Tag Archives: Real Estate

Falling in Love with Your Open Houses this Autumn

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The beginning of autumn is like a breath of fresh air–a bit of relief from the offensive summer heat is more than welcome at this time of year. Real estate professionals can capitalize on buyers’ eagerness to enjoy fall by bringing the best of the season into their open houses. By using the weather to your advantage and creating some seasonal charm, your open houses will be a hit!

Potential home buyers are likely to purchase a home before the holiday season gets in full swing–this means they will be more serious and ready to make an offer as soon as they find the right fit.  Here are some tips to planning a sensational autumn open house.

Up the Curb Appeal

Set the tone the second interested buyers walk up with a festive fall wreath and doormat. It’s an easy way to add color and style to the front entry, which is great for curb appeal. A doormat invites people in and can add a touch of personality. Bonus: the doormat can also help keep the floors clean.

Focus on Lighting

Lighting can be just as important during an open house as it is in your real estate photographs. Make sure any exterior lighting is working properly and utilize a mix of lamps and ceiling lights to create the perfect ambiance. Don’t go overboard with scented candles or similar items–some viewers may be allergic to the smell. To play it safe, look into electric candles or other lighting sources that can make your property glow without upsetting potential buyers.

Serve Seasonal Refreshments

Providing refreshments for an open house is an excellent, low cost way to incorporate fall touches into your open house. Think about pairing warm cookies with FAQ sheets on the neighborhood or hot cocoa next to a printed floor plan. This personal touch, while small, can make a big impact. Potential buyers will feel comfortable in the space and leave with all the information they need.

Add Autumn-Inspired Elements to the Decor

Continue the autumn theme throughout the house by adding touches of seasonal decor: fall-colored throw blankets and pillows on the couch, a pumpkin cookie jar and apple-cinnamon potpourri in the guest bathroom.

Open Up the Windows

Now is the best time of year when you can open the windows and let the crisp, clean air inside. If you have a fantastic view or outdoor living space, opening the doors and windows can also call attention to the features.

Hosting a memorable fall open house will rely on your ability to make potential buyers feel at home in the space. Create a cozy atmosphere by relying on little fall touches. Keep the inside of the property warm and incorporate subtle fall decor. To make the house even cozier, you can leave out a few fall activities for kids like coloring pages or word puzzles. Between the activities, the warmer temperatures, and any other fall touches, potential buyers will fall in love with the property.

Two Real Estate Firms in Hot Water in Hawaii

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The U.S. Environmental Protection Agency (EPA) has settled with both Century 21 Homefinders of Hawaii in Hilo, and Coldwell Banker Island Properties of Kahuhui, Maui for violating the federal Toxic Substances Control Act (TSCA). Collectively the companies have agreed to pay more than $26,000 in penalties for failing to provide proper lead-based paint disclosure to buyers and renters of homes built before 1978 in Maui and the Big Island.

The companies were cited under the TSCA’s lead-based paint disclosure rule, which applies to housing built before the residential use of lead-based paint was banned in 1978. The rule requires sellers and lessors of pre-1978 homes to provide prospective home buyers and tenants with a federal brochure about lead-based paint, any information known about lead-based paint in the home, and a warning statement about the potential dangers of lead-based paint. Buyers also have the option to inspect pre-1978 homes before becoming obligated to make a purchase. With this knowledge, potential home buyers and tenants can make informed decisions about whether to buy or rent a specific residence.

Century 21 Homefinders of Hawaii has agreed to pay a $6,962 penalty to settle alleged disclosure violations. Coldwell Banker Island Properties paid a $19,344 penalty in an earlier settlement. Both real estate companies have certified that they are presently in compliance.

High levels of lead in blood can cause permanent damage to the nervous system and widespread health problems, according to the EPA, including reduced intelligence and attention span, hearing loss, stunted growth, reading and learning problems, and behavioral difficulties. Young children with developing nervous systems are most vulnerable. “Reducing childhood lead exposure and addressing associated health impacts is a top priority for the EPA,” said EPA Pacific Southwest Regional Administrator Mike Stoker in a news release. “These settlements protect Hawaii communities by ensuring that lead paint rules and regulations are followed.”

Click here to learn more about the Disclosure Rule.

Tidying Up: The Importance of “Staging” for Home Sale

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First impressions matter! One of the hardest challenges sellers face when listing their home is de-cluttering. Whether your client is moving up to a larger home, downsizing, or moving in with family, an open house is a great way to get your clients house noticed. Before scheduling your photographer to take photos of the listing, help your client commit to tidying up. Encourage them to sort through items and pack up all sentimental items now to keep them safe during the open house and to make moving that much easier!

