Commercial real estate has operated this way for a long time.

Commercial listings generally do not offer compensation to cooperating brokers of buyers.

It does not mean that buyer representatives are not paid.  It means that buyers must ask the listing broker if there is any cooperative compensation available.  

In the event the answer is no, then the agent must consult with the buyer and refer to the exclusive right to represent form.

Clear differences exist between commercial and residential.  Immediacy is generally not present in commercial as it is common in residential.  Rapid moving residential markets can be impeaded or slowed by this added layer of discussion (assuming the offer to compensate is withdrawn from the MLS.  Now the process has an extra layer of discussion which could retard the process and flow when time is of the essence.

  In addition, residential buyers have financing concerns that play into compensation that are not there in the commercial world.  For instance, buyers with VA loans are not able to make payments to the agent or to a vendor for repair.  That could be very harmful to some of our most important buyers.  It is potentially a dramatic erosion of one of their signature benefits.

Often times consumers will call the sign in commercial real estate and proceed with no buyer agent. In some cases they may ask the listing firm for dual representation and other times they may proceed unrepresented.  Residential real estate has methodically and purposefully moved away from this and comfortably gotten to a situation where buyer agency is clear and defined and common, while seller agency remains intact.  Both sides have agency and compensation did not increase.

  One really questions the benefits to the residential process that will result from the decoupling of advertising compensation in the MLS.  The theory on the ground is that since compensation is still permitted from the seller to the buyer’s agent that it will still take place largely as normal and hopefully with more transparency than before.

  The fear is that our most prized and vulnerable buyers will be sidelined, and may resort to calling the sign, perhaps out of desperation and frustration and perhaps in the hopes of trading representation for perceived savings to make a deal work.  The ramifications of thousands of unrepresented buyers who are financially sensitive could be devastating if they don’t have capacity to negotiate repairs, oversee important disclosures, review documents, navigate extensions, deadlines, review repairs and verify payments to vendors.  It really could be lambs to the slaughter in some cases---sadly out of needless desperation caused by the DOJ.

The Constitution sets three qualifications for service in the U.S. Senate: age (at least thirty years of age); U.S. citizenship (at least nine years); and residency in the state a senator represents at time of election.

Members of the House of Representatives serve two-year terms and are considered for reelection every even year. Senators however, serve six-year terms and elections to the Senate are staggered over even years so that only about 1/3 of the Senate is up for reelection during any election.

Congressional districts are the 435 areas from which members are elected to the U.S. House of Representatives. 

There are 100 Senate seats, 2 for each state.

The compensation for most Senators, Representatives, Delegates, and the Resident Commissioner from Puerto Rico is $174,000. These levels have remained unchanged since 2009. 

Term limits at the federal level are restricted to the executive branch and some agencies. Judicial appointments at the federal level are made for life and are not subject to election or to term limits. The U.S. Congress remains (since the Thornton decision of 1995) without electoral limits.

My suggestion for reasonable term limits would be to attract more people to serve, remove incentives for a life in politics, roll implementation in the House to mirror the Senate. This will preserve institutional knowledge which is critical.

To attract a higher quantitiy of everyday Americans to do the unthinkable

run for congress

leave their family

leave their business

I suggest increasing the pay to something very substantial, such as $$350,000 per year.

In addition, there would be heavy incentives and benefits to protect juobs and business during service so the Congressperson could return home to what they left.

Senators would be limited to 2 terms and Representatives to 6 terms.

In the last generation all of these things have changed our lives, largely for the better.  While there are downsides to everything, the changes have increased efficiency, safety, enjoyment, knowledge, and quality of life.  Let's seek, expect, hope, and demand the same from Artificial intelligence as it unfolds into our everyday lives.

 ODU report warns again that Virginia is increasingly split between haves and have-nots 

 The report also warns that Virginia is losing young adults and continues to lag behind North Carolina in multiple economic metrics. However, Southside and Southwest have seen the state’s highest income growth. 
https://cardinalnews.org/2023/12/18/odu-report-warns-again-that-virginia-is-increasingly-split-between-haves-and-have-nots/

Make sure you save up several hundred dollars for the application process as you may have to make multiple applications. And this might need to be more if there are two adults applying.

Always see the property prior to paying for an application

Always have the listing agent verify in writing that it's available before running your application

Always be extremely upfront with the person regarding anything in your credit or criminal past. It's very helpful to put this into writing so they know that you're serious. If you approach your issues professionally you will be dealt with on a more professional level.

Having a pet can create a lot of headwinds for you when you are looking for a property. Take steps necessary to remove or just know that you're going to need to allow yourself more time and probably more money to get the rental that's right for your family.

Consider hiring a tenant's agent. This type of agency is not terribly popular in our area however if you hire the right agent and offer them a suitable fee for service they can probably save you money in application fees and they can probably negotiate better terms than you could on your own, and most importantly it'll lower a lot of the stress that you're bound to incur.  

Be sure to document the condition of the property in writing as you move in. It's not a bad idea to take photos as well or video but written evidence is very powerful. Make sure you deliver it to the property manager in a timely manner.

I suggest renting professionally managed properties especially when those managers are members of the national association of Realtors.

Read your lease carefully before signing. No you're rights. But also know you're obligations also.

Don't plan on having your security deposit back the day that you move out as managers have several weeks to return your deposit. The better condition you leave the property in the fewer estimates they need to get.  

Paying your utilities as you're moving out and providing proof of those payments will expedite the amount of time it takes to get your security deposit returned

How do cooperation and compensation help sell? A listing broker offers to compensate a buyer broker who pairs a buyer with the listing.

What is syndication?   The broadcasting of listings, similar to songs on radio stations

How many do you need to subscribe to as an agent? It really depends on several factors, namely the geography you cover.  But also if you are a buyer agent or a listing agents matters.  The key factor should be the impact the subscription has on your clients.

To fully market your property as a seller, how many MLS should your listing be in?  The answer is changing day by day.  Some think a single subscription is enough, others insist multiple subscriptions are needed.  What would help your client the most?

Should you choose an agent based on how many MLS systems they subscribe to? It would be very wise to have the MLS conversation with both your buyer agent and your listing agent.

How much does it cost to subscribe to an MLS? Roughly, $1000 a year per subscription , assuming that you are also buying the MLS key system.

What is the value of a listing to an owner? Without a doubt, MLS brings value.  BRIGHT MLS study

How can buyer agents find my listing if it is not in their MLS?  REALTOR buyer agents have a number of alternate tools, including the ones consumers have.  They may opt to search in RPR which is a value added conglomerate MLS exclusively for Realtors.

How are small MLS systems helpful?  Strengths are service, reaching more Realtors who only have one subscription.

How are large MLS systems useful?  More scale and power, strong value add ons, that make life simpler.

What are three things I should consider to live a healthy life? 

As an AI language model, I can suggest you three things to consider for a healthy life:

1. Balanced Diet: A balanced diet is one of the most important factors in maintaining good health. A diet rich in fruits, vegetables, whole grains, lean proteins, and healthy fats can provide the necessary nutrients for optimal health.
2. Regular Exercise: Regular physical activity can help you maintain a healthy weight, reduce the risk of chronic diseases, and improve your mood and overall well-being. Aim for at least 150 minutes of moderate-intensity exercise or 75 minutes of vigorous-intensity exercise per week.
3. Good Sleep: Getting adequate sleep is essential for good health. Lack of sleep can lead to fatigue, decreased immune function, and an increased risk of chronic diseases. Aim for 7-8 hours of sleep per night, and try to establish a regular sleep routine to help promote better sleep.

What do kids like to eat for dinner in the United States? 

