Real Estate Market

The proposed settlement between the Department of Justice and the National Association of Realtors of the antitrust suit includes the agreement that the National Association of Realtors will no longer block the ability of virtual office (Internet) brokers from the use of the Multiple Listing service.

This agreement certainly sounds like the government has proven the case against the National Association of Realtors and the National Association of Realtors has lost the fight.

The question is at what cost and who ultimately will pay these costs?

This settlement should include fines and or penalties that should as a minimum completely cover what ever it cost the government to prosecute this case. Nothing, absolutely not one dime should come out of the American taxpayers pockets to pay for any related expenses in this case.

The National Association of Realtors is an extremely wealthy organization and their motives for blocking the use of the Multiple Listing Service were done for purely selfish money driven reasons. They need to pay for their own greed.

The public voiced its opinion recently that Real Estate Agents were one of the most distrusted professions. It is small wonder they feel that way when the National Association of Realtors President Richard Gaylord attempt to deceive the public with his press release that the settlement is a victory for the public. It was never about the good of the public. It was always about the survival of his association.

Let him say what he will but I say it is only a victory if the National Association foots the entire bill!

Spa living – the new trend in real estate – allows those who want to incorporate a holistic approach to living with their actual physical surroundings. While spa living may have once denoted something as basic as a golf course community, today’s spa real estate come with much more. In fact, the best properties have made spa living the main focus. Spa real estate options come in many shapes and sizes, from single-family residences to condos to condo-hotels.

Canyon Ranch Living communities take the world-class health and wellness services of Canyon Ranch resorts and incorporate them into truly spa-inspired lifestyle. Miami Beach’s Canyon Ranch Living property is situated along the oceanfront and features a seven-acre complex with condo and condo-hotel options. For those fortunate enough to live at Canyon Ranch Living- Miami Beach, life is good with access to the property’s luxurious facilities, swimming pools, terraces overlooking the sea, concierge service, and an oceanfront restaurant featuring spa cuisine.

The development’s Spa and Wellness Center is 65,000 square feet and is serviced by a staff that numbers 150 and includes spa therapists and medical practitioners. A monthly membership fee opens the door to a host of spa services and lifestyle programs. Here, guests can learn better nutrition, take a Salsa class, indulge in the European thermal suite, or enjoy a mineral essential facial. Outdoors, residents may also take part in water sports, tai chi, yoga, and beach volleyball for no additional charge. From the property’s front door, residents also enjoy direct access to the beach, ocean and Miami Beach itself.

Imagine rolling out of a “cottage” at Sea Island Resort in Georgia on a Townie bike headed to one of the property’s 100 fitness classes at the Sea Island Club. What will it be today? Triathlete swimming class or a horse ride along the five-mile beach? Or perhaps a Pilates class is in order. Always pushing the spa envelope, the property has a wellness chef who not only teaches nutrition but is also available to audit residents’ kitchen cupboards and accompany them to the grocery store to show them what they should be eating. Other staff members include a professional running coach, sports psychologist and a world-champion squash player. Currently being developed are the Ocean Club residences, or condos and Sea Island also features a cottage-rental program for those who want to give the spa lifestyle a test drive.

Situated along the southernmost edge of the Blue Ridge Mountains, The Cliffs of Keowee Springs is comprised of eight communities. The development’s forward-thinking commitment to wellness is more than just a marketing concept. Residents are challenged to achieve a healthier, more balanced lifestyle. This is attained through peaceful walks on groomed trails, a round of golf, or a relaxing afternoon at Keowee Springs Lodge and Spa. The facility is the country’s first Luxury Family Wellness Resort where residents have access to the Springs International Wellness Retreat. Here, physicians and specialists create one-of-a-kind lifestyle assessments, followed by education and support for residents to reach their personal health goals.

Overlooking the Blue Ridge Mountains, the spa features both outdoor and indoor treatments for its guests. Health-conscious cuisine, a beach club and championship golf are just a few of the other amenities created to optimize the well-being of every member of the family. Membership at one community affords residents access to the amenities at all seven of The Cliffs Communities.

Spa communities such as these are cropping everywhere, but before making an investment it’s important to examine the property’s commitment to the spa lifestyle. Following are several questions to ask, according to SpaFinder:

1. How did the community originate? Some spas have been added to residential communities, are real estate developments, or are hotels with spas that added a residential component.

