Reinventing the Open House
Bitter Pill to Swallow
Fresh ideas in time for spring.
When thieves use open houses as opportunities.
MAGAZINE
March 2011 $5.00
Reinventing the
Open House
What’s YOUR Company Doing For You?
Click for Creativity. State-of-the-art Advertising & Marketing is easy with the RE/MAX Design Center. With RE/MAX, all the tools you need to keep you
Over 1,300 professionally created templates available.
and your business top-of-mind are right online. Imagine a FREE online marketing suite where you can… • Create virtual tours, slide shows, postcards, fliers, even animated web commercials. • Select from more than 1,300 professionally created templates. • Choose to download and print from your desktop, or have your material professionally printed and delivered to you within 24 hours. • Host any marketing piece, free. Email the link to your clients; who click and read all about it. It’s cutting edge marketing at its best, right at your fingertips...and free to all RE/MAX associates and offices.
Interested in a RE/MAX Franchise? Check out the 8 Minutes with RE/MAX video at…
SoldSignBlog.com
800.878.8138 Outstanding Agents. Outstanding Results.
RE/MAX NORTH CENTRAL
table of contents
features 6 10 22 24
Reinventing the Open House
march
Get answers to your questions on seller-advertised open houses, listing protection, and more.
Sales Tip: Come On In…The Front Door Is Open! Use these handy checklists to make your next open house a success.
Opening Wisconsin for Business Recent changes aim to energize business in Wisconsin.
news.wra.org
vol.
27, no. 6
articles 14
With a little creativity, open houses can—and do —sell homes.
Best of the Legal Hotline: Open Houses
2011 |
16 18 27 28
A Cautionary Tale for REO Buyers
A successful REO deal means conquering these challenges.
Bitter Pill to Swallow When thieves use open houses as opportunities.
Product Showcase WRA’s new website features enhanced navigation, streamlined news, and a brand new look.
DNR Cuts Back on Stewardship Purchases How the recent announcement could impact pending Stewardship purchases and related appraisal work.
Tech Hottips Twitter explained, mobile scanning from your smartphone, and more.
1
News
inside the wra
with bill malkasian
Top News Stories in and Around the Industry Housing Council, laments, “It’s been a long time number of people in those markets paying too much United Way Honors the Stark Family coming.” The Pewaukee-based commission has for their rental housing will double from around for Service to received the following information ecently, we not conducted a comprehensive review ofSpeaking housing of government, much of the
R
70,000 currently to a whopping 140,000 by 2010.
regulation in real estate is now coming from the Wisconsin Department Regulation and patterns since theof1970s. Some say a partial solution would be for the U.S. out of Washington, D.C. as a result of the Licensing regarding real estate license renewals for government to reverse course on housing policy and legislation passed by congress 2011-12: Wisconsin Receives Millions toDodd-Frank Ease increase funding for rental assistance, Community last year. If wesubstantially want to thrive—not just survive— Foreclosure Crisis United 12,977 Way of Dane Countyrenewed their licenses particularly help for working families. brokers Milwaukee Business Journal (WI) (09/30/08) in this business, it’s crucial that we stay vigilant United Way of Dane County about$39 real estate financing in particular. With this in The licenses state of Wisconsin is due to receive nearly 14,272 salespeople renewed their NAR Releases Free FHA Toolkit recognized the Stark Family with mind, we made numerous trips to Washington, D.C. million in federal funds to stabilize neighborhoods Wisconsin REALTORS® Association (10/30/08) the 2008 Tocqueville Society For context, the WRA has aboutand 13,000 members, or nearly half in February as REALTORS® to discuss the most recent stave off a spate of abandoned homes. According Award for outstanding service to NAR WRA are eagerWashington to help you as meet the the licensees in the state. Whattodo these say? Frankly, HUD andnumbers Gov. Jim Doyle, the funds aredevelopments. separate We and will the continue to visit the Dane County community and from approximately $9.2 million the government is current challenges of the troubled economy. We we have fewer licensees now than we did in 2010, and this means needed and bring you the latest news. BillUnited Malkasian Way. The Tocqueville Society Award celebrates ® awarding offices the city of Milwaukee, where the foreclosure fewer REALTORS , more consolidated and fewer people know that you need resources that can help you WRA President and acknowledges people or families, such as the As May we at the WRA will need startthem to think about rate is currently 9.9 percent. HUD is awarding theapproaches, entering the on business. close transactions, and you at little or no Starks, who have made a major impact the quality strategic planning and more member outreach. YourFHA voice is funds via its Neighborhood Stabilization Program, cost. NAR has just released an all-new Toolkit of life in Dane County through their exceptional under which almost $4 business billion is being toin this, and so we’ll be visiting you in your markets to However, just as the numbers are changing, so is the of allocated crucial service and commitment to the community. online for FREE to help you get clients the financing state governments for just the redevelopment real estate. In fact, in a faster local worldand with new technologies find out what is most important to you. they need in a credit-strapped environment. It is and foreclosed around the corner, if we want oftoabandoned stay in business for thehouses. 2012 City Housing Authority Receives one of toolkits In closing, please let the me most knowcomprehensive how we’re doing, andNAR how has we stay competitive. 100-Unit Grant renewal, we need to be smart and ® ever successful produced, and it’s available to all REALTORS Sites: Not Just for Personal can help you stay in these changing times. My door Milwaukee Journal Sentinel (09/25/08) Pabst, Georgia right now by visiting the link below. They also have How can the WRA help you do this? First, through education. Connections Anymore is always open. The city of Milwaukee’sBeyond housingattending authorityour is ongoing due Minneapolis-St. Paul Business Journal (09/29/08) Grayson, launched a new page called “NAR Helps You Navigate CE and designation offerings, I want to receive $6.7 million in federal Hope VI money Katharine the Current Economy” where you can find dozens of to congratulate all those who went to designation week. Though to build 100 new housing units. The 100 units will ® great products and resources, like the FHA Toolkit, St.inPaul, Minn.-based REALTOR Teresa Boardman the numbers weren’t as high as previous years, the feedback be constructed in a 2.5-mile area and will include saysamong Flickr, the Facebook and other social networking for free or at a steep discount. Visit www.Realtor. we got was that the program was best we’ve had. 29 public housing and affordable rental units; sites make it easy to meet people who might org/NARHelpsYou for links to these great programs nine affordable housing units for income-eligible Next, through smart technology.eventually Beyond products like ourWhile distance become clients. many professionals and products. families; and 62 moderately priced, open-market on demand courses and Tech are Hottips we’ll soon launchbusiness a Until next time, usingblog, these sites to make contacts condominiums. HUD Secretary Steven C. Preston and companies use them to conduct background website Home Loans Going Strong, Albeit a comments, “Milwaukee’sredesigned housing WRA authority has that makes it easier for you to find the checks or recruit new workers, many simply want information demonstrated it has the leadershipyou to need lead (see and Product Showcase, page 18). Bit Tighter, in Area to connect with people who have similar interests. revitalize neighborhoods and transform lives. Wisconsin State Journal (10/17/08) Balousek, Marv Another encouraging thing: the real estate market “The is slowly According to Boardman, hard sell is dead. It Cities like Milwaukee change and grow and need to doesn’t work door-to-door, and it doesn’t work on making its way back to health. Our January housing statistics Despite the ongoing national credit crisis, property revitalize housing to make sure many aren’t priced social Flickr, Boardman connected sales were 16% higher thannetworks.” in 2010, aOn sign of growing professionals say mortgage money remains available out.” Milwaukee is oneshow of a that half-dozen housing with a fellow photographer who eventually Bill used her authorities nationwide consumer to receive confidence. new Hope VI throughout southern Wisconsin to home buyers services to purchase a home. grants. with solid credit. Ron Steinhofer, manager of Which brings me to this month’s magazine, our “open house Marshall & Ilsley Bank’s regional home lending Foreclosures Push Rents Higher, issue,” themed to coincide with March listings. This month, we Housing Study Delay Frustrates group, states, “There’s plenty of money for home Squeezing Low Income Families offer a range of articles that help you rethink and reinvent the open Advocates loans out there. It is slightly more difficult to qualify Public Radiofeature (MN) (09/21/08) house: from a sales perspectiveMinnesota (Bob Corcoran’s on page Olson, Dan Milwaukee Journal Sentinel (10/07/08) Williams, Scott than two or three years ago, but if you have a good 6 and Wally’s Sales TipInonMinnesota’s page 22); a Twin legal perspective Cities, a wave of home Two years after promising theMarcus Milwaukee metro credit score, a good job and a down payment, money hasapushed people into the rental (Best of Legal Hotline on page foreclosures 10); and even safetymore standpoint area’s first major housing study in three decades, is available.” Steinhofer adds that banks still are apartment sector. The result is an intensifying (Cori Lamont’s piece on page 16). the Southeastern Wisconsin Regional Planning making loans via such programs as Fannie Mae demand on Minneapolis and St. Paul’s rental housing Commission (SEWRPC) is still struggling to get the Switching gears, Madison has been a hot spot in the news over the and Freddie Mac. Furthermore, credit standards stock, so much so that the vacancy rate is very low effort launched. Proponents hope the study will past fewaffordable weeks ashousing the state grapples thethe budget situation. and rentswith are on rise. This, in turn, means lowremain about the same as they were six months ago, serve as a catalyst for improving income working families face higher I realize that suburbs. this is a But tumultuous time, and want to assure you monthly rents meaning that qualified home buyers can get loans opportunities throughout the city’s even though their income hovers the WRA remains committed to our industry—real estate and at unchanging commissioners have yetthat to assemble an advisory if they have the proper income verification. On the Since closely 2005, to thesee Twin apartment committee to oversee thehousing. researchWe or set specific willabe watching levels. the budget howCities it downside, banks have been less willing to make vacancy rate continue has dipped percent to closer to timetable for conductingimpacts the survey. youPhil andEvenson, your business, and will to from work7 with loans with higher loan-to-value ratios. In addition, 4 percent. Average monthly rents over that same the commission’s executive director, other issues both sides said of the aisle as well as state agencies to make sure your conventional financing without a down payment has time span are up more than $25, rising to more keep getting in the way. interests The delaysare have frustrated represented. indeed disappeared. However, 100 percent financing than $850. The St. Paul-based Wilder Foundation housing advocates the most. Bethany Sanchez, is still available with Veterans Administration and ®several Twin Cities recently reviewed income data for vice president of the Metropolitan Milwaukee Fair A great opportunity to get personally involved is REALTOR & Rural Development home loans. counties. The organization’s research found that the Government day on April 27. It’s a great way to directly participate
in democracy!