The food preferences of children in the United States can vary widely depending on their family background, cultural traditions, and individual tastes. However, some common dinner options that many children in the US enjoy include:

1. Pizza: Pizza is a popular food among kids in the US, and it's available in many different styles and flavors.
2. Macaroni and Cheese: This classic comfort food is a favorite of many children, with its creamy cheese sauce and tender pasta.
3. Chicken Nuggets: These bite-sized pieces of breaded and fried chicken are a popular choice for kids, often served with a side of fries or vegetables.
4. Tacos: Tacos are another favorite among many kids, with their customizable toppings and fun finger food format.
5. Spaghetti and Meatballs: This classic Italian dish is another popular option, with its flavorful tomato sauce and tender meatballs.

It's important to note that while these foods can be part of a healthy and balanced diet when consumed in moderation, it's also important to offer children a variety of foods and encourage them to try new things to develop a well-rounded palate.

Which fast food restaurant has the best french fries? 

As an AI language model, I cannot have personal preferences, but I can provide some insights on which fast-food chains are popular for their french fries in the United States.

Different people have different tastes and preferences, so there is no definitive answer to which fast food restaurant has the best french fries. However, some popular fast-food chains known for their fries include:

1. McDonald's: McDonald's is one of the most well-known fast-food chains in the world, and their french fries are a staple menu item. They're crispy on the outside and soft on the inside, and many people love their unique flavor.
2. Five Guys: Five Guys is a popular burger chain that's known for its fresh ingredients and customizable menu. Their fries are hand-cut and cooked in peanut oil, giving them a unique taste and texture.
3. In-N-Out Burger: This West Coast burger chain is famous for its "Animal Style" fries, which are topped with cheese, grilled onions, and their signature sauce.
4. Shake Shack: Shake Shack is a burger chain that originated in New York City and has since expanded to ot...

Also in a low inventory market you owe it to all of your buyers to know every available listing on the market, such as FSBO, HUD/FHA VA

While I am not anticipating a serious foreclosure boom, there will always be some and since there have been so few, the only way to go is up.

The main reason there will not be a huge foreclosure boom is that there is so much equity in homes, that most can allow a traditional sale.

Foreclosures are a solid way to have a predictable outcome for a hearty buyer with a mild appetite for risk.

Most have been preinspected and items have been fixed or will be disclosed.

Keep in mind most asset managers will usually onely fix a home to the minimal lender requirements.  

While a buyer can inspect, the findings will not matter to the seller unless the appraiser calls a specific item into question

https://vrmproperties.com/

Do not need to link to your brokerage account.

Do need to work with the listing agent.

VA foreclosures are in the MLS.

VA foreclosures website has coming soon properties, many MLS systems do not.

You will make the offer directly on the VRM website.

Here are some best practices for you to keep in mind when submitting your offer using our platform :

1. Ensure that you are licensed in the state that you are making an offer for. Offers are only accepted by VRMProperties.com if you are an agent licensed in the state for which the offer is being made.
2. Provide your full Agent and Broker licenses when submitting an offer. If this is missing, this will delay your offer from being properly submitted and your offer will not be reviewed.
3. Provide complete and accurate information such as Full buyer names, e-mails, etc. If any information is missing or partially provided, this will delay the offer process and your offer will not be reviewed. 
4. Contact the Listing Agent if you have any offer related questions. They have access to VRM's offer management system and can provide you the current status of your submitted offer.
5. Contact VRMProperties.com at our contact form if you have any technical related questions or issues with your offer or the website.
6. If your offer is accepted, you will find your offer in your Offer Dashboard under the "ACCEPTED" filter and your offer status will be "Under Contract". Once the sale has completed, it will say "SOLD".
7. If the offer is declined, you will find your offer in your Offer Dashboard under the "ARCHIVED" filter.

https://www.hudhomestore.gov/Home/Index.aspx

FHA foreclosures ru through the HUD homestore. This website is very archaic.  It may be the least user friendly website out there with a consumer interface.  Things to know.

You must be registered.

Your brokerage must be registered and have a NAID which you need to link to once you have registered.

Search bid results is a great function

You can see if a property has an offer, the net amount to go to HUD, and the broker name representing the buyer.

Extended vs. Exclusive.   Owner Occs, non profits, then all bidders (investors)

Once your bid is accepted you will need to expedite paper contracts to HUD.  You have roughly 48 hours to get them in overnight mail.  The signatures need to be ink, not digital.

You really have to be prepared for this, but your preparation can make you a star with your client.

https://virginiarealtors.org/advocacy/legislativeagenda/
https://virginiarealtors.org/advocacy/legislativeagenda/

Resale Disclosure Act

HB 2235 – Delegate Will Wampler

SB 1222 – Senator Monty Mason

This bill seeks to create one place within Common Interest Community law to find all information on resale disclosures that are required when a property located within a common interest community is sold. The bill takes current disclosure language out of the POA, Condo, and Cooperative Acts and consolidates it within a new chapter entitled the Resale Disclosure Act. The Act uses one term, “the resale certificate” for the packet of information that are required to go from the Association to a buyer when a property located within a CIC is sold. The Act also sets forth the requirements for contract disclosures, formatting and contents of the resale certificate, applicable fees, termination rights, and liability. The purpose of this change is to consolidate information that was spread over three different chapters in the code and often included different requirements, terms, and definitions. This change also seeks to clarify code language and update obligations to current day. Some substantive changes include the contents and format of the resale certificate, the process of calculating fees, and when the fees are paid.

If you have questions or thoughts about the 2023 Virginia REALTORS® agenda or other Government Relations efforts, please contact us at advocacy@virginiarealtors.org.

Major issue with affordability is highly complex.  Not hard to understand really, just has 1000 moving parts.

As it has many causes it is likely to have many solutions.

Possible approaches to poke the bear of affordable housing shortages are:

a)1st is education and understanding the playing field and the breadth of the problem in your area.

Lean into your local REALTOR association for data. Associations are replete with resources, knowledge, and experts.  Also they love to help solve problems for the greater good of the community.  NAR is well known to be ready with grants for housing studies which produce extremely valuable information for this and other considerations

b)Local and municipal regulations or incentives to 

Attract—actively seek cooperation from builders and developers and land owners

 Incentivize—by adding language to goals and comp plans, local supervisors can begin to discuss offering incentives to developers, remodelers, investors if they agree to other defined terms that are affordable housing friendly.

 regulate new construction in a way that is affordable housing friendly.  New HOAs could be asked to allow certain percentages of rental units, perhaps higher than originally intended

Definition—affordable housing friendly could mean a lot of different things ranging from density of lot sizes, connectivity, home size.   Remember that affordability is not just for sale and often affordability of homes can be found or lacking in the rental market.  

c)States can also step in and legislate from any number of directions.  California has a state code recently passed that will set a floor on the percentage of rental units.  Some HOAs might not allow rentals or have stipulations that 10% of units are able to be rented.  The CA law increases that to 25% 

Civil Code Section 4741

https://www.condocontrol.com/blog/new-rules-about-rental-restrictions-in-california/

d)There are federal measures that could be taken as well regarding loans in communities which have ‘too many units’ rented as a percentage of all of the units.

e)But lastly, if you really want to impact the availability of rentals and create a stabilizing pressure or downward pressure on rents, then you should learn your own association and what it’s stance is on the number of rental units.  You could become involved and suggest the owners have more rights to rent their property as is currently in the regulations and that by giving owners more flexibility, they are helping solve a major crisis of the lack of affordable housing.

One steps that Virginia is taking to combat some of the problems associated with fear of rental units, specifically short term rental units, is to propose legislation that units managed by a professional licensed REALTOR be exempt from certain restrictions, which are delineated.  The reasons they are able to relax the rules for the professionally managed units is that they tend to produce fewer problems many associate with absentee landlordism, and also when a problem does arise, the professional REALTOR anager is easier to contact and more available to address the issues.

Moderator Is Kymber Lovett-Menkiti, President ot Keller Williams Capital Properties in Washington DC.

