March 11th, 2010
Posted by tom beno
The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).
Please check out the NAHB website for all the Q&A on this topic.
We should all be writing up more deals between now and the end of April for our clients to take advantage of this offer.
Have a great week!
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March 8th, 2010
Posted by tom beno
From the Dept. of Licensing:
QUESTION & ANSWER
FOR THE NEW 18.85 RCW
March 8, 2010
QUESTION: I have an active license that expires August 5, 2010. This will not be my first active renewal. What continuing education will I have to provide?
ANSWER: A total of 30 clock hours of approved continuing education that MUST include:
· 3 hour Core
· 3 hour Transition Course
QUESTION: I have been inactive for 2 years and my license does not expire until November 1, 2010. What will I have to provide to the department if I activate my license after June 30th 2010?
ANSWER: You will be required to submit a completed application for a real estate license signed by you and your managing broker. In addition, if a fingerprint card has not been submitted to the real estate program within the last 6 years, you must include a completed fingerprint card. The fingerprints can be taken at any law enforcement agency that offers fingerprinting on the department’s card. A $35.25 fee for the department to run the background check must also be included with the completed application.
You will need to contact Real Estate Licensing at (360) 664-6484 to receive the fingerprint card.
Applications to activate a license that are sent without the fingerprint card will be considered incomplete and not processed. Do not fold the fingerprint card or the prints will have to be retaken.
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March 4th, 2010
Posted by tom beno
Real simply, I’m always looking for real estate offices to deliver the Transition Class. So, if you organize a class for me, and get at least 10 people there, I’ll give you your class for free.
The Transition Course is the new 3 hour class required for your first renewal after July 1, 2010. Among other things, it covers the new RCWs and WACs that govern real estate licensees in the state of Washington; new license definitions, educational requirements, duties, responsibilities, etc. This class can be 3 hours of your 30 required for renewal.
My fee for the Transition Class is $25. Organize one in your office and yours is free.
Have a great week!
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March 2nd, 2010
Posted by tom beno
From my friend Steve Rennie at Hammerhouse LLC:
A well-known quote that can help you be more successful is, “It’s not what you know, it’s who you know.” With that said, how can you take your business to the next level by meeting the right people? The answer — networking. By honing your networking skills, you’ll become better at making contacts, gleaning relevant information and using connections to achieve both business and personal goals. After all, when your contacts know, like and trust you, you’ll have the edge in initiating new opportunities.
Learning to network effectively is not new. In fact, one of the definitive guides on the subject dates to 1936 with Dale Carnegie’s “How to Win Friends and Influence People,” which offers simple and timeless advice for getting ahead.
So how can you become a networking superstar?
Embrace the basics — Make a point to smile, listen and actively engage potential contacts in conversation. Sounds obvious, but it works.
Be the expert — People want to do business with the best in business. Do your research, know your market and have answers and options at the ready.
Make effective use of time — Skip the small talk, be direct and specific, and ask questions. You won’t learn if you don’t ask.
Join social networking groups — Interactive networking groups based on occupation, common interest, goals, location, etc., may be joined via chambers of commerce, executive roundtables, industry-specific councils and BIN (Business Networking International), among others.
Go online — Online resources (e.g., LinkedIn, Facebook, Ecademy and Focus, etc.) are ideal because participants already have “opted in” to the process and, like you, are actively seeking contacts.
Think outside the box — You never know where your next lead (and profitable opportunity) may come from. Don’t rule out referrals from outside your area of expertise. In fact, seeking them out can put you ahead of your competitors.
Take an honest look at your networking efforts — Are they bearing fruit? Have you generated leads that resulted in new business? Are you doing all you can to secure new contacts and improve existing relationships? If the answer to these questions is no, then it’s time to reevaluate your approach.
Let me know how this topic IMPACTs your business. Hammerhouse will continue to strive to create value by reporting on the trends and best business practices in our industry. If you want to find out more, give us a call.
