MONUMENTAL REPORT - THE REAL ESTATE ISSUE by Monumental Partners Limited

Newsletter date March 2010—April 2010

Volume 1 Issue 3

Monumental Partners Limited

Special points of interest:

Monumental Report THE REGISTRATION (STRATA TITLE AMENDMENT) ACT MRS. SANDRA WATSON – GENERAL MANAGER OF THE REAL ESTATE BOARD As presented at Mayberry Investor Forum on Wednesday March 31, 2010. THE REGISTRATION (STRATA TITLE AMENDMENT) ACT – Effective date January 01, 2010 and the Registration (Strata Titles Amendment) Regulations 2010 (passed March 19, 2010) will affect the dynamics of the strata industry. AREAS COVERED BY THE ORIGINAL ACT Defines strata lots; Defines the Corporation and outlines its duties; The Corporation needs to have a postal receptacle in a conspicuous place for service of documents against the corporation; Requirements of a strata plan; What should be included in the by-laws, how they can be varied or changed and how they affect strata owners; Ownership of common property;

Disposition of common property; Creation of easement and covenants; The administration of a strata corporation; Destruction of a strata building; Voting rights of strata owners; Liabilities for taxes AREAS OF COMPLAINT Maintenance fees not being paid-light, water being turned off; Buildings not being insured; Executive of strata corporation not being properly elected and constituted; Monopoly of a few persons over the affairs of the Strata; No proper accountability for the funds received; No preparation of proper annual budgets; Where there is Strata units; The other owners have no say in the running of the corporation;

Strata owners keeping pets when it is prohibited by the by laws; Outstanding property taxes; Value of property being depressed because of its poor upkeep THE ACT AMENDED THE REGISTRATION (STRATA TITLES) ACT TO: 1) Establish a Commission of Strata Corporation to monitor, regulate and supervise the functioning of strata corporations and to specify the duties and powers of that commission; 2) Provide for the payment of and application of fees collected by the Commission to help to defray its administrative expenses; 3) Provide for the mandatory registration of each strata corporation with the commission and the submission of annual financial statements and reports by —————————————-

 Strata Title Amended Act—Positive or Negative?  Making a Career change to Real Estate  Becoming a Real Estate Appraiser is it worthwhile  Mrs. Valerie Levy owner of Valerie Levy & Associates gives her insight into the current market

Cont. on page 2 -Strata Title Act

Inside this issue:

Career Change? Becoming a Real Estate Agent Thinking of being a real estate agent, but unsure where to start? First, you will have to determine if this kind of career is the right one for you. Most people are of the impression that to be a successful properties agent, you only need to be very persuasive in convincing people to buy properties and houses. The ability to communicate effectively and be persuasive are utmost however more is needed. In addition to having the abovementioned skills, you will need to be familiar with the industry.

that the buyers are able to find their dream homes, while sellers receive the best value for their property. Like any other occupation, it requires skill and mastery of appropriate knowledge in the field to become successful in this career. An additional requirement is proper training and education, which can be had from various institutions that offer courses that are industry related. Some places require an aspiring real estate agent or salesperson to spend about 30 to 90 hours classroom education.

Real estate agents ensure The Professional Licensing

Commission would have lists of reputable educational institutions that you can attend for the appropriate training. You can request a list of recommended schools from the Real Estate Board of Jamaica . In most cases the basic requirement for admission into any of these institutions is a high school diploma and for candidates to be at least be 18 to 21 years old. Before becoming a true real estate agent, the real estate board insists that you posses a license to operate, which is obtained after passing a licensure examination. Agents Cont pg 2 Career Change

Ms. Sandra Watson presents;

