Thursday, March 31, 2011
Saturday, February 26, 2011
Social Networking
Social networking
I have started the social network path to try to promote my business and I have found that you have to be careful were you are promoting your business to prevent a possible negative spin on your advertising. For Example, my first response was to go to Face Book and start adding everybody on my contact list that lives in Tri Cities (my community). Then I was going to write on peoples walls about new listings and advertise to thousands of people for free! Well, the plan backfired. I added about 100 people in one day and checked on my web page a few days later. When I returned to Face Book I had comments on my wall that were not appropriate and pictures of Girls kissing at huge house parties posted all over my “social network” were I was advertising my upper end homes.
I went onto Google search and started looking at discussions about online advertising and social networks and what I found was surprising. I read an article that said that a Washington State Patrol Officer and a Kennewick Police Officer were fired over their “social networking”. One officer was fired because he had a picture on is wall of him drinking beer off duty and out of uniform. The other officer was fired because he was bad mouthing other police agencies on his account. This says a lot about perception when people are looking for an image to promote their business or in our case marketing for them.
I deleted every new contact that I created and since then I have been careful to do a quick check of the type of people that I allow to post on my online social network. I went one step further to look into the targeted marketing that advertising and promoters are using in my community. I went to the local radio station and asked them about their break down of demographics for radio listeners. I did this to promote my web page and my social networking sites that I am on to see if marketing to consumers on radio would be a good way to drive web page traffic and capture the interest of people looking to sell their home in Tri Cities. Anyway, I found that radio advertisers were very careful with their Realtors that advertised on their radio stations for the same reasons. They advised against playing commercials on certain channels due to the types of listeners and the damage that could bring to a Real Estate business.
That point is that not all advertising is good advertising within social networks. The network that you create for your business will determine your success. This had been proven time and time again. After all, why are these small real estate teams outselling everybody in their office?
I have started the social network path to try to promote my business and I have found that you have to be careful were you are promoting your business to prevent a possible negative spin on your advertising. For Example, my first response was to go to Face Book and start adding everybody on my contact list that lives in Tri Cities (my community). Then I was going to write on peoples walls about new listings and advertise to thousands of people for free! Well, the plan backfired. I added about 100 people in one day and checked on my web page a few days later. When I returned to Face Book I had comments on my wall that were not appropriate and pictures of Girls kissing at huge house parties posted all over my “social network” were I was advertising my upper end homes.
I went onto Google search and started looking at discussions about online advertising and social networks and what I found was surprising. I read an article that said that a Washington State Patrol Officer and a Kennewick Police Officer were fired over their “social networking”. One officer was fired because he had a picture on is wall of him drinking beer off duty and out of uniform. The other officer was fired because he was bad mouthing other police agencies on his account. This says a lot about perception when people are looking for an image to promote their business or in our case marketing for them.
I deleted every new contact that I created and since then I have been careful to do a quick check of the type of people that I allow to post on my online social network. I went one step further to look into the targeted marketing that advertising and promoters are using in my community. I went to the local radio station and asked them about their break down of demographics for radio listeners. I did this to promote my web page and my social networking sites that I am on to see if marketing to consumers on radio would be a good way to drive web page traffic and capture the interest of people looking to sell their home in Tri Cities. Anyway, I found that radio advertisers were very careful with their Realtors that advertised on their radio stations for the same reasons. They advised against playing commercials on certain channels due to the types of listeners and the damage that could bring to a Real Estate business.
That point is that not all advertising is good advertising within social networks. The network that you create for your business will determine your success. This had been proven time and time again. After all, why are these small real estate teams outselling everybody in their office?
Friday, February 25, 2011
The first step to buying a home
A good home buyer gets prepared before they look!
The First thing a home buyer in Tri Cities should do is talk with a mortgage broker about their financial situation and what their best options are for buying a home. Each home buyer will have different resources available that should be identified (VA, FHA, CONV, Buyers needs) and each mortgage broker will have strengths and weaknesses that match the buyers needs. For Example, if you are shopping for a new home and decide that you want to buy land and put a manufactured home on the land you may find that one bank (mortgage broker) may tell you that you need to put 10% down on the purchase to be able to get through their underwriter. Another bank may tell you that you need 5% down to do a similar purchase. Just remember that not all home loans are structured the same and that maybe one lender may offer you something that will work better for you than another lender.
