Cape Coral Real Estate

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Comments (0) Jul 09 2010

I have thought about a to-do-list for all of us that are new or those who have a hard time to bring a commission during these tough times. I believe that if you stick to these tips, you’ll be able to survive through this Real Estate downturn.

1. Make that phone call

For some reasons, Real Estate agents have a hard time to make that call. The fear to hear another no is there but that’s the worst case scenario. And that scenario will bring the same consequences than no call at all. You could also get a yes! So, make the call to that lead.

2. Follow up

The lead you just got from your website, that contact yesterday at the gas station, the phone call you received from your postcard campaign, make sure to follow up and assess their needs and explain how you can help. If you don;t follow up with them, they will contact another agent that will eventually.

3. No lead is a waste of time

A lead is somewhat hard to get, or at least, needs a certain amount of work to be generated in a way or another. Once you have it, don’t let it go. We know they are not all good, but it’s a number game, the more you have, the more you’ll close.

4. Do what works

Try a little bit of everything to generate leads. From open house to knocking on door and everything in between, try to see what’s best for you to get leads. Once you have been able to assess what’s generate to most leads, just put your time and/or money there. Don’t forget to keep doing it though. Consistency is key, that’s the next point.

5. Be consistent

Yes, be consistent. What ever you do to build those leads, you will need to be consistent for success. The day you stop, you just ruined all past time effort and/or marketing dollars.

6. Learn the value of time

We all have heard this quote: “Time is money”. It is very true. So know to value your time and put a dollar value on it. You will be able to value it with a business plan, stick to it and see the results. Re-read #4 and know what’s important in your business, what’s more valuable to do for your time.

7. Stop fearing failure

Fear the fear itself. It’s well known and very true. Instead of thinking what’s better, go for it, work it, try it and see where it goes. If you fail, learn from that but chances are you can succeed as well. Edison used to say that each failure brings him closer to success. That’s the way to think of it!

8. Be available

I have read that some agents work from 9:00am to 5:00pm. If it’s working for them, ok. But we know that we have to be available when our clients are available. That can be Saturdays and Sundays as well. Be available and answer your phone at all time.

9. Don’t second guess yourself

If you make a decision, then stick with it and move on. Second guessing yourself gets you no where and it helps no one. It’s the rest of the world’s job to second guess you and why with unemployment so high would you want to put others out of a job. Let them do their Job and you keep doing yours.

10. Get over rejection

Rejection is everywhere in this world even if it’s not funny. But our business is especially made with lots of rejections. Get over it and replace rejections with other tools. With experience, you’ll see you’ll be able to replace a rejection by a way to help clients and let them understand you may help. Let me give you an example: if you are a brand new agent and disclose it because your client asked you how long you have been in business during a listing presentation, you may face a no, but you may also tell them that you will have all the time of the day to sell their home, your unique listing, arguing that a “top producer” cannot take care of his/her 40 listings, including theirs, the same way you could.

Comments (0) Jan 30 2010

There are a lots of talk about to use and not use Twitter. Use it as you wish but make sure you know what’s OK and what’s not.

Twitter is so easy to use that some people just are not using it correctly, making some damage down the road to their business. Let me share with my thought about this problem that can ruin your online reputation and business.

1. Your Name, Location, Avatar and/or Bio shouldn’t be left blank

Those basic fields are playing an important role when it’s time for someone to know more about you and your business. A well presented info gives you truthfulness.

A personal or custom avatar is always better than the standard Twitter avatar. You site’s logo or your recent photo will do well.

2. It’s Twitter…so tweet!

Having a Twitter account and never use it is exactly the opposite of what your clients want to see. If it’s not to tweet, don’t make an account in the first place. Twitter is all about communication, so you have to communicate.

3. Don’t spam!

Again, Twitter is there to communicate with your followers/clients, not to overflow them with your affiliate links and/or listings. This is where you begin to build a negative reputation. They will stop following you. My thought is one listing for at least 10-15 tweets, or whenever you get one, post it once, using keyword for the Twitter search engine.

4. Stop to self-promote you too much

You are in the Real Estate business. It’s all about your clients, not about you. So the day it’s all about you, you will hurt your business tremendously. Instead, share other source information, retweet, interact with people and with your followers.

5. Posting Useless Replies

Avoid all the “lol”, “agree” and other “uh?” at all cost to someone who has tweeted. It is annoying for Tweeterers. Plus, make sure you are in context. There is nothing more annoying to have an answer from someone who did not follow a conversation, if any. Get yourself into context before tweeting.

6. And of course, the obvious: DO NOT attack or talk badly about People

Twitter is not a place to verbally abuse or denigrate someone. Even justified, this attitude only makes you look bad. Right there, you are killing your reputation and your business because Tweets are well indexed on Google and a simple seach can show the real you.

Comments (0) Jan 18 2010

Years ago, I was using a letter to target FSBOs. This letter had several updates time to time, making it better every time.
Now, I don’t use it anymore since I have been better, in a “on-the-spot” situation, to list FSBOs. I now list 4 on every 5 FSBOs out there without any material. You can learn that here.
But I think it can be very useful for other agent looking to hit FSBOs.