1–2

Career Change—Real Estate

1-2

Becoming a Appraiser

The Masters

Ms. Valerie Levy

The Power of Knowing legally

Real Estate marketing tips

Successful Real Estate agents

7 Tips for creating success

Page 2

Monumental Report

STRATA TITLES (AMENDED) ACT

each strata corporation; 4) Make additional provision to assist in the passing of unanimous resolutions; 5) Make unpaid contributions a charge on each strata lot which will run with the lot and rank in priority to existing mortgages or charges. 6) Provide for the procedure to be followed where a proprietor fails, neglects or refuses to pay contributions to the corporation; 7) Give the Strata Corporation a power of sale in respect of a strata lot where a proprietor defaults in the payments of contributions to the corporation. Provide for the procedure to be followed in the exercise of the power of sale and the application of proceeds of such sales; 8) Enable the Commission to take action as an administrator of a strata corporation where the strata corporation is not-functioning; 9) Establish a Strata Appeals Tribunal to hear appeals and adjudicate on matters affecting the administration and management of strata properties; 10) Widen the regulatory powers of the Minister to prescribes the matters that are to be communicated by developers of strata properties to prospective purchasers; 11) Indemnify persons serving on executive committees from civil liability arising from actions done in good faith while holding office; 12) Increase the penalty for certain breaches of the Act; 13) Provide for additional provisions in the by-laws prescribed in the First and Second Schedules to the Act. AREAS COVERED BY THE REGULATION: 1) Fees to be paid to the Commission of Strata Corporations. 2) The appropriate forms to be completed and the Certificates to be issued 3) Documents to be provided by corporations at annual filling; (a) Annual registration fee; (b) Annual returns;

(c ) Income and expenditure statements; (d) Names and addresses of the current executive committee and; (e) Any other information the commission may require. 4) Certificates authorizing the Exercise of Power of Sales. 5) Developer‘s responsibility prior to the sale of a strata unit to advise the prospective purchaser in writing of: (a) Facilities in the common property of the Strata Plan; (b) Proposed unit entitlement of each strata lot; © Proposed by-law; (d) Estimate of proposed maintenance fee. 6) Time line to correct breaches of the by-law (a) 60 days to demolish and remove debris of an illegal structure, restore the building to is original condition; (b) 7 days to remove illegal vehicles and things; (c ) 7 days to remove illegal animals. 7) Establish method of lodging complaints to (a) Tribunal (b) Commission TIME LINE OF SALE OF STRATA PROPERTY FOR OUTSTANDING MAINTENANCE

1) 2) 3)

4) 5)

Outstanding for 30 days Notice given of outstanding amounts and interest with another 30 days to pay -60 days. Prior to the exercise of the power of sale, the corporation must satisfy the commission that it has notified the proprietor, his agent and his mortgagee (if any) of: (a) The amount outstanding with interest in a statement; (b) That it intends to exercise a power of sale 30 – 90 days Apply to commission for certificate to sell. (a) If the Commission is satisfied it will issue a certificate 30-120 days; (b) If the Commission is not satisfied that the owner was given adequate notice, it can instruct the Corporation to give additional notice – 30days -150 days Prior to the sale the corporation must: (a) Advertise the strata property not less than thirty days

Career Change? Becoming a Real Estate Agent

A properties agent will also work with lending officers, lawyers, mortgage brokers, insurance company representatives and even land-use officials.

are required to renew their license every year but it still depends on the organisation. You would also need to attend seminars even if you are already licensed. The properties industry is continually evolving or changing. A real estate agent should always be aware of changes in laws and regulations that might affected the industry. But taking up real estate courses are not the only thing that would prepare you for the industry. It is recommended that you work with a mentor broker for about 2 to 5 years to get experience. It is like an apprenticeship. After that period of time, you could start thinking about setting up an individual prac-

(career change fr pg 1)

ing for updates or advice. Flexibility is another attribute a real estate Technical requirements like agent needs to develop. coursework and license will equip you, but it is your atti- Clientele could be a problem for tude that will help you be- beginning agents. You will need come successful in your field. patience since it will take some As a real estate salesperson, amount of time before client list you need to be sociable or an will begin to develop. extraverted person. You would be working with dif- Another concern for real estate ferent types of people, not agents is income. Most experts only the buyers and the sellrecommend that new agents ers. A properties agent will also work with lending offi- should have an alternative source cers, lawyers, mortgage bro- of income, to suffice for the kers, insurance company rep- amount that they will be earning. resentatives and even land- As an agent, if you are selling use officials. properties that are considered ‘multi-million properties’ everyA properties agent is on call day, then you would not have any 24 hours. Clients would often problem the industry. call an agent during the time when they are available, asktice.

