Dan and Traci & Consultants’ Blog

So you’ve finally reached the light at the end of the tunnel…..   your 24 hour days of endless driving, picture taking, research, and data entry have all paid off and you’ve earned yourself an REO listing!!!

CONGRATULATIONS!!!!  DRUM ROLL PLEASE…….

Ok now, how do you keep them coming?  My team has successfully been selling Foreclosures in Virginia, Foreclosures in DC, and Foreclosures in Maryland for several years and trust me…   there is no greater tip that I can share with you besides the one to build and preserve a great relationship with your asset managers.  Over the years I’ve structured my approach to this business with 5 habits that impress every asset manager I have ever worked with…   and the assignments keep coming and coming and coming!

#1.    COMPLETE TASKS ON TIME

Most asset companies have an internal tracking system that rates task turn over time.  Anytime you are late you are dinged and your score is impacted.  Carefully read thru your brokers package that is provided along with your listing and get familiar with the task map and timelines so that you avoid setting yourself up for a late task.

#2.    DO MORE THEN AN OCCUPANCY CHECK

This habit sort of ties in to #1…. your first trip to the assigned property will always usually be to determine the occupancy status.  Be one step ahead, save your gas, and prepare yourself for both options.  If you come across an occupied home you should already know that the eviction process is to come, if your asset company offers a CFK option (”cash for keys”) have a contract on hand to leave with the occupant or to post onto the front door.  If the property is obviously vacant do everything you can to gain access, check for open windows, doors or garages.  Bottom line… GET INSIDE, take photos, complete a damage checklist and any other assignment you know is to trigger next.

#3.    PROVIDE AN IMPRESSIVE BPO

QUALITY vs TIME!  Prove to your asset manager that you are the expert in your area.  Take the additional time to really research your comps and the market so that you can recommend the best selling strategy.  If your BPO value varies drastically from the 2nd or 3rd ordered values…. you will be questioned so be prepared to back your recommendation… (I loved having the opportunity to do that, it gives me the chance to prove my expertise).

#4.    Set up the transaction for SUCCESS

ALWAYS, ALWAYS screen your prospects! It’s typical for an AM to ask for your opinion on the best offer.  You may think that highest offer is always best… but you may be wrong!  If your buyers agent has a history of 6 month closing timelines and the lender has never worked on the financing program of the buyers choosing then buckle up and enjoy the ride.  Your client wants to sell the property and often wants a recommendation on which offer has the best chance of getting to the closing table on time.

#5.    UPDATE, UPDATE, UPDATE

This assures your asset manager that you are working hard on moving this listing along and that things are being done even when he/she isn’t tasking you to do things.  If there’s nothing to update a simple “we are on schedule” or “no updates to share at this time, will follow up again tomorrow” will be appreciated!

By Dan Rochon

I have met many successful real estate agents and I often ask them, “What are you doing in your business that works? What have you done in the past that has not worked?” It amazes me that the successful agents answer these questions with similar thoughts. These are the top 5 traits that I have compiled:

1. Emulate Models. When seeking ideas for marketing, prospecting, lead conversion, management or other areas of real estate sales business, the successful agents first look to find others success in the area that they are focusing on. Let’s face it, there are no new ideas, so if you cannot find a model for your idea, it is probably a bad one. If you do find a model, and if you emulate it, odds are you will receive the same success.

2. Focus on Markets of the Moment. Real estate is a constant evolving business. The successful focus on upcoming trends and stay in front of them now. Those that positioned themselves a couple of years ago to succeed at selling short sales and REOs are enjoying some of the most profitable years of their careers. My team has focused on selling Arlington, VA short sales and Arlington, VA foreclosures.  By being specific in our niche and focusing on where the business is, we have been able to enjoy a successful sales business.

3. Network. Network. Network. There are 2 primary ways to generate business. You can either prospect or you can market. Prospecting takes a large amount of time and little money and marketing can take a lot of money and little time. So in the absence of money, the successful focus on prospecting through networking and meeting as many people as possible. The best way to effectively network is to give to others without expecting anything in return. If you can help others, they will help you, but remember that your return will be less than what is put forth.  So be prepared to give a lot.

4. Get educated. The best understand that there are ALWAYS better. Successful real estate sales agents fully embrace learning and understand that their education is a journey.

5. Try. Try. Try again. If I could identify 1 characteristic that I believe is the quality that ALL successful agents share it is diligence. If you want to succeed, you will have to be persistent and understand that there is no failure – only opportunities to learn. Successful agents find that they “learn” more often than they succeed.

By far, these are not the only traits for success. I would love to hear about your accomplishments. What are you doing in your business that works? What have you done in the past that has not worked?