After a discussion about the impact of rising interest rates on the housing market. Is it a respite, a worry signal, simply cyclical?  She querried 4 power brokers about how they are supporting their agents in this changing environment.

Christian Barnes, President/CEO of Better Homes and Gardens Real Estate in Kansas City--   Shortened, This is not 2008, all real estate is local.  Get past the headlines.  Inventory is tight and still leading to multiple offers.  Things are normalizing a little allowing for some negotiation

Howard Hoby Hanna President of HH--There is no gloom and doom in todays market, regardless of Headlines. Inventory is still low and buyer demand is still strong.  Plenty of Business to be had. Control the message, work on the basics, and set serious goals.

Nancy Robinson VP of Christies International Real Estate In California--It is a transactional market and agents need to focus on local data. We encourage agents to embrace their social platforms and lean into their sphere.

Mike Burns Broker/owner of RE/MAX Professionals in Littleton CO--His market is still very robust. Buyers are looking for value and finding it more.  Seller are becoming more realistic. Overall, average sales price has remained Stable.

KLM: My mindset as a leader is framing the message that there are plenty of home sales happening now.  Here is how you get your fair share.

MB: Agents are still in shock about the rapid change Education is the key to get past that. How do you price approriately. What are alternatives to typical financing? How can you connect in meaningful ways?

NR: Work where you play--engage and connect. Be visable. Back to basics with a spin. Supply agents with current leading economic data and short video resources.

CB: This is not a passive market.  Encourage agents to find new ways to stay in touch. Make more phone calls.  Knock on doors and do pop bys or to say hello.  Host a contest you can promote on Social Media. Be a local market expert.

HH: we always focus on fundamentals and provide powerful tools to support agents to be the local experts. Rate reduction strategies and other guaruntees are powerful incentives.

Dr. Yun, Chief Economist from National Association of Realtors.

Stats Pending home sales coming down due to higher interest rates.  Often there will be a burst of pent up demand pendings will stabilize.

Interest rates connection to the 10-yr. treasury yields.  30 year fixed rate hit a 20 yr. high.  Buyer confidence is there but they cannot afford what they want. Too much money in the system.

The two are connected as they move together as the government pays a cert

The spread between the two should be 2% but now is much larger, only seen two other times.  It should erase and turn back to normal in the short term.  Rates should drop into the 5% range.

Past the 7% peak, Fed activity is already baked in to bond and equity market.

Advice for Realtors in 2023 Dr. Yun says housing is cyclical.  Prepare for up and down, set some aside.  Look to stabilize in 2023.

Buffini’s take on the data

Fewer transactions, not catastrophically fewer.  25% fewer in Canada  (2/3 of millennials will buy a home in the next 2-3 years).  Rents are crushing people and will continue to rise. Since they are rising higher than the price of a house, this will push renters into the buyer market

More Contract cancellations, 63000 contracts failed in July 2022, August blew up in 64000 august, 60000 in September, 60000 in October.  Many due to the competency of the agents in the transaction.  Practices have gotten sloppy. Skills are rusty.  1 in 5 transactions are blowing up, largely due to sloppy agents.

Fewer agents in the business,  turkey can fly in a hurricane, 200,000 will drop out by the end of the year.  

Brought to us by Movement Mortgage
Barry Habib  2023 Market predictions

Housing related to rates, does this mean a housing bubble.  Inflation is the key driver, not fed increases/decreases.

Quantitative easing also impacted rates, but that is over.  Once that stopped AND inflation increased rates went up.

Inflation outlook.  Too may $ chasing too few good.  90% of extra dollars is on credit, so the fed slow that down with rate hikes.  This slows demand.

Savings are increasing, inventories of goods are increasing, at high level than before.  This will mean sales to come.  Too much inventory will help lower inflation.

The CPI or consumer price index has two measures, the core rate and the consumer rate.  The core rate is 6% year over year.  Made up of 12 months of readings. The new lower readings replace the older readings from 12 months ago.  The expectation is that the lower readings in the next few months will keep inflation coming down.  39% of the core rate is housing. Shelter is a lagging indicator, but the lower housing figures will play out in the late winter and early spring.

Short term and mod term the trend for rates is lower.

Importance of the 10 year treasury note.

The high spike was a bet on them coming down fast and hard.  The spread increased betting on refis.  Fascinating.

Prediction is that around the corner in the 1st half the 10 year treasury will get nearer to 3% and the premium of the spread will vanish and rates will hit 5%.  Then the flood gates will open on the pent up demand.

Confront others less then you think you should

Stand up for your self as in advocate

Listen to all feedback and consider what others are telling you. positive/negative or otherwise

if/when you listen you will be told and be among the few.

my best life has come from my family.
 
Manners are powerful.

I don't think there is an exclusivity to a spiritual experience. and that leads me to think that all spiritual experiences are intertwined.

After a certain age every man is responsible for his face. Albert Camus   nice balance of personal responsibility and capability

By Aditi Sangal, Adrienne Vogt, Maureen Chowdhury and Elise Hammond, CNN

Updated 10:06 p.m. ET, January 5, 2023

• The House has adjourned until noon Friday after Rep. Kevin McCarthy suffered a stinging 11th defeat in the race for House speaker. 
• After three days of voting, this is now the longest speaker contest in 164 years. 
• McCarthy has continued to negotiate with a group of hardline Republicans who've derailed his bid, proposing key concessions in his push to get more votes.
• About this process: A nominee needs 218 votes, but the number required could change if members withhold their votes. The House can't kick off the new Congress or swear in new members until a speaker is elected.

Opposition: Twenty Republican lawmakers, despite continued talks and concessions, have so far declined to support McCarthy. Republicans again nominated Rep. Byron Donalds for four of five of Thursday’s voting rounds. After getting a few votes on the eighth ballot, Rep. Kevin Hern was also officially nominated for the ninth, 10th and 11th rounds of voting. Notably, Rep. Matt Gaetz voted for former President Donald Trump during the seventh and eighth ballots, and he nominated the former president for speaker in the 11th ballot. Trump only received one vote in that round.

·  “Motion to vacate”: In a series of new concessions first reported by CNN Wednesday night, McCarthy agreed to propose a rules change that would allow just one member to call for a vote to oust a sitting speaker, sources say. McCarthy had initially proposed a five-member threshold, down from current conference rules that require half of the GOP to call for such a vote. 

·  Other concessions: McCarthy also agreed to allow for more members of the Freedom Caucus to serve on the powerful House Rules Committee. While McCarthy’s allies are willing to swallow most of the deals, they are drawing a line in the sand over one issue: committee gavels for the holdouts. Later, in a meeting with moderates, McCarthy downplayed the concessions he’s made so far.

A historic floor fight: This is the longest speakership bid in more than 160 years. It took nine ballots for Rep. Frederick Gillett of Massachusetts to be elected speaker in 1923. And in 1849, the House had been in session so long without being able to elect a speaker – 19 days – that members voted to elect their speaker with a plurality rather than a majority. Members ultimately confirmed the plurality election with a majority vote.

NYT  Jan. 5, 2023Updated 11:09 p.m. ET

Kevin McCarthy’s speakership bid failed for an 11th time, after his latest concessions failed to win over enough Republican hard-liners. The chamber has been deadlocked for three days and cannot move on to any other business until a speaker is chosen. Lawmakers will return at noon Friday.

11th Speaker Vote Tally »

 |   | Total | Dem. | Rep. |  |   |   |   |   | Needed to win
 |   |   |   |   | 
 |   |   |   |   | 
 |   |   |   |   |
 |   |   |   |   | 
 |   |   |   |   |  

Note: To win, a member must receive the majority of votes cast for a person, not counting “present” votes. The Constitution specifies that House members choose the speaker, but the speaker does not have to be a current or even a former representative.

After a humiliating three-day stretch of 11 consecutive defeats in an election that is now the most protracted such contest since 1859, Mr. McCarthy dispatched his emissaries to hammer out a deal with the ultraconservative rebels, including agreeing to conditions he had previously refused to countenance in a last-ditch effort to sway a critical mass of defectors.