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Monumental Report

Top Six Free Real Estate Technology Tools By James Kimmons Why pay for something you can get at no cost? And 4. Google Calendar for Time & Task it's even better when the free solutions do such a Management great job of helping you to market and manage your Google has done a great job of bringing a calendar real estate business. Here are the top ten free real online in a way that works for me. And, it's free. estate technology solutions. Because Gmail is my email choice, and Google 1. Gmail for Lots of Things Calendar integrates beautifully with my Gmail appliGmail is my most-utilized online application. It is cation, it helps me to manage my time better. The accessible from any Internet computer, fast, a huge ability of Gmail to recognize appointment type verstorage facility, and I can find my old emails with biage and suggest a one-click entry into the calenease. dar is a big plus. This also works well with Google 2. YouTube for Video Marketing Sync for Blackberry and you can interchange time As a real estate professional listing properties, you and task with other real estate professionals to set cannot afford to overlook the marketing exposure easier appointments and keep better schedules. you can get with a video of your listing on YouTube. 5. Google Sync for Blackberry You can put videos of your listings up on YouTube. This is a great blackberry app which merges It will impress your listing clients, plus you can use Emails, Calendar, Task, and memos online with the titles and credits in the video to put out price your Google email. It allows you to never lose your and other information. If you're blogging, there are information through the theft or loss of your phone, several easy and free ways to embed a video into a while integrating all the necessary information from post, or a player in the sidebar. Get out with that your email to your phone to ensure your entire life camera or camcorder and start building a YouTube is at your fingertips. Channel that markets your area and your business.

6. Xpenser for Easy Accounting

3. Jott for Voice Management of All Now, if you're super analytical, and you want huge Kinds - Jott is by far the most effective tool on detail in your accounting records, then stick with this list, because it communicates with many of the other items here. In fact, most items on this list will take entries via voice from your Jott cell phone account. Use it to do accounting, enter appointments and tasks, and much more. This is probably the most useful tool for all of you who spend a great deal of time out of the office.

QuickBooks or Peachtree. However, if you're into simplicity, and spending as little time as possible in getting expenses and income into an online and free solution, then Xpenser is worth a look. Entry is fast and easy, even using your cell phone. Accounting Can Be a Pleasure with Xpenser

Becoming a Real Estate Appraiser By Matti Bartacavuch Do you want to become a real estate appraiser? If so, you will need to know what you are getting yourself into. After all, you cannot simply decide to become a real estate appraiser and think that you can do this in no time at all. Just like any other career, when you want to get involved with this you are going to put in the required time. With that being said, becoming a real estate appraiser is possible whenever you are willing to put in the time. Several people never fulfil their dream of becoming an appraiser since they are not willing to work at it. When you have the devotion to get past the early stages, you will be well on your way to a rewarding career in the end. The number one step to becoming a real estate appraiser is learning what the industry is all about. Remember, there is no point in taking all of the classes when you are not yet certain when being a real estate appraiser is the right job for you. You need to make certain that you know what an appraiser does, how much they get paid, and what your day will be like. Only then you will be able to decide whether or not you should move forward. Most places require that you take a pre license course of at least 90 hours before you can move forward. As this may seem like a lot of hard work, it is something that needs to be done. Bearing in mind that these courses will be fun to take considering you like the real estate industry. Doing the courses you will learn about every side of the appraisal procedure. Ultimately, you will move onto a invigilated exam.

When you can manage to pass this examination you will be well on your way to becoming a real estate appraiser. After you set up your practice, the only thing that you have to do is begin to market your services. Remember, when nobody knows that you are a real estate appraiser you will get no jobs. As you can see, becoming a real estate appraiser is not something that you can do over night. With that being said, you should be able to handle the method when you put your mind to it.