Steve Rennie
Hammerhouse LLC
Strategic Growth Partners
Integrity – Value – Results
O: 949.525.9407 | C: 949.466.8623
steve.rennie@teamhammerhouse.net
www.teamhammerhouse.net
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February 26th, 2010
Posted by tom beno
My great friend, Richard Reed, retires today. A skilled craftsman and painter, Richard helped me build my second Pygmy kayak 3 years ago. Pictured above at Lake Sammamish Park is Richard at our first launch of this 14′ beauty. For almost 3 months, he came over to my place almost daily to help build. His skill added a huge amount to how it turned out, and I owe him a lot of thanks for all his efforts.
Here is Richard helping me launch the first time this kayak was in the water. He is a true friend. He turns 66 in a week, and will head south to Arizona later this year for a sunnier winter.
Thanks Richard. We will miss you when you leave.
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February 26th, 2010
Posted by tom beno
I have heard some really creative and productive marketing ideas from agents/brokers recently. If you or someone you know is marketing in a creative way, and would be willing to be interviewed, I would love to write it up and showcase it here on my blog. I will not put it out there without your permission, so please let me know. Please email me with any ideas at tom@thomasjbeno.com . Have a great week!
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February 19th, 2010
Posted by tom beno
Zero-down mortgages are fading as lending rules tighten. If you lack the cash to get into that new home, consider these 12 options along with some buying strategies.
By Bankrate.com
Not long ago, no-down-payment loans were the height of fashion for homebuyers. But now that lenders have tightened their standards, borrowers once again are expected to “put some skin in the game,” to use a favorite industry catchphrase. That “skin” refers to the borrower’s own cash, and it means down payments are definitely back in style. The chief advantage of a down payment today is simply the ability to qualify for a loan, as only a handful of so-called zero-down loan programs still exist. Yet down payments have other benefits, too. The more money you put down to buy a home, the smaller your monthly payments will be, explains Greg Gwizdz, the national sales manager at Wells Fargo Home Mortgage in Des Moines, Iowa. A buyer’s down payment becomes a homeowner’s instant equity when the purchase closes, and that equity can be borrowed against with a home-equity loan or line of credit. Guidelines to qualify for these loans have become much stricter, however. And, Gwizdz adds, many first-time homeowners are “surprised by the true cost of owning and maintaining their home.” So they should keep some reserves rather than allocate every dollar to their down payment. Some loan programs require cash reserves for this reason.
Other benefits of a down payment include:
- Borrowing less money to buy the home.
- Shopping among more lenders, loan originators and loan products.
- Getting a lower interest rate.
- Paying less for mortgage insurance.
- Avoiding mortgage insurance altogether if the down payment is at least 20% of the home’s purchase price.
How to get a down payment
Many homebuyers have difficulty coming up with a down payment. Here are a dozen ways to do it:
- Set up an automatic saving plan.
- Get a gift from your parents, grandparents, other relatives or friends.
- Sell a car, boat, motorcycle, collectibles or other assets.
- Liquidate stocks, mutual funds, savings bonds or other investments.
One year after the mortgage meltdown began, millions of homeowners are finding it’s getting even tougher.
- Allocate your income tax refund.
- Take a loan from your 401(k) retirement plan and repay yourself with interest.
- Withdraw funds from your 401(k) plan, subject to taxes and penalties.
- Collect on a loan that you made to someone else.
- Get a bonus from your employer.
- Explore homebuyer programs for public servants if you qualify.
- Apply for a state or local government down-payment program.
- Use a private down-payment assistance program.
A down payment needs to be “sourced and seasoned,” Gwizdz says. That means the lender needs to know how you obtained the funds and that you’ve had control of those funds for at least several months. Gifts and seller’s concessions are acceptable, up to the percentage allowed by the loan program, but borrowed money can’t be used as a down payment, as it is debt that has to be repaid.
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February 19th, 2010
Posted by tom beno
Direct from the DOL here is verbatim the latest on the new fingerprinting process for license renewals:
QUESTION: My renewal date is March 2011. May I request a fingerprint card from the Real Estate Program in July 2010 so I can get my required fingerprinting completed early?
ANSWER: No, fingerprinting for the renewal of an active license will be required on a predetermined schedule and will only be accepted on cards furnished by the Real Estate Program at the required renewal time.
