Friday, December 31, 2010

2011: It is Yours to Own

This was my “call to action” for my agents for 2011.  Read it if you want to.  Read it if you are thinking about a career in real estate.  Read it if you want to know what makes EXIT agents different than others.

Wow!  I am tired, but excited about 2011.  Over the past 5 weeks, I have set down with close to 40  of you to discuss your business plan for 2011.  Each of you have a plan of action to take you to your lifestyle goals for 2011, and there is nothing standing in your way to reach the opportunities available to each of you in the new year….except for yourself.  No one, nor anything, whether the economy, unemployment, Congress, The President, rising interest rates, competition, friends, or family can keep you from having a very successful 2011.  For everyone of you when I asked what was standing in your way, do you need more training, more resources, more mentoring???…..the only answer I received was ‘MYSELF’.  It happens to all of us.  WE get in our own way.  WE don’t do what we are trained to do.  WE don’t prospect on a daily basis.  WE don’t develop a plan and stick to it.  WE make excuses.  WE allow distractions.  WE get tired.  WE get depressed.  WE become a secret agent. WE focus on the negative.  WE don’t hold ourselves accountable.  WE don’t manage our time.  WE question authority.

 

Stop focusing on the limitations and reach for the opportunities!

Did you know that 2010 was the worst real estate year since 1997?!  What does that mean?  Those of you still standing….MADE IT!  It will only get better and easier from here.  The transactions are out there, people will still be buying and selling.  There will always be job transfers, babies being born, family members passing, marriages, divorces, and graduating kids.  There will definitely be short sales and foreclosures, and first time homebuyers (did you realize that 50% of the transactions across country, this year, were first time home buyers?).  Just like in 2010, those who make the effort to find these people will make the transactions.  If each of us reached our annual goals, EXIT Realty Deaton Group would be in the elite group of top producing firms in Arkansas!  We are capable!

Now that interest rates have risen, buyers should realize, and you should tell them, they missed the bottom.  It happened sometime in October 2010, and rates will continue to increase but they will stay at rates that are historically extremely low.  Inventory is high so buyers have choices, prices are stable but increasing slightly, deals are available, and interest rates are low.  Investors should invest and renters should buy.  Reports still show that the number one reason to buy a house is for the simple desire to own a home.  Go help our community fulfill their dreams. 

I have confidence in each of you that you possess the skills and the resources to provide the professionalism our market needs.  There are no better agents than you!  Guaranteed!  You have the tools, the training, the plan, and the resources to help our market “invest in real estate”.  But they aren’t going to come looking for you.  “Go Play in Someone Else’s Sandbox!”  Go to where the clients are. 

Communicate to your center of influence are a consistent basis.  They are your personal sales team.  Educate them about your services.  Show them your value.  Ask them for referrals.  If you are not using EXIT’s Promo Shop, then you are LOSING money every month!  You must use this tool!  If you have not created an official database of everyone you could possibly know, then do it now.  These are your sales people.  Use them.

Identify a specific farming area.  Just like a farmer, you need to work a specific piece of land, nurture it, plant the seed, fertilize it, and sometime in the near future, YOU WILL HAVE A HARVEST!  Provide your farm area an updated market report monthly.  They want to know what their home is worth.  Show them.  Show them you are the neighborhood expert. 

Contact FSBO’s weekly.  These sellers are your future clients, not your competition.  They will list with a REALTOR within the next 3 months.  When they do….it should be you they list with.  Why?  Because they have seen that you are willing to provide a service to them throughout the process.  They will see that you are different!  Do you have a 12 week communication plan?  Check out our dropbox account…now you do.  Work the plan.

Call Expireds daily.  They need your help!  They have a real estate need and it was not met by the previous agent.  Contact them and show them what you can do to satisfy their needs.  You have the tools and the knowledge to sell their home and help them move on to the next chapter in their life. 

Call all the Just Listed and Just Sold your fingers can handle.  This is a gold mine.  Don’t miss this opportunity to have more for sale signs in that neighborhood than anyone else.  Regardless of who listed, or sold, the home…you have the right to inform the neighbors about the new listing or the recent sold.  They want to know.  Neighbors do think about selling their home when someone else in the neighborhood sells.  Make the contacts and you will take the listings.