They included allowing a single lawmaker to force a snap vote at any time to oust the speaker, a rule that would effectively codify a standing threat that Mr. McCarthy would be at the mercy of the right wing at all times, and could be removed instantly if he crossed them.

As he left the House floor on Thursday night, Mr. McCarthy said that the negotiations had yielded “a little movement” and denied that the concessions he had offered would undermine his speakership.

“Has it undercut the power of all the other speakers?” he replied, after a reporter asked whether allowing for a snap vote for his removal would weaken him. “So why would it cut mine? It’d only be a weaker speaker if I was afraid of it.”

In fact, the specter of such a vote allowed right-wing lawmakers to push out John A. Boehner, the Ohio Republican, from the speakership in 2015, and the threat hung heavily over his successor, Paul D. Ryan, during his tenure.

The Republican leader had also committed to allowing the right-wing faction to pick a third of the party’s members on the powerful Rules Committee, which controls what legislation reaches the floor and in what form, according to a person who has been involved in the talks, who described them on condition of anonymity. Mr. McCarthy also said he would open government spending bills to a freewheeling debate in which any lawmaker could force votes on proposed changes, including those designed to scuttle or sink the measure.

The rebels have agitated for that change in an effort to give greater power over the federal purse strings to rank-and-file lawmakers, rather than the senior leaders who normally have carte blanche over such legislation. It could make it all but impossible to pass a spending bill in the House, leading to a government shutdown.

by The Hill staff - 01/05/23 8:09 PM ET

Lawmakers are still in negotiations but are touting progress.

The result will bring the House Speakership fight to a 12th ballot, tying it for the fifth-longest in history. The House will reconvene at noon on Friday.

Conservative holdouts mum on p...

GOAL-make you relevant and contemporary by using the 'coin of the realm' in a way that is not threatening to your sensibilities. 

Make a goal   minimum of 1 per month, increase to 1 every week or 10 days

Do not appear or speak in these videos (you can but you do not have to)

Learn the platforms and the value of the sound track option, use various templates
Free Audio tracks are very powerful

Keep in mind you are telling a very quick story, think 20-30 seconds 

7 content Ideas

1-Where I am that is interesting

2-What I see that is interesting

3-My listing-----

4-Fun day/interesting day in real estate

5-Pet Antics

6-A local business

7-A local event

8-Tap a trend and ride the wave.  Bonus.

I know this causes anxiety in agents who struggle with not starting video. I talk to them and they beat them selves up for not being involved in video.

 So I have this click bate podcast title... (I added the ? to be more realistic) Don't use video in your RE. I have to qualify that. The benefits of video are pretty clear: It can separate you from your competition Help your prospects know you before they work with you. Help your prospects make initial decisions about working with you before you have met them. It can help market your property It can be fun and free and far more effective than other expensive marketing. 

But I know a lot of agents who do not use video or even social. And they do just fine, better than fine. And the reason I say, don't do video is that you only have so much time and energy. If video is not working for you, then you need to put energy into what does work for you. Identify the campaigns you can get behind since they resonate with your prospects. If you can harvest the resonance then you are off to the races. 

Imagine if you spent time beating the video horse and it lead to no business for you? Meanwhile you had other campaigns which were effective and you were sidetracked trying to get comfortable with your video work. I am going to finish out the way I started but first let me say there are ways to do simple videos that do not need your face and voice to be the center piece. 

Sometimes I think it boils down agents thinking VIDEO only means them talking about a subject. But video has blown up into a million different options. However, the point is, do not do video if you have other things working or if you can try some other strong marketing ideas. I do not want agents causing unneeded anxiety in their lives over this topic. Just agree that video is not for you and move on and get the job done other ways.

16. There is no risk of loss.

17. add files to events

18. add specific calendars, listing , buyers,prospecting, pop by, sphere, etc.

$30 Send 20 notecards to 20 past clients (or prospects)—message, it’s been a while, how have you been.  Wishing you the best new year.  No biz card, no mention of RE.

$75 5 Pop-bys A level $15 each

$25 5 pop-ys B level $5 each

$5 5 pop-bys C level $1 each, such as 7-11 gift card or Starbucks Giftcard

$12 Take your two favorite vendors for coffee, discuss your mutual goals

FREE Identify 15 RE/MAX referral partners across the country on Social Media and start a campaign.  They should be productive and active on Social Media.

$20 Hand out 200 business cards (10 a day) between now and the Kick Of Office meeting.

FREE  Wear your nametag EVERYDAY.

$10 personalize your license plate to Real Estate.

FREE-identify and listen to positive business podcasts.   Suggestions, Brian Buffini, Zero to Diamond, Turn the Dial, Darren Daily, etc.

$60 BONUS # 11 subscribe to photofy App or Canva App for great Digitial Content Creation. RE/MAX special.....enter your RE/MAX ($60 annually is increasing to $99 on 1/15/23).  Photofy will allow you to get a solid foothold in Social with excellent tools and fantastic Graphics.  Digital exposure is going to be critical and will give you far more exposure than any print advertising.  Sign up via MaxCenter and you will need your RE/MAX number from your profile.

Total  $237

Review all profiles to ensure they are up to date with current content, best recent picture, most recent bio. 

Comb CRM for deletions, additions, updates.  Make a point to add more than you think you can.

Look at all of your social platforms and make sure they reflect your personal brand image (business pages) and also are current with a recent post.  

Make an appointment with your broker to map out your 2023 business plan.

Unsubscribe to 20 annoying emails.

On paper, list your 3 most important/essential/vital business activities.

On paper, list your 3 biggest distractions from those activities.

Scan your text messages back as far as they go and look for dropped conversations that can be rekindled, old friends who need to hear from you, past clients or prospects who you need to say HI to.

Start gathering closing CDs and HUDs from 2022 to send to clients in January (in advance of tax season)

Map your 2023 by adding important dates to your calendar now, ie. Tax deadlines, important meetings (such as RE/MAX Capital office meeting 1/5 at 1030am), training sessions, travel plans, personal events.

#11  Bonus.  Decide what you want to achieve in 2023. Break down your needs and build up your income thoughts.  Develop a mantra you can repeat throughout the day.  IT IS UNNACCEPTABLE FOR ME TO CLOSE FEWER THAN ____ TRANSACTIONS.   Or  IT IS UNACCEPTABLE FOR MY BUSINESS TO EARN LESS THAN $________. 

#1 was the notice of bond being tied to his parents home on the Stanford campus

#2 was the use of the word commingling of funds, which is also a big no-no word in Real Estate

#3 was alleged use of those funds to by real estate in other countries such as the Bahamas.

Bankman-Fried [SBF] will be back at the home he grew up in, a house in the middle of Stanford’s campus, according to federal political filings that disclose the address. He will remain under house arrest, but can leave for substance use treatment, exercise and mental health purposes. 

US District Judge Gabriel Gorenstein signed off on the deal Thursday, allowing the disgraced FTX founder and ex-CEO — who is staring down a slew of charges which carry a sentence of up to 115 years — to leave New York for his home state.

In granting him pretrial release, Gorenstein said Bankman-Fried had "achieved sufficient notoriety that it would be impossible" for him to engage in further financial schemes or to hide without being recognized.

Nicolas Roos, a prosecutor, told Gorenstein that the bail package would require Bankman-Fried to surrender his passport and remain in home confinement at his parents' home in Palo Alto, California. He would also be required to undergo regular mental health treatment and evaluation.

Cohen [SBF Atty] said he agreed with prosecutors' proposed bail conditions. He noted that Bankman-Fried's parents - both Stanford Law School professors - would co-sign the bond and post the equity in their home as assurance for his return to court. Both appeared at the hearing.

