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Don’t End Up Temporally Homeless

Unfortunately, real estate transactions fall apart every day for a variety of reasons. Many times deal killer scenarios could have been avoided if the real estate agent had just educated their buyer clients as to the process before the first purchase contract was ever written. Don't be afraid of giving your buyer clients an early education on challenges that might be encountered, how they generally get resolved and your role in that process. Negative surprises in the emotionally charged, time sensitive home purchase process can be avoided in many cases by going through a checklist of instructions to buyers.

1. Don't End Up Temporarily Homeless

There are so many inter-dependent activities involved in a Collin County real estate closing, so it's not that unusual for there to be last minute delays that move a closing a few days back. Often this is due to mortgage documents, as the lender wants to see the appraisal, survey, title and other documents first. If any of these are things are delayed, then the closing may be later than expected. Though it can't always be avoided, make sure that your client doesn't arrive at closing with all their furniture with no place to live or the money to pay the movers for van storage because they can't move in for three or four days.

 

2. A Really Low First Offer Can Backfire

In the Denton County real estate market and Tarrant County real estate market with a rising inventory many times encourages buyers to make low ball offers just to test the sellers motivation. In some markets it's not very unusual and sellers come back with a high counter offer to draw the buyer higher to an acceptable price. Your buyers could pay up if they are not careful about this aggressive offer approach. With first-time sellers who've cared for and loved their home for many years, a very low offer can offend them.

 

3. If You Beat the Sellers up on Price, Don't Expect Concessions

Everybody wants a great deal and working a motivated seller into a low ball price is the goal of many buyers. Make sure to talk to your buyers about how this will influence the process in almost every aspect through to closing. Tell them that getting a seller to their rock bottom price will usually insure that they will not agree to any concessions for repairs to correct inspection problems. As long as you have educated your buyers to this, you will hopefully avoid the transaction falling apart because of sellers' remorse or inspection correction negotiations.

 

4. Do a Comparative Market Analysis for You to Prove Your Offer

When the question of "What price should I offer for this home?" comes, tossing out with a number is not the best approach. You should advise your buyers' through a comprehensive market analysis of similar recently sold properties in that area. This should give a range and your buyer can then choose an offering price based on accurate market statistics. If there are other factors that you can give to your client about seller motivation or recent market changes, definitely do that and help them to feel comfortable with the price they choose to offer.

 

4. I'm Not an Expert but I Will Help You to Locate One

Too many real estate agents get into a jam by trying to be helpful to their clients in areas that they shouldn't be. If you're not a home inspector, lawyer, appraiser or an contractor. Don't try to take on their jobs and responsibilities erroneously believing that you're providing service to your clients. Saying "I don't know" is a valid response, especially when it is followed with "but I'll help you to find out." You can actually enhance your value to your buyer by being up front and honest about your knowledge and helping them to locate the appropriate competent professional to answer their questions.

 

5. Don't Buy That New Furniture Before Closing

These days, with many of today's buyers purchasing homes at the top end of what they can afford, there isn't any room left in their debt ratio score. Deals have been lost days before closing because the lender did a final credit check and found a few thousand dollars of new furniture had just been purchased on a credit card. Advise your buyers to make no significant credit changes or purchases in this critical pre-closing phase.

Fixer Upper Home – What is The Real Cost?

Considering buying a home to fix up to call home or to flip? You can save a lot of money, or get yourself in big financial trouble.

1. Determine what work you can do yourself

The TV real estate shows make repairs and improvements of DFW real estate look easy and effortless. In the real world, trying a difficult remodeling job that you really don't know how to do will take longer and cost more than you think. In the end it could turn into a huge loss and a real headache.

• Do you have the skills to do the work? Some of the work, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by non-professionals.

• Do you have the time and drive to do it and get it done? Can you take time off from your job to renovate your fixer upper house? Will you be stressed out by living in a construction zone for months while you complete the house?

2. Determine the cost of repairs and remodeling before you make the offer

• Get a home renovation contractor into the house to do a walk through with you so he can give you a written estimate on the work he is going to do. A contractor who specializes in Dallas foreclosures may be your best bet.

• If you are going to do the work yourself, price the supplies and the tools you will need.

• Make sure you add on an additional 10% to 20% to cover unforeseen problems that will arise with these types of projects.

3. Double your check pricing on the structural work

If your project house needs structural work be sure to hire a structural engineer for cost of about $600 to inspect the property before you put in an offer so you can be sure you covered and budgeted for the total cost to repair the problems. If you make a mistake here you may find yourself sell to a we buy ugly houses companies.

Don't purchase a house that needs structural work unless:

• You know the problems can be fixed
• You are getting the house at a steep discount

• You have a binding written estimate with a contractor for the repairs

5. Confirm the cost of financing

Make sure you have enough money for your down payment, closing costs, and repairs without wiping out all of your savings.

If you're planning to fund the repairs with a home improvement or home equity loan:

• Get pre-approved for financing before you make the offer.

• Make your offer contingent on getting both the purchase money loan and the renovation money loan.

• Consider using FHA's 203(k) program, which is designed to help home owners who are purchasing or refinancing a home that needs rehabilitation. The program wraps the purchase/refinance and rehabilitation costs into a single mortgage. To qualify for the loan, the total value of the property must fall within the FHA mortgage limit for your area, as with other FHA loans.

6. Calculate a fair purchase offer

Take the fair market value of the property (what it would be worth if it were in good condition and remodeled) and subtract the upgrade and repair costs. Example: Your target fixer upper house has a 1970s kitchen, nasty wallpaper, shag carpets, and window A/C units.

Your comparison house, in the same subdivision, sold last month for $180,000. That particular house had a newer kitchen, no wallpaper, had hardwood floors and has a central HVAC unit. The cost to remodel the kitchen, remove the wallpaper, install hardwood flooring and put in a central HVAC system is $40,000. Your bid for the house should be $140,000. Ask your realtor if it's a good idea to share your cost estimates with the sellers, to prove your offer is fair.

 

7. Include inspection contingencies in your offer

Hire pros to do common inspections like:

• Home inspection. Make this mandatory in a fixer-upper house assessment. The home inspector will uncover hidden issues in need of replacement or repair. You may know you want to replace those 1960s kitchen cabinets, but the home inspector has a meter that will detect the water leak behind them.

• Radon, lead-based paint, mold

• Septic and well - if the property is in a rural area

• Pest Inspection

Most inspection contingencies let you go back to the sellers and ask them to do the repairs, or give you a credit at closing to pay for the repairs. The seller can also opt to back out of the transaction, as can you, if the inspection turns up something you don't want to deal with. If that happens, this isn't the right fixer upper project for you. Go back to the top of this page and start again.

Negotiate Your Best Buy On DFW Home

Below are six great tips for negotiating the best prices for homes. Bonus tip: Keep your emotions in check and your eyes on your end goal and you can pay less when purchasing your next home.

1. Ask a lot of questions:

Ask your Realtor for information concerning the seller's financial and selling motivations. Are they facing a divorce, foreclosure or a short sale? Have they already purchased another home or relocated to another area making them open to accept a lower sales price to avoid paying two mortgages? Has the home been on the market for a long time, or was it just newly listed on the market? Have there been other offers? If so, why did they not close? The more signs there are that sellers are eager to sell, the lower your offer can reasonably be.

 

2. Get prequalified for a mortgage

Getting prequalified for mortgage financing helps prove to sellers that you are serious about buying and qualified to buy their home. Even in the hot Plano real estate market it will push you to the head of the pack when sellers are choosing among many offers. They will go with buyers who are a sure financial bet, not with those whose financing may flop.