Recommended Reading How to Get Started in the Real Estate Appraisal Business by Dan Mahoney and Vicki Lankarge The Art of Real Estate Appraisal: The Complete Guide for Homeowners and Real Estate Professionals by William Ventolo and Martha R. Williams Mastering Real Estate Appraisal by Dennis H. Carr Real Estate Appraisal Principles and Procedures (AQB Approved course) by Levin P. Messick and and William Pivar Walt Hube

Volume 1 Issue 3

Monumental Report Staff Creative Director Kahlil Harris Editor in Chief T.Boots Harris Business Development Consultant/Contributing Writer Christopher Goulbourne Marketing Consultant Terry McNeil Accounting Consultant Wayne Parcells

“this is one career that is always in demand”

―Several people never fulfil their dream of becoming an appraiser since they are not willing to work at it.‖

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Monumental Report

Valerie Levy - Chairman of the Real Estate Board 1) How long have you been in real estate? I have been practicing Real Estate for the past 32 years both in Jamaica and in the USA

Mrs. Valerie Levy - Valerie Levy & Associates The President of Valerie Levy and Associates, Mrs. Valerie Levy CIPS, CRB, CRS, GRI has been a licensed Real Estate Broker in Florida since 1977 and while in Florida distinguished herself and qualified each year as a member of the Midtown Realty Multi-Million Dollar Sales Club. She was President of the Realtors Association of Jamaica from 1990 to 1993. .

2) What is the difference between when you first started out and today? How does the Realtor of today compare to the Realtor of the past?

5) What does government need to do in order to further enhance the real estate market?

Real Estate today is still very personal but the methodology has changed somewhat in that the industry has joined the age of technology and the first viewings of properties are usually done on line. Agents today have to be very computer literate as the buyers of today tend to shop on line before calling a real estate agent. Because we are experiencing a buyers market worldwide, qualified buyers are more likely to be successful in securing a home. Many vendors are now requiring a commitment from the lending institution before accepting an offer.

Government needs to do whatever it takes to speed up the time that it takes to close Real Estate Transactions. These areas would include speeding up approvals in the development process, the titles and stamp offices. Positive moves have been in the reduction of transfer taxes and stamp duties.

3) How has the real estate market grown in Jamaica and what direction has it taken The Real Estate Market in Jamaica has grown in many ways similar to the way growth has taken place in the rest of the world. Due to the lack of affordable land space, densities have increased giving rise to the building of apartments, condominiums and townhouses. Jamaicans have always enjoyed living in single family homes with spacious land but everyone now has to adjust to what is now considered to be more of a community lifestyle with shared amenities. 4) What do you think has been your biggest impact on the real estate industry?

Never stop, this gives you the edge over other Realtors – keep the public informed as to your product. Never let them forget that you have the inventory.

ates Limited it afforded me the opportunity to share my knowledge and in particular the ethics of the real estate industry.

I would have to say that my biggest impact on the Real Estate Industry was my appointment to the Interim Real Estate Board which was responsible for what is now the Real Estate Dealers and Developers Act. This Act governs and monitors the activities of Real Estate Dealers and Developers in Jamaica. I also spent over twelve years as a part time lecturer in Real Estate at the University of Technology and another three years as president of the Realtors Association of Jamaica. As President of Valerie Levy & Associ-

6) What does the private sector and the various real estate bodies need to do to encourage growth in the real estate market now and its advancement into the future? They need to address the disparity between the ultimate purchase price of a home and the attainable level of finance required to purchase it – in real terms for the Jamaican consumer. Those in the banking industry need to lower the interest rate to assist in the process. The government has already made great strides in the reduction of the transfer tax and stamp duty and we look forward to further collaboration with the government towards stream lining the processes in the industry. 7) What is your forecast for the real estate market both for Jamaica and the rest of the world? The future of the real estate market will be dictated by the demand patterns exhibited by the various demographic groups and the other users of real estate. For example residential offerings may be structured towards more high density usages. Energy efficient concerns will factor heavily in the eco-friendly design and cutting edge construction

technologies employed in the construction and layout of buildings. 8) What is the main function of the R e a l E s t a t e B o ar d ? The Real Estate Board (REB) as its mandate dictates should serve as a regulatory and enforcer of matters relating to Real Estate transactions. Additionally it is imperative that the (REB) ensures a level playing field in the economy of development and the rights of purchasers are protected as prescribed in the Real Estate Dealers and Developers Acts. 9) In today's competitive real estate market what your advice to a new Real Estate Agent coming into the m a r k e t c o n c e r n i n g : (a) Marketing one self Never stop, this gives you the edge over other Realtors – keep the public informed as to your product. Never let them forget that you have the inventory. (b) Selling properties These ties back in with marketing. The key in today‘s market is pricing and promotion. (c) Listings they should pursue. Listings priced to sell. Over priced listings in this market will only sell other properties that are priced at market. 10) What is the main thing you would pass on to the Real Estate Agent reading the article? To be a successful agent one has to be ethical and subscribe to continual education and training .Keeping current is vital for agents to stay a cut above the rest. I would suggest any magazine, periodical, or any other publication on matters of real estate to keep current with events, technologies, trends and all things relevant for your industry - is my recommendation for suggested reading.