Hold an Open House every other week.  Not for the satisfaction of the seller, but for the opportunity of finding serious buyers…many who also have a home to sell before they can buy their next home.  Stand out from the crowd and actually tell the surrounding neighbors and the closest feeder market about your open house.  The Saturday before your open house, pass out 25 flyers about the open house to each group.  You will be amazed at the results.  Don’t have your own listing?  Find an EXIT Realty Deaton Group listing and ask the listing agent for permission.  They would be glad for you do it.  Sometimes the house actually does sell from an open house.  Right, Ginger!  If our agents held an open house every other week, think about the exposure EXIT Realty would receive with the amount of signs and flyers being distributed throughout the neighborhoods.  Think that exposure would help you, individually, get that next listing?  They won’t have to ask, “Who is EXIT.”

Two forms you MUST use this year:  Weekly schedule and weekly activity sheet.  Both of these are available for download on our Dropbox site.  Sit down each Sunday afternoon and plan the upcoming week.  Put everything you must do in your schedule and stick to it.  Put your lunch breaks, your church time, little johnny’s baseball game, dinner and most important….your prospecting time.  You do the activity on a consistent basis and there is nothing to hold you back!

As always, I am here to help you grow your individual business.  If you have any questions about any of these techniques, or tools, or strategies, please let me know.  Ignorance is very expensive!

 

Remember the Prayer of Jabez: 

And Jabez called on the God of Israel saying, "Oh, that You would bless me indeed, and enlarge my territory, that Your hand would be with me, and that You would keep me from evil, that I may not cause pain." So God granted him what he requested.

I Chronicles 4:10 NKJV

The prayer is composed of four parts. First, Jabez asks God to bless him. Second, he asks God to enlarge his territory or increase his responsibility. Third, he prays that God will be with him and stay close. Lastly, Jabez asks that God keep him from harm so that he will be free from pain.

2011 is going to be awesome!  Come take an exciting ride with me and lets have some fun!

Posted via email from Deaton's posterous

Wednesday, December 29, 2010

2011: The Year a House Again Becomes a Home

For almost a decade now, every time we talked about real estate we immediately discussed money. That will change in 2011.  We didn’t talk about the value of a home but instead about the price of the house. We didn’t worry about a roof over our heads but instead the ceiling on our interest rate. We didn’t care as much about where we raised our family as we cared about how much we increased our family’s net worth.

That will change in 2011. The KCM Crew believes very strongly that real estate will return to what it has been for the 200+ year history of this country: a place for us and our families to live comfortably. It will also prove to be a great long term investment as it always has been.

Our parents and our grandparents didn’t buy their homes as a short term financial investment. They bought it so they had a place of their own to come home to at the end of the day; a place to raise their family; a place they could feel safe.  Sure they dreamed of a ‘mortgage-burning’ party. They realized it was a form of forced savings. They were taught that, if they paid their mortgage every month, they would wind up with a little retirement account decades later.

And, they realized that wouldn’t happen if they rented.

However, in the last decade, we somehow forgot that the financial aspect was the serendipity not the major reason to buy. We believe that 2011 will be the year that people return to the historic reasons families purchased a home. This is the year when we again remember that homeownership is a major part of the American Dream.

What about the challenges to a housing recovery? Let’s look at them.

The Economy

Most reports are showing that the economy is doing better than expected. This shopping season provided additional proof of this point. As the economy recovers, so will consumer confidence. This will be great news for housing.

Unemployment

There is much talk about a ‘jobless recovery’. We agree that unemployment will continue to be a challenge. However, when you talk about housing, it is not the unemployment rate that is all telling. Instead, it is the change in the rate. As unemployment skyrocketed, people started to worry about their own job. Any change creates concern. Unabated concern turns to fear. Fear causes paralysis. The spike in unemployment has plateaued. People no longer have the feeling that ‘they are next’. The fear will diminish and people will start moving on with their lives. This too will be great news for housing.

Interest Rates

It seems the bottomless pit in which rates have been falling does have a floor after all. And it seems we have found it. Those purchasers who had been waiting for the best interest rate may have already missed it.

Prices

Economists are projecting that prices will not see any appreciation in 2011. Sellers who had been waiting for 2006 to return will come to the realization that waiting any longer makes little sense. They will instead decide to get on with their lives and sell this year.

Prices probably will soften further. However, the possible savings to potential buyers will be minimized by a rise in interest rates.

Bottom Line

This is the year that normalcy returns to real estate. People will buy and sell based on the desire for a better life for themselves and their families. They will realize that is the true value of homeownership and they will be willing to pay for that value.

by The KCM Crew on December 29, 2010

Posted via email from Deaton's posterous

2011: The Year a House Again Becomes a Home

soften further. However, the possible savings to potential buyers will be minimized by a rise in interest rates. Bottom Line This is the year that normalcy returns to real estate. People will buy and sell based on the desire for a better life for themselves and their families. They will realize that is the true value of homeownership and they will be willing to pay for that value.

