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Daily Archives: March 2, 2011
Take cues from real estate history lesson | Inman News
Take cues from real estate history lesson
Technology gives us tools that weren't available in past downturns
By David Fletcher, Wednesday, March 2, 2011.
Flickr image courtesy of Daniel Morris.
As the story goes, a herd of buffalo stampedes across a wide-open range under a cloudless sky when the herd’s leader suddenly stops in his tracks. One of the herd’s older members lumbers over to the leader and asks why he stopped.
With his big brown eyes, and deep and whispering voice, he turns to his fellow buffalo and says, "I thought I heard a discouraging word."
The first time I experienced a real discouraging word in real estate was during the 1973-75 recession.
I had been in real estate for two years, serving as project manager of a 778-unit condominium project in St. Petersburg, Fla., selling about 25 units a month. Seemingly overnight, we jumped from the real estate fast-track to a housing train wreck.
It is not easy waiting in gas lines wondering what your next move needs to be because sales went from about 25 units a month to fewer than five, especially when unused construction cranes were nicknamed the Florida state bird, and unfinished high-rise condominiums cast long shadows over the entire state.
Hundreds of presale buyers canceled their contracts.
All of us just knew that the condominium industry was doomed, and several major developers thought it to be such a bad concept they wanted to find a new word for "condominium."
It was a time of stagflation, where high unemployment coincided with high inflation. Some described it as a period of "malaise." There was oil trouble throughout the Middle East. Sound familiar?
It was a difficult time, but our country got through it.
Then, when things started to level out, a second recession began in July 1981 and lasted until November 1982, the year interest rates soared to 21.5 percent.
In those days, you’d be hard-pressed to find a banker, developer, builder or Realtor in the country who believed the housing industry would ever see single-digit mortgage rates again — ever.
Twelve percent became the target rate to turn housing around, and that is exactly what happened. Sellers were "buying down" the rate to 12 percent, and buyers were closing sales.
You can understand why some of us more experienced agents don’t get overly concerned about interest rates moving up from 5 percent to 5.5 percent.
It was a difficult time, but our country got through it.
In 1990, the Gulf War and other factors sent us into another recession, but it ended in 1991. During this period, many homebuilders were unable to obtain loans to buy land or build homes on speculation. Without builders, developers lost their subdivisions. Sound familiar?
It was a difficult time, but our country got through it.
After that war ended, loans became plentiful again and the U.S. saw one of the longest periods of prosperity in history, from about 1992 to 2006.
Technology gives us access, history gives us perspective, but it is experience that gives us quantifiable belief in our country and our future.
Now here we are, for whatever reasons, in the worst housing slump in memory, with a recovery not in sight, and with rapidly rising gas and other prices staring us in the face.
As a commission-based sales agent who uses your car as your office, what do you do? Real estate is a local business. You can still make a great living by understanding the times and knowing what to do.
It’s time to put the proverbial box, which very few of us ever thought outside of, and think outside the car. Because it will not only cost us sales, it will get expensive if we don’t.
We have technology tools this time that we did not have in previous recessions. We can dig deeper to determine the price we are willing to pay to adjust to the times — not in terms of cash, but in terms of will.
Will the term "prequalify" take on a new meaning for the way you do business? Will you continue to put prospects in your car if they are financially qualified, regardless of other qualifying concerns, like when they plan to purchase, how settled they are on general location, and such?
Will it force you to put more emphasis on listings so you don’t have to do as much driving? Will homebuilders start authorizing commissions or referral fees for you to register a prospect by phone or Internet instead of having to bring them to the sales office?
What about sales training?
Thanks to mobile technology, will you look for more training through podcasts and webinars as opposed to going to conventions?
Are you willing to reduce your commission if your buyer purchases sight unseen? Think condo foreclosures on this one.
One of the lessons you learn along the way as a commissioned sales agent is this: When you are confronted with an unpleasant reality, you must dig deeper within yourself to test your resolve, and determine the price you are willing to pay to respond in a way that makes you better, not bitter.
It may be difficult, but you can get through it.
David Fletcher has been a Florida real estate condominium and new homes broker for 30 years. He is the founder of New Homes Niche, a builder-certified co-broker training system designed to assist prospective short-sale buyers move into new homes. You can reach him by e-mail: davidf@newhomesniche.com.
