It Begins With You

All things begin with you, and yourself.

Whether you seek the advice of friends, family, professionals, literature, or some other source, you ultimately have the final say.  It is interesting to note, that though you may seek the advice from others, we tend to choose the advice that we want to hear.  Put another way, we seek advice from those that we know share our point/s of view.  Therefore, our conundrums are not challenged, but echoed or enforced.

Step outside the norm.  Seek advice from those with no preconceived notions.  Place yourself in situations that make you uncomfortable. Grow as an individual.

Valuing Your Social Capital

Social media is certainly here to stay.  In fact, if you are not involved with social media in some way shape or form, then you have just fallen behind elementary school children. Nowadays, kids far younger then my counter parts and colleagues, have mobile devices in their hands and are advancing into the mobile realm. They are posting videos, blogs, tweets, posts, and so much more that it is incredible.  With so much activity occurring within the social sphere, it has become extremely important to monitor social activities.

Monitoring social activities is important to ensure that your "social cred" is intact and accurate.  I just came across multiple companies that provide monitoring and analysis of influential socialites:

• Peek You
• Traackr
• MBlast
• PeerIndex
• Kred

All of these sites are geared to the identifying, and tracking, of social activity.  Can you see the need for these companies?  Can you see how the demand for such services has given rise to these companies?  Businesses have made it a point to monitor social media sites to scan for both positive and negative customer experiences.  Consumer opinions can escalate both positively and negatively on a viral scale given the right circumstances.  As a service provider, it is in our interests to respond promptly to this feedback and take action immediately.  Technology waits for no one, and with opinions at the fingertips of consumers, waiting at a seconds notice to flood social media channels, attention must be paid to social media. 

How would you rate your social cred? Better yet, what are your consumers saying about your social activity?  Are you even getting any social activity?

- Scott

The Impact of Real Estate

Real estate has been in the headlines for the last several years.  The reason for all of the publicity is because of the jugernaut that is our industry.  For many years the N.A.R. has been one of the largest lobbyist groups in Washington D.C., and a "home" has been intertwined into the American Dream since America's inception.  Since real estate is such a focus in our country, there are many benefits that have been created for homeowners, two such benefits are the mortgage interest deduction and the property tax deduction.  Below are some recent facts regarding the property tax deduction from "Eye on Housing":

 A few facts about the deduction from 2010 data:

•    The property tax deduction benefitted 32.9 million homeowning households for a total savings of $23 billion

•   Almost 80% of  the tax benefit was collected by households earning less than $200,000 in economic income

◦                     Household income is the sum of all income earned by individuals filing on the same tax form; economic income includes items like employer-paid payroll tax and health insurance

•   For households earning between $100,000 and $200,000, the average tax savings was more than $800.

This deduction has become just that much more important in recent years, as home prices have plunged while property tax payments have remained about the same, leading to higher effective tax rates on homeowners.

House Resolution 557, sponsored by U.S. Representative Pascrell of New Jersey, expresses support for this important homeownership tax rule.

There are great benefits for homeowners, we need to broadcast these benefits to get more renters into homes.  Let's make it happen!

The Beginning Of Something Great!

I would like to begin by stating that from this point forward, this blog will not only serve as the platform to track and cite my experiences as I have entered the workforce, but this blog will also serve as the means by which I will be creating my first book.  It will be a peice-meal project, but through Jeffery Gitomer's guidance, I will complete a book by the end of 2012!

http://www.gitomer.com/articles/ViewGitbit.html?id=16110

It would do me a great service if you could please leave me comments.  Your comments will help expand my thoughts, and opinions, but also serve as building blocks for my book.

Thank you.



Scott

Representing Buyers

I was fortunate to sit in on a Keller Williams Buyer's Agent training, and I was able to compile the following pointers for Buyer's Agents:

1). Verify everything.  Double check all information, and follow up for yourself.  Assume nothing.

2).  Complete everything.  Be professional and submit/ deliver only completed items.

3).  Follow up...Weekly.

4).  Educate buyers up front (timeframes, expectations, CMA's, net sheets, etc.)
* Get all information before initiating the short sale.
** 3-Way calls are a great way to keep all parties informed.

5).  Personal letters to sellers as to why they should accept your offer could help.

I hope that these pointers can assist you and your buyers.

Kindly,


Scott

What Does Trust Mean?

Trust is one of the most important traits that a person and/ or a business can have.   Once upon a time, trust was conveyed with a firm handshake, and someone’s’ word.  As it was, verses what it is today, is that people actually followed through!

If a person gave their word that something was so, or that something would be done, then it would be known by all to be.   The repercussions that would come towards the person or business that did not act according to their word, were devastating to the person and business almost immediately.  For example, most historic towns were small, and each town probably had one or two professionals in any given field.  Further, within these towns, everyone knew everyone, and everything that went on within them.  Now, translate those points with a negative connotation attached to them; word would travel fast whether someone had the quality, integrity, or professionalism to warrant the towns’ business.  Trust builds a perceived quality, and a perceived consistency. 

