PWAR Articles
ACHIEVING SUCCESS THROUGH GIVING
By Jennifer Heyns
You have to spend money to make money.
You have to give in order to receive.
There’s no such thing as a free lunch.
Any of that sound familiar? In a round about way all of those common phrases allude to the fact that you have to be willing to give and be generous in order to find your own success and happiness. Late fall and early winter are usually the time of year when charities shine; around the holidays people’s hearts are a bit more generous; but charity and generosity are supposed to be a year-round thing. Donating time and money to good causes are a personal choice and we tend to stick close to the organizations that have special meaning to ourselves and our families, but giving can be a perpetual and professional action as well.
According to the National Association of REALTORS, “When real estate companies give back to their communities, they gain good public relations, and the individuals who participate gain a sense of well-being.”
“It goes along with the Golden Rule,” said Theresa Boyles of Century 21 Stackhouse & Associates, “and sometimes there’s no plan for giving, it can just be a reaction to a need that springs up in the community. You have to be willing to step up to the plate when that need presents itself.”
Boyles who was a Top Producer last year and several previous years believes in giving to groups that she’s already involved in, such as donating money to support a friend walking in Relay for Life and supporting local schools.
“You give whatever gift you have,” she advised, “sometimes it’s time, sometimes talent and sometimes treasure.”
Randy Walls, Top Producer at Re/Max Olympic noted that giving accomplishes two things simultaneously:
“It makes the community a better place to live in and makes it more attractive to people who are considering moving here and at the same time it gets you involved and sometimes people remember you for what you did and bring business to you because of it.”
Walls along with his business partner and wife, Sandra, recently donated a server to a local high school to use for their clubs and academic curriculum so that they would have adequate resources independent of the county’s server, which can be slow and inefficient at times.
“It’s just good neighborhood policy,” said Teresa Maloney of Coldwell Banker Residential Brokerage who achieved the level of the 30 Million Dollar Club in 2007, “to give back to the community from whence the business came.”
Maloney regularly donates funds to support local youth sports, community schools and PTOs and spent a year volunteering with the Prince William County Library System as a co-chairperson for fundraising.
“It really comes back to you 10-fold,” Maloney admitted, “there are so many wonderful people and organizations who just couldn’t survive without the gifts of others.”
If you are considering spending more of your own time, talent or treasure on local organizations who need help NAR suggests getting involved in local service clubs like Rotary or Lions Club, contact local schools, scouting clubs and youth sports leagues to see what they need, find out about possible local Habitat for Humanity projects or volunteer to be on the board of a nearby civic, environmental or educational organization. For more ideas check out the Good Neighbors Tool Kit.
Temporary Directional Signs in Manassas
Please note the rules regarding putting up temporary directional signs in the City of Manassas.
Download the City of Manassas Temporary Directional Sign Agreement
Summary of Changes to Virginia Real Estate Board Regulations Effective April 1, 2008
See PWAR's New Building Rental Agreement
The Virginia Association of REALTORS finds the Ideal Route for members and the public
The Virginia Association of REALTORS has launched an ideal routing tool for its 37,000 members and for use by the general public. This tool, www.idealroute.com, gives REALTORS or any users the ability to plug an unlimited number of addresses into the online tool, and it will then calculate the optimal route for showing the homes. The optimal route can be printed out for use while driving to see the properties.BUSY AS A BUYER
By Jennifer Heyns
With more properties in the real estate inventory than there are buyers there is the potential for purchasers to view a myriad of listings, running their agents ragged. Perhaps it’s a problem for the indecisive – too many choices causing an inability to choose. As an agent it’s up to you to steer your buyers in the right direction and keep them from a viewing overload.The best way to narrow down the listings is to start out by gathering the right information from them up front. Ask about what they are looking for, what they want to pay, where they want to be as well as their likes and dislikes regarding house and property features.
“I have a list of questions that I have my buyers answer, then I do a search based on what they have told me,” offered Janet Rehanek of Long & Foster.
The buyer’s personal criteria are not the only factors to consider when looking for appropriate listings, you will also need to take into account their financial status.
“I try to get my buyers pre-approved as quickly as possible to help them narrow down the price range of the properties they are considering,” said Michael Gorman of Corus Home Realty. “It also helps to prevent buyer disappointments if they discover they cannot afford the properties they’ve already been visiting.”
One thing to be careful of, shared Ashely Leigh of Linton Hall Realtors, don’t give your buyers too much information before they’ve committed to you through a Buyer/Agency Agreement. Once you have an agreement in place Leigh suggests saving driving time by starting out with a virtual viewing first. He gets together with his new buyers and a list of properties he thinks they’ll be interested in. He shows them the listings on-line to get their initial reaction and to better narrow down the properties he’ll need to take them to in person.
Kathy Lunsford of Brio Realty takes a different approach to showing properties to her. Her initial showings are all listings that her customers have selected.
“Once I take them out on that initial trip, I can tell what they are looking for,” said Lunsford.
The next time she takes her buyers out she shows them the properties she thinks will suit them based on the preferences they expressed verbally coupled with her observations from the listings they chose previously.
As far as timesaving goes, Lunsford is right up front with her buyers, letting them know that they can’t hurt her feelings by rejecting a house after they pull into the driveway. She believes her buyers are happier when they waste less time looking at listings they know won’t please them and advises them to tell her it’s a “no” as soon as they realize it whether it’s in the driveway or in the entryway.
“Also I try to preview homes to keep up to date with what is on the market,” said Lunsford, “this way I can give feedback to clients and tell them before I take them out if the house is a yea or a nay.”
Some buyers will feel the need to see a legion of properties before putting down a contract no matter what you do. In general, though, you will be able to guide your buyers into a speedier selection by becoming more familiar with the current marketplace and the available inventory as well as by gathering as much data from your buyer as possible.
New Residential Disclosure Form For Virginia
DPOR has released a new Disclosure Form that goes into effect on January 1, 2008. You can
download the form to be printed off as needed.
Virginia Residential Disclosure Form in Effect January 1, 2008
REALTOR Day on the Hill February 13, 2008
PWAR is taking you to Richmond! REALTOR® Day on The Hill is a day for REALTORS® to look legislators in the eyes and give them the message that REALTORS® care. By showing up in a group we can give our legislators the message that we are watching and we care about the real estate industry.
There are several important legislative initiatives that we will be tracking and we need your presence.
Free Lunch and Reception
Bring a friend
Bus Pick Up Has Been Cancelled
If you would like to attend you must provide your own transportation
Meet at the:
Omni Richmond Hotel
100 South 12th Street
Richmond, VA 23219
(804) 344-7000
Schedule of Day Events
8:15 - 9:15 Legislative Briefing
Get an update on VAR's legislative issues prior to visits with your legislator.
9:30-11:30 One-on-One Hill Visits
Live the life of a lobbyist for a day. Let your legislators know that REALTORS from home are watching.
12:00-2:00 p.m. RPAC/Day on the Hill Lunch
After a busy morning on Capitol Hill, join us for lunch featuring 2007 RPAC Awards, the 2008 Campaign Kickoff and a special invited guest.
6:00-8:00 p.m. Legislative Reception
Enjoy some face-to-face time with your hometown legislators in a relaxed setting. Transportation to the Jefferson Hotel will be provided.
LOOKING AT REAL ESTATE IN A DIFFERENT LIGHT
By Jennifer Heyns
Many REALTORS have been discouraged by recent trends in the market; too many houses are for sale at prices that may be too high, too few buyers are looking for homes and banks are being too stringent on qualifying mortgagees. Maybe it’s time to look at real estate in a different light.Consider selling real estate to your best customer – you. Investment properties are a great way to increase wealth in the long term. As an agent or broker, you’ve come to realize certain things that maybe you can’t convince your buyers and sellers – the market is cyclical, it always comes back and even in what appears to be a “down market” real estate always appreciates over time.
What is advisable for the stock market also holds true of real estate: buy low and sell high. Investing in real estate can be great in the short-term if you know that the market will turn around quickly and you have experience in flipping houses, but if properly planned can be a better long-term investment.
Prince William County is quickly rising as a place of interest for large corporations and governmental agencies. The FBI, George Mason University and local police force are currently expanding here, just to name a few. These developments encourage new jobs, which will, in turn, create a market of new home buyers and renters as well as making way for new businesses that will want to service these new local residents and workers.
Both commercial and residential real estate will benefit from developments like these, as will their investors. Realtors are already on the inside track to such investments and can easily locate and research appropriate properties and have a large list of contacts that can help facilitate an investment plan including appraisers, lenders, property management agencies, and contractors.
Investing in real estate must be well-planned, organized and thought out in order to be successful. You need to find out the asking price of the property and what the seller is willing to take (if that can be determined ahead of time), annual taxes on the property, potential rental income, maintenance costs, utility costs and what a rental agency will charge, if you plan to hire one. You will also need to determine who you will be renting to and how likely you will be to find such a lessee in this area. Be prepared to shoulder the costs of the property until your renter can be found.
If you are investing in residential real estate, try to keep in contact with the businesses and agencies building in the county to let them know that you have a property for rent. They may be able to spread word of your rental to their employees or even decide to rent it themselves as a perk for one of their managers or directors.
Being involved in real estate from both sides of the table has many benefits. Not only are you listing properties for clients, you are gaining experience as an investor as well. It’s an opportunity to become more deeply involved in the local market and a chance to gain additional knowledge and long-term income. It also shows your clients dedication to your career – they will know that you truly believe in the local market when they see that you, too, have invested here.
Read VAR's Rookie Report
VAR has posted a helpful resource for newer agent's. Read the report here: VAR Rookie Report
LOOKING FOR LOANS IN ALL THE RIGHT PLACES
By Jennifer Heyns
The current marketplace is seeing a unique problem. Although the number of buyers seeking new homes has increased, sales are still in a slump due to the difficulty many buyers are having getting approved for loans.You’re not specifically in the mortgage business, however sometimes lending assistance for buyers can mean the difference between making a sale and not. There are many ways in which you can assist buyers in helping to obtain a loan.
The first thing that can be invaluable is to advise buyers to seek pre-approval and lock in a rate prior to shopping for a home. By doing this, your buyer knows what they qualify for, and that they have a serious and committed lender and are protected from rate hikes while they are house shopping.
Buyers will need to be prepared to spend time in locating a reputable lending institution and researching the differences in loans that are available. You can assist them in this by recommending lenders some of your previous buyers have had success with. Also, arm them with some basic knowledge of what they can expect of a good mortgage. Have a list prepared of the types of fees they can expect to pay in addition to the loan (i.e. appraisal fee, processing fee, credit evaluation fee, etc.) and what they should expect to pay for those fees.
One good tool you can give buyers is a mortgage checklist – a bank of questions they can ask of each lender and jot down the responses they get for each. Examples of questions are:
- Are any of your rates, terms, fees or closing costs negotiable?
- What types of insurance do you require and are they included in the loan?
- Who will service the loan?
- What escrow requirements do you have?
- How long is your loan lock-in period?
- How long will it take to close the loan?
- Are there any prepayment penalties?
Once they have selected the lender they plan to apply for a mortgage with you can help them speed up the process by making sure they have all the documentation the lender will be looking for like W-2s, liabilities information, bank and other savings information, tax returns and profit and loss statements if self-employed.
Loans can also be expedited by helping the appraiser. By having the MLS listings of two or three comparable homes that have sold in the past 6 months ready for the appraiser you can save that person research time and possibly gain favor.
As a seller’s agent one of the best ways you can help is to have important information on your property fact sheet. Include the following: financial information on mortgage payments buyers can expect if they pay the asking price and all mortgage fees and closing costs, last year’s real estate taxes, a legal description of the property and examples of insurance rates for the property.
In helping your buyer attain a good mortgage you not only help yourself to a sale, you also become someone those buyers will remember favorably, which can come back to you in terms of referrals or repeat business.
GADGETS FOR ON THE GO
By Jennifer Heyns
In keeping with the rest of the world, REALTORS are also spending more and more time in their vehicles creating a need for traveling technology. Life flows much more easily when everything you need to see and do can be created, viewed, downloaded and printed from wherever you are – which is rarely in the office.So many new gadgets, gizmos and devices are flooding the marketplace and many of them are valuable tools that can make a realtor’s life easier, if not more productive.
One of the most important things a realtor can bring along with them is a SmartPhone or a laptop computer. Either of these can allow a realtor to be in touch with basically the whole world from any location. These devices feature Internet use, email systems, document creation and viewing, calendars and organization assistance and more. You can bring the MLS to your clients, check out comps from a listing location, email listing agents for information or to make on-the-spot offers in writing and get directions to another listing your client mentions at the last minute.
To enhance these technologies you can invest in a portable printer that will interact with SmartPhones, laptops and some cell phones so you can download and print documents without having to head back to the office. This is also a handy tool for printing out flyers and other marketing tools while you are out and about to hand out to prospective clients.
Much simpler, but just as important for realtors to have at their fingertips is a digital camera. Even the most elementary digital camera can take excellent photos (especially when coupled with photo shop software). This can allow you to take your own photos of listings for clients when MLS photos aren’t available or may not show a particular feature. You may also need it to create your own virtual tours or to be able to give a better impression of a raw piece of land to prospective buyers.
Ever see billboards or large signs around town with other realtors’ faces on them and wish you had that type of marketing budget? Innovation has found a way for your own vehicle to become your roving billboard. Not only can you purchase decals for your car, customize the paint job or slap a magnet on the door – now you can invest in a digital scrolling marquis for the back window. You can set your own messages and they will attract attention to you and your business wherever you go. You can advertise yourself or announce an open house – you could even conceivably place it in the window of a listed property for added attention.
The last thing you want to do is apologize to your client and tell them that you’ll have to get back to them after you return to the office. In today’s world we have become accustomed to instant service and gratification and you really must keep up the pace for your clients’ satisfaction. Of course you don’t want to try to impress them with your gadgetry only to fail to use them properly. If you choose to invest in new technology, ask the salesperson many questions, get a demonstration when possible and practice using the device often before having to perform in front of your clients.
Endorsed Candidates
Here is the list of RPAC endorsed candidates for our jurisdiction. Please consider voting for these candidates on November 6th. They represent public policy makers who understand the importance of a vibrant real estate market and healthy local economy. Please remember that we evaluated candidates based on their positions on real estate only. If you encounter anyone who is concerned with our choices, please feel free to have them contact Denise Roosendaal, email Denise or (703) 368-8177.Absentee Ballot Information
Register to Vote/General Information
Senator Charles Colgan – District 29 www.colganforsenate.orga
Delegate Scott Lingamfelter – District 31 www.va31st.com
Candidate Bruce Roemmelt – Distric 13 www.electroemmelt.org
Delegate Jackson Miller – District 50 www.delegatemiller.com
Candidate Paul Nichols – District 51 www.paulnicholsfordelegate.com
Candidate Chris Brown – District 52 www.brownfordelegate.com
Candidate Sharon Pandak – Candidate for Chairman of County Supervisors www.sharonpandak.com
Candidate Lucy Beauchamp - Candidate for Clerk of Court lucy4clerk.com
Congratulations to President Minnery
PWAR members should be very proud of the recent accomplishment of President Michael Minnery who won a seat (one of nine) on the Virginia Association of REALTORS® Policy Board. This body is the governing body of the state association. In order to win his seat, in a very well-qualified pool of twelve candidates, Minnery had to be interviewed for 12 minutes in the presence of the Delegate Body as well as make a 3 minute speech. His term is for 3 years. Congratulations Mike!
Letter from VAR regarding HOA Woes
October 10, 2007
Over the past several months, many of you have told us that you, your agents and their clients face problems on a seemingly daily basis with property owners' associations (POAs), condominium owners' associations (COAs), home owners' associations (HOAs) and, in some cases, their management companies. Your concerns have focused on these associations' responses to new regulations increasing statutory caps on fees for production of association and condominium packets.
Last year, VAR agreed to an increase of up to 325 percent in the amount associations could charge for resale certificates and packets after assurances from the association management industry that such an increase was both justified and sufficient.
Reports of these organizations levying excessive charges and exhibiting outrageous behavior have reached a fever pitch from our members. Some of those reports have included:
- incidents in which sellers have been told the packets are good for only 30 days,
- management company threats to prevent closing if assessments owed by the seller are not paid at closing,
- and a Website-advertised price for packets less than half the actual price charged.
