Beyond-Basic Coaching Helped Don Grow His Business

Don Callahan and his assistant Laura Hyatt were growing their business. They followed the business-building plans from the book The Millionaire Real Estate Agent. They tracked the details of their business and as a result increased the volume dramatically. However Don realized after attending Keller Williams Mega Camp, KW–MAPS Coaching’s annual gathering that he could be mastering the business and growing his own business even further.

Read in the Keller Williams Out Front magazine how Don made this incredible increase in his volume as seen in the tables below.

Out Front Magazine online:
http://issuu.com/kellerwilliamsrealtyinc/docs/kwri-outfront-2013-q3_lowres/9?e=8039000/4998311

COACHING STATS

Before 

2010	$7.1 Million
2011	$8.89 Million

After

2012	$11.38 Million  ( a 75% Boost in GCI over 2011)
2013 (Jan. – July)	$9.2 Million

It's All About Your Perspective and Your ONE Thing

As Realtors and agents we are aware of the daily challenges in the industry, specifically national issues beyond our control that impact our individual business. One of these of late is mortgage rates. Trying to keep up with the current news on the rates I find that opinions on where the rate is really varies.  It seems that it really is about perspective, which is a great lesson to adapt in our daily lives.

Mortgages Are Interesting

Here are some recent headlines from national real estate news sources:

Mortgage Professionals of America: 9/20/2013 -
Mortgage Applications Head Up as Rates Edge Down

Mortgage applications were up last week as interest rates crept down, according to a survey from the Mortgage Bankers Association. 

Read the article: . http://www.mpamag.com/mortgage-interest-rates/mortgage-applications-head-up-as-rates-edge-down-15796.aspx

Bloomberg News: 9/19/2013 Home Sales Climb as Americans Rush to Lock in Rates
Sales of previously owned U.S. homes unexpectedly rose in August to the highest level in more than six years as buyers rushed to lock in interest rates before they increased further.

Read the article: http://www.bloomberg.com/news/2013-09-19/sales-of-u-s-existing-homes-unexpectedly-climb-to-six-year-high.html

Realtor Magazine: 9/23/2013 

Mortgage Rates Level Off 
Key fixed-rate mortgages held steady this week, remaining near two-year highs.
Read the article http://www.realtor.com/news/mortgage-rates-level-off/

No Matter Where the Rate Is At …

"No matter how success is measured, personal or professional, only the ability to dismiss distractions and concentrate on your ONE Thing stands between you and your goals. The ONE Thing is about getting extraordinary results in every situation." Gary Keller

Keller Williams: 9/19/2013 

Balanced Markets; Big Opportunities: Gary Keller’s Mid-Year Market Update Amounts to ONE Thing: More Sales

The annual pace of home sales in July was 17.2 percent higher than it was last year, putting the industry on pace for the best year in home sales since 2006. “The last time we saw this number was 2003,” said Jay Papasan.  http://blog.kw.com/2013/09/19/balanced-markets-big-opportunities-gary-kellers-mid-year-market-update-amounts-to-one-thing-more-sales/

Keller Williams Realty Making a Difference In Moore OK

These days it is so easy to get caught up with our own lives and forget the recent tragedies that others are still recouping from. Just over a month ago so many residents of Moore Oklahoma lost their homes, and with it their way of life. We were all mesmerized with the media’s footage of the EF 5 tornado’s destruction, and survivor’s tearful stories of loss and reunions of family members.  The destruction of their homes and loss of their precious belongings was catastrophic. However within a few days the media and our attention turned to other more immediate matters. Gone from our minds are the empathizing feelings for the survivors of one of the worst tornadoes in history.

Personal Experience Spreads

Well not everyone has forgotten the tragedy that has befallen families in Moore OK.  In fact the Vice Chairman of Keller Williams Realty, Mo Anderson, was approximately 12 miles south of the tornado when it hit.  “Our heartache for Moore’s residents set in immediately.” noted Mo in a recent KW blog. Soon after the tornado she visited the area, and the site of one of our Keller Williams agent’s home.  “Words cannot come close to describing what I felt during that visit.” Said Mo. Many people had similar feelings, and as such there was an immediate outpouring of help. Keller Williams agents and their families came out and searched among the rubble that had once been homes, for any item that was intact helping those that had suffered such a devastating loss. This story is illustrated by the picture here where   Stephanie Walker (pictured right) is seen handing money she found to John Sacotte, who lost his home.  Stephanie is the daughter of Keller Williams Realty Green Meadow associate Sandi Walker. Together they looked for any valuables from Sacotte’s home.