2
wisconsin real estate magazine
|
march 2011
news.wra.org
Real Estate
Wisconsin Real Estate Magazine™ is published by the WISCONSIN REALTORS® ASSOCIATION. Trademark issued pursuant to Wisconsin state statute; federal trademark is pending.
notes from the wra
John Horning, Chairman jphorning@shorewest.com
Financial Protection Products Introduced
Robert Keefe, Chairman-Elect rkeefe@keeferealestate.com
New products introduced by Humana provide valuable benefits at a reasonable cost. The Critical Illness Cash Plan and Cancer Plan provide an immediate, one-time payment upon first diagnosis. Use this cash however you choose … to cover your health insurance deductible, consult a specialist, or cover in-home care.
Renny Diedrich, Treasurer rdiedrich@coldwellhomes.com
Because most WRA members purchase a high deductible health plan, these products are a natural choice to inexpensively cover your deductible in the case of heart attack, stroke, cancer, and other specific illnesses. Benefits from $5,000 to $50,000 are available. For a 40-year old male in Madison, the cost for a $10,000 benefit is just $19.40 per month.
William E. Malkasian, cae, President wem@wra.org Editorial Staff:
For more information or to obtain a quote on your health insurance, contact WRA’s partner in health insurance – REGIT – at 800.537.9786 or www.regitinc.com/aspwra. The professionals at REGIT are here to help WRA members – they’re your resource for all your insurance needs.
William E. Malkasian Publisher
Robert Uhrina Managing Editor
Don’t Overreach With Short Sales
Joe Leschisin Senior Designer
As we all know, the topics of foreclosures and short sales have taken precedence for real estate professionals. … If a real estate broker recommends a client short sale a property or recommends the property go into foreclosure, this can be construed as providing legal advice. Anyone who is not fully versed in the laws, specific contract provisions and possible financial liability (including tax liability), who does not recommend the client consult with a professional, and who makes the recommendation to proceed with these options opens themselves up to significant liability. … With the overwhelming numbers of distressed properties in most areas, there are few real estate companies or brokers that can avoid working with foreclosures or short sales. By remaining cautious, ethical, and using additional documentation, many of the risks involved with these transactions can be avoided and allow a successful and profitable transaction!
Wisconsin Real Estate Magazine, USPS 597-850, ISSN 1548-0526, is published monthly by the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Road, Ste. 201, Madison, WI 53704. Periodical postage paid in Madison, WI and additional mailing offices. An annual subscription rate of $5 is included in membership dues and a copy is mailed to every paid REALTOR® and affiliate member of the association. Nonmember subscription rate: $60. POSTMASTER: please send address changes to the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run Rd., Ste. 201, Madison WI 53704-7337. Permission to reprint or quote any material from this issue is hereby granted, provided the Wisconsin Real Estate Magazine is given proper credit in all articles or commentaries, and the WISCONSIN REALTORS® ASSOCIATION is provided with a copy of any reprint. Advertising of third party products and services herein does not imply endorsement by the WRA unless specifically stated. Furthermore, the WRA does not endorse, approve, or otherwise warrant the accuracy or legality of any information or content contained in advertisements. Any questions regarding advertising policies should be directed toward the editor.
For more advice on short sales and a complete version of this article, visit http://www.pearlinsurance.com/eo-articles/PearlInsurance-dont-overreach-with-short-sales-WRA.pdf
4801 Forest Run Rd., Suite 201 Madison, WI, 53704-7337 (608) 241-2047 • (800) 279-1972
For more information about the WRA Endorsed E&O program, visit us online at www.pearlinsurance.com.
legal hotline: (608) 242-2296 • (800) 799-4468 general fax: (608) 241-2901 products/education fax: (608) 241-5168 legal hotline fax: (608) 242-2279 president fax: (608) 242-2267 e-mail: editor@wra.org Website: www.wra.org
REALTOR® and Government Day 2011 Mark your calendar for April 27, 2011 for the WRA’s annual REALTOR® & Government Day conference. Join us for an opportunity to meet with state lawmakers at the Capitol and advocate for laws important to you. Key issues on this year’s agenda include job creation, farmland conversion fees, piers, property taxes, and more. The first 500 registrants are free.
facebook: www.facebook.com/wisconsinrealtors twitter: www.twitter.com/wirealtors linked-in: www.wra.org/linkedin youtube: www.wra.org/youtube
wisconsin real estate magazine
Visit http://www.wra.org/rgday to sign up today.
|
march 2011
GOVERNMENT
DAY
REALTOR
Contact Us:
2011
APRIL 27 | MONONA TERRACE | MADISON
3
Chairman’s Corner
John P. Horning
W
e are heading into the 2011 spring market with optimism. Most REALTORS® I’ve been speaking with feel that we have turned the corner. The economy is gradually improving in many areas; employment, the stock market, and auto sales have all increased the last several months. Housing inventories are healthy, prices are affordable, and interest rates are still relatively low, though they are starting to increase. Add to that the recent Super Bowl victory by our Green Bay Packers, and most REALTORS® are expressing their confidence that the market is on its way back up. We have also seen improvement legislatively. Governor Walker’s first bill signing was to make Health Savings Accounts (HSAs) tax deductible and more affordable. Our political and legal teams are building solid relationships with the new administration. The new Secretary of the DNR, Cathy Stepp, attended our Board of Directors Meeting to introduce her vision of a customer service oriented DNR. They plan to work proactively with companies and individuals to help them understand the process and attain the permits they need. With the recent successes on the state level, I strongly encourage all REALTORS® to attend REALTOR® & Government Day on April 27 in Madison. This is your chance to meet state lawmakers and advocate for issues that impact your business. Governor Walker will be our keynote speaker. To join over 500 REALTORS® from around the state at REALTOR® & Government Day, contact your local board or visit www.wra. org/Government/rgday . On the national level, I had the privilege to travel to Washington, D.C. on February 2 with our Federal Political Coordinators (FPCs). Every member of Congress has a REALTOR® from their district who is their main contact on real estate issues. NAR invited all FPCs from around the country to Washington, D.C. for two days of training
4
wisconsin real estate magazine
|
march 2011
and discussion on policy issues followed by hill visits with our Senators and Representatives. We delivered four main points on our hill visits: 1.
Preserve the Mortgage Interest Deduction
2.
Share NAR’s proposals for GSE reform
3.
Extend and strengthen the National Flood Insurance Program
4.
Preserve and enhance capital for commercial real estate loans
It was a successful trip and I want to thank our Wisconsin FPCs for the fantastic job they did representing us. They are: Congresswoman Baldwin
Jim Schuessler
Congressman Duffy
John Flor
Congressman Kind
Roxanne Reynolds
Congresswoman Moore
Rachel Bloch
Congressman Petri
Scott Swick
Congressman Ribble
James Griffin
Congressman Ryan
Peggy Shumway
Congressman Sensenbrenner Amy Spear Senator Johnson
Kevin Purtell
Senator Kohl
John Horning
In May, this same group will return to Washington, D.C. joined by an even larger contingent of Wisconsin REALTORS® for NAR’s Mid-year Meeting and hill visits. Have a great spring and I look forward to seeing you on April 27th at REALTOR® & Government Day in Madison. We are making a difference!
John P. Horning
news.wra.org
news monthly wisconsin housing report
Home Sales Jump Significantly as Prices Moderate By David E. Clark, Economist, C3 Statistical Solutions Inc.
> WISCONSIN HOUSING STATISTICS MONTHLY ACTIVITY - JANUARY 2011
% Change
YTD-2011
YTD-2010
% Change
10,387 2,171 $135,000
-18.0% +16.2% -4.1%
8,521 2,523 $129,500
10,387 2,171 $135,000
-18.0% +16.2% -4.1%
Region
Median Price JAN-2011 JAN-2010
% Change
Existing Home Sales JAN-2011 JAN-2010
% Change
Southeast South Central West Northeast Central North
$135,000 $145,000 $117,000 $116,500 $110,000 $114,250
-8.5% +3.2% -7.5% -6.8% +2.7% +14.2%
932 509 262 389 166 254
+16.4% +19.2% +5.6% +5.1% +24.8% +33.7%
Statewide
JAN-2011
JAN-2010
New Listings Closed Sales Median Sales Prices
8,521 2,523 $129,500
$147,500 $140,500 $126,500 $125,000 $107,500 $100,000
H
ome sales jumped significantly in January over last year according to a recent report by the Wisconsin REALTORS® Association (WRA). Wisconsin sales of existing homes were up 16.2 percent in January 2011 compared to that same month last year, and the median price in the state slipped 4.1 percent to $129,500.
activity that occurred between March and June of last year as buyers were scrambling to meet the federal tax credit program deadlines. “We won’t be surprised if sales in the next few months don’t match 2010 levels, but the fact that we are seeing solid activity in the dead of winter without federal tax incentives is encouraging,” he said.
“This is actually the second straight month in which home sales increased in the state, with sales growing over 4 percent in December and now up substantially in January,” said John Horning, Chairman of the WRA Board of Directors. “This is very good news for our housing market and a promising sign that we may be turning the corner in Wisconsin’s housing market – and unlike last year, we did it without the federal homebuyer tax credit,” said Horning.