Dan and Traci Rochon, are Alexandria, Va Short Sale Specialists who assist people seeking alternatives to foreclosure.

BNI Positive Power’s Real Esate Sevices Team in Alexandria, Virginia recently demontated how they work together to serve their clients well.  View highlights of this presentation here:

For real estate service needs in Northern Virginia please consider:

Traci Rochon with Dan and Traci & Consultants with Keller Williams Realty  703.562.1757  Dan@GreetingsVirginia.com

Danny Currie with Dominion Residential Real Estate  703.890.7000 ext. 199  dcurrie@dominionresidential.com

Will Knox with Brinks Home Security  760.216.2986  will.knox@brinks.com

Jose Lopez with Solo Flooring  703.780.1970  jose@soloflooring.com 

Lee Shifflett with 3-R Contracting  703.843.8458  lee@3rcontracting.com 

John Alzubi with Smart Choice Cleaning  571.594.3959  sofyan.alzubi@gmail.com

Steve Bonkowski with Full House Moving  703.622.0570  fullhousemovingandstorage@gmail.com

Lawrence Nightingale with M.E. Flow HVAC  571.233.6890  Lawrence@MEFlow.com

Randy McKlveen with Orange Real Estate Solutions  703.455.0470  rwmcklveen@yahoo.com

Sonia Becker with All State Insurance  703.644.9494  SoniaBecker@allstate.com

When they called today’s real estate market a “shifting market,” they were right on target.  It keeps shifting, and shifting, and shifting …   Every time we turn on the news there’s a new development that affects our economy and therefore the ability of buyers to “buy” and the sellers to “sell.”

SHIFT, the most recent book by Gary Keller, co-founder and Chairman of Keller Williams Realty Inc., begins with the following paragraph: “The Real Estate Market has shifted drastically and dramatically.  Sales volume and the number of transactions have dropped significantly. Inventory has reached an all-time high.  Buyers have never been more reluctant.  Fear is rampant, anxiety is high, and people are getting out of the business left and right.  Sounds familiar?  Sure it does.  The year was 1979!”

Does it make us feel better to know that this has happened before?  What did we learn from it in 1979?  Fast forward to 1987 and it happened again.  Changing tax laws this time had a disastrous affect again.  Well guess what?  History repeats itself.  Now we are faced with this again, in 2008 but this time there are real differences.

In 1979 mortgage interest rates topped 18 percent.  Last week buyers were still getting approved at under 6 percent through local lenders.  That is a huge difference!  Today’s sellers, with the help of their real estate agents, are becoming realistic with today’s pricing, bringing our market back on track.  The real estate business is “cyclical.”  As experienced real estate agents, Dan and Traci will understand this and be prepared to give counsel that is in tune with the current market.  Remember though, the news you heard last week is “old news,” so stay in touch for updates on this ever changing market.

We are participating in seminars, conference calls, webinars, and many other training events to stay on top of the game to better assist you.

Real estate in Northern Virginia remains your single most valuable asset if handled correctly.  Learn more about Virginia real estate at http://www.greetingsvirginia.com/

Every year, RISMedia and REAL Trends release two of the real estate’s most comprehensive surveys: the RISMedia Power Broker Report and the REAL Trends 500. Both surveys rank the largest residential real estate brokerages in the U.S. based on both transaction sides and sales-dollar volume, and these reports are frequently used as referral tools and are referenced by thousands. This year, Keller Williams stormed onto the lists with a very strong showing.  If you are buying or selling residential real estate in Northern Virginia, contact a Keller Williams agent.

KW offices dominated the Power Broker Report – with more offices listed in their top 700 list than any other franchise brand.  The survey also named Keller Williams Realty as the industry leader in terms of number of agent teams.  And, 102 KW offices were listed in the Companies to Watch section – making up 55% of the total list!

As for the Real Trends 500, which lists the top 500 brokerages in the nation, Keller Williams Realty had the second highest amount of offices listed both transaction sides and sales volume, among the top franchise brands.

Even further proof that it’s always a great day at Keller Williams!

To find out more about these lists, visit RISMedia’s Website or REAL Trends’ site.

Happy New Years! The congress and President Bush sent homeowners that are upside own in their mortgage and need to sell their property a New Years gift.  On December 20, 2007, the President signed into law H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007 into effect.  This law was originally introduced by Rep. Charles Rangel [D, NY-15].  This will help homeowners to do a short sale with less negative consequence.

 What is a Short Sale?

If you are unfamiliar with a short sale and the downside of one; a short sale is when a bank allows a property that they have lent money on to be sold for less than the amount owed on the mortgage and the lender takes a loss.  A bank is likely to consider approving a shortsale because if a homeowner is uable to make payments and the bank forecloses on the property, it likely will cost them much more than approving a short sale.  Also, property that the bank repossess is a liability for the lending institution instead of an asset and reflects badly on the bank.

