this marketing calendar lists your marketing weapons, the action step(s) required for each one, date(s) when each will happen, as well as a place to record the results. You need to record as you’ll soon learn which weapons work, the ones you’ll keep.

The 27 Marketing Weapons – Part 1:

1. Competitive Advantage: Make sure you have the competitive advantage within your target market. Be professional, referable, and provide outrageously good service. This is a good example of a daily marketing weapon.

2. Have a prospect List: Have a prospect list, keep it updated, and review it daily.

3. Follow-Up: Believe it or not follow-up is a marketing weapon because 90% of commercial real estate professionals stink at it! The best way to make sure your follow-up is working for you is to review your potential deals, deals in progress and deals under contract daily – determine what action steps are needed, make a list and then block out 1 hour of your time when you will not allow yourself to be interrupted and go for it. And, don’t forget all of those things you’ve promised people you would do. There are many other ways to create a follow up system – call me if you’d like to explore this.

4. Get an 800#: This number is easy to get, and you only pay when someone calls you. You can use it for pre-recorded messages. This is an easy way for anyone to contact you, a way to get some business from Canada (it is costly to call Canada and some people therefore don’t), and it gives you a very professional image.

5. Website and Online Presence: This one’s easy. Get a website and make it work for you. Then you can send prospects to your site for more information about you. And, while you’re at it, give away a free report in exchange for capturing their name and email address.

6. Make an Audio CD Interview: This is cool. Go out and buy yourself a digital recorder (I recommend the Olympus DS-2, $149.00 because you can download the recording directly to your computer and make CD’s from there), have a colleague get on a phone call with you and interview you about business. Have a list of questions prepared in advance so there are no surprises. You can then send a CD made from the recording to prospects or better yet, post it on line. This will give a taste for what you’re all about. Be sure to capture the “benefits” a client receives when working with you.

7. Host a breakfast: Send invitations to 6 of your favorite prospects and invite them all out to breakfast. Don’t be concerned with having them all together at the same time, promote this as a way to meet new people and network – even call it a networking breakfast! Before they leave, in addition to thanking each person individually for coming, give something of value (a copy of your favorite book, a gift card to Starbucks, anything). This is a great tool for a monthly or quarterly marketing weapon.

8. Postcards: Start a monthly campaign. It takes 7 to 9 times for a prospect to see your name before they will pick up the phone and call you. Remember, people do business with those they like, know, and trust. This builds trust and makes the prospect feel like they know you.

9. Speak at Conferences: For those who like to speak, this is a great way to quickly gain credibility. Just think of the times when you attend a conference and hear people speak, don’t you automatically view them as an expert? Speak on subjects you are comfortable with, that way it will be effortless.

10. Effective Use of Voicemail: Leave clear, precise and to-the-point voice mail messages. For example, if you have a space you are marketing, state the exact location and request a callback with any interest the prospect may have. Or, if you’re calling to confirm a meeting, state that. This eliminates guesswork and allows the recipient a chance to answer the question in the event that you are unavailable when they call. Also, when leaving your callback number please do not mumble or speak slowly. State the number twice. And finally, note that leaving a precise message increases your odds of a callback.

11. Provide Outrageously Good Client Service: Providing outrageously good client service will make you stand out and memorable. Why? Because most service providers do not! Take the time to create a system for “WOW” client service and then don’t forget to follow it. This one marketing weapon is worth mega dollars. Go out of your way to go the extra mile. The reward will not only be a client for life, but referrals too.

12. Testimonials/Brag Book: You’re probably asking yourself who does this? Exactly the point – you should. Create a Brag Book that consists of testimonials, letters of recommendation, descriptions of deals well done and even a list of deals completed. I can tell you few people have this and most clients love looking at them, and it will make a prospect feel like he or she is working with a pro.

13. Publish a Newsletter: This works, and I am proof! Consistently get good information in front of your target audience. Add value by providing information that would be of interest to your readers. Send it monthly, bi-weekly or even quarterly. For those that don’t know how to do this, I will be offering a free class coming up soon and I will give you the step-by-step process!

14. Host Teleseminars: This idea came to me last week. I realized how cool it would be for you to host a teleseminar (a group call lead by you on a specific topic). For example, 7 Steps Leasing an Industrial Space. Or, Don’t Get Caught in a Bad Location – 5 Strategies for Site Selection.

15. Have a Marketing Calendar: This simply means you map out in the beginning of the year or at the very least on a monthly basis, all marketing action steps you intend to take, the date (s) they will be taken, and the desired result. This can be written in a calendar, made as a spreadsheet or whatever. The point is to plan ahead and then follow through.

16. Post on e-bulletin boards: Although I have never carried out this particular marketing weapon, it is my understanding it can be quite effective. Just Google bulletin boards in your target market and begin answering the questions posted. This will then make you “the expert” (see #9). Prospects who participate in these types of informational exchanges will begin seeking you out – I promise.

17. Write a Free Report: Add value always. Your clients and prospects will profit by receiving a free report from you loaded with useful information. An example is “10 ways to Profit From Purchasing Your Own Building”; or, “7 Strategies to Choosing The Perfect Retail Location”. At the end, add a paragraph on the benefits of using you to assist them in their needs. (Hint: make it all about them.)

18. Be an Expert: This is a no-brainer! Everybody wants to work with an expert. List 10 ways you can become known as an expert in your niche and then start checking each one off as you accomplish it, and before you know it, you will be “the expert!”