Links http://www.jamaica-gleaner.com/gleaner/20051002/ business/business3.html http://www.jamaica-gleaner.com/gleaner/20070513/ business/ http://www.voice-online.co.uk/supplements/11/ supplement.pdf

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Volume 1 Issue 3

Monumental Report

Valerie Levy - President of the Real Estate Association Mrs. Valerie Levy - Valerie Levy & Associates

Levy Finlason CIPS, CRB, CRS, Real Es-

The President of Valerie Levy and Associates,

tate Broker and past President of the Realtors

Mrs. Valerie Levy CIPS, CRB, CRS, GRI has

Association of Jamaica.

Monumental Partners Limited

been a licensed Real Estate Broker in Florida since 1977 and while in Florida distinguished

The company, Valerie Levy & Associates Ltd

herself and qualified each year as a member of

has recently been invited to join ”Leading Real

the Midtown Realty Multi-Million Dollar Sales

Estate Companies of the World” a Global Or-

Club. She is a graduate of the Realtors Institute

ganization consisting of leading independent

(GRI), a Certified International Property Spe-

Real Estate Companies encompassing Five

cialist (CIPS), a Certified Real Estate Brokerage

Thousand Five Hundred (5,500) RE offices

Manager (CRB) and a Certified Residential

worldwide with a compliment of One Hundred

Specialist (CRS).

She was President of the

and Sixty Five Thousand agents. As a result,

Realtors Association of Jamaica from 1990 to

Valerie Levy & Associates is now able to sat-

1993. She has served on the Real Estate Board,

isfy the real estate needs of their clients and

has been a lecturer at the University of Technol-

customers globally.

ogy for the past ten years and is still lecturing in the Salesman Real Estate Course at the University of Technology.

She is chairman of the

Educational and Disciplinary Committee of the Realtors Association and an International Section Member of the National Association of Realtors – Washington D.C. Mrs. Levy has been married for forty-one 41 years to Desmond Levy who is a Chartered Builder and Realtor.

She has two children,

David Levy who holds a diploma in Land Economy and Valuation Surveying and Lorraine Books recommended by Mrs. Valerie Levy

    

Who Killed Change?: Solving the Mystery of Leading People Through Change 4th Secret of the One Minute Manager Know Can Do!: Put Your Know-How Into Action Leading at a Higher Level The Simple Truths of Service

Phone: 876-656-8917 E-mail: info@monumentalpartners.com

Power of knowing amidst the power of sale. The advent of the Global recession has had a domino and devastating impact on almost every facet of the world economy including the once lucrative and safe real estate arena. It was not too long ago that the ordinary man could hedge his bet on the real property market by investing either his or someone else’s money in a house in need of some attention, provide that attention and then dispose of it in short order for a handsome mark up. Those days are, at best, on hold. What is now common place is worry and anxiety surrounding the prospect of suffering financial ruin as an investor or losing your home if you are an owner/occupier. The latter rears its ugly head in the form of bold and eye-catching writeups in the newspaper informing the masses that, with the right bid, they could displace the current owner out of his home. Whether those ads are the end result of genuine good

faith efforts to facilitate and aid the homeowner to keep his home or just knee-jerk reactions by the lender in enforcing its rights to sell under the mortgage instrument is debatable. At the end of the day, however, it may not matter much to that ill-fated victim of the economic climate since either way he is faced with the prospect of losing not just perhaps his biggest ever investment but more importantly his home. To add insult to injury the borrower may find that at the end of this devilish and nerve racking process he is left with literally nothing from the loss of his home. How is this possible? After investing some equity in the form of a deposit shouldn‘t the mortgagor at least walk away with something? These are important issues which many in the Jamaican context grapple with every day. The lender in almost every loan case is invariably in a stronger bargaining position than the prospective borrower.

