It is the time of year again when good agents begin to think about their business plans for next year. I thought for this entry, I would share with you some of my thoughts on this topic and what makes a quality business plan.
First, I would say to you that any agent who really wants to be successful in this business MUST have a business plan. It really isn't important what format the plan is in, what kind of paper it is written on or what color and type size it is written in. SUCCESSFUL AGENTS HAVE A BUSINESS PLAN!
I remember cleaning out the desk of an agent who left our company to go to a competitor. The agent had been complaining for months about his business and how he was not making any money. In one of his desk drawers, I found a file folder that had the words, "business plan" written on it. The file was empty. I was not surprised by this, but saddened that the agent had not taken control of his business with a plan.
A business plan is a road map. It is a tool to show you how you get from point A to point B. It is not set in concrete. Good business plans are written in ways that allow for flexibility and change as your business changes.
There are several elements that a business plan must have to be complete. First, the business plan needs to have realistic goals. Preferably, how many listings you are going to take, how many buyers you are going to sell and how many total units you are going to close. I use the word realistic because sometimes people tell me, "I'm going to double my business next year." This is always admirable, and I am never one to tell someone they can not achieve a goal that they set, but, most agents are not willing to make the commitment to the type of effort that is required to obtain a goal of this magnitude.
Beyond that, your business plan should include some method for achieving the goal. In other words, what activities are you going to engage in to achieve you goal. Are you going to call FSBOs? Work expireds?
Prior to starting your business plan, I recommend that you review your business from 2007 and study where your business is coming from and use that information as a starting plan for the new plan. The best agents I have worked with in the business can tell me at the drop of a hat exactly where there business is coming from.
The hardest part is to start. Once you have something down on paper, the refining of the plan should be ongoing. Details can be added in time as you become more clear on how to achieve your goals.
Best of luck in your business planning in 2008. I am always willing to assist people with this process and would be happy to review your plan. Email me at patrick@century21.com if I can assist you in any way.
Saturday, December 1, 2007
Saturday, November 10, 2007
Start Stop Continue - A time management tool
Everyone is busy. In the day and age of technology, we are always trying to do more things in the same amount of time. The blessing of technology is that it has given us many tools to save time and be more efficient. The bad news is that all too often we try to cram more things into our time to use up all of this time we are saving.
I think it is important for us to review our time periodically and examine how we are spending it. I try to emplement a process in my time management called "Start, Stop, Continue". I have been using variations of this technique for ten years. The process is simple. Periodically, write down everything you do for a week and try to keep track of how much time you are spending on each task.
Once you have a good sampling of how you are spending your time, sit down in a quite place where you will be uniterrupted and ask yourself these questions: 1. What am I doing that I could stop doing? 2. What am not doing that I should start doing? 3. What am I currently doing that I must continue doing?
Sometimes, in order to start new things, we have to quit doing things that we have been doing out of habit or because someone told us to do them and the reality is those things are not the best use of our time. The key is to make sure you don't wuit doing the things that you need to do to keep generating leads to drive your business. Too often we do the things we need to do until they work, then we quit doing them. Don't fall into that trap!
Our time is the most important thing we have. When you boil down our lives, it is really all we have. The decisions we make on how to use it are the most important decisions we can make.
I think it is important for us to review our time periodically and examine how we are spending it. I try to emplement a process in my time management called "Start, Stop, Continue". I have been using variations of this technique for ten years. The process is simple. Periodically, write down everything you do for a week and try to keep track of how much time you are spending on each task.
Once you have a good sampling of how you are spending your time, sit down in a quite place where you will be uniterrupted and ask yourself these questions: 1. What am I doing that I could stop doing? 2. What am not doing that I should start doing? 3. What am I currently doing that I must continue doing?
Sometimes, in order to start new things, we have to quit doing things that we have been doing out of habit or because someone told us to do them and the reality is those things are not the best use of our time. The key is to make sure you don't wuit doing the things that you need to do to keep generating leads to drive your business. Too often we do the things we need to do until they work, then we quit doing them. Don't fall into that trap!
Our time is the most important thing we have. When you boil down our lives, it is really all we have. The decisions we make on how to use it are the most important decisions we can make.
