Mr Real Estate Seminars & Continuning Education with Paul Vojchehoske

Advertising Basics for Property Managers - Part 2

2012-03-02T11:35:00.000-08:00

Advertising Basics for Property Managers - Part 1

2012-02-27T08:00:00.000-08:00

NAR New Broker Price Opinion Resource Certification Course

2011-08-12T13:56:00.001-07:00

An Agents Reputation MATTERS- From e-Pro® Day 1

2011-08-12T13:35:00.000-07:00

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According to the 2010 Profile of Home Buyers and Sellers survey conducted by the National Association of REALTORS®(NAR) the most important factor buyers and sellers indicated why they selected their agent was “trustworthiness and reputation.”

Before the Internet a satisfied client would tell 3 of his or her friends about the wonderful services their agent provided them. Conversely, they would also tell 9 of their friends about a poor experience. Today, with the introduction of social media and the Internet a dissatisfied client may tell thousands of people about their bad experience.

Rating agent performance is becoming very common in many markets and the trend shows no sign of stopping. Web sites such as Realestateratingz.com, Incredibleagents.com, and Homethinking.com are available to consumers. These web sites encourage real estate consumers to rate their experiences with their agents. Unfortunately, most agents are not aware they might have been rated (good or bad) for the whole world’s eyes to see.

Even the web giants Zillow.com and Trulia.com now offer the consumer the ability to rate their agent. It is highly recommended that agents establish an individual profile on each of these sites because if a consumer rates your performance, you are notified of the rating. In fact, anytime you are rated, whether they were an actual client or a hacker, you will be notified of the rating and you are offered an opportunity to respond.

Agents should NOT overlook the importance of these Internet rating sites. Remember, over 80% of today’s real estate consumers begin their search for an agent online. A negative rating (Bad online reputation) could have severe consequences for your business.

Short Sale Tip of the Week - Save Your Commission!!

2011-08-01T18:44:00.000-07:00

Tenant Orientation Program - Increase Your Profits!

2011-08-01T18:42:00.000-07:00

Frank Klesitz with Vyral Marketing Radio Interview

2011-07-06T14:22:00.000-07:00

We had an absolute blast this week on Talk Back Omaha, News Talk 1290 KKAR with our special guest Frank Klesitz of Vyral Marketing. This video shoot of our radio program will give you an inside view to what really goes on in studio during recording sessions. There is so much value in this week’s broadcast, we had to make a video and share it. Where do you make more money, is it in providing a service, or selling it? Much of the show was dedicated to staying in touch with your sphere and COI. How often should you be staying in touch with you COI to generate referral and repeat business? We’ll even show you a dialogue you can immediately use to contact your sphere without being the annoying pest.

BPOR Certification Course: Configuring Absorption Rates

2011-06-29T11:22:00.000-07:00

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Calculating Absorption Rates (AR) is a common task bank asset manager’s want from licensed agents when they apply to sell REO Properties or when conducting Broker Price Opinions (BPO’s). Often, agents confuse absorption rates with Average Days on Market (DOM) and many agents use these two terms interchangeably. In fact, they are two distinct and very different concepts.

DOM is a marketing term. Agents use the DOM to establish how long it may take a particular property to sell based on criteria chosen by the real estate agent. DOM is useful to determine the length of a listing contract of a particular home in a specific subdivision. Factors such as the sale of distressed properties can be taken into consideration. For example, if the DOM for 123 Main Street located in Edgewood Subdivision is 117 days, the agent would have to seriously evaluate whether to take a listing for less than 120 days.

DOM is also useful for determining a marketing plan for a specific property. For example, if the average DOM is 29 days the agent would need to evaluate whether to advertise that property in a print publication that requires 45 days to publish the advertisement.

