VanEd Newslog

From all of us at VanEd, have a Happy and Safe Independence Day

To allow our staff and instructors time to be with their families, Van Education Center offices will be closed on July 3rd, 2009 in honor of Independence Day. We wish you and yours a happy and safe holiday weekend.

Our offices will re-open on Monday July 6th for regular business hours to serve our members. Students may continue to work on their online courses during this time, and questions may be posted online in the Q&A's. We will respond as quickly as possible.

                    Check out the U.S. Census Bureau's Fourth of July Information Sheet >>> Click Here

                    Happy Independence Day!

Fannie Mae 1004MC Form updates - Online course covers changes & updates

Market Conditions Addendum Course - UPDATED!!! 

As of April 1st, 2009 every Fannie or Freddie appraisal REQUIRES the Fannie Mae Form #1004MC / Freddie Mac Form #71 form to be completed.

VanEd's 100% online course is all it takes to understand what Fannie/Freddie want, and learn exactly how to give it to them. And this course has been updated with all of the changes made since the form was originally issued!

CLICK TO LEARN MORE

Online Course Features

• Low Price: $69.95 - click here and sign up by July 31^st and receive an additional $20 off!

• step-by-step guide through the 1004 MC form
• examples for every field, and model comments for each narrative field
• interactive case study - complete and verify an example form online
• complete coverage of new and updated Fannie Mae policies
• there is NO continuing education credit associated with this course
• Developed by Henry S. Harrison, MAI, SRPA, ASA, IFAS, DREI

Increase productivity in an evolving market

Real Estate professionals are finding more and more that contact and communication with customers is the single most critical aspect of client retention. Finding time to manage all of your contacts as well as your transactions and inventory is becoming more and more difficult as agents begin refocusing their prospecting efforts. One solution may be to hire or re-train a professional assistant to better be able to manage the day to day operations of your real estate business. Someone to not only care for your contact list but also to perhaps help navigate new technologies, such as social networking.

If you are ready to hire, or already have, a professional assistant, now is the time to have them focus their training to industry specific topics. If you are looking to get into the real estate industry as an assistant you can not come with better references than already having been trained.

The REPA^sm two-day certificate course provides an intensive introduction to the real estate business and to the specific ways support staff can become valuable assets to their employers.

During the program assistants will learn the basics of real estate ethics and will gain an understanding of transaction management. Agents are encouraged to have all of their support staff and assistants complete the training and earn the REPA^sm Certification. For more information on this program visit www.vaned.com/REPA.

Red Flag Compliance Deadline coming August 1st, 2009

The Red Flags Rule was developed pursuant to the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under the Rule, financial institutions and creditors with covered accounts must have identity theft prevention programs to identify, detect, and respond to patterns, practices, or specific activities that could indicate identity theft.

The Rule applies to creditors and financial institutions. Federal law defines a creditor to be: any entity that regularly extends, renews, or continues credit; any entity that regularly arranges for the extension, renewal, or continuation of credit; or any assignee of an original creditor who is involved in the decision to extend, renew, or continue credit.

The Red Flag compliance deadline for Mortgage Brokers is fast approaching on August 1, 2009. Penalties for non-compliance can range up to $1,000 per day per customer. Don't delay! Ensure that your compliance is in accordance with the law. VanEd has enlisted IDBusiness to assist our students and members with compliance.

Click here to watch a brief 5-minute overview of the idBUSINESS Red Flag Compliance Module.

Meet the requirements of the Red Flag Rules that amend the FACT Act of 2003 from idBUSINESS by clicking on the logo below:

The Confident Rookie Series - SECRET #7 - Let Your Seller Prospect Talk

New agents are always nervous before their first listing appointment. Probably before their second, third, tenth & twelve, too. It does get easier, I promise, but here are some tips for getting through those nerve-wracking firsts...

My absolute best advice to first-time listing appointment-ers is to LET THE SELLER DO MOST OF THE TALKING! Two reasons for this.

First, this seller has probably already endured two or three sales-pitches from other real estate agents who barely took a breath to let him talk. They very likely didn't express much of an interest in him and his situation - they just directed his focus to their fancy-schmantzy listing presentation. Have you ever sat through one of those? BORING. I'd tune it out in about five minutes if I were a seller.

Second, you need to know as much as you can about the seller's situation and motivation before you can properly advise him. Heck, you need to know this stuff before you can decide if you even want the listing! So, besides the fact that the seller will love you if you let him talk more than you do, it also gives you the opportunity to better understand if, and how you can best help.

So, here's what to do when you get to the house. Have the seller show you around, ask questions, take notes, and really listen to the seller's answers. If this is the first time you've seen the inside of the seller's house, you can't really be expected to tell him what it's worth - you have to go home and do your homework. Nothing wrong with that. But the more you listen and show interest, the more that seller will be impressed with you - seriously! LISTEN, and the seller will trust you. Leave your sales pitch in the car.

That said, you do need to be prepared with a marketing plan in case the seller asks for one. You might be surprised how often they won't, but if they do, it's probably a good idea to have an answer. This is where the process of putting together a formal listing presentation is helpful. It forces you to figure out what the heck you ARE going to do to get that house sold and what services you'll offer.

The Confident Rookie Series:

1. Know Your Systems
2. Practice with Your Printer
3. Preview, Preview, Preview
4. Drive Your Route Ahead of Time
5. Cheerfully Waste Your Time
6. Find a Handyman
7. Let Your Seller Prospect Do Most of the Talking
8. Get Comfy with Your Commission
9. Admit that You're New
10. What to say when you don't know the answer

 Stay tuned...