Lets look at McDonalds for example.  If we visit a McDonalds in a foreign country, it is obvious that the food might be slightly different to appeal to the local tastes and cultures, but everyone trusts the quality, the cleanliness, and the service that they will receive from McDonalds.  McDonalds has built a trust within all of us, and we have all come to expect certain amenities.  Imagine if you went to a McDonalds and the décor of the establishment included the colors blue and gren, verses the normal color scheme of yellow and red?  Would you trust that McDonalds?  What are you doing to build trust within your customers?  What are the expectations of your customers? 

To build a thriving and sustainable nosiness, trust must be ingrained within the everyday business practices that we conduct.  Consistency really is the name of the game.  Above all, follow through.  The old adage of, “actions speak louder than words,” very impactful to building trust within customers and clients.   Imagine your favorite companies, or brands, and how they have built a trust within you.  How would you respond if that trust were broken?  Now imagine your customers and clients…

Trust, to me, means a consistency and expected value that my customers have come to love.

Scott

Experienced or Entry-Level

There is always a battle between those professionals that have been within an industry for years and years, and then there are those that are just getting started within an industry.  The experienced professional has built a career around a certian position, what ever that position may be, and has learned the ins and the outs.  The experienced professional has seen every type of client that their industry has to offer, and has experienced the positive and the negative side of each.  Perhaps though, that is where there is opportunity, and a chasm.

The you professional is often times, but not always, right out of school.  They have just graduated with their desired degree/s, and are ready to take on the world, often times with much naivety.  They are ambitious and eager to learn, but do not have the experience working with the customers, or the industry in which they are about to enter.  However, they have wonderful new ideas, text book understandings, and have an ear-to-the-ground for what is new and hip. Now this does not apply to everyone, but the majority seem to fall into the line of work that they will end up doing for years to come.  Therefore, many do not intern, or work within the industry during college to gain the exposure.  

It is this stark contrast between the experienced and entry-level that seem to compliment businesses, and help grow revenues.  However, there is always a quandary between hiring a recent graduate, and an experienced professional.  What are your thoughts?  Do you think that one is better than the other?  What are you, an experienced professional, or a recent graduate?  How do you decide between the two, especially when the job markets are tight, and revenues meager?


http://actvra.in/svS

Could Multi-Family Units Be the Next Buy

There was a recent article published by Corelogic within their new MarketPulse Newsletter., and republished by DS News Titled: Housing May Turn the Corner in 2012. Within both of these articles, the discussion is about the housing market and how the Spring buying season of real estate will signal either a positive or negative turn in the marketplace.  All predictions are that this Spring will be a hot buying season, and that the housing market will be trending upward thereafter.  What do you think?

After reading these articles, my mind was wandering...could this be the time to consider multi-family units?  The housing market is still depressed, and though single family residences may still be the right buy at the moment, I feel that as investors we should start considering multi-family units.  Let's think about this, as people begin to see the SFR marketplace heat up, they will want to sell their condos, or leave apartments and go into single family homes.  Therefore, the demand for housing will increase, and the demand for multi-family units will decrease, thereby lowing prices!  I will be looking into hot multi-family units, with the intent to purchase within the year, how about you?  Any thoughts?

Scott

How to Stay Positive and Keep Your Motivation

A Realty Times article recently came out and described some positive ways to keep and remain positive as the year progresses:

Real Estate Marketing Strategies: Stop Being so Hard on Yourself

by Dr. Maya Bailey

http://realtytimes.com/rtpages/20120118_marketing.htm

"Here are some tips on how to change your motivational strategy.

1. Awareness - Start becoming aware of the words you say to yourself every day in order to get up to speed. Do they have a positive or negative tone? Do they build you up or tear you down?
2. Observe – Observe your energy when you hear these words. Does your energy increase or decrease? If you have an inner tyrant, do you also have an inner rebel?
3. Intervene - when you become aware of how often and you are being hard on yourself, it's time to intervene. The best way to break into your own thoughts is to use the "Stop Technique."'

So how are you staying positive, and how are you staying on track to make 2012 a wonderful and productive year?

Scott

A Quick Land Update From Meyers

California Market Watch, January 17, 2012

Major Land Deals in Northern California

Through the second half of 2011, residential land transactions totaling $165M occurred in the Northern California region. The land transactions were primarily for paper lots, with the majority of activity taking place in Santa Clara County.  As was the case for much of the past year, homebuilders remain attracted to core markets in or around employment nodes.  With strong employment opportunities focused on high-tech jobs, Santa Clara County will continue to be one of the core markets of interest for developers and homebuilders in the near term.