When a seller negotiates a short sale, there may be some negative impact on the seller’s credit, but far less than being foreclosed on or filing bankruptcy.  To determine the exact effects of a particular situation, seek advise from a qualified tax advisor and real estate or bankruptcy attorney.

 What were the Rules?

Under the previous policy, debt forgiven from renegotiation was considered income for tax purposes, resulting in a tax liability.  To say this simply, if a bank loans you $400,000 for property and allows you to sell it for $350,000, you would have to declare the $50,000 difference as income to the IRS and pay ordinary income tax on it.  You would avoid foreclosure but were obligated to pay a tax bill.

 How has the Law Changed?

The Mortgage Forgiveness Debt Relief Act of 2007 changes the rules for certain homeowners.  Those that successfully complete short sales for their primary residence will no longer be obligated to pay ordinary income tax on the deficiency as long as the amount of cancellation of debt does not exceed $2 million.  These new guidelines should greatly help those that are upside down and can no longer pay their mortgages to sell their properties.

The new law applies to only one primary residence that, “has been owned and used by the taxpayer as the taxpayer’s principle residence for periods aggregating 2 years or more”.  For homeowners that are upside down in payment and need to sell, this will help ease the pain of an unfortunate process.

This new law will help reduce the overload of housing inventory and give homeowners on a financial down-turn a way to start fresh without the scar of foreclosure or bankruptcy.  This law has received strong support from the housing industry and should assist many homeowners in a difficult position and should help to stimulate the housing market.  Propery owners in Northern Virginia have options other than foreclosure.

Today our friends Kelly Showalter and Ray Page are getting married in Kona, Hawaii.  Traci and I are fortunate to join them in paradise to witness this ceremony.

As I write I am sitting on our apartment balcony that over looks the Pacific Ocean with a view of a Carnivale cruise ship, a paraglider, several boats, and a submarine that looks like it is about to descend under water.

While I ponder my existence and what is important to me, I think of Kelly and Ray who in a few hours will be committing themselves to each other for their lifetimes.  I believe that we are each individually responsible for our happiness, but that if we are lucky enough to find the right partner, collectively we can have a much enriched life.  I am fortunate to have found Traci.  I certainly gave her a lot to work with in the beginning.  She always expressed unconditional love to me and told me that regardless of the decisions that I make, she will always be there for me.  With that leeway, an incredible thing occurred; I have made decisions that I am proud of and have an expectation to continue to do so.  The results of these decisions has been stunning.  I love our lives, our families, our friends, our home, and our business.  I have a life that is exciting and fulfilling.  Of course, I realize that I am responsible for the life that I have, but I recognize Traci as the catalyse for me seeking such.  Thank you Traci!

Congratulations and good luck Kelly and Ray and daughter Maggie; we wish you much happiness and success.  The love that you have for each other and Maggie is apparent; you are clearly the right partners for each other and great parents.  We appreciate you for sharing your wedding day with us.

The other day as I was driving on the beltway, I heard a “pop” noise from the engine compartment of my car that was less than appealing.  This posed a little panic and a genuine debate amongst myself.  Why did I not take that extra curricular shop class in school?  Why did I not pay for that extended warranty?  But mostly, who do I know that will not rip me off to look under the hood?  Like most people, I did not want to randomly pick my car mechanic.  I also wouldn’t want to blindly choose a lawyer, a doctor, or a Realtor.  I want a friend to recommend someone that they used in the past and trust for these services; that is why referrals are so powerful.

If you own or manage a business, how do you get these cherished referrals?  Well for starters, I would suggest asking for them.  How do you do so in an effective way?  Most every business owner, manager, and entrepreneur knows how important word of mouth promotion is, but few know how to develop it.  My #1 thought is to check out joining a Business Network International group.  There you will be trained on how to gain word of mouth referrals and to do so in a structured, professional environment.

This can be the cheapest, most effective way to cast a wide net and to propel your business.  If you are interested in joining a group or finding out more, email Dan Rochon at Dan@GreetingsVirginia.com.  If you are local to Northern Virginia, a group, BNI Positive Power meets each Wednesday from 7:30am to 9:00am at the Keller Williams Realty office at 6354 Walker Lane, Alexandria, Va 22310.

Welcome to Dan Rochon’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Alexandria.

Dan and Traci Rochon are with Keller Williams Realty in Alexandria, Va.  Traci Rochon is licensed in Virginia, Washington DC, and Maryland.  Dan Rochon is licensed in Virginia.

Find Alexandria real estate listings at http://www.greetingsvirginia.com/