2. What is the role of the spa? Does the spa represent the developer’s commitment to a more balanced lifestyle or just a place to receive a massage after a round of golf. The best spa communities infuse the spa into the center of social activity.

3. Is wellness a part of daily life? The best spa communities offer a medical component that includes doctors, specialists and therapists.

4. Does the spa reflect the development’s commitment to wellness? Has it been created to entice and pamper its guests to spend as much time at the spa as possible?

5. Does the treatment menu offer both standard and unique treatments? In addition to a deep tissue massage, does the spa feature treatments such as Watsu, acupuncture or holistic therapy to encourage exploration?

6. What are the staff credentials? Various states require various hours of training to achieve licensing. But more importantly, give the spa treatments a test drive to get a feel for service, ambiance and expertise levels.

Today’s market benefits two groups of buyers: first-time buyers, and buyers moving up. It is an excellent market to buy, especially if you don’t have a current home to sell. For this reason, we’re seeing a lot of first-time home buyers opting to buy instead of rent. Since these first-time buyers are not having to make contingencies to sell a home before buying another, they are able to use that negotiating power elsewhere (price, for example).

Even if you have a home to sell, it’s a very good time to move up. It may take a little while to sell your current home, and you won’t get for it what you would have gotten even a year ago. But, remember that you’ll also be paying considerably less for the home you’ll buy if you’re moving up. For example, let’s say your current home is worth $250,000 on today’s market. If you move up and find a larger or nicer home for, say $350,000, you’ll be saving a lot of money in the long run by buying now. Depending on area, you’re looking at a roughly 5-8% drop in prices for the past year. That percentage difference for savings is much higher for the more expensive house – in other words, that 5-8% loss in selling your house will be more than made up in buying a more expensive house now rather than later.

Many buyers are using this opportunity to move up, since prices in the next couple of months seem to be about as low as they’re going to get. We’ve seen a lot of past clients coming back to us to move up, as well as buyers who have been sitting the fence waiting for prices to get as low as possible. This is a great time to buy with Charleston’s strong buyers’ market.

In short, today’s market is ideal for first-time home buyers and buyers looking to move up. On the other hand, it’s not beneficial for buyers looking to downsize or liquidate assets. So, if you’re considering downsizing, it would be better for you to wait until the market picks back up. Less than a year from now prices should be well on their way back up, and you should get considerably more money for your home than if you sold now.

Real Estate Coaching and Consulting. I have tried to give a complete overview in the field of creative real estate including foreclosures and more. However based on my vast experiences in most all the areas of creative real estate, I could easily write volumes of books in exact detail of what to do and not.

As in most cases, a few readers may pick it up and run right with it, but for the most part, the high percentage would prefer to ride along, watch, observe, be able to ask questions at will, to shadow and witness all dealings until a high level of comfort could be established. The memory and attention span is only so long.

When I started in this business there were very few books to read and certainly no boot camps to attend. I bought the few courses that were available, but they were at best wrong and a fictional accounting of how not to do it.

“Just add water and use, legal in all 50 states.” They were someone’s distorted fantasy in a dream world and would absolutely not work short of creating a serious effort in futility. There were professional marketers, writers and speakers, with very little to no actual experience.

As I have read most all of the books by “gurus and experts”, I really do believe that most have never done any of the deals that they so proudly write about. More, wannabe’s and I wish I had done these deals.

Please, let me be brutally honest with you, I have lived in the trenches, fought the battles, wrote the paperwork, had legal challenges of ignorance, and have cashed the BIG checks, many of them. I know what works to make money, and that which is a dead end effort to going broke. I’ve done them all.

Anyway…my point is, if you are serious about getting into the creative real estate business, getting your foreclosure resolved, selling your property, buying an investment property, doing a short sale, or generally gaining more valuable knowledge that may assist you in going to the next level in real estate, then we should by all means talk and see if there may be a fit for us?

If you are serious…what is it worth to be able “get it” right now, start earning profits right away, and to live your dream? To have a mentor that you can call, e-mail and fax to that can give you the correct answer right now with guaranteed results, would that work for you?