Contact David Fletcher: Letter to the Editor
Copyright 2011 Inman NewsAll rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.
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Top 10 paid real estate apps for Android | Inman News
Top 10 paid real estate apps for Android
Financial calculator, real estate vocabulary quiz among popular downloads
By Inman News, Wednesday, March 2, 2011.
The following is a list of the most popular paid mobile app downloads for Android-based devices, based on a search of the phrase "real estate" at the Android Market website. The rankings, text summaries and user ratings were sampled Feb. 24.
Rank App title Rating Cost Description 1 MxCalc 12c – Financial Calc 2.5 stars $14.99 The best Programmable RPN financial calculator — HP 12c Emulator … 2 Real Estate Vocabulary Quiz 4.5 stars $2.99 Want to ace your broker exam? This real estate vocabulary test will help … 3 Real Estate 4 stars $0.99 The Dictionary of Real Estate Terms provides a convenient and user-friendly reference tool … 4 California Real Estate Exam 5 stars $8.99 Ace your California real estate broker, salesperson or agent exam with this app! Want to ace your California real estate salesperson, broker or agent exam? Look no further … 5 Suburb Scout 3.5 stars $1.99 Find nuisances near a potential real estate or home purchase. Suburb Scout allows real estate agents, investors and homebuyers to search for possible nuisances … 6 Real Estate Broker Prep Quiz 3.5 stars $1.39 Review and learn more than 350 real estate terms and prepare for your license exam … 7 Property Hunt 5 stars $0.99 This tool allows users to capture property images, record financial information, features, notes, and more. Good for house hunters, real estate professionals … 8 Best Investment Ideas and Tips NO RATINGS $1.17 Discover the best investment ideas and tips. Investing can be an emotional roller coaster for many people. This holds true whether you are investing in real estate … 9 Spanish Real Estate Dictionary 4.5 stars $1.79 Learn more than 250 real estate terms in Spanish and English by multiple-choice quiz and flash cards…. 10 200 Real Estate Quiz Questions 4 stars $1.89 Review and learn real estate terms by multiple-choice quiz, flash cards and dictionary listing … Source: Android Market.
Contact Inman News: All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
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Harvard’s Steps To Success In Chappaqua NY | Chappaqua NY Homes
Why have you been so successful in reaching some of your goals, but not others? If you aren’t sure, you are far from alone in your confusion. It turns out that even brilliant, highly accomplished people are pretty lousy when it comes to understanding why they succeed or fail. The intuitive answer — that you are born predisposed to certain talents and lacking in others — is really just one small piece of the puzzle. In fact, decades of research on achievement suggests that successful people reach their goals not simply because of who they are, but more often because of what they do.
1. Get specific. When you set yourself a goal, try to be as specific as possible. “Lose 5 pounds” is a better goal than “lose some weight,” because it gives you a clear idea of what success looks like. Knowing exactly what you want to achieve keeps you motivated until you get there. Also, think about the specific actions that need to be taken to reach your goal. Just promising you’ll “eat less” or “sleep more” is too vague — be clear and precise. “I’ll be in bed by 10pm on weeknights” leaves no room for doubt about what you need to do, and whether or not you’ve actually done it.
2. Seize the moment to act on your goals. Given how busy most of us are, and how many goals we are juggling at once, it’s not surprising that we routinely miss opportunities to act on a goal because we simply fail to notice them. Did you really have no time to work out today? No chance at any point to return that phone call? Achieving your goal means grabbing hold of these opportunities before they slip through your fingers.
To seize the moment, decide when and where you will take each action you want to take, in advance. Again, be as specific as possible (e.g., “If it’s Monday, Wednesday, or Friday, I’ll work out for 30 minutes before work.”) Studies show that this kind of planning will help your brain to detect and seize the opportunity when it arises, increasing your chances of success by roughly 300%.
3. Know exactly how far you have left to go. Achieving any goal also requires honest and regular monitoring of your progress — if not by others, then by you yourself. If you don’t know how well you are doing, you can’t adjust your behavior or your strategies accordingly. Check your progress frequently — weekly, or even daily, depending on the goal.
