VanEd Newslog

VanEd Presents: Nebraska GRI 105: Real Estate Investment and Management ~ Now Available Online!

VanEd is proud to be the online home for the Nebraska REALTORS^®Association GRI: Graduate REALTOR^®Institute program. The Nebraska GRI 105: Real Estate Investment and Management is being offered online to Nebraska REALTORS^® for 15 hours of GRI, Graduate REALTOR^® Institute credit. This course covers all aspects of Real Estate Investment including comparing investment properties, understanding profit and risk potential, and analyzing individual investment opportunities. The course also discusses tax and management issues in investment real estate.

Topics covered in this new GRI course include:

• explaining the basic factors affecting investment in real property
• description of tax liabilities commonly associated with investment property
• analyzing techniques used to determine quality investments
• how to assist an investor client in understanding financing options for investment property

Students will receive GRI credit for completing VanEd's online course in Nebraska. For details, visit the Nebraska Graduate REALTOR^® Institute program online by clicking here. 

And don't forget to register for the Nebraska REALTORS^® Association 95th Annual Conference and Expo ~ Get in the Game ~ the 95th Annual Convention & Exhibition. This years conference will be held April 2nd - 4th at the Embassy Suites Hotel in La Vista, NE. Don't miss out on one of the great annual conferences anywhere. More online at http://www.nebraskarealtors.com/i4a/pages/index.cfm?pageid=3494

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FBI Annual Report on Mortgage Fraud

The number of pending investgations into cases of suspected mortgage fraud increased by 12% last year over 2009 numbers, according to the FBI's recently released annual report on mortgage fraud.

The report also notes that data collected from Core Logic indicates that more than $10 billion in total loans were closed last year where fraudulent application data is suspected of being used.

The report, just like last year's, concludes that mortgage fraud remains widespread due to the depressed housing market and overall economy. The most common fraud schemes involve the falsification of application data used to qualify borrowers, and inflated appraisals used to increase prices.

The FBI report says that mortgage fraud remains prevelent due to the potential for high profits and the low risk of being caught. They also point out that licensed brokers, loan officers, appraisers and real estate professionals in many cases use their knowledge of the system to find vulnerable areas where they themselves can commit the fraud.

To learn more, take VanEd's recently updated Mortgage Fraud course online anytime!

Q&A with Jennifer Allan - "Should a New Real Estate Agent Focus on Buyers or Sellers?"

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is a regular contributor to Realty Times and other real estate publications. This week she discusses "Listing to Last."  

Question: Everyone tells me that you have to “List to Last” and that I should focus my prospecting efforts on finding sellers instead of buyers. But I prefer working with buyers! Will I fail if I don’t have a lot of listings?

JA: NO! As a new agent, you’re probably better off working with buyers, actually! Why?

· You typically develop closer relationships with your buyers, thus increasing the potential for referrals.

· When you work with buyers, you work harder. And that's good? Oh yeah, that's good. When you're new, you need to stay busy.  An active buyer will keep you hopping.  An active listing? Not so much.

· You learn more about the overall home-buying process when you work with buyers. You're intimately involved in almost every step of the transaction, from showings to offers to inspections to loan approval. This knowledge will serve you well when you act as a listing agent.

· When working with buyers, if you're observant, you'll see most (but certainly not all) of what a listing agent does. You'll learn a lot about both sides of the deal, where when you list you don't see much of what the buyer agent is doing.

· You will learn your market!

The reason experienced agents advise you to focus on listings is because once you get busy, you can only handle so many buyers, since buyers are more time-consuming than listings. And this is true. One agent, working alone, can theoretically handle dozens of active listings, while it’s probably not practical to try to handle more than a half-dozen active buyers at a time.

(Another reason given for “Listing to Last” is that when you have listings, you will generate calls from buyers, although I don’t buy that one. There are plenty of sources for buyers outside of a For Sale sign in a yard.)