Don’t have to pay crazy expenses to sit for days at time in a classroom with 100 others trying to drink out of a fire hydrant, and come back home only to remember what you forgot? Or…to fill up the shelves of the den with books and tapes that…well someday I’ll get to it (a round TUIT)?

TIC The Private Placement Memorandum (PPM) is a private offering for a tenancy in common. What this is in plain terms is a direct private offering for real property by you and several other investors. There are several things to keep in mind when considering TIC The Private Placement Memorandum (PPM).

TIC The Private Placement Memorandum (PPM) Laws and Regulations

TIC The Private Placement Memorandum (PPM) is regulated by Regulation D of the Securities Act of 1933. This act was initially put into action to protect investors in businesses from unscrupulous practices, but over time it was found to be too cumbersome for smaller investments. Regulation D came into being to help facilitate smaller investments without regulation by the SEC.

TIC The Private Placement Memorandum (PPM) is directly related to this as it is a direct private investment by smaller investors. This method of investing offers more practical ways for smaller business to conduct transactions. The Private Placement Memorandum, or PPM, is basically a prospectus that outlines what are the terms of the offering, the companies business, risk factors, additional terms, expenses, and a summary of the financial information.

This relates to the TIC by showing all of the potential profits, loads, and fees for property investors. The PPM will give you a good description of what risks and rewards you will be assuming by investing in the property, with the main purpose being an easy to read summary of what owning the property will involve financially speaking.

Other factors may be described in the PPM, but for the most part it is a financial disclosure that you can use to determine what is involved in your property investment. It is up to the all of the investors in the TIC to determine whether the property to be invested in is of value and the PPM can help in making that decision.

Use caution however as a PPM should not be taken in place of full disclosure, even though this is not required by the SEC. Another way to look at a PPM is that it is primarily a sales pitch by the property sponsor, so anything that sets off red flags for you as an investor needs to be looked into.

Take the time to read the PPM fully, but also understand that not everything you need to make a business decision to move forward will be in it. It can however provide a concise picture that could be enough to decide not to do a deal, however do not ever move forward with a PPM alone. Always consult with your financial planner before making investments.

When you place a call to the owner of a home with an expired listing, you have one objective: To secure an appointment for a face-to-face meeting. Remember, the owners will likely be contacted by dozens (if not hundreds) of other agents, so you need to move quickly and skillfully, following this advice:

o Address their situation. Quickly convince them that, if they choose to work with you, the outcome will be different than the last time. Explain why working with you provides them a higher probability of sales success than they would receive with any other agent.

o Be proactive. The most serious owners will re-list their home within a couple of days of listing expiration. To land the listing, you can’t be low-key with your dialogue and delivery. These owners are ready-for-action. You must convey power, conviction, and belief in your ability to achieve success.

o Leave yourself wiggle room. There are a few factors you don’t know at this stage. You don’t know the condition of the home, the neighborhood layout, the level of access the owners are granting to buyers, what exactly they are trying to achieve in terms of price and time frame, the probability that their expectations can be met, or what the previous agent really did over the course of the listing term.

o Turn the most frequently asked questions to your advantage. Be ready to answer the questions, “What will you do differently?” and “Why did my home not sell?” by saying that you don’t have enough information to give an accurate answer. You can say something like: “Are you asking me to guess, or do you really want to know for sure?” When they say, “I want to know for sure,” you book an appointment to see the house and have a friendly discussion. With that helpful move, you’re through the door.

o Gain information. The owners need to understand clearly that, without firsthand knowledge of their situation, it is impossible for you to determine specific approaches that you would employ to achieve their desired outcome. You need to see their home in order to review the features and benefits of the property, the home’s condition, and its curb appeal. You also need to review the previous agent’s marketing strategy. Plus, you need to gain an understanding of the owners’ expectations regarding time frame, listing price, sales price, and access for showings, as well as their interest in your evaluation of the competition they face in the current marketplace.

o Differentiate yourself. Use your track record (or your firm’s track record if you are new in the business) to gain credibility with the owners. As you present your success story, do so with the caveat that your success is based on your outcome with clients who sought your counsel, accepted your recommendations, and implemented your advice to achieve successful conclusions. Tell them you would like to contribute to a similarly successful outcome on their behalf.

o Provide the option of an easy exit. The seller with an expired listing usually wanted to fire the agent long before the listing term was up but, in most cases, was bound by the contract terms to wait the agreement out. Acknowledge that you know the owners are apt to feel cautious about “tying their home up” for another long period of time. For that reason, offer them an easy-exit listing agreement or include a 100% satisfaction-guaranteed clause. Either approach allows the owner to sever the agreement before it expires, greatly reducing the perception of risk they may feel about committing to another agent.

