You can drive down almost any residential street in your town and you'll see 'For Sale' signs ~ sometimes multiple signs on the same street. Since I'm a real estate stager in Portland OR I'm often visiting homes in many neighborhoods to meet a potential homeowner or Realtor client. I'm curious about some of the sign riders attached to 'For Sale' signs and want to ask the Realtor community:
DO THESE SIGNS REALLY HELP TO PROMOTE A PROPERTY? ARE THEY A POSITIVE REFLECTION?
This sign riderseems to imply that the outside of the house isn't gorgeous is UGLY:
I’M GORGEOUS INSIDE
When I see this sign, I think 'wouldn't a buyerPLANto see the inside?' MUST SEE INSIDE
HONEY! STOP THE CAR ~ This one just seems silly!
These 3 signs send one message to me as a potential buyer: the home was not priced correctly to begin with, so it's likely going to be easy to negotiate an even lower price (maybe the sellers are getting desperate?)
NEW PRICE MOTIVATED SELLER PRICE REDUCED
This sign is usually along a busy commuter route & makes you think, who wants to live near heavy traffic?
YOU COULD BE HOME BY NOW!
... AND THE BEST SIGN A SELLER CAN SEE IS THIS ONE:
If you'd like to avoid dealing with some of these signs, consult with a professional home stager in your area ~ we can help any home appeal to the target buyer. An inexpensive staging consultation can help downplay any potential weaknesses in a property, inside and outside.
Ever notice how a business or business office can have a tangible personality or "mood" within it? I've found that to be true ... and that it's fairly easy to pick-up on that mood and/or personality soon after entering it too. Some places just seem to have an upbeat atmosphere or vibe to themselves ... while others definitely do not.
I visited some of my referral-partner offices the other day. When I entered one office, I could read the "mood" instantly, and it wasn't real good. There was definitely tension in the air. Seemed I had stepped into a rather heated "water cooler" talk taking place. Given this was a real estate agency, not surprisingly, this animated discussion revolved around the economy and the current health of the real estate market.
There was a deep divide in opinion amongst the participants in this conversation. Half were expressing an upbeat report on the market and its prognosis for the near future. They were seeing some positives. For them, the real estate market is beginning to show definite signs of life and improvement. Although still nowhere near perfect, they are seeing encouraging signs and are hopeful for their future.
The other half had a dramatically opposing view and expressed little hope that their circumstances would change in the near future. Some were even saying the word never.
Now, my wife has a friend Lisa, who's always repeating the mantra ... "thoughts are things" ... "thoughts are things". Lisa simply refuses to think negative thoughts or repeat downbeat messages. Her view is ... that if you think things suck ... they will.
The opposite also holds true. Think optimistically and positively ... and you draw and experience positive actions and energy. Think George in "Seinfeld". George's thinking in this clip is muddled and over the top, no doubt ... but it's definitely positive and strong.
George's opinion? "It's not a lie, if you believe it".
Jerry, just remember. It's not a lie... if you believe it...
George Constanza, Seinfeld "It's Not a Lie" clip
Basically the message is ...If you believe something ... for YOU it becomes reality.I'm not recommending George's take on this, but you get the drift.
Our friend, Lisa had been preaching her message of "karma" and thinking to my wife, Marilyn, again this last week. (Now if anyone has a reason to be negative or down, it would be Lisa. She works for a homebuilder. You know how that storyline is going, right?) But there she was, spouting positive thoughts during their conversation.
Well, I got thinking about Lisa's mindset/message after leaving that water cooler the other day. And before someone says it, I'm not trying to stick my head in the sand or deny the obvious of the market or reality. Nor am I saying this is an observation limited only to agents. You could fill in the "blank" with any real estate industry profession. Heck it could be loan officers ... anyone. My observations and message here would remain the same.
And for the record, the real estate agency I was visiting that particular day is one where I have come to know the agents very well over a long extended period of working together. I'm very aware of the production and work habits within the office. As I see it, here is how that water cooler discussion was breaking down ...