The record-breaking bond would be partially secured by Bankman-Fried’s parents’ interest in their five-bedroom, three-bathroom home — which Zillow estimates to be worth north of $4 million — and that equity would have to be paid within three weeks, Gorenstein said.

"My client remained where he was, he made no effort to flee," Cohen [SBF Atty]  said.

The bond is meant to ensure that if Bankman-Fried flees, the government could confiscate the family's assets - including their Palo Alto home - up to $250 million. Reuters could not determine the family's total net worth.

Bankman-Fried said at a New York Times conference on Nov. 30, following the exchange's collapse, that he had $100,000 in his bank account.

Roos [prosecutor] said that evidence at trial would consist of testimony from "multiple cooperating witnesses," [Ellison and Wang] as well as thousands of pages of written communications.

Just hours after Bankman-Fried's plane from the Bahamas took off, Damian Williams, the top federal prosecutor in Manhattan, announced that two of Bankman-Fried's closest associates - former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang - had pleaded guilty and were cooperating with prosecutors.

The alleged crypto grifter will be able to leave his parents’ house for exercise, mental health and substance abuse treatment. He will also be allowed to shop online, but is banned from making any non-sanctioned payments above $1,000 that aren’t legal fees, prosecutors said. 

Assistant US Attorney [the PROSECUTOR!!!] Nick Roos argued in favor of the house arrest, saying the fact that Bankman-Fried “voluntarily consented to extradition” from the Bahamas “should be given weight.”

His $250 million bond is 25 times larger than the collateral that officials demanded from disgraced Ponzi scheme financier Bernie Madoff in 2009 [Judge Gabriel Gorenstein same judge giving bail to SBF].

Damian Williams [lead prosecutor with Roos], the United States Attorney for the Southern District of New York, and Michael J. Driscoll, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the extradition of SAMUEL BANKMAN-FRIED, a/k/a “SBF,” yesterday from the Bahamas.[1] 

Also unsealed are the guilty pleas of CAROLINE ELLISON, former CEO of Alameda Research, and GARY WANG, co-founder and former Chief Technology Officer of FTX.  ELLISON and WANG pled guilty before U.S. District Judge Ronnie Abrams on December 19, 2022, to charges arising from their participation in schemes to defraud FTX’s customers and investors, and related crimes, and are cooperating with the Government.

Mr. Williams praised the investigative work of the FBI and thanked the FBI for its partnership in the extradition of Mr. Bankman-Fried and its investigation of wrongdoing associated with Alameda Research and FTX.  Mr. Williams also thanked the Bahamas’ government as well as the United States Embassy in the Bahamas for their extraordinary efforts in the arrest and return of the defendant to the United States to face these charges.  He also expressed appreciation for the assistance of the Justice Department’s Office of International Affairs.

This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Nicolas Roos and Danielle Sassoon are in charge of the prosecution.  The Money Laundering and Transnational Criminal Enterprises Unit and Assistant U.S. Attorneys Samuel Raymond and Thane Rehn also contributed to the investigation.

The allegations in the Indictment against BANKMAN-FRIED are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

The [OLD CASE] prosecutor [Marc Litt] who put Bernie Madoff in federal prison for running a Ponzi scheme that defrauded investors of billions of dollars said Friday it’s “highly unusual” for Sam Bankman-Fried to be speaking publicly about the November collapse of his crypto platform FTX amid widespread allegations of fraud.

“It’s highly unusual for a subject of a high-profile criminal investigation to be conducting media interviews and public appearances during which he discusses the conduct being investigated,” Marc Litt, who prosecuted Madoff for the Southern District of New York in 2009, told The Hill. 

“No criminal defense attorney [Cohen in this case] I know would recommend doing that, and no matter how careful Mr. Bankman-Fried thinks he can be, it’s almost inevitable that something he says will come back to haunt him if charges are ever brought,” he said.

[from 2008] NEW YORK, Dec 17 (Reuters) - Bail conditions for Bernard Madoff, the financier accused of one of the biggest frauds in Wall Street history, have been modified to include electronic monitoring, according to court documents released on Wednesday.

U.S. District Court Magistrate Judge Gabriel Gorenstein [same judge giving bail to SBF] said Madoff’s wife Ruth was required to surrender her pas...

A simple recipe for a value proposition is to picture a 3 legged stool.  For that stool to support the it will have 3 strong legs.  Each leg is a component of your value package.  Leg #1 is the services and value tied to your office, office staff, services that come from there.  Leg #2 is tied to the brand of your firm.  Build on the large network, or the small local boutique aspects of your Firm brand.  Include special things your brand brings to your business activity.  Most importantly is your personal value proposition This 3rd leg to the stool is the most critical.  It is important for you to recognize what it is about you and your service, systems, and processes that cause real estate to move when you are around.  I heard one guy say just that, "I cause homes to sell."  So long as you can back it up, it is a terrific claim. If you are lacking content then plug those around you who know, love, and trust you....What is great about working with me?  That is your value. Be Pithy and practice your value prop in an elevator.  Make a video of it.  Have ChatGPT put it into a poem form.  Have fun with it!

1. Calendar can be shared with others via permissions-save time, polite, professional
 2. Events can be emailed to others to act as invitation or confirmation, polite, professional, eliminates error
3. Calendar can be printed or saved to PDF-saves time and effort when documenting for taxes or other purpose.
4. Can be used to document mileage to business events-avoid redundancy, ease of use, ease of access
5. Using address of the event you can link straight to directions for the trip-safety, convenience, documentation
6. Entry of a contact phone number will let you dial straight from calendar-safety, convenience, documentation, ease of access.
7. Entry of a contact email will let you compose email straight from calendar- safety, convenience, documentation, ease of access.
 8. Make notes directly after or during an event for later reference-ultra-convenient and more accurate.  Copy and paste later.
9. Import other calendars to be a part of yours-big time saver for adding other events to your calendar. See conflicts right away.
10. Sync with desktop/tablet versions for uniformity…super important—a must.
11. Reminders and alarms for events or calls/dial backs-critical step for time blockers and also to keep small and large task on target for delivery.
12. Easy to repeat events or reschedule events and appointments-
13. Add tasks
14. SEARCHABILITY--when did I meet with Jebediah?
 15. Streamlining-no more appointment cards, bulky calendars, post it notes, paper scraps.

16. There is no risk of loss. Always with you.  Cloud based

17. add files to events

18. add specific calendars, listing, buyers, prospecting, pop by, sphere, etc.

19. Color coding for specific activity groups, family, personal, business

20. Gmail users can integrate email for push notifications for reservations, flights, bills due and for hotels stays.

Buyers get ghosted!  They would reuse a buyer's agent but too often ignored after closing.

88% would use you again but only 11 do? 
 77% of buyers are being ghosted.    The great 1 and done theory is no way to build a business.

 Listing agents use a buyer's book to help create future business.  But is this ethical?  Yes, according to my interpretation of the Realtor Code of Ethics, it is.

Standard of Practice 16

REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients.

.....not intended to prohibit aggressive or innovative business practices which are otherwise ethical

.... is intended to recognize as unethical two basic types of solicitations:

1) First, telephone or personal solicitations of property owners who have been identified by a real estate sign, multiple listing compilation

2) Second, mail or other forms of written solicitations of prospects whose properties are exclusively listed with another REALTOR® when such solicitations are not part of a general mailing but are directed specifically to property owners identified through compilations of current listings

...does not preclude REALTORS® from contacting the client of another broker for the purpose of offering to provide, or entering into a contract to provide, a different type of real estate service unrelated to the type of service currently being provided

...The fact that a prospect has retained a REALTOR® as an exclusive representative or exclusive broker in one or more past transactions does not preclude other REALTORS® from seeking such prospect’s future business.

 So what is a buyer book?