The typical buyer in Tri Cities will fall into the category of buying a stick built home between $180,000 and $225,000. They will find that the average lender will tell them that they should put 3.5% down if they are buying a home using a FHA home loan or 5% down if they are buying a home with a conventional home loan. If the property is an investment property (not occupied by the owner) they may have to put up to 20% down. If the buyer is a veteran they should take advantage of the owner occupied 0% down VA program (get a certificate of eligibility). Also, there is a difference between buying new construction that has not been built and an existing property that already has been occupied. Some lenders specialize in custom home construction and others don’t offer good programs for developing land.
When you start talking with a mortgage lender make sure you compare at least three different good faith estimates from different lenders. Make sure to look at the points that are included and don’t forget to look at loan origination fees. By this point the home buyer should have an idea of what they are going to need financially to accomplish their real estate goals and they are prepared to start working with a Realtor to show them what their options are within their budget.
Don’t forget to ask for a pre approval letter!
Thanks,
Brandon Patton
www.tc509.com
The First thing a home buyer in Tri Cities should do is talk with a mortgage broker about their financial situation and what their best options are for buying a home. Each home buyer will have different resources available that should be identified (VA, FHA, CONV, Buyers needs) and each mortgage broker will have strengths and weaknesses that match the buyers needs. For Example, if you are shopping for a new home and decide that you want to buy land and put a manufactured home on the land you may find that one bank (mortgage broker) may tell you that you need to put 10% down on the purchase to be able to get through their underwriter. Another bank may tell you that you need 5% down to do a similar purchase. Just remember that not all home loans are structured the same and that maybe one lender may offer you something that will work better for you than another lender.
The typical buyer in Tri Cities will fall into the category of buying a stick built home between $180,000 and $225,000. They will find that the average lender will tell them that they should put 3.5% down if they are buying a home using a FHA home loan or 5% down if they are buying a home with a conventional home loan. If the property is an investment property (not occupied by the owner) they may have to put up to 20% down. If the buyer is a veteran they should take advantage of the owner occupied 0% down VA program (get a certificate of eligibility). Also, there is a difference between buying new construction that has not been built and an existing property that already has been occupied. Some lenders specialize in custom home construction and others don’t offer good programs for developing land.
When you start talking with a mortgage lender make sure you compare at least three different good faith estimates from different lenders. Make sure to look at the points that are included and don’t forget to look at loan origination fees. By this point the home buyer should have an idea of what they are going to need financially to accomplish their real estate goals and they are prepared to start working with a Realtor to show them what their options are within their budget.
Don’t forget to ask for a pre approval letter!
Thanks,
Brandon Patton
www.tc509.com
Thursday, February 24, 2011
The typical Real Estate Transaction
The quick glance at a typical Real Estate transaction in Tri Cites starts with the listing that the selling agent uses to advertise a house for sale on the market. This starts the flow of the home selling process. The selling price and the commission effect how long the house will be on the market also the area in Richland, Kennewick or Pasco will also affect the resale value. The seller (home owner) must make the final decision about what price they are willing to sell their home for. Although, the selling agent will make a strong recommendation on a good selling price that most home owners will follow.
After the house is listed on the market home buyers will be able to see the newest house that is available on the market. A buyers agent is going to see if the house is a good buy for their customer and they are going to see the amount of commission the sellers have offered the agent for bringing a qualified buyer. The normal contract structure will have a 6 percent commission with a 3 percent split between the agents.
A typical offer in Tri Cities will be for the seller to pay for the buyers closing cost. Therefore, it is common for a buyer to lose up to 10 percent of a home sale profit in closing cost. This is created by the 6 percent in agent fees, 1.78 percent in excise tax and the 3 percent in the buyers closing cost. There are also other smaller fees that are included that the seller has to pay at closing.
The buyer has to worry about their down payment, appraisal and inspection fees. These all have different cost but the normal down payment that a buyer is required to put down is 3.5percent for a FHA home loan and 5 percent for a conventional home loan. If the buyer is using a VA home loan then they get 0 down payment benefit. The buyer must talk with a lender to see what their good faith estimate will look like before they put in an offer. This way they will have a chance to get pre approved and know what price of a home they should buy. Also, owner occupied rules apply to down payments and interest rates always change so talking over the details with a lender is the best first step for a home buyer to take.