Posted via email from Deaton's posterous

Tuesday, December 28, 2010

Economic and Housing Outlooks Brighten for 2011

RISMEDIA, December 28, 2010—Improvements in consumer spending and consumer confidence, increased demand for goods and services, and falling unemployment claims are all positive factors for a brighter outlook as we move into 2011, according to the December 2010 Economic Outlook released today by Fannie Mae’s (OTC Bulletin Board: FNMA) Economics & Mortgage Market Analysis Group. Downside risks still exist, however, including a weaker than expected employment report, the ongoing economic turmoil in Europe, and potential inflation problems in China.

For 2011, forecasted growth was upgraded from 2.9 percent to 3.4 percent based on the positives in the recent reports. The forecast anticipates improving labor market conditions, despite the huge disappointment from the November employment report. The housing recovery should gain momentum going into 2011 if the expected stronger labor market materializes.

“Despite rising mortgage rates, our forecast for home sales is stronger than the previous forecast, given our brighter economic growth and labor market outlook,” said Fannie Mae Chief Economist Doug Duncan. “We expect modest increases in home sales, despite recent interest rate rises, due in part to modest additional declines in home prices, and we expect people to take advantage of affordability as their employment and income outlook brightens.”

For an audio synopsis of the December 2010 Economic Outlook, listen to the podcast on the Economics & Mortgage Market Analysis (http://www.fanniemae.com/media/economics/index.jhtml?p=Media&s=Economics+...) site at www.fanniemae.com.

Posted via email from Deaton's posterous

Wednesday, December 22, 2010

EXIT Realty Deaton Group Gives Away a FREE Cruise

Congratulations to LaKesha Crow, Broker with Coldwell Banker RPM, for winning a 5 Day/4 Night Carnival Cruise for Two.  LaKesha was awarded the cruise for bringing a buyer to EXIT Realty’s listing located at 2 Twin Pine in Little Rock.  Broker/Owner Scott Deaton, and his partner, Carnival Cruise Lines, will be providing free cruises throughout 2011 to clients buying, selling, or leasing a home or commercial property.  Give me a call if you are interested in a free cruise!

Posted via email from Deaton's posterous

Friday, December 17, 2010

EXIT Realty Deaton Group Agent of the Month

Goes to Michael Landers!  Congratulations!

Posted via email from Deaton's posterous

EXIT Realty Deaton Group Agent of the Month

Click here to download:
Agent of Month.pub (1258 KB)

Award goes to ……Michael Landers!  Congratulations, Michael

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Rates go up again! Now is the time to buy!

A sudden and unexpectedly quick bounce in Treasury yields has jolted the financial markets — including mortgage rates, which have risen rapidly in response. Freddie Mac puts 30-year home loan interest at an average of 4.83 percent for the week ended Dec. 16, up from a record bottom of 4.17 percent a month ago. Although the rate is still favorable by historical norms, any jump in borrowing costs is certain to pinch housing demand, prevent refinancing, and motivate sellers to reduce asking prices.

Source: The Wall Street Journal, Nick Timiraos and Mark Gongloff (12/17/10)

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Thursday, December 16, 2010

Owners Recoup More with Exterior Home Projects

Thinking of doing some remodeling…check out this info on what brings the greatest return on investment:  http://www.realtor.org/RMODaily.nsf/pages/News2010121601?OpenDocument.

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Monday, December 13, 2010

Sellers: Price to Your Market

In this tough market, price reductions are more acceptable than they used to be.  Check out more about the importance of proper pricing at http://www.realtor.org/RMODaily.nsf/pages/News2010121304?OpenDocument

Posted via email from Deaton's posterous

Friday, December 10, 2010

Advice From a First-Time Homebuyer

See, I told you!

Mortgage Rates Jump to 6-Month High
Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago, Freddie Mac reported.  Also, 15-year fixed loans averaged 3.96 percent, up from 3.81 percent last week; and rates for variable adjustable-rate mortgages floated higher as well.

Source: Los Angeles Times, E. Scott Reckard (12/10/10)

Posted via email from Deaton's posterous

5 Real Estate Predictions for 2011

Freddie Mac analysts point to five features that they believe will likely characterize the 2011 housing and mortgage markets:

1. Low mortgage rates:  relatively low mortgage rates will be a feature of the 2011 mortgage market. Thirty-year fixed-rate loans are likely to remain below 5 percent throughout the year.  Deaton Interpretation:  “This means that the interest rates will actually be climbing now through next year.  If you waited for the bottom on interest rates….YOU MISSED IT!  Looking to buy?  Start now to get the current low interest rates.”