As a service to the seller you will provide valuable information to the buyers regarding the home and the area.  Make it so good there is no way it will ever go anywhere but somewhere very accessible in the kitchen.  DO NOT heavily brand the content.  Do not be selling yourself. This is not a commercial for you or your services. It is not a solicitation.  Provide value that will help your seller by attracting buyers.  Think of a three ring binder filled with page protectors of colorful and useful content.

Utilities

Warranties

Home specific information

Schools

HOA contacts

Local attractions

Popular events

Craft breweries and wineries

Restaurants

Shopping

Pizza delivery (leave a free coupon for a moving day pizza)

Mission Forge Podcast part 2 of 2

1)     Copy this content then make it your own.  My list is not your list, you need to tailor it to your business style and market place.  

2)     Start simple, but start.  Do not wait until you have the entire series completed.  Do the introduction to buyers, then the introduction to sellers.

3)     Pro-tip---you can always redo the videos.

4)     Find a quiet and comfortable spot, film using your phone.

5)     Now you have choices.  For getting the content out there.

6)     Keeping on your hard drive and sending out on demand defeats the purpose

7)     Share to your FB business page, put them on your Youtube Channel, website, etc.

8)     Hashtag yourself and your videos.  This is a searchable function.  If you have a personal brand do this. If not, then make one and use it everywhere.

9)     Remember these are also acting like mini commercials for you to allow potential clients to get to know like and trust you.

10)                        Play around with the length…as long as you have solid content you will keep your audience, but do not be afraid to be more concise and expand later.  I would target 5 minutes per video as a rule of thumb.

Here are some suggested content for your Buyers

1)     What you can expect (getting ready for the initial consultation) 

-Let’s get to know each other

-talk about agency and disclosures

-ask me anything

-tell me your expectations

-what are your needs time wise, financially, etc.

-what type of house

-what I will do for you

2) You want decide to buy a property with me what now?

   -Let’s put it in writing-who pays the commission?

    - Here is a list of expenses you can expect during the process

    -Time to talk to a lender

     -creating a portal search in the MLS

     -Open House visits and what to do

    - suggested apps to use

     -Showing schedules

3)     Showing houses and the approach to an offer

-how long will it take to find the right house

-how long will we be looking during the day

-will we take breaks for meals

-how long will each showing take

-If you find the right house should you sleep on it?

-The things you should be prepared for to make an offer

4)     Making an offer

-Electronically or in person?

-Reaching out to the cooperating broker?

-what the essential requirements are.

-Your approach, got to have it, make an offer and negotiate, I’ll take if they come WAY down.

-How long can negotiating take?

-what is ratification?

5)     We have a deal!

-who gets a copy of the contract?

-who will be inspecting your home and when?

-plan to be at the home inspection

-negotiating the inspection repairs is often HARDER than the original contract

-termite/moisture

-go to loan application/pay for the appraisal

6)     Approaching closing and beyond

-double check your availability of funds needed to close

-prepare time off of work for the closing

-double check you have utilities lined up

-communicate with the schools for your children

-plan for coverage for your little ones as needed

-board your pets as needed

-plan for a curve ball or two

-Take deep breaths and enjoy the moment, do not be overcome with stress

-enjoy your new home

-exit survey/reviews/consider referral

3) Listing is live
-how long will it take to get an offer
-what to expect when I get an offer
-What if we do not get an offer?
-talk to me about negotiation?
-should I take a contingent offer?
-do deals fall apart?
4) We got an offer! Now what?
 What is the price?
 What is the loan type?
 What are the concessions?
 What are the contingencies?
 What is the downside?
 When will it close?
 
5)_You are under contract? Now what?
 Get ready for the Home inspection
 Get ready for the Appraisal
 Get ready for the termite and moisture inspection
 Start to pack
 Set up utility transfer
 Have a back up plan, just in case
 Let me check on the loan process
6) preclosing to close date
 Communicate with the title company
 Communicate special needs 
 Communicate fund transfers
 Be vigilant about money transfers.
 Expect a couple of day delay in access to funds
 Communicate changes
7) post closing activities
 Be available for missed items, openers, special instructions, manuals, warranties
 Expect an escrow check for refund later
 How to deal with mail
 Reminder to notify friends, family, and others
 exit survey/reviews/consider referral

1-Don't Gamble you will lose. Take risks but do not Gamble
2-Connect with your consumers quickly and in a meaningful way. Look them in the eyes.
3-Do not be distracted by flashy gizmos and sounds. Industry need will take you off course. Work your plan. You know what needs to be done. 
Promised reference:
Ken Eddy in Secrets of Success says take care of everything inside your four walls.

□ Plan the OH 7-10 days in advance (more if mailers)

□ Market the open house to maximize attendance

□ coordinate with owners and perhaps other listing agents

□ Prep the owners to do their part with interior and exterior prep

□ Develop a theme, simple to advanced

□ Keep Safety in mind, always

□ Sign in sheet and other materials

II. Action items for Open House

a.     Do not throw an open together, plan well and execute

b.     Strong marketing will increase attendance by 50-100%, get in the MLS, send several email reminders to your sphere, use social media as a blast point, text your favorite agents a few times, send mailers, knock on doors of neighbors, early signage with permissions

c.      If you coordinate with other LA’s you can go in on a meaningful give away prize

d.     Don’t be Vanilla, use an easy and attractive theme tied to the calendar or current events

e.     Use a cooperative vendor to sit with you or a co agent, friend or spouse.  Open houses are a dangerous proposition (share alternative live open)

f.       Put an OH kit together so you do not reinvent the wheel each time.  Systems will really help you

g.     #1 have a purpose to gather contact information of those who enter

III. Best Practices for Open House

a.     Honor the owner (who is in their home)?

b.     Honor the agent (are they represented)?

c.      Honor the consumer (give value, be prepared)

d.     Honor yourself and follow up with value

e.     Be proactive during all interactions

f.       Plan to be early and stay late in case

g.     Bring materials, flyers, mortgage options, tax records, recent sales, other actives….

IV. You oughta & gotta for Open House

a.     Turn on all lights and fans

b.     Pick a time and duration suited for your event

c.      Have a back up activity in case it is slow

d.     Broadcast classic jazz or classical music, or a sporting event

e.     Talk, listen, listen, listen, listen

f.       Establish wifi to answer questions

g.     Have owner available by text for questions

h.     Be willing to shift gears and adapt

V. Pitfalls for Open House

a.marketing the event late

 b. arriving to the event late or as it starts

 c. not engaging the visitors

 d. not insisting they sign in

 e. discounting the effectiveness of Open Houses as a way to serve clients and grow your business.

VI. Notes for Open House

______________________________________________________________________________________________________________________________________________________________________________

VII. Capital Tips from the Pros for Open House

Serve a popular food item in town

Try different times of day, AM and PM

Go live 1 hour early, at the start, and ½ way into the event

Bake cookies

Park away

Great lead ins with balloons/EXTRA RIDERS

OPTIONS: BROKER/PUBLIC/EVERYDAY/LIVE

NO LISTINGS/NO PROBLEM

Too Many listings/No problem

Email me for sign in sheet and feedback form  Bobbyj@remax.net

□ Know the options for ordering the report and payment

□ Know the Scope of the report and the delivery deadlines

□ Know the difference between treatment and repairs

□ Know the difference between WDI and WDO

□ Know the contractual language

□ Understand the obligations of the seller to remedy issues

□ Counsel sellers on pros and cons of a pre listing inspection

□ Counsel buyers on the pros and cons of an annual warranty plan

II. Action items for Termite & Moisture

a.     Establish who will order and who will pay for report

b.     USE addendum to add WDO if needed (explain difference)

c.      Include outside structures as needed into the scope 

d.     Determine if home is on a crawl space or slab foundation

e.     Inquire about existing warranty plans

f.       Inquire about previous treatments

III. Best Practices for Termite & Moisture

a.     Educate the buyer and manage expectations

b.     Educate the seller and manage expectations

c.      I recommend a pre-inspection for listings

d.     Look for signs of previous treatment

e.     Make sure the termite bill is on the CD!!