Tuesday, October 16, 2007
The Value of a Client
My column in last week's Fort Worth Star Telegram was an article that contained a number of statistics regarding real estate in the state of Texas. You can read the full article here, http://www.star-telegram.com/117/story/266864.html . There is one little statistic there that I think is very important and I want to expand on it.
The statistic I am talking about is that 63% of those surveyed said they would use their agent again, but only 41% actually used the agent to by their next home.
There are two things that alarm me here. First, only two thirds of our customers are happy with our service. This is a problem, but not the topic of this blog entry. The bigger issue is that clearly people have a problem finding the agent that they want to use when they need our services again. Our company recently did a study and discovered that one satisfied client can mean $16,800 in sales!
Lack of follow up after the sale is so easy but yet something that our industry is historically really bad at doing. In today's world their are so many ways to follow up with our customers that are inexpensive and simple. Electronic newsletters, egreetings, automated postage campaigns are all ways to follow up.
I believe that these methods, while somewhat impersonal, are certainly better than doing nothing. However, given the value of what a client can mean to you in the long run, I think the best way to follow up is with a personal phone call or visit. A client who has bought or sold a home and remains in the immediate area should be contacted at least twice a year.
Excuses abound. "I was too busy", "I really didn't like those people", "They aren't going to move for years". These are all excuse I have heard.
The car dealership where I bought my last car calls me after visit I make there, even if I have just had my oil changed. Why? They want to retain my business. They get it. They know the cost of generating new customers is far greater than retaining old ones and the value of those customers through time.
It is time for real estate agents to get it. We spend so much time on generating new business that we forget about what we have. Study the value of each client and the referrals they send you each year and make time to follow up with those people in a personal manner.
The statistic I am talking about is that 63% of those surveyed said they would use their agent again, but only 41% actually used the agent to by their next home.
There are two things that alarm me here. First, only two thirds of our customers are happy with our service. This is a problem, but not the topic of this blog entry. The bigger issue is that clearly people have a problem finding the agent that they want to use when they need our services again. Our company recently did a study and discovered that one satisfied client can mean $16,800 in sales!
Lack of follow up after the sale is so easy but yet something that our industry is historically really bad at doing. In today's world their are so many ways to follow up with our customers that are inexpensive and simple. Electronic newsletters, egreetings, automated postage campaigns are all ways to follow up.
I believe that these methods, while somewhat impersonal, are certainly better than doing nothing. However, given the value of what a client can mean to you in the long run, I think the best way to follow up is with a personal phone call or visit. A client who has bought or sold a home and remains in the immediate area should be contacted at least twice a year.
Excuses abound. "I was too busy", "I really didn't like those people", "They aren't going to move for years". These are all excuse I have heard.
The car dealership where I bought my last car calls me after visit I make there, even if I have just had my oil changed. Why? They want to retain my business. They get it. They know the cost of generating new customers is far greater than retaining old ones and the value of those customers through time.
It is time for real estate agents to get it. We spend so much time on generating new business that we forget about what we have. Study the value of each client and the referrals they send you each year and make time to follow up with those people in a personal manner.
Saturday, September 15, 2007
How to be a happy Realtor - Time management and balancing your life
This week I had an interesting conversation with an agent in my office who has been in the business for just about one year. The agent had just closed on a difficult transaction and our conversation turned to customer service and making sure that clients are happy after the transaction closes. This particular agent consistently goes above and beyond the call of duty in communicating to clients. A characteristic that is admirable, but if not managed, will lead to burn out and excessive stress.
I took the opportunity to share with the agent some of my thoughts on time management, and so I thought I would share them here too.
First of all, I think it is important to always establish expectations at the outset of a relationship. Let the client know what days and hours you work, in what time frame you will return calls and emails, then, adhere to that schdule. I learned very early in my career that people would treat me the way I trained them to treat me. If I answered my phone at 9:00 at night, that would be when they would call me. Don't let your clients steal your personal time. You need that time to be better able to serve them when you are working.
Organization is the key to time management. Any successful agent I have ever known has had solid systems in place for staying organized. Using a contact management program such as Outlook, is a great way to stay on top of your time. Personally, if I think there is a chance that I will need to schedule an appointment when returning a phone call, I will not make the call until I have my calendar in front of me. All of my emails, contacts and tasks are in one place. I don't know how I ever managed without the systems I have now.
