Here's twenty nine questions and answers provided by the National Association of Realtors for the first time home buyer in the greater Lansing real estate market, who wants to learn more about taking advantage of the new interest free loan being offered.

I had a chance recently to throw out the question to some of my LinkedIn connections on how they as, mortgage brokers and Realtors have been taking advantage of this new incentive for their clients and customers. Here's what they had to say:

"In a market where currently we have a situation of low interest rates and high amounts of inventory, the “credit” gives many potential buyers yet another reason to get into the market."  Hank Baily, Athans, Georgia Area   Athens, Georgia Area

"It is a great incentive for first timers. It is a loan at 0% so you can't beat that" Jose Gonzalez, Portland Oregon area


"The tax credit could help as professionals we have to be sure the buyer knows":
-Only for first time buyers (3 year window) from 4/9/8 to 7/1/9.
-There is no way, as of yet, to use the money as down payment.
-Is a credit (paid after the fact) and is a loan paid back $500 per year.
"The best way to show to a home buyer is the one time bigger refund ($7500 bigger refund or lower taxes due) and let them decide if that will help their budget". Bill Powell, Mortgage Broker

"People who are qualified need to take a serious look at taking advantage of it even if all they do is put the money into a passbook saving account where they can have access to it to make the repayment easy". Judith Abbott Coldwell Banker Agent, Dallas TX

"It seems to me it’s just a matter of educating your 1st-time home buyer to use the money responsibly by investing it in improvements to the home. The improvements should be of a nature to increase its value when they decide to sell it." Phil Nassaux, Austin Texas

Well there's some great advice above from dedicated professionals who are out there working with buyers and sellers on a daily basis to help fulfill the all American dream of home ownership. If you are interested in learning more about how you or someone you know can take advantage of this incentive, feel free to contact me today. Let me also take this time to thank these individuals for their contribution. 

"Expect the Best" Mike

Mike Bowler Sr.
Coldwell Banker Hubbell Briarwood
Lansing MI 48917
517.492.3400 www.MikeBowler.com

85% plus, of all buyers are shopping the Internet for real estate prior to ever contacting a Realtor. Here are some questions to ponder: 1. Is it our duty, based on Article 11 of the Realtor Code of Ethics to provide our sellers with the adequate information on the quality and quantity of tools made available to expose the sellers home to the marketplace? 2. Are we competent in marketing real estate to today’s e-consumer? 3. Are we demonstrating the skill and the knowledge that is needed to be competent?

Here’s what Article 11 says: (Please note: I am referring to service only. Property type is yet another issue.)

The services which REALTORS® provide to their clients and customers shall conform to the standards of practice and competence which are reasonably expected in the specific real estate disciplines in which they engage; specifically, residential real estate brokerage, real property management, commercial and industrial real estate brokerage, real estate appraisal, real estate counseling, real estate syndication, real estate auction, and international real estate. REALTORS® shall not undertake to provide specialized professional services concerning a type of property or service that is outside their field of competence unless they engage the assistance of one who is competent on such types of property or service, or unless the facts are fully disclosed to the client. Any persons engaged to provide such assistance shall be so identified to the client and their contribution to the assignment should be set forth. (Amended 1/95)

Here’s what Article 12 says in part:

REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing, and other representations.

What stage do we as Realtors fall into when it comes to marketing homes in today’s market?

Here’s what Wikipedia Encyclopedia says about Competence.
 
Competence is the ability to perform a specific task, action or function successfully.

Competence a standardized requirement for an individual to properly perform a specific job

 In psychology the four stages of competence relate to the psychological states involved in the process of progressing from incompetence to competence in a skill:

1. Unconscious incompetence

The individual neither understands or knows how to do something, nor recognizes the deficit or has a desire to address it.

1. Conscious incompetence

Though the individual does not understand or know how to do something, he or she does recognize the deficit, without yet addressing it.

1. Conscious competence

The individual understands or knows how to do something. However, demonstrating the skill or knowledge requires a great deal of consciousness or concentration.

1. Unconscious competence

The individual has had so much practice with a skill that it becomes "second nature" and can be performed easily (often without concentrating too deeply). He or she can also teach it to others.

My point in asking these questions is to make a point, that we can never stop learning in real estate.  There are many wonderful opportunities for each of us as practitioners to continue our education. What do you think?  

"Expect the Best" Mike

Mike Bowler Sr. ePRO, CRB, GRI, SRES
Cetified ePRO Trainer

email: mike@mikebowler.com
Visit: MikeBowler.net

As a real estate trainer and consultant, I’m available to assist you in all your marketing plans, technology, and taking your real estate career to the next level. Contact me if you’re interested in hiring a personal coach and consultant to help develop your business.

Many articles and comments have been made in reference to Saul Klein’s recent White Paper on the MLS 5.0 concept. It is very well detailed and comprehensive when it comes to presenting a vision of what we as Realtors need to prepare for in the future.