| Sunday, May 20, 2012 |
| Realtors' Edge / No. 51 / May 20, 2012 |
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| Dear REALTOR: Welcome to Realtors' Edge whose purpose is to ascertain that as a professional agent you are well informed about things that can impact your income, your reputation and your career, by providing the best of news and perspectives on key issues that affect the real estate industry.
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| May 20, 2012 / Volume 4 / Number 51 |
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| With real estate owned (REO) properties numbering in the millions, agents vying for new business opportunities will find an abounding REO market. With the right insurances in place, brokers will be able to both support their agents’ REO business while amassing new and successful real estate transactions throughout the year. With every new real estate niche, however, education is paramount to prosperity. |
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 To address this need for advanced REO training, The Real Estate Buyer’s Agent Council (REBAC) teamed up with Ed Bugos, ABR®, BPOR, SFR®, a knowledgeable REO business specialist and instructor, to bring real estate professionals a comprehensive course on the expectations of REO business, titled REO Properties: Responsibilities, Education, and Opportunities for Real Estate Professionals.
Bugos offers the following tips to help answer your questions and assist you in creating an REO-specific plan for your brokerage.
What is a common misunderstanding about REO business?
A common misunderstanding is that a general real estate transaction business model can support yearly REO business. The truth is your brokerage could incur thousands of dollars in unexpected expenses come the end of the year without having the back-end transactional framework in place to support REOs.
What value can brokers gain by learning about REOs?
When an agent completes his/her first REO, the broker and brokerage must be prepared to handle any transactional issues that may occur. Plus, the more education brokers and agents receive, the smoother the business will be.
What future do you see in the REO market?
My best educated guess is that after the presidential election year, the REO market will get stronger and longer through 2015 and 2016. It looks to me like the market is readying for another REO flood, but, we’ll have to wait and see.
You’ve taught several REO Properties courses so far. How has the response been?
It’s exceeded my expectations. There is so much excitement from my end to teach and the students’ end to learn. Here is a true testament to this course. A student of mine had already completed an REO, but explained that the entire transaction process was complicated and extremely stressful. As I went through the policies and procedures associated with REO transactions, I kept hearing “Ah-ha!” It was a welcoming confirmation that a piece of important information had, until that moment, been a mystery to her and, subsequently, her broker.
What advice would you offer to brokers?
Be trainers within your company. Understand what your agents are doing or what they are up against and have a plan in place to back their business. If you know your agents are exploring different real estate opportunities, encourage them and become the source of knowledge.
Covering a range of topics, the REO Properties: Responsibilities, Education, and Opportunities for Real Estate Professionals course counts as an elective credit toward earning the Accredited Buyer’s Representative (ABR®) designation.
Students interested in signing up for the new course can visit training4RE.com to find a course in their area or log onto rebac.net to learn more.
A wholly-owned subsidiary of the National Association of REALTORS® (NAR), The Real Estate Buyer’s Agent Council (REBAC) is the world’s largest association of real estate professionals focusing specifically on representing the real estate buyer. With more than 30,000 active members, REBAC awards the Accredited Buyer’s Representative (ABR®) designation to REALTORS® who work directly with buyer-clients. To learn more, visit REBAC.net.
Posted By Susanne On May 19, 2012 In Business Development, Business Outlook, Finance and Economy, Home Owner News, Real Estate News, Real Estate Trends, Today’s Marketplace, Today’s Top Story / Printed by permission of RISMEDIA. May 20, 2012. |
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| Builder confidence in the market for newly built, single-family homes gained five points in May from a downwardly revised reading in the previous month to reach a level of 29 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. This is the index’s strongest reading since May of 2007. |
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 “Builders in many markets are reporting that buyer traffic and sales have picked back up after a pause this April,” says Barry Rutenberg, chairman of the National Association of Home Builders (NAHB) and a home builder from Gainesville, Fla. “It seems we have resumed the gradual upward trend in confidence that started at the beginning of this year, as stabilizing prices and excellent affordability encourage more people to pursue a new-home purchase.”
“While home building still has quite a way to go toward a fully healthy market, the fact that the HMI has returned to trend is an excellent sign that firming home values, improving employment and low mortgage rates are drawing consumers back,” says NAHB Chief Economist David Crowe. “The pace of this emerging recovery could be stronger were it not for the significant impediments that the market continues to face with regard to builder and consumer access to credit, inaccurate appraisals, and more recently, rising materials prices.”
Derived from a monthly survey that NAHB has been conducting for 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Each of the index’s components rebounded from declines in the previous month. The component gauging current sales conditions and the component gauging traffic of prospective buyers each rose five points in May to 30 and 23, respectively, with the traffic component hitting its highest level since April of 2007. The component gauging sales expectations in the next six months rose three points to 34.
Three out of four regions registered improving builder sentiment in May. This included a six-point gain to 32 in the Northeast, and five-point gains to 27 and 28 in the Midwest and South, respectively. The West posted a two-point decline, to 29.
HMI tables can be found at www.nahb.org/hmi. More information on housing statistics is also available at www.housingeconomics.com.
Posted By Susanne On May 15, 2012 @ 3:26 pm In Business Outlook, Consumer News and Advice, Finance and Economy, Real Estate Information, Real Estate Trends / Printed by permission of RISMEDIA. May 15, 2012. |
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| In real estate sales not every licensed Realtor is at the same level of career development. For instance, most of NextRE’s agents are experienced business people and as a result, fully recognize the value of their 100% commission program and wouldn’t have it any other way. |
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 But there are those who are still building their career and have not yet embraced real estate sales full time. For these agents we have two commission programs designed to help them reach the top rung of their career at their pace, and with the least amount of stress, while benefiting from the maximum level of compensation.
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Join NextRE You are invited to join our growing team of successful Sales Associates and Managing Brokers, contact us in confidence at associate@NextRE.com or call Alex Vella at (877) 994-6398 x322
Real Estate the Smart Way |
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NextRE / (877) 994-6398 / associate@NextRE.com |
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