IV. You oughta & gotta for Termite & Moisture

a.    Look for obvious signs of trouble during showings

b.     Standing water, termite tubes in the garage, clogged gutters

c.      Listen to the home inspector for warning signs

d.     Know the buyer cannot perform/pay for anything with a VA loan

e.     Make sure the report is performed within the proper time frame

f.       Educate buyers of the shelf life of a report

g.     Educate buyers about important maintenance and warranties

V. Pitfallsfor Termite & Moisture

a. when sellers ignore their crawl space and major damage occurs

b. treatment costs and damage repair exceeds the cap amount

c. The inspection company is the same as the repair company

d. Home under warranty is assumed to have no damage

e. Home under warranty with damage the warranty does not cover

VI. Notesfor Termite & Moisture

___________________________________________________________________________________________________________________________________________________________________________________________________.

VII. Capital Tips from the Pros for Termite & Moisture

Develop good relationships with termite and moisture pros

Learn about the value of having a dehu

Learn about the value of encapsulation

Learn about the value of crawl space fans

Understand the theories about opening and closing vents

Get a second opinion for work

Endeavorous owner can handle moisture barrier issues

□ know how to perform a CMA with your MLS

□ identify 3-6+ Comparable properties

□ know the subject criteria, including distinguishing features and limiting features

□ CMA is forward looking and Appraisal is current/historical

□  Appraised value will need to match or exceed the sales price in most cases

□ Have a basic understanding of adjustments-see list below

II. Action items for CMA/Appraisal

a.     Practice running CMAs on properties you know

b.     Compare homes that are similar in age, style, location, size using recent sales

c.      Use adjustments to level the playing field

d.     Look back 3, 6, 9, 12, 15, 18 months as needed

e.     Stay in the immediate area if you can.

III. Best Practices for CMA/Appraisal

a.     Understand the VA/FHA/CONV guidelines

b.     Be a resource for the appraiser if needed

c.      Have documents available for important upgrades

d.     Stay up on trends in the market—may influence report

e.     Appraiser will work through the listing agent, BE READY.

f.       Understand bracketing when doing a CMA

g.     Don’t compare apples and oranges (you cannot adjust one to the other)

h.     Consider market during CMA

i.       Consult and consider AVMs during CMA

j.       Consult and consider the taxes assessed value during CMA

k.     Consult and consider past sales, MLS history of the subject during CMA

IV. You oughta & gotta for CMA/Appraisal

a.     Be willing to use your CMA  to defend sales price

b.     Make the Appraisers job easy, provide access, offer comps, prior appraisals, sketches

c.      Understand Conventional, FHA, VA appraisal guidelines

d.     Spot obvious appraisal show stoppers

e.     Counsel the seller on the importance of the appraisal function

f.       Counsel the buyer on the importance of the appraisal function

g.     Know who pays for, who orders, and the approximate cost of appraisal

h.     Run new CMAs as the market changes.

i.       Run different CMAs using different tactics and compare.

V. Pitfallsfor CMA/Appraisal

a.Over pricing a listing, taking a contract higher than expected appraisal value

 b. Loan type will influence the appraisal guidelines

 c. FHA/VA appraisals can stay with a property for a period of time

 d. Appraisals can be challenged, but by the BUYER

 e. Increasing markets are hard for appraisals to keep up with Values

VI. Notesfor CMA/Appraisal

____________________________________________________________________________________________________________________

VII. Capital Tips from the Pros for CMA/Appraisal

Three appraisal types

Sales comparison Most common

Cost-included as back up by good thorough appraisers

Income Capitalization Great for rentals, apartments, Quads, Triplex, Commercial

Possible adjustment amounts

Bedroom $4000

Bath full  $2500

Bath half  $1500

Square footage 25% of the price per foot, ie. $140/ft.  adjust $40 per foot

Basement $8000

Screened porch $6500

Fireplace $2500

Fence $2500

Att 2 car garage $10000

Att 1 car garage $5000

Det  2 car garage $7000

Det 1 car garage $3500

Minor updates/upgrades $10000

Major updates/upgrades $20000

□ Have a CLEAR understanding of what the consumer wants to see

□ You may not REFINE this understanding until you witness what they want to see

□ Search multiple sources to find matches, MLS, FSBO, buyer leads, your sphere…who would sell if?

□ pull listings 3-4 days ahead, review all showing instructions, review all agent comments, call/text LA to confirm avail.

□ follow LA instructions (first impressions are KEY) you ARE being judged, and presented to the seller!!!

□ arrange available matches in a reasonable order for driving.

□ listen to what they client says, but with in the law and reason

□ track every showing and all properties sent to buyer via MLS Portals

II. Action items for Showing Property

a.     Know your buyer and understand the house they want. Consultation.

b.     Understand time constraints posed by distance and showings 

c.      Update LA/LO with changes

d.     Prep buyer with proper expectations of cadence of the day

e.     Take notes from you, take notes from buyer, take more notes

III. Best Practices for Showing Property

a.     Check in with LA, read all instructions

b.     Prepare materials for your buyer to have during showings

c.      Set expectations for your buyers about appt. procedures

d.     Always knock and announce your entry

e.     Leave your card, turn off all lights, unless told not to, text when finished

f.       Send feedback/update to LA for goodwill, also prep for purchase offer

g.     Consider buyer special needs (and your own) for long groupings of showings. 8 in a day is a lot. 

h.     Respect personal needs like hunger and bathroom breaks

i.       Put your phone on silent, but still check for important texts and VM

IV. You oughta & gotta for Showing Property

a.     Have appt. for a listing that is available

b.     Have access path/method clear. (gate codes, CBS codes)

c.      Have compensation path clear (non MLS showing)

d.     Have buyer lender letter, explain ed to buyer about EMD and HI cost

e.     Take notes, plan for breaks, possible meals, and things you did not expect

f.       Be prepared to plan more showings or to write an offer.

g.     Communicate with listing agents about updates.

h.     Point out good, bad, and the ugly (not your opinion but your experience)

i.       Listen more and talk less.

V. Pitfalls for Showing Property

a. If you plan your route poorly it will cause issues.

 b. Be flexible and let the situation become fluid if needed.  Just update all involved.

 c. stay in touch with buyers to establish and maintain procuring cause

 d. offering opinions versus insights can set a bad tone, send the wrong message

 e. not preparing materials for the buyer to have during showings

VI. Notes for Showing Property

VII. Capital Tips from the Pros for Marketing

Houses do the heavy lifting

Bring a clip board, tape measure, flashlight

Rainy days are the best for showing property

Showing at night?  Confirm utilities.

Try to avoid letting clients use restrooms at house.

Try not to let clients wander alone though-out the house.

Do inside first, then outside so you do not track dirt.

If another agent comes as you are leaving and you let them in, you are on the hook for issues possibly.

□ business card ideas-different occasions, cheap, target distribution.

□ All profiles-RE/MAX, Zillow, Realtor.com, MLS, etc. (need a brief bio)

□ Social Media profiles, Facebook, Instagram, Linkedin, etc.

□ Identify your sphere and push the boundaries, groups, spouse, interests, etc.

□ Develop a Marketing plan with prongs-Social, Mail, Face to Face, Business Cards, other.

