What to Do in a Slower Market

Interview with Dagmar Sands, FIABCI-USA President

Making money in slower market can be challenging. For over 30 years, I have been both a real estate practitioner and consultant. I know that when the market changes, you need to maximize your business efforts. Even simple steps can make a huge difference in your earnings!

After a recent meeting at the International Real Estate Federation (FIABCI), I asked Dagmar Sands, FIABCI-USA President and CEO of Real Estate International Inc., Atlanta, to share her top strategies for making money in this market. Dagmar recommends that, as the market adjusts, you should first update your business plan. Go back to using some of the basics you used earlier in your career or try some new ones to build your network:   

- Join groups online. Invite new people to learn about what you do! Go to www.meetup.com and start your own group. You can call it “Investors Group of _______” to attract investors you could not contact on your own. Join discussion boards, such as FIABCI’s, and post what you want to share.  

- Use tech tools. Plant seeds today to harvest later. Tell everyone what you do! It's called shameless self-promotion, and it works! Send broadcast e-mails to clients and others. Use blogs and podcasts. Add video and audio programs to your Web site. Hyperlink with other professionals. Add your listings to www.kijiji.com , www.loopnet.com, www.PropertyLine.com,  www.HeartSmartProperties.com and www.Craigslist.com. It’s free and can result in huge exposure! If you have a storefront office, add a plasma TV so that after hours you can display properties from yourself and other professionals.  

- Give speeches about your business at a Chamber of Commerce, consulate office, or local board function.  

- Do more door-to-door calling. Hand-deliver material to clients and prospects. That personal touch makes a difference.

- Create new partnerships. Work with banks and credit unions to help sell their foreclosures. Partner with veteran investors who are investing in China for high-yield returns. Do joint ventures with syndications with developers.

- Read how-to books. Endorse and send books you love to clients and others as gifts. Add a personal note. I endorse the “The World is Flat,” “Never Eat Alone” and Dr. Margot’s books, “Commercial Real Estate Career Education and Resource Guide” and “7 Steps to Find Your Perfect Career.” Most people keep books so it is a great advertisement.

- Write articles or a newsletter of tips on market conditions. Send them to current and past clients and ask for business referrals.

- Attend classes. Use any extra time to take your continuing education credits. Take a course in a new business area that is offered at a conference so you can both learn new information and meet people.

- Start your own local Investor’s Club and hold monthly meetings.

- Attend C.A.R. functions and monthly CREW meetings. They are a perfect way to build your business network and reconnect with members you haven’t seen lately.

- Advertise your unique specialties (i.e., entertainment facilities, international properties). One FIABCI member specializes in clients from Israel. Another uses auctions to create urgency and sell properties for higher amounts.

Dagmar Sands is very successful in the real estate business. She follows the philosophy: Don’t be afraid to be a “purple snowflake.” Try Dagmar’s strategies. You can make a great deal of money in a down market if you stand out, show you are unique and set yourself apart from your competition!  

Dr. Margot Weinstein, CIPS

Dr. Weinstein, CIPS, is CEO of MW Leadership Consultants and a practitioner, consultant, educator/trainer and writer. Contact her at www.drmargotweinstein.com or by e-mail, drmargot@drmargotweinstein.com.



What Are the Steps to a Short Sale?

There are hundreds of steps to successfully completing a short sale—which is why it’s important to be a knowledgeable REALTOR®. It takes an incredible amount of time, effort and expertise to negotiate with a lender and get the job done.

The first step in the short sale process is gathering information. In Illinois you will want to develop a team of professionals that includes an attorney, who will negotiate the short sale, and a Certified Public Accountant, who will review the tax consequences of performing a short sale with the homeowner.

You can download some of the required forms and find others available through your C.A.R. membership. C.A.R. regularly hosts the Accredited Distressed Property Representative certification program. One if its courses, Mastering Short Sale Forms, reviews in detail the forms needed to conduct a successful short sale and adhere to Illinois License Law.