 

3. Work back from your final price to determine your offer

Know in advance the most you are willing to pay for the home and work back from that number to determine your offer. This can set the tone for the entire negotiation. A bid that is to low may offend sellers emotionally invested in their DFW homes sales price. A bid that is to high may lead you to spend more than is necessary to close the sale. Work with your agent to evaluate the sellers' motivation and comparable home sales to arrive at an initial offer that engages the sellers yet saves money in your wallet. When dealing with DFW foreclosures you won't have to worry about the banks emotions, however.

 

4. Avoid contract contingencies

Usually, sellers will favor offers that leave little to chance or risk. Keep your bid as free of complicated contingencies as possible, such as making the purchase conditional on the sale of your current home. Do keep contingencies for mortgage approval and home inspections typical in your area, like radon if they house has a basement.

 

5. Don't get emotional

The reality is, buying a home is a business transaction, and treating it that way helps save you money. Consider any movement by the sellers, however slight, a sign of interest, and keep negotiating. Each time you make a concession, ask for one in return. If the sellers ask you to boost your price, ask them to contribute to closing costs or pay for a home warranty. If sellers won't budge, make it clear you're willing to walk away, they could get nervous and accept your offer.

 

6. Don't let competition change your plan

Great homes and those competitively priced can draw multiple offers in any market. Don't let competition entice you to go beyond your means or agree to concessions, such as waiving an important inspection, that isn't in your best interest.

 

Determine How Much Mortgage You Can Afford – Tips

By knowing how much mortgage you can afford, you can ensure that home ownership will fit in your budget and meet your long term goals.

1. Factor in Your Down Payment

How much cash do you have for a down payment on DFW real estate? The higher the down payment you can come up with the lower your monthly payments will be. If you put down at least 20% of the home's cost, you may not be required to get private mortgage insurance which costs hundreds each month. This leaves more money for you to put towards your mortgage payment. The lower your down payment, the higher the interest rate, loan amount you will need to qualify for and the higher your monthly mortgage payment will be.

 

2. Consider Your Total Debt

When it comes to buying Plano real estate most mortgage lenders generally follow the 28/41 rule. Your monthly mortgage payments covering your home loan principal, interest, taxes, and insurance shouldn't total more than 28% of your gross annual income. Your overall monthly payments for your mortgage plus all your other bills, like auto loans and credit cards, shouldn't exceed 41% of your gross annual income. Here's how that works. If your gross annual income is $50,000, multiply by 28% and then divide by 12 months to arrive at a monthly mortgage payment of $1,167 or less. Next, check the total of all your monthly bills including your potential mortgage and make sure they don't go above 41%, or $1,708 in our example.

 

3. Use Your Rent Amount as a Guide

The tax benefits of homeownership usually help you to afford a mortgage payment of about one third more than your current rent payment. You can multiply your current rent by 1.33 to arrive at a rough estimate of a mortgage payment. Here's an example. If you currently pay $1,500 per month in rent, you should be able to comfortably afford a $2,000 monthly mortgage payment after factoring in the tax benefits of homeownership. If you're struggling to keep up with your rent however, consider what amount would be comfortable and use that for the calculation instead. Also consider whether or not you will itemize your tax deductions. If you take the standard tax deduction, you cannot deduct mortgage interest payments. Find a Dallas real estate blog that has tools on them to help you calculate these numbers.

 

4. The general rule of mortgage affordability

A good rule of thumb; you can typically afford a home priced about two to three times your gross income. If you earn $50,000, you can typically afford a home between $150,000 and $200,000. To understand how that rule applies to your particular financial situation, prepare a family budget and list all the costs of homeownership, like property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care costs. This takes a little bit of brain power and effort but it is paramount before you go start looking for that perfect home.

Tips For Becoming a DFW Real Estate Agent

The easiest part of becoming a DFW real estate agent is getting the license. While many would be stress out over studying and the test for becoming a real estate agent, their focus is not where it needs to be. Pay attention to the items that follow, as you will pass the test if you try, but you're likely to be in the large group who fail to make it in the real estate business if you don't plan ahead.

Get a successful mentor or choose a broker with a good training program:

If you intend to have a successful Dallas real estate career a mentor is paramount to that success. The test isn't what you need for success when becoming a real estate agent. You need it to get your license, but you need a lot more to make your business a success. Get a successful agent or broker for a mentor, or offer to assist them in their transactions. There is a lot to learn about the process, it's not all about "selling. You will need to understand and explain title insurance, surveys, liens, encumbrances, deeds, and much more. You'll feel much more capable if you've at least seen these documents in the course of a few real estate deals.

 

Have a backup income source:

Either have some money saved up to make it for five to six months or more without a commission, or if possible keep your day job for a while. While becoming a real estate agent part time may not have been your plan, you need to have the ability to pay your bills while you get started. Unless you have some family members or friends ready to buy a home, you can go for many months without an income when becoming a real estate agent. If you are considering being an agent for a We Buy Houses companies or a company that specializes in Dallas foreclosures you should be able to cut down on this time by a month or two.

 

Start building your "book of business":

Some call it working your "sphere of influence." Becoming a real estate agent is just the very first step in a long (you hope) career of working with buyers, sellers, investors, appraisers, loan officers, mortgage brokers, inspectors, title companies and others. Start out right by finding a good contact management system in which you'll enter all of these contacts and prospects. You'll want to follow up over time, and you'll need an efficient way in which to locate information you've filed away on prospects and contacts.

 

Start out right with the internet and technology:

No matter what some of the old timer agents may tell you, you absolutely need the Internet to do business in today's real estate climate. Some with many years in the business can continue to succeed to referrals over the years; you will need to use your website and social networking to get a foothold with today's buyers and sellers. You should budget for a good web presence, however, it doesn't need not be expensive.

 

Becoming a Real Estate Agent Isn't Just Getting a License:

For most would be real estate agents, the courses and the test for licensing turn out to be less fearful than they expected. The rude awakening comes later when they don't find that easy income in the first couple or three months. They thought they had a family member or friend all lined up, but they are taking their time, not buying or listing when the new agent thought they would.

 

Learn from peers, your mentor or your broker about all of the important documents involved. Try to avoid being asked basic buyer or seller questions you can't answer, as it could cost you the prospect. Either ask for past transaction folders and study the documents, or ask to assist an experienced agent in their next transaction. There's no substitute for actual deal experience.

 

The real estate business can be fun, exciting and a very satisfying career. However, you have to make it through that first year or two to make it all happen down the road. Have a plan, build a database of prospects, and work hard to find the keys to success at becoming a real estate agent.

Buyers Clueless or Liars?

This article is about real estate buyers and their agent's status. If your buyers aren't really telling you the truth about what type of home they want or can afford, it could be because they don't trust their agent with the knowledge. Unfortunately, it's true in many cases. If the buyers aren't convinced that you will work in their best interests with full knowledge of their situation, then they won't tell you everything, everything you need to know. Before any homes are shown, your goal should be to build a high level of trust with them that will allow them to be open and honest with you and give you all of the information you need to help them. This isn't always possible, as there are a lot of people out there who don't trust anybody. But, it's best for you and your buyers to get to the highest level of trust possible.

 

Here is an example from a agent selling Collin County Homes who came into the market after being a tire kicker, subscriber and searcher on his website for years. At last, the timing seemed right, but the buyer was in the lowball offer mood, and there was a lot of difficulty in getting him to see the problem unrealistic offers present, even after two had already resulted in hard feelings and burned bridges with sellers. You would think that now this agents blog site was a good one, holding this buyer on his list for more than two years. This agent did a lot of market statistics and commentary that illustrated a great deal of market knowledge. So, what is the problem?

