VanEd Newslog

VanEd Presents: Updated GRI course now available online - Pricing in Real Estate - GRI

 Pricing in Real Estate - GRI has been updated and is now available online! VanEd is proud to be the home to the Colorado Association of REALTORS® online Graduate REALTOR® Institute program, and the Pricing in Real Estate - GRI course has been updated with a new design and new information to help both new and experienced agents help their clients and customers understand the new landscape of proper pricing, including:

• to be able to identify the role of licensees and appraisers 
• how to learn more about CMAs and the factors that should be considered 
• proper application of the three approaches to value 
• overcoming obstacles in real estate by properly pricing a listing

Don't let outdated strategies or ideas plague your business plan in the new real estate economy. Log on today to learn this timely and valuable information and to prepare yourself for future success.    >>> Click Here for more information!

To learn more about the GRI, Graduate REALTOR® Institute Program, and to see what states VanEd is proud to service, visit http://www.vaned.com/GRI.

NAR Mandatory Ethics course available online & in the classroom

The NAR Mandatory Ethics course is required to be taken in order for REALTORS® to meet the quadrennial ethics requirement. VanEd offers this course online for our member associations and in the classroom in certain locations.

The course covers the following areas;

• Duties to Customers & Clients
• Duties to The Public, and
• Duties to Fellow REALTORS® Articles 15-17

Don't wait to complete this 4-hour course. You can complete it online or in a classroom. Use the following links to find out more information today.

NAR Mandatory Ethics online     -       NAR Mandatory Ethics in the classroom

Designation Spotlight: ALC ~ Accredited Land Consultant

The RLI: Land 101 course, the first course in the ALC, Accredited Land Consultant designation program, is available online. The ALC designation is offered by the REALTORS® Land Institute (RLI). Visit our Designation Information page for more information.   

The REALTORS® Land Institute (RLI) is an affiliate of NAR, and is the only branch focused on land brokerage. This includes farm and ranch, subdivision and undeveloped tracts of land.  Organized in 1944 as the Farm & Land Institute, RLI is now a nationwide organization. The ALC designation is run through the education arm of the RLI.

Visit our ALC information page online to learn more about this designation and course offering! Ready to get started today? Click Here to enroll for Land 101!

NOTE: The Land 101 course is also approved for MRE, Master of Real Estate designation credit!

The Confident Rookie Series - SECRET #10 - What to Say When You Don't Know the Answer

A little while ago, a new agent came into my office all flustered. He'd been out with his buyers over the weekend and felt that he'd made a fool of himself by not being able to intelligently answer his buyers' questions. It almost sounded as if he was ready to throw in the towel - at least until he knew more about what he was doing!

Calm down, I told him. First, trust that it will happen to you thru-out your career. Don't panic. Don't make stuff up, but don't panic.

I asked him what the questions were that he couldn't answer. And guess what? Most of the questions were really good ones - that is - chances are that even a more experienced agent wouldn't have known the answers either! But the problem with being new is that you don't know what you SHOULD know and so you figure you should know it all.

This is where not panicking comes in.

Take a deep breath and really think about the question. Is this something you should or could know?

For example, let's say you're showing lofts downtown and the buyer asks: "What are the pet restrictions in this building?" Well, unless you live in the building yourself or unless you make a habit of memorizing condo rules & regulations, you couldn't possibly know the answer. Or how about if a buyer asks you where the property lines are on a rural property? If you aren't the listing agent, this is probably not something you can accurately answer.

This doesn't mean it's not your job to get the answer - it is. But if you don't know the answer off the top of your head, it's okay!

So, how do you respond?

First, DO NOT use that tired old line "I don't know the answer, but I can certainly find out for you!" in that prissy, almost defensive voice. You know what I'm talking about don't you? That cheerful, oh-so-helpful voice that clearly tells your client that you don't have a clue, but wish you did?