Greetings Mrs. & Mr. Jones, (check owner’s name in tax roll and make it personal)

My name is you name and I am a REALTOR® with your firm and I specialize in the listing and selling of homes in neighborhood name.

Your name, REALTOR®,

We want to keep inviting them to call. “Call to action” phrases need to be in everything you do.

1. We let them know we are active in their neighborhood.

2. We offered them free stuff.

3. We let them know we understand the decision they have made, to go it alone, no push.

4. We made ourselves available, to help with info, if they find a buyer.

5. We let them know that we have connections in the business.

6. We told them we would be staying in touch and sending them more info.

7. We invited them to call us, again.

8. We will put pictures and.or virtual tour of their home in our site (with permission).

Notice I’m not trying to sell them. One of the keys, with FSBOS, is to remember that they are going to sell alone because they probably don’t like agents or they may have had a bad experience in the past that has clouded their thinking. Or they just don’t want to pay us. Whatever their reason I have found that just offering to help them is a very non confrontational way to start with building trust.

Your goal with the letter is to get them to call. Once they call, you want to make the appointment.

Then when you are in front of them you can “sell” them. It sounds simple but a lot of Realtor® make this mistake. They are selling when they should just be making an appointment. There is a time and a place for everything.

This is a way to list FSBOs but slower than what I teach in my eBook.

Good luck!

Comments (2) Jan 17 2010

Yes, these are the top mistakes to avoid in order to have your short sales approved and eventually closed as I experience them with my fellow agents who work with me on short sales.

~ Not submitting multiple offers.
My experience tells me that providing multiple offers to the lender has indeed helped to show that the agent is doing all he/she can do to get the home sold. The multiple offers will make the difference. However, the servicing lenders generally do not like them. There is a second benefit to it: if the selected buyer walks, there is another purchase contract that can carry the deal to close.

~ Not submitting a proposal.
Many short sale agents just send a complete short sale package. It is true that you must have complete documentation, but it is important to draft a full proposal, as well. Organizing your request to approve a short sale has often made the difference between success and failure with the agents.
Also, many agents still think that the servicing lender is the one who approves the short sale and that they can actually negotiate with that lender’s “negotiator”. However, most loan notes are actually owned by the SMI and either they, or an MI insurance carrier if they have paid off a claim, approve or reject the short sale.

~ Not communicating adequately with parties.
Buyers are patient to a limit. Same with Communicating cooperating agents. You may think about weekly updates to all parties, more often when things happen. You can put a password protected area in your website where buyers and all parties can review the updates. Buyers must be part of the process and be motivated to hang in there when approval takes a long time.

~ Hardship.
Not meeting the definition of “hardship”. Like a criminal case wherein each element of the criminal statute must be proved, in short sale cases the hardship letter and financial documents must prove each element necessary for a secondary market investor to render a finding of “hardship”, and approve the short sale. The hardship letter must contain certain elements, without which, the case will be rejected. Make sure to get it right in the first place because a second attempt will ruined the authenticity of the transaction.

~ The lender’s net.
That’s what will make a short sale go through or not at the end of the day. The most important reason that a short sale is not approved is not meeting the net to lender, calculating the minimum threshold percentage of the fair market value. In the past, secondary market investors utilized the short sale versus REO comparison analysis to approve or reject a short sale. However, almost all SMIs have changed over to the minimum threshold analysis. That analysis ignores the amount of the debt and focuses on proof of the current fair market value of the property. For different SMIs and even different products, there is a set minimum threshold percentage of the fair market value that must be received in order for the proposal to be approved. Many agents erroneously believe they are still using the old comparison analysis.

So, the bottom line is this:
If a proposal meets the definition of hardship and that hardship is supported by the financial documents, you do nothing to cause the servicing lender to tank the proposal, and the offer meets the net to lender minimum threshold percentage of the fair market value, the short sale will be approved and if a qualified buyer remains, the transaction will close.

Comments (0) Jan 12 2010

Today, I came across an article about something I never saw before, which is a laptop with a see-through screen. It looks just amazing.
It is a technology made by the company at oled-display.net but it seems that it is Samsung that will develop the laptop. As of today, it is only a prototype but I bet it will be available sooner than I think
It has a 14-inch screen that is see-through OLED. OLED stands for organic light-emitting diode.
Samsung will also use the technology for smortphones, mp3 players and Notebooks.

Comments (0) Jan 08 2010

I have made a list of some Lenders’ Loss Mitigation Department phone numbers. This list can be helpful if you have to contact one of them during your Short Sales transactions.