• It took several failed offers before the buyer finally decided that the time wasn't right to buy and he left.
• This buyer had previous poor experience with buyer's agents in other areas.
• He held a belief that all real estate buyers agents were after the commission first, and serving his needs second.
• The market was slow and the real estate buyer refused to believe that this area wasn't full of motivated sellers ready for any offer.
• The buyer's broker tried to gently lead the buyer to the knowledge that would help them to see their interests were at the top of this agent's list.

Was there no real desire for this buyer to buy because he was also interested in Tarrant County homes and Denton County homes as well? This wasn't the case, as it was a long drive to get to this area, and the buyers did some intensive online studying before making the trip out there. It was only because this buyer believed that the agent couldn't be trusted when he was telling them to raise their offers and posting higher earnest money deposits that they would need, and other facts about that specific market and homes that would help them to actually successfully make a purchase. Work on trust first, and you may find it a pleasure to work with buyers who respect your opinion and truly consider your advice. The clueless part isn't just as regards the first time home buyer. Many experienced buyers who have done multiple transactions in their lives will still not have market specific knowledge that can hurt them in their search for a home.

• Even specific knowledge of how certain listing brokers handle their negotiations on behalf of their sellers
• Local custom as to earnest money and offer presentation.
• Market conditions, absorption rates, and local market trends.
• Specific area knowledge that dictates very different home prices in areas not that far apart geographically.
• Quality information as related to specific builders or subdivisions.

Owning a Home - Cheaper Than Renting?

Across the country, at today's sales and rent prices, buying is cheaper than renting until the 30 year fixed rate reaches 10.5%. The recent rise in interest rates has made buying a home a little more expensive. The recent increase in the 30 year fixed rate raised the monthly payment on a $200k mortgage by $56, or 6%. However, because mortgage rates are still near historic lows, and because values fell so much after the housing bubble burst and remain low relative to rents, owning a home is still much cheaper than renting one. What this means that the recent jump in interest rates doesn't change the rent versus buy calculations very much.

Mortgage rates may keep rising, but how far must rates rise before buying DFW homes start to get expensive relative to renting? Answer; take the latest asking prices and rents from April, May, and June 2013. Following the standard approach calculating the cost of buying and renting for similar sets of homes, including insurance, insurance, taxes, closing costs, down payment, sales proceeds, and, the monthly mortgage payment on a 30 year fixed rate mortgage with 20% down and monthly rent. Most folks will stay in their Plano homes for 7 years, deduct their mortgage interest and property taxes at the 30% tax bracket, and get modest appreciation.

 

 

Buying Dallas real estate remains cheaper than renting as long as interest rates stay below 10.5%. At 3.9%, the current 30 year fixed rate according to Freddie Mac, buying is 41% cheaper than renting across the U.S. at a 5% interest rate, buying is still 34% cheaper than renting. Mortgage rates would have to rise a great amount, all the way to 10.5% to change this to make renting more favorable than owning. Rates were about that high through most of the 1980s, but have been consistently below 10.5% since May 1990. Each market area has its own mortgage rate tipping point where renting becomes cheaper than owning a home. At 3.9%, buying is cheaper than renting in all of the 100 largest metros areas, which means the tipping point is above 3.9% everywhere.

The tipping point also depends on how long you plan to stay in your next home and whether you itemize your tax deductions or not. If you don't itemize, or if the mortgage interest and property tax deductions were eliminated entirely, buying would still be 29% cheaper than renting at an interest rate of 3.9%, and the tipping point when renting becomes cheaper than buying would be at a 7.5% rate. Just because buying is cheaper than renting, it doesn't mean you can buy. Many folks who want to buy don't have enough down payment or have poor credit.

 

 

If the recent increase in interest rates doesn't change the rent versus buy equation substantially, why does it matter? The main effect is reducing refinancing demand. Unlike home buying, refinancing is a relatively straightforward financial decision: although refinancing has costs associated with it, refinancing doesn't require someone to find a home or move. Since rates have been low for so long, many people who were able to refinance, already have done so. For folks who haven't refinanced yet and for people looking to buy a home, rising rates do make housing more expensive. Rates are on the rise and are may keep rising, thanks to the strengthening economy. But it will take big rate increases to turn off prospective home buyers. At today's prices and rents, rates would have to rise to levels we haven't seen in 20 years before renting is cheaper than owning a home on average across the country.

4 Ridiculous Real Estate Seller Sayings

Volatile emotions give rise to a few seller sayings that seem simply silly when seen in the right light. Here are some examples, along with insights to help you ensure you don't let them confuse your home selling decisions.

1. We need to find buyers who understand our tastes. There are certainly occasions where there is truly a narrow niche of buyers that will have to find, understand and appreciate a particular house. In cases like this, with acreage, converted garages, horse properties, etc, this saying is not ridiculous at all. But this saying is absolutely ridiculous when it is said by the homeowner with potentially wide appeal as a reason for not staging or preparing their home for sale, or in the effort to avoid neutralizing highly and de-personalizing their design and decor choices. When it comes to buying Dallas foreclosure property, however, these things are not an issue because you get what you get when looking for a great value in a home.

If your home has been sitting on the market while the others are selling and your agent has suggested that you tone down the bright orange paint job or delete the forest mural on your dining room wall, think about how much time and money your decision to wait for the buyer who understands these design choices is really costing you.

2. But I spent a lot or years or a lot of money on that. The ability to customize your home to your personal tastes and your family's wants and needs is one of the biggest benefits of home ownership. Owners are encouraged to make changes to their homes that will improve their quality of life while they live there, rather than focusing on whether they will be able to recoup their investment when they sell it 15 years down the road. Not only were they not willing to pay a premium for it, they planned to rip it out and replace it with low-maintenance, low maintenance landscaping.

Give it up. When it comes to selling DFW real estate understand that other than the kitchen, bathroom, amenity and decor upgrades that appeal to many home buyers, if you have invested your time and money in customizations and upgrades for your personal enjoyment, then your enjoyment is the return on your investment. If your home's eventual buyer also happens to love them, fantastic! But don't approach the home selling process expecting every buyer to share your value system and pay through the nose for them. If you do, in just a few month you may find yourself selling your house to one of those I buy houses companies and selling at a discount.

3. I want to price it high, so I have room to negotiates and come down. When the market is slow enough that buyers are routinely paying below asking for homes, pricing your home above market value is actually dangerous. You run the risk of causing no one to even come look at your home as a good enough value to see it in the first place.

If other home sellers are pricing appropriately and yours is priced too high over many buyers won't even bother trying to negotiate you down. They will simply go find one of the homes on the market with a more realistic price, they'll wait until you lower the price or they'll wait until your home has been lagging so long they sense you might be a motivated seller. Even in a strong market like we are in today the aggressively priced homes get the most buyer traffic and get the most offers. This causes bidding wars and drives the sales price higher. Overpricing it might actually sabotage your success.

4. That offer is an insult - I will just reject it. Your home is very personal to you. It represents a large investment of your money, time, memories and dreams. But once it's on the market, grow some thick skin and decide not to take anything personally, it's just business at this point. If a buyer offers to pay so many thousands of dollars for your home, it's not an insult, even if the offer is far lower from what you are willing to sell the house for. They might be uneducated or misguided and not yet experienced enough in the market to know that their offer was unreasonable. Or they might just love your home and be going all out to get it, even though it's really outside of their scope of affordability. Also, they may be just trying to get you to come down some on the price.

You should always respond to any offer made by a qualified buyer. If you have another offer or offers that are more realistic, just respond with a nice decline to accept. If you have no other offers, respond with what you and your agent agree is an appropriate counter. You might be surprised at how even a very low offer can come together with a respectful, reality based counteroffer and a little negotiating.