Instead, try this. Relax, and VERY casually say "Hmmmm, I don't know. Lemme find out." Write down the question, and move on.

Or, how about this? "Wow - I've never gotten that question before. I'm looking forward to finding out the answer!" Write it down, and move on.

Or, in the above scenarios when you're working with a buyer and he has questions about the property you're looking at, take control and call the listing agent immediately.  That will make a great impression on the buyer.

Of course, sometimes you'll be asked a question you should know the answer to and you don't. This is happening to me more often lately as I venture deeper into the world of foreclosures & short sales. My stock answer has become "Y'know, I should know the answer to that, but I don't. I'll find out for you." This somewhat self-deprecating approach seems to be working - at least - no one's fired me yet for saying it!

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

Guest Author Jennifer Allan-Hagedorn 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.  Her first book Sell with Soul is available in the VanEd bookstore. Her new book, Prospect with Soul for Real Estate Agents will be released in Spring 2011 and you can reserve one of the first 1,000 copies printed at www.sellwithsoul.com.

Finance Friday: The Next Generation of Financial and Real Estate Professionals

The financial crisis has no doubt created some unpredictable shifts in today's marketplace. You and your business do not need to follow the whims of any market.  You have a choice.  Are you poised to go down with a sinking ship or to rise as a phoenix from the ashes of financial transformation?

The current economic struggles have changed what people want in financial and real estate advisors. Many of these people are contacting our office in search of alternatives to securities-based investments for their retirement portfolios. Did you know that you can buy real estate with an IRA or 401k? At a time when personal cash reserves are low and loans are more difficult to acquire, this information is important to real estate investors.

The next generation of professionals will create a niche for themselves in today’s marketplace by providing a much-needed alternative to the investment model of the past. Understanding alternative investments, relevant tax rules, and analysis of potential returns will make the professional a vital guide in the changing financial landscape. Investors are looking for professionals that can help them navigate the new investment world. Will they find you or a competitor?

Whenever change is in the air, it is accompanied also by opportunity. Do not miss this opportunity to become a leader in the marketplace. Why not start with learning about the Real Estate IRA so you can share your knowledge with your clients?

If you are interested in becoming an expert, please contact our office for a schedule of educational seminars (many for professional credit) and begin the process of becoming the expert that investors need - now more than ever.  Our eight-hour MRE course, "Real Estate and Related Investments in IRA & 401K" is available online at www.VanEd.com!

Guest Authors Bill Humphrey and Catherine Wynne are Principals with Entrust New Direction IRA. Reach them online at www.newdirectionira.com.

Designation Spotlight: CRS ~ Certified Residential Specialist

Van Education Center continues to offer two online CRS, Certified Residential Specialist eLearning courses. CRS training will give you in-depth knowledge about business planning, negotiating and closing smoother transactions.  The rigorous educational and production requirements ensure that those who achieve the CRS designation are some of the most dedicated and respected agents in the industry. CRS members also gather each year at "Sellabration" - learn more online by visiting the event website:  http://www.sellabration.com/

VanEd offers two online CRS eLearning courses, Creating Value for Your Clients and Putting Technology to Work for Your Clients. Both courses can be used to help fulfill Core education requirements required to earn the CRS designation. Click Here to review the education and production requirements. Courses may also qualify for CE Credit in some states.

 VanEd is also proud to be the education partner for Colorado CRS Chapter #1!

To learn more about the CRS designation and the two available eLearning courses, visit VanEd's CRS Designation Page online by Clicking Here!

Managing growth – Maximizing benefits, Minimizing impacts

Why Manage Growth?

Rapid population growth and development are nothing new, and there are no states that are excluded. Starting with the gold and silver rushes of the mid-nineteenth century and ending with the dotcom and telecom boom at the conclusion of the twentieth century, much of history has taken place in the shadow of surging growth and development.  And whether it’s a mining town that springs up almost overnight on the hillsides around Cripple Creek or a large master planned subdivision appearing on the urban fringe of a large metro area, the impacts on the landscape and region – both positive and negative - are far reaching.

