The rich aren’t any different. They get into financial difficulties just like everybody else. The following successful Luxury Short Sales in Greater Orlando FL occured during the prior month. These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they consulted with a real estate agent to market their house. By finding a ready, willing, and able buyer, they were able to curtail any foreclosure proceedings and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a promissory note for a small percentage of their total obligation. On rare occasions, the lender may pursue a Deficiency Judgment. The important thing, however, is that these homeowners were able to salvage the ruinous credit rating they would have in... 08/06/2009

Short Sales can be particularly attractive to homebuyers due to discounted prices. Buyers and their agents, however, must never think of the Short Sale purchase as a normal real estate purchase. That’s why it’s important to follow the DOs and DON’Ts of making a Short Sale offer. Because sellers are asking for forgiveness for a portion of their loans, their lenders must put every Short Sale contract through a vigorous approval process.   The cleaner the contract, the easier it is to get lender approval.   DO Make an Offer Within 90% or More of Current Market Value - Better yet, if the list price is already a bargain, offer full list price. If the list price is below market, factor this in and offer more than list price. Lenders expect to discount Short Sale properties, but don’t expect f... 08/02/2009

1. Prepare house for showing. 2. Sign listing agreement with real estate agent. 3. Work with agent to utilize an aggressive pricing strategy. 4. Show house in usual manner. 5. Sign strong contract offer. 6. Prepare Short Sale Package for submission to lender 7. Let your agent follow up with lender on regular basis. 8. Obtain written approval from lender. 9. Close on sale of house. 10. Start over with clean ‘financial’ bill of health.     More Short Sale Success Quick Notes! 1 Important Reason Why Short Sales Aren’t Easy 2 Important Reasons to Consider a Short Sale 3 Criteria to Qualify for a Short Sale    5 Benefits of a Short Sale   4 Considerations for Your Lender to Approve the Short Sale    10 Steps to a Successful Short Sale    9 Agent Services from Start to Finish  07/26/2009

The following are the market sales statistics for Winter Park, Seminole and Orange Counties, Florida for June 2009.  Winter Park is made up of the zip codes of 32789 & 32792.  For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas.   A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active.   The average sales price, as opposed to the median sales price, is the total volume of sold properties... 07/17/2009

In today's internet world, a Realtor's website is essentially their "storefront". There are so many different sites out there to choose from, many designed specifically with the Realtor in mind. Without having seen them all in action, it's difficult to determine which site is going to offer you the most in return. It's important to check them out and see what they have to offer (check my blog on the importance of tradeshows). Be sure that regardless of which one you choose, you keep it up to date and fresh and make sure it is working for you every day. If you've seen a lot of Realtor's websites, as I have, you'll agree with me that it seems many of them only have a site at all because they think they have to have one but have no clue how to really benefit from it. Your website should do... 07/13/2009

Based on recent sales activity, luxury homes in Winter Park take three times longer to sell than modest homes.   In addition, those homes that eventually sell are discounted 30% or more.      Winter Park Luxury Homes (Priced $500,000 and up)       Single Family Houses Only Houses for Sale Houses with Contracts Houses Sold in Last 3 Months 7/11/2009       RECENT ACTIVITY 247 25 22 Average Square Feet 4007 4151 3911 Average Price per Square Foot $335 $263 $236 Average Days on Market 272 213 376 Average Price  $ 1,436,627  $ 1,102,292  $  970,815         Months Required to Sell Current Inventory of Houses for Sale 33.7             Price Ratio Compared to ‘Solds’ 148% 114%     Take a look at the deep discounts required to sell the luxury properties shown below, and you’ll understand the sac... 07/11/2009

The more expensive the home, the longer it takes to sell. This has probably been true forever, but in the economy we now face, this truism becomes even more poignant and more pronounced.   While most homes in the Orlando metropolitan area take 12 months or less to sell, homes categorized in the luxury market (priced $1,000,000 and up) can take up to 5 years to sell.   As can be seen from the table below, the Average Square Foot Price — both for houses that have sold in the last 3 months AND for houses with pending contracts — are considerably less than houses which haven’t sold. Often, practicality must trump wishes and dreams and holding out for that one elusive buyer, because homeowners who sell quickly are those who price their properties competitively.   LUXURY HOMES priced $1,000,0... 07/10/2009

