VanEd Newslog

The Confident Rookie Series - SECRET #5 - Cheerfully Waste Your Time

Regular readers of mine know how I feel about wasting time. I'm all for it! Especially for rookies. This is one of the main reasons I'm opposed to rookies jumping into the business only half-way (that is, part time) - when you have to carefully guard your time, you can't risk wasting any of it... and that's a shame.

Even as an almost-thirteen year agent, I still cheerfully "waste my time" every chance I get.

What do I mean by that?

I mean that you should take every opportunity to be out there in the world talking about or looking at or learning more about real estate. If you are doing something that accomplishes one of these items, that's  time well-spent, even if the activity is not leading you directly to a paycheck. Not only are you learning more about being a real estate agent, you're also putting yourself in front of people who could end up being your biggest fans.

When you're new, take every opportunity to learn something, even if it takes time, even if it takes gas. Think about it - would you rather practice on someone who may NOT buy or sell right away, or someone who will? Sure, on the surface, you'd rather work with someone who is leading you to a paycheck, but there's certainly a strong argument for perfecting your technique on non-clients first!

So, what might be some "time-wasters" to embrace?

• Showing an office listing to an already-represented buyer who calls off the sign?
• Helping a friend protest her tax assessment by providing sold data?
• Helping a friend protest a low appraisal for a refinance?
• Meeting with a potential seller when you know full well he isn't going to hire you?
• Showing homes to a buyer who can't yet qualify to buy a home, but thinks he can in six months?
• Helping a relocating renter identify the right neighborhood for him or her?

All of these activities teach you more about your market and give you practice communicating market data to potential clients. They also give you an opportunity to impress someone who might end up being your biggest client and/or referral source. Sounds like a good use of time to me...

Next time: Secret Six - Find Your Handyman 

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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.  The latest release of her book is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com or attend one of her free teleseminars on a variety of topics of interest to the real estate community.

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.

 

VanEd Presents: 2012 Colorado Contracts Review course ~ Now available online

Continuing our line of popular update and review courses, The new 2012 Colorado Contracts Review (#3517) course is now available online in Colorado! VanEd is offering this course online for three hours of continuing education credit in Colorado. This course, available to all Colorado Real Estate Professionals, is designed to help both new and experienced agents help their clients and customers understand the 2012 contracts and forms used in Colorado real estate transactions. The course will cover other various aspects important to real estate professionals, including:                                             

• How to Determine which forms are applicable and when to use them
• Completing the Contract to Buy and Sell for various property types
• Explaining the terms of the Contract to clients and customers
• Learn to Identify appropriate disclosures and addenda to use in a transaction

This course will also cover how and when to use the short sale addendum, as well as the importance of the updated inspection forms.  >>> Click Here for more information!

(Follow VanEd on Twitter to stay on top of current information and receive special discounts and promotions on all of our new courses - perhaps even on the recently updated GRI courses or discount offers on Real Estate Licensing education!)

 

Conference Live will keep you up on what is going on at the NAR conference in Anaheim

Thousands of REALTORS will attend the NAR conference and expo in Anaheim, CA.  WBusiness meetings and the expo beginning this week and run through November 14th, but many simply can’t make the Conference. To stay involved, try one of the online or social tools found here.

Visit the Conference Live page for the latest news, pictures, educational session audio clips, blog reports, videos, tweets, and more related to the 2011 REALTORS® Conference & Expo. This online feature will give you a taste of the annual Conference if you can’t make it to San Diego.

Seize the Day by following the conference on any of the following services;

Find us on Facebook

Follow us on Twitter

Join us on LinkedIn

You can also visit the conference live website online at http://www.narconferencelive.com/  or follow along with the Twitter search below!
 

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 #4 - Drive Your Route Ahead of Time

Related to the last installment about previewing homes before taking out your buyer, today's Confident Rookie Secret is to ALWAYS drive your route before meeting with a buyer. It's mortifying to get lost with a buyer in the car and even worse if they're following behind you. Unless you're showing in a neighborhood you know intimately, always, always, always drive the route ahead of time, even if that's at 6am before you meet your buyer at 9am.

Driving Your Route is not the same as Previewing. When you preview, you're ruling out properties - you might start with a list of 12 or 15 homes and narrow it down to the best seven or so. Therefore, your previewing route will not be the same as your showing route. Make sense? 

A GPS is not the answer. You need to be able to get from house to house smoothly and effortlessly, as if you know every thoroughfare and side street in town... without that nice Garmin lady interrupting your conversation every 30 seconds. Of course, a printout of Mapquest directions is even worse! Being able to talk with your buyers as you navigate from house to house will do wonders for your air of professionalism. And of course, becoming increasingly frazzled as you make u-turns and wrong turns will have the opposite effect!

Sometimes you don't have much time between making the appointment and the appointment itself, so you might be tempted to rationalize that you simply don't have the opportunity to Drive Your Route. But I promise you - you'll wish you'd made the time. I've gotten up at 4am and hit the streets at 5am to ensure I didn't make a fool of myself (and I've been doing this almost 13 years!). The good news is that there's much less traffic at 5am!