While this growth has brought significant benefits to the state in the form of job generation and increased economic development and commerce, it has not come without a cost.  Residents today lament the ills of urban sprawl: traffic congestion, soulless strip malls and “big box” stores, loss of open space and farmland and worsening air and water pollution.  These side effects of development have affected the overall quality of life in the region – historically one of real estate's best selling points.  

Citizen outcry over urban sprawl has already resulted in several attempted ballot measures.  In addition to statewide measures, there have been dozens of local ballot measures introduced offering voters a referendum on growth policies, including the use of growth caps and bans on certain big box developments.  

Population growth shows no sign of slowing down anytime soon.  During the most recent population boom in the 1990s, the state of Colorado had the third fastest growth rate in the country, trailing only Arizona and Nevada.  

In the face of this rapid growth and growing voter discontent, local governments are increasingly turning to better land use planning to effectively manage growth and create communities that will have lasting and sustainable value.  Terms like “smart growth,” “new urbanism” and “mixed-use development” are finding their way into the public dialogue as communities seek ways to maximize the positive impacts of growth while minimizing the very real negative impacts.

You can learn more about how Growth is managed and directed by taking our Growth Management course online, a part of our MRE, Master of Real Estate series.

This course focuses on the management of growth in Colorado.  After an overview of the reasons why communities pursue programs to manage growth, many of the tools for growth management are described.  Some of the key policy issues associated with growth management are discussed, including the use of urban growth boundaries, the impact of growth management on development costs, and the issue of sprawl.  Finally, three case studies are presented to illustrate how some communities have employed growth management policies and programs.

Learning objectives:

To understand the policy objectives of growth management programs;

To learn about many of the specific tools and techniques of growth management;

To consider some of the most significant policy issues associated with growth management; and

To see how some sample communities approach the overall question of managing growth. Click below to register online;

Growth Management - Managing growth – Maximizing benefits, Minimizing impacts

The Confident Rookie Series - SECRET #9 - Admit That You're New

Here we are - the second-to-last installment of the Confident Rookie Series!

A lot of new agents worry about being taken advantage of by experienced agents, if the experienced agent were to find out that they're new.  So the obvious solution is to pretend that they aren't new, right?

Unfortunately, no. The thing is - if you're new, it will almost certainly be obvious to the agent on the other side of the table, whether you own up to it or not. And the more you try to fake experience, the more obvious it will be. When I'm on the other side of a transaction from a rookie agent who is trying to pretend she knows what she's doing, she almost always embarrass herself. However, if the rookie agent tells me upfront that she's in her first year and to bear with her if she goes overboard crossing her t's and dotting i's... I'm a lot more willing to make the experience pleasant for her.

And I think you'll find more agents with this mindset than not. Yes, there are some amazingly jerky people in our business and if you happen to run into one of them early in your career, they may very well make that transaction miserable for you... but the good news is that - think about it - you'll only have a handful of "first deals" so chances are good you'll have a decent agent on the other side. Just be upfront with them about your lack of experience, confidently, and they may even go out of their way to help you. The same goes for inspectors, appraisers, attorneys, closers and lenders.

However, what if you do run into a jerk on your first or second sale? I did - my third sale actually and 12 years later I still remember him vividly. He was abusive and condescending and said some pretty nasty things to me. And he did intimidate me to the point of embarrassing myself in front of my client. Turned out that he later checked into a mental facility for "anger issues."

An abusive agent is going to abuse everyone he comes in contact with - it's not just you and it's not personal. He'd abuse me, he'd abuse Johnny and he probably abuses his mortgage brokers and title reps on a regular basis. Keep your cool, follow your instincts and you'll get thru it.