This is painfully true where a mortgage is sought and is underscored by the fact that the client can never negotiate terms. You either accept their terms or leave it. Because of this Parliament of the late 19th century felt it prudent and necessary to legislate protective mechanisms for the weaker borrower. Under the Registration of Titles Act (1889) in the event of a mortgagee (lender) exercising its self-help remedy of selling a mortgaged property the proceeds must be treated in a particular way. First the proceeds are to be applied in meeting the expenses associated with the sale, including, Auctioneer, Legal and other legitimate expenses. Second, in paying the monies due and owing on the mortgage. Third in paying off any subsequent mortgages and finally, if there is any surplus, the borrower should receive it. Admittedly, the Act does not explicitly place a burden on the Lender to exercise due care in selling the mortgaged premises, however the Courts have settled the law on this issue by conferring on the mortgagee a fiduciary duty and responsibility to act in good faith in disposing of the property. This means that the Building Society or Bank must be able to demonstrate that at the time of sale the price

Business Development Consultants

Phone: 876-656-8917 E-mail: info@monumentalpartners.com

received was the best price it could obtain in the circumstances. Should it fail to satisfy the Court of this the borrower may succeed in securing an Order from that the Lender account to him for the losses he may have sustained.

(the mortgagor) knows of his said rights, that the sale must be based on the best price and the consequences of ignoring that duty. It is therefore less likely that the Lender will do anything adverse to that duty of care to the Borrower.

In Jamaica allegations of nepotism and deliberate and calculated ploys by the Lender to undermine the Borrow for a personal or indirect gain abound. Some of these suspicions are credible and many are baseless, nevertheless where the dispossessed homeowner has good reason to question the bona fides of the process it is open to him to challenge the powerful lender by asking the Court to step in, examine what was done then make certain declarations where appropriate. This is especially true if the Lender alleges that the sale resulted in a loss then seek to add a further body blow to the already overwhelmed borrower by insisting that he shoulders the shortfall.

In these times of economic perils when our ability to weather the storms of redundancy, lay-offs, downsizing and other life pressures is suddenly shattered and our most precious possessions become exposed to the risk of divestment by others than ourselves, our only saving grace will be the guiding light of knowing and making it known of the duty owed to us by those who may seek to show little or no compassion.

Ruel Woolcock LL.B (Hons.) Attorney-at-Law Ruel Woolcock & Co. 27 Parkington Plaza Kingston 10. Jamaica W.I Tel. (876) 906-0149/(876) 344-6983 www.ruelwoolcock.com ruel@ruelwoolcock.com

It is important that homeowners are aware that they do have legal recourse against an unscrupulous lender who tries to exploit and cash in on the down trodden. Of equal importance is the need for the possible victim to determine whether a case can be made out. If material is not available for a strong challenge such as an independent valuation report from a reputable and Profile – Ruel Woolcock LL.B(hons.) licensed valuator it is perhaps better not to launch the challenge in the first place as failure will undoubtedly Ruel Woolcock is an Attorney-at-Law practicing law in result in more legal expenses. Jamaica for almost ten (10) years. Ruel is an expert in conveyance and Real Estate Law having worked with At the end of the day it is incumbent on every troubled the Ministry of Housing for several years. He has, over mortgagor to inform himself on the process involved in the years developed a well known reputation for providlosing his home under and pursuant to a lender‘s ing excellent, effective and speedy legal services to both power to sell making sure that all documentation re- his locally and internationally based clientele. Ruel is lated to the impending sale is kept for possible future married with one child. use in Court. An informed homeowner educated on his rights should also make it known to the lender that he

How is this possible? After investing some equity in the form of a deposit shouldn’t the mortgagor at least walk away with something?

If material is not available for a strong challenge, it is perhaps better not to launch the challenge in the first place as failure will undoubtedly result in more legal expenses.