The expansion in sales activity in January was broad, with all regions seeing increases and four of the six regions up by doubledigit percentages. “We saw exceptionally strong sales in regions with large second home markets, including a 33-percent increase in the north and a 25-percent increase in central Wisconsin,” said Horning. The median price fell in January statewide but prices varied by regions. Prices fell between 6.8 and 8.5 percent in the northeast, southeast and western regions of the state, while prices increased in the north by 14.2 percent, in south central Wisconsin by 3.2 percent and in the central part of the state by 2.7 percent compared to January 2010.
Horning cautioned against drawing too many conclusions from just two months of sales performance, especially during the winter months when housing activity is routinely low. He noted that the strength of the housing recovery will be blurred over the next few months by the flurry of wisconsin real estate magazine
|
march 2011
801 427 248 370 133 190
While this is encouraging news, WRA President Bill Malkasian cautioned against overreacting to the strong sales figures, noting, “The federal tax incentives programs in effect in 2009 and 2010 are distorting the comparison of sales between past and present markets. What is undisputable, however, is the fact that housing affordability is strong in Wisconsin.” Malkasian added, “Inventories have been inching down over the past quarter. They are currently at 13.3 months, which is helping fuel a very strong buyer’s market.” The REALTORS® Housing Affordability Index, which shows what percentage of a median-priced home a buyer making the median-family income can afford in Wisconsin, was at 244 in January, which is substantially higher than in January 2010 when it stood at 216. “The combination of relatively low mortgage rates and moderating prices statewide makes this an excellent time for credit-worthy families to get a great deal on a home,” said Malkasian. For More Information Contact: David E. Clark, Economist, C3 Statistical Solutions Inc. Office phone: 414-803-6537
5
Reinventing the
Open House By Bob Corcoran
6
wisconsin real estate magazine
|
march 2011
news.wra.org
It’s that time of year -- you can feel the early beginnings of spring when old man winter stands up and shakes off the brittle shards of ice from his shoulders. Snow is melting, cold is fading and soon the leaves will be growing again. And speaking of leaves, it just might be time to turn a new leaf this year with your open houses.
I
f you’re like some agents I know, you might cringe when you hear those two words “open houses”– the fingernailson-a-chalkboard syndrome. Yes, I know many feel they’re a necessary evil and that you only do them to make the sellers feel like they’re getting their money’s worth and that you’re earning your keep as an agent. Honestly, many open houses end up benefitting you more than they do sellers. They’re a great way to meet other agents and brokers, share your listings with each other and shore up those relationships. And of course, they’re a perfect way to meet new prospective buyers and sellers. I think open houses can be frustrating when you start off without a clear goal of what you want the open house to accomplish. Obviously in the back of your mind you’re thinking you want to show and sell the house, but then these objectives actually get in the way and muddy the waters. My first suggestion is to start by outlining specifically what your goals are for every open house you hold. Spell it out and talk it over with your sellers. Explain to sellers the real story behind open houses – you have the know-how and the experience and they don’t. Explain to them that yes, sometimes they do benefit agents and brokers more and explain why that’s so. But also work together to see what you can do as a team, to develop ways to boost the possibilities of selling the property through an open house. wisconsin real estate magazine
|
Open houses can – and do – actually sell homes. But you have to be committed to creating and holding the best possible open house you can. And you have to be open to new ideas. With that in mind, here are a few tips you might not have considered to give open houses a new, spring-like freshness and, yes, profitability:
1. If you’re gonna promote your open house, promote it BIG. I once heard the story about a sign maker who had a REALTOR® come in to buy 60 open house directional signs. He asked what she was going to do with that many signs and she simply said, “Get some attention.” A few days later, he saw a photo on the front page of the real estate section of her listing and another photo inset of all the signs with balloons attached about every 100 feet pointing to the house. And guess what, she sold the home – in one day. I’ve always been a big proponent of signage. The more the better. We know from surveys that most people who attend open houses do so because of the directional signs. Start from where you can garner the attention of large groups – shopping malls, grocery stores, churches, etc. and lead them with your signs. And don’t forget those spring and summer yard sales – you can piggy back on that traffic as well. march 2011
2. Promote it big, part. For an open house to sell, it comes down to a numbers game. The more prospective buyers who see it, the more likely you’ll be to sell it. So that’s why I’m devoting another tip to promotion: both online and offline via more traditional media. We know the Internet is drawing more and more eyeballs every day and that means you can’t afford to ignore it. This includes using mass e-mails, Facebook, LinkedIn, Twitter, Craigslist, online forums, and of course, your own website. That doesn’t mean you should necessarily avoid the older forms of traditional media, especially newspaper classified ads. And I still highly recommend sending out postcards and direct mail to area apartment complexes. Also, don’t be afraid to send out press releases about the open house. You might persuade a reporter to do a story on the state of open houses in today’s real estate market. You never know.
3. Branch out from the weekends. It’s become a cliché to hold open houses on the weekend. But just because that’s “the way we’ve always done it” doesn’t mean that’s the way you have to keep doing it. Yes, most people work Monday through Friday, but now many people telecommute to work and lots of folks are devoting their weekends to family time and hobbies. So consider holding open houses in the late afternoons and early evenings of weekdays – between 4 p.m. and 7
7
or 8 p.m. Mix things up. Give it a shot. You might be surprised at the results. And remember: If you’re holding an open house just for other agents and brokers, choose a weekday, not a weekend when they’re all busy doing their own open houses for the general public.
4. Learn why people would want to attend the open house. Details sell. Go over your listing with a fine-tooth comb and note what one thing really makes this house worth it for people to get in their cars and make the trip. That one thing becomes – in the words of marketers – your “unique selling proposition.” That is, something people would be hard pressed to see at other homes and that they’d feel compelled to come see. People are drawn to the different, the unique, and the strange. So promote that one thing in all of your marketing efforts – make it irresistible.
5. Share all the specifics. Along the same lines as number 4, details sell because that’s what people need to make a decision – especially when it comes to making a decision on something as big as a house. If you’re scratching your head because your open houses aren’t selling the home, stop a minute and see if you’re sharing enough information about the home in the first place. Bring useful and informative take-a-ways. Consider having copies of the MLS public handout, a flyer with just photos and a sheet on estimated payments by your favorite mortgage officer. It’s time to think beyond just the listing book on the dining room table.
6. Add in the extras to make it memorable. Ever stop and think about how far people will drive and how much they’ll pay for concerts? (Or other events like the Super Bowl – though of course when Green Bay is playing, it’s worth it!) Kevin Maney, author of “TradeOff: Why Some Things Catch On, and Others Don’t,” explains that people will often trade convenience for a high-fidelity experience. In other words,
8
wisconsin real estate magazine
|
march 2011
news.wra.org
they’ll travel and spend like crazy to go to the Super Bowl even though it may be extremely inconvenient. “All in all, we tend to get most excited about products or services at one end or the other – either high fidelity or high convenience. Stuff that lands in the middle – not quite enough of either – makes us feel more apathetic,” he says. So think about that when you decide what kind of open house you’ll have. If you can make it a fun experience for those who attend, you’re on your way to having a more successful situation. Consider giving your open houses more of a party atmosphere. Give car washes. Have prize drawings. When it’s football season again, why not hold a tailgate party to celebrate your worldchampion Packers? Grill up some hot dogs in the driveway. Have a football throwing contest. Make the open house an event to remember! And for higher-end homes, consider more luxury events – maybe wine and cheese, a performance by a violinist or pianist, a fashion show – go big, go fancy.
7. Stage your open house to appeal to all the senses. Yes, you want the visual appeal – the curb appeal, super clean, no clutter, lots of light and all the basics. But don’t forget about the sounds, smells and even tastes. Think about ways to stir all of the visitors’ senses to slow them down and get them talking. Bake cookies to get the air smelling good, have soft music playing in the background, serve light refreshments. All of these touches will make your open house stand apart from the hum-drum and feel more like an event and less like a sales floor. Make everyone feel as welcome and as comfortable as possible. But let’s go back to the visual impact and its vital importance for online staging. I believe you need to go to whatever lengths you can muster and afford to make the house look irresistible in the online MLS photos to generate interest from potential buyers in the first place. Highquality, captivating MLS photographs online from the get-go is absolutely essential because so many potential homebuyers start their searches online before they decide to go visit.
8. Be a sponge. You might be surprised what you can learn from your competition. Commit to becoming an expert on open houses by taking time to visit more open houses than you currently do. Go in with a completely open (and sponge-like) mind and soak up as many ideas and tips as you can. Ask yourself, “What would I do to make this open house 10 times better than it is now?” Challenge yourself. Don’t be afraid to think outside the box so much so that you end up in the Guinness Book of World Records for the world’s best open house! For a copy of my Open House Check list, e-mail Bob@CorcoranCoaching.com. Let me hear from you. How are your open houses going? Are you doing anything new? Have you changed the way you hold or promote your open houses? If so, how? Please send any comments or questions you have to http://www.facebook.com/CorcoranCoaching.
“Details sell. Go over your listing with a fine-tooth comb and note what one thing really makes this house worth it for people to get in their cars and make the trip.”
Bob Corcoran is a nationally recognized speaker and author who is founder and president of Corcoran Consulting Inc. (CorcoranCoaching. com, 800-957-8353), an international consulting and coaching company that specializes in performance coaching and the implementation of sound business systems into the residential or commercial broker or agent’s existing practice.
wisconsin real estate magazine
|
march 2011
9
legal
best of the legal hotline
Open Houses Open houses are a favorite marketing technique of many sellers. Although some REALTORS® have reservations about their benefits, others believe the exposure gained from open houses contributes to a successful marketing strategy. Many agents swear by staging and freshly baked cookies, but the fundamental pointers remain the same.