KW Realty Reaches Out To Help

The need to reach out and help those who were suffering went far beyond local residents of nearby Moore. Thanks to the Keller Williams Realty associates’ generous support, KW Cares, (Keller Williams Realty’s non-profit) has been able to award $95,000 in grants to associates and family members whose lives were upended by this storm’s devastation. In addition to the grants a KW Moore fund was established and has raised more than $32,000 to date for immediate disaster assistance. Many Keller Williams Realty market centers and regions have also sent gift cards and other resources to assist KW families in need.

Having had such a personal experience in Moore OK Mo Anderson wrote on the KW blog her thoughts which reflect what KW Realty is all about:

“Nationwide we have proven that we refuse to run and hide. We are shaken and sometimes knocked to our knees, but we call on our inner strength and courage, very quickly rise to our feet, and compassionately reach out to others during their time of need. We persevere, regroup and regenerate, and for many of us, begin again!”

In Keller Williams Realty one of the hallmarks of the culture is our associates’ deep commitment to helping those in need. On a regular basis, grants are being given to those fighting serious illnesses and recovering from life altering accidents.

First Steps in Preparing to Buy a Home

Organize Your Finances

Thinking of buying a home and wondering where do I start?  The first step is to deal with the financial issue. First figure out how much can you afford in a monthly mortgage payment. Although this may seem obvious it is crucial in determining where and what kind of home you will be shopping for. When doing your calculations on this remember to include taxes, homeowners insurance and any other monthly payments attached with the mortgage payment. Also it’s important to include all your expected utilities water/sewer, trash collection, plus the usual. In some cases you may want to pick a lender and get
pre-qualified for a mortgage. A lender will consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. (Credit card debt, car payments, school loans etc.) A lender will want to know how much cash you have available for a down payment. They will most likely ask for bank statements that go back at least a month or two. If a large amount of cash suddenly on your bank statement they will want to know where the money came from. Lenders frown on borrowing money for a down payment, so be prepared to show proof of any income, inheritance, or gifts.

Make A Must Have & Wish List

Now you know what you can afford, think about how much space you need. Think about what areas of town you might want to live in. Talk to friends and family and drive through some of these neighborhoods during the day and in the evening to get a good sense of what they are like. Based on your spending range you may want to give thought to what features in a home are most important and which ones you would be willing to live without. In making this determination consider your family’s lifestyle, what kind of features fit for your family? Do you need to be close to certain schools, how far of a commute will living in a certain neighborhood involve? What kinds of amenities are you looking for in the home and neighborhood? Establish which things are essential, and which are on your ‘wish list’.

Choose an Excellent Realtor

The next step in home buying is the least talked about, and yet one of the most important, choosing an agent that will represent you. Most likely you will hear friends say they know so-and –so who can recommend an agent who was ‘OK’, just pass on these! Buying a home is one of the most important events in your life, and it can be a stressful process. Given this you want someone who is more than ‘OK’ you want someone who is excellent! So what does an excellent Realtor mean? To keep it simple here are a few pointers in what to look for in obtaining an excellent Realtor.

• A full time professional Realtor. Someone who has extensive work history in the industry. The number of years a person has been in the business does not necessarily reflect the level of service you can expect but it’s a good place to start.
• Do they have any professional awards or professional designations?
• The agent should have past clients that are able to provide a reference on their reliability. Also ask the agent to provide a list of what they've listed and sold in the last year.
•  Is there a team or staff that works with them, such as a personal assistant?
• Do they have their own website with a property search feature?
• They should be very familiar with the area in which you wish to buy.
• They should be willing to show properties other than the company they work for.
• They should have the ability to negotiate effectively on your behalf. Everyone has different styles, but you don’t want an agent who is too shy to press an issue when needed.
• Your agent will want to keep in touch with you daily or weekly to tell you about properties that meet your criteria.

Here a few more tips on getting a good real estate agent to represent you.

• Check with your state's regulatory body to find out if the person is licensed and if there have been any disciplinary actions or complaints.
•    Select an agent with the right credentials. The alphabet soup after the name can be an indication that the person has taken additional classes in a certain specialty of real estate sales. Here's what some of the designations mean:

o   -- CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.

o   -- ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.

o   -- SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.

o   If the agent calls himself a Realtor with a capital "R," that means he's a member of the National Association of Realtors.

“The most important thing is that you want an agent who formally pledges to support the code of ethics.”  -  Ron Phipps, past President of the National Association of Realtors, 2011.