Finally, I can't stress enough how important it is to create balance in your life. An agent who worked for me several years ago had an amazing year, was the top agent in the office and was simply setting the real estate world on fire. However, the time the agent was spending in the office was taking a toll on his personal life and relationship with his family. At the end of the year, the agent came to me with a business plan that floored me. The agent was actually planning on scaling back is business, letting his personal assitant go and spending more time with family. Six months later the agent shared with me that he was happier than he had ever been, by cutting costs, he was taking more money home and his wife was expecting a baby. And the best part is that he actually did more business because he was happier!
A true success story of how balance in your life can make you BETTER at what you do and HAPPIER! Embrace it!
I took the opportunity to share with the agent some of my thoughts on time management, and so I thought I would share them here too.
First of all, I think it is important to always establish expectations at the outset of a relationship. Let the client know what days and hours you work, in what time frame you will return calls and emails, then, adhere to that schdule. I learned very early in my career that people would treat me the way I trained them to treat me. If I answered my phone at 9:00 at night, that would be when they would call me. Don't let your clients steal your personal time. You need that time to be better able to serve them when you are working.
Organization is the key to time management. Any successful agent I have ever known has had solid systems in place for staying organized. Using a contact management program such as Outlook, is a great way to stay on top of your time. Personally, if I think there is a chance that I will need to schedule an appointment when returning a phone call, I will not make the call until I have my calendar in front of me. All of my emails, contacts and tasks are in one place. I don't know how I ever managed without the systems I have now.
Finally, I can't stress enough how important it is to create balance in your life. An agent who worked for me several years ago had an amazing year, was the top agent in the office and was simply setting the real estate world on fire. However, the time the agent was spending in the office was taking a toll on his personal life and relationship with his family. At the end of the year, the agent came to me with a business plan that floored me. The agent was actually planning on scaling back is business, letting his personal assitant go and spending more time with family. Six months later the agent shared with me that he was happier than he had ever been, by cutting costs, he was taking more money home and his wife was expecting a baby. And the best part is that he actually did more business because he was happier!
A true success story of how balance in your life can make you BETTER at what you do and HAPPIER! Embrace it!
Tuesday, September 11, 2007
Ten Commandments of Leadership
Yesterday morning I attended a leadership breakfast for leaders of loacal Realtor associations from all over the state. The keynote speaker was current National Association of Realtors Chairman Elect, Dick Gaylord. Mr. Gaylord will be installed as NAR Chariman in November.
Mr. Gaylord closed by reading the Ten Commandments of Leadership. After the meeting, I asked him to email it to me so I could share it with you, the readers of my blog.
Ten Commandments of Leadership
1. People are illogical, unreasonable and self-centered (including me). Love them anyway.
2. If you do good, people will accuse you of selfish, ulterior motives. Do good anyway.
3. If you are successful. You win false friends and true enemies. Succeed anyway.
4. The good you do today will be forgotten tomorrow. Do good anyway.
5. Honesty and frankness make you vulnerable. Be honest and frank anyway.
6. The biggest people with the biggest ideas can be shot down by the littlest people with the littlest ideas. Think big anyway.
7. People favor underdogs, but follow only top dogs. Fight for a few underdogs anyway.
8. What you spend years building may be destroyed overnight. Build anyway.
9. People really need help, but may attack you if you do help them. Help them anyway.
10. Give the world the best you have and you will not be thanked. Give the best you have anyway.
Mr. Gaylord closed by reading the Ten Commandments of Leadership. After the meeting, I asked him to email it to me so I could share it with you, the readers of my blog.
Ten Commandments of Leadership
1. People are illogical, unreasonable and self-centered (including me). Love them anyway.
2. If you do good, people will accuse you of selfish, ulterior motives. Do good anyway.
3. If you are successful. You win false friends and true enemies. Succeed anyway.
4. The good you do today will be forgotten tomorrow. Do good anyway.
5. Honesty and frankness make you vulnerable. Be honest and frank anyway.
6. The biggest people with the biggest ideas can be shot down by the littlest people with the littlest ideas. Think big anyway.
