How to Search Efficient Real Estate Agents

Finding an efficient real estate agent can be a daunting task as they are relatively few in numbers. It is often said that 20% of the real estate agents do 80% of the business. The agent best suited for you must be an experienced professional who will listen to you, carry out the tasks in an ethical manner and knows your requirements.

All Realtors are licensed to sell real estate and function as an agent but not all real estate agents can be called realtors. Only registered realtors can display the Realtor logo. Registered realtors® belong to the National Association of Realtors and are bound by the Code of Ethics, a comprehensive list containing 17 articles and underlying standards of business practice.

It is a fact that most real estate agents remain in business because their satisfied clients refer them to friends, family, neighbors and colleagues. You can therefore ask the people known to you who they hired and ask them to describe their experiences various real estate agents. Successful agents make customer satisfaction their number one priority. Try to find agents who go above and beyond their responsibilities. You can even ask other real estate agents for referrals. Agents are happy to refer buyers and sellers to associates, especially if the service you need is not a specialty of the agent who is referring you.

There are plenty of Web sites that will refer agents to you though there is no assurance they will be competent. It is likely that the agents they refer are those who have paid the Web site owners a fee to be listed in their directory. Instead it is better to Google the top real estate companies in your area, visit those Web sites and look up profiles of individual agents and their customer testimonials.

Attending open houses will enable you to meet real estate agents in a friendly working environment. Collect their business cards and make notes on them. Pay attention to the listing signs in your neighborhood. Make note of the day they go up and when the sold sign appears. The agent who sells listings the fastest might be the one you should engage. If an agent is result-oriented, he is understandably the more efficient and better organized agent.

Get a copy of the agent's production record. From the agent's production record, you can find out how many homes the agent has sold per year, how much they were sold for and where they were located.

Knowledgeable consumers interview potential real estate agents before finally deciding on whom to hire. A few of the questions you can ask him to assess his worth are:
-How long have you been in the business?
-What is your average list-price-to-sales-price ratio?
-What is your best strategy to meet my needs?
-Will you provide references?
-What are the few things that separate you from the other agents?

A good agent will not hesitate to answer these questions.
-May I see copies of the forms that I will be asked to sign?
-How much do you charge?
-What kind of guarantee do you offer?

By Sarah Jose

Sarah Jose is a Copywriter of Wilden.She has written many articles in various topics related to Kelowna real estate. For more information on Okanagan real estate and any other queries visit real estate Kelowna.

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Real Estate Agents - Choosing a Broker That's Right For You!

In an industry like real estate, where being an agent is an unsalaried position and the business experiences so much turnover, which broker you choose to hang your license with becomes an important consideration for your career.

A vital part of your success will depend on your broker and your broker has a responsibility to support your growth and profitability, so that you will do well. Choosing the right broker involves more than supplying leads, or offering the best commission splits and lowest desk fees!

We encourage you to speak to our agents and see that our environment enables you to make real money! Realizing you made the best decision gives you peace of mind. It is important that a broker understands that it's comforting to know you'll have support when you need it, in addition to technology, and a market presence with a broker that the public wants to do business with!

For new agents, the industry poses many challenges. Almost 85 percent of new real estate agents "drop out" after less than one year in the business, and 15 percent of the remaining don't renew their licenses. We want to make sure you're not one of these statistics. Successful real estate agents are self-starters and go-getters. The beginning of a real estate career often involves lots of rejection. But it's only temporary. As a real estate agent, you are more than a person who shows properties, you become a trusted advisor and your clients look to you for your knowledge and expertise. Buying a home is the most expensive (for most people) transaction of their lives.

By Mitra Karimi-Paydar

Mitra Karimi, President
Crestico Realty
http://www.cresticorealty.com

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Price-To-Rent Ratios As a Measure of Residential Real Estate Value

Price-to-rent ratios represent the cost of a dwelling unit relative to the cost of a comparable dwelling unit. This ratio is also subject to the same variability exhibited by the price-to-income ratio. This is not surprising considering rent is generally paid out of current income, so incomes and rents tend to track one another fairly closely.

