Archive for March, 2010
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Mar
19
Posted by tom beno
More from the DOL on fingerprinting questions:
A few weeks ago we talked about fingerprint card requirements. The following questions have been asked about the process.
QUESTION: I had my fingerprints taken for a previous employer? Do I have to have them taken again?
ANSWER: Yes, you must obtain a current set of fingerprints on the card provided to you by the Department of Licensing, Real Estate Program.
QUESTION: Why can’t the Department of Licensing obtain the fingerprint card report provided by the Washington State Patrol to my previous employer?
ANSWER: First, the Real Estate Program must have the most current information. Second, the Washington State Patrol will provide the background information related to the fingerprint card only to the authorized requestor identified on the fingerprint card which in this case is the Washington Real Estate Program.
QUESTION: When I am required to provide a completed fingerprint card for my license renewal, am I going to have to wait for my new license until the Real Estate Program receives and reviews the WSP and the FBI reports?
ANSWER: You will not have to wait. Your license will be renewed when you provide the completed renewal form including the continuing education affidavit, the completed fingerprint card, and the proper renewal fee and fingerprint card check fee.
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Mar
18
Posted by tom beno
Whether you are in sales, operations, customer service or executive leadership, there are a few fundamentals that hold true for all. Follow these fundamentals to invest in your future and maintain high standards for yourself and those you work with:
Be Available — answer your phone and return calls within 24 hours. If you are out of town or in meetings, record a message on your voice mail that reflects your situation and expected call back times.
Set Expectations — under-promise and over-deliver. Be clear with your clients and partners on what to expect and when to expect it. If the situation changes, communicate what is going on as well as set new expectations based on that change.
Follow up and Follow through — do what you say you are going to do, when you say you are going to do it.
Communicate — have weekly contact with your clients and business partners about their transaction and update them on status, issues and solutions.
Create Raving Fans — every transaction you work on can be leveraged into future business with that person and everyone he or she knows.
The simple truth is, treat people how you would like to be treated if you were on the other end of the transaction.
This is from Steve Rennie at Hammerhouse.
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Mar
17
Posted by tom beno
How about this for a green idea? Add underwriting guidelines to the mortgage lending industry that allows for substantiated increased value for more energy efficient homes. What do I mean? Well let’s look at a hypothetical example. Let’s take a typical American home with traditional systems with a market value of $300,000. The buyer puts down 20% and finances $240,000. The principal and interest payment would be $1325 a month (30 year fixed at 5.25%). But now let’s take that same home and add some energy saving systems (solar, water heater, windows, appliances, water gathering, etc.). If we added $30,000 of systems and could add that value to the market value, we would have a new value of $330,000. So now, the buyer puts down 20% and is able to finance 80%, or $264,000. The new principal and interest payment would be $1458 a month. That would represent an increased payment of $133 a month. But what if the combined savings per month from the added energy efficiency was $200 a month? Now, let’s say we add a tax rebate for the increased down payment required (up to a maximum of let’s say $10,000) of $6,000. The buyer now has a more energy efficient home with no additional money out of pocket with green systems that will benefit him for many years to come. And the savings would increase as the cost of energy increases.
I know this is a substantial hurdle, but one new layer of underwriting guidelines for conventional loans could help fuel a much faster (and healthier) economic recovery of our country. The guidelines today do not address the savings incurred by the homebuyer who buys a more energy efficient home. The amount of utility payments is not even figured into the debt to income ratio. And there is no real way that the inherent increase in value is recognized from an appraisal perspective (the new “green” value). After all with cars, the added value of a hybrid is built in to the price of the car: pay $50 more a month to save $60 in fuel.
If our mortgage lending guidelines simply allowed us to add appropriate, substantiated value to a green home, compared to the same home without the added efficiencies; we could create a country of far more energy efficient homes, and put a lot of people back to work. And I might add, back to work in an industry that is sustainable and makes sense for the long run. This is an underwriting guideline challenge; the tax rebate is obviously a different matter.
Your comments are always welcome.
Happy Saint Patrick’s Day!
tom@thomasjbeno.com
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Mar
11
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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Mar
08
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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Mar
04
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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Mar
02
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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