How Much Money Should You Budget To Buy a Home?

You have made the decision to buy a home. Have you truly budgeted to actually afford a new home and have the money to move? When you meet with a loan officer, they will determine how much you can afford based on your credit worthiness. Just because you are approved for a certain dollar amount, does not mean you should buy at the top of your price range. The strategy to determine how much you can afford is to work backwards. Start with things you like to do and start tallying up daily expenses you occur and figure out what you can live without. Then work the other direction from your income and determine what you would be comfortable spending on housing. If you rent now, you are probably comfortable with that monthly expense. Usually home ownership will cost $500 more per month because you will have new expenses that you probably don't have now like taxes and additional insurance. Also factor in new purchases like a refrigerator, washer, dryer, and lawn mower.

 

When you think about purchasing a new home, we often forget about expenses it takes to actually purchase the home. Be prepared to get out your checkbook and write out 5 checks once you have an executed contract.

1. The title/escrow company for the earnest deposit

2. The seller for the option money

3. The inspector

4. The appraiser

5. Cashier's check for the remaining balance of down-payment prior to closing

 

When it comes to buying either Denton County real estate or the much sought after Collin County real estate the first 2 checks you will write will be for the earnest money and the option money. The earnest money is the money you deposit into an escrow account with the title company when you have found the home you want to purchase. The amount of the earnest money is usually around 1% of the purchase price. Treat earnest money as showing good faith to the seller that you have the money to purchase their house. The next check you will have to write is to the seller for an option period. It's usually anywhere from $100-$250 depending on the price of the home. That is the money given to the seller for them to take the house off the market while you get the home inspected. During the option period you decide if you want the home based on the inspections and remember, you can walk away if you don't like the house any reason; the seller keeps the option money.

 

As a buyer of Tarrant County Real Estate treat that money like your down-payment. Your loan officer will tell you how much money to bring to closing. The next check will be for the inspector. The inspector will inspect the house inside and out telling you if there are any major defects with the house. The cost of the inspection can vary based on the size of the house and costs around $400. The next check is for the appraiser. The appraiser works for the bank and will determine if the house is worth what you are purchasing the house for and costs about $400. Lastly, once you have determined you are moving forward with the purchase, you loan officer will tell you the amount of money you will need to bring to closing to make the actual purchase of your home.

Buying a house is exciting, but also scary when it's something new. Your real estate agent will guide you through the process, but it's nice to know ahead of time what to expect and how much you will have to pay during the process, so you can budget and be less stressed during the home buying experience.

~ Jennifer Clark VIP Realty Platinum

Ways to Get Found by Home Sellers

The year is more than halfway over, but there’s enough heat left in the market to make this the year that you take your real estate business to the next level. To do so, you will need to provide great client service and a great lead plan. Before you can put either of those into action, you need to make sure you are getting found by the seller clients that mean the most. A serious seller prospect is one of the most sought after commodities there is. Here are some strategies that can help land you your next listing. Even if you are just looking at DFW real estate careers you will find these ideas helpful in any business.

1. Get Vocal:

Potential home sellers aren’t just looking for signs that you are in the business. They want to know you are an expert in the business. Only having a profile, license, or website is not enough. Sellers want to see your expertise in action. Every day prospects are posing real estate questions that signal they’re serious sellers asking real questions like “Who is a Good Realtor?“.” and “How much should we spend renovating?“ That’s why you should study the neighborhoods you want to grow your business in.

2. Get Focused:

Sellers want to work with the agent they know who knows their market and the places where consumers realize they need an agent are many. Many times it’s an offline experience that makes them go online to find an agent. The reality for agents is that you have to live on multiple platforms. But, multiple platforms certainly doesn’t mean you should have multiple personalities. Having a focused presence online can give the same effect as the 25 yard signs and a billboard offline. I am talking about multiple placements, but only one personality. A good would be those We Buy Houses companies. Here are some target areas to make sure stay consistent everywhere you market:

Specialties – We know you can do it all, but show prospects the ones that reflect the business you’re after.

•             Service Areas – Make sure these are where you actually want to work. Whether it is selling Tarrant County homes or otherwise, you will end up with leads and prospects that ultimately need another agent, one that has expertise in their area.

•             Your Message – If you truly want to take over a neighborhood or niche, being repetitive is the best way to go about it. Research shows that people only retain about 10 percent of what they read and about 30 percent of what they hear. Say it, say it again, and then say it to the same audience some other way.

3. Real Information:

You should never just send a bunch of numbers out and assume your perspective clients will know how to interpret them. The right formula is to offer important data points and helpful analysis. While sharing, marketing, and creating information to generate new business, remember to add some color for your sellers. Don’t just add market data. Think about the key data points that provide key insights that are really going to motivate your sellers to list with you, like

·         Do your listings sell for more than other listings?

•             Do you sell homes faster than other agents?

•             How many transactions have you closed with similar homes?

4. Provide Proof:

Sellers are searchers of information and what they find will make or break your opportunity to list their house. Dollar figures, awards, and client accolades are great resume builders, but the key indicator that matters most to the one client looking for help with that one transaction is: “Can you close my transaction?” You can answer the question before you have your first client meeting.

5 Power Moves to Attract Your Next Sellers

How do most real estate agents ask what does it takes to win seller clients in real estate? The answer usually involves effective marketing, commitment to being the best you can be and confidence in your abilities. But there’s more. To really succeed, you have to be a self motivated self promoter. If you learn to do it right, there are many opportunities to take your business to the next level in your local market to make sure the pool of home sellers never dries up.

Below are five things that you can do right now to connect with your next seller clients.

 

1. Follow up, Follow up, Follow up:

There are too many agents, clients, title officers loan officers, and other partners who wash their hands of one another once a deal is closed until it’s time for the next closing. A great post closing follow up program for our clients goes a long way toward connecting with new clients and developing repeat business. This is at the top of the list when it comes to Dallas real estate careers. Focus on the following points:

 

1. If you really want to be someone’s real estate agent for life take a few minutes to follow up via phone to see how they are enjoying the new home. While talking with them never fail to remind them that you are happy to help any friends or family they know who are looking to sell their homes.

 

Congratulate them on the internet. Buying or selling Plano real estate is big news. You can give them their own headline on social media or your website. Check your seller’s social media comfort level, and if they are savvy and comfortable sharing, doing so is a great way to expand your network.

 

2. Separate yourself from the rest of the pack:

If you can’t answer why you are in real estate, your prospects won’t be able to either. This is what sets you apart from the rest of the agents in your market. Knowing “why” it is critical for creating your niche and becoming a powerful agent. It also makes marketing much easier. When you answer the “why” question, you can make the call on what your ads, billboards and online marketing should say. Don’t just focus on the clients you want. Figure out who is in the clients you already have. Growing an existing audience is much easier than building a new one.

 

3. Sell your success:

It’s easier to convert a potential seller into your client when they’ve seen the proof that you can sell. Make sure your sold listings are seen online by as many people as possible. If you are an expert in selling Dallas foreclosures let everyone know. If you’re not showing your transaction history online, you’re just giving buyers and sellers a reason to pass you up.

 

4. Be careful what you post on the web:

These days a big portion of business comes from social media. Even direct messages and Facebook chats about doing business, eventually most people will end up on your website.

 

Look at your website and online profiles to find out if you are saying the right things. Make sure that the contact forms and buttons aren’t hidden throughout your site A little bit of time spent improving your presence online can go a long way toward bringing in new business.