The ratio of rent to income has stayed within a range from 13.6% to 16.5% from 1988 to 2006. This demonstrates renters have been putting roughly the same percentage of their incomes toward housing for the 18 years period of data examined. The evidence from the sudden and dramatic changes in the price-to-income ratio and the price-to-rent ratio points to a housing bubble. If these two measures of value had been supported by a rise in the rent-to-income ratio, the increase in prices might have been explainable by a shortage in dwelling units causing all consumers of housing to see an increase in the percentage of their income going toward housing. Evidence from the rent-to-income ratio is to the contrary.

Buyers were never forced to buy; it was always a choice. During the market rally, greedy buyers motivated by rising prices and fueled by loose lending standards were able to bid prices up to ridiculous levels. The exotic financing was not a result of high prices; it was the cause of high prices. Lenders were keen to offer these products because they were not taking the risk, and it allowed them to keep transaction volumes high which is how they were making money.

By late 2007, the market balance had shifted from favoring sellers to favoring buyers. The once greedy buyers were becoming desperate sellers: their dreams of riches from perpetual appreciation were in tatters. Many were forced to sell due to their inability to make their mortgage payments. Those that hung on were homeowners with 50% or more of their income going toward paying off an asset which was declining in value. It was not a set of circumstances to be envied. The crushing debt service burdens when combined with falling prices prompted many of these borrowers to voluntarily default. This predatory borrowing exacerbated lender losses as the bubble deflated.

The Great Housing Bubble saw an unprecedented rise in the price-to-rent ratio. This was strong evidence of the housing bubble. When the bubble began to deflate this ratio dropped down to near its historic norm.

By Lawrence D Roberts

Lawrence Roberts is the author of The Great Housing Bubble: Why Did House Prices Fall?

Learn more and get FREE eBooks at: http://www.thegreathousingbubble.com/

Read the author's daily dispatches at The Irvine Housing Blog: http://www.irvinehousingblog.com/

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Do You Know the Ten Elements Realtors Constantly Do to Keep Their Clients Reassured?

Seeing the current state in which the real estate market is currently in, realtors need to do all they can to maintain their buyers and sellers confidence levels. If you're unable to maintain a level of confidence in your buyers and sellers, you'll not only be abandoned by them, but you risk getting a poor reputation with their family and friends. In understanding this, here are ten options you have to establish and maintain satisfaction in your buyers and sellers:

1.) Open up: Aside from just discussing business, add a personal touch to things to help your clientele feel calmer and at ease around you.

2.) Speak the truth: While you are interested in keeping things as encouraging as possible, never be afraid to be truthful with your clients. Clients see honestly as a characteristic in a respectable realtor.

3.) Express yourself: Nothing frustrates buyers and sellers more than having to work with a real estate agent that seems like they have better things to do. Having enthusiasm makes buyers and sellers feel appreciated and that you enjoy your job.

4.) Be a giver: One thing that will make clients feel appreciated and confident is if you can offer them some kind of bonus. Examples would be like getting them exclusive discounts from furniture stores or painters.

5.) Keep yourself in the loop: Devote some time every day to find out about what is happening in the real estate news and any alterations in your local market.

6.) Stay in touch: Preserve a level of communication with your buyers and sellers and keep them informed on new homes that fulfill their criteria. This will tell them that you are making their interests a top priority.

7.) Use different mediums: Change things up by contacting your clientele in multiple ways (i.e. phone, email, direct mail, etc). This change will usually be refreshing to your clients and thus gives you their complete attention.

8.) Follow up promptly: If a seller or buyer asks you about something, make it a top priority to get back to them as fast as possible. This will make your clients feel important.

9.) Be obtainable: Provide as many different contacting methods as possible. By doing this, sellers and buyers can contact you in a way that they prefer.

10.) Use change as an advantage: There's no question that the real estate market will change. Instead of shying away from the future, tell your clients that you are willing to try new mediums.

By Josh G.

Josh helps realtors better themselves by showing them realtor news and assets like EstateAnalytics.com. Email him at josh@synadigm.com for help.

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Real Estate Agents - Useful But Beware

Are you thinking about purchasing real estate? Surely purchasing a house can be an exciting time especially if you're a first time homebuyer but there is also a lot of work involved. There are many services and tools available to help you in your search. Using the assistance of a real estate agent can be very beneficial and an agent may help you find the home of your dreams. There are some things to be aware of before you put your home hunting in the hands of a professional.