Look through the buyer’s eyes as much as possible and tell it exactly as it is and not just what your seller wants to hear. Keep your target buyers in mind. Your next step should be to do a walk through with your seller and jot down any problem areas. You definitely don’t want to start preparing for an open house by making updates willy-nilly.  Depending on your client’s budget and time frame, create a list, putting top-priority issues that are sure to turn off buyers, first. Remember, today’s buyers are looking for move in ready properties. Below you will find the results of The National Association of Realtors Annual Profile of Home Staging. Notice all the benefits of having the home staged to truly benefit your principal.

As the big day for the open house approaches don’t forget to put on the finishing touches. The home should be in tip-top condition and ready for potential buyers. Here are a few last-minute details to really make the home shine:

  • Set out vases of fresh-cut flowers.They’ll make the home smell nice and add a splash of color.
  • Let in the light.Buyers want a bright, open house, not a dark and dreary cave. Turn on all the lights and open all the curtains.
  • Adjust the temperature.Keep the home comfortable — not too cold or too hot.
  • Serve food and drinks.A cold glass of lemonade in the summer or some warm, freshly baked cookies in the winter will encourage buyers to stick around longer, giving them more time to check out the home.
  • Have your client leave!They are probably proud of how fantastic the house looks, but they shouldn’t stick around to point this out to buyers. The last thing you want to do is make potential buyers feel uncomfortable. Tell them to spend the day out and about and let the perfectly prepped home sell itself!

Fannie & Freddie Experience More Delays

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Nearly 3 years ago mortgage financing giants Frannie Mae and Freddie Mac announced that changes were coming on the standard mortgage application. These were to be the first changes made to the application in 20 years. As the process moved forward, the new Uniform Residential Loan Application was supposed to make its debut February 1, 2020. The government – sponsored enterprises decided additional changes were needed and extended the time frame for it’s mandatory use.

“The redesigned URLA is the result of extensive collaboration with industry stakeholders,” said Andrew Bon Salle, Fannie Mae executive vice president of single-family business.

“We are proud to be a part of this effort that enables lenders to better serve their customers by providing ease and clarity to borrowers during the loan origination process,” Bon Salle said.

The Federal Housing Finance Agency has requested more changes to the URLA form. At issue are questions relating to language preference, home ownership education and housing counseling. These questions have been moved to a voluntary form instead of being addressed on the main application. After revisiting these changes, additional changes are now being revised as well, including:

Redesigned format: Improved navigation and organization that will support accurate data collection and better efficiency for a more consumer-friendly experience.

New and updated fields: Capture loan application details that reflect today’s mortgage lending business and support both the GSEs’ and government requirements.

Clearer instructions: Simplified terminology enables borrowers to complete the loan application with less help from the lender.

Revised government monitoring information: Incorporates the revised Home Mortgage Disclosure Act demographic questions.

Spanish informational version: Will be available soon.

The new timeline for use is still unspecified as the changes will be assessed yet again to see what the impact will be to everyone involved. The timeline and new implementation dates will be released as soon as they are available until which time the new form is available, continuing the use of the current form is required.

Millennial Home Buyers: What They Really Want

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Millennials love analyzing and making very informed decisions about everything in their life, given the Internet has made this process quite easy.

They have different expectations for their lives and look for uniqueness in all aspects. The majority of real estate markets nowadays consist of a large number of millennial home buyers. In 2018, Millennials were responsible for 1/3 of all home purchases. Millennials will continue to drive the market, especially as they become more financially stable.

It’s important to understand what features home buyers are looking for in a home and to know how to make sure those features are being showcased, especially when targeting Millennial home buyers. Here are the top 4 selling points Millennials are looking for in their home. 

  1. Walkable location and accessible amenities
    • Proximity to work and play options are high priorities to this group. Contrary to popular belief though, Millennials are targeting suburban communities with a short drive to a big city for social interaction. 
  1. Move-In-Ready, Single Family Homes
    • Millennials are eager to swap their rental apartments for single family homes. Homes that require little maintenance appeal to this market so that they may spend weekends relaxing instead of completing repairs & maintenance. 
  1. Energy Efficiency & Technology:
    • Millennial home buyers want to have complete control over their systems. This generation will pay more for automated or voice-activated devices like HVAC systems and appliances. 
  1. Fancy Outdoor Space:
    • Weekend entertainment is especially important to this generation. As such, must-haves include fenced-in backyards, patio areas and outdoor cooking areas. Millennial buyers want to create a relaxing outdoor retreat. 