 

5. Find the next hot real estate niche and market to it now:

When it comes to attracting clients, it’s not always about what happening now. Thinking and being ready for what’s next is one of the best business investments you can make. What are some trends going forward? Multiple offers today means the market’s making way for previously reluctant sellers to jump in.

 

Ask yourself:

•             Who in my market is “not quite ready” to buy or sell? And, why?

•             What’s the biggest trend in the market right now and what’s the inverse?

Finding needs and marketing to those niches has been a great way for us to generate new business both in the short and long term.

 

6. Connect with the busiest real estate agents you know:

In this business, no agent starts out a power agent. If you’re new and/or find your seller pool is starting to dry up, connect with the busiest agent you know and ask about referrals. When we’re busy and can choose which clients we work with, the ones we don’t have time for still need an agent. If you really want to build more business, don’t be afraid to be an understudy for the movers and shakers in your market.  

Getting Your House Ready To Put On The Market

Today's buyers are very savvy and want to see homes in near perfect condition. Thanks to many shows on HGTV, buyers have come to recognize and appreciate homes that are move-in ready. With inventory on the low side, sellers think they can put their home on the market without doing anything to it. Although, if priced right their home will sell, but if it's properly staged it could sell for more than what it was listed for.

In the DFW real estate market we are seeing multiple offers and bidding wars on good homes that are well maintained. If that is any indication to potential sellers, it's worth the extra time to really get your house ready prior to putting your house on the market.

Here are the first 5 things you should do first before putting your Collin County home or Denton County home on the market.

 

 

1.Clean and de-clutter the house. Start 3 piles. 1. Keep, 2. Donate 3. Throw away. The garage is the best place to start. Have a garage sale.

2.Are there things that are seasonal or things that you are not going to use? Pack them up and start staging the garage with all your boxes. The potential buyer knows a garage is a garage without needing to see the open space unlike a cluttered living room that you are hiding the fireplace with your big furniture and clutter.

3.Complete unfinished projects. Did you finish painting the room you started 2 years ago? Are all the cracked tiles replaced that you had planned on replacing? How are your carpets? A good steam cleaning will make a huge difference. Hire a handy man if you aren't good with home improvement projects.

4.Take down or put away all your valuables and things you plan on keeping. If a buyer sees it, they will want it. Swap out those more expensive appliances with something else if you don't want there to be any confusion about what is staying or going.

5.Focus on the outside curb appeal. Are the weeds pulled, are the trees trimmed, is your garden planted, and is your walkway clear from debris? Also, clean all your exterior windows. That makes a huge difference especially right before getting photos of your house to start marketing it.

 

 

Once you have completed those 5 steps, then you can have a professional stager and real estate agent help you with getting your home on the market. Don't get too eager to put your home on the market when it's not ready. Homes sell fast when they are polished and shiny. Get top dollar for your home and create demand among buyers.

Warning - Don’t Take Every That Come your Way

While you want as many listings as possible, sometimes it is best to turn a listing down. Why? To save yourself a big headache and getting a listing that will not sell because at the end of the day, whether true or not, the sellers will blame your for their home not selling.  Fully explore these below challenges with prospective clients, up front.

1. Does the seller even have the authority to sell the property in the first place?

Before you take the listing, make sure you know who the real, legal seller is. To ascertain this, ask:

•             Who is listed on the deed and has the right to execute the listing and sales contract?

•             If a couple is divorcing ask, who is be the legal decision maker? Or if both parties must sign, is there cooperation?

•             If the owner is deceased, what needs to take place in order for you to have a valid listing and sales contract? Is there an executor or family members who will participate? Are there any liens against the property that will prohibit a title transfer?

A seller contracted with an agent selling Collin County homes to list a property after the agent performed due diligence including running preliminary title and tax records search. The deed was held by James Adams and the agent also met his wife and their young child, James Adams, Jr. The agent successfully sold the property. At closing, it came to light that there were three generations of James Adams, and the true owner was the father of the individual who executed the listing contract and sales contract. The true James Adams attended closing to sign the documents, a big surprise of everyone involved in the transaction.

2. Is the property marketable?

Not all property obstacles can be solved by reducing the asking price. Here are some obstacles that can affect marketability and your decision to take the listing or not. If these obstacles cannot be overcome they sellers may find themselves selling to a we buy houses companies.

If sellers insist on having their property listed right-a-way, make sure to think it all the way through. Delaying the date a property is brought to market can allow time to solve challenges. Increased days on market has an inverse relationship with optimal selling price which hurts the seller.

Location and condition challenges outside your expertise:

Some properties, including Denton County homes have obstacles that need to be overcome in order to bring about a successful transaction. Weigh the selling points against the challenges to determine whether or not you are qualified to handle this particular transaction. When making this assessment consider not only the location, but also any needed repairs, zoning restrictions, and any environmental hazards that might derail the sale. If you do your due diligence upfront and find that the property has special needs outside your area of expertise, it is best to advise the owner to find the appropriate experts.

3. Is the seller motivated?

A good way a seller shows that he is motivated is by accepting and working with market conditions. Not only the most common realistic pricing, there are other factors to help determine a seller’s motivation.

·         Is the seller ready to embrace and take action and listen to your advice?

•             What are the showing instructions and flexibility of the sellers? A seller who restricts the availability and demands a long advance notice is telling you their motivation to sell is low.

•             Is the seller open to your suggestions for staging the home?

Should you ever take an overpriced listing?

This depends on other factors of the property owner’s need and desire to sell. If other factors point to selling motivation the price may become flexible with more information. The question really is: Will the seller commit to evaluation of results of showings and competitive homes movement in the market with a price adjustment as a serious consideration? Any of these circumstances are indicators that you should not take a listing.

Jocks and Frisco Real Estate

Many folks choose to live in the city of Frisco, not because it is a great place to live and not because it is the fastest growing city in the U.S. but because it is home to award winning training and coaching and some of the best sports facilities in the Country. It seems everywhere you go in Frisco, a ball is being passed, kicked, caught, smashed or shot. It is a virtual breeding ground for future professional athletes.

According to DFW Realtors with all the home buyers clamoring to buy Frisco real estate home values have been pushing higher for some time now. Frisco city officials say the key is finding a good business partner. There are at least seven sports facilities that have been paid for by a combination of public and private funds. To accomplish that, we knew we had to build world class facilities. We build it and they came. 11,000 kids participate in at least eight different youth sports organizations. That's roughly ten percent of Frisco's population and according to Men's Journal, it gives them a leg up in the highly competitive world of sports.

 

The coach of Wakeland High School should know. His team won the state championship last year. It's no wonder the phone calls come so early."A parent of a 4-year-old kid called to find out if it was too early to start him in competitive soccer. I never really thought about that question because when I was four these types of programs and facilities weren't available.

 

The magazine Men's Journal has had an eye on this City of Collin County. In 2011 the magazine named Frisco one of the Best Places to Live. The City was also named "Best Place To Raise An Athlete." The magazine cited the city's numerous youth programs and its top notch sports facilities. From the Frisco Athletic Center and its adjacent soccer fields to Pizza Hut Park the city owned and operated athletic center, there's no shortage of places to work step up your game.

Trees and DFW Real Estate

A mature tree on your property can account for as much as 10% of its assessed value. With that much at stake you want to sure your trees remain healthy.

Annual Inspecting Your Trees

No one knows your trees better than you do. Just after they leaf out in the early spring walk around and look at your trees from top to bottom and see if you notice any changes in foliage, branches, roots, or the bark. Inspect all sides of the tree and check for peeling bark.

Leaning Trees

Trees growing around DFW homes usually don't grow straight as an arrow and a little bit of a lean is normal. When your tree starts leaning more and more it is dues to poor weight distribution or root damage. This would be a good time to call an arborist. Lookout for these danger signs:

• Exposed roots around the base of the tree.
• Cracked soil, especially on the side opposite the lean.