1st American Home Mortgage: 800-756-5573
1st Federal of Michigan: 800-482-0662
1st Federal Savings Bank: 800-422-3372
1st National Bank: 800-854-7715
Alliance Funding: 800-426-1143
Allied Home Mortgage Capital Corp.: 888-898-3326
American Mortgage Company: 888-991-6400
Ameriquest: 888-251-1313
Ameritrust Company: 800-422-2442
APX Mortgage Services: 800-843-1279
Astoria Financial: 800-278-6742
Bank and Trust Company: 800-423-3955
Bank of America: 800-301-3744
Bank of Florida: 239-254-2100
Bank of New York: 212-495-1784
Bank of the West: 925-942-8300
Bank Plus: 800-542-7587
Barnett Banks: 800-468-1810
BB&T Bank: 800-226-5228
Beneficial: 800-340-7866
Bridgeview Bank Group: 800-794-2070
Capital Funding: 800-837-6661
Capital One Bank: 888-497-6278
Carteret Mortgage: 888-980-8806
Central Jersey Bank: 800-369-2500
Champion Mortgage: 800-252-5502
Charter Oak Federal Savings: 800-832-3452
Charter Pacific Bank: 800-272-2265
Chase: 800-935-9935
Chemical Mortgage Company: 800-848-9136
Citi Mortgage: 800-667-8424
Citizens Bank: 800-676-6276
Citytell: 800-762-2489
CMA Mortgage: 800-557-1513
Compass Bank: 800-239-4357
Countrywide Home Loans: 866-670-5274
Crestar Bank: 800-273-7827
Ditech: 800-939-6879
Dollar Bank: 800-242-2265
East Boston Savings Bank: 847-952-3700
eLoans: 888-533-5333
Emerald Funding: 888-963-3436
Fidelity Federal: 800-232-2309
Fifth Third Bank: 800-972-3030
First Fiduciary Inc.: 800-653-2600
First General Mortgage: 800-225-6410
First United Federal: 800-452-0883
Fleet Mortgage Corp.: 800-635-3796
Genoa Bank: 800-592-2828
GMAC Financial Services: 800-766-4622
Harris Bank: 888-340-2265
Heartland Mortgage: 800-552-0344
Home Savings: 888-822-4751
Homefed Bank: 800-824-3533
HSBC North America: 847-564-5000
Huntington National Bank: 800-480-2265
Indiana Federal Bank: 800-342-5760
Indiana Federal Savings Loan: 800-851-4859
Key Bank: 800-539-2968
LaSalle Bank: 866-904-7222
Lending Tree: 800-461-0117
Liberty Federal Bank: 888-323-1776
Louvenia Banks: 800-638-8214
M&T Bank: 800-724-2440
Mellon PSFS: 800-362-5510
Meridian Mortgage: 800-327-2374
Michigan National Bank: 800-622-6864
Mid America Mortgage: 800-462-6288
Midwest Mortgage Finance: 800-925-9725
Midwest National Mortgage Corp.: 800-225-8894
National City: 800-913-1621
National First Mortgage: 800-336-2966
Nationwide Mortgage Buyers: 800-562-5795
NBD Bank: 800-225-5623
Newsome Mortgage: 888-639-7663
North Fork Bank: 877-694-9111
Ocean City Home Savings Loan Association: 800-311-1398
Ohio Bank: 800-843-9991
Ohio Citizens Bank: 800-752-3430
Ohio Savings Bank: 800-852-1938
Park National Bank: 800-762-2616
Pennsylvania Capital Bank: 800-642-3586
People’s Bank: 203-338-7171
People’s First Federal Credit Union: 800-446-5598
Pinnacle Bank: 800-545-7188
Pioneer Bank: 800-622-1889
PNC Bank: 888-PNC-BANK
Progressive Mortgage Corp.: 800-334-8512
Quicken Loans: 800-251-9080
Raffensperger Hughes: 800-338-2195
Regions Bank: 800-REGIONS
Ryland Mortgage: 800-786-8638
Signet Bank: 800-233-7193
Sky Financial Group: 866-759-2265
Society Bank: 800-451-6513
Sovereign Bank: 877-768-2265
Summit Bank: 800-541-1365
Suntrust: 800-786-8787
TFC Bank: 800-823-2265
Third Federal: 888-THIRD-FED
Trust Corp. Bank: 800-348-2243
U.S. Bank: 800-872-2657
Union Bank: 800-547-5375
Union Center National Bank: 800-UN-CENTER
Upland Mortgage: 800-875-2631
US Bancorp: 800-872-2657
Valley Federal Savings Bank: 800-225-5409
Valley National Bank: 800-225-5859
Wachovia: 800-922-4684
Washington Mutual: 800-788-7000
Wells Fargo: 800-869-3557
Whitney National Bank: 800-844-4450

If you have more lenders missing here, or if you come across a phone number that has changed, let me know and I will update this list. Thank you!

Comments (0) Jan 06 2010

This is the short payoff offer I use when I need to present the offer and the short sale package to the lender.
You can copy/paste it and use it as you wish.

Your name

Comments (3) Jan 05 2010

Another document you may need time to time is a letter for the lender asking for a price reduction.
Here is an example below that you can copy/paste.

Date

Signature
Printed Name
Contact Information

Comments (0) Jan 03 2010

The hardship letter is an important document needed for a short sale transaction. This is a letter, written by the owner, explaining to the lender how is it difficult for him/her to keep paying his/her mortgage. I suggest to have written by hand, as a short one page letter.
I include an example here, where you just have to change what need to be changed.

Date

Name

Comments (0) Jan 01 2010