Winning expired listings is the result of superb sales skills, including:

o Daily prospecting
o Focused dialogue
o Strong delivery
o Solid ability to handle objections
o Compelling description of the unique benefits you offer
o Ability to win appointments that end in listing agreements

As you initiate contact after the owners’ previous listing has expired, your first objective is not to convince the owners to re-list with you. Your initial aim is to pique their interest and to make a compelling argument regarding why they should invest their time to see your presentation.

The decision to buy or rent is a very important question being asked by many potential homebuyers trying to achieve the dream of home ownership in today’s turbulent real estate market. There are a few things to consider when considering taking that leap into home ownership and get out of the renting situation. There are of course the obvious benefits of home ownership over renting in which home ownership includes a building of equity, tax benefits and the comfort of knowing the lease will not end, as long as you pay your mortgage.

Almost everyone would like to, at some point in their lives own a piece of real estate and that is more pronounced here in Hawaii where real estate is limited since we are on an island. Land is expensive and space is limited. There is no building out into the suburbs as other major cities might do. Our suburbs are 10 miles west to Kapolei, Ewa Beach and the Waianae coast. There may have been a time when a young adult could save up 20% for a down payment and purchase a small home a few years out of college but, in today’s real estate market in Honolulu, 20% is about 2-3 years salary for young people starting their careers. The more common real estate solution for Hawaii’s young people is to get a few friends together to rent a condo, townhouse or apartment. The thought of purchasing a home is a far off dream reserved for “when they start making good money”. Unfortunately with Hawaii’s high costs of living (outside of real estate) is high as well so, the cycle of renting perpetuates much longer than expected.

Home ownership in Hawaii really has become the dream and can be difficult to make into a reality unless some really difficult but, important decisions are made on the part of the soon to be home owner. The first thing is to make the decision to buy real estate and focus on developing a plan to do just that in a specific and realistic time frame.

The first thing to do is to do an analysis on your current financial picture including income from all sources and all outgoing expenses. A great way to track spending and expenses is to get receipts for everything for 3 months and keep them all in one place. Go through them all and put them into specific categories so you know where your money is going. This will give you a clear financial picture so that you can begin your plan to save, save, save for that perfect piece of Hawaii real estate.

The next thing to do is to talk to your lender about getting pre-qualified for a mortgage. Your loan officer or mortgage broker can give you an idea of what you can qualify for as far as loan amount. Although we have experienced an explosion in 100% financing options in recent years, it is recommended to have 10-20% down payment. This would help should you find the need to sell quickly. It is less likely that you will be upside down on your mortgage, avoiding a short sale or foreclosure.

Once you have your down payment plus for closing costs associated with loan closing costs and escrow closing costs, it is time to start looking for your dream home or at least your first step to your dream home which could be a dream condo.

Kelly Lee (R) CHMS, e-PRO

Realtors have an important role when it comes to buying and selling real estate. It is their role to bring buyers and sellers together. Without the assistance of local realtors it would be much more complicated to complete a real estate transaction.

Realtors Represent You

Selling or buying a home involves a large sum of money, sometimes millions of dollars. While there are real estate transactions that seem to run smooth as clockwork there are others that wind up being complicated and full of legalities to overcome. However, there are ways to help protect you and your interests.

Selling

When selling a home you should utilize the services of a local realtor. It is important that your interests are put first and protected. A realtor and/or the brokerage firm that represents you has the fiduciary duty to protect your position and interests, unless otherwise stated. It is important to talk with your agent concerning what their responsibilities are and how they will protect your interests. The contract between seller and agent is commonly referred to as “seller agency”.