Below is a checklist of the minimum forms needed in the city of Chicago to perform a successful short sale:

Prelisting Forms

       Steps To A Successful Short Sale: http://www.box.com/s/2e2mxtlv8yqnnzl0zl6d

       Dear Seller Letter 2012: http://www.box.com/s/6du1gxqajx9nkgq4fj4x

       Seller Checklist 2012: http://www.box.com/s/zmts8d34g0xo3zz01q8u

       Hardship Letter Example: http://www.box.com/s/8609q8y4eia4cmo9vam5

       Household Budget: http://www.box.com/s/0acdzk2hg03ib1snjq01

       4506 T: http://www.box.com/s/2j5hrqoxsk8diagqbrhr

       982 Reduction of Tax Attribute (Homeowner review with CPA): http://www.box.com/s/i79uc1lxh168212iqmfd

Listing Forms

       Listing Agreement: Permission Needed to Access

       Real Property Disclosure: Permission Needed to Access

       Lead Based Paint Addendum:  Permission Needed to Access

       Radon Disclosure: Permission Needed to Access

       Mold Disclosure: Arms’ Length Transaction Form: http://www.box.com/s/s49g3zkbm476dizr8ifc

       Authorization to Release Information: http://www.box.com/s/rxvg3fv05x18m52h37h3

       AS IS Addendum: http://www.box.com/s/fc8uu8qm2h2cczqalb7f

       Rider 20A: Permission Needed to Access

       Rider 20B:  Permission Needed to Access

       MARS Disclosure: http://www.box.com/s/7n62fvldta4lvmhtox65

       City of Chicago Heating Disclosure: https://accel.peoplesgasdelivery.com/secure/ssl/business/disclosure.aspx

       FHA Amendatory Clause Form: http://www.box.com/s/pg9h6c7rq2fh76u8kbq9

       Condo Questionnaire: http://www.box.com/s/b1600xymdoavtqbydkv5

       Property Repair Report: http://www.box.com/s/dcjkphblynv6sar0mvyb

       Dear REALTOR® Letter: http://www.box.com/s/81dgraiei3yetnsx5z3d

Marki Lemons, ABR, ABRM, ADPR, CRB, CRS, Green, e-PRO, CNE, CDEI, e-certified



Pinterest for REALTORS®

I’m falling in love and I can’t get up. Pinterest, I love you. Pinterest is vision board social media sharing Web site and app where REALTORS® can create and manage theme-based image collections. Long story short, it is a virtual pin board where REALTORS® can connect with the world through shared tastes and things that interest them. Pinterest attracts 11 million users per week and in 2011 was ranked in the top 10 Web sites, according to Hitwise.

Pinterest allows you to create and label theme-based image boards through media found on the Internet using a “PIN” button: i.e. a photo of Barack Obama’s house would be a PIN on a board labeled “Best Homes in Hyde Park.”

One of the best examples of maximizing the power of Pinterest is Michaels Store, which has over 25 boards with hundreds of Pins and tells the story of craft projects that can be created with supplies purchased at Michaels. Here are ideas for marketing your services using Pinterest and a PIN:

Pinterest Category	Real Estate Ideas
Architect	Frank Lloyd Wright Houses around Chicago
Art	River North Art Galleries
Cars and Automobiles	Best Auto Dealership in Orland Park
DIY and Crafts	Best Crochet Shop in Evanston
Food and Drinks	Good Eats In Bronzeville

People use whiteboards, pin boards and corkboards to display images for inspiration or projects. They tack, clue and staple magazine clippings and print-outs of images and quotes to their boards. Now you can PIN and share your inspiration and projects with the world. There is no limit to the amount of boards you can create. My love for Pinterest is a new love and I’m going to enjoy it while it lasts.

Marki Lemons, ABR, ABRM, ADPR, CRB, CRS, Green, e-PRO, CNE, CDEI, e-certified 



3 Reasons to Leverage Online Technology

Technology has revolutionized the day-to-day activities of REALTORS. Now, much of this technology is moving online, where you can access it at any time using Web-enabled devices such as your Smartphone, tablet, desktop computer and laptop. This shift fits the highly mobile nature of today’s consumer.  

Clearly, online tools are convenient. But they are also becoming essential for professionals who work in real estate. Here are three reasons why it’s to REALTORS’ advantage to make use of online efficiencies:

- From our perspective as a provider of real estate industry technology, we know that if you aren’t using tech tools already, your competitors are. REALTORS are using technology to help streamline transaction processes and find new clients. You can count on that, and you can’t afford to fall behind the curve. Online tools and services can make your routine business and prospecting tasks more efficient and often more secure, thereby also more powerful and more attractive to buyers and sellers.

- Chances are that the majority of your clients use online technology daily, whether they are blogging, using social media, making purchases online, using search engines to answer questions or scanning QR codes with their Smartphones. When tech-savvy consumers select a REALTOR, they expect that agent to excel in the online environment, too, and speak its language.

