Distressed properties, short sales e foreclosure sono fattispecie tipiche del mercato immobiliare americano e riguardano il modo in cui le banche mettono in vendita gli immobili dei proprietari insolventi...in italia la situazione è molto diversa, primo perchè il fenomeno dei proprietari insolventi è ancora molto limitato e poi è diverso il sistema della vendita da parte delle banche delle case ipotecate....
baci
Quello che succdede in america è molto doloroso perchè gli agenti sono costretti a vendere le foreclosure in pochissimi giorni, con le famiglie ancora dentro, che protestano, si incatenano, danneggiano la casa per vendetta e in qualche caso si danno fuoco...portare clienti in questo scenario immagini quanto sia frustante e anche pericoloso...
Giancarlo Loquenzi
martedì 24 febbraio 2009
Dave liniger message.
The RE/MAX International Chairman and Co-Founder's insights on recruiting, retention, management and creating brokerage profitability in any market conditions
February 23, 2009
View Distressed Properties
as Opportunities for Sales
We're glad the U.S. government has announced specific plans to address the foreclosure problem that has caused devastating damage to the real estate industry and the economy at large. Putting aside some personal feelings about government intervention, we see cause for realistic optimism in the efforts to get the housing sector back to normal.
Regardless of how effective the measures prove to be, though, it's clear that a turnaround isn't going to happen overnight. At best, it will be May or June before we see any real impacts from last week's announcements. And even then, we expect the recovery to be slow and gradual, taking several years.
In the meantime, however, it's important for us as managers to help Sales Associates realize that distressed properties pose the biggest business opportunity for them right now. The idea of avoiding this segment and riding things out solely on traditional sales is no longer practical in most areas of the country.
This graph, combining projections from the National Association of Realtors and RealtyTrac, shows it well. Since the peak of 2005, annual home sales in the United States have decreased more than 30%. Of that smaller number of sales, we think as many as half in 2009 (even more than shown above) could involve distressed properties. Until unemployment slows and housing prices stabilize, properties in some form of distress are going to constitute a major portion of the real estate market.
Easy to be frustrated
These transactions, especially short sales, can be messy, frustrating and time-consuming. It's little wonder that many agents steer clear of them, even three years into the housing decline. Others try them and, after a difficult experience or two, throw their hands up and swear they'll never do it again. But if those same agents were better equipped for the process and closed a few sales successfully, their entire mindset might be different. Instead of seeing short sales as impossible, perhaps they'd charge forward and search for even more leads.
Learn it and work at it
We think it's vital for RE/MAX Affiliates to learn as much as possible about foreclosures, short sales and REOs, and then put that education to use by outworking and outperforming the competition in those areas.
Not only can agents find a way to thrive in this difficult period; they'll also improve the lives of individual families, help their communities and assist in the industry rebound that's so vital to us all.
One of the surprising statistics we've seen is that 7 in 10 homeowners who go into foreclosure lose their home without it ever being listed. Many of these people are simply too embarrassed or uninformed to reach out to an agent. Our Sales Associates, through a variation of the creative marketing and effective prospecting they employ during normal markets, can identify and connect with people facing foreclosure. It's up to us to train and motivate them to do so.
Become an expert
As you surely know from earlier e-mails and stories on Mainstreet, RE/MAX International strongly supports the Certified Distressed Property Expert (CDPE) course developed by Alex Charfen and his Distressed Property Institute. By assisting in the production of DVDs, we've made it possible for RE/MAX Associates to take the two-day class for significantly less than what it costs others. The lowest price is available until March 31.
The best time to take the course is March 1-2 in Las Vegas, right before the RE/MAX International Convention. But you can also either purchase a DVD through RE/MAX University or register for an RSN class that airs April 7-8. Watch this video to learn more about the CDPE course.
Several top Broker/Owners endorse the designation. Joe Clement in Colorado Springs has more than 100 CDPEs in his brokerage, and Paul Wells of Barrington, Ill., says it was "the best real estate class I've ever seen." Either of them would love to tell you more about it.
Another good option
A second program we recommend is the Foreclosures, Short Sales & REOs course developed by Nancy Freeman, Broker/Owner of RE/MAX Realty of Joliet in Joliet, Ill. You can purchase a set of three RSN-produced DVDs and other materials. After completing the course, you apply for the FSS&R certification through Express Learning Centers.
Great ideas from Florida
In addition to encouraging Sales Associates to get educated in these areas, you can help in other ways as well. For instance, Ray Glynn, Broker/Owner of RE/MAX Partners in the Fort Lauderdale area, treats short sales as an administrative process, having office personnel handle the paperwork so that Sales Associates can focus on more dollar-productive activities. By gathering financial information from the sellers, preparing all the forms ahead of time and submitting a complete package to the mortgage servicer when an offer comes in, Ray and his team mitigate the worst aspect of the short-sale process: the endless wait for responses. Ray says they've cut the wait times in half, usually getting an answer within 45 days.