Cures:

• Prune branches on the leaning side to distribute weight better.
• Brace the tree trunk with cables attached to stakes on the opposite side of the lean. Make sure you pad the tree before placing cables around the bark.

Trees With Multiple Trunks

A tree with multiple trunks, or with splits in one trunk, can be tough to stabilize. Danger signs:

• U-shaped or V-shaped multiple trunks are weak the points for mature trees. The connective wood where the trunks come together may lose strength and be more likely to split.
• Cracks that extend deeply into or through the trunk.

Cures:

If you plan on selling your Plano real estate before you list it you may want to hire a professional arborist can stabilize split trunks by attaching cables between trunks and branches high in the tree. Cables won't repair existing damage, but they will increase its strength and extend the life of your tree. This is dangerous work best left to experts. Arborist generally charge between $500 and $1,800 for this service.

Tress Damage - Construction Destruction

Building construction is tough on trees. Renovating foreclosures by installing a driveway or building on an addition, digging up utility lines puts trees under a lot of stress. Construction can damage shallow feeder roots which can starve and destabilizing trees. Construction equipment can damage tree bark, which can set a tree for disease and infestation.

Danger signs of construction stress:

• Damaged bark
• Reduced, smaller, or no foliage
• Premature fall color

Cures:

Prevention is always your best option. Before beginning construction make sure to set up a barricade around your trees. A good rule of thumb is for each inch in diameter of the tree's trunk, add a foot of protection. If the tree is damaged by construction:

• Prune to reduce weight and remove damaged limbs.
• Install cables or bracing rods.
• Water and aerate compacted soil around the roots.

An Arborist to the Rescue?

If you think your trees are sick they are likely to fall and destroy what's near them including your house. This is a good time to call an arborist. An arborist can help save your tree, or let you know if it's beyond their help. If bacteria or bugs are harming your tree an arborist's inspection can diagnose which disease, trauma, or fungus is the cause. Also, an arborist can determine if your tree is decaying internally, something that may not yet be obvious. Arborists can either fix the problem, or calculate the risk of the tree falling and the likely objects it could damage. Such a calculation will help you decide if it's worth spending money to keep the tree alive and upright, remove the tree, or just let nature take its course let the tree fall on its own.

What About Lightning Risks to Your Trees?

If you live on high ground in your community it will increases your chances of a lightning strike to your trees. If lightning strikes one side of a tree, your tree might close the wound on its own. But if a bolt travels through the trunk, exploding wood and bark and damaging roots, it might be the end of your trees life. To protect you trees from lightning, an arborist can ground a tree with a copper cable system that extends from near the top of major trunks down to copper ground rods.

 

To Get Professional Home Photos or Not

According to the National Association of Realtors, 94% of consumers start their home search online. A photo says a 1000 words right? Then how come some photos posted look terrible? We have all seen photos looking unprofessional with bad lighting or they are out of focus.

Photos are crucial to the successful selling of Plano real estate. The quality of the photos will determine if the potential buyer will want an actual showing to consider purchasing the property. As a seller, you should preview the photos before they go into the MLS or any marketing medium.

As technology has gotten cheaper and more readily used, consumers are demanding professional photos, dedicated websites, and virtual tours. It used to be that professional photos were only done for high-end homes. Now you are seeing it more common place. So by comparison if your photos are not professional, it really stands out. We are even seeing the technology being used on foreclosures in Dallas.

A professional photographer will have the wide lens to create space where as the average camera does not. They can also create the lighting and make things appear greener, brighter, bigger, and better. As a seller, when you are interviewing agents to sell your home. Ask them if they use professional photography. Often that is part of their marketing plan. If it's not, you may need to insist on it. A good agent that concentrates on listings will often have a photographer on retainer who can do it very inexpensively.

Before your home gets photographed, there is a big checklist of things that will need to be done first for your photos to turn out the best they can be. To mention a few, remove all personal affects and valuables. Examples include: family photos, jewelry, firearms, etc. All the countertops should be free and clear of clutter. Don't keep your mail in a pile. It should all be stored away. The last thing you want is a custom made virtual tour of your effects making it tempting for the internet onlooker to want to steal. How easy it is for that internet onlooker to get your address? You have your house for sale with the address easily at their fingertips with a sign out front.

You don't always get a second chance to make a first impression. Don't take a chance and end up selling to one of those We Buy Houses companies. Be safe and use common sense while selling your home. If you truly want to sell your home, you will want to do everything in your power to make it a home for someone else.

~ Jennifer Clark VIP Realty Platinum

Are You Looking at Current Home Listings?

Are you a first time home buyer? Are you driving around and looking for properties on your own? Are you surfing all the real estate websites? Congratulations for taking the first step towards home ownership! Before you get super excited about what you see online, you may want to consider a few things.

Did you know you can get a list of properties as they become available, both regular listings and listings of DFW foreclosures? Many agents today have websites where you can search for properties or you can be emailed a current list.

Did you know that all real estate agents who sell DFW homes share the data that is directly from the MLS (Multiple Listing Service). Not all the websites you are searching are kept current or up-to-date. It is ultimately up to the webmaster who hosts the site to keep their data feed current. Sadly, there is no way to monitor all the different sites or control what they post at all times.

Nothing is worse than finding out the house you really like online has sold already sometime to one of those We Buy Houses companies. Unfortunately, not all the real estate sites keep current data. Your best bet is to get a list directly from a Realtor® who provides you the most current information straight from the MLS.

Another benefit of working with an agent is they do all the work and there are no upfront costs to utilize their services. They work on commission and their commission is already negotiated in the sale of the price. They also can save you a lot of time and money by providing you a good buying experience. Have you ever heard the term "buyer beware"? What happens if there are repairs that need to be done? Do you understand the contract you are signing? Who is doing the inspections? Do you know how to open escrow? Are you going to give the seller option money? These are all events that occur in a transaction and you would be foolish not to use a real estate agent to help you through the process.

No two transactions are alike and even if you have purchased several homes in the past, it's wise to use a licensed agent who has the properly trained to successfully guide you through the buying or selling process.

The Benefits of Pier and Beam Foundations

Are you lucky enough to live on a pier and beam foundation? If you do, you know you have less foundation problems than the typical house in Dallas. Because the ground shifts so much, many homes in Texas have foundation issues. Having pier & beam is great because if you do need an adjustment, it's often much cheaper to fix than traditional concrete slab foundations.

Pier and Beam foundations on DFW real estate incorporate a crawl space beneath the home and footings filled with concrete to support the slab. The crawl space allows access to heating and plumbing utilities without having to break through the concrete slab. Traditional slab foundations are cheaper and easier to construct however don't last very long before foundation work is necessary.

If you do live in one of the many Tarrant County homes on pier and beam foundation you notice a lot of benefits including the ease on your joints. Wood has so much more give than concrete. Also your plumbing is so easily accessible. The only downside to having your plumbing is so accessible; you often get a sewer odor that just won't go away. Before you lose hope, I learned the coolest trick to get rid of that smell and it's much cheaper than calling a plumber!

First, purchase several bottles of bleach. Any kind will do. Pour the entire bottle of bleach down each drain where you have the sewer odor. Generally you will pour bleach down the kitchen drain, tub/shower drain, and toilets. For the toilets, first, remove the lid from the tank; flush the toilet and while the water starts filling, pour as much bleach as you can into the tank. Do this for every toilet. Then, throughout the course of the year, every time you flush, you are sanitizing your sewage water and eliminate that nasty odor that you had to experience.