The naysayers... those that see only doom and gloom? They are approaching their current business as though it is dead. Their view is that of "victims". There is nothing that they can change ... nothing they can do ... nothing that they can shake-up in their routines or methods of business to make circumstances any better for themselves. They conduct their days and marketing as they always have ... or are doing less. They think that approach is "cost and time efficient" right now.
And guess what? Most of them have not done one deal or iota of business for a long time. They sit at their desks hour after hour, waiting for a new buyer or seller to miraculously appear, walk through the door, and beg them to assist them.
In contrast, the agents taking the proverbial bull by the horns ... they're shaking up the way they conduct business AND THE APPROACH TO THEIR MARKETING ... they've taken a firm positive hold on their mindset and are overwhelmingly positive in their approach to their business ... they're aggressively promoting themselves and their business in new and inventive ways (think social media, blogging, etc.) ... and they're actually DOING business. In fact, a few are relating that they are busier and more successfully productive than ever before!
Maybe it's the time of year, (or the fact that they're already promoting Holiday movies on TV, but the movie "Miracle on 34th Street" popped into my mind too while mulling the water cooler conversation over. If you've seen this classic, you'll remember that little Susie wants desperately to convince herself that Kris Kringle does in fact truly exist ... and that he'll bestow on her the one thing she wants most ... a home.
(Rather appropriate and timely, don't you think??)
Miracle on 34th Street (1947) TV Spot
Miracle on 34th Street (1947) TV Spot"At the Macy's Department Store Thanksgiving Day parade, the actor playing Santa is discovered to be drunk by a whiskered old man. Doris Walker, the no nonsens...
But as you can see above, Susie isn't quite convinced at this point in the movie ... in fact, she's downright sure that Kris Kringle doesn't exist and even pulls on the old man's beard to check him out. Pretty tough little cookie, isn't she?
Hmmmmmm ...
I suppose if you want to go out on a limb, all sorts of parallels could be drawn throughout this movie's entire storyline (and outcome), our present day real estate industry, and how we in the industry approach it. Perhaps it's my imagination ... but I just couldn't help but make that connection between this Hollywood movie and what I was hearing and seeing in that agency.
As Susie repeatedly states later in this movie ... "I Believe" ... "I Believe" ... "I Believe" ...
I can't help but think that the positive thinking, positive acting, positive "karma" real estate agents ... (and yes, anyone approaching their business or profession positively) ... will reap the same rewards and success that Susie does at the end of "Miracle on 34th Street" ... or that my wife's positive-thinking friend, Lisa, has of late. Calls and emails are going to pick-up. Website rankings will improve. Word of mouth will spread ... and much more. Besides, what is your alternative? I mean, really ...
People want to work with positive, successful people ... it's that simple and it's been proven over and over again. Think about it on a personal level. Who do YOU want to work with??? If you're positive, successful, and pleasant to be with and work with ... clients/public interest will be there in measure and return. Your successes and positives will act like a magnet and will breed even more interest, more success, and business for your future.
Hollywood has offered us many video classes and opportunities for education on "How to Believe 101". The classes and education are not limited to just these two examples. It has shown us the rewards possible if we are willing to make the effort, shake things up, remain positive, and believe in ourselves.
Have you paid attention in these classes? Have you learned your lessons? Will you say for yourself and yourbusiness ...
Want to see a real estate professional or seller really sweat?
Mention the word APPRAISAL to them these days ...
As a Mortgage Banker and former professional Appraiser, I can tell you ... APPRAISALS are the number one reason loans are currently being scrutinized so closely by Lenders, Fannie Mae/Freddie Mac, and FHA ... and then eventually deemed "unacceptable files" for repurchase in the secondary market.
This concern regardingrepurchase, accounts for many of the delays, analysis, and scrutiny by Underwriters of appraisals that real estate professionals are experiencing today.
How can an agent or broker help alleviate some of this angst?
Perhaps the most significant help is simply found in the provision of legitimate COMPARABLES (sold and closed, pending, and active) on every listing that has sold and is being appraised.
What is the definition of "Legitimate Comparable"?
"Legitimate Comparables" are found within a mile of the Subject Property. If a property such as this does not exist, a comparable could be utilized that is found within: Similar school districts, municipalities, or service districts ... with an attached explanation as to WHY the property is worth consideration.
In real estate markets deemed as "declining in value", comparables should be sold within the last 3 months. Stable markets are allowed use of comparables within the last 6 months.
In unusually slow or stable markets with limited market activity, provision of sold comparables found within the last 12 months can be utilized, but they should be accompanied by a study (Multiple Listing Service/MLSstatistics) on the "stability of values" in that particular market.
Consideration should be given to the "motivation" of every sold comparable.
Was the comparable bank owned and sold below market value? If so, provide the Appraiser the sales history of that comparable.
What do you conclude about the "accuracy or legitimacy" of the LAST sale? Is it fair to use now as a comparable? What if the property is just one block away from the Subject Property and sold just one month ago? Also, what if this property is identical to the Subject Property being appraised? What if nothing else has sold?
THIS is the dilemma facing Appraisers, Underwriters, and quality control personnel today. What do you say? Can the above sale be considered a good indication of market value?
Providing back-up statistics and information for properties is sometimes very hard work and very tedious, no doubt. But the MLS statistics must accompany every listing in every market for the Appraiser. The risk to your transaction is too high not to do so.
And, if possible, a Survey, Plat of Subdivision, or at minimum ... an estimate of the lot size for the property must be provided to the Appraiser.
For a CONDO or TOWNHOUSE: Agents should provide a Legal Description, Declarations or By-Laws of the Association from the Seller, and Contact Name and telephone number of any/all Association or Management Company to expedite the turn-around-time of the Appraisal Report.
Providing a 5-year history of the Subject Property being appraised (available from your local MLS or Public Records Data Base) is extremely helpful and will give the Appraiser a more complete understanding of how the Subject Property got to the Sales Price listed at a certain point in time.
Making sure that the Appraiser has a legible, signed, and complete copy of the Sales Contract is imperative. It should accompany the MLS Listing provided, as well as the Knowledge of Seller Concessions, Tax Bill, Survey/Subdivision Plat, MLS statistics of the area, and Subject Property's 5-year history. The inclusion of all this information and documentation should ensure you and the Seller a fair appraisal ... and that is what we seek and prize most in this difficult market.
Do NOT omit Short Sales, Foreclosures, and other distressed sales from your information submissions. Underwriters have access to more data than ever before. Pretending that these properties and transactions do not exist will not work in your favor. Appraisers will end-up having to explain WHY these sales were NOT considered within their report and that definitely slows the process down.
My last suggestion? Agents should educate and prepare their Sellers at Contract Acceptance ... and loan originators should support the theory ... "it ain't over 'til it's over" when speaking of appraisals and appraisal issues. They ARE a hurdle in today's lending approvals.
Appraisals, and their surrounding issues, do cause delays and transaction problems. Sellers need to be aware that this can happen and be prepared, so no one is taken by surprise or walking on eggshells.
Agents now work harder than ever to get properties sold. They CAN support and benefit their Seller's cause, as well as their own, by leaving nothing to chance. That means taking the time to provide the needed support information, materials, and documentation to the Appraiser that will clear much of the way towards appraisal/file approval.
With a more thorough understanding of what Appraisers are seeking and need to work-up a beneficial report ... and follow-through in providing that information ... agents, brokers, and loan originators can see more fluid and timely appraisal approvals and transaction stress levels come down.
Note:Gene Mundt held an Illinois appraising license for over 20+ years and was one of Chicagoland's most prolific and statistically accurate professional real estate Appraisers during that time.