It is common for a Realtor to find ways to help clients sell their home. Therefore, don't be afraid to tell a Realtor what the payoff is of your home and see if a reduced rate will work for you. I offer discounts to clients whenever I see the need to make the deal go work for everybody.
After the house is listed on the market home buyers will be able to see the newest house that is available on the market. A buyers agent is going to see if the house is a good buy for their customer and they are going to see the amount of commission the sellers have offered the agent for bringing a qualified buyer. The normal contract structure will have a 6 percent commission with a 3 percent split between the agents.
A typical offer in Tri Cities will be for the seller to pay for the buyers closing cost. Therefore, it is common for a buyer to lose up to 10 percent of a home sale profit in closing cost. This is created by the 6 percent in agent fees, 1.78 percent in excise tax and the 3 percent in the buyers closing cost. There are also other smaller fees that are included that the seller has to pay at closing.
The buyer has to worry about their down payment, appraisal and inspection fees. These all have different cost but the normal down payment that a buyer is required to put down is 3.5percent for a FHA home loan and 5 percent for a conventional home loan. If the buyer is using a VA home loan then they get 0 down payment benefit. The buyer must talk with a lender to see what their good faith estimate will look like before they put in an offer. This way they will have a chance to get pre approved and know what price of a home they should buy. Also, owner occupied rules apply to down payments and interest rates always change so talking over the details with a lender is the best first step for a home buyer to take.
It is common for a Realtor to find ways to help clients sell their home. Therefore, don't be afraid to tell a Realtor what the payoff is of your home and see if a reduced rate will work for you. I offer discounts to clients whenever I see the need to make the deal go work for everybody.
The typical Real Estate Transaction
The quick glance at a typical Real Estate transaction in Tri Cites starts with the listing that the selling agent uses to advertise a house for sale on the market. This starts the flow of the home selling process. The selling price and the commission effect how long the house will be on the market also the area in Richland, Kennewick or Pasco will also affect the resale value. The seller (home owner) must make the final decision about what price they are willing to sell their home for. Although, the selling agent will make a strong recommendation on a good selling price that most home owners will follow.
After the house is listed on the market home buyers will be able to see the newest house that is available on the market. A buyers agent is going to see if the house is a good buy for their customer and they are going to see the amount of commission the sellers have offered the agent for bringing a qualified buyer. The normal contract structure will have a 6 percent commission with a 3 percent split between the agents.
A typical offer in Tri Cities will be for the seller to pay for the buyers closing cost. Therefore, it is common for a buyer to lose up to 10 percent of a home sale profit in closing cost. This is created by the 6 percent in agent fees, 1.78 percent in excise tax and the 3 percent in the buyers closing cost. There are also other smaller fees that are included that the seller has to pay at closing.
The buyer has to worry about their down payment, appraisal and inspection fees. These all have different cost but the normal down payment that a buyer is required to put down is 3.5percent for a FHA home loan and 5 percent for a conventional home loan. If the buyer is using a VA home loan then they get 0 down payment benefit. The buyer must talk with a lender to see what their good faith estimate will look like before they put in an offer. This way they will have a chance to get pre approved and know what price of a home they should buy. Also, owner occupied rules apply to down payments and interest rates always change so talking over the details with a lender is the best first step for a home buyer to take.
It is common for a Realtor to find ways to help clients sell their home. Therefore, don't be afraid to tell a Realtor what the payoff is of your home and see if a reduced rate will work for you. I offer discounts to clients whenever I see the need to make the deal go work for everybody.
After the house is listed on the market home buyers will be able to see the newest house that is available on the market. A buyers agent is going to see if the house is a good buy for their customer and they are going to see the amount of commission the sellers have offered the agent for bringing a qualified buyer. The normal contract structure will have a 6 percent commission with a 3 percent split between the agents.
A typical offer in Tri Cities will be for the seller to pay for the buyers closing cost. Therefore, it is common for a buyer to lose up to 10 percent of a home sale profit in closing cost. This is created by the 6 percent in agent fees, 1.78 percent in excise tax and the 3 percent in the buyers closing cost. There are also other smaller fees that are included that the seller has to pay at closing.
