ORANGE COUNTY, CALIFORNIA FORECLOSURE UPDATE:

The Orange County real estate market now consists of mostly bank owned properties for sale.

The banks are scrambling to rid themselves of this massive inventory. Listing agents are presently allowed to list at whatever price they want and a lot of them are listing way below market value.

This doesn’t mean the banks will take this low offer. In fact, I can almost guarantee they won’t. Unscrupulous agents are doing this just to get offers in and scoop up buyers (new clients).

I am seeing multiple offers on REO’s to be the norm right now, any where from 90 to 180 days or more for the banks to get back to the offerers.

What does that mean? Continue reading this post

Vikas Pawa of Prudential Hills Real Estate in Tucson, Arizona, has only been in real estate for two and a half years, but has already experienced success that some agents never come close to.

We spoke with Vikas to get his take on what’s happening with the market, and how agents might be able to overcome any hurdles they are facing.

Vikas comes from a family of realtors, real estate investors and developers. So, naturally, when he was faced with a career decision, he felt it was a clear choice to get into real estate.

“Anyone just starting off in real estate can expect to work hard, and deal with new and unfamiliar situations on a regular basis. Just because you may have a website, and maybe signed up for a lead service online to help get more business (like HomeGain), doesn’t mean that you can take a back seat and let it happen. It takes work to see results.”

Vikas adds, “Too many buyers ask me how I’ll get paid for my efforts! They don’t realize that we represent them for free.” Continue reading this post

Warren Buffett describes his investment philosophy as being fearful when everyone else is greedy and greedy when everyone is fearful.

Today, fear abounds in the mortgage bonds market and that is driving mortgage rates higher.

Rampant fear is why I’m suggesting that borrowers float their mortgage rate. I had been advising borrowers to lock loans, until all hell broke loose, on March 6,2007. Investors are worried that the mortgage bonds they hold will be worthless.

This market is a lot like the junk bond market of the late 80s. Those that panicked lost money; those that kept a cool head, profited.

Today a 30 year fixed rate loan is offered at 6.25%, up from 5.875%, and a 7 year ARM is at 6.125%, up from 4.875%. Continue reading this post

Closing gifts to your clients are a thoughtful custom. Bottles of champagne, floral bouquets, and pre-packaged gift boxes are all very nice. Clients appreciate them.

But after they are used, they, and you, are usually forgotten. Here is a closing gift idea to wow any client and have your name on their lips at the next social function.

Give the gift of an EXPERIENCE.

How would you like to be known as the agent who gives these memorable and unique closing gifts? It may just get you an article in your local paper.

That’s a gift back to you.

• Hot air balloon ride

• Helicopter ride

• Massage for two

• Bi-plane rides (where you get to steer) Continue reading this post

Linda Davis’ combined comments from her 2 part blog posts, “My Dirty Little Secrets”, on ActiveRain totals to an impressive 234!

She’s honest and frank and voices a side that I’m certain a lot of other agents feel as well.

In Linda’s part 1 ActiveRain blog post she reveals that she still sends out postcards and a newsletter. She doesn’t feel guilty for licking stamps versus sending out drip marketing emails, because her clients respond to her and would lose 40% of her business if she stopped.

Her part 2 blog post reveals that she uses HomeGain’s BuyerLink program, which has been responsible for an extra 25 sales a year for her team for the past few years.

Here are some comments generated by ActiveRain readers:

“Thanks for sharing! I’ve been paying about $0.75 – $1.00 per click on Google AdWords to drive potential buyers / sellers to my website, so I think I may give that a rest for a few months and give HomeGain a try.” Continue reading this post

A few months ago, we featured Mike Beernink of Century 21 Findley in Georgia as the “Agent of the Month” in our Agent Success Newsletter.

A HomeGain AgentEvaluator™ Platinum Club Member, Mike spoke with me about his business techniques and the essential tools that help him achieve his goals.

According to Mike Beernink, success in real estate all starts with prospecting. Every year, Mike creates a strategic business plan, which always starts with prospecting objectives. “Prospecting is one of the most important things an agent does,” says Mike.

Having been in the real estate business for 8 years in the North Atlanta, GA area, servicing mostly sellers, Mike is had his best year yet in 2007, even in a down market. Mike had closed 36 sides by the end of August last year with his gross closed commission ahead of those in 2006.

Here’s how Mike creates his business plan: Continue reading this post