-  Reducing expenses and going green. Online technologies can save you money – not just time. Storing documents online, signing contracts electronically and reducing administrative requirements can eliminate both unneeded monetary and opportunity costs. It’s a “greener” way to do business, and that green approach will also appeal to today’s environmentally-friendly consumers.

When discussing online technologies that can make you more efficient, some specific applications include:

• Electronic signatures
• Electronic forms and document management/storage
• Transaction management, document sharing and task management
• Lead generation and client management
• Listing syndication
• Connecting via social media

 When adopting technologies to assist with tasks like these, you don’t have to go it alone. Companies exist, like ours, that can work with you to identify your day-to-day needs and which interactive forms, document management programs and other tools designed specifically for REALTORS can help. No matter which company you work with, experts can help maximize your ability to use technology to save time, cut costs and boost customer relationships.

Online technologies can help you exceed client expectations, increase referral rates and gain more business, according to agents we’ve talked to. The shift toward online technology can better serve the needs of REALTORS and consumers. By leveraging the right solutions, you stay a step ahead of your competition and exceed client expectations.

 Austin Allison

CEO, DotLoop

www.dotloop.com

YPN Mentor Series – Millie Rosenbloom, Baird & Warner

When I met Millie for this interview I went in for a professional hand shake -- you know, trying to be all professional and proper in the presence of a real estate mogul. She wouldn’t have it. Millie accepted a hug or nothing to start things off. That’s what I find so fascinating about our YPN Mentors. No matter how many millions of dollars’ worth of property they have sold in their careers or how much recognition they’ve earned, one-on-one they are the easiest people to talk to.

Welcoming, warm and humble. That’s Millie, and she was so excited to do this interview. Her career looking back is one that I can only hope to achieve looking forward. Millie has worked with home buyers, developers and investors and is regularly turned to for real estate industry insight. Her numbers are staggering and make you double-take when you read them. For example, her Web site reads: “She has participated in the acquisition of over $520 million in land development sites. During her career, she has procured over $500 million in residential developments, overseeing each from inception through the final sell-out.”

When you rank number 27 for sales volume and 54 for unit sales nationally in the Wall Street Journal and Real Trends, Inc.'s “Top 400 Real Estate Professionals,” which Millie has, you’re kind of a big deal!

Yet Millie doesn’t solely focus on sales. She was the 2001 C.A.R. President, is heavily involved with the real estate community and still active with the Association. Millie is a leader who leads by example and has professional qualities we should all aspire toward. Read my interview with Millie below – and enjoy!

Me: How did you get into real estate and when did you know it was the right career path?

Millie: I started young; my mother and father dabbled in real estate. It was a side hobby for them, just something fun to stay involved with. I’ve always loved real estate; the architecture aspect is fascinating to me. I’ve also always loved what real estate means to people. There are real emotions tied to real estate and I recognize and respect that. My family always had the same REALTOR growing up and I saw what it meant to be a great REALTOR through her. I watched her do what she did and absolutely loved it!

I started in 1982 and that was a horrible time for real estate. The market was in turmoil and real estate was not a good place to focus, for most. However, I wasn’t intimidated by the negative hype. Rather it motivated me to find the opportunity. As I started my career I knew I had the right personality and the confidence required. That, in turn, allowed me to handle the ups and downs that come naturally with this business.

Me: What is a trick of the trade you can pass on, about staying organized and constantly upping your game in this business?

Millie: Have the right support network and have the right process. An efficient workflow process is critical, it lets you know where to focus your efforts. Have systems, track them and make sure they work! You also need to know how to promote yourself.

Me: You are a point of reference for market trends and real estate advice. What are some ways you stay informed and ahead of the curve on this?

Millie: Online is a great resource, there is a sea of information there. Look at the statistics provided by our Association. The National Association also has great market stats. Study that data, analyze changes and understand what they mean. Attend good seminars and conferences -- ones that you will benefit from. Don’t go just to go. I personally read Crain’s, and Baird & Warner provides us with great market data. It’s also critically important to study the mortgage industry and understand how it relates to real estate purchase and sales.

Me: What would you say was your best "lesson learned" from working in this business?

Millie: Understand your clients’ real goal and how to represent them properly. This comes from industry knowledge. Don’t ever approach things in a negative way; guide your clients professionally, be a facilitator and stay positive. The end goal is to bring the buyer and seller together. Don’t let your personal emotions get in the way.

Me:  What are a few points that separate the best from the average in this business?

Grigory Pekarsky,

C.A.R. YPN Past Chair and Managing Broker/Partner, Vesta Preferred Realty