Preparing the Property for Showing The seller instructed the listing agent that no children would be allowed at showings. The seller had no problem selling to families with children, but just doesn’t want children present in the home for the showings. Might the seller’s position be construed as discrimination against a protected class? Although the seller may be concerned that children would damage the property or be disruptive, this type of prohibition may not be the best way to accomplish the seller’s objectives. If the seller excludes children from showings and open houses, this may indirectly send the message that families with children are not welcome or desired as purchasers. This might result in de facto discrimination where the actual effect was not the intended result but is nonetheless illegal. The listing agent may wish to caution the seller that not allowing children at showings may be a violation of fair housing laws and suggest that the seller consult with an attorney. In addition, the listing contract assigns the responsibility for preparing the house to minimize the likelihood of injury, theft, or property damage to the
10
wisconsin real estate magazine
|
march 2011
with tracy rucka
seller. Storing valuable items and monitoring attendees may better accomplish seller’s purpose. (See additional story, “Bitter Pill to Swallow,” on page 16)
Unlicensed Persons The builder is also a real estate broker and has his spec home listed. Can he pay his unlicensed personal assistant to host the open house? Per Wis. Admin. Code § RL 17.12(2), an unlicensed personal assistant or secretary would need to have on-site supervision by the broker or another real estate licensee to host an open house for a spec home. This rule provides: 2) An unlicensed personal assistant may not assist a licensee at an open house for the sale of real estate or a business without the direct, on-premises supervision and presence of a real estate licensee, and may not provide any services at an open house for which a license under ch. 452, Stats., is required. Note: This rule does not prevent an owner from showing holding an open house regarding his or her own residence, for example, or from permitting a non-compensated person, such as a relative or neighbor, from showing or holding an open house on the owner’s behalf. See the January 1998 Legal Update, “New Personal Assistant Rules and Forms,” at www.wra.org/9801 for more information about personal assistants.
news.wra.org
Seller-Advertised Open House The broker has a home listed. Can the seller place an ad in the paper for an open house that does not reference the listing company in any way? The seller will be holding the open house on her own. Can this be done? The standard WB-1 Residential Listing Contract is an exclusive right to sell listing wherein the listing broker is given the exclusive right to market and advertise the property. A seller who is not a real estate licensee may advertise the sale of his property independently and conduct open houses. This activity, however, should be noted in the listing contract because the marketing provisions in an exclusive-right-to-sell contract give the listing broker exclusive marketing authority, unless otherwise provided therein. An addendum to the listing contract may work best for this purpose. Typically, prospective buyers to an open house with a broker’s sale sign in the yard will expect a real estate licensee at the open house. The seller should let the potential buyer know that she is the seller and request the buyer’s name and contact information to forward to the listing broker. The listing broker can remind the seller that per the listing contract the seller is to inform the broker in writing any buyer inquiries to meet their obligation in the listing contract and allow the broker to follow up and assist the buyer.
Are you working with a REALTOR®? As a REALTOR®, does a broker holding an open house have an obligation to ask prospects who come through if they are working with a REALTOR®? If the broker at the open house will not provide any substantive services to buyers who attend, then the broker is not required to ask if each buyer at an open house is represented. The REALTOR® obligation is set forth in the Code of Ethics. Standard of Practice 16-13 provides, in relevant part, that: Before providing substantive services (such as writing a purchase offer or presenting a CMA) to prospective purchasers, sellers, tenants or landlords (“prospects”), REALTORS® shall ask prospects whether they are parties to any exclusive representation agreement. REALTORS® shall not knowingly provide substantive services concerning a prospective transaction to prospects who are parties to exclusive representation agreements, except with the consent of the prospects’ exclusive representatives or at the direction of prospects. It may be advantageous for a broker hosting an open house to ask a buyer if they are working with another agent. In some circumstances it may be advantageous to the buyer to accept assistance from another REALTOR®, such as the open house host, when the buyer has fallen in love with a hot property and needs to act quickly and write an offer. But other times, it may not be advantageous for the buyer. When another REALTOR® steps in to write an offer that the buyer’s agent could have
wisconsin real estate magazine
|
march 2011
done in just as competent and timely a manner, the only difference may be that it costs the buyer more to work with the other REALTOR® because both the buyer’s agent and the REALTOR® may need to be compensated.
Open Houses and Procuring Cause The buyer signed in at the open house and when asked told the listing broker he was represented by a buyer’s agent. The listing broker conducted the open house, spending over an hour with the buyer. He answered questions about the home and offered to draft an offer. The buyer, who needed to contact his lender, left the open house saying he did want to purchase but didn’t know about the financing. Later, the buyer’s agent wrote the offer. She believes she is the procuring cause because she is the buyer’s agent and wrote the offer. Is she correct? There is no simple answer to this question because procuring cause analysis looks at the entire series of events in a transaction and can only be determined after consideration of all the facts and circumstances. A buyer agency agreement does not supersede or dictate procuring cause. The buyer’s agent is not automatically procuring cause just because she wrote the offer; nor is she procuring cause just because she is the buyer’s agent. Likewise, the listing broker is not automatically procuring cause because he invited the buyer over the threshold of the home or hosted the open house. Other factors that may be relevant include how did the buyer come to attend the open house in the first place – who identified the property to the buyer? Did the viewing at the open house and/or something the open house agent did or said convince the buyer to purchase the property? Did the buyer’s agent do or say something that bears greater significance in the process of the buyer becoming sufficiently interested in the property to write an offer to purchase? What must be determined is who caused the buyer to make the offer that resulted in the sale of the property and whether there was an uninterrupted series of events that resulted in the sale of the property to the buyer. One way to address the issue, without arbitration, is for the brokers to negotiate and determine if a compensation agreement can be reached, i.e., a split of the commission, once the transaction successfully closes. If the brokers cannot agree about entitlement and/or division of the selling commission, the dispute should be submitted to the local REALTOR® association for resolution by mediation or arbitration. See the April 2010 Legal Update, “Cooperative Commissions and Procuring Cause,” at www.wra.org/LU1004, and the February 2004 Legal Update, “What is Procuring Cause?” at www.wra.org/LU0204.
Open Houses and Listing Protection The broker had a listing that expired at the end of the month and the broker sent the seller a list of protected buyers. One listed buyer had come through two open houses and the listing broker spoke to him about price and contract terms and they had talked extensively about the home. The buyer
11
has his home listed with another broker who is telling the buyer that he is not a protected buyer because the listing broker did not take him through the home on a private showing. A buyer does not become a protected buyer by the mere attendance at an open house. However, if during the visit—or in this case, visits—the buyer engages in negotiation about the property, the buyer may become a protected buyer. According to the listing, buyers may be protected for listing protection in one of four ways. If (1) the buyer submitted a written offer to purchase or (2) negotiated directly with the seller, the listing protection is automatic and the listing broker would not have been required to perform any additional steps to protect the buyer for the override period. If, during the term of the listing (3) the buyer attended an individual showing or (4) negotiated with a broker, the buyer will be protected only if the listing broker delivered the buyer’s name to the seller within three days of the expiration of the first listing contract. The key here is whether the extensive communication between the buyer and the broker rises to the level of negotiation as defined in the listing.
OPEN HOUSE SAFETY TIPS •
Work with another person
•
Ensure your cell phone is fully charged and accessible
•
Explore all escape routes in the home
•
Have all visitors show ID and sign in upon arrival
•
Always walk behind the prospect
•
Call your office every hour
•
Ask neighbors to be watchful
Tracy Rucka is Director of Professional Standards and Practices for the WRA.
Open House Drawing In an effort to get more people to open houses, the broker would like to offer a free drawing. Anyone stopping at one of the company’s open houses could drop their name into a box and names would be pulled out of the box and given gift cards to a local restaurant. Is this legal? The issue is whether such a drawing would be an illegal lottery under Wis. Stat. §§ 945.04(5) & 945.02. A contest is generally defined as a lottery if one must give consideration to enter, and the award is determined by chance. Consideration is anything which would be financial or commercial advantage to the promoter, with some exceptions (send in coupon, visit store, etc.). For example, a contest where every licensee who showed one of a broker’s listings is eligible to enter a drawing for a vacation trip is arguably an illegal lottery. The fact that the agents are showing the broker’s listings is consideration to the broker, and the drawing is by chance. On the other hand, the statutes provide that visiting a business location without being required to pay an admittance or buy anything is not consideration. Thus, a drawing for a prize may be held at an open house provided everyone who attends is eligible to enter the drawing. See the Department of Agriculture, Trade & Consumer Protection’s Guide to Contests and Promotions online at http://www.datcp. state.wi.us/cp/consumerinfo/cp/top-complaints/guide_contests. jsp to learn the characteristics of an illegal promotion and http:// gaminglawproject.com/viewstate.cfm?ID=WI for definitions and information about lotteries and other gaming.
12
wisconsin real estate magazine
|
march 2011
news.wra.org
legal
A Cautionary Tale for REO Buyers by debbi conrad
D
written counter-offers, a problem because there is no legal binding contract under Wisconsin law until there is a contract signed by both parties; licensees must never mislead buyers into thinking otherwise.
1. REO Addendum
Title problems are the most serious when REO sellers use a title company that is not in Wisconsin and not familiar with Wisconsin law, not to mention local municipal requirements. Some also appear to try to short-cut the process (and save themselves money) by excluding normal coverages (e.g., covenants and restrictions of record) typically found in a traditional owner’s title insurance policy.
ealing with distant asset managers with large property inventories and little familiarity with Wisconsin law is clearly frustrating for both Wisconsin brokers involved in REO transactions and the buyers they represent. A successful REO deal requires conquering significant challenges including the REO addendum, verbal negotiation and faulty title work. The REALTOR® has to find a way to lead the buyer safely through these perils:
The REO purchase contract typically starts on a DRL-mandated offer to purchase form, but the REO asset manager often has a lengthy, hard-tounderstand REO addendum that negates contract rights and protections for the buyer. One of the biggest challenges for REALTORS® is providing brokerage services without engaging in the unlicensed practice of law by interpreting the addendum for the buyer. An agent may share general information or explanations about REO transactions – for instance, that REO addenda are notorious for shifting the risk of the transaction to the buyer – but may not give legal advice. Instead, they can ask the listing agent if the seller is likely to accept any offers from buyers who do not agree to the addendum terms and refer the buyer to legal counsel with specific questions. At the same time, REALTORS® should not lose sight of the fact that it is unlikely that the buyer will successfully purchase the property if the REO addendum is rejected or countered.