Anyway, do you have to List to Last? Probably not. As you gain confidence in yourself, you’ll likely want to handle both buyers and sellers (which is the topic of my next article!), but for now, know that if you’re "only" working with buyers, you’re doing just fine!

   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 Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is a regular contributor to Realty Times and other real estate publications. This week she discusses "Listing to Last."  

Question: Everyone tells me that you have to “List to Last” and that I should focus my prospecting efforts on finding sellers instead of buyers. But I prefer working with buyers! Will I fail if I don’t have a lot of listings?

JA: NO! As a new agent, you’re probably better off working with buyers, actually! Why?

· You typically develop closer relationships with your buyers, thus increasing the potential for referrals.

· When you work with buyers, you work harder. And that's good? Oh yeah, that's good. When you're new, you need to stay busy.  An active buyer will keep you hopping.  An active listing? Not so much.

· You learn more about the overall home-buying process when you work with buyers. You're intimately involved in almost every step of the transaction, from showings to offers to inspections to loan approval. This knowledge will serve you well when you act as a listing agent.

· When working with buyers, if you're observant, you'll see most (but certainly not all) of what a listing agent does. You'll learn a lot about both sides of the deal, where when you list you don't see much of what the buyer agent is doing.

· You will learn your market!

The reason experienced agents advise you to focus on listings is because once you get busy, you can only handle so many buyers, since buyers are more time-consuming than listings. And this is true. One agent, working alone, can theoretically handle dozens of active listings, while it’s probably not practical to try to handle more than a half-dozen active buyers at a time.

(Another reason given for “Listing to Last” is that when you have listings, you will generate calls from buyers, although I don’t buy that one. There are plenty of sources for buyers outside of a For Sale sign in a yard.)

Anyway, do you have to List to Last? Probably not. As you gain confidence in yourself, you’ll likely want to handle both buyers and sellers (which is the topic of my next article!), but for now, know that if you’re "only" working with buyers, you’re doing just fine!

   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 Sell with Soul is available in the VanEd bookstore. You can also visit her online at www.sellwithsoul.com.

Earn your Nebraska Real Estate License online with VanEd

Van Education Center is proud to offer the course Real Estate Finance in Nebraska. This 30 hour course, combined with VanEd's Principles in Real Estate (30 hours), will meet the Salesperson education requirements in Nebraska. Both are included in the Nebraska Real Estate Salesperson Licensing package.

Package price includes all books & our popular "Getting Started and Staying on Track" course FREE

VanEd is the leader in Distance Education, including Pre-License education in Colorado, Texas, Oklahoma and Nebraska. VanEd also offers Continuing Education online. For more information on our Nebraska Pre-License education, visit us online at www.vaned.com.

The Nebraska Real Estate Licensing program has been online at VanEd for three years and is the most successful online real estate education available. See why the most successful people in real estate choose VanEd! Visit us online today at www.nebraskarealestatelicensing.com.

The Confident Rookie Series with Jennifer Allan - SECRET #2 - Practice with Your Printer!

Picking up from my last installment of the Confident Rookie Series about how important it for rookies to Master Their Systems before they need them; today I'll add just a little bit more to that project.

Practice with Your Printer. This may sound silly, but when you're writing an offer for a buyer, it's nerve-wracking if you can't get the printer to work. Seriously.

I wrote my very first offer back in 1996 at 6:00 pm on a Friday night in my Coldwell Banker office. I called my broker away from Happy Hour to help me. I'd had training on the contract software and was pretty comfy there, but had never actually printed a contract.

Using my own brand new contract software (registered under my name & all!), I created the contract with my broker's help, and then went to print it out. Oops.Great big DRAFT watermark across every page. Hmmmmmm. Tried again. Same thing. My buyer was sitting in the conference room waiting for me, but neither I nor my broker could figure out what was wrong. And, being Friday night, there wasn't much chance of finding any customer service at the software company.

I was a mess and felt like an idiot. I ended up re-writing the entire contract on pre-printed forms and life went on. Turns out that I needed some activation code to remove the DRAFT watermark.