                    Subscribe to "Confidence Builders for Rookie Real Estate Agents" (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

Finance Friday: Citi takes a time out

CitiMortgage, a division of CitiBank has suspended new registrations from correspondents this week because of ongoing quality control issues. They expect to begin accepting new registrations on Monday, July 6th.  They are concerned with valuation issues, income documentation, and credit quality. They will use the 10 day suspension to re-engineer their lending process to assess the quality of loans being purchased. This will include reviewing the appraisal process, income documentation, and inaccurate credit reports. CitiMortgage has been one of the most agressive purchasers of mortgages this spring, often having the best rates in the secondary market.

The economy continues sputtering, with new home sales in May up slightly to an annualized 342,000 units. Last week new home starts were up 17% to an annualized rate of 532,000, up from 455,000 units in April. While this looks like good news on the surface, we must remember that in December 2005 housing starts were 2.2 million on an annual basis, so we are still down 75% from the high. More disturbing is the continuing trend of declining prices, which were down over 3% from May 2008.

New claims for unemployment insurance rose to 617,000 this week, reversing a month long decline.
Numbers like these dash the hopes for a near term recovery, which is good news for the bond market and mortgage rates. Today prime borrowers (740+ credit score) can get a a no point low fee thirty year fixed rate loan at 5.375%. Paying one point reduces the rate to 5.125%.

Guest Author Randy Kelly is a Mortgage Banker and Finance Author with Boulder West Financial  Services. He can be reached on-line at http://www.boulderwest.com/.

Graduate REALTOR® Institute (GRI) designation available online

In today's competitive business environment you need more than just motivation and initiative to succeed, you need the advantage of the education you receive in the GRI program.

The Graduate REALTOR® Institute (GRI) designation indicates to buyers, sellers and other real estate industry professionals that you have made the commitment to provide a high level of professional service to your clients by securing a strong educational foundation.

VanEd is proud to provide the GRI program on-line for the State REALTOR® Associations in Colorado and Nebraska. Click on the links to learn more about earning the GRI in your state, or visit http://www.vaned.com/GRI for more information.

Division of Real Estate creates new ways to stay in touch

In an effort to increase outreach to the community and to keep licensees current on related matters, the Colorado Division of Real Estate has begun offering updates via email and twitter. The Division is hoping to keep licensees up to date on legislative changes in the industry and tips on how to stay compliant with the rules and regulations.

In their announcement the DRE also stated that big changes are coming, and the best way to stay ahead of the curve is to stay connected to the Division. VanEd is tracking the DRE information so that we can also keep our members and affiliates up to date with all that happens that affects our industry.

To sign up for email alerts, Click Here

To follow the DRE on twitter, Click Here

The Confident Rookie Series - SECRET #6 - Find Your Handyman

Continuing our series of helping rookies gain confidence...

One of the very first things I advise rookie agents to do - well, at least in their first few months - is to find a handyman. A good handyman will save your backside and your commission over and over again and make you look good. I don't know how any real estate agent functions without a handyman on call. Find him, give him work, make sure he's paid promptly. Bob is my handyman and he's saved more of my deals than I can count.

How can a handyman help you look more experienced? Well, just the knowledge that you have someone on your team who can take care of home repairs for your buyer or seller gives you a Can-Do attitude. For example, when I work with buyers who are nervous about all the little maintenance items their inspector points out, I sweetly tell them "We'll just put that on the Bob-List" so they know they won't have to go to the yellow pages. When your sellers get a laundry list of repairs after the inspection, I comfort them by explaining that we'll have Bob come over and give us an estimate (today). When I'm helping a seller get ready for market, I look like the hero when I bring Bob in to get done in a day what would take the seller a month to do... and usually for under $1000 (less than a mortgage payment!)

How do you find a handyman? Put up your antenna! Ask other agents in the office. Send out an email to your Sphere of Influence. Call some property management companies. If you know anyone in construction, ask them. Ask at Home Depot. When you get a few names, give ‘em a test drive in your own home.

FIND YOUR BOB.

 The Confident Rookie Series:

1. Know Your Systems
2. Practice with Your Printer 
3. Preview, Preview, Preview
4. Drive Your Route Ahead of Time
5. Cheerfully Waste Your Time
6. Find a Handyman
7. Let Your Seller Prospect Do Most of the Talking
8. Get Comfy with Your Commission
9. Admit that You're New
10. What to say when you don't know the answer

 Stay tuned...

                Subscribe to "Confidence Builders for Rookie Real Estate Agents" (a free newsletter)

Guest Author Jennifer Allan has authored five books and multiple courses designed to teach agents her Sell with Soul philosophy that centers on four interrelated principles: Respect, Competence, Confidence and Enthusiasm.  The latest release of her book Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

Designation Spotlight: RSPS ~ Resort & Second-home Property Specialist

Van Education Center is proud to now have the entire RSPS certification program available to members online. The RSPS, or Resort and Second-home Property Specialist, is the NAR official Resort & Second-home certification program. The program requires completion the core courses and 2 elective course OR another approved designation program. VanEd offers many of the elective courses online, including the CIPS International Real Estate for Local Markets course and the e-Buyer course.

To view detailed information on the RSPS Certification and the available  courses, visit www.vaned.com/RSPS.  Applications to earn the certification should only be sent in after completing all requirements for certification.

For more information on the RSPS certification program, visit VanEd online at www.vaned.com/RSPS.