It is important to understand what Millennial buyers, those born between approximately 1980-1995, want in their next home. Location, community amenities and energy – efficient features all factor into their buying decisions. Since they make up such a large portion of today’s potential home buyers, it’s vital you understand the above things they are looking for when shopping for home. Homeowners and real estate agents who understand these things and who know how to highlight them greatly improve their chances of a quick and profitable sale.

Social Media Success for Real Estate Professionals

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Now more than ever, social media marketing is essential to promoting yourself as a real estate professional. Gone are the days when home buyers would open a newspaper to look for properties for sale or look up names of real estate agents in a phone book.

Therefore, it is imperative for any real estate agent to use social media in marketing their businesses and listings. And while any realtor can open a Facebook or Instagram account, it’s not always as clear how to use social media as a tool to send the right message to the right people at the right time. In our course Social Media Marketing for Real Estate Professionals you will find valuable need to know information to make yourself and your business a social media success! Here are 3 steps to get maximum exposure for your brand and properties online.

1. Use Different Platforms

Remember all platforms are different and the voice and message should match that. The top 3 social media markets are Instagram, Facebook and Twitter. Of course, there are many more, but don’t spread yourself to thin trying to market on every platform.

Post photos on Instagram to generate leads.

Instagram is widely considered the perfect social media platform for realtors. There are more than 700 million users on Instagram, who reportedly press the “like” button on images about 4.2 billion times per day.

  • You get engagement by doing polls on insta-stories (very effective) and asking a question in the last line of the caption. Getting users to engage on your account is one of the best ways to grow and connect with your audience.

Without a doubt, Facebook is the king of social media.

With more than 2 billion users worldwide, it is easy to understand why the brainchild of Mark Zuckerberg is the first thing that comes to mind when one hears “social media.”

  • Use the 80/20 rule with updates: 80% of posts ought to be customer-centric while 20% should be about the business. It also helps the cause of agents to post about happenings in and around their communities like local charity events, school-related activities or even gas prices (especially when they’re low)

 Tweet to promote listings.

The volume of tweets will greatly boost a realtor’s exposure. The more tweets a real estate agent sends out, the more leads can be generated. In addition to sharing listings, there are other types of content or pieces of information worth tweeting, like advice on moving as well as tips for staging and upgrading homes.

  • Hashtags are also very important, as people use them to search for a particular topic on Twitter. Agents should use hashtags like the geographic area they operate in, recent events or keywords that their target market may be searching.

2. Use more videos and photos

Just like many others, it’s tough to turn the camera on yourself….but you have to get over it! The reality is that no one cares that your video isn’t professional grade all the time, your hair isn’t perfect or that you stumble over your words occasionally. Being yourself is the key. People will respect your effort and want to do business with you if you are authentic. Establishing that you are likable, good at your job, and can be trusted are the keys to winning!

  • Sharing images and video clips on your social media platforms can also greatly enhance the engagement level of real estate agents online.

3. Measure social media metrics.

Finally, real estate agents should identify and track their social media metrics to gain a better understanding of which strategies are working and which should be replaced or tweaked.

    • Metrics like the number of “likes” per share, number of followers and level of engagement can guide real estate agents toward what they ought to do with their social media campaigns. Facebook Audience Insights will tell you which kind of posts generate interest, and which kind lead to unfollows.

Class-Action Lawsuit Filed Against NAR

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The lawsuit filed by home seller Christopher Moehrl in March of this year is on its way to making traditional home buying and selling a thing of the past. The NAR, 20 of the largest MLS’s across the country and 4 of the largest real estate broker franchises, are being accused of violating federal antitrust laws by conspiring to require home sellers to pay buyer commissions at an inflated amount. The end goal of said plaintiff is to make selling a home more affordable by changing how agents share commissions on local MLS’s.

NAR’s “Buyer Broker Commission Rule”, “requires all brokers to make a blanket, non-negotiable offer of buyer broker compensation” in order to participate in MLS. Without using MLS brokers cannot effectively market their properties and sellers are paying both brokers commissions which results in an ineffective and anti-competitive market.

There are 2 problems with the current archaic system. First, since the buyer’s agent will get ½ of the commission, it may induce them to cherry-pick listings to show only those properties with the highest commissions. The second problem is that the commissions presume full-service work on the parts of both agents. What happens if the buyer knows what property they want? That greatly reduces the workload of the buying agent, yet they still receive the same commission for less work.