4. Be a realistic optimist. When you are setting a goal, by all means engage in lots of positive thinking about how likely you are to achieve it. Believing in your ability to succeed is enormously helpful for creating and sustaining your motivation. But whatever you do, don’t underestimate how difficult it will be to reach your goal. Most goals worth achieving require time, planning, effort, and persistence. Studies show that thinking things will come to you easily and effortlessly leaves you ill-prepared for the journey ahead, and significantly increases the odds of failure.
5. Focus on getting better, rather than being good. Believing you have the ability to reach your goals is important, but so is believing you can get the ability. Many of us believe that our intelligence, our personality, and our physical aptitudes are fixed — that no matter what we do, we won’t improve. As a result, we focus on goals that are all about proving ourselves, rather than developing and acquiring new skills.
Fortunately, decades of research suggest that the belief in fixed ability is completely wrong — abilities of all kinds are profoundly malleable. Embracing the fact that you can change will allow you to make better choices, and reach your fullest potential. People whose goals are about getting better, rather than being good, take difficulty in stride, and appreciate the journey as much as the destination.
Katonah NY Real Estate Needs Help From Albany | Katonah NY Homes
Business groups typically spend the first half of the year in Albany fending off tax increases, state borrowing schemes and expanded regulation. This year they expect to be on offense, driving their bills toward the goal line without much fear of being scored upon.
But the fate of business-backed bills to cap property taxes, reform workers’ compensation and permanently extend a subsidized-power program hinges on the outcome of the business community’s top priority: Gov. Andrew Cuomo’s budget.
Business’ agenda begins with the budget because of its game-changing premise of lower spending and no borrowing or tax hikes. Passage would enhance the governor’s clout and bode well for passage of pro-business bills he supports. By the same token, if the budget is substantially changed or delayed, the rest of the wish list would be jeopardized.
“Cuomo knows if he loses this first test, he’s diminished his future significantly,” said Jeffrey Stonecash, who teaches political science at Syracuse University. “He’s got to hold out or he’ll lose his credibility—and then lots of things don’t happen.”
Among them is a measure that business groups consider imperative: It would cap annual property tax growth at 2% or the rate of inflation, whichever is lower.
Another priority: a state spending cap, to limit the growth of future budgets. Mr. Cuomo put one in his campaign blueprint, but is now focused on his budget. He has proposed budget bills to change the formulas that annually threaten to cause huge deficits, and is seeking a cap on Medicaid spending growth.
Business groups also want reform of property assessments. Optimism abounds.
“Things are looking a lot different for the business community this year, as opposed to last year,” said Mike Elmendorf, the state director of the National Federation of Independent Business. “There’s hope of an affirmative agenda.”
Signs of trouble
What could go wrong? One Albany insider said administration officials are nervous about discontent in the Assembly over the perception that millionaires are getting a tax break while everyone else endures service cuts. Also, while the Republicans who control the Senate share the governor’s fiscal and legislative agenda, signs have emerged that Senate Majority Leader Dean Skelos is unhappy with Mr. Cuomo and has been talking with Assembly Speaker Sheldon Silver, a reputed nemesis to business.
Mr. Cuomo’s popular support remains high, but none of his plans has come to fruition. “Not a single bill has passed, he’s behind on his appointments, and things feel a little adrift up here,” the insider said. It appears that Mr. Cuomo will not get his property tax cap and ethics reform until after the budget. Eliot Spitzer, in contrast, signed bills on budget reform, ethics, crime and workers’ compensation in the opening months of his governorship.
Business leaders don’t seem worried about measures they’ve devoted much energy to blocking in the past, including new taxes, wage increases, paid leave for workers, health insurance mandates and the right for private parties to sue under the Martin Act. The new Republican Senate majority opposes those measures, and the governor either rejects or omits them in his published agenda.
“Given the changes in the Senate and having a governor who is not only saying but doing all the right things, some of the bad stuff is less likely to move,” Mr. Elmendorf said. “The Assembly understands it’s not going anywhere.”
Health insurance mandates with an emotional dynamic do sometimes sail through the Legislature, as an autism therapy measure did last year (although Gov. David Paterson vetoed it). And a few dozen of the 99 Democrats in the 150-member Assembly want to extend the personal income tax surcharge—which hits individuals making $200,000 or more—beyond 2011. But they express little hope of persuading the Senate and Mr. Cuomo. “The reality is, the votes aren’t there,” said state Sen. Toby Ann Stavisky, D-Queens.