7. People favor underdogs, but follow only top dogs. Fight for a few underdogs anyway.
8. What you spend years building may be destroyed overnight. Build anyway.
9. People really need help, but may attack you if you do help them. Help them anyway.
10. Give the world the best you have and you will not be thanked. Give the best you have anyway.
Sunday, September 9, 2007
Ten things every Realtor should know
Recently I had the opportunity to address a group of Realtors who were joining the Arlington Board of Realtors and attending the board orientation.
I had been covering an article from last January's Texas Realtor magazine that discussed professional etiquette. I will cover that in a future blog entry, but for today I wanted something new. So, last night I created the ten things every Realtor should know. I will publish the full list today and in future entries expand on each one.
This is my list, I am sure that there are many other things agents should know. Email me your suggestions on things to add to the list.
1. Be courteous to your fellow agents.
2. Learn something new every day (focus on technology).
3. You choose your attitude every morning!
4. There are many free resources for you – use them! (see below)
5. Communication with your clients should be #1.
6. Accept that you don’t have total control.
7. Discipline = success
8. Continue to learn
9. Wherever you are, be there – the multi-tasking myth
10. Get involved and stay longer
Resources –
www.agentbrain.blogspot.com
www.recenter.tamu.edu
www.rismedia.com
www.texasrealtors.com
www.realtor.org
I had been covering an article from last January's Texas Realtor magazine that discussed professional etiquette. I will cover that in a future blog entry, but for today I wanted something new. So, last night I created the ten things every Realtor should know. I will publish the full list today and in future entries expand on each one.
This is my list, I am sure that there are many other things agents should know. Email me your suggestions on things to add to the list.
1. Be courteous to your fellow agents.
2. Learn something new every day (focus on technology).
3. You choose your attitude every morning!
4. There are many free resources for you – use them! (see below)
5. Communication with your clients should be #1.
6. Accept that you don’t have total control.
7. Discipline = success
8. Continue to learn
9. Wherever you are, be there – the multi-tasking myth
10. Get involved and stay longer
Resources –
www.agentbrain.blogspot.com
www.recenter.tamu.edu
www.rismedia.com
www.texasrealtors.com
www.realtor.org
Tuesday, September 4, 2007
Barnett Shale meeting toughts
This morning the Arlington Board of Realtors hosted a meeting of over 250 Realtors from all over the metroplex for a meeting on the Barnett Shale. The speaker panel consisted of TAR Chairman Avis Wukash, TAR attorneys Ron Walker, and Bill Jones, a broker from Temple who sits on the Broker-Lawyer Committee.
Here are a few things that I learned:
1. If nothing is stated to the contrary, mineral rights automatically convey when the TREC 1-4 family contract is used.
2. Agents who address the issue of mineral rights in the special provisions paragraph of the contract are treading on thin ice. Ron Walker stated that the only thing that can be written in this paragraph is something that is either a "business detail" OR a "factual statement". Anything else must be written by an attorney.
3. Title companies are now beginning to see documentation at closing from lenders that asks about mineral rights leases. Be sure to watch for this and if you come across it, read it carefully and make sure your buyers understand this.
4. There are provisions in the listing agreement (Paragraph 12, letter D and paragraph 13, letter D) that discuss the sellers representation and disclosure of "leases". According to Ron Walker, this is a generic enough statement that mineral rights leases can be included in this verbiage. BE SURE THAT YOUR SELLERS UNDERSTAND THAT THEY NEED TO TELL YOU IF THEY SIGN A MINERAL RIGHTS LEASE DURING THE TERM OF YOUR LISTING. They also need to know that if they have signed a lease already, that must be disclosed too.
5. In the MLS, if you note that mineral rights do not convey, remember to add it to the contract too!
My final thought on all of this is to keep in perspective the dollars that we are talking about. A friend of mine who is an oil and gas attorney recently sold his home and the buyer wanted the mineral rights. He added up what he thought he might get for his standard lot in Arlington and decided that it would probably be about 2-3 thousand dollars over the life of any gas drilling that occurred in his neighborhood. I think that the impression that people have is that they are going to get rich on their mineral rights and the reality is that in many cases, it is simply not worth the fight!
As a result of today's meeting, I am certain that our TAR leadership has a new understