By Brooke Wolford
Most have us have been hearing lately that prices have hit bottom. If you are like me, you are almost scared to say it. I say it quietly, so if I am wrong, maybe nobody will hear me.
Many of us have been nervous to say anything. Looking back over the past several years, how many times did we hear “it will happen”? Then some statistic would come out that would shoot that idea completely out of the water.
What I can say is this: My average sale price in 2011 was around $90K. I had many buyers looking at homes in this general price range. I still do in 2012. What is different in my market this year is that I have hardly any inventory to show them. Just today I looked on behalf of a client seeking a single family home under $100K. In the city they were looking, only six out of 42 listings were not pending or contingent. If you are lucky enough to get your clients to offer on one of the few properties left, you end up in multiple offers.
I am a believer in numbers. To me, they do not lie. In my four years as an agent, I have never seen it like this. I can’t speak for every market, but I am feelin’ it here in Minneapolis/St. Paul.
If the conditions are similar in your market, get the word out. It’s time to sell! The time has never been better to go after those listings. Please! I need some more houses to show my buyers!
Brooke Wolford is a real estate practitioner with Coldwell Banker Burnet in Woodbury, Minn. Follow her blog at adventuresinrookierealestate.com.
By Jared James
In my last post I spoke about goal setting, and what we actually have to focus on in order to never set goals that we don’t meet again. I have received responses from many of you who feel that you have everything in order, and yet you still don’t seem to be getting what you want out of your business or life. Many times this is because we still have “inner conflicts” that have yet to be resolved. Watch the video below to see what I mean.
Jared James is the CEO and founder of Jared James Enterprises (JJE) and travels around North America speaking to and coaching REALTORS®. Connect with Jared at www.jaredjamestoday.com, on facebook.com/jaredjamestoday, or follow him on Twitter @jaredjamestoday.
By Rob Reuter, YPN Manager
It’s official: 2012 has kicked into full gear. If you haven’t already, now is the time to start your business planning. Elizabeth Mendenhall, 2012 chair of NAR’s Strategic Planning Committee, recently asked YPN members what kind of statistics they consider when forming their annual business plan. From my former selling days, I focused mainly on two statistics:
- Absorption Rate: Focus marketing in areas/neighborhoods/price ranges that have high turnover rates and low time on the market.
- Frequency of Income-Producing Activities: Where does my business come from and how much time/energy do I put in these areas?
Several other YPN members have great ideas as well:
Dollars/Hour Earned (Brian Copeland): How much are you earning per hour? Take your gross annual income and divide it by the number of hours you worked. Increasing this number means you are making more and working less!
Months Supply/Inventory (Nobu Hata): Communicating this information to the consumer effectively will help ensure more accurate pricing.
80/20 Rule (Tiffany Curry & Kate Koplinka): Are you part of the minority doing the majority of the business?
Market Share (Lena Williams): Increase the percentage of your market share if geographical farming is part of your plan.
Average Sales Price (Kenny Parcell): Continue reading »
By Cory Brewer
Having a buddy who is a handyman, or a friend of a friend who paints in their spare time, is great…but trying to save a quick buck or two now could cost you, your brokerage, and your client a lot more down the road.
When prepping a home for the market or making inspection repairs, thoughtful consideration must be given to those who are hired to do the work. Movers, stagers, plumbers — they all fall into this category.
One recent example from my brokerage where this comes into play: A vendor was brought in to do some cleanup work in a top-floor condo unit of a multi-story building. Oops…he stepped on and broke sprinkler pipe up in the attic/roof space and damaged not only the unit he was working on, but the two units below as the water leak went wild. The insurance claim reached six figures and involved multiple home owners. Our brokerage policy is to only use vendors who are properly insured…and this is exactly why. This particular vendor came forward and processed the claim through his insurance.
Hiring someone on the cheap may sound good at first – especially when on a budget – but the time and money it costs to fix something that wasn’t done right the first time can really add up. Scrutinize your vendors and make sure that they will stand behind their work. If anything goes awry, your clients will thank you for recommending the right people to work with.
Cory Brewer is a REALTOR® in the Seattle area and Operations Manager at Windermere Property Management / LGA in Bellevue. Connect with Cory at www.wpmnorthwest.com.