But this doesn't mean that your inexperience as a new agent won't be used against you, even by a nice-guy opposing agent. That other agent has a duty to represent his client's best interests, so don't believe for a second he's going to help you negotiate against him or his client. If you don't know how to help your buyer determine if a listing is overpriced, if you don't know how to get your buyer what he wants at the inspection, if you don't know how to appeal a low appraisal, the other agent will definitely take advantage of you. It's his job.

So if something sounds fishy to you - AT ALL - ask for help from someone in your office. Even if it doesn't sound fishy, have someone review what you've done... or better yet, what you're getting ready to do before you do it!

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

Guest Author Jennifer Allan-Hagedorn 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.  Her first book Sell with Soul is available in the VanEd bookstore. Her new book, Prospect with Soul for Real Estate Agents will be released in Spring 2011 and you can reserve one of the first 1,000 copies printed at www.sellwithsoul.com.

Update: Colorado Real Estate Commission issued 3 new position statements

The Colorado Division of Real Estate has issued the following information for real estate brokers and the industry. Below is a copy of the email notice that went out today;

Please be advised that on April 5th, 2011 the Colorado Real Estate Commission issued 3 new position statements that are now posted to the Division of Real Estate's website at http://www.dora.state.co.us/real-estate/rulemaking/CREC/index.htm. The new position statements are as follows:

Position Statement CP38 - Afba Disclosures and Conflicts of Interest
Position Statement CP39 - Lease Options, Lease Purchase Agreements & Installment Land Contracts
Position Statement CP40 - Teams

Thank you,
The Colorado Division of Real Estate

Finance Friday: Need a Mortgage? Be Prepared!

It is well understood how strict underwriting guidelines have become over the last 18-24 months.  And while there have been some significant changes to loan approval parameters, one of the biggest changes has come in the “letter of the law” interpretation that underwriters must take on the guidelines.  In the golden age of lending it was common practice, and reasonable, to allow certain loan processes a certain level of flexibility.  Today not only do “i’s” have to be dotted and “t’s” crossed, but they have to have the correct font and type size to pass through the gatekeepers approval.

For instance just recently a loan approval was held up by an underwriter because the borrower’s bank statement was accidentally copied cutting off a small portion of the right-hand margin of one of the six pages in the statement.  All that was missing were the cents (“.xx”) of a handful of checks that had cleared the previous month.  Clearly these missing pennies were irrelevant in the scheme of the approval.  But it is poignant in how anal-retentive the documentation process has become because the loan would not be approved until a clean copy of that page was received.

With that in mind, here is a list of 10 things you should absolutely NOT do between heading into a mortgage application to the day after your loan closes/funds.  I have been doing this a long time and my job is to get your loan approved, ignoring these items will elevate the paperwork as well as the potential for a declined loan.

1. Don’t transfer money between bank accounts.
2. Don’t quit your job to change industries or start up a new business.
3. Don’t switch from a salaried job to one that is commissioned or heavily bonus-based.
4. Don’t buy a new car or acquire a new car lease.
5. Don’t forget to pay all your bills on-time – even ones in dispute.
6. Don’t open any new debt, especially credit cards or department store cards.
7. Don’t accept a cash gift without understanding the paperwork necessary to allow it.
8. Don’t make random, undocumented deposits into your bank account.
9. Don’t get frustrated when asked to provide additional documents or explanations
10. Don’t withhold information from your Loan Originator.

This list is by no means a comprehensive one, however it is meant to signal this is a new era in the mortgage environment.  Some of these seem so obvious, but you can’t believe the mistakes made by well-intentioned borrowers.  There are more “gotchas” than ever before and it is more important to do your financing due diligence well in advance of needing a loan not to mention working with a mortgage professional who is ever mindful too.

  

Guest Author Dirk Walker, CMPS® is with W.J. Bradley Mortgage Capital Corp. and has been a loan originator for 17 years. He is a Certified Mortgage Planning Specialist.

 

You can reach him via email at dirk.walker@wjbradley.com and he can be found online at http://www.DirkWalker.com.