Being a Realtor can unfortunately be synonymous with stress. How we deal with that stress is very important, not only to living our lives and to our families, but it also has a huge effect on how much business we're able to handle. Those that don't handle stress well tend to do less business than those who can handle and deflect. So when your sellers are too demanding, buyers are making you crazy, deals aren't closing when they're supposed to... you know the drill... here are some things I've found work well. Laugh: Laughter really is the best medicine. Make a date with friends, call your best friend (you know the one who when you're both together you nearly pee in your pants from laughing so hard?), watch a funny movie or tv show, just laugh and feel better. Connect with Nature: Spend ... 07/10/2009

How many of you attend tradeshows as a part of your business? If you are attending... are you really taking advantage of all the benefits of the show? If you aren't attending, have you thought about what you might be missing out on? August seems to be the month for shows and will include StarPower, FAR, Inman Connect, KW Mega Agent, and many others I'm sure. NAR (the big show) will of course be coming up again in November. I know a lot of agents that simply do not attend... ever. They look at tradeshows as something that might be fun to do but they either do not have the time or desire to attend, especially if travel is involved. That's in a word... unfortunate. Tradeshows are your key to the industry. There is the educational factor: When and where will you have another opportunity to ... 07/08/2009

These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they hired a real estate agent to market their house on the My Florida Regional Multiple Listing Service (MLS). By finding a ready, willing, and able buyer, they were able to curtail any foreclosure proceedings and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a note for a small percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they can purchase a new home with a conventional mortgage. Street Date Sold List Price Sale Price Beds Baths Sq Ft Pool Lodge Pole 02/13/09 $175,000... 07/08/2009

When was the last time you took a look at your marketing plan? I'm not talking about your personal marketing, I'm talking about the one you take with you on listing appointments to describe to your potential sellers how you will be marketing their home. If it's been a little while I want you to pull it out now and review it with new perspective. Ask yourself the following questions: What am I doing that is different from other agents in the market? What am I doing that's the same? Am I competitive? Does my marketing stand out? Do I take each individual home into consideration and customize my marketing plan accordingly or do I do the same thing for every listing? What am I doing that's new or original? If my potential sellers interview 5 other agents, is my marketing plan a *yawn* or a ... 07/07/2009

In today's economy and market... what's the more important thing? Saving Time or Saving Money? As agents, there are several services provided by outside vendors that you use in your marketing... virtual tours, photography, floorplans, print materials/mail-outs, etc. Can you save both time AND money by doing it yourself versus waiting for service providers?  My question to you is this: Do you opt for a do-it-yourself service that allows you to get a cheaper price or do you opt for full-service and are willing to pay much more to have it done for you? Take a virtual tour for instance... There's services like Previsite that allow you unlimited tours for a low monthly fee. You take the pictures, upload them to the website and the site automatically creates the tour for you. Then there's OBE... 07/06/2009

The rich aren’t any different. They get into financial difficulties just like everybody else. These smart homeowners didn’t give their bank the chance to foreclose on their house. Instead, they hired a real estate agent to market their house on the My Florida Regional Multiple Listing Service (MLS). By finding a ready, willing, and able buyer, they were able to curtail any foreclosure proceedings and walk away with a clean ‘financial’ bill of health. In some cases, they may have had to sign a note for a small percentage of their total obligation. The important thing, however, is that they were able to salvage the ruinous credit rating they would have incurred with a foreclosure. Better yet, in as little as two years — or even less — they can purchase a new home with a conventional mortg... 07/01/2009

The terms Distressed Sales or Distressed Properties are often used to describe houses facing various stages of foreclosure. Usually, such houses are sold at steeply discounted prices, and because they are, they have a damaging effect on the market value of all the other homes in a given neighborhood or community. The following ‘distressed’ properties have recently been sold as REOs or Short Sales.   Street Date Sold List Price Sale Price Beds Baths Sq Ft Pool Bryan 06/09/09 $384,900 $384,900 5 2 2498 Y Lookout Landing 05/29/09 $1,070,000 $1,020,000 5 4 3931 Y Howard 05/28/09 $250,000 $250,000 3 2 2153 Y Hamilton Place 05/28/09 $419,900 $375,000 4 4 2841 N Blossom 05/22/09 $266,900 $290,000 3 2 2529 N Osceola 05/22/09 $267,500 $260,000 4 2 2006 N Mizell 05/19/09 $239,000 $204,000 2 2 121... 06/30/2009