Timing The Market - Fact or Fiction

Buyer Tip

There is never a wrong time to buy the right home.  Trying to time the market at the right moment to purchase a home rarely works to your advantage. Real estate is a solid investment because of long term factors; equity buildup, value appreciation, and tax benefits. Finding a home that meets your criteria is a smart purchase in any market climate. Make a list of your criteria and make contact with a real estate agent even if you feel ‘now’ is not the right time. Stay in touch with your agent and keep an eye on the real estate listings in your area of interest, thus assuring that you will find the right investment at the right moment.

Selling Tip

Are you trying to figure out if ‘now’ is the right time to sell your home? Well the first step to that answer is; one recognize that the real estate market is different in every region; two never rely solely on one person’s advice or opinion. Here are a few decision points to consider:

• Research your market, what are homes selling for? (Home prices nationally climbed 8.3% in  December from the same period a year earlier)
• Acting sooner than later could be an advantage, buyer search activity generally peaks in March and April.
• Currently according to the Wall Street Journal prices are rising – good news for sellers.
• Interest rates on mortgages are still very low.

Supply of homes for sale is likely to increase over the next few months, creating more competition, say real-estate agents. Again, make sure to see what is occurring in your regional real estate market.

Finally The Wall Street Journal is upbeat for selling your home now: “Still, in many markets, sellers have more of an edge than they have had in years. One big reason: The number of existing homes on the market dropped to 1.74 million in January, down 25% from a year earlier and the lowest level since December 1999, according to the National Association of Realtors.”

How do you define professional?

...borrowed from Nathan Tutas

How do you define professional? Is it what title you have behind your name? Is it what company you work for? Is it how your email address comes across? Is it what you drive? How about what you wear? Or is it a combination of those things?

If you answered yes to any of those questions, I hate to tell you this, but you're wrong. Big time, dead wrong! Professionalism is an action. It's a way of doing business and doing it properly. It's about doing the things that will create last ing success in any walk of life.

No matter how well you are dressed, if you don't answer your emails in a timely manner, the client will not think of you as a professional. If you don't return phone calls for days on end...your beautiful BMW won't mean anything to the potential clients you lost. Like I said, professionalism is in how you act.

Do you treat your clients respectfully and show up on time to appointments. I'm sure you think your time is money. Well guess what, your clients think their time is money. Be on time.

I'd bet a million dol lars I could sell real estate in shorts and flip flops. I don't, but I could. Although I have the added bonus of being in Central Florida, so I wouldn't exactly look out of place. But you get my point. I can show up driving and wearing any thing I want and still do my job well.

I will have answered their call or email, I'll show up on time, I'll be prepared, I'll be well educated about the issues that might come up during our meeting, and I'll be sincere when I give them the best advice I can. That is professionalism and that is the standard you should be measuring yourself against. Another one of Nate's bright ideas.....

Why Use a REALTOR?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

7 tips for picking a real estate agent

by Dana Dratch
updated 6/22/2010 9:33:34 AM ET

Ever wish you could see through the hype to hire the best real estate agent for buying or selling your home?

When it comes to choosing real estate agents, "we don't have the information that we have about other service professionals," says Stephen Brobeck, executive director of the Consumer Federation of America, in Washington, D.C.

However, there are things you can do to pull back the curtain and accurately assess a real estate agent's past performance and potential success with your home. Whether you're the buyer or the seller, here are seven ways you can find out more about your agent before you hire.

1. Talk with recent clients
Ask agents to provide a list of what they've listed and sold in the last year, with contact information, says Ron Phipps, president-elect of the Chicago-based National Association of Realtors. Before you start calling the names, ask the agent if anyone will be "particularly pleased or particularly disappointed," he says.

With past clients, "I'd like to know what the asking price was and then what the sales price was," says William Poorvu, professor emeritus at Harvard Business School and co-author of "The Real Estate Game: The Intelligent Guide to Decision-making and Investment."

And, if you're the seller, ask if these past properties are similar to yours in price, location and other salient features, Poorvu says. What you want is someone who specializes in exactly what you're selling.

Another good question for sellers is: How long has the home been on the market?

2. Look up the licensingStates will have boards that license and discipline real estate agents in those states, says Phipps. Check with your state's regulatory body to find out if the person is licensed and if there have been any disciplinary actions or complaints.

Some states, including Virginia, Arizona and California, put the information into online databases that consumers can search. "But I think very few people do," says Robert Irwin, author of "Tips & Traps When Buying a Home."