How Agents Succeed in Real Estate -By Larry Easto If you want to know what makes people successful, the best way to find out is to ask them. So when a broker raised the question of what makes real estate agents successful, I suggested that we ask them. This suggestion led to my surveying high producing real estate agents to identify their best marketing practices. Marketing Strategies Are… It‘s important to clarify what the survey addressed. It focused on marketing strategies, not sales tactics. Marketing strategies are marketingrelated activities, such as door-knocking, networking and advertising, undertaken to achieve o v e r a l l b u s i n e s s g o a l s . Different From Sales Tactics Selling, on the other hand is a component of marketing. It is all about closing the deal. Sales tactics, activities like identifying specific clients‘ needs and facilitating closing, are things that lead to the successful completion of a transa c t i o n .

Real Estate are consistent with the essential fundamentals of marketing. Not only that—the findings actually reflect these very fundamentals. This means that regardless of where your real estate business is located, the findings reported in How Agent Succeed in Real Estate will apply to you. It also means that regardless of what marketing initiative you propose, the essential fundamentals of marketing should not be ignored. By all means be creative and stamp your individual identity into your marketing. But until you have a lot of marketing experience behind you, stick to the tried and proven marketing basics. As outlined below, they are the foundation of your long term success in real estate. Attracting Clients The survey looked at what high producing agents currently do to attract new business. It did not address what helped them launch their careers in real estate. Thus, the survey results provide standards to which all agents can aspire, not a blueprint for starting a real estate career.

Strategies That Generate Clients Essential Fundamentals Of Marketing Long story short, the four strategies that high producIt is important to understand that the essential ing agents use most commonly to generate fundamentals of marketing have been applied new business are referrals successfully for more than five decades. The advertising listed properties findings reported in How Agents Succeed in open houses networking.

THE REGISTRATION (STRATA TITLE AMENDMENT) ACT A Positive or Negative change to Strata property owners? Cont fr pg 2 ADVANTAGES OF THE AMENDMENTS TO THE STRATA OWNERS

Allows for much better accountability to owners (I) Accounts (ii) Budgets (iii) Executive committee 2. Allows for 2 independent bodies to assist with resolving disputes. 3. Strengthens the means of collecting maintenance contributions which should allow for apartments to be better maintained, thus preserving or increasing the property‘s value. 4. Ensures that meetings are conducted in compliance with the law and executive committees are appointed. 5. Indemnify members of the executive committee where bona fide acts are carried out. 6. Ensures that by-laws are enforced. 7. Mortgage lenders should be more willing to lend for purchase of strata properties because the amendments require the following: Mortgagees be informed of outstanding maintenance; The commission will have available to the mortgage historical data on the administration of strata complexes hence the lending institution can decide if it wishes to lend for purchases into the complex or not; If the insurance on the building lapses the mortgagee has to be advised within 14 days; The mortgagee has to be informed if the corporation intends to exercise a power of sale; Before any money can be handed over to the proprietor the mortgagee must be paid; In the case of a forced sale the mortgagee has

Ito be consulted on the choice of the valuators The mortgagee must be issued with a statement of account for any strata property sold under the power of sale within 21 days of the sale. 8. Ensures that proper notices are given to proprietors. 9. Allows corporations to apply to the court to obtain an order of possession so they can rent the strata property and deduct the maintenance fees from the rent and thus not have to sell it. 10. Ensures that each strata occupier is given a copy of the by-laws for the strata complex. 11. Allows for demolition of illegal structures and removal of animals where the by-laws are contravened 12. Allows for the commission to consider complaints from proprietors that contributions are unreasonable or inequitable and vary these if they are deemed to be unfair or inequitable. Further References HTTP://MOBILE.JAMAICAGLEANER .COM/20090731/ LEAD/LEAD9.PHP HTTP://WWW.JAMAICA-GLEANER.COM/ GLEANER/20100324/NEWS/NEWS92.HTML

HTTP://WWW.JAMAICA-GLEANER.COM/ GLEANER/20091230/BUSINESS/BUSINESS4.HTML

Your Cell Phone Becomes Your Best Tool

7. YouMail for Custom Greet-

Business Development Consultants

Phone: 876-656-8917 E-mail: info@monumentalpartners.com

“regardless of where your real estate business is located, the findings reported in

How Agent Succeed in Real Estate will apply to you”