This is a one time a year maintenance plan. The other alternative is to call a plumber and they can pour bleach or another substance that does the same thing and charge you for it. When it comes to resell value of your house you may find yourself selling to one of those We Buy Houses companies if you don't maintain the foundation, plumbing and all of your other homes systems.

~ Jennifer Clark with VIP Realty Platinum

Emotional Mistakes When Selling Your Home

We all have at one time or another said something in the heat of the moment just to wish we could take those words back. The truth is that we all commit emotional mistakes in different areas in our lives. But what about when it comes to selling a home? The stakes are too high to allow yourself and your sale to fall victim to your emotional pitfalls. Fortunately, what's predictable is certainly avoidable if you are willing to adjust for your feelings and how they can cloud your decision making abilities. Do your best to avoid these common decision traps driven by your emotions.

1. Confusion with Listing Price. Some sellers are confused about the mechanics of determining fair market value of a home and setting a realistic price. A DFW homes fair market value is determined by what a buyer is willing to pay for it at a given time. The best way to estimate what a home is worth before it actually sells is to look at what homebuyers have actually paid for very similar homes nearby. This is what real estate agents call comparables or "comps". Most listing agents will do a formal version of this process called a Comparative Market Analysis, and present that to a seller to consider in setting the list price for their own home.

2. Stagnation of Price Reduction. Wikipedia, on the web, defines panic as "a sudden sensation of fear which is so strong as to dominate or prevent reason and logical thinking, replacing it with overwhelming feelings of anxiety and frantic agitation consistent with an animalistic fight or flight reaction." In cases where a home has been overpriced, the seller has most often started out overconfident in their home's value in the current market place. But as the days on the market turn into weeks, or months, that confidence turns into panic. Unfortunately, this panic is often accompanied by a fear that actually reducing the houses price will actually kick off a free fall in price and elicited low ball offers. This couldn't be further from the truth. When a house is overpriced, cutting the price is the only way to fix the problem and render the home more attractive to buyers. Some sellers have found that reducing their price gets them to a sweet spot and then they receive multiple offers and ends up selling somewhere between the reduced price and the original list price. The best way to deactivate this panic is to put a plan in place before it ever arises. Work with your agent to understand how to use the data around how long most homes in your area take to sell as a guidepost for making price reductions, if and when the need arises.

3. Ignoring the Needs of Your Buyers. By virtue of putting your house on the market for sale, you have become a marketer. Almost every marketer knows that it is essential to understand your buyer's wants needs and lifestyle in order for them to get top dollar for their house. It's up to you, working with your agent, to figure out who the target market for your home is and to market it accordingly. Understanding your target market is one thing but marketing appropriately for them is another. Your townhome buyer might be drawn in by mentions of built in closet organizers, an espresso and coffee machine included in the sale and incentives like HOA dues paid a month in advance. Make sure you mention just how close and convenient the place is to the subway station entrance in your marketing materials.

4. Celebrating the Sale. Multiple offers and above asking sales prices are happening frequently on today's market, even with all the foreclosures in Dallas. but it is critical not to assume your home will be in that number until the transaction actually closes. Sellers who celebrate too soon can put themselves at a disadvantage in a number of ways. Even in today's brisk market transactions sometimes fall out of escrow because a buyer has a change of heart, their job or their family, or because they could not qualify for the mortgage they were pre-approved for. Many sellers keep their houses meticulous and their finances in excellent shape throughout the entire time frame from property preparation through close of escrow.

With all that said some sellers are so emotional about their plans for the next stage of their life they convince themselves to base the list price for their current home not on its fair market value but base it on how much money they need for their next home purchase. This is the quickest and worst route to pricing your home so high that no one comes to see it and it sits on the market with no offers at all, or very low ones. Sellers can fight this tendency by staying focused on comparable sales data, and committing to being responsive to market feedback like low buyer traffic or having your home sit on the market for many days beyond the average in your area.

Online Buyers - How to Fill Your Open Houses

So you have a new listing and you want to hold an open house but you have been told by many of your peers that open houses are a waste of time. No one wants to waste a Saturday or Sunday afternoon sitting at an empty open house. These days with new digital tools it makes it easier than ever to get buyers in the front door. Here are some great ways to get home buyers out of their cars and in to your open house.

Attract the "Tire Kickers"

Encourage these seemingly unmotivated home buyers with your online marketing by mentioning that you will have a gift for all the folks who attend and complete your sign in form. Get these folks excited and have them post on sites like FoureSquare or Twitter. This way everyone on their networks will know they are at your open house, and you will expand your marketing reach tenfold. A good give might be a gift card or a scratch-off lottery ticket. Print fliers and remind your visitors to check in for a chance to win.

Update Your Open House Listing Information

Many DFW real estate agents mistakenly think that the details about their open house are automatically updated from one site to the next. It is paramount to make sure your open house times are updated on real estate websites like Realtor.com and other popular real estate sites. Make sure that your listing information is mobile friendly and will load properly on smart phones that are so popular today. This is important because many people are out and about running errands on the weekend.

Invite on FaceBook

FaceBook is all the rage today. It only takes minutes to set up a FaceBook Event for your open house even if you are holding Dallas foreclosures open. Make sure that you include photos of the home and selling details on the event page that will make people want to come to your open house. Once you have set up the event, you can advertise it on your FaceBook Business Page. Google + and Pinterest are great places to market your open house as well.

BackPage and Craig's List

More and more home buyers are searching for homes on BackPage and Craig's List to find open houses in their area. Marketing your open house on these sites is another simple way to spread the word online. To make sure your event stands out and increases your post's appeal, add photos or upload your online ad or property flyer.

Shout and Spread the Word

Tell everyone you know about your open house on social networks. Try making some minor modifications to your message to help keep it from getting shut off. Try some messages like these: "Baking cookies to bring to my open house at 423 Maple St today" or "Bummer, it's raining; I have my towels to protect the carpets for the buyers who brave the weather and come to my open house at 423 Maple St this afternoon." With so many people engaging online and accessing information on mobile, it's essential to use all the modern tools in your arsenal to communicate about your open house. Of course, there are many other ways to market online. Wherever you are - spread the word!

Previous Owner Costing You Money Because of Their Insurance Claim?

Some storm damage causes damage to your house and you file an insurance claim and collect a check from your insurer and then you make the repairs. You may think that it's over but it's bot. Every time you make a claim you make on your homeowners insurance the claim is recorded in a insurance industry database called a CLUE report. Most insurance companies use CLUE to check on the claims history of prospective policyholders. The CLUE report includes claims made on your house before you even bought it. This database is used by most insurance companies to check your claims history and it follows you from one insurer to another. Claims remain in the CLUE database for seven-years from the date you filed them. CLUE advises insurance carriers not to report loss information just because you called to ask a question about whether your policy will cover a particular loss. Individual insurance companies may keep a record of these inquires though.

How Insurance Companies Use CLUE

Insurance companies depend on CLUE reports for DFW real estate because these statistics show that if you have filed a claim in the past you are more likely to file another one in the future. The dollar amount of a claim is not as important as how often you have filed a claim. Each insurance company has its own formula to calculating how much a claim will affect your premium. It is safe to say that the fewer the claims you have filed the less you will likely be charged.

Homebuyers knowing what's on your CLUE report will give you an idea of whether you will need to pay extra for homeowners insurance or even if you run the risk of insurance rejection. Unfortunately, even a squeaky clean report doesn't mean you can be sure of getting homeowners insurance at the best price. This is because the claims on your CLUE report aren't the only things that affect your overall insurance risk.