But there are all sorts of things that can go wrong when printing from new software, aren't there? Especially if you're in a networked real estate office.

So, as you're practicing with your contract software, be sure to also practice printing out the contracts. Please don't hesitate to waste paper. If your software requires legal paper, be sure you know where it is and how to load it. If you have the option of either legal or letter, be sure you know how to select the one you want. Know how to "insert" or "remove" n/a's and such.

And... always have a back-up plan. Here's mine:

• Plan A:  Business as usual - use the regular office printer
• Plan B:  If that fails, try the other printer at the office (we have two)
• Plan C: If both of those fail, email the contract to the receptionist to print out
• Plan D: If I'm really crashing & burning, know where the pre-printed contracts are and write it up manually.

Again, I know this sounds trivial and even silly, but just wait until YOUR buyer is sitting in the conference room waiting to sign his offer and you can't produce anything for him to sign!

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 "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (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. Visit her online at www.sellwithsoul.com.

Attention Appraisers - End of year deal on USPAP courses - deadline approaching!

Need USPAP?  Make it easy on yourself—our 7-hour USPAP course is online and on sale!  

Enroll now and receive the already discounted course -- only $99 for the 7-hour online course -- and we will INCLUDE a hardcopy of the 2008-2009 USPAP MANUAL!  The course can be done completely at your pace and a certificate will be available in your student account immediately upon completion.

 Best course, best price!  www.vaned.com  Find out why the most successful appraisers choose VanEd.

 CLICK HERE to select your state and sign up for USPAP today!  The 15 hour USPAP course is also available online for those who need it!

 Feel free to contact us with any questions at info@vaned.com.  Note: The 2008-09 USPAP course will only be available until the end of this year! Stay on track with your education requirements! Complete the course today!

Q&A with Jennifer Allan - How to Compete with a Minimum Service Real Estate Company, Part II

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also a regular contributor to Realty Times and other industry media outlets. 

“Dear Jennifer,

“I seem to be competing with flat-fee or minimum service agencies more and more these days. I understand the appeal of such arrangements to an equity-poor seller, but I’m having trouble explaining why a seller might want to consider a contingency-based agreement, even though on paper, it appears to cost significantly more.

When the seller says something along the lines of: ‘I'm sure you're worth your fee, but I simply can't afford you,’ how can I respond?”

JENNIFER’S RESPONSE:
First, as I discussed in an earlier Q&A, you should never argue with a seller about your commission or your value. Arguing makes you look insecure and somewhat desperate. And it doesn't work. So don't do that. Neither should you put down your competition - that will only subtly criticize the seller's judgment; after all, he chose to consider going to minimum service route.

But how about saying something like this?

"I hear ya and I understand. You have a tough decision to make. On one hand, you can pay this other company a much lower fee upfront and hopefully retain more of your equity. On the other hand, you can hire a full-service agent, whether it's me or someone else, and due to the increased exposure and marketing expertise, you might end up with even more of your equity. Either way, there's no guarantee that your house will sell for what you need it to. I'm sure you'll make the right decision. Do you have any questions for me that might help you in making that decision?"

The fact that you're sitting there in the seller's home means that he hasn't ruled out paying a full-service company. In fact, he probably wants full-service; he's just not convinced of its value. But if you first show him that you care about his situation and you trust his judgment, he'll probably give you the opportunity to persuade him.

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (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.

Q&A with Jennifer Allan - "How Can I Compete with a Minimum Service Real Estate Company?"

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also a regular contributor to Realty Times and other online media outlets. 

"Dear Jennifer,

Lately I am running into sellers who "have to get every nickel out of their home." They ask me if I’ll reduce my commission because there are other agents in my market who will list their homes for a flat fee. I find myself talking too much, trying to defend my commission and how hard I work for my sellers.  I argue that in this slow market, sellers need an agent who shows up every day with a strong marketing plan and a commitment to see it through til the end.