3. Pick a winnerPeer-given awards count, says Phipps. One that really means something is the "Realtor of the Year" designation awarded by the state or local branch of the National Association of Realtors.

"These agents are the best as judged by their peers," he says. "That's a huge endorsement."

4. Select an agent with the right credentialsJust as doctors specialize, so do real estate agents. And even generalists will get additional training in some areas. So that alphabet soup after the name can be an indication that the person has taken additional classes in a certain specialty of real estate sales. Here's what some of the designations mean:

•CRS (Certified Residential Specialist): Completed additional training in handling residential real estate.
•ABR (Accredited Buyer's Representative): Completed additional education in representing buyers in a transaction.
•SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range.

If the agent calls himself a Realtor with a capital "R," that means he's a member of the National Association of Realtors. By hiring a Realtor, "the most important thing you get is an agent who formally pledges to support the code of ethics," says Phipps.

Five years ago, one-third of real estate licensees were Realtors, he says. "Now, it's half."

5. Research how long the agent has been in businessYou can often find out how long the agent has been selling real estate from the state licensing authority. Or, you can just ask the agent.

"If they haven't been in business five years, they're learning on you and that's not good," says Irwin.

Ultimately, what you're looking for is someone who is actively engaged in a particular area and price range, says Phipps. You'll want to know what knowledge of those two factors they can demonstrate and "what kind of market presence they have," he says.

6. Look at their current listingsCheck out an agent's listings online, says Brobeck. Two places to look are the agency's own site and Realtor.com, a website that compiles properties in the Multiple Listing Service into a searchable online database.

Most buyers start their search on the Internet, and you want an agent who uses that tool effectively. "A key thing is an attractive presentation on the Web," says Brobeck.

You also can look at how closely the agent's listings mirror the property you want to buy or sell. Are they in the same area? Is the price range similar? And does the agent have enough listings to indicate a healthy business but not so many that you'd just be a number?

7. Ask about other houses for sale nearby
A good agent should know about other available area properties "off the top of his head," says Irwin, who wrote "Tips & Traps When Buying a Home." Mention a house in your area that's sold recently or is for sale. If the agent knows the property and can give you a few details, that means he or she really knows your area, he says. Says Irwin: "You want someone like that who's on top of the market."

© 2010 Bankrate.com
View the original article here: http://www.msnbc.msn.com/id/36786169/ns/business-real_estate/

Pending Home Sales on a Record Roll

Washington, September 01, 2009
Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. “The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit,” he said. “Other buyers are taking advantage of low home values before prices turn higher.

Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family’s monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable,” Yun said.

NAR estimates that about 1.8 to 2.0 million first-time buyers will take advantage of the $8,000 tax credit this year, with approximately 350,000 additional sales that would not have taken place without the credit. Buyers have little time to act because they must complete the transaction by November 30 to qualify for the credit. Unless extended, contracts signed but not completed by that date will not be eligible – it is taking approximately two months to complete home sales in the current market.

The Pending Home Sales Index in the Northeast declined 3.0 percent to 78.8 in July but is 4.7 percent higher than July 2008. In the Midwest the index slipped 2.0 percent to 88.1 but is 8.1 percent above a year ago. In the South, pending home sales activity rose 3.1 percent to an index of 103.8 in July and is 12.0 percent above July 2008. In the West the index jumped 12.1 percent to 112.5 and is 20.0 percent above a year ago.

NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said Congress needs to keep the momentum going. “Even with a good recovery taking place, the market is not yet back to normal. With a gradual absorption of inventory, we are on the cusp of a general stabilization in home prices,” he said.

“To ensure that housing has a broad stimulus to the overall economy and stays on sound footing, we’re encouraging Congress to extend the tax credit into 2010, and to expand it to all buyers of primary residences. The faster we stabilize home prices, the fewer families will face foreclosure and the quicker credit can be extended to other sectors of the economy,” McMillan said.

NAR’s Housing Affordability Index2 stood at 158.5 in July, below the peak set in April but is still 36.0 percentage points higher than a year ago. The HAI is a broad measure of housing affordability using consistent values and assumptions over time, which examines the relationship between home prices, mortgage interest rates and family income.

Yun expects existing-home sales to rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery’.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

# # #
1The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

2The Housing Affordability Index is a relative index where a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced existing single-family home, taking into account the relationship between median home price, average effective interest rate for loans closed on existing homes, and median family income. The higher the index, the better housing affordability is for buyers.