Since beginning to offer the service to Associates about five months ago, the office has closed 13 short sales, with another 100 or so in the pipeline. Ray, who is also an attorney, trained the sales team on the process and established a system in which the agents communicate with sellers only about real estate issues, leaving financial interactions to the office staff. In many ways, he says, the process resembles a detailed loan application more than a real estate sale.
Ray says that before they even decide whether to keep the listing, his short-sale broker talks to the sellers about the necessary hardship letter, tax returns, bank statements and income verification documents. If the office takes the listing, everything is prepared long before an offer comes in. And if the sellers don't respond quickly or provide the information needed, Ray lets them go.
The office's short-sale team negotiates with the loss mitigator and any second or third mortgage holders, usually arriving at agreeable settlement terms. The result is a smooth transaction and a fairly normal rhythm for the Associate. And Ray's agents, no longer uncomfortable or apprehensive about the process, are motivated to hunt for additional short-sale leads.
Adding to your skill set
Throughout the network, many Broker/Owners and Sales Associates have skillfully created business and revenue through distressed-property channels. They've established loan-mitigation services, built BPO relationships with asset managers and aligned with attorneys or auction firms. These kinds of methods match the market we're in.
Unfortunately, though, others are struggling and holding on too tightly to the traditional home sale model. It's fine to enjoy and pursue those sales - after all, there will still be a few million of them this year - but it's prudent to also add distressed properties to your skill set. If any agents in your office remain reluctant, make sure they know what educational options are available to them. After all, the more we help each other succeed now, the stronger we'll be when the turnaround finally comes.
Share your ideas and strategies
If you've developed distressed-property strategies you'd like to share, just respond to this e-mail. We'll collect the best ideas in the network and follow up in future editions of Profit Lines.
Coming Up
Expense control continues to be the key issue for brokerages throughout the industry. In the next Profit Lines, we’ll look at strategies for adjusting office finances in order to maximize the effectiveness of every dollar spent. Some of the network's top Broker/Owners will share their ideas on cutting back in ways that keep the business - and its stakeholders - moving forward.
Final Thought
Broker/Owner Joe Clement, who is always on the lookout for good ideas and resources, recommends making HousingMatrix.com part of your daily routine. The site, billed as "Resources for Housing Professionals," is filled with relevant news and information. There's no cost to register for access, and the site contains a wealth of data that might help you and your Sales Associates.
Download past editions of Profit Lines via RE/MAX Mainstreet.
© 2009 RE/MAX International. Permission is granted to RE/MAX Affiliates to reproduce or forward this newsletter in its entirety, provided this notice is retained. All other rights reserved.
RE/MAX International, Inc. | 5075 S. Syracuse Street | Denver, CO 80237 | USA
February 23, 2009
View Distressed Properties
as Opportunities for Sales
We're glad the U.S. government has announced specific plans to address the foreclosure problem that has caused devastating damage to the real estate industry and the economy at large. Putting aside some personal feelings about government intervention, we see cause for realistic optimism in the efforts to get the housing sector back to normal.
Regardless of how effective the measures prove to be, though, it's clear that a turnaround isn't going to happen overnight. At best, it will be May or June before we see any real impacts from last week's announcements. And even then, we expect the recovery to be slow and gradual, taking several years.
In the meantime, however, it's important for us as managers to help Sales Associates realize that distressed properties pose the biggest business opportunity for them right now. The idea of avoiding this segment and riding things out solely on traditional sales is no longer practical in most areas of the country.
This graph, combining projections from the National Association of Realtors and RealtyTrac, shows it well. Since the peak of 2005, annual home sales in the United States have decreased more than 30%. Of that smaller number of sales, we think as many as half in 2009 (even more than shown above) could involve distressed properties. Until unemployment slows and housing prices stabilize, properties in some form of distress are going to constitute a major portion of the real estate market.
Easy to be frustrated
These transactions, especially short sales, can be messy, frustrating and time-consuming. It's little wonder that many agents steer clear of them, even three years into the housing decline. Others try them and, after a difficult experience or two, throw their hands up and swear they'll never do it again. But if those same agents were better equipped for the process and closed a few sales successfully, their entire mindset might be different. Instead of seeing short sales as impossible, perhaps they'd charge forward and search for even more leads.
Learn it and work at it
We think it's vital for RE/MAX Affiliates to learn as much as possible about foreclosures, short sales and REOs, and then put that education to use by outworking and outperforming the competition in those areas.
Not only can agents find a way to thrive in this difficult period; they'll also improve the lives of individual families, help their communities and assist in the industry rebound that's so vital to us all.
