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What to do when your house just won’t sell:

June 17th, 2013

As so many sellers have found, sometimes selling your home can be a seemingly impossible task. An increasing number of homes have been on the market for months, or even years, and still have not sold. However, as a seller, what do you do when the house just will not sell?

First, take an honest look at your asking price. Regardless of what you may want to get for your home, you have to price for the market in your area. Emotion cannot figure into how you price your house. Potential buyers are not interested in how much work you put into the landscaping or how much time it took you to repaint the living room. They are looking at the prices of other homes in the area. With so much inventory to choose from, you have to price aggressively.

You might consider signing on with a new listing agent. Signing a short term listing agreement to market the property with the understanding that a quick sale is crucial, you might have some luck. It may be at a price lower than you would like, but statistics have proven that it may not sit on the market as long.

There are several companies out there advertising to buy your house quickly. The good news about these companies is that many are real legitimate companies that will buy your home when you are out of time to sell. The bad news is that you will get pennies on the dollar for your home. You could get around 40% less than your home is actually valued. If you have a large mortgage or liens to pay off with the sale of your home, this may not be the option for you.

If you  are concerned about foreclosure,If what you owe on the home is creating the problem with selling, you should consider contacting your bank for options to help you
avoid foreclosure.  A shorter option is to ask about a deed in lieu of foreclosure. With this option, you will let the bank know that you believe you will not be able to continue to make the payments, you agree to vacate the home, and the deed reverts to the bank. This saves the lender the time and significant expense involved in foreclosing on the property. Like with a short sale, there is a chance that you could still be liable for any balance due once the bank sells the home.

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About Geoff ThompsonGeoff Thompson is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.

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Selling in a down market?

June 10th, 2013

If you find yourself faced with having to sell your home in a down market, you may be dealing with owing more on your home than it is worth right now. Instead of walking away when your home is upside down, you might consider fixing it up. It may sound crazy to put money into a home that is already underwater, but in many cases, a minimal investment of time and money can make the difference in selling your home for the best price possible.

Before you decide, you should determine how underwater you are. Some areas of the country have been harder hit than others. Some cities, like Las Vegas, have seen price decreases of 60%. Chances are that you are not going to get your money out of it no matter what you do. However, cities like Denver have seen price drops of only 10% or so. Depending on the house, it might not take much to ensure that you get top dollar for your home.

If you have an older home with an outdated kitchen or bathroom, it could be worth your while to spruce things up. New or refinished cabinets and countertops, especially if yours are showing age, can make a huge difference the price you will get. It could also be what ensures that your house sells quickly. If a homebuyer is on the fence, they are more likely to keep walking when faced with having to add the expense of a remodel to the cost of buying the home. A small investment in updating these rooms can make all the difference when you market the home.

The flooring and walls can become worn and dingy from being lived in. With a little money and some sweat equity, adding a coat of paint to the walls and cleaning or replacing flooring can make an old house feel like new.

The fix-it up project does not need to be full blown remodeling. No one is suggesting that ripping apart your kitchen and spending tens of thousands on a new state of the art kitchen is a good investment if you want to sell the home. However, there is one project that could make a tremendous difference in some areas. In some cases, adding a bathroom is a great way to make your home more marketable. Most buyers are looking for a least two bathrooms in a home. If your home has three or more bedrooms with only one bathroom, many buyers will not even look. Adding even a half bathroom could increase the traffic of potential buyers and with that, the chances of selling the home.

For those homeowners who have no choice but to sell a home in this market, just a few simple and inexpensive fix ups are a much better option that walking away from an upside down mortgage.

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About Tom DavidsonTom Davidson is Vice President of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.

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Buying your first home? Follow this First Time Buyers Guide

June 5th, 2013

Buying your first home can be a daunting experience, from finding the right location, getting approved for the mortgage, to actually filling your home with the essentials for living. When you find somewhere you like, it’s important to make sure you ask as many questions as possible, and you may find you get different answers from the owners themselves and the real estate agent.

Top questions to ask the owners are:
• What are the neighbours like?
• Do they feel safe and secure?
• Is the area quiet?
• What are the traffic levels?
• Which direction does the house or garden face?
• What is the local area like for general amenities and schools?

Top questions to ask the estate agents are:
• What is the overall condition of property?
• Are there any structural problems?
• Are there any wiring, electrical, plumbing, woodwork issues?
• Has the property been damp proofed and does it have sufficient insulation?

Once these questions have been answered you can move on to more in depth questioning . The following questions will enable you to find out how much you can negotiate on price:
• Are the sellers looking for a quick sale, and what are their reasons for moving?
• Do the current homeowners have somewhere to move to or are they still looking?

It is important to ask these questions in order to ensure you are investing in the right area and property, and that you are getting the very best for your money. In this day and age it has become increasingly difficult to save for a home, and unfortunately it is almost a necessity to have a deposit of at least 10%.

One critical detail first time homeowners need to consider, are the extra costs associated with buying a home.Not only do you have the deposit to organize, but there are legal costs, the property survey, mortgage arrangement fees, and insurance, followed by the maintenance involved in owning your home.

Do not let the home buying process intimidate or frustrate you, following this first time home buyers guide can relieve you from unneccessary stress. There is a real sense of pride, achievement and independence once you finally become a homeowner. You have the freedom you desire and you can make it feel like a ‘home’ rather than just somewhere you live.

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About David GoldsteinDavid Goldstein is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.

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Successful Recruiting Through your Company’s Website

May 28th, 2013

Whether you’re in search of an office full of new agents or just a few, use your existing company website to reach your goal. Much like consumers use the internet to research purchases, potential agents use the internet to compare employers. Recruiting good agents is some of the hardest sales you will do. Having a Join Our Team or Careers page is only the beginning. Follow these tips to make sure your web attracts the new agents you need.

Careers page DON’TS:
1. Confusing Benefits with Features. A lot of Careers pages include a list of ‘benefits’ which is nothing more than a list of agency features: commission structures, technology programs, office support, etc. To truly be a benefit you have to spell out how what you offer is an advantage for an agent. How does your technology streamline the sales process? What, specifically, does the support staff contribute?

2. Talking all about you. As with any sale, people want to know how joining your team will affect them, personally. Make sure your webpage is written in second person to address prospective agents. Replace “We have the best technology…” to “You will be able to list a home in record time due to software ABC allowing you to….”

3. Asking for personal information up front. One of the advantages of researching on the internet is confidentiality and anonymity with browsing. Asking for personal information too early will turn off potential agents – especially experienced ones. Don’t remove all information-collection forms – you still want to speak with as many prospective agents as possible. Instead, create a comfort level before you start asking personal questions.

Careers page DOs:
1. Position yourself as an expert. While it should not be the main focus of your page, provide new agents the steps to get licensed. Pair those steps with your RealEstateExpress.com affiliate link to show you are ready and able to work with new agents. Looking for experienced agents? Include the steps to transfer a license and license renewal information.

2. Make the site interactive. Including a Success Aptitude Test allows unlicensed recruits to see if real estate is the right career for them. RealEstateExpress.com offers Partner Affiliates an SAT at no charge which allows you to comfortably collect contact
Information from site visitors. http://www.realestateexpress.com/mri/brokers/default.asp.

3. Promote your social media sites. Give prospective agents places to go where they can interact with your agency in a non-threatening way. Social sites like Facebook and Twitter open the door to begin a “friendly” conversation.

Small changes to your site take little time and require minimal maintenance, but can reap big rewards. The number of people interested in careers in real estate has exploded in the last 18 months. Make sure your website takes advantage of the surge!

Want to find out if you have what it takes to be a Real Estate Agent or Broker?

About David GoldsteinDavid Goldstein is an Owner and Founding Partner of Express Schools, LLC. which operates online education providers Real Estate Express, Insurance License Express and License Tutor. Follow him on Twitter.

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