The calculation assumes a downpayment of 20 percent and a qualifying ratio of 25 percent of gross income for mortgage principle and interest payments. The index is a general gauge with conditions varying widely around the country. Affordability conditions are lower for first-time buyers with smaller downpayments and less income.
Monthly publication of the index began in 1981 with annual data calculated back to 1970.

Existing-home sales for August will be released September 24; the next Pending Home Sales Index will be on October 1.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section. Statistical data, tables and surveys also may be found by clicking on Research.

(From Realtor.org)

Top 10 Strategies For Choosing the Right Real Estate Agent

Whether you're buying or selling, use these tactics to find a top-notch professional
By Shannon Petrie, FrontDoor.com Published: 7/22/2009

#10: GET TESTIMONIALS AND REFERRALSA good real estate agent will come with a good reputation. Getting recommendations from friends and family is a tried and true method of finding an agent, but you can also turn to the Web for further research.

"A lot of Realtors are blogging, so I would look for blogs in my local area and see who's writing and watch what they post," says Bernice Ross, CEO of RealEstateCoach.com. "See if they're on Facebook and Twitter. Type their name into Google to see what comes up. Do they have a presence online? What's been said about them online? It's kind of a matter of doing your homework ahead of time."

In a competitive industry like real estate, an agent who is respected and admired by his/her peers also says a lot.

#9: CHECK OUT THEIR CREDENTIALSWhile it may be tempting to hire your old friend from college or your cousin who just got his real estate license, you should only hire him if he's truly the best person for the job.

"If you're going to use a Realtor, it's extremely important that you use a qualified one, particularly if you don't have a lot of experience," Hahn says. "I would be very leery of going with someone who's a rookie because the bar to entry in the real estate profession is very low."

Look for a full-time, full-service agent with several years of experience. Find out what professional designations they hold.

"The more advanced education the better," Hahn says. "Not only do they know more, it's a sign of their commitment to their profession."

A well-seasoned agent also has built an extensive network of contacts and can put together a team of professionals who can help with your purchase or sale, including other agents, mortgage brokers, contractors, appraisers, title companies and the like.

#8: FIND THE EXPERTS IN YOUR TARGET NEIGHBORHOODS
If you're shopping for a home, you likely have a rough idea of where you want to buy and where you don't. If you're selling a home, you have to "sell" the neighborhood to potential buyers. A real estate agent who specializes in the area you're buying or selling in and -- ideally -- lives there himself will be able to offer a lot more expertise than an agent from outside the area.

"You want to look for experience in the neighborhood you're looking in and knowledge of that neighborhood," says Bruce Hahn, president of the American Homeowners Grassroots Alliance and the American Homeowners Foundation. "You want to ask them how many sales they've had or purchases in that neighborhood."

Look for someone who not only has knowledge of local sales, which can help you price your home if you're a seller or shape an offer if you're a buyer, but also knows the neighborhood inside and out, including its schools, amenities, zoning laws and other details.

#7: LOOK FOR A SOLID MARKETING STRATEGEYSticking a "For Sale" sign in the front yard and posting an ad on Craigslist won't cut it in this market. You want a real estate agent with a detailed plan for promoting your home for sale. Find out where they plan to market your home, at what frequency, how many open houses they plan to hold and other specific information about their marketing plan.

"What I have done as a seller is incorporate that plan in the listing agreement," Hahn says. "That way if the listing agent drops the ball and doesn't do all he or she promised, I can cancel the listing and I can point to our agreement."

#6: LOOK FOR A TECH-SAVVY REAL ESTATET AGENT
Not only do you want a real estate agent with a solid traditional marketing plan, you also want someone who will promote your home online -- aggressively.

"More than 90 percent of buyers do home searches on the Internet," Hahn says. "You definitely want someone who's knowledgeable about Web marketing."

If you're selling your home, ask potential agents exactly what kind of Web-based marketing they use. You want someone who will get your listing on multiple Web sites and get it noticed with plenty of high-quality photos and video.

#5: AVOID "DUAL AGENCIES"
Many homebuyers think their real estate agent is representing them, but come to find out later that the agent is actually representing the seller in the negotiation of price and terms. Real estate representation is a tricky subject with complex laws that vary from state to state, so homebuyers -- particularly first-time buyers -- should consider hiring an exclusive buyer agent to be sure their interests are being protected.

"By not taking listings, exclusive buyer agents don't have the danger of trying to represent both parties in the transaction," says John Sullivan, president of the National Association of Exclusive Buyer Agents.