What does this all mean for the future of Real Estate? This consequential lawsuit (if the plaintiff wins) will change the percentages that come with Real Estate transactions, making a big impact in the Real Estate Industry. With the opening of MLS to something that provides for competition, it will swing the doors wide open for internet brokerages such as REDFIN and ZILLOW. With more transactions happening virtually, salespersons and brokers will have to market themselves in new ways. The days of print and tv ads are dwindling and social media presence will be essential. We can help guide you in making yourself an invaluable player online with our Social Media Marketing Course! Learn the ins and outs of social media marketing from experts that work in both social media and real estate. We provide you with tools and tricks to upgrade your personal and professional profiles, drive leads, increase your network and business!

Virtual Real Estate

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Social Media has become one of the top ways Real Estate salespeople and brokers advertise themselves. You can expand your network, engage business partners and attract new customers all with a few keystrokes on a computer or smart device. Social Media can be the least expensive and most effective of advertising out there today. Forecasts by eMarketer show digital advertising surpassing both print and tv for the first time in history. Now is the perfect time to dive into social media marketing and get ahead of the future of digital Real Estate.

Real Estate as we know it is facing many changes. Virtual companies are on the rise and the only way to capitalize on what’s coming is to jump out in front and embrace the change. You cannot be overrun by these virtual companies if you build a virtual presence yourself. Perhaps your business will never be as big as Zillow or Redfin, but it doesn’t need to be. Your biggest asset as a Real Estate agent is your network. Currently, the biggest Real Estate buying group are Millennials and these Millennials account for 70% of Instagram users. Your buying audience is literally at your virtual fingertips, and when the market becomes digital, your business will be secure.

As history has taught us, fighting change won’t help your business. The best course of action that you can take for yourself and your business is knowing how to navigate the virtual world and accepting that very soon it will become priceless. Social Media can be a complicated and confusing landscape, If you are unsure of how to begin, check out our course titled: Social Media Marketing and you will become a social media whiz in no time. Get started below!

 

Who Should Pay the Buyer’s Agent?

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Traditionally in America, the home seller pays the buyer’s agent, however–that tradition is under fire due to new lawsuits filed in Chicago against the National Association of Realtors and others. The outcome of the cases could have far reaching impact in the world of American real estate.

According to a recent Washington Post article, class-action lawsuits have been filed against NAR, the nation’s four largest real estate brokerages, and the MLS companies they use. The suits state that federal anti-trust laws have been violated by the named entities by forcing sellers to pay the buyer’s agent inflated commissions.

The claimants state that the buyer’s agent should be paid by the buyer in a competitive market, and also that the split commission contracts enforced by MLS companies often cause the seller’s agents to be unfairly compensated.

The outcome of these suits could affect home owners and buyers as well as agents and brokers.  Some say that if the courts rule against the defendants that commission rates for buying and selling agents will go down in order for agencies to stay competitive in a customer’s market. If home buyers were required to pay their agent’s commissions instead of the sellers, they would negotiate directly with the agent to pay only for services rendered, as opposed to the blanket commission currently paid by the seller.

The downside to such a situation going into effect is that when it comes to purchasing a home, buyers are already at a financial disadvantage—forced to pay for closing costs and moving costs on top of the price of a home. According to the Post, some Realtors say that the added expense of having to pay their agent’s commission would put a heavy strain on “first-time and other cash-short buyers”. This could have a negative impact on real estate markets across the country.

A New Type Of Credit Score Is Coming

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The current score system works well in that it provides a sufficient way to figure out low costs and in an automated way how likely someone is able repay you. But it has a disadvantage in that a lot of people don’t provide a payment history because they don’t have credit cards such as younger people and immigrants.

Ultra FICO changes that dynamic by using consumer contributed data. The Fair Isaac Corp., the creators of FICO, announced that Ultra FICO will be more widely released in April 2019. Alongside traditional metrics, the Ultra FICO looks at your banking behavior in 3 areas:

  • Your account history
  • Your account balance
  • Your account activity

It gives consumers the ability to give permission for their data—rich data that can be used as valuable insight for lenders. It has the potential to score people that are considered unscorable and enhance existing scores. This may help people get better interest rates.

Marketplace.org reported that “there are 53 million people in the United States who do not have FICO scores, and the new Ultra FICO will catch 10 million to 15 million of those.”

Don’t look for Ultra FICO to replace the regular FICO score. Ultra FICO is voluntary, so it will likely be used to give more insight to lender if the regular FICO is not high enough to qualify the consumer.