19. Ask: We so seldom remember sometimes all that’s needed is to convey our need – more business. Don’t be bashful or shamed because you are asking for business. Ask and you shall receive. If asking catches your tongue, write up a script or two ahead of time and you’ll do fine.

20. Prospect Letters: Have an arsenal of prospecting letters you regularly send out. For example, if you notice a business acquaintance has changed jobs, send him a letter and offer to sit down and share some of your knowledge about his new territory. Or, mail a prospecting letter to your key centers of influence asking for referrals. But remember, if you don’t follow up with a personal phone call the prospecting letter will be less effective.

21. Word of Mouth: Learn how to work into casual conversations that you have just finished working with a couple of key clients and now have room in your schedule for a few more. Even better, spell out who an ideal client is. Let your peers know you’d like additional business and in exchange you will be mindful to send business their way as well when you can (get in the habit of referring).

22. Offer 5 FREE Consultations: By this I mean call up 5 prospects and offer to sit down with them over a cup of coffee and talk about their current and future real estate needs, no strings attached. Give a suggestion or two towards the end and then walk away without asking for business. The key is to follow-up, ask how it’s going and oh by the way, can I be of service to you? This works like magic.

23. Write a Book: Nothing will position you as an expert faster then writing a book – you will have instant celebrity status. If writing isn’t your thing, record it and have your assistant transcribe and edit it.

24. Join a Tips group: Join an existing group such as LeTip (LeTip.com) or BNI (BNI.com) and get ready to have more business. The format of these groups is to have weekly breakfast meetings and share referral possibilities with each other. Better yet, form your own referral group and share clients.

25. Serve on an Association Board: Volunteer your time to associations and organizations that apply to your specialty, for example, ICSC (International Council of Shopping Centers). Offer to head up a committee or help another committee chair. Work your way up to being a board member. This gets you exposure, involvement and expertise.

26. Create a Resource List: Create a listing of valuable resources and share them with your prospects. Executives are so busy these days they will welcome any help you can provide. It will save them hours of research time and they will be grateful to you. It’s easier to give business to someone who has been helpful in the past. Plus, it shows you are resource-rich, always a plus.

27. Lastly, Be Professional: Show up on time, do what you say you’re going to do and do it with excellence.

zillow.gif
Zillow has launched a Mortgage Marketplace “Code of Conduct” for all sides involved in the Real Estate industry.
The code encourages consumers to follow the rules, be honest in disclosing their income, credit and other material qualification datas, and be fair in their rating of originators.
Originators are also encouraged to also follow the rules, be upfront, stick to their real quotes as long as consumer facts don’t change from beginning to end, and to respect customers in the marketplace even if the consumer takes a long time to decide on things. Remaining composed throughout the process is very important.

On the other hand, Zillow’s role is to play ombudsman, a sort of judge/gatekeeper who will bounce originators and consumers alike who utilizes the marketplace in ways that are unacceptable to a harmonious environment.

static04-teamwork.jpg

Planning is very important in any business and real estate is not excluded. You have to set your goals by listing down what you want to achieve then make a draft plan to get into your dream position.

Changes occur all the time in the real estate industry. The housing market might be booming this time and might reach its down point in the coming years.

Real estate experts advise beginners to make a wish list for your business. How much would you like to earn in the coming years? What do you want to achieve? Being optimistic invites positive vibes but be realistic. Dont aim too much if you think that its impossible for you to achieve it now.

Feb
12



HUD homes sales are very popular in the Miami real estate market. Investors are always looking for bargain prices when purchasing real estate. HUD homes Daily All Bidders list is the best way of buying HUD homes for investors. HUD is offering a lot of incentives in order to sell their Miami real estate inventory. The $100 down payment for owner-occupants is a very attractive FHA loan incentive. The FHA 203k program is a good way to obtain money for repairs. The 203k program allows the buyer to combine the cost of repairs and the mortgage. HUD is also giving sales allowances that allow the buyer to pay down the mortgage, pay closing costs, or make repairs. These incentives do not apply to investors.

Daily All Bidders – Investors are not allowed to purchase a HUD home in the initial bidding period. The investor must wait for the property to go into the Daily All Bidder status. When a Miami HUD home does not sell in the initial offer period it goes into a Daily bid list. This is when the investors come in and pick up the property at a discount. Investors try different bids usually starting low and moving up until their bid is accepted. The Daily bid is an excellent way for the investors and end users to buy a HUD home in the Miami real estate market without having to compete in the regular bid process. Investors do not want to get caught up in a bidding war which can raise the sales price. The first acceptable HUD bid is accepted in a daily manner. HUD will reject all offers that do not meet their guidelines and is considered too low.

HUD will not disclose the percentage they will take as the lowest bid. This percentage could be from 13% to 50% or less depending how long the property remains in the Miami real estate market. All Miami HUD homes used to sell on the initial offer period and for a lot more money than the starting bid. It was not uncommon for a property to sell for 50% over the list price with multiples bids offered for the same property. All of this has changed dramatically. Now most of the HUD properties do not sell in the initial period. Most of the Miami real estate inventory is sold in the Daily bids at discounted prices. The net to HUD is usually is now much lower than the original price.

Many investors study the bid results page so that they can determine the lowest percentage HUD will accept. The results also shows the selling office, date of sale, the offer accepted and the net to HUD. All HUD homes are sold in as is condition. An investor must make a bid through a registered real estate agent. There are now more HUD homes available for sale in the Daily bid list. The numbers of HUD homes will increase greatly due to the high number of FHA loans being originated. Investors must consider the Daily All Bidders when purchasing a HUD home in the Miami real estate area.