Exclusive buyer agents aren't available everywhere, but you can visit naeba.org to find one in your area.

#4: LOOK FOR A LISTING AGENT WHO CAN THINK LIKE A BUYER
Any agent can set a listing price and wait for your home to sell. Some may even claim they can sell your home at a high price, to get your business. But great agents know it's not just about the price, but the buyer's impression of the home. They know what buyers are willing to pay extra for and what updates and repairs will lead to a quick sale.

When Ross sold her home, her agent instructed her to have her home inspected, buy new appliances, tear down the wallpaper and replace her brass chandeliers. The first day her home was listed, it sold for all cash.
"I needed someone who understood what current buyers wanted -- someone who had that level of expertise and could direct me," Ross says.

#3: CHOOSE SOMEONE WHO WILL LISTEN AND UNDERSTAND
Some agents are so intent on making a sale, they ignore your wants and needs and show you houses that clearly aren't right for you. When you're buying a home, choose an agent who will listen to you and advise you, but won't be pushy or patronizing.

"I want someone who's going to sit down with me and ask questions about my lifestyle and what I like to do," Ross says. "They have to take the time to get to know me."

Even if the agent doesn't agree with you, he/she ultimately answers to you. So choose a professional who can voice a contrasting opinion, but won't keep you from seeing a property you want to see.

"I recently wrote an article on short sales and why they're not good for the buyer," Sullivan says. "But as much as I abhor short sales, if a client comes to me and says, 'I want to look at this short sale,' I don't have any problem showing it to them. I just inform them of the process so they know what to expect."

#2: INTERVIEW AT LEAST THREE AGENTS
Once you've narrowed down your search to a handful of agents, schedule individual appointments so you can evaluate them face-to-face.

"You want to interview them as if you're interviewing them for a job, because that's basically what you're doing," Hahn says. "There's a lot of money involved. You take your typical 6 percent commission on a $200,000 house, and the Realtor's going to make $12,000. So you have the right to ask a few questions."

Not sure what to ask? Try these suggestions from Iverson Moore, spokesman for the National Association of Realtors:
--How long have you been in residential real estate sales?
--Is it your full-time job?
--How many homes did you and your real estate brokerage sell last year?
--How many days did it take you to sell the average home? How did that compare to the overall market?
--How close to the initial asking prices of the homes you sold were the final sale prices?
--Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction?
--Can you recommend service providers who can help me obtain a mortgage, make home repairs and help with other things I need done?
--What type of support and supervision does your brokerage office provide to you?
--How will you keep me informed about the progress of my transaction? How frequently?
--Could you please give me the names and phone numbers of your three most recent clients?

#1: TRUST YOUR GUT
You may interview a real estate agent who seems competent and experienced and has a great marketing plan, but if you just don't like or trust him, you shouldn't hire him.

"When you hire a Realtor, you're adopting them into your family, so you have to make sure their personality fits," Ross says. "Do you want this person in your home every day for the next however many months your house is on the market?"

Bottom line: trust your instincts. The agent you choose will represent you and your home to the world, so hire someone you can comfortably entrust with that job.
(From Frontdoor.com)

When Is a Real Estate Agent a REALTOR®?

A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS® provides a facility for professional development, research, and exchange of information among its members.

Check out the Public Awareness Campaign television and radio spots that encourage consumers to rely on the expertise and integrity of REALTORS®.

Now in its ninth year, the NAR advertising campaign runs February through November on network and cable television and network and satellite radio. This year's commercials help consumers understand the real value of working with REALTORS®. From their voluntary adherence to a Code of Ethics to their incomparable knowledge of real estate processes, REALTORS® are the experts of residential and commercial property transactions.

Why Use an ABR®: REALTORS® Experienced in Buyer Representation

Buying a home is no small matter. Besides being the largest financial transaction you may ever undertake, it’s probably also the most complex. There are many good reasons to work with a qualified real estate professional—especially a trained professional who has earned the Accredited Buyer’s Representative (ABR®) designation, representing best-in-class buyer services.

When you look for an ABR® before you look for a home, you’ll be served, not sold. Your interests become their interests. And you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer-representation services. Plus, a REALTOR® who has an ABR® Designation also has an established track record, with proven experience in representing the concerns of homebuyers.

The ABR® Designation is awarded through the Real Estate Buyer’s Agent Council, or REBAC, which was founded in 1988 to promote superior buyer-representation skills and services. REBAC is an affiliate of the National Association of REALTORS® (NAR).

From the Real Estate Buyer's Agent Council of the National Association of REALTORS