An example of how a realtor will protect you when in such a relationship is in existence is by not telling potential home buyers why you are selling the home and if you offer any concessions in price. Of course you may choose to allow this type of information to be disclosed but many times you save it for the negotiations.

Buying

Similar to “seller agency” is “buyer agency”. This type of relationship is between the buyer and realtor but the same principles apply. Under this type of agreement the realtor represents the buyer. Information is kept secret to protect the buyer’s interests. Also if the realtor finds valuable information concerning the seller and the property that is not being disclosed they are obligated to inform the buyer.

Often times home buyers don’t enter into this type of agreement but there are times it can be beneficial. The only thing it costs is commitment to that realtor, however time frames can be set in the contract.

Realtors work hard to earn their commission, whether helping a buyer or seller. They drive buyers around town, buy an occasional lunch, and research the market. When buying and selling real estate it is important to know your rights and where the loyalties lye of the realtors involved.

If you’re buying a new home for your family or selling one you currently own, a few simple steps can help you find just the right real estate agent to fit your needs. With so many choices available, it can be hard to know which agent is going to do the best job for you, but here are a few things to look for when choosing an agent.

Agents For Buying A Home -

If you’re looking to purchase a home, notice how much time each agent you interview spends asking questions about your family’s needs, then how much time they spend listening to your answers. An agent who spends more time asking about your family finances or your ability to obtain a mortgage – rather than about the size of your family, whether or not you have children, and what sort of schools you may or may not be looking for – might not have your best interests in mind.

Also, make sure the real estate agent you choose is willing to work around your schedule when it comes to showing potential properties. In today’s technological age, many agents save time by sending out general lists of listings to potential buyers. You may be better served by an agent willing to work around your schedule; regardless of whether sending you listings that actually match your criteria, or taking the time to show potential properties in person, when your schedule allows.

Agents For Selling A Home -

If you’re looking for a realtor to help sell your home, an agent who examines your house with a fine toothed comb for the things needing fixed or changed is concerned about helping you sell for the quickest and best price. Also, look for a real estate agent who will help you to stage your home so it looks best for potential buyers. Staging may involve repainting the walls if they are too loud a colour, removing large pieces of furniture to make the home look bigger, and rearranging other furniture to make your home more appealing.

Overall, choosing a real estate agent who will work for you doesn’t have to be a difficult process. The main thing to remember is your agent should be working for you, and not just for the commission they earn when you either buy or sell your home.

For some, the world of Virtual Assistance can be confusing. If you have never worked with a Virtual Assistant before, you may be unsure just how this all works. You might be used to an assistant who comes in to the office every morning, makes the coffee, sorts the mail, answers phones, and generally makes herself useful in many ways. If you have a task that needs completing, you take a few steps from your office and hand it in to your assistant. If this is what you are used to, then welcome to the world of Real Estate Virtual Assistants! Working with a Real Estate Virtual Assistant, or REVA, can be similar, but is always so much more rewarding. Here are three tips to keep in mind when starting a business relationship with a Real Estate Virtual Assistant.

1) Mentality
The first thing to remember is that your Real Estate Virtual Assistant is an independent business owner and as such is much more of a colleague than an employee. She has a wealth of information and experience at her finger tips. Don’t be afraid to ask questions and answer those she asks you. You may be surprised at the suggestions she offers!

2) Communication
Be sure to keep in contact with your Real Estate Virtual Assistant. She may ask that you to connect with her on a short phone call once a week. This is an ideal way to keep you both informed. These calls do not have to be very long, but are excellent ways to quickly touch base and go over the plans for the week. For regular communication, email is a preferred method – though fax and snail-mail also work in some instances. Be sure that no matter how your REVA contacts you, you respond in some way. If you keep open lines of communication between you and your Real Estate Virtual Assistant, you will be amazed at what takes place!

3) Feedback
This is so essential in any good working relationship. If you are pleased with what your Real Estate Virtual Assistant is doing, let her know! This encouragement can go a long way. By sincerely complimenting her on what she has produced for you, you are helping her recognize her value to you and make her more willing to tackle those difficult projects. The reverse is also true. If you are unhappy with what your REVA has done, let her know in a kindly way. Her desire is to produce work that you are happy with. Again, this is all part of keeping the lines of communication open. Make sure you are on the same page – feedback is vital to this relationship!