Your instincts may be good but a coach can help

Featured Home Friday -

2007 has been successfully put to bed and in the Real Estate world 2008 is still bloated and sluggish. Locally 312 listings expired (meaning they did not sell during the contract period). It still leaves us with over 2400 listings on the market. That is double what inventory levels were on average from 2000-2005. Land listings are even more out of whack with over 3500 lots or parcels for sale in the area.

 What does all this mean for you?

Well, it depends on who you are.

Flipper aka short term investor

If you got in on the buy and flip mania that ended in 2005 and look at real estate as a liquid asset then you are done. Your day has past. That includes those who were third party investors and those living in the home but looking to unload in 2 years with a 100% profit.

Homeowner

You bought your house because you needed a place to live; you liked the area and neighborhood. You are going to do okay even if you bought in ’05, if you are able to stay in your house for a few more years. If you bought 5 or more years ago and need to sell stop trying to make a killing and just make a decent profit. Once your house is sold you are going to have a great choice in your next purchase.

First time buyer

You are holding all the cards. If you have good credit and stable income with some money down you can find  great deals to get you into a home that was beyond your ability just 2 years ago.

Wealth building long term investor

You have hit the jackpot. There are and will continue to be great opportunities to actually purchase properties with positive cash flow and long term growth potential. This is the time that the rich get richer and the simple facts are that real long term wealth is achieved through real estate holdings.

So not only are the markets local but the reasons for buying are personal. Real Estate is a buy and hold investment opportunity that will bring wealth to those who can play the game. Just as with any investment strategy you have to understand your tolerance for risk and ability to ride through blips in market conditions. Then you can decide what category you fall into. One thing is for sure if you are serious about passive income and building long term wealth real estate should be part of your plan.

Vicki Brannock is a Realtor in Prescott Arizona.
email: Vicki@Prescott-RE.com

There was an article in the Daily Courier Real Estate section today entitled “Mortgage Rates Rise Disappointing Would-Be Home Buyers”. The article says that interest rates increased this week from 5.96 to 6.11. 5.96 are the lowest rates have been in two years.

Today’s buyers seem to be completely paralyzed as they wait for that “perfect time to buy” which they seem to think will come and be clearly recognized. What are they waiting for? Well, the lowest price and the lowest interest rate. These two items very rarely coincide and how do you know what the lowest price is? You know it when the prices start to climb. It’s all hindsight. Right now interest rates are low and most sellers are willing to negotiate. Do your homework by finding an area that you love, get a good mortgage broker to find you the loan that fits your circumstances and make an offer. Five years from now we will look back on this time as the best Real Estate market for buyers that we have ever seen. That is the perfect situation.

There was a great article on the Fast Money website today by David Teten and Scott Allen entitled "One persons network is another person's spam". This problem is one that is much discussed among technology savvy Real Estate agents. Misunderstanding about what spam is abounds and of course as the housing market continues to change and growth slows many spam companies move in on desperate or uninformed agents to sell their services. I have said in previous posts that it seems that Prescott area agents have just discovered the email flyer for their listing and are spamming at incredible rates. Our local association of Realtors is complicit in this practice by providing access to email addresses without guidelines matching today's technology.

But what was more interesting about this article were the points made in how we will use our social networking platforms such as faceboook, linkdin, twitter, etc. to promote ourselves and our businesses. I am involved with all of these social networking sites but am proceeding cautiously in how I develop these relationships in regards to business. If you are not authentic in your approach by establishing connections with people you will be seen as nothing but a huckster (did I just say that?) and quickly lose credibility. A problem that already plagues this industry.

Although a little lengthy this article is worth a read to anyone interested in using social networking for business relationship building/strengthening, especially the suggestions on how to approach your social network regarding newsletters and other bulk email.

Social Networks aren't the quick fix relationship builders that some seem to think. All relationships worth anything take time to build especially when trying to establish trust and loyalty. It has always been that way and why operating your own business successfully requires time and effort. If you don't love your business and enjoy the non-monetary rewards of building relationships with others and providing them with education and information you will quickly become frustrated and when this happens you lose your perspective as to what is appropriate. If you don't know what your clients/associates definition of Spam is maybe it's time to ask.