Real estate agents are professionals but keep in mind that they are basically salespeople out to make money. They are offering a service and no matter how friendly and personable they are, their job is to sell you a property so they can make a commission. While most are not blatant liars, many will try to downplay negatives and stress positives about a property. They will convince you that you need an agent which is not necessarily the case.

A real estate agent may not explain all of the problems with a property such as pest control problems. Other things they may not be straightforward with are other unseen repairs such as plumbing and electrical problems. You are ultimately responsible to find the problems and then decide how to handle them in the negotiation of the sale. An agent can help advise you but remember that they are eager for a sale so some may tell you a repair is not necessary.

A real estate agent will give you a list of inspectors to use but since they work with the agent they may be eager to let things slide in hopes of future business. It is safer to find a reliable and reputable inspector on your own.

Since real estate agents are out to make money most will not advise you of properties that they will not receive a commission on. A property might be just right for you but they will keep close lipped about a property since they don't want to lose your business. For this reason you shouldn't leave your search entirely in the hands of an agent. Do some searching yourself. Not only will you find potential homes but you can check to see if your agent is looking at all possible properties or they are only looking at ones that will benefit them. You are paying for their services so you have the right to question their work.

Remember that you don't have to use a real estate agent no matter how agents will try to convince you of the contrary. Also remember that real estate agents provide a professional service that can be useful in buying real estate. Only a small percentage are dishonest but beware and find an agent who is reputable.

By Eric J. Slarkowski

The essayist Eric Slarkowski is especially passionate about things associated to cost Calida. You might find out more about his writings on property for sale in Costa Calida, Spain at http://www.alicante-spain.com

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The Real Estate Outlook For 2009

To say that real estate took a beating in 2008 is a kin to saying a great white shark has some interesting teeth - it is a minor understatement. For many people, the question is whether 2009 will be any better for the real estate market?

If you lined up all the gurus in the world, you would have a line and not much more. In the world of real estate, the relevant gurus are predicting everything from a continued down turn in housing to an absolute turn around come the first quarter...no, second quarter...no, third quarter...well, you get the idea. Every guru has a different opinion, which means one will eventually be right and the others will have to ignore the fact they gave the wrong advice! In short, don't believe them.

So, what can we realistically expect in the real estate market in 2009? Nobody really knows, but there are two potential scenarios that seem the most likely. The first is not so good - the market continues to correct after the real estate bubble. The second predicts a bit rosier outlook in which the market turns around near the end of 2009. Let's take a closer look.

The "El Doom and Gloom" prediction is, unfortunately, supported by a number of basic truths. The first is it is not going to be easier to borrow money. At best, the banks are going back to closely scrutinizing borrowers. At worst, they will only give loans to the best of the best. Either way, this cuts down on the borrowing populace and, in turn, the number of buyers active in the market. Fewer buyers means less demand, which means prices continue to drop.

The second problem arises when we look at the current mortgage portfolios on the market. Everyone knows the nightmares spawned by the subprime and no doc loan failures. Well, guess what. There are a bevy of loans coming due in 2009 and 2010 that have to be refinanced or homeowners will be unable to pay them. This partial ARM loans are the monster in the closet nobody really wants to talk about. If a large percentage of them go into default in mass, it is going to be just as ugly as the subprime mess and would mean that 2011 would probably be the first time we would see the housing market recover in mass.

The second common prediction that 2009 will be the beginning of the turn around is rooted a bit in fact and a bit in politics. The fact element has to do with the Federal Reserve. The Fed, led by Chairman Bernanke, has gone all out fighting the current market problems. The recent lowering of the short term borrowing rate to essentially zero percent is a sign of a Fed that is ready to do whatever it takes. We can count on that attitude continuing into 2009.

Politics is the second element of the positive outlook. We have a pro-government President coming in with a Democratic Congress. Whatever your politics, this portends action by the government. Look for "New Deal" types of proposals to bolster the housing and banking industry. This is a President who clearly intends to hit the ground running, so you can expect action that will help in the short term. Whether it is good for us in the long term is, of course, another question. The overall debt of the country is huge, but it is generally agreed that action must be taken now to overcome the current crisis.

