Critical Path for Buyers

Today in GO F.A.R. we discussed the critical path that we follow when working with Buyers. There are two paths to internalize: our own processes for our business and the processes we use to guide our customers.

Our business processes include:
1) Converting Leads to Appointments
2) Preparingthe Buyer for the consultation
3) The Buyer Consultation
4) Finding the Home
5) Offer and Negotiations
6) Contract to Close
7) Post-close Systems

(from Buyer Mastery, Keller Williams Realty, Inc. 2008)

Client Process include:
1) Pre-Approval
2) Needs Analysis
3) Begin Search
- Buyer Instant Notification System
- Preview Homes (phone/in person)
- Provide Property Tour Notes/Checkist papers
4) Write The Offer
- Create CMA and get GFE from Lender/Title
- Call the Listing Agent
- Get Disclosures
- Create Customer Account in Contract Software
- Have Customer Google address, neighborhood, seller
- Write It
- Send It
- Call Listing Agent to confirm receipt

(from class attendees - GO F.A.R. @ KW Select Realtors in EC: 6/4/2009)

WEBINAR: Do Your Fees Comply with RESPA?

Information from the law firm of K&L Gates:

What You Need to Know About the Recent Busby Case and Section 8(b) of RESPA

Section 8(b) of RESPA has always been the source of controversy, particularly with regard to a settlement service provider's mark up of a third party's fee. But that controversy is shifting. With the recent decision of a federal district court in Busby v. Realty South, the spotlight is now on the administrative fees charged by real estate brokers, which is causing other settlement service providers to re-examine their own charges for their own services. This means the Busby court decision could have an effect on a title agent that charges a document preparation fee and a mortgage lender that charges its borrowers an underwriting and processing fee.

As this decision has sparked new discussions about how settlement service providers price their services, now is the time to consider whether your charges comply with RESPA.

Join us on Wednesday, May 27, 2009 at 2:00 pm EDT for a discussion of the Section 8(b) controversy, the Busby decision, and how your prices may be affected.

We also will provide you with tips to minimize your Section 8(b) risks and answer any questions that you may have.

Speakers:
Phillip L. Schulman, Partner, Washington, DC

Holly Spencer Bunting, Associate, Washington, DC

WEBINAR

WednesdayMay 27, 20092:00 - 3:15 p.m. EDT

Location:Attend via webinar.

Login directions will be distributed via email prior to the event.

RSVP:Click here to register online.

Registration closes at 12:00 p.m. EDT on May 26.

Questions:If you have any questions, email Meghan Bothe or call 202.778.9209.

Working With Buyers: Scripts & Questionaires

There's a saying that goes: "You can spend the time on the front end, or you can spend the time on the back end. Either way, you're going to spend the time."

Never has that been more true than when working with Buyers. It is amazing what a great Needs Analysis can do to reduce the number of homes you need to show before finding the right one and writing an offer. Take the time up front and ask the RIGHT questions . . . your clients will thank you and you will earn back HOURS of wasted time!

In this Thursday's GO F.A.R. class (1:30 to 2:30) we will be uncovering the BEST Needs Analysis as well as customer questionaires to help you uncover their core needs, expectations and concerns.

This ONE HOUR class will save you thousands of hours in your career. What will YOU do with that extra time??

Managing Listings: Checklists & Systems

Today in GO F.A.R. we will be looking at examples of excellent checklists and systems used by the country's top Realtors to manage their active Listings.

Taken from the research used to write the Millionaire Real Estate Agent book (Gary Keller et al.), we will finalize and implement our own systems for servicing our Sellers at the highest level while allowing us to manage dozens (even hundreds) of listings without going insane!

Class starts at 1:30 . . .

$8,000 Tax Credit at Settlement??

I am being asked a lot of questions regarding HUD’s announcement about using the $8,000.00 tax credit as a down payment at settlement. Let me give you the current facts as I understand them:

--A HUD mortgagee letter was issued earlier this week that stated that FHA approved lenders (that’s us) may provide short term bridge loans to consumer’s that are eligible to receive the first time homebuyer tax credit of $8,000.00. This is now an acceptable form of cash to close.

--The next day, Tuesday, HUD rescinded the mortgagee letter and removed it from their site. It has not been re-posted yet.