Most insurance companies that insure Frisco real estate will also take into consideration your credit score, which is based on such things as how much debt you carry, whether you pay your bills on time, etc. Insurance company studies show that how people manage their finances is a good indicator of whether they will file an insurance claim. And the more likely you are to file a claim the bigger risk you are to them and more risk means a higher premium or denial of coverage all together. Other factors insurers take into consideration include the location of your home and its type of construction.

How to Understand Your CLUE Report

If you do decide to check your CLUE report, it is a relatively easy process. Under federal law, you can get one free CLUE report a year just like with credit reports. You can order the report online, by phone, or by mail.

Your CLUE report will include:

• The type of loss fire, water, etc. for each claim and the claim number

• Your name, home address, birth date, and Social Security number

• The number assigned to the report

• The name of your insurance company

• The type and number of the insurance policy

• The date of the loss and the amount of each claim

The report will also tell you how to dispute any errors you find. Because risk calculations vary by insurance company, it is nearly impossible to determine how a claim on your CLUE report will affect your insurance premium. This makes it tough for you to decide how much value checking your CLUE actually gives you. Taking less than an hour once a year to order and review your report could pay off big for you, especially if you find an error.

Finding You on the Internet - Realtors

How important is social networking for real estate agents? In today's market social networking is increasingly getting more important. What you post about yourself is really the first impression perspective clients have. Many employers have easy access to social media and use it to decide if they want to hire you or not. Are the photos you have up on Facebook something you would want a future employer to have of you or how about a future client? As a tech savvy person, you can find out practically anything about everything online.

Home buyers and sellers are doing all their research on the internet first before contacting a DFW real estate agent. It makes our jobs easier and tougher all at the same time. The act of searching for Dallas foreclosures or non-foreclosure homes is the building block for developing a working relationship. Perspective buyers and sellers have already met you online and have gotten to know your profile. You only get one chance to make a good impression. Your first chance was online, so don't screw it up when you meet them in person.

Just as your perspective client knows your profile. As an agent, you should do a little detective work and see if they have an online profile on Facebook, My Space, Linked in, Google+, etc. You would be surprised at how easy to see a photo of them and find out what their likes are. You can quickly find out who they are and it will help you relate to

Are We Living in a Renters Nation?

In a recent survey reveals optimism about homeownership rebounding as the housing market recovers. This includes young adults who were often pegged as home renters during the great recession. In the meantime, rising prices may encourage some homeowners to sell in 2013. The survey shows that today's consumers are more optimistic about the housing market and more ready to buy a home. The housing bubble burst has shaped the near term expectations about the market in general. Also, nearly all young renters want to buy a home in the long run. These consumers expect inventory to grow, and it looks like it may happen starting this year as long as prices stay on the rise. As price gains begin pushing more homeowners into a positive equity position, more will be ready to sell.

As 2012 came to a close, the DFW real estate market was looking up on all fronts. It was the very first year since 2006 in which home prices have increased. Both new construction and sales were both up significantly from their lowest point during the housing crisis. Vacancies, delinquencies, and foreclosures have come down. Job growth has strengthened, and unemployment has fallen. These trends give home buyers more buying power and confidence in the economy as a whole. At the same time both DFW short sales and Dallas foreclosures have declined.

 

Consumers are becoming increasingly bullish on buying homes. More than 27% of them are more positive about homeownership than they were six months ago. This translates into more renters being eager and willing to buy a home within the next two years:

The housing crisis looms especially for younger adults who are between the ages of 18 & 34 who have only been thinking seriously about home ownership in the recent years of boom and bust. They have no memory of the decades when home prices rose modestly but steadily, or when mortgage rates were 7%. These younger adults had a challenging time in the great recession. Their unemployment rate was very high and many of them put off their decision to buy or rent their own home. Instead doubled up with roommates or lived with parents.

 

Consumers, regardless of age, expect that both rents and housing prices will rise in 2013; they also expect more home inventory, both homes for rent and for sale along with higher mortgage rates. Younger adults have a harder time imagining price increases and higher mortgage rates than older adults who have lived through more years of rising prices and high rates. Many have higher hopes than older adults that homeownership will remain relatively affordable. Today's young renters may be overestimating what they'll be able to afford to buy when their time comes.

 

Rising Home Prices Will Encourage Sales in 2013. Nearly one third of renters want to buy in the next two years but will they find many homes for sale? The survey shows that rising prices in 2013 could trigger more sales-and therefore bring more inventory onto the market. Among current homeowners, 22% said they are somewhat likely, fairly likely, or extremely likely to sell their home in the next year. Who's going to sell in 2013? Based on the survey and local market conditions, the homeowners more likely to sell next year are those who:

• Can sell at a profit. Based on when respondents told us they bought their current home, and the sales-price trend in their metro area (according to FHFA), we estimated whether each respondent's home is worth more or less today than when they bought it. Among those whose homes are worth more today than at purchase, 28% say they're at least somewhat likely to sell in the next year, compared with 21% of those whose homes are worth less today than at purchase (among those who bought a home in the last ten years). The chance to make a profit will encourage some homeowners to sell.

• Expect prices to rise. Among people who expect home prices to rise in the next year. Homeowners who expect prices to rise are more likely to take advantage of those gains by selling.

• Bought very recently. People who bought a home in 2010, 2011, or 2012 are the most likely to sell next year. Therefore, 2013 might see a lot of new homeowners flipping their recent purchases.

If prices rise as expected in 2013, more home owners will be willing to sell. But prices and market trends aren't the only factors that determine who will sell. Many times personal reasons go into the decision whether to stay or move. Family is the top reason why homeowners might sell next year. But economics will still matter. A stronger economy could give more people reason to sell since they might find a new job worth moving for. During the recession, Americans became less mobile than in past times, but as the economy recovers, more might move for job opportunities.

 

Many consumers are more optimistic about the housing market going forward. More renters plan to buy, and more homeowners will sell. The housing crisis still hangs over the market in many regions of the country where consumers are more doubtful than others that home prices or mortgage rates will rise. But if consumers actually do what they say they will do in the next year, 2013 will be another year of housing market recovery.

Your Real Estate Business – Set Your Own Hours

Summary: This is your business. You set your own hours. Always answer your phone when possible.

Dallas Real Estate is a 24/7 job, however you don't need to run yourself ragged. This is your business! You define what hours you are going to work and set your schedule accordingly. Also, who are you targeting as your client base? Are you going to target Dallas foreclosures or high end DFW real estate, for instance? If you like working non-traditional hours then target those professions where clients will have odd hours like the food & beverage industry, airline industry, casino workers, hospital workers, firefighters, police officers, military, etc. If you like working a traditional schedule, then determine that and perhaps make alternate accommodations for clients that fall out of those traditional hours. Just because you can market to all, does not mean you should. The old saying is true, "If you aim for everyone then usually you will hit no one". If your target market is Collin County homes will you try to work a lead in Fort Worth?

 

 

The biggest complaints from clients are, "my real estate agent never answers my phone calls". Is your voicemail greeting set? Some agents update their greeting daily to reflect their schedule. Example, "Thanks for calling, it's Jan 1^st and I am out of the office today, however your call is important to me and I will return all calls tomorrow, Jan 2^nd at 10am". Don't be a secret agent, tell people you sell real estate and tell them your hours of operation.

 

 

Do your clients know that you can receive text and emails on your phone? Are you setting their expectations? Not all clients will email and text. There are still handfuls of clients that want an actual phone call. When you first meet with a client, the number one question should be is how they want to be contacted and how often.

 

 

If you always answer your phone when possible and make appointments for the times you want to work, you can actually appear to work 24 hours a day and 7 days a week when in reality you don't.

~ Jennifer Clark VIP Realty Platinum~