2. Prices have hit bottom. House prices are likely to begin a gradual, but sustained recovery in the second half of 2011. Deaton Interpretation:  “Prices going up.  Cost more to buy the house you want!”

3. Housing will remain affordable. With affordability high, many first-time buyers will be attracted to the housing market in the New Year, likely translating into more home sales in 2011 than in 2010.  Deaton Interpretation:  “Houses were more affordable in 2010.  Where were the first time home buyers?  They disappeared when they didn’t get free money from the government anymore.  I think more buyers will show up due to improved economy and the reality check that they missed the Perfect Storm in 2010 – low prices, high inventory and crazy low interest rates.”

4. Refinances will dwindle. Many eligible borrowers have already refinanced and the federal Making Home Affordable refinance program is expiring on June 30. While fixed-rate loans are likely to remain low, they will move up gradually, making it even less likely that refinances will be attractive to most home owners.  Deaton Interpretation:  “Agreed….because those people who have a mortgage realized that a 3.5% interest rate was MUCH BETTER than the 5%-6% they currently had!  They acted!”

5. Delinquency rates will decline. Based on the last several business cycles, the share of loans that are 90 or more days delinquent or in foreclosure proceedings — known as the "seriously delinquent rate" — generally crests within a year of the start of the recovery in payroll employment, and this economic recovery appears to fit within that pattern. Payrolls began to rise last January, and by the spring the seriously delinquent rate had begun to fall.  Deaton Interpretation:  “Sounds good to me.  Less delinquency = better housing market for all.”

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Wednesday, December 8, 2010

EXIT Realty Deaton Group 2010 in Review

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Monday, December 6, 2010

Friday, December 3, 2010

Thursday, December 2, 2010

Congress - Don't take the Mortgage Interest Deduction away!

According to reports, home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest deduction, an important component in housing affordability,” Lawrence Yun with NAR stated.  “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”  Contact your congressman immediately and tell them not to remove this very popular tax credit.

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Strong Rebound in Pending Home Sales

Pending home sales jumped in October, showing a positive uptrend since bottoming in June, NAR says. The Pending Home Sales Index, a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.


Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts and not closings, which normally occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011,” he said.

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Act Now! To Protect Home Ownership!

Congress thinking about eliminating Mortgage Interest Deduction on your Home!  The Mortgage Interest Deduction (MID) is vital to both home ownership and our economy.  I'm disappointed that anyone in Congress — or on a Presidential Commission — would even suggest limits to the Mortgage Interest Deduction. Mortgage interest has been deductible for nearly 100 years, and the proposed changes will affect all 75 million home owners in the United States. We must act now to make sure the MID is not changed.

Ever since the Deficit Commission announced its conclusions, the news media have been buzzing about the report. And what do they emphasize? Proposals to limit or even eliminate the Mortgage Interest Deduction. I'm concerned because all this does is scare the public — and potential buyers — away from the housing market. The last thing the housing industry needs right now (and for the foreseeable future) is another bucket of ice water to be thrown on the market. People who hear these news reports don't differentiate between a proposal and a done deal. They just know that a tax provision they actually understand and rely on is under siege. This is just unacceptable.

I am asking you to call to your representative's office today to ask him or her to defend the Mortgage Interest Deduction from any cuts or reduction as outlined in the Deficit Commission Report.

This call is important. We need to be clear and draw a line in the sand. While we all support efforts to reduce the deficit, further undermining the critical housing recovery cannot be the price that is paid. Here are some suggested talking points for you to use when you call:

http://www.realtoractioncenter.com/assets/design/images/bullets/arrow-gray.gif I am a constituent. 
http://www.realtoractioncenter.com/assets/design/images/bullets/arrow-gray.gif I can assure you that even talk of changing MID harms an already fragile market.
http://www.realtoractioncenter.com/assets/design/images/bullets/arrow-gray.gif I am strongly opposed to the Deficit Commission's proposal to either limit or eliminate the Mortgage Interest Deduction.
http://www.realtoractioncenter.com/assets/design/images/bullets/arrow-gray.gif News reports saying that Congress threatens to repeal or limit MID will keep potential buyers on the sidelines and further delay the housing recovery.

We must speak loudly and clearly with one voice to ensure the further recovery of our economy and the housing market and educate every legislator about how much Home Ownership Matters. 

Posted via email from Scott's posterous