On HOLD

What is the worst part of the short sales transaction? Holding for a live human being ( competency is optional) to pick up the line!! Listening to the Muzak and the continual digital apologies from the phone system can drive anyone over the edge. As usual I am trying make lemonade, and here are a few fun and productive tips to keep you on task while you are on HOLD.

1.) Task it out: Before you start making your calls make a quick list of 2 minute tasks that you can knock out while waiting. Email deletion, writing thank you notes, checking the MLS for new listings, these are all things that you can knock out with little thought and effort.

2.) Have the right tools: Do you have a head set? This will be the best investment you will make. Now you are free to wonder about your office, grab a snack, and clean out your In Basket. Is your file organized so that you can quickly answer questions? Loan Reps do not wait, so do not get to far from your file.

3.) Assign tasks and updates in your calendar regarding the file you are working on: Need to call your client to follow up? Need to fax something to the lender next Monday? Do you have to call the Negotiator at an odd hour because of time difference? Setting these reminders while you are in the moment will help you place your short sale transactions on auto pilot!!
IF all else fails: Try these gaming websites for fun, stress relieving games! stressrelievinggames.com and games.com

Thanks and Hang on . . Someone will answer:)

Keeping Current with Short Sales

There are so many ways to diversify our business in this market, than ever before! PLUS I am finding that my buyers are well informed thanks to the Internet! SO here is my tip of the day . . CHANGE! If you are trying to do business the same way that you always have (even as little as two years ago) you may be missing out!! If you do not have a grasp on REO's, Short Sales, Loan Modifications, and everything in between you need to jump on board before you are left behind!

Steps to Change!

1.) Know your local market: Your MLS data base gives you endless reports on market conditions. If you do not know your DOM (Days on Market), Median Sales Price, or which sales bracket is selling, this is the BEST PLACE TO START. Becoming a local expert on trends, and neighborhoods that are holding their value in this ever changing market will mean $$$$$ in savings for your clients.

2.) Know your competition: Who are the agents that are making sales in your area? What properties are they selling? Aside from having a huge team, or 20 years experience, What is the X-factor that is keeping the agent afloat? If the only fact that you know each morning is that your sales pipeline is empty, then you need to check out who's tank is full before you can start rebuilding!

3.) Get Current: I cannot stress the importance of continuing education. If you do not know how to work transactions in this market, your career may not survive over the next 12 months. We all know that agent working at___________ part-time right now . . . .Get up to date on technology, get up to date on REO's and Short Sales, and PLEASE ditch the glamour shots from 10 years ago in your marketing campaigns!!! ( Yes I really did say it!!) Make sure to check out activerain.com, and other great real estate blogs (I like Zillow's as well) to see what other agents are doing to stay current.

4.) Stay Positive: Learn how to have fun and be positive. If you do not like your job, then change the way you do business so that you can enjoy it again. This is key! If you need some help getting started, check out a few books on revamping your attitude. There are some excellent books out right now that will help you gain a FRESH perspective on life and business.

How To Qualify a Customer for a Short Sale

One of the biggest hurdles you are going to have in your Short Sale transaction is Qualification. You will need to set up a phone interview. Make sure to have a prepared list of qualifying questions and a break down of how the Short Sale works. Keep these three tips in mind when you are speaking with customers to help "weed" out the strongest potential deals for your pipeline.

1.) Proof of Hardship: Before you can ask lenders to write off principle you will need to find out why your client can no longer afford their home. Job Loss, Relocation, Medical Expenses, Divorce, and even Adjustable Mortgage payments can all be contributing factors to hardship. This an important part of your interview process. Some lenders will require documentation of these events. Make sure your client begins to gather these documents so that you will be prepared to submit the package when requested.

2.) How Far Behind Are you?: You will need some time (at least a week) to initiate the transaction with the lender. RED FLAGS: A set foreclosure date OR The customer discloses that they have not made a payment in over 120 days. You still may be able to work the transaction, BUT before you launch your full attack, give a courtesy call to the lender to see if the file is already lost to the Trustee.

3.) Explain all Options: Disclosure is very important. The bottom line: Short Sales cannot be guaranteed. Your client's lender should have a website or hard copy packet explaining all of the "distress" options your client has. Make sure that they have reviewed these options BEFORE you get started.

These three tips have personally saved a great deal of time in my day, and I hope they will help you to streamline your potential customers into working clients.

Do Not Be Afriad!

Some agents fear the short sale transaction. "This is going to take too long!", "I don't even know where to begin with the paperwork," and "I don't even know where to get started!" Short Sales, when completed correctly can be a pleasant experience.

Three Steps to Conquering Short Sale Fears

1.) Talk to other agents that have successfully completed short sales: (Not the whiny ones by the water cooler who also are doom and gloom about the market) Visit or call competent agents who are making short sales happen in your local market.

2.) Educate yourself: Take classes, read blogs, research tips, and invest in helpful tools like our Short Sale Packet to help organizing your transactions easier.

3.) Practice Patience: Short Sales do require time and energy that normal transactions do not. So be sure to block off time each day to work on your Short Sales, or seek out a referral company that assists with the transaction.

Every adventure has to start somewhere. Remember when trying all new techniques in your real estate career make time to review everything with your Broker before embarking on your own. Good Luck!!!

Launch of Short Sale EDU

Greetings!


We are so excited to launch our new site and products to help agents stay on top of the newest trends, and excel at what we do best: Sell Homes! Visit this blog for current events, news and of course a little entertainment. We look forward to building a new online community and encourage comments from fellow agents.