How can I convince a seller prospect that I cost more because I’m worth more?”

JENNIFER'S RESPONSE:
Well, as you're seeing, defending your commission isn't working. Arguing isn't working. What does work is a quiet confidence that you are TRULY worth your fee. Not because you need it and not because your broker doesn't allow you to charge less, but because you bring that much value to the table. You must know this yourself before you can convince anyone else.

You may not be doing a good job communicating that confidence to the seller. You don't communicate confidence with arguments or graphs or charts or lectures. You do it by walking into that appointment with a sincere desire to help and the knowledge that you can help. Not as a salesperson trying to "win" a listing, but as an expert advisor who is very likely the best (wo)man for the job.

I'm sure you've heard the old adage - "People don't care how much you know until they know how much you care." If a seller feels you are there in his home to truly help him, over and above your desire to get that agreement signed, he'll be much more willing to trust you. And once he trusts you, he'll be more open to hearing about why you're so wonderful. But you can't actually tell him you're wonderful, you have to show him.

How?

By knowing your market cold and being able to discuss it intelligently and calmly. By letting him do most of the talking and really listening. By having a plan to sell his home that is thoughtful and personal to him and his situation.

This may sound a little vague, but it's an attitude shift that is truly magical once it clicks. In short - as soon as you go into defense mode, you've shot your credibility.

Stay tuned for more tips on defending your commission!

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (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.

Q&A with Jennifer Allan ~ Listing Exclusions

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is a regular contributor to Realty Times and RE/MAX Times. This week she answers the question of whether or not to agree to a "listing exclusion."

Question: "What if the seller asks for a 'listing exclusion?'"

JA: For those who haven’t encountered a “listing exclusion” yet, it’s simply a request from a seller that if a certain person or persons buy the home after it goes on the market, your listing commission won’t apply. For example, perhaps the seller knows a guy at work who says he’d be interested in purchasing the house, but he’s still thinking about it. Your seller doesn’t want to wait for him to make up his mind to go on the market, but neither does he want to pay you if the guy actually ponies up. So, the seller asks you to “exclude” this particular person from your listing agreement.

Should you do it?

My advice? Sure. Don’t argue, don’t explain, and don’t make a big deal out of it. Write in the exclusion and get on with putting the house on the market. The chances that this guy is actually going to purchase the house are slim, but if he does, the seller will probably need your assistance to get the contract written and to closing. For which you most certainly may charge a reasonable fee.

No reason to go to battle over this. Save your energy for bigger things!

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (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.

Q&A with Jennifer Allan - "Does My 'Friend' Owe me a Courtesy Call When She Hires Someone Else?"

We asked author Jennifer Allan to answer questions based on her teaching and experience in the real estate industry. Jennifer is also a regular contributor to Realty Times and RE/MAX Times.

Question: I understand that I won’t always get my friends’ business, but when I don’t, is it reasonable to expect a courtesy call explaining why they hired someone else?

JA: It’s tough when someone you know entrusts their real estate business to another agent, isn’t it? When you’re new, the disappointment can take days to get over, but even for Old Fogies like me, it’ll still sting for an hour or two.

As discussed in an earlier Q&A, it’s best to give your friend the benefit of the doubt and assume that she had a perfectly good reason for her decision not to bring you in on her real estate transaction. Trust in that, swallow your hurt and move on. Don’t risk the friendship (or future business!) by demanding an explanation, complaining to mutual friends or sulking the next time you see her.

I don't think the general public realizes how hurtful it is when our friends hire someone else - I doubt they even give it much thought. In most cases, it's not AT ALL personal, so they don't even think to feel bad about it, or feel they owe you any explanation.

So, does your friend owe you a courtesy call? No. If you get one, dandy. But if you don’t, please don’t fret. More than an hour, anyway.

Subscribe to "The Daily Seduction: Tips & Inspirations to Generate Business from Your Sphere of Influence." (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.