--Almost all major banks and lenders have done away with their bridge loan programs years ago. Bridge loans were commonly used in the 90’s for relocating homebuyers. Bridge loans were also used for some C/P loans as well when building a new home.

--Bridge loan terms were typically onerous and very expensive. Most LTVs usually precluded them as well.

--I think the reason HUD pulled the mortgagee letter is that they realized they jumped the gun. A bridge loan is secured against something. I’m wondering how to secure a loan against a potential tax credit/refund???

I'll will update everyone as soon as new information is released.

SHIFT Tour is HUGE Success!

With over 250 in attendance, Gene Rivers brought the truth - the good, the bad and the ugly.

At the Columbia Sheraton, the SHIFT Tour continued its roll across the Nation - bringing the tactics that top agents are using to thrive in this shifted market.

What are top agents saying about the information contained in SHIFT??

"This isn’t the first shift nor is it going to be the last, but it has been devastating in its effect on the unprepared. Finally, we have a guide to preparing for, adjusting to, and thriving through this shift and any others! This sets the tone for sustained success and profitability throughout your real estate career."

Rick Geha, Fremont, California
Sales Volume: $34 Million

Stay updated on the latest happenings at KWSR by subscribing to our local BLOG too!

Don't wait . . .Just Do It!!

. . . just a little bit more

Hey, guess what?? Times are tough out there. Have you noticed?

I have good news and bad news for you . . . which do you want first?

Okay, you need some good news. The good news is that you CAN be successful in this market. Agents are proving that as we speak (read?). You can even be wildly successful!

The bad news?? Well . . . it's going to take some work. Hard work.

Perhaps you have seen the film/book about 212 degrees? It's that one degree that makes the difference between water and steam. It's a great parallel to what creates the difference between those that will make it and those that will fail in this market.

So set your jaw, put your game face on, check your mindset and just generally get ready. You're going to have to prospect just a little bit more; follow up just a little bit more, provide stellar service just a little bit more; think outside the box just a little bit more; study the market just a little bit more; and make it happen just a little bit more.

It's not complicated - but it is hard. It will get easier . . . but probably not for a while.

Are you willing to work hard (at the right things) just a little bit more??

Think about your dreams and goals . . . are they worth it?

You CAN do it - we can help. The tools and information are waiting for you...

See you at the top!

Purposeful Success in 2009

HAPPY NEW YEAR!

2008 is now only another year in history. For many, it is good riddance! For some, 2009 is a scary unknown. "Johnny, show them what's behing door number three!"

Now is the time that many reflect on the previous year and wonder why it seemed to be another year of "getting by." We think of the fun events, the trials, the changes and wonder what will happen this year.

And yet, some have already started down their path toward reaching their 2009 goals. Their goals are well thought out, written down, and planned for implementation. They KNOW what will happen this year!

It's not too late! No goals? No plan?? If you start NOW, you can still make this new year one of purposeful success! Contemplate your dreams . . . where do you want to be in twelve months?

Need help goal setting? dconord@kw.com I can help!

Make it a great year!!

Do you sense Victory ... or impending Defeat?

Today in our GO F.A.R. real estate training program, we discussed John Maxwell 's, "Becoming a Person of Influence," which describes the effects of mindset on our actions.

Think about a time when you have encountered someone who clearly felt defeated; someone who had given in to what they felt was their inevitable doom.

Now contrast that with an image of someone who was certain victory was in their grasp . . . only moments away. A good example is the image of two opposing benches in the final minutes of a football game when the outcome seems clear.

Maxwell shares with us an experiment that reveals a rat in a jar of water - kept in total darkness - will only attempt to swim for a maximum of 3 minutes before allowing itself to drown. In contrast, a rat in the same jar - with a ray of light shining on it - will swim for up to 36 hours!

Fortunately, we are not in a jar with our fate looming over us. But we ARE faced with difficult times, where the temptation to feel defeated is great. Don't give up!

For those who do the right things consistently, and do not give up - YOUR VICTORY IS SURE!

You should be like the players on the winning team - with a big grin on your face, preparing to douse the coach with a cooler full of water! Go take action - and practice your end-zone dance in the mirror!

Not sure what to do? Contact me for more information on our GO F.A.R. Program!