Absorption rates is more of an economic term and used for broader scopes of analysis. These rates can be configured for current trends, 3, 6, 1-year or more rate analysis. Absorption rates are used to establish housing trends for cities, states, and geographical regions. Essentially, absorption rates determine the amount of inventory on the market and typically does not take into consideration items such as distressed sales or REO properties..

The formula to determine absorption rates is fairly simple. Take the total current “Active” inventory and divide it by the “total closed” inventory for a given month or monthly average of a period such as a six month period which equals the number of months of inventory.

Example: Current Absorption Rate for Widgetville Township:

Total CURRENT Active (For Sale as of June 25th, 2011): 12
Total “CLOSED” Transactions in previous month (May 2011): 3

12 divided by 3 = 4 months of inventory

If you calculate the formula over 3 or a 6 month period you can determine if the housing inventory is increasing or decreasing. Agents that are doing BPO’s for banks and asset managers need to understand how to calculate the absorption rates as these rates are a key element on the banks BPO form.

Until next week, Sell On!

7 Reasons Why The Short Sale Process Takes So Long

2011-06-18T17:59:00.001-07:00

So you're trying to sell your short sale listing, but the process is TAKING SO LONG - and you may feel it's the bank's fault. Well there are reasons these deals take so long to complete, and it's not for the reasons you find in the safe 'real estate press', or what the banker directly tells you. In my video today, I'll tell you the 7 REAL reasons why these deals take so long, and armed with this information, you'll come to the bank negotiation table armed with all the information needed to get your deal done faster - and get paid your commission sooner.

Q: Why does it take so long for the bank to respond to offers submitted on properties that are going short-sale?

That is the #1 question I am asked no matter where I am teaching or what state I am in. The fact is there are several reasons why it can take months to get an answer from the lender. Unfortunately, the lenders will never disclose their real reasons for the delay but here are the top six reasons:

1. Case Load. Let’s face it, the asset manager may have as many as 500 active files he or she is managing. Multiply that by 500 calls, 3 or 4 times per day by the listing agents on those files you can understand why their response times are extended.

2. Tactical. Believe it or not there is 50/50 chance you are not really speaking with an asset manager from the lender. You very well could be speaking with a debt collector contracted by the lender to collect a debt. They will answer the phone as “Tom, with XYZ Mortgage” but they are really “Tim with We Cheat Them and How Collection Services.

In my early days doing short sales I would Goggle the telephone number and their real name would appear on the screen. Today, they have caught on to that trick and the telephone number will usually be listed under the lenders name.

Remember the purpose of a debt collector! To get as much as possible back for their clients (the lender) and the more they collect, the more their commissions are. That is why many “asset managers” will not authorize small $100 fees, etc. It is about the bottom line!

3. Negotiating with the PMI Company. If the loan is insured, the lender may not have a say in the decision. The lender may well want to accept the short sale but the lender must ALSO get permission from the UMI or PMI Insurance Company. If the insurance company says no, that has the same effect as the lender saying no. The problem is: you as an agent will never know the real story.

4. Negotiating with the Owner of the Loan. The mortgage statement may say it’s from Wells Fargo but they may be only servicing the loan. It is estimated that as much as 30% of home loans are owed by investors but serviced/managed by banks. Once again, the lender has no say in the short sale approval they are simply waiting for the owner of the loan to approve the short sale.

5. Phasing Schedules. Good debt collectors work on schedules. Therefore, if the asset manager has 5 months to work with before foreclosure it is common to institute phasing schedules. Phasing schedules work on percentages- offer amount-to-balance ratio. For example, in month #1, they may only accept a 5% ratio. The second month is 8% ratio and so on.

6. You “Ticked” Them OFF! Simply put, you made them mad and they are going to get even. Remember, the asset manager is a staff position and in no way personally attached to the outcome of the transaction. You make them made, they for foreclosure.

I hope this has been beneficial and remember if you are considering any course offered by REBAC please call Paul Vojchehoske. Your association or firm will be glad they did! We guarantee 100% satisfaction of your money back!