Archive for December, 2011

2012 New Years Resolutions for REALTORS

December 31st, 2011 by Rich Barnhart

I first wrote a New Years Resolution Blog last year at this time and the response was so good I decided to update it for 2012….

You know how this works. You commit to a personal goal to start on New Years Day – sometimes you follow through, sometimes you don’t. Here are some New Years resolutions that will take your real estate career to the next level. Accomplishing these goals shouldn’t be difficult, especially if you write down your goals and create a business plan. Ask your Broker for help with this, or ask me.

> Get a Tablet Device
I encourage all my agents to get some sort of tablet device with 3G capabilities. When you are on the road as much as we are accessing the Internet is crucial to providing your clients with the best information. Best of all, you will set yourself apart and your clients will be impressed. I provide my agents with tablet-ready listing presentations and browser-based applications that are accessible on all platforms.Ā  Which tablet should you buy? While the iPad is clearly the leader and the best tablet device on the market you can get away with less expensive devices for work-only applications. In addition to iPad, you should also consider the Touchpad and Galaxy devices. As long as you can open a PDF file and a web browser you should have everything you need to be a tablet-enabled agent. If you absolutely must have the best technology or if you already have an iPhone, then you may not be happy with anything but the iPad.

> Automate your business with CRM
Customer Relationship Management (CRM) software isn’t just for managing contacts anymore. A good CRM system will allow you to manage thousands of prospects, keep in touch with your sphere of influence, set reminders, send bulk email, store documents and manage your transactions from start to close. Only 17% of REALTORS use a CRM on a daily basis. Join the best agents in the business and utilize the latest technology. For a demo of the By The Sea Realty CRM give us a call.

> Get Educated
The market is changing and you need to keep up. Take advantage of the training at your company and local board of REALTORSĀ®. Consider getting a certification or designation and ask your management if they reimburse for any educational programs. Don’t just get a designation so you can add some letters to your business card. Get the designation for the education and then tell your clients what you have learned and why they should work with you. At By The Sea Realty we encourage continuing education and we offer regular training on topics like networking, technology, business planning and social media.

> Become a Local Expert
In today’s real estate market, it is not just who you know, but what you know. Build your network and attract new customers with the efficient delivery of quality information. Contribute to a blog, send a regular newsletter, keep your web site updated and provide your clients with local market data that matters to them. Knowing your market is your business; sharing that information is the key to growing it. These activities take time and money to be successful, so if your company doesn’t support you, consider moving your business or outsourcing.

> Get in the Cloud and Go Mobile
Can you access your email, calendar and contacts wherever you are including your cell phone or mobile device? If not, try moving your business to the “Cloud” where your mobile devices can easily synchronize with your other computers. Access your CRM and MLS on the go. Stay in touch with your entire database without lugging your laptop around. Today’s mobile devices can even scan and email documents, provide directions to properties and calculate mortgage payments. Setting up all your devices in the cloud can be a challenge so ask your management for assistance in choosing a device and synchronizing with your company systems.

> Move Your Business
Where you hang your license is more important than ever. If you want to take your business to the next level and your company isn’t proving the support to get you there, it is probably time for a change. From global franchises to local boutiques there are plenty of options for agents today. Interview with a few different organizations and make a move now before the market picks up. Don’t just focus on commission split; make sure your new company has something more to offer and is centrally located in your target marketplace.

> Get Social
Social media is here to stay and you should consider implementing some basics into your business. There are thousands of social media web sites, but only a few are really worth your time. For starters, you already have a Facebook account, don’t you? Be careful – you don’t want to spam your friends and start “over-marketing” or you risk alienating yourself in the largest social network on the planet. But, it can’t hurt to make sure your friends know what you do for a living and if your company has a Facebook page, consider being a contributor and adding content. Another site you should consider spending some time on is LinkedIn. Its free and at the very least you should have a profile that can be indexed by the search engines. Think of it as an online resume for the world to see. Connect with me on LinkedIn and I’ll share my “LinkedIn for Real Estate Professionals” presentation with you.

Profile: www.linkedin.com/in/richbarnhart

Are you considering a bigger change in 2012?

We are looking for experienced agents and brokers who share our vision for a higher level of customer service in the real estate industry. We offer cutting edge technology, training and marketing support that makes your business more efficient and provides your customers with better information. If you are looking for a unique company where you can take your business to the next level then By The Sea Realty may be a good fit.

Call Rich Barnhart at 954-351-7007 or click here for more information

 

 

Mortgage Rates Hit Record Low Again – What Should You Do?

December 21st, 2011 by Rich Barnhart

Florida rates drop well below 4% this week

4 months ago I blogged about mortgage rates hitting a 50 year low. Now, with properties values at 2003 levels and mortgage rates even lower (30 year fixed averaging 3.7% in Florida today) we are experiencing an incredible opportunity in an otherwise troublesome real estate market. Analysts continue to discuss whether we are at the absolute bottom and whether interest rates can go any lower and my answer is maybe and probably not. Here are some thoughts for those of you struggling with a buy decision:

  • It is almost impossible to time the market perfectly. If you are waiting for the absolute bottom you will miss it. Conservative real estate investors stay ahead of the market, buying on the way down and selling on the way up. Good properties in our area are already hard to come by and when priced at market value they sell quickly, often with multiple offers. I see too many buyers miss out on opportunities because they are under bidding or waiting for values to go lower. You can’t make any money in real estate if you don’t buy anything.
  • If you can qualify for a mortgage, then you should definitely consider borrowing money for your purchase. With rates so low most investors, even if they have the cash, are trying to finance at least a portion of their purchase. They can then use their cash for another property or consider other investments. Let me be clear – I’m not suggesting that you should finance your real estate purchase and put all your cash in the stock market. Discuss your investment options with your financial planner and make sure you keep 6 months to a year of mortgage payments in the bank just in case.
  • Investors who have a higher tolerance for risk are considering more aggressive strategies. For example, did you know you can borrow money against your investment portfolio, sometimes at rates below prime? For short term investments like rehab and resell (fix and flip), this is a perfect way to keep your money in other investments like the stock market while buying and selling real estate with borrowed funds. A good financial planner or stock broker can assist you with these transactions, but please consider maintaining a low loan to value (or high equity) in your real estate investment in case you need to sell quickly.
  • Finally, 2 things are inevitable – property values will go up and so will interest rates. Since most of us buy real estate for the long term then it is really hard to go wrong in today’s market. If you want to buy, but the bank won’t loan you money then consider seller financing or other alternative methods. For example, did you know that you can purchase real estate with your IRA? Your stock broker may not share this information with you because their company may not allow it, but specialized IRA custodians will allow you to buy investment property with a self-directed IRA. Don’t have an IRA? Start one or roll your 401k into a self directed plan. Ask your real estate broker if they are familiar with these types of transactions or stay tuned for a future blog post with more details.