II. Action items for Marketing

a.     Order cards

b.     Work on profiles

c.      Start adding names and contact numbers to your CRM (contact relationship manager)

d.     Seek reviews/testimonials/likes when appropriate

e.     Create a personal brand

III. Best Practices for Marketing

a.     Be honest, sincere, courageous, aggressive, persistent

b.     If you are not certain, ask permission

c.     Always identify your office and contact information to the office

d.     Hand out many business cards

e.     Advertise under the supervision of the broker

IV. You Oughta & Gotta for Marketing

a.     Check with your broker before running a campaign, ordering

b.     Disclose according to DPOR (Virginia Regulatory Board)

c.      Properly use RE/MAX and Realtor Images

d.     Follow Fair Housing Rules

e.     Talk to people about what you do

f.       Use approved suppliers

g.     Be patient

h.     Follow up

V. Pitfalls for Marketing

a.spending money without approval and you are out of compliance

 b. not doing small things daily, throughout the day.

 c. not resonating or connecting with the market

 d. not tracking results

 e. Not giving it enough time to see impacts

□ have a list of preferred lenders, to include those in the office and others you trust (3-5)

□ buyer always chooses, but you can suggest and recommend

□ qualify buyer VERY early in the process—notice I did not say at the beginning

□ communicate with lender throughout, be skeptical of hard to reach, unknown, out of area lenders

□ know the loan types and also make suggestions to the buyer to consult with loan officer

II. Action items for Mortgage

a.     Collect cards from preferred lenders, make a quick list easy to distribute

b.     Get to know them (ask for their card & they will probably buy you lunch)

c.      Connect with them on social media

d.     Seek reviews/testimonials/likes when appropriate

e.     Ask them ways they can help your business, ie. Postacrds, open houses

III. Best Practices for Mortgage

a.     Understand the different loan products

b.     Be a resource, not the source

c.      Exercise your right to know, be willing to slow process if you’re in the dark

d.     Stay up on trends in the industry

e.     No-one knows where rates will go, but know the rates!!!

IV. You oughta & gotta for Mortgage

a.     Understand FHA

b.     Understand VA

c.      Understand Conventional

d.     Understand FHA 203-k

e.     Understand VHDA (conv or FHA)

f.       USDA-rural

g.     Be patient if a client needs time to qualify, help them

h.     Understand Cash 

i.       Understand LTV or Loan to Value

V. Pitfalls for Mortgage

a. Not being involved in the process will bite you.  Loan officers may not be forthcoming.

 b. Loan type may influence quality of offer to seller

 c. Down payment may influence quality of offer to seller

 d. Pre-qual vs. Pre-approval may influence quality of offer to seller

 e. As a listing agent you will need to help the seller make decisions on offers

Analogy to the wooden bottling Crate

Explanation

 Manufacturing designed to be more cyclical causing replacement and increased consumption of goods.

Did the person who built my wooden bottling crate have any idea the crate would be around for generations?

We do not manufacture things in Real estate.

What are our materials?

 What are our building blocks.

 These are our actions, methods, routines and manner.  We don’t have boards and nails.

The assembly is the fruit of our actions

putting it all together in a way but that is meaningful and memorable.

  If done right, the Realtor creates an experience for the consumer. 

Think of it as being the director of the movie.  You are not an actor.

Imagine an audience viewing the entire transaction in a theater.  

Is it a production they would watch again,

Or one they would walk away from?

Assembly is the fruit of our actions. putting it all together in a way but that is meaningful.  No control of the outcome, but we can direct the way things unfold. If done right, the Realtor creates an experience for the consumer.   Credit to Kendall Bonner and her podcast Improve Your Hustle.

Lastly, Realtors don’t often think about retirement.

But we have no retirement built into our business.

What if you had 20, 25, 30 years of valued experiences?

Hundreds of satisfied clients who are your advocates.

What could you do with that?

Have you considered the value as a means to retire?

Imagine you have an injured friend who you take to eat at your favorite buffet.  Here in town it would be Peking. Know your content so well that you treat it as a buffet for a friend who cannot walk. When you are done listening, you know exactly what they would like and you will deliver.
 
 A-Game-- bring yours or stay home. If you are not in all the way, someone else is. This is not the 4th grade—and 4th grade is a hard year, by the way.  Nothing against the 4th grade. But as adu


Start with a win! Adam Contos shout out. RE/MAX CEO podcast

 Think of your important tasks from the moment you awake. If you have important tasks the day ahead, think of them as you go to bed, and first as you awake. What are the simple and easy steps you can take right away to set your mind on a win? Do you rise 15 minutes early? Prepare a final review of your work? Check one or two last resources for additional content? Take one more proof read?

Hit the nail on the head with content that is deeply relevant to the audience. Spencer Johnson wrote a popular book called the 1-minute Manager.   Spend a minute thinking about the situation you are preparing for.  Spend a lot more tie preparing what is called for, then spend a minute before you enter the appointment and recall the thoughts about who you are meeting with and what they need you to bring to the table.

The 12 Week Yearby Brian P. Moran (Author), Michael Lennington (Author)

d-know your expenses, your financial needs, MLS dues, Realtor Dues, key fees, advertising expenses.  I am sorry to say, but this is called budgeting.  Ugly word that no one likes.  But if nothing else look at your last 2 years of taxes and especially at your Schedule C.  Take the average of those expenses and plan your budget for the next year.

 
Execution
a-if you have reasonable goals and expectations your goal should be achievable in modest routine steps through out the year.  You should have monthly goals (1/12 of annual or 1/3 of quarterly) 
 
 
 b-And those tasks and expenses can be divided into weekly and even daily tasks. USE GOOGLE Calendar for tracking your due dates for business expenses (color code them to schedule C) All advertising might be red, dues could be green, etc.
 
 
 c-separate spending into personal and business. Though not required, it makes tracking much simpler at tax time and any time you want to analyhttps://www.irs.gov/pub/irs-pdf/i1040sc.pdfze either personal or business.  I suggest a separate business credit card, checking and savings account.


d.-plan expenses ahead, document them, and be able to prove the expenses are justifiable business expenses.  Know your schedule C categories.  See attached and also the link to IRS instructions.  https://www.irs.gov/pub/irs-pdf/i1040sc.pdf

Strategy
a-If you commit to tracking, you can work a strategy into place.  Track results to watch expenses, using an app or a simple spreadsheet.  Old school?  No prob, just use a notepad.
 
 
 Apps are BizXpenseTracker, Shoeboxed, Expensify, Foreceipt
 
 b-tracking will allow you to identify what works and what is not working so you can fine tune, reallocate, and improve.  Look for patterns, make connections, fix what needs fixing and dump the rest.  Do not obsess over small abnormalities, especially if you know the root cause (ie. lost your phone and had to replace it for a big expense)  that is not likely to occur again soon.  Pay more attention to the routine day to day, month by month patterns.
 
 
 c-cancel old subscriptions to websites, clubs, services you do not use or that were not helping. Call and negotiate terms on existing ones you want to keep, look for cheaper alternatives prior to calling so you are ready to walk away. Doing this could easily free up $1000 you could reapply to market to past clients.

Application
a- be very careful look at your commission income as divisible and not the whole dollar.  You are dealing with a raw dollar that has other obligations.  As a 1099 independent contractor you absolutely must pay taxes, must consider other benefits you do not get afforded by your work such as health insurance, retirement,  sick leave, emergency fund, etc. Consider AFLAC, consider hiring an accountant to advise you
 
 
b-diversify your income.  Consider multiple streams of income as a Real Estate agent.  You should work with sellers, buyers, tenants, landlords, and you should participate actively in referral, incoming and outgoing, you should be a buyer, a landlord, a seller.  You are on the front lines of RE and you get a discount due to your job.
 
 
c-invest in relationships.  Always work to strengthen your relationships with other practitioners, vendors, your clients and the public in general.  If you do nothing else this day or this week, but build up a handful of relationships, you will have helped your self and those others.
 
d-have a business reserve fund to get you through the down times.  If you do your business planning correctly these should not happen or they should happen ingrequently, however, you MUST have reserves so that you can withstand the unforeseen months with no income.  It gives you financial muscle and the confidence in your deeper abilities when you know you can withstand slow periods.  I suggest starting small, a month or two, then build to 3 or 4.  Aim to hit a target you can live with, but 6-8 months would be IDEAL for any business.