14
3. Title Troubles
These problems are difficult enough for REALTORS® to work through. Trying to explain all of the REO transaction pitfalls to hopeful buyers and equip them to protect themselves presents an additional challenge.
2. Verbal Negotiation
Some brokers have asked whether there is some type of disclaimer or consumer warning disclosure that they should be giving to alert buyers of the risks involved with REO transactions and help protect the broker from liability. The answer is the new WRA disclosure form, “Information for Buyer of Bank (Foreclosure) Property.” [see sample on next page] This form is intended to educate the buyer by providing some basic background information about REO transactions, warn of some of the risks, explain that agents cannot always address all of the buyer’s questions, and suggest some protective measures that the buyer may want to take. Look for this form on the WRA website and on ZipForm.
Asset managers often respond verbally to offers and will not provide
Debbi Conrad is Senior Attorney and Director of Legal Affairs for the WRA.
wisconsin real estate magazine
|
march 2011
news.wra.org
WISCONSIN REALTORS® ASSOCIATION 4801 Forest Run Road Madison, Wisconsin 53704
Information for Buyers About Bank (Foreclosure) Property •
When a lender forecloses on a property, the lender will often bid the mortgage amount at the sheriff’s sale and receive a sheriff’s deed to the property. Property owned by the lender is referred to as a Real Estate Owned (REO) property.
•
Rather than manage and sell the REO property itself, the lender often turns the property over to an asset management company which negotiates the sale on the lender’s behalf, working through a Wisconsin listing broker.
•
Frequently, neither the lender nor the asset manager is in Wisconsin. They are unfamiliar with Wisconsin real estate forms and laws.
•
They have not seen the property so they are in no position to make meaningful disclosures about the property condition. They do not know whether there are serious defects like frozen/leaking pipes.
•
REO sales are “as-is, where-is” transactions: the seller does not make property condition disclosures and often will not make any repairs.
•
Negotiations to purchase an REO property typically start on the Wisconsin offer to purchase form (required to be used by licensed real estate agents in Wisconsin), but the REO seller typically has a lengthy REO addendum that they want added to the contract that overrides many of the Wisconsin offer to purchase provisions. An REO addendum is written by the lender’s legal counsel, favors the seller and is often difficult to understand. The REO seller may not allow any changes to the addendum.
•
Because it is not a Wisconsin form, Wisconsin agents cannot explain the meaning and implications of REO addendum provisions to the buyer (to do so would be illegal) so the buyer is encouraged to speak with an attorney who can interpret the addendum and answer the buyer’s legal questions.
•
REO sellers and asset managers often respond verbally to offers and will not provide written counter-offers. Until a purchase contract is in writing and signed by both parties, it is not final and 100% binding under state law.
•
An asset manager may only have the ability to give a conditional acceptance, while final acceptance requires the corporate lender’s approval. Sometimes the lender might change the terms of the offer or even sell to another buyer.
•
Many REO sellers use a title company that is not in Wisconsin and not familiar with Wisconsin law; some also appear to try to short-cut the process (and save money) by providing less coverage and protection than under a traditional Wisconsin title insurance policy. There also may have been title errors if short cuts were taken by the lender during the foreclosure process, which may lead to additional risks for the buyer.
E L
P M
A S
Buyer has been made aware that a property sold by a distant lender or asset manager (REO property) often was acquired through a foreclosure, and that REO sellers do not make disclosures about the condition of the property and may include an addendum that minimizes the seller’s responsibility to provide proof of merchantable title and modifies other contract provisions. Real estate broker ________________________________________________ and its agent have recommended that you consider the following measures to protect your interest in an REO transaction: 1.
Have your attorney review the offer to purchase; other purchase documents, including any REO addendum; and the title evidence.
2.
Either (a) purchase the loan title insurance commitment for the your lender from a local title insurance company, or (b) purchase your own title insurance commitment (in addition to that provided by the seller) from a local title insurance company to double check the title work (this may involve additional costs). Be sure the local title agent checks all pertinent municipal information including city orders and zoning.
3.
Obtain inspections and tests to determine the property condition.
4.
Take direction from the attorney before closing or providing any closing funds.
The undersigned Buyer acknowledges receipt of the above disclosures.
______________________________________________________ ___________________
Buyer
Date
______________________________________________________ ___________________
Buyer
Date
Copyright © 2011 by Wisconsin REALTORS® Association Drafted by: Attorney Debra Peterson Conrad No representation is made as to the legal validity of any provision or the adequacy of any provision in any specific transaction.
wisconsin real estate magazine
|
march 2011
15
legal
Bitter Pill to Swallow
Preparing a Seller for the Reality of Opening Their Home to the Public
U
nfortunately, as with any business there can be a dark side. One such area in real estate is the harsh reality that sellers hold their home open to the public and on occasion people exploit this by
stealing. While uncommon, theft does occur and sellers should be educated on how to prevent it. If and when the rare theft should occur, the majority of the items taken are usually not substantially personal. However, the latest theft trend is one of a very personal nature, and can be harmful to the health of the family. Recently, stories have surfaced throughout the
By cori lamont
country, including in Southeastern Wisconsin, where thieves are targeting open houses to obtain prescription medications.
16
wisconsin real estate magazine
|
march 2011
news.wra.org
While the addict is most likely stealing to feed a drug habit, other thieves may have a different motivation. Considering one pill of Oxycodone can fetch anywhere between $75-$100, some may be stealing inventory to sell. The thieves pretend to be prospective home buyers and then steal some if not all prescription medications from the property. As per lines 174-178 “Open House and Showing Responsibilities” of the WB-1 Residential Listing Contract Exclusive Right to Sell listed below, it is the seller’s responsibility to prepare the home for open houses and individual showings. However, sellers often look to their listing agent for guidance.
“Seller is aware that there is a potential risk of injury, damage and/or theft involving persons attending an ‘individual showing’ or an ‘open house.’”
“Seller is aware that there is a potential risk of injury, damage and/or theft involving persons attending an ‘individual showing’ or an ‘open house.’ Seller accepts responsibility for preparing the Property to minimize the likelihood of injury, damage and/or loss of personal property. Seller agrees to hold Broker harmless for any losses or liability resulting from personal injury, property damage, or theft occurring during ‘individual showings’ or ‘open houses’ other than those caused by Broker’s negligence or intentional wrongdoing.” Listing agents should review this language with all sellers. In addition, licensees should have a checklist handy or provide suggestions to the seller as to how the
wisconsin real estate magazine
|
march 2011
seller can go about preparing a home for showings. For example, consider including a list of minor repairs or cleaning suggestions, encourage the seller to remove any pets during the showing, and require the seller to put away valuables including but not limited to all jewelry, electronics, banking or financial information, information that includes the name(s) of the seller’s children, and any other items that hold great sentimental value. Another item listing agents should add to the list: the removal or locking up of prescription medications. For most thieves, the traditional modus operandi was to take the entire bottle of medication; however, it seems the pattern has changed a bit. Some thieves will now go into the home and take only a few pills from each bottle, leaving the homeowner to discover the theft when their pill supply runs shorter than the prescribed amount. Licensees should encourage sellers to either remove medications or lock them up by purchasing a medicine lock box or the like. An additional school of thought suggests splitting up the medication so that all of the medication is not in the same location. If it is believed a theft of any kind occurred during an open house or individual showing, the local police should be contacted. Cori Lamont is Director of Brokerage Regulation and Licensing for the WRA.
17
product showcase
Wisconsin REALTORS® Association Set to Launch New Website New website provides enhanced searching and navigation, richer housing statistics, streamlined news content, quicker access to sales and marketing tools and more.
T
he Wisconsin REALTORS® Association will soon launch its new website at http://www.wra.org. The completely overhauled site, created by the WRA’s in-house product development team, captures the association’s goal of streamlining the previous site of nearly 5,000 pages of content. The new site offers: •
Improved global navigation; content can now be accessed quicker and with fewer clicks.
•
Better search functionality with filters and Boolean search logic.
•
Enhanced housing statistics reports with state, regional and local data.
•
New sales and marketing tools resource section.
•
Simplified legal section, offering quick access to Legal Updates, Legal Hottips and more.
•
18
Better shopping experience for adding, removing and viewing items in the shopping cart. wisconsin real estate magazine
|
•
All-inclusive section for WRA news: all news in one location!
•
Improved Find a REALTOR® search, with sorting options and autocomplete functionality.