- VAR immediately responded to your concerns. We communicated your frustrations and our concern about this situation in phone calls and letters to targeted representatives of the POA, COA and HOA community. A letter sent to representatives of the POA industry in September is an example of how we are addressing these disturbing issues. As a result of this letter and other VAR efforts, representatives of the POA, COA and HOA industry have requested a meeting with VAR to hear more about your concerns and possibly identify ways to improve the situation. We will meet with them October 29th.
Please e-mail us at VAR Public Policy with specific details of objectionable fees and practices. As the meeting date has been set for October 29th, time is of the essence: Please reply by 5 p.m. on October 22nd. This is our best opportunity to tell leaders in this industry about objectionable practices.
Your identity will held in the highest confidence. We recognize that these are sensitive issues and that you may suffer consequences if your grievance somehow finds its way back to the owners' association. To protect you, VAR will omit anything in your communications that might identify you, your company or its agents.
This feedback is critical to our campaign to address your issues. Please share this request with your agents via e-mail, your sales meetings and/or any other venue.
Thank you for your cooperation and attention to this situation. Please contact VAR Public Policy with questions.
Congratulations to Cindy Stackhouse
Cindy was recently elected by the Virginia Association of REALTOR® Policy Board as the new Vice President. This voluntary, and newly created, one year position represents an additional member of the Leadership Team. Mrs. Stackhouse, broker/owner of Century 21 Stackhouse, is also serving as PWAR’s current President-Elect and will serve as President in 2008.
“This is a great honor and victory for PWAR and President-Elect Stackhouse. She will serve us well at VAR,” stated CEO Roosendaal.
“I’m so excited to be serving my fellow REALTORS® in this important new position. I look forward to representing Prince William and the State in a way that meaningful and productive,” said Stackhouse.
If you would like to offer your own congratulatory message, feel free to email her at c21Cindys@aol.com
GUILT-FREE SUMMER VACATIONS
By Jennifer Heyns
Everyone deserves a vacation every now and then. The problem is how can you be sure your clients will be taken care of while you’re gone without you spending your vacation working or worrying? The answer is to plan ahead and tie up as many loose ends before you go as possible.One of the best ways to ensure you can relax when you go out of town is to have a vacation plan in tact. Choose one or two of your most trust-worthy colleagues and set up a reciprocating strategy. This person needs to be someone who shares your work ethic; someone you know will give the same care and attention to your customers that you do. Give your vacation plan partner a few weeks’ notice before you leave town and let them know of any business events you have on your calendar for the time you’ll be away (it would be best to plan your trip for a week when your calendar is least full). Ask this person to scan your emails and delete any Spam or junk mail at the very least and to respond to important messages if possible. Your associate can also follow up on any new leads you receive while away with the understanding that they are still YOUR leads.
There is one catch; however, you have to be willing to do all of this for that colleague when they take their vacation. If your partner isn’t prone to taking vacations or has made other arrangements for their absences then you may want to consider paying them an hourly rate for taking care of your business for you.
You will also want to change your correspondence messages to inform people trying to reach you that you will be unavailable for a while. Be sure to give them the dates of your absence and the contact info for your partner for immediate assistance. This applies to voice mail as well as automatic “out of office” email notifications.
What you don’t want to do is create a situation where someone has to do too much for you while your gone (causing them to not repeat the favor next time) or to leave too much for yourself to do when you return (causing you to stress out when you get back and never take another vacation).
With this in mind, a couple of weeks before your vacation make a list of the tasks that you must complete before leaving town and another list of things you’d like to accomplish. This gives you plenty of time to lighten your load before your vacation. On the list of must-dos you should add contacting clients who are under contract to ensure that they and their bank, settlement agent, etc. have everything they need to keep moving forward while you are gone and that they are aware of your impending absence. You should give them a good idea of when you will be available to close. Be willing to help them speed things up to close before you leave or prepare them for holding off until you return as closings really should be done with you personally and not someone you’ve delegated to.
If you stick to your vacation plan, you should be able to trust that things will run smoothly while you are away. You’ve worked hard; you deserve this vacation, go with confidence and enjoy!