How Agents Succeed in Real Estate When selecting a real estate agent, among the characteristics that prospective clients seek are competence and trustworthiness. They ask themselves, ‗Can this person do what she says she can?‘ and ‗Is he really trustworthy?‘ Referrals It has been estimated that in North America, referrals and word-of-mouth recommendations generate 85% of new business. In effect, a referral or recommendation, is third party confirmation that the business,--i.e. the agent--is competent and trustworthy. The challenge for agents is to increase the number of people who believe that they are sufficiently competent and trustworthy to recommend them to other people. This reputation for competence and trustworthiness doesn‘t just happen--it has to be earned. Advertising Advertising properties listed for sale represent implied endorsements of agents‘ competence and trustworthiness. After all, the owners of the properties advertised for sale must have believed the agents to be competent and trustworthy; otherwise they would not have hired them to help sell their properties. Open Houses Open houses allow real estate agents to showcase their technical expertise and personal characteristics. By interacting with agents at open houses, prospective clients can assess individual agents‘ competence and trustworthiness and by extension, how the agent can help them. For prospective clients, it‘s like test driving a new car.

cont pg 7

Networking Networking is the most multi-faceted, versatile and effective marketing tool available to real estate agents. Among other things, it allows them to exchange information and showcase their trustworthiness. Above all, it also makes it possible to interact with other people, who ideally will like and trust an individual agent well enough to do business with, and refer others to him or her. Prospecting The best way to develop a client base is by well focused prospecting.

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Prospecting is an essential marketing strategy. It generates new leads that can be converted into clients. It also provides the inflow of new clients. These clients will ultimately become part of the pipeline by contributing repeat and referral business. A Benefit For All Agents All real estate agents can benefit from applying the best marketing practices of high producing agents. Specifically, this means that the key marketing strategies of high producing agents will help you attract clients. About the Author Larry Easto is a best-selling business writer and publisher of www.real-estate-marketing-link.info. For more information about the survey referred to in the article, go to www.real-estate-marketing-link.info/ success_strategies.html

7 TIPS FOR CREATING SUCCESS FROM THE INSIDE Tip 1 : Build a strong foundation

they show up in your life?

What do I mean by a strong foundation? Would you consider putting a roof on a house unless it had a strong foundation? Of course not! Yet you would be surprised at how many people try to market their services without believing in themselves. Tip 2: Identify and reprogram your selflimiting beliefs

Tip 4: Use your mind and emotions to create Instead, identify your value, i.e. your unique selling point. What are you really good at? your empire Write a list of what makes you stand out among How many times do you find yourself focusing on the competition. what you don‘t want? There is something called The Law of Attraction. It basically teaches that Tip 7: View marketing as “giving” not like energy attracts like energy and you get what “taking”. you focus on. I suspect a lot of us are giving and generous So, what do you usually focus on? The lack of and because of that we don‘t want to impose on clients, the lack of income, the lack of time? anyone. However, you will experience a big Guess what? That will bring in more of the same. shift when you realize that what you have to So, instead ask yourself, ―so, what do I want‖? offer is a gift. Spreading the word about yourself is not ―selfish‖ or ―taking‖. Tip 5: Learn ways to release your fears It would actually be selfish to deprive humanity Fear is not real. It is False Evidence Appearing of your gift. So what are you here to give huR e a l ( F . E . A . R . ) manity? To create success from the inside out, use a powerful tool like the STOP Technique. The way to do it is to notice whenever your mind goes into a fear thought, after noticing, take a deep breath and the put in an Empowering Thought, like,‖ I have all I need to succeed.‖ What positive new thoughts are you needing to hear?

Here are some typical examples of actual beliefs I have heard over the years: ―Life is a struggle‖ ―It‘s selfish to want more money‖ ―It‘s not safe to toot my own horn‖ Can you see why any of these beliefs would stop a person from succeeding? What are your own self-limiting beliefs? Tip 3: Reverse your self sabotaging strategies Did you know that we all have a saboteur? We all have our dreams and we all have a part that tries to sabotage them, for our ―own good‖. For example, I was working with a client today, who realized that even though she had a good business plan, she was never able to work her plan because of the resistance form her Self saboteur. What are your self sabotaging patterns? How do

Keep a journal and note how many times a day you use the STOP technique. Congratulate yourself for your vigilance. Tip 6: Know the value you offer This may seem hard to believe but time after

time how people fumble with this concept.

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