The new website offers a whole new look and feel with bolder, brighter colors; a cleaner design and more intuitive graphics. On the redesigned home page, visitors are welcomed by a series of rotating banners announcing upcoming events, courses and products. Nearly half a million users visit the WRA website annually to perform research, register for education, download marketing materials, watch videos or take advantage of the many member services the WRA offers. The development of the new site began in 2009. Numerous prototypes and mockups were shared with members and a variety of focus groups and surveys were conducted during its development. Analysis has shown that the top reason members visit WRA.org is to register for courses (65%), followed by accessing legal information (50%), reading real estate news (46%) and pulling housing statistics (43%). The new site offers march 2011
visual hotspots on the main homepage to route users to these areas as well as the most popular content published on the WRA website. The hotspots are flexible and can be rearranged as visitor demands change. A major breakthrough with the new site was the adoption of Ektron, a Content Management System that serves as the back end of the website and allows the same content to be published in multiple online locations. Such a system limits the possibility of error for developers and makes the website more accurate for visitors. It also helps WRA staff more efficiently create and update online content. The Ektron system lays the groundwork for years to come and makes development of new features easier. Be on the lookout for our new website to launch in March. We look forward to hearing your feedback and hope you enjoy the changes. On the educational front, the WRA will begin publishing a series articles in Wisconsin Real Estate Magazine, offering tips and tricks on the new website. These articles will give you important insight and stepby-step explanations on how to use the most popular features on the website. If you have suggestions, please do not hesitate to let us know. news.wra.org
2011
APPRAISAL CONFERENCE
March 16-17
Ho-Chunk Casino, Hotel & Convention Center
Conference Overview:
Why YOU should attend:
The WRA’s 2011 Appraisal Conference features instructors Joe Traynor, Craig Harrington, Alan Simmons and Rob Sherman. The conference includes the 2010-2011 7-hour National USPAP Update Course, Residential Sales Analysis, Appraisal Profession After Dodd-Frank, HVCC and the Mortgage Crisis, 2011 FHA Update, Residential Market Analysis and Complete and Accurate Appraisal Review. These courses have been approved for 2010-2011 Wisconsin Appraisor CE. They have been submitted for Assessor CE, Michigan and Minnesota Appaiser CE.
»»
You need the continuing education hours before December 14, 2011 and you can earn 14 of those hours at the Appraisal Conference.
»»
The 7-hour mandatory USPAP class offered at the Conference and taught by Craig Harrington includes the USPAP book (single copy-$75 value).
»»
Room rates are only $70 at Ho-Chunk Hotel and Casino - remember… the release date is March 7, 2011.
»»
Both dates of education with lunch, breaks and materials is only $265; that’s less than $19 per credit hour.
»»
You can build a network of other appraisers that you can refer business to or rely on for market comps.
»»
The information you receive will jumpstart your year with knowledge about changes to your business.
»»
If you register before March 2, you save the most dollars.
Conference Highlights: »»
2010-2011 National USPAP Update Course, 7 hrs. Sponsored by the Earl Espeseth Scholarship Fund.* (This course has been approved for Wisconsin, Michigan, Minnesota Appraisor and Wisconsin Assessor.)
»»
Residential Market Analysis – How to Meet Your Obligations, 3.5 hrs.
»»
Residential Sales Analysis – Tools and Strategies, 3.5 hrs.
»»
Appraisal Profession After Dodd-Frank HVCC & Mortgage Crisis, 7 hrs.
»»
2011 FHA Update, 3.5 hrs.
»»
Complete and Accurate Appraisal Review, 3.5 hrs.
* Includes copy of latest USPAP book.
register today!
wra.org/APPConference
education
CRS 210 - Building an Exceptional Customer Service Referral Business April 18-19, 2011 WRA Headquarters - Madison
Building an Exceptional Customer Service Referral Business is a highly interactive course that has been revised and updated to deliver all the essentials for refocusing the studenfs business plan to a customer servicecentered, repeat and referral business. The information provided will help identify the expectations of the “new consumer”, the “new behaviors” necessary to meet those expectations and specific systems to make the agenfs business more productive, more profitable and more enjoyable.
2010-2011 7-Hour National USPAP Update Course March 16, 2011 Ho-Chunk Casino - Baraboo, WI The 2010-2011 version of USPAP incorporates a number of changes that affect most real property appraisers directly and immediately. Changes include three definitions being rewritten (Signature, Assignment and Jurisdiction Exception). Also, three rules (Ethics, Competency and Jurisdiction Exception) and the review standard, Standard 3, were significantly rewritten. (USPAP book included.) USPAP course approved for 7-hours CE credits for Wisconsin Appraiser and Assessor CE and Michigan and Minnesota Appraiser.
Residential Market Analysis How to Meet Your Obligations - 3.5 hours March 16, 2011
In the past three years the appraisal profession has gone through significant changes starting with the sub-prime mortgage meltdown, followed by HVCC and now the Dodd-Frank legislation. The changes are generational, similar to the S & L bailout, FIRREA, and licensing and certification of appraisers 25 years ago. How did we get here, what does this mean and what does the appraisal profession, particularly the residential mortgage appraisal business look like in the future. These and other timely topics will be covered in this one day seminar.
Ho-Chunk Casino - Baraboo, WI
This Market Analysis session will address USPAP requirements for market analysis and supplement it with the requirements for market analysis under Fannie Mae, Freddie Mac, FHA, VA, and ERC. It will demonstrate how to complete the market analysis sections of the URAR, 1004MC addendum, AI Summary Report, and the ERC form. Case examples, a demonstration of analysis using Excel functions, and extensive information on data courses will be also covered.
Residential Sales Analysis – Tools and Strategies 3.5 hours March 16, 2011
This seminar will concentrate on the latest procedures for all FHA appraisals, including: new sources on FHA web site, New Mortgagee Letters, New FHA FAQs, FAQs Lead based paint, FAQs Reasonable Fees and Time, New Reporting requirements, Appraisal Update or Completion Report, Home Ownership Center Resource Guide and more.
Complete and Accurate Appraisal Review – 3.5 hours March 17, 2011 Ho-Chunk Casino - Baraboo, WI
Ho-Chunk Casino - Baraboo, WI Sales Analysis will discuss analysis of sales and adjustment support through various methods, including statistical analysis through Excel and other software programs. It will also address comparable selection in a declining market (or other type), selecting and supporting market adjustments, REOs, relocation appraisals, and working with the underwriter.
wisconsin real estate magazine
Ho-Chunk Casino - Baraboo, WI
2011 FHA Update – 3.5 hours March 17, 2011
Ho-Chunk Casino - Baraboo, WI
20
The Appraisal Profession After Dodd-Frank, HVCC and the Mortgage Crisis – What Comes Next? - 7 hours March 17, 2011
|
march 2011
Complete, accurate and competent appraisal reviews begins with defining the assignment type and understanding the level of detail required in each type of report. Reports are broken down into review categories with each category explained in detail. The accuracy of information in each category is explored and verification sources are examined. Each phase of a sample report is examined for accuracy and competency. Selection of comparable sales, adjustments and knowledge of geographic areas are explored. The class will end with completion of the appraisal review form and discussion. news.wra.org
Course Schedule
Visit wra.org/CourseSchedule for full schedule.
Sales & Marketing Management Date Course Location
*Submitted for CE credit March 10-11, 2011 ** Early registration applies two weeks prior to the of the course. April 18-19, 2011 start # Appraiser section members receive a discount. ^Check out special REBAC pricing. - $30 discount
2-day ABR Course* CRS210 – Referral Course (co-sponsored with the Wisconsin CRS Chapter)
Early Reg.** $Reg.
$
Madison Madison
^260
270
ATD
$
290
Conference and Conventions
Date Event
March 16-17, 2011 April 27, 2011 September 13-15, 2011
Appraisal Conference # REALTOR® & Government Day WRA Annual Convention
Baraboo Madison Wisconsin Dells
Real Estate Continuing Education
Date
Course
Location
March 9, 2011 March 10, 2011 March 16, 2011 March 17, 2011 March 25, 2011 April 6, 2011 April 6, 2011 April 8, 2011 April 14, 2011
2011-12 Elective C & B 2011-12 Elective C & B 2011-12 Elective A & D 2011-12 Elective A & D 2011-12 Course 1 & 2 2011-12 Course 1 & 2 2011-12 Elective A & B 2011-12 Course 3 & 4 2011-12 Course 1 & 2
Madison Brookfield Madison Brookfield La Crosse Manitowoc Lake Geneva La Crosse Sturgeon Bay
2011-12 Electives: Elective A – Short Sales & Foreclosures Elective B – Environmental Matters Elective C – Other Approved Forms Elective D – Financing
Appraisal Continuing Education
Course
Date
March 16-17, 2011 March 16, 2011 March 17, 2011
April 4-7; 11-14, 2011 May 9-12, 2011
800-279-1972 $27/m/$35nm 800-279-1972 $27/m/$35nm 800-279-1972 $27/m/$35nm 800-279-1972 $27/m/$35nm 608-785-7744 920-553-6227 262-723-6851 608-785-7744 920-743-9651
Location
Appraisal Conference# Ho-Chunk Casino, Baraboo 7-hour Mandatory National USPAP update course or #A.M. - Residential Market Analysis - 3.5 hours and P.M. - Residential Sales Analysis - 3.5 hours #The Appraisal Profession After Dodd-Frank, HVCC and the Mortgage Crisis - What Comes Next? 7 hours or #A.M. - 2011 FHA Update 3.5 hours and P.M. - Complete and Accurate Appraisal Reviews - 3.5 hours
Date Course Location
Pre-License * Plus books
Location
Member
Non-Member
Sales Pre-License Course 8:00 - 5:00 Madison 325* Broker Pre-License Course 8:00 - 5:00 Milwaukee $260 member
325* $280 non member
Available online!
QuickStart sales training program
www.wra.org/QuickStartOnDemand
wisconsin real estate magazine
|
march 2011
21
Realtor® sales tip
Come On in....