Located just northeast of Orlando, Winter Park is rich in culture, beautiful houses, and a spirit of community. The suburb is filled with parks, a golf course, lakes, trails, brick avenues, tree-canopied streets, and historic architecture. The Winter Park Chain of Lakes is popular for boating, fishing, and water-skiing. Winter Park is also known for its upscale shopping district along Park Avenue, where strolling along a ten-block stretch of more than 100 shops from national retailers to special boutiques, and featuring hidden courtyards and sidewalk cafés, can become an afternoon outing. Community spirit is also evident in the variety of annual festivals, including the Bach Festival and the Sidewalk Art Festival. Its eight square miles encompass lovely old homes and a prestigious liber... 06/21/2009

The following are the market sales statistics for Winter Park, Seminole and Orange Counties, Florida for May 2009.  Winter Park is made up of the zip codes of 32789 & 32792.  For purposes of this analysis we are only splitting the data according to single-family homes vs, condominiums, townhomes and villas. A couple of definitions are in order. The median sales price means that 50% of the homes sold for more and 50% of the homes sold for less during a certain period of time - in other words, it's the midpoint of sale prices. So basically what this means, is that the median sales price is showing market activity in that it's specifically indicating which price range is more active. The average sales price, as opposed to the median sales price, is the total volume of sold properties divi... 06/16/2009

Located just northeast of Orlando, Winter Park is rich in culture, beautiful houses, and a spirit of community. The suburb is filled with parks, a golf course, lakes, trails, brick avenues, tree-canopied streets, and historic architecture. The Winter Park Chain of Lakes is popular for boating, fishing, and water-skiing. Winter Park is also known for its upscale shopping district along Park Avenue, where strolling along a ten-block stretch of more than 100 shops from national retailers to special boutiques, and featuring hidden courtyards and sidewalk cafés, can become an afternoon outing. Community spirit is also evident in the variety of annual festivals, including the Bach Festival and the Sidewalk Art Festival. Its eight square miles encompass lovely old homes and a prestigious liber... 06/16/2009

As a coach, this was one of the most common questions I was asked. How do I make my listings stand out? So many of us as agents do what is usually done: We get the listing, take pictures, make a virtual tour, post to MLS and various websites, order flyers, send out cards and eflyers, put an ad in the local real estate magazine of choice and hope that it sells. After a few months of no solid bites, we reduce the price and notify all the agents, make new flyers, etc. Sound familiar??? My challenge to you is shake it up a bit! Try something different, something new. Sometimes it's just finding a new way of doing the same thing. For instance... say you have a new listing and it's a high-end waterfront estate with deep water dockage. You're thinking of which magazine to run an ad in: Luxury ... 06/09/2009

Now that we are into June and have Summer pleasantly looming in front of us, it's the perfect time to take stock of our daily working habits. Today I am writing to you from the comfortable patio of Palmanos off of Park Avenue in Winter Park. Waking up early and getting to spend the morning outside in the sunshine with a cool iced tea and my laptop is an invigorating change of pace. After the torrential downpours we've had over the last couple of weeks in the Central Florida area, it's also nice to take advantage of the nicer weather. So what I'm noticing is that I feel even more productive than usual. My mood is completely uplifted and it's nice to be doing something different. Even though essentially I'm doing the same thing, the location change makes all the difference. As agents you ... 06/02/2009

Have you taken a look at your marketing plan recently? How many subscriptions and advertising programs are you signed up for? Have you analyzed how much they each cost in relation to what you're getting back? With people tightening their economic belts across the country, it's important to really see what works in your business and focus your marketing budget on the things that bring the most back in financial return. Remember that it's better to spend more on something that works than to spend less on something that doesn't. Also keep in mind all the things you could be doing for free like networking with other agents (referrals), getting involved in the community (word-of-mouth), and social networking (go viral). Start by making a list of everything you do to advertise yourself and yo... 05/29/2009