This appraising background works hand-in-hand with his mortgage lending and financial planning expertise, and provides his customers and referral partners the complete and thorough lending services they need and desire.
Should you be in need of mortgage lending, financial planning, or credit repair information and services, please feel free to contact Gene. He will be happy to provide you the best and most complete assistance possible. Contact Gene at: gene@chicagobancorp.com.
In the past, I've mentioned countless times that I love sports and see a direct correlation between my participation on team sports during my past and my philosophy of "team" within my present business. For me personally, this concept just seems natural and works well.
Presently, I am in "team"-building mode. I am actively seeking to expand and strengthen my team by reaching out to those I wish to broaden and build strong relationships with. This includes referral partners, co-workers, and new loan officers. I'm planning and building the foundation for a new improved expansion team.
While many others may see the present as a time to play ultra-conservatively or to just maintain the team's status quo ... as my team's "coach", I see it as a time for planning, building, and implementation of a new improved game strategy.
I've got the present team members working out harder and smarter ... and I'm out scouting for new team members as well. After the turmoil and slow challenging market of the last few years, I am eagerly anticipating the return of a healthier economy and real estate industry ... and the friendly, healthy competition it brings.
And ... I want to be ready. If there is one thing that my 30+ years of experience has taught me regarding real estate ... it's that it's cyclical and we suffer highs and lows.
Obviously this last low has been a "beaut" ... knocking many of our industry's team members off the playing field, off the bench, and out of the stadium. But the fact remains, the industry has always bounced back and survived ... and we'll play another round of games. The rules of the game may have changed some along the way, but the game will go on.
I'm increasing my "fitness" now, so I'm ready to play and compete!
Recently, I received a great comment regarding one of my blogs from Karen Cooper, a mortgage banker/broker from Ashland, Oregon. She mentioned that she hosted wine tastings using local wines as a way of bonding and marketing to her referral partners. What a great way to promote not only your business, but other businesses and features of your local area!
Karen's region of the U.S. is noted for its wonderful wineries, but did you know that Illinois also can brag about its wine growing and harvest?
Most people think of Bordeaux in France, California's Napa Valley, Australia's Barossa Valley, and Oregon when they think about wine production. And, although it is true that a concentration of fine vineyards is to be found in these areas, the largest (in terms of land mass) wine growing area in the world is actually to be found in the Upper Mississippi Valley, which touches upon four U.S. states and includes Illinois.
Most vineyards found in this area are small and family-run, covering just four to 10 acres. They are very hands-on in nature and many allow access and up-close viewing of the wine-making process. Tours of the vineyard, coupled with other amenities, are not uncommon. Some will even let you mash and stomp your own grapes in the old-fashioned way. There is actually an annual festival held in the area that borrows its name from the famous "I Love Lucy" wine-stomping episode.
Galena, Illinois is a major focal point of the wine tours hosted in this area. The oldest winery in this area makes 40 different wines from grapes and other fruits, including apples, blueberries, blackberries, cherries, and peaches ... even rhubarb. A wine tasting gallery is operated on-site along with a shop that offers all sorts of specialty items that compliment the wine experience.
Especially now, during autumn's spectacular colors, Galena and the entire Upper Mississippi Valley region is a place to consider for scenic fall stays and driving tours. The rolling hills, the beautiful small towns, B&B's, the glimpse of wild turkey, fox, and deer and the byway along the Mississippi, all offer visions of Illinois that most do not equate with the state.
I invite you to come visit our state. Relax ... sip one of our fine wines ... and stay awhile. You'll love it.
I visited some of my referral-partner offices the other day. When I entered one office, I could read the "mood" instantly, and it wasn't real good. There was definitely tension in the air. Seemed I had stepped into a rather heated "water cooler" talk taking place. Given this was a real estate agency, not surprisingly, this animated discussion revolved around the economy and the current health of the real estate market. 