Vicki Brannock is a Realtor is Prescott Arizona.
Vicki@Prescott-re.com

Well it has begun in earnest. The seller/investor/developer…you name it has begun blaming the listing agent for their dilemma. My team associate was informed today by a long term partner whom he had made a heap of money over the last few years that he was giving the commercial listing that he had worked for over a year and a half to another agent. Never mind that he had, at the first sign of the slow down, worked creatively to split and sell pieces of this property and marketed it with the same urgency as if it was his own. Another agent not affiliated with our team but representing a neighboring subdivision from ours was fired and replaced. I could go on with several other examples but if you are an agent you have your own stories. I happen to know that each of the examples cited were wrongly dismissed. These agents had poured considerable time, effort and money into these projects and felt that they would be treated with professional courtesy and respect. Unless you have been living under a rock for the past year you certainly know what is happening in real estate. No one saw the extent of this problem and we still don't know what is going to happen. But what is an agent to do when the seller is ready to shoot the messenger. I have tried to reason with my clients regarding the realistic price and the length of time selling their asset is going to take in this current market. Some listen and some don't. I am spending about 30% of my expected commission up front on marketing.

This turn of events gives me pause. My philosophy has been that I am a partner with my clients. I don't sugarcoat and continually feed them facts. It is important now more than ever to establish ourselves as not some interchangeable entity that can be discarded without cost but as a professional partner who has as much at stake as any other partner. Maybe it is our own fault in how we have presented ourselves in the past but that time is gone and we have to reinvent our image or we will be nothing but a car salesman on a generic lot, interchangeable and not important in the scheme of things. We will become obsolete.

Vicki Brannock is a Real Estate agent in Prescott Arizona. You can email me at Vicki@Prescott-re.com

I was privileged to attend PodCampAZ this weekend with some of the innovators on blogging, video and podcasting. It was not only informative but fun!

For those of you with homes on the market it has given me marketing ideas for ways to sell your homes and for those of you looking to buy, ways to help you find the perfect house for you. The sessions also confirmed to me that while the Real Estate industry is embracing some of the new technology out there it has a long way to go to really maximize its use in helping clients achieve their goals.

If you have your home listed with me expect some communication regarding new marketing techniques that we will be implementing over the next few weeks.

If you are looking for a home to purchase stay tuned, we will be rolling out better ways to help you in your search. In the mean time please feel free to get in touch with me if you have any questions or would like to talk about what we can do to help maximize your exposure in this market.

Vicki Brannock is an agent in Prescott Arizona

Vicki@Prescott-RE.com

Click on the picture below to view the video (with music)of this new listing in Arizona.

Chino Valley is just 15 miles north of Prescott Arizona.

House For Sale in Chino Valley AZ

3 Bedroom 2 Bath 1840 sq. ft.

$315,000

Contact me with any questions: Vicki Brannock
vicki@Pescott-re.com
www.Prescott-re.com

After reading an excellent book on career development for the 21st century entitled Personal Distinction I performed an anonymous survey of peers, clients, friends and past relationships to understand how people see me. Prior to sending out the survey I took it myself in order to compare how people saw me vs. how I THINK I present myself. The results were aggregated together to give me a profile. It was a little scary to send that out. Sometimes you think you know what people think but do you really want to know for sure? Well, I held my breath and did it. Working successfully in the real estate profession requires certain brand attributes and it was important, although potentially painful to see if that is how I come across.
What I discovered was something quite different than I thought. For starters I was more critical of myself than other people were of me. Some of the attributes I thought were quite strong did not even show up on my feedback list.

Still the areas I scored high in were attributes that one would look for in a Realtor. For instance, my high score was in confidence followed closely by a tie In Dependable, Devoted, Experienced, Forward Thinking, Leader like, and Sincere.

Respondents saw my greatest skill as Communicating followed again by a tie with Managing Projects, Seeing the Big Picture, Solving Problems and Team Building.

Going forward, I can build on the strengths others see in me and try to diminish weaknesses. Working in a profession that does not have the strongest level of confidence among the general public requires diligence in understanding how we are perceived by others.