Remember, the goal of these Confident Rookie Secrets is to give the rookie real estate agent the tools to look and feel confident and knowledgeable in situations he or she may not have been in before. We can't prepare you for every single contingency, but the more you are prepared for the aspects you can control, the less stress you'll put on your antiperspirant!

Next time: Secret Five - Cheerfully Waste Your Time 

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.  The latest release of her book is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com or attend one of her free teleseminars on a variety of topics of interest to the real estate community.

Finance Friday: Will the housing market recover?

Most people are looking for security in their lives, and I don't mean security from the "terrorists". People are looking for job security, income security, health security, and financial security. Contrary to the beliefs of some politicians, most people don't want to be entrepreneurs (after all 50% of small businesses fail in the first five years). Most people would rather have a stable job with a decent salary and decent benefits.

Unfortunately, people don't have security in any of these areas. With the real unemployment rate running close to 15%, many people are worried about loosing their job. With the under-employment rate (working at a job below ones skills or training) close to 20%, there is very little income security. Workers are reluctant to ask for a raise with so many people wanting to take their job. There is very little health security. Most health insurance is tied to the job, so if you are worried about your job, you are worried about your health insurance. Also, premiums and deductibles have risen dramatically in the last few years, so a major illness may also be a financial nightmare even with insurance.  People have very little financial security, having seen declines in their home values, their retirement accounts, and their mutual funds. Many people are concerned they won't be able to retire as planned.  Can you say Wal-Mart greeter?

In the past, most people expected small annual increases in their pay that would at least keep up with the cost of living. Homes generally increased in value about the same as the rate of inflation. If you lost a job or got transferred, you could sell their house and bank the equity.

This is no longer the case. If you owe more on your house than it is worth, a major illness, a job loss or a job tranfer may also result in a foreclosure. Instead of being an asset, a home may now be a dead weight that could cause financial ruin. The obvious choice for most people is to rent, at least until they regain some security in their lives. So, if we are waiting for the real estate market to lead the recovery, we may have a long wait. I don't believe the real estate market will recover until the economy recovers.

Guest Author Randy Kelly is a Mortgage Banker and Finance Author with Peoples Mortgage. You can reach him online anytime by clicking here.

VanEd Presents: Oklahoma Real Estate Licensing program

VanEd, in partnership with the Oklahoma Association of REALTORS®, offers the online real estate pre-licensing program: Oklahoma Real Estate Licensing!

The Oklahoma Association of REALTORS® 90 hour real estate pre-license course provides everything you need to prepare for the state exam and get your Oklahoma Provisional Sales Associate license. VanEd is proud to offer this package in partnership with OAR.

This comprehensive program includes the 90 hour Pre-License class, Exam Prep (Free!), all books and materials AND, like all of the VanEd real estate license programs, all students will receive the "Getting Started and Staying on Track" Professional Development course. This course, written by author Jennifer Allan, will guide you as you get started in the business and help you to develop sound fundamental habits that will help make your first weeks in the business a success.

For more information on any of our Real Estate Licensing programs visit us online at http://www.oklahomarealestatelicensing.com.

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The Confident Rookie Series - SECRET #3 - Don't Wing it with Your New Buyer!

Continuing with the Confident Rookie Series - here's the third Secret to Being a Confident Rookie - Preview, Preview, Preview!!

Before you go out with a buyer for the first time, preview every single house you're considering showing him or her. I promise you, you'll rule out more than half of them and will be relieved that you did. If you show a typical buyer a house that shows poorly, smells funny or has a crazy floorplan, he'll figure you don't know what you're doing, because buyers think we know every house in town.

Even with interior photos and google earth and virtual tours, you cannot properly evaluate a house without going to see it. I mean, think about it - if a house has a major flaw, do you think the listing agent is going to spell it out for you in the MLS description? Or make sure that it's highlighted in the photos? Uh, no.

As a new agent, making a habit to preview-before-showing will give you tremendous confidence as you work with your new buyers. You'll look far more experienced and self-assured, and won't be caught off-guard by a mis-advertised or fatally-flawed property.

Oh, and you'll also ensure that you don't get lost with your buyer in the car! More on that next time!

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 Your 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-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.  The latest release of her book is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com or attend one of her free teleseminars on a variety of topics of interest to the real estate community.

November is Designation Awareness Month for REALTORS®

November is REALTOR® Designation Awareness Month:

REALTOR® Designation Awareness Month is recognized annually in the month of November. The NATIONAL ASSOCIATION OF REALTORS® encourages members to increase their professionalism, marketability, proficiency, and income through pursuance of an officially endorsed NAR designation or certification.

VanEd encourages all new licensees to begin by completing the requirements to earn the GRI, Graduate REALTOR® Institute Designation. For those seeking designations in niche or specific areas, or the GRI, you can find more information on each of them online at http://www.VanEd.com/Designations.