The buyer has to worry about their down payment, appraisal and inspection fees. These all have different cost but the normal down payment that a buyer is required to put down is 3.5percent for a FHA home loan and 5 percent for a conventional home loan. If the buyer is using a VA home loan then they get 0 down payment benefit. The buyer must talk with a lender to see what their good faith estimate will look like before they put in an offer. This way they will have a chance to get pre approved and know what price of a home they should buy. Also, owner occupied rules apply to down payments and interest rates always change so talking over the details with a lender is the best first step for a home buyer to take.
It is common for a Realtor to find ways to help clients sell their home. Therefore, don't be afraid to tell a Realtor what the payoff is of your home and see if a reduced rate will work for you. I offer discounts to clients whenever I see the need to make the deal go work for everybody.
Saturday, February 12, 2011
Sunday, February 6, 2011
Saturday, February 5, 2011
what? this made it on the market in an add?
Wednesday, February 2, 2011
Real Estate Office
What is the best Real Estate office to work for and why? I have always been under the impression that it does not matter what office you work for but rather how well you work within that office?
Wednesday, January 26, 2011
Technology
How has technology changed Real Estate?
It seems like 90% of Real Estate transaction can be handled over the internet. When you get into Real Estate some of the old school brokers teach you that you get listings by knocking on doors and mailing flyers out to possible sellers. However, it seems that the best way to get new clients is to offer them tools on the internet that they can use to help them research their own projects. For Example, since I added a MLS RSS feed to my web page I capture around 3 or 4 leads per day from home buyers who use my web page to look for a home. When they see a home they like they save the listing and I am alterted that a home buyer found a home they like.
The same is true for people selling their home. Most clients use the internet to research Realtors and they like to look at what homes you have sold and they want to hire the best Realtor to sell thier home. By having a well built web page clients can research who you are and what you do.
I still use the phonebook and magazines to advertise since they are good tools to have incase a client has a diffrent search method. However, these methods are expensive and I think they get less view then the cheaper methods get.
As an agent do you think Technology is making being a realtor better?
It seems like 90% of Real Estate transaction can be handled over the internet. When you get into Real Estate some of the old school brokers teach you that you get listings by knocking on doors and mailing flyers out to possible sellers. However, it seems that the best way to get new clients is to offer them tools on the internet that they can use to help them research their own projects. For Example, since I added a MLS RSS feed to my web page I capture around 3 or 4 leads per day from home buyers who use my web page to look for a home. When they see a home they like they save the listing and I am alterted that a home buyer found a home they like.
The same is true for people selling their home. Most clients use the internet to research Realtors and they like to look at what homes you have sold and they want to hire the best Realtor to sell thier home. By having a well built web page clients can research who you are and what you do.
I still use the phonebook and magazines to advertise since they are good tools to have incase a client has a diffrent search method. However, these methods are expensive and I think they get less view then the cheaper methods get.
As an agent do you think Technology is making being a realtor better?
Selling your home tips!
People all have there own opinions about the best way to sell your home. Some people like to leave their house vacant and stage the home, others like to stay in their home and allow Realtors to show their home when convenient. Unless you have to move out out of town I would suggest waiting to move into your new home until your house sells. I would recommend that you get a storage unit and eliminate all of the personal clutter in your home. I would also suggest that you start looking for your next home. As Realtors we can put an offer in on a house you like with an addendum that states the offer is upon the condition that your home sells. We can time everything out so when you get a buyer for your home you are ready to move and you will have a better idea for a closing date.
Saturday, January 22, 2011
Home Loans
It seems like lending fraud is all over in the news. Lying to a bank and buying an investment property with an FHA loan is a big deal. People are signing owner occupied FHA clauses so they can get a loan for 3.5% instead of paying 20% down on their loan.
Thursday, January 20, 2011
How To Market Your Business on the internet!
The internet has changed the way that people shop for merchandise. It does not matter if you are selling perishable products such as food or even houses. If you do not advertise and sell on the internet then you are not taking advantage of all of your resources to reach new clients. In the Real Estate profession we have used the internet to help home buyers find their dream home without having to leave their living room. Instead of driving around town for hours looking at houses home buyers can sign up for Quick Search and search every house on the market from their home. Realtors have mastered online marketing to keep up with changing times. Therefore, many of us will post virtual tours that can be viewed from Quick Search. About 90% of a Real Estate transaction can be handled through e mail, fax or phone calls. The other 10 % requires inspecting homes and tours of homes.
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