Testimonials and feedback are becoming more important than ever in running a successful business. I would be interested to hear how you get feedback and how you use it.

Vicki Brannock is a real estate professional in Prescott Arizona.
vicki@Prescott-re.com
www.Prescott-RE.com

• Make sure that most everything is off your counter tops. Pay special attention to clutter like letters, keys and dishes. Try to put small appliances out of sight for the shots.
• Look at bathrooms and remove makeup, toothbrushes etc. from countertops.
• Try to hide cords as much as possible. You can even temporarily unplug some things if cords are too visible.
• Make sure all children’s toys are put out of sight.
• Put your pet bowls away

• Remove ANY debris from around the house. Put all toys and bicycles out of sight.
• Wash your entryway, patio etc.
• Remove any dead plants (not dormant).
• Stage your patio furniture, how you use your living space does not necessarily translate well in a photo.
• Try to look at everything as if through a camera lens, you may even want to have a friend come over and take a look.

Since moving to the Prescott area and becoming involved in real estate you hear opinions from everyone on growth. Most of the people in this area seem to be opposed to growth once they have relocated here. This is fascinating because the assumption is that growth results in an unhealthy environment and no growth results in healthy living. Well the truth really lies somewhere in the middle. Living in a small isolated community with limited medical resources can be unhealthy. Having fewer choices in goods and service providers results in a higher cost of living, and sometimes even inferior food products. But unbalanced growth can bring undesired results that may include higher real estate prices without appropriate higher level job opportunities, or the other end, standing home inventory because of speculators that result in price crashes. Also, unchecked squandering of resources because of shortsighted politicians is bad for the environment and the lifestyles of our citizens. Like many of the current residents of this area I came from California. I have seen the best and worst of growth and one thing I have come to realize, that like it or not, you grow or die. How you grow is the question. That decision is the most crucial and often not considered seriously until the growth pattern is set in motion. Once it begins growth takes on a life of its own and can become the enemy.

I came to this area to enjoy clean air, kind people, a slower pace and an affordable lifestyle. These attributes are not necessarily in competition with growth. There are many companies, housing planners and civic groups that have achieved all of these things and produced thriving communities that allowed the children born and raised there to find meaningful and lucrative work while at the same time maintaining a lifestyle that will fulfill the desire for balance in ones life.

In later blogs I will explore some of these towns and how they accomplished their goals as well as companies who are looking for such a place to provide jobs.

Northern Arizona is one of the last areas in the United States that has embraced change and growth while maintaining its frontier spirit. This is the attraction that brings us here. Let’s not deny this experience to others but be guardians of what is good and change what can make us better.

I was not around last time the “short sale” slammed into the economy. So I attended a seminar this week from a very knowledgeable lender to learn just what was coming my way.

In addition to the technical terminology and ins and outs of dealing with lenders, sellers and buyers I learned something very valuable, Realtors must once again be ready to educate our clients and be the source of the source, pointing them in the direction where they can receive sound advice to make decisions that impact their lives.

Of course, in seminars such as these there is always one doomsayer that recalls how he has been involved with these and how horrible it is, taking up time with his tales of woe.

If my business is going to thrive in this tumultuous time I need to be informed so that I can inform. Home staging class here I come!

Customer Service
 

This seems like such an over discussed topic but my business partner wondered aloud this week, after yet another delay on a project by someone he hired, “I wonder how much money businesses lose just by being sloppy”. We both came to the conclusion that it had to be potentially millions when you add up referral business from a client that you have successfully serviced. Then why do businesses fail to meet deadlines, proactively communicate and practice active listening?

If there was ever a formula to achieve success that is it. But not all businesses achieve success. Many fail even with a superior product or service and some limp by just barely making enough to keep the lights on.

There has been the notion that clients are fickle and will jump ship regardless of how much service you provide. That will always be the case with some people but most clients just want three things from you, 1) Customer Service 2) Good Prices 3) Good Product or Service. They need all three. If you don’t provide these you may hold on to them for a while but they will always be ready to jump if someone else comes along and is willing to provide them with these basics. I know right now my partner is looking for a good company to make our signs…