QUESTION: How do I renew online if I need to provide a completed fingerprint card?
ANSWER: The online Solar system will not allow you to renew if you are required to provide a completed fingerprint card. For that renewal you will have to either mail or hand deliver your completed renewal form which will include continuing education affidavit, fingerprint card, and fee.
QUESTION: How much will a license renewal with fingerprints cost?
ANSWER: The broker renewal notice will indicate a renewal of $146.25 if paid on time plus a fingerprint card check fee of $35.25 for a total of $181.50. The managing broker renewal notice will indicate a renewal of $210.00 if paid on time plus a fingerprint card check fee of $35.25 for a total of $245.25. Remember, the law enforcement agency doing the fingerprints will have a separate fee.
I have had a lot of questions on this, so I thought I would pass it on. Hope it helps.
Have a great weekend.
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February 18th, 2010
Posted by tom beno
Real simply, the book World Wide Rave by David Meerman Scott, changed the way I think about my business. I think it is a must read for any of you interested in reaching out to your potential market through the internet. What’s interesting is that most of the social media techniques being taught out there seem to follow the principles established in this book.
If you want to get a glimpse of what it is about, go to Google Books and look it up. You can read part of the book without buying it. Unfortunately for me, after reading it, I gave it to my brother, and haven’t seen it since.
If you are on the path of learning more about social media and are trying to develop a strategy of you own, this book will lay the foundation of what it’s all about and help define many do’s and don’ts.
Have a great week!
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February 12th, 2010
Posted by tom beno
From my friend Steve Rennie at Hammerhouse, here is some great advice:
Good Will In a Down Market
Over the last year, and for decades past, business professionals have experienced the benefits of providing good will for prospective clients in a down market. Doing this can impact your personal business as the market rebounds. For example, when the phone rings today, you ask your qualifying questions….as you listen to the responses, you assess whether it is a real opportunity or not…as you come to the conclusion that there is no way to put a deal together based on this prospects situation, what do you do? Be honest with your future clients, let the person know what you heard, what the market will allow today, and then give some guidance on what they can do to be in a better position in the future. The most successful people in sales consult with their clients more than those that treat each deal as a transaction…by giving them advice on what they can do on their end to better their situation; you can position yourself to be their solution in the future. Good will in a down market can go a long way. Here’s what you do:
LISTEN carefully to the details of the situation and be understanding while you try to relate. Be prepared to share a story of another client’s similar situation thus positioning you as a consultative resource versus that of a transactional player interested in a commission today.
STAY EDUCATED and know how to position clients for the current marketplace. Teach them how their situation is impacted by our current economic landscape. Remember to invest time in them today knowing you want to do business with them in the future and creating a customer for life.
Set an expectation with your future client to FOLLOW UP in a timeframe that would be appropriate to check up on their progress, and then put it in your calendar so that you FOLLOW THROUGH.
ASK FOR REFERRALS….plant the seed that you are a resource for anyone wanting to understand the current market and how working with you can create value for them today.
The better you can articulate your value proposition and better differentiate yourself from your competition, the more creditability you will have. This will provide an opportunity for you to have greater results long term.
Trap doors:
Don’t make the mistake of leaving a bad impression because you knew there was not a short term opportunity. Don’t treat this conversation as a transaction but see it as an opportunity to build a relationship through a process.
Building business with goodwill in a down market involves extra time and effort, but only because educating people is different than trying to only structure a deal for today. Lastly, don’t forget to add these contacts as future leads to your ACT/CRM or other contact management system so that you can follow up and follow though beyond your initial conversation. Remember the real value is in the developed relationship not the transaction of a deal. As you build more clients for life, you create a more sustainable business for your future. Take the time. Invest in your future!
Let me know how this topic IMPACTs your business and feel free to share what you are seeing in your market. Hammerhouse will continue to strive to create value for you through what we are seeing and learning over time. If you want to find out more about our opinion on where the market is today or where we see it going, give us a call.
Steve Rennie
Hammerhouse LLC
Strategic Growth Partners
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