The Front Door Is OPEN! By marcus a. wally
Open houses remain a good way to showcase properties and to meet new prospects. Even with 20 years in realty under my belt, I still enjoy the opportunity to put up my signs and flags, blow up my balloons and open the door to opportunity! There is an outstanding inventory of homes today that offer buyers their choice of amenities and price points. Low interest rates are compounding great values available. The time is right to go back to the basics and host an OPEN HOUSE. Since open houses open doors to buying opportunities, what could be better than a weekend full of open houses, encouraging people to tour homes and learn more about the benefits of homeownership? The 2011 REALTOR® Nationwide Open House Weekend will take place Saturday and Sunday, June 4-5. I plan to participate, do you? Many participating state and local REALTOR associations will be participating. I participated last year and even though I cannot claim a sale, I was rewarded with terrific exposure and feel like my time was well spent. In our business, if we put forth great effort over the long haul, our actions will prove to be duly compensated. ®
The Nationwide Open House Weekend offers buyers a stress-free way to visit homes for sale in different neighborhoods. For sellers, the weekend
22
wisconsin real estate magazine
provides a high-visibility effort to promote traffic and drive home sales. For REALTORS®, it’s our chance to increase our sphere of influence. One of my most important tools for each OPEN HOUSE is my guest book. I don’t like to call it a “registration form,” as we are taught as young children not to give our name out or sign up or register for anything. So my GUEST BOOK is positive and not a turn-off. I can usually get prospects to share their contact information. The GUESTBOOK should ask for the prospect’s name, mailing address, email address, phone number and whether or not they are currently working with a REALTOR®. Sometimes, I allow guests to view the property before asking for their acknowledgment of attendance. That’s my script! My second tip is to always give the prospect privacy. I don’t follow anyone around the property. I make sure the property is secure and then I allow visitors to wander on their own at their own pace without being at their heels. This is highly appreciated and allows me to develop rapport quickly.
|
march 2011
At the first thought of holding an OPEN HOUSE, I coach my sellers with the following suggestions: 1.
Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2.
Pay attention to the outdoors. Mow your lawn, and be sure toys and yard equipment are put away.
3.
Serve cookies, coffee, and soft drinks. This creates a welcoming touch and encourages visitors to stay and mingle and actually take note of the home.
4.
Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
5.
Turn on all the lights. Even in the daytime, incandescent lights add sparkle. I also like to open up all the blinds and curtains to let the natural light flow in. news.wra.org
6.
7.
Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them. Pick up all the food dishes as this can be an immediate turn-off for buyers.
photos, mementos, and distinctive artwork. “Neutral” is the key to selling. 10. The lawn should sparkle. Turn on the sprinklers for 30 minutes to make the lawn sparkle. Safety is a big concern each time I host an OPEN HOUSE. Each year a number of our peers are assaulted and some are even killed, so we must be aware of our surroundings and realize that we invite strangers into our cars and drive to remote areas on a regular basis. So being safe must be considered when hosting an OPEN HOUSE.
Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there. Give them privacy.
Making your home irresistible is key to selling it. To do that I ask my sellers to PLEASE: 1.
Add a touch of color. Use fresh or silk flowers to breathe life and color into the main rooms. A colored afghan or throw on the couch will jazz up a dull room.
2.
Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, fresh towels, and fancy guest soaps.
3.
4.
5.
Help them envision living there. Set the table with pretty dishes and candles, and create other vignettes throughout the home to help buyers picture themselves there. For example, consider putting out a chess game in the basement. Beautify the entrance. Buy a fresh doormat with a pretty pattern or a clever saying. Make sure the front door/entrance is free of cobwebs, etc. Make the rooms feel bigger. Take one or two major pieces of furniture out of every room to create a sense of spaciousness. Less is more!
7.
Accentuate counter space. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.
9.
•
Does it smell good? Set out potpourri or fresh baked goods for a homey smell. Make sure that there are no lingering scents from cigarettes or pets. But don’t allow these fresh scents to become overpowering.
6.
8.
An open house can be a great sales tool, but it also exposes you to numerous unfamiliar people for the first time. Stay safe by practicing these guidelines: Call the local police department and ask them to have a squad care drive by during your open-house hours.
•
Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial. Carry an extra, fully charged cell phone battery.
•
Determine several “escape” routes that you can use in case of an emergency. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
•
Turn on the lights and open the curtains. These are not only sound safety procedures, but also great marketing tactics, as already stated.
•
Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
•
When prospective buyers begin to arrive, jot
•
When showing the house, always walk behind the prospect. Direct them; don’t lead them. Say, for example, “The kitchen is on your left,” and gesture for them to go ahead of you. This will prevent you from entering a room only to have the door slammed closed behind you.
•
Notify a friend or a relative that you will be calling in every hour on the hour. And if you don’t call, they are to notify the police immediately.
•
Inform a neighbor that you will be showing the house and ask if he or she could keep an eye and ear open for anything out of the ordinary. This one is my favorite as it also gives me the opportunity to meet someone new.
Lastly, develop a system to follow up on all guests that attended, as this is key to making your OPEN HOUSE productive. I choose to send each visitor a personal follow-up note. Email is too impersonal, so if possible try to mail a small handwritten note card to each person that stopped by. The following week, I make a personal telephone call to follow up on the note I mailed. Follow-upis what keeps me in business! Marcus A. Wally, MBA, is an active Florida REALTOR® in St. Augustine, Florida. Marcus is the founder and broker of New World Realty, which also manages coaching and facilitation of education classes around the world. Marcus earned his MBA from the University of North Florida in Jacksonville. He can be reached at (904) 669-1081 or by e-mail at marcuswally@comcast.
Site Signs, Yard Signs, Banners, Stationary, Brochures, Sell Sheets, Business Cards... Supreme can set you up with Centralized Web Ordering...perfect for multi-location Real Estate companies. For more info, visit...
Lay logs in the fireplace. Or put a basket of flowers there if it’s not in use. I even like putting candles in the fireplace to create ambiance.
Depersonalize the rooms. Put away family wisconsin real estate magazine
down their car descriptions, license numbers and physical descriptions.
|
march 2011
23
public affairs
Opening Wisconsin for Business
G
overnor Walker says Wisconsin is (now) open for business. To demonstrate what he means, the governor called the legislature into a special session on jobs just moments after he was sworn into office. In the month since, the legislature has been busy reviewing ten separate special session bills offered by the governor. These bills include issues like tort reform to stem frivolous lawsuits; tax deductions for contributions to health savings accounts; income and franchise tax breaks for small businesses and businesses moving to Wisconsin; and requiring super majorities in both houses of the legislature to pass any tax increases. While Walker campaigned on all of these issues, two of his bills epitomize his call for creating a more business-friendly government focused on creating jobs in Wisconsin. These bills deal with regulatory reform and the creation of an aggressive economic development agency.
Regulatory Reforms Businesses have long cited Wisconsin’s overly-aggressive regulatory climate as an impediment to locating or expanding operations here. In the fall of 2010, the Wisconsin Manufacturers and Commerce conducted a survey of top CEOs in the state to gauge the extent of this problem. They found: •
95 percent of CEOs say Wisconsin’s regulations are more expensive than other states.
•
72 percent cite the state’s regulatory burden as a “significant” factor impacting their company’s ability to retain employees.
•
62 percent characterize the cost of complying with Wisconsin’s regulations as “very costly.”
Simply put, Wisconsin business leaders view the state’s current regulatory climate as hostile. To address this, Governor Walker introduced regulatory reform legislation that would provide enhanced certainty, consistency and accountability in the administrative rulemaking and enforcement processes, while at the same time maintaining the authority and responsibility of regulatory agencies to enforce statutes passed by the legislature. The WRA supported this legislation, which included: Separation of powers – Clarifies that an agency’s broad statement of authority does not override the specific regulatory framework set forth in state statutes. This change will prevent agencies from imposing regulations and requirements beyond legislative intent, including real estate related issues like municipal wells, sprinklers, and subdivisions near state highways. Gubernatorial accountability – Requires the governor to approve all administrative rules before they are sent to the legislature for review. This
24
wisconsin real estate magazine
|
march 2011
By Michael theo
change makes Wisconsin’s top elected official directly accountable to the public for regulations adopted by the executive branch of government, for which he is responsible. This will ensure that regulations, such as the wind siting rules, are affirmed by an elected official prior to going into effect. Economic impact analysis – Requires every state agency to prepare a detailed economic impact analysis before submitting any proposed rule. This change will encourage all agencies to focus on jobs and the economy as they design new rules and regulations. Hopefully, this will result in rules and regulations that strike a better balance between promoting economic development and the other competing state interests. Venue for challenging rules – Authorizes legal challenges to administrative rules to be brought in the circuit court for the county where the plaintiff resides. The current requirement that all challenges take place in Dane County is a disincentive for private citizen challenges and unfair to property owners and businesses located in the other 71 counties.
A New Economic Development Agency In a separate bill, Governor Walker proposed to transform the existing Department of Commerce into a new public-private partnership whose sole mission is to promote economic development and job creation. The current non-economic development functions of the existing department will be reassigned to other departments or eliminated. The new entity, called the Wisconsin Economic Development Corporation, will be governed by a board nominated and chaired by the governor and staffed by a CEO who is also appointed by the governor and approved by the state senate. The board is charged with developing and implementing economic programs to provide business support and expertise and financial assistance to companies that are investing and creating jobs in Wisconsin and to support new business start-ups and business expansion and growth in Wisconsin. Successfully expanding economic development and creating new jobs will benefit both residential and commercial real estate markets, and thus the WRA supported this legislation. However, if significant regulatory duties are moved from the Commerce Department to the Department of Regulation and Licensing (DRL) as a result of this legislation, regulatory structures at DRL relating to real estate licensees will have to be revised and modernized to ensure continued consumer protection and regulatory responsiveness. The WRA is working with the Walker administration to address these issues. It didn’t take long for Governor Walker to provide the details of what he means when he says Wisconsin is open for business. These changes should provide both the substance and symbols needed to energize business and job growth in Wisconsin. Michael Theo is Senior Vice President of Legal and Public Affairs for the WRA. news.wra.org
wisconsin real estate magazine
|
march 2011
25
public affairs
The Capitol Heats Up By joe murray
A
recent headline in The Wall Street Journal succinctly summed up the approach to dealing with large state budget deficits by governors around the U.S.: “Governors Chop Spending…Politicians in Both Parties Aim to Balance State Budgets Through Cuts, No Taxes.” Governors across the U.S., including Wisconsin, are proposing budgets with deep spending cuts and almost no new taxes to address chronic budget deficits and a goal by legislators from both parties to eliminate these deficits primarily by shrinking government. Scott Walker made smaller government a cornerstone of his campaign last year.