                                                                                                                                                                                          

·         Homebuilders’ purchase of residential land focused on paper lots in Santa Clara County.  As finished lots become increasingly scarce throughout the region, paper lots will be the norm for land deals.  California remains one of the toughest places to get lots mapped and entitled, leading to a competitive bidding process for lots with any entitlements.  Even paper lots in core markets have been trading at prices as high as $350,000/lot.  One such transaction occurred in the third quarter of 2011 with Tri-Pointe’s $13.5M purchase of the Cadwallader project in San Jose. 

·         Employment remains a key driver of land purchase decisions.  The Bay Area employment outlook is one of the best in California.  With Santa Clara County experiencing a sharp drop in unemployment over the past year, it will continue to attract a sizable portion of the land transaction market in the near term.  A variety of residential product types have transacted in the past couple of quarters, from mixed-use and attached products to traditional single family detached lots.

·         The multi-family market continues to be at the forefront of the real estate industry.  With homebuilders continuing to struggle against foreclosures and short sales, the multi-family segment now accounts for a larger portion of the market, representing about 60% of the permit activity in the region for 2011.  Renter demand continues to be fueled by the uneasy housing market conditions, tight homebuyer credit, as well as by the booming technology industry.  These factors, along with the preference of generation Y consumers to live in centrally-located areas, will continue to focus demand on the multi-family market.  As a result, existing rental properties and multi-family land will see competitive offers and high transaction values.

Further details on land transactions, as well as other economic and housing data, is available by subscribing to Real Estate Trends, a quarterly newsletter published by Meyers LLC and Elliot D. Pollack & Company covering Southern California, Bay Area and Phoenix.

Jeff Meyers, Principal

jmeyers@meyersllc.com

The New Year: 2012

The new year is officially underway and off to a great start.  It is common tradition to set new years' resolutions, but all to often they are broken by the first quarter, or earlier, into the new year!  So the challenge is always, how to maintain the promise that we make to ourselves.  So how will you keep your promise this year?

I find that having an accountability partner is one of the best ways.  The partner that you choose should have the following:

1). Similar goals to yourself,

2). Positive attitude,  &

3). Willingness to help.

Now, in order to find this type of accountability partner, and to retain them as well, You have to be the same.  So without further a-due, I am posting my new years resolution to increase my title insurance business.  I am asking for my followers to hold me accountable, because you are loyal, have a constant urge to better yourself, and you are reliable.

NEW YEARS RESOLUTION:  TO PERFORM AT MY FULL POTENTIAL

Here are 3 tips to help you be at the top of your game:

1. Cultivate a positive mindset, no matter what:

Did you know that your success depends on your mindset, not on the economy? Here are some things you can do that make sure that you are thinking positively.

Focus on all the positive things in your life. Was your house warm when you woke up? Did your car start? Appreciating even the small things can change your entire outlook. Search for motivational resources that keep you uplifted.

Don't overwhelm yourself with the news. Remember, your clients don't care if you are well-informed about world affairs or even national affairs, but they do want to know that you are well-informed about real estate in your community -- so focus on that.

Avoid toxic people. What does that mean? Be on guard for people who want to share their negativity with you. Avoid them like the plague. If you are caught in an elevator with a toxic person you could always set up in boundary and say to yourself "that may be true to you, but it's not true for me."

2. Pump up your lead generation. This is a two-step process.

One, you need to release old self-limiting beliefs that stop you from picking up the phone, such as:

• "If I call people, I'm bothering them"
• "If I call people I might appear too salesy"
• "If I call people I might be rejected"

Two, you need to install updated empowered beliefs such as:

• "I have a valuable service to offer people and people are happy to hear from me"
• "There is no such thing as a rejection; it's either a match for it's not a match"

3. Clear your self-limiting beliefs:

The latest brain research shows that what you say consciously only accounts for 2% of your brain activity.

The other 98% is run by your subconscious mind, by beliefs that were installed in you at a younger age and may or may not be helping you now.

Here's how you can check whether your mind is helping you or hurting you:

• Do you get caught up in unproductive patterns?
• Do you procrastinate?
• Is your income inconsistent?

If you answered "yes" to any of the above questions, then most likely you have counter intentions to your success.

Here are a few anti-success beliefs:

1. I have to be perfect to be okay.
2. I have to be hard on myself to succeed.
3. To succeed, I have to work long hard hours, struggle and sacrifice.

If any of these sound familiar to you, then you need to change them to pro-success beliefs, such as:

1. I am perfectly imperfect, just like everyone else.
2. I motivate myself in positive and encouraging way.
3. To succeed, I just need to work smarter not harder.

If you can focus on the positive, make lead generation a regular habit and clear away the beliefs that are holding you back, then nothing can stop you. Implement each of these tips into action and watch this year become your best year yet.

Realty Times
Published: January 12, 2012
by Dr. Maya Bailey