One of the surprising statistics we've seen is that 7 in 10 homeowners who go into foreclosure lose their home without it ever being listed. Many of these people are simply too embarrassed or uninformed to reach out to an agent. Our Sales Associates, through a variation of the creative marketing and effective prospecting they employ during normal markets, can identify and connect with people facing foreclosure. It's up to us to train and motivate them to do so.
Become an expert
As you surely know from earlier e-mails and stories on Mainstreet, RE/MAX International strongly supports the Certified Distressed Property Expert (CDPE) course developed by Alex Charfen and his Distressed Property Institute. By assisting in the production of DVDs, we've made it possible for RE/MAX Associates to take the two-day class for significantly less than what it costs others. The lowest price is available until March 31.
The best time to take the course is March 1-2 in Las Vegas, right before the RE/MAX International Convention. But you can also either purchase a DVD through RE/MAX University or register for an RSN class that airs April 7-8. Watch this video to learn more about the CDPE course.
Several top Broker/Owners endorse the designation. Joe Clement in Colorado Springs has more than 100 CDPEs in his brokerage, and Paul Wells of Barrington, Ill., says it was "the best real estate class I've ever seen." Either of them would love to tell you more about it.
Another good option
A second program we recommend is the Foreclosures, Short Sales & REOs course developed by Nancy Freeman, Broker/Owner of RE/MAX Realty of Joliet in Joliet, Ill. You can purchase a set of three RSN-produced DVDs and other materials. After completing the course, you apply for the FSS&R certification through Express Learning Centers.
Great ideas from Florida
In addition to encouraging Sales Associates to get educated in these areas, you can help in other ways as well. For instance, Ray Glynn, Broker/Owner of RE/MAX Partners in the Fort Lauderdale area, treats short sales as an administrative process, having office personnel handle the paperwork so that Sales Associates can focus on more dollar-productive activities. By gathering financial information from the sellers, preparing all the forms ahead of time and submitting a complete package to the mortgage servicer when an offer comes in, Ray and his team mitigate the worst aspect of the short-sale process: the endless wait for responses. Ray says they've cut the wait times in half, usually getting an answer within 45 days.
Since beginning to offer the service to Associates about five months ago, the office has closed 13 short sales, with another 100 or so in the pipeline. Ray, who is also an attorney, trained the sales team on the process and established a system in which the agents communicate with sellers only about real estate issues, leaving financial interactions to the office staff. In many ways, he says, the process resembles a detailed loan application more than a real estate sale.
Ray says that before they even decide whether to keep the listing, his short-sale broker talks to the sellers about the necessary hardship letter, tax returns, bank statements and income verification documents. If the office takes the listing, everything is prepared long before an offer comes in. And if the sellers don't respond quickly or provide the information needed, Ray lets them go.
The office's short-sale team negotiates with the loss mitigator and any second or third mortgage holders, usually arriving at agreeable settlement terms. The result is a smooth transaction and a fairly normal rhythm for the Associate. And Ray's agents, no longer uncomfortable or apprehensive about the process, are motivated to hunt for additional short-sale leads.
Adding to your skill set
Throughout the network, many Broker/Owners and Sales Associates have skillfully created business and revenue through distressed-property channels. They've established loan-mitigation services, built BPO relationships with asset managers and aligned with attorneys or auction firms. These kinds of methods match the market we're in.
Unfortunately, though, others are struggling and holding on too tightly to the traditional home sale model. It's fine to enjoy and pursue those sales - after all, there will still be a few million of them this year - but it's prudent to also add distressed properties to your skill set. If any agents in your office remain reluctant, make sure they know what educational options are available to them. After all, the more we help each other succeed now, the stronger we'll be when the turnaround finally comes.
Share your ideas and strategies
If you've developed distressed-property strategies you'd like to share, just respond to this e-mail. We'll collect the best ideas in the network and follow up in future editions of Profit Lines.
Coming Up
Expense control continues to be the key issue for brokerages throughout the industry. In the next Profit Lines, we’ll look at strategies for adjusting office finances in order to maximize the effectiveness of every dollar spent. Some of the network's top Broker/Owners will share their ideas on cutting back in ways that keep the business - and its stakeholders - moving forward.
Final Thought
Broker/Owner Joe Clement, who is always on the lookout for good ideas and resources, recommends making HousingMatrix.com part of your daily routine. The site, billed as "Resources for Housing Professionals," is filled with relevant news and information. There's no cost to register for access, and the site contains a wealth of data that might help you and your Sales Associates.
Download past editions of Profit Lines via RE/MAX Mainstreet.
© 2009 RE/MAX International. Permission is granted to RE/MAX Affiliates to reproduce or forward this newsletter in its entirety, provided this notice is retained. All other rights reserved.
RE/MAX International, Inc. | 5075 S. Syracuse Street | Denver, CO 80237 | USA
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