Governor Walker must deal with the $3.6 billion deficit in his first two-year state budget already introduced. If the Republicancontrolled Legislature finishes work on the budget on time, the budget will pass by July 1, 2011.
Special Elections
But this approach to fixing the state’s fiscal problems won’t be easy. State government in Wisconsin helps fund very important programs and services including K-12 education, the UW System, vocational/technical colleges, local government big and small and health care programs like Badger Care. Governor Walker has repeatedly said he will balance the state’s budget through cuts, but he will likely face a storm of criticism as he attempts to keep his promise.
In addition to the race for Wisconsin Supreme Court, voters must replace at least three GOP state representatives who resigned their seats to take a job in the Walker Administration. Representative Mark Gottlieb (R-Port Washington), Representative Scott Gunderson (R-Waterford), and Representative Mike Huebsch (R-West Salem) will be replaced by voters this spring. The primary for all three seats will be April 5th, the General Election will be held May 3rd.
Wisconsin state government has operated with an ongoing structural deficit for 15 years. What started out as a manageable deficit problem in the mid 1990s is now a much larger and politically difficult deficit problem. The 2011-2013 state budget hole is projected to be a staggering $3.6 billion. Walker’s promise to close the deficit through spending cuts alone will require state legislators to make difficult and in some cases very unpopular political decisions on how much to cut spending on programs with broad support among large constituencies back in their district.
Gottlieb is the new Secretary of the Department of Transportation (DOT); Gunderson is the Executive Assistant (EA) at the Department of Natural Resources (DNR); and Huebsch is the Secretary of the Department of Administration (DOA). The local boards in all three seats along with the WRA will be involved once the elections are called by Governor Walker and all the candidates are certified.
How the newly empowered GOP State Legislature responds to Walker’s budget will be key to his success or failure. With budget cuts this large, every organized interested group on the receiving end of the cuts will
26
descend on the Capitol in a way that is sure to get the attention of every legislator in every district. Republicans control state government and it will be the GOP who must pass the Governor’s budget with all the political pain it will produce. Indeed, we have already seen massive protests in Madison in response to the proposed budget.
wisconsin real estate magazine
Voter ID Bill Likely Republicans in the Legislature have tried to pass a voter identification bill for ten years. With a Republican governor and big majorities in both houses of the Legislature, it appears the GOP will finally get their wish. State Senator Joe Leibham (R-Sheboygan) and State Representative Jeff Stone (R-Greendale)
|
march 2011
have introduced this legislation (SB 6 and AB 7) and Republicans in both houses have the bill on a fast track to pass and reach Governor Walker’s desk soon. Polling indicates that there is broad public support for the voter ID legislation, but Democrats criticize the bill as nothing more than a way to suppress voter turnout, particularly among voters who traditionally vote Democratic, such as college students, the elderly and minorities. Democrats argue that the voter ID requirement will make it more difficult to vote, thereby driving down their overall percentage of the vote to the benefit of Republicans. Republicans contend that the bill is necessary to guard against voter fraud and Wisconsin is one of only a handful of states that do not require some form of identification prior to voting. Governor Walker supports this legislation. Joe Murray is Director of Political and Governmental Affairs for the WRA.
news.wra.org
DNR Cuts Back on Stewardship Purchases
By tom Larson
T
he Wisconsin Department of Natural Resource (DNR) recently announced that it will reduce spending on all land purchases made through Wisconsin’s Stewardship program for at least the next year. REALTORSŽ should be aware that this could impact any pending Stewardship purchases, and any related appraisal work for the rest of the year. The DNR indicates that the cutbacks are necessary to help balance the state budget, which currently has a $3.6 billion deficit. All state agencies are being asked to closely review their operations to assist in balancing the current state budget and to limit the state’s liabilities in future budgets. Accordingly, the DNR is currently reviewing all of its processes and procedures for Stewardship grants and purchases. The goal is to maximize the benefits to taxpayers from the Stewardship Fund in a time of very limited resources. The DNR estimates that a complete review will take several months. During this time, the DNR will concentrate on finetuning acquisition priorities, land management activities and assessing surplus land for sale or exchange for other, more valuable, conservation land. Currently, the DNR spends approximately $86 million in bonding for Stewardship land purchases. In 2007, the legislature increased the amount of bonding for Stewardship from $60 million to $86 million. Annual interest alone on Stewardship bonding is estimated to be between $29 and $31 million, with additional bonding adding to those annual costs. Since 1990, the Stewardship program has protected and opened more than 600,000 acres of Wisconsin to our citizens. The program purchases land for a variety of public purposes including forestry and outdoor recreational activities such as hunting, fishing, hiking and skiing. The WRA has supported the creation and funding of the Stewardship program in the past, and will continue to monitor any proposed changes to the program. For more information, please contact Tom Larson (tlarson@wra.org) at (608) 240-8254. Tom Larson is Chief Lobbyist and Director of Legal and Public Affairs for the WRA.
wisconsin real estate magazine
|
march 2011
27
techhottips
View more posts at www.techhottips.com
Technology Tips & Tools for the Real Estate Professional
Be a Twit Do you have a Twitter account set up yet ? I know, I know, you don’t want to know what people are eating for lunch… I’ve heard it before, but I have to say, my locals eat !!!! They do !!! And they like to share what they eat from time to time, but they also like to chat via Tweets on Twitter, so I have made a number of quality relationships through the wonderful world of Twitter.
50 active people in the first week you are testing the TwitWaters.
Please feel free to add to the list by leaving a comment below as well !
You can choose people by searching by email or in the search window by name (or town). Once you find a person that looks like they would provide value to you (entertainment, informative, business lead, etc.) look at their profile. Make sure they don’t follow a lot more people than follow them. Make sure you are comfortable being associated with their avatar picture and BIO. To follow someone, which is to listen to them, click [FOLLOW].
•
Make a “Change of Address” show for you Buyer to use
•
Create a tour of the Neighborhood showing off the playgrounds, parks, swimming pools, etc for your listing
•
Connect extra features to your main show detailing bonus features of the home on your listing
Lurk and listen more than talking until you get more comfortable. It’s like a cocktail party; you can’t be a part of every conversation going on. One of my favorite tweets was in the early Twitter days from my friend Rich,
•
Happy Birthday wishes and leave on your friends’ Facebook page
•
Seasonal/Change Clock Time shows are fun to use in your blogs or on your website
Mobile Scanning from your SmartPhone
If you have a Twitter account already, standby, we’ll talk more about Twitter in the months to come, this is to introduce new Twits to the world That’s a good start. You can click on the [HOME] tab to watch what the people you follow are talking about and we’ll talk about more options later. Play around a bit If you want some more resources to find fun people to follow, check out Dustin Luther’s Most Influential Twitter People in Real Estate List, it’s a good start. Oh! And don’t forget @WIREALTORS !
The first step is signing up for your free account. The most difficult part is choosing your username. Try to keep some redundancy in your usernames online because people will begin to recognize you through your name. You don’t want a long name because characters are limited on Twitter. Some ideas: •
KimWood – Your first and last name
•
SandyPA – Your name and state
•
Miamism – Your business name
•
AChrome – Your nickname
pssst I know… you just wanna know if I’ve gotten business because of Twitter. The answer is….. YES! I have !
Mobile Phax works with an iPhone and the Blackberry. DocScanner works with the Droid. For a one time fee of less than $10.00 you download the app. Using the camera on your phone you can
There are many different virtual tour companies you can choose to use. I like Real Estate Shows, but I’ll talk more about that in another post For this conversation, let’s talk about the many different ways you can use a virtual tour for your clients.
Visit Twitter at http://Twitter.com and click [Sign in]. Pop over to the Settings and Profile pages to complete your profile by adding a casual photo and a short bio. Keep in mind this will often be people’s first impression, so don’t be over business or over casual. People want to know about you, share your interests and where you live, not just that you want to help them buy or sell a house.
take a picture of up to an 8 1/2 x 11 piece of paper. Once you take the “pictures” the app converts the file into a PDF and emails it for you.
After you have created a profile, don’t be overzealous. I recommend you follow no more than
wisconsin real estate magazine
One of the top tech trends for 2011 is Mobile Tools. Have you ever needed to scan a document and get it to a client or vendor, when you are out and about? To go back to the office would be a time drain, and can really make your whole day less effective. Do not fear, mobile scanning is here! There are lots of apps that do this, so check the app store for your phone.
Marketing with a Virtual Tour
Be very careful using anything with REALTOR® as a part of the name. There are terms you must adhere to when using any parts of the name REALTOR®.
28
Many shows will have your contact information once people click into the show – just a hidden, little message there ! What different ways have you used a virtual tour ?
What a time saver!!
|
march 2011
news.wra.org
Introducing the new
WRA Mobile News
Real Estate News at 4G Speeds. The real estate industry is moving fast. Are you moving at its speed? It’s easier than ever to access real estate news with the all-new mobile news app from the Wisconsin REALTORS® Association! Get local, state and national news headlines daily; and top news from Wisconsin Real Estate Magazine, Inman News, Real Trends, WRA’s Agent Newswire, WRA Legal Hottips, WRA Tech Hottips and more. It’s easy to use, easy to install and free. Visit the Apple App Store or Droid Market to test drive it today.
One App, Many Perks.
Industry News
Videos
Made for:
Tech Headlines
Education
iPhone
Android
What is our WHEDA Advantage ? ®
WHEDA’s below market interest rate.
N
ow is the time to take advantage of WHEDA®’s below market, 30-year fixed interest
rate. The WHEDA Advantage has everything your first-time buyers need to get into a home sooner with a mortgage they can afford long term from down payment
assistance to job-loss mortgage protection to educational resources and more. Discover the WHEDA Advantage! Income and purchase price limits apply. Interest rates are subject to change daily. To learn more, go to wheda.com/Realtors/.
Wisconsin Housing AnD Economic DEvElopmEnt AutHority 201 West Washington Ave n Madison, WI 53703 800.334.6873 n www.wheda.com