Considering venturing into the lucrative—if you can handle the extra workload—life of short sales? Roger Higle, course writer for Keller Williams University, Keller Williams Realty International in Austin, Texas, asks four top distressed property agents how they became successful at selling short sales and REOs in A Peek into the World of Short Sales and REOs.
According to Higle’s experts, seller qualification is very important in short sales. A seller must be very forthcoming with his financial situation, have the work ethic to produce the many documents required by banks to make a short sale successful, and trust his agent’s advice and expertise to make the short sale happen. Short sale lead generation is much like traditional lead generation, with one exception: asking the seller a very direct and sometimes unsettling question, “Are you behind in your mortgage payments?”
Lending institutions are now expecting more from agents than ever before. It’s the agent doing a lot of the work that a bank previously performed, resulting in additional overhead for the selling agent. Agents are also taking on additional risk. Since bank-owned properties are typically sold “as is,” agents need to really consider the risks of unforeseen defects and other problems with the properties—and to have all lender contracts reviewed and to know what their E&O insurance will cover.
Real Estate professionals should be extremely careful when you are showing a property, especially if you have never worked with the potential buyer before. Also be certain you are aware and use diligent safety measures when you hold an Open House. In honor of REALTOR Safety Month, please watch this video from the Washington Association of REALTORS (WAR) and the Real Estate Safety Council to learn all the tips you can for the next time you are working showing properties or for any future possible danger that may arise. We care about you!
Feeling crowded at work? Real estate experts say that office spaces being bought in today’s marketing are getting smaller and smaller. This could be because businesses are getting by on less and people are being forced to work more closely, or that they are downsizing and need less space for less people. Read more in this article from the New York Observer.
This week is a great time to revisit the safety tips provided by the National Association of REALTORS® (NAR). NAR offers several educational videos, articles, and more to assist real estate professionals in developing safe habits for open houses, working at the office, or on the road.
In fact, the NAR is offering a live webinar on September 15 at 11 am. This webinar will focus on safety tips for open houses and listing appointments. Space is limited, so register soon!
If you’re still not convinced that a little information may save you from disaster in the future, read this blog post by REALTOR® Magazine, “REALTOR® Safety Month: Is Your Safety at Risk?” where REALTORs share real-life situations in which they’ve felt threatened. Take some time out of your busy schedule to ensure you practice successful safety measures in your daily operations!
REALTORS beware: Mortgage Fraud is back with a vengeance. The Wall Street Journal explains in its article, “Mortgage Fraud Is Rising, With a Twist,” that criminals are finding loopholes in the newly updated system.
It may be more difficult to commit mortgage fraud these days, but that isn’t stopping some scheming scammers. Be careful to keep an eye out and not fall for the new wave of mortgage crime.
Have you ever been involved in a real estate transaction where the buyers ask the sellers if they can move in early? If the buyers’ lease runs out on Aug 1 (or they for some reason are stuck without a place to live) and the closing date for the property is not until Aug 6, you may be caught in this predicament, however innocent the request may be.
Are you being too passive in your lead generation techniques? Are you putting your information out there and passively hoping for the buyers to come to you? Don’t fall into these “real estate sinkholes” by putting all your eggs in one marketing basket. You need to be proactive in your marketing and lead generation campaigns.
Real estate professionals are making the most of the recent housing market hurdles by using social media for real results. From sharing videos, listings or advice with their communities and prospective buyers or sellers, REALTORS are implementing new and effective ways to boost their business with a variety of social media tools. Read this article from Mashable.com to find new and innovative ways for real estate agents to get their message out.
From connecting with buyers and sellers to networking with industry peers and lending expert advice, there are many ways to utilize social media as a real estate professional. Are YOU using any of them?
Good news for homebuyers and REALTORS: The Senate has approved an amendment to extend the tax credit closing deadline for those who were under contract by April 30! Read this article from Inman News to learn more.