So, what do I believe 2009 will actually end up looking like for real estate? Unfortunately, I think it is going to be rough. That being said, I do believe certain parts of the country will see their markets stabilize a bit. Then again, my prediction is hardly any more accurate at this moment than any other real estate guru! Check back in a year to see who was right!

By Stephan Teak

Stephen Teak is with CommercialLoanStop.com - your resource for commercial hard money loans for creative projects.

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What If I Owe More Than My Home is Worth?

If you owe more than your house is worth, you might say "upside down" or "under water." And you are not alone. Before you resolve yourself to foreclosure and walk away from your home, consider some of the following options.

Loan Workout/Loan Modification/Loan Rework--Banks are becoming more willing to do loan workouts, also called loan modification or loan reworks. Banks are not in business to sell homes. They would much prefer that the homeowner stay in the home and pay their mortgage. Even if you have received a foreclosure notice, there still may be time to save your home and your credit. Below are the different options for reworking your loan:

1. Loan Reduction. This is simply a process by which the lender reduces the amount you owe on your home. If you can show proof that homes like yours in your area have recently sold for less than what you owe on your home, the lender may agree to lower your loan amount. Lower loan amount equals lower the monthly payments. To get started, call your lender and ask for the loss mitigation department.

2. Extension. This loan modification (also handled by your lender's loss mitigation department) extends the term of your loan. Your payments are lowered and spread out over a longer period of time.

3. Interest Rate Reduction. This option is especially favorable if you have an adjustable rate mortgage that has risen so high that your payment is no longer affordable. Often, the bank would rather reduce the interest rate than foreclose.

NOTE: DO NOT, at any point, stop communicating with your lender. This makes them more likely to move forward with foreclosure proceedings.

Forbearance
If you are a couple of payments behind, but are expecting a lump sum of money (yearly bonus, insurance payout, or tax refund) that will catch you up, consider requesting a forbearance. The lender agrees to allow you to temporarily stop making payments. But you must bring the payments up to date by a specified date and start making your payments at that time. Resuming the payments is called reinstatement.

Repayment Plan

This is a plan that your lender agrees to, where you make your monthly payments and add on a little extra. The extra amount will be applied to your overdue balance.

Rent/Lease Your Home

If you have no hope of being able to pay your mortgage, you may be able to rent out your home. There are a lot of people who are looking for a home to rent. If the house will not rent for enough to cover your payment, it will probably be worth making up the difference yourself. You can find a cheap place to rent in the meantime. These are hard times, and it won't be forever. Once housing sales recover, sell the house then. You may even make a little money on it.

Short Sale
If you've been devastated financially, you may not be able to pay for your home at all. A short sale may be the best way to avoid foreclosure. In a short sale, the house is put on the market at a price that is less than you owe. Sometimes the bank will accept the reduced amount. Other times, they will expect you to pay part of, or all of the difference. They will work out a payment plan for you to pay them the shortage.

Loan Assumption

If you have a reasonable interest rate and loan amount, you may be able to sell your home to a buyer that can assume your loan-that means they take over the payments for you. Work closely with your lender on loan assumptions. Scammers have tricked some into thinking their loans are being assumed. In the end, the sellers gave up their homes but still owed the mortgage.

Deed in-lieu-of mortgage

A deed in-lieu-of mortgage is one step above foreclosure. This is a process by which you voluntarily surrender the home to the lender. A deed-in-lieu-of mortgage is less damaging to your credit than a foreclosure.

A foreclosure on your record says that you breeched a legal contract on life's most important financial obligation. It further says that you breeched it in a way that forced the bank to sue you. It gives the impression that you are not honest.

Foreclosures follow people for years, even for the rest of their lives. Once you lose your home, you will need to live somewhere. When you apply to rent property, the landlord will probably check your credit. Did you know that employers often check credit before hiring or promoting? Knowing that a foreclosure on your credit makes you look dishonest, do you want that on your record?

Foreclosure should be avoided at all costs.

By Lyn Collier

Learn from Lyn Collier's years of Real Estate experience.

Read simple, to-the-point articles about avoiding costly mistakes and what to do if you owe more than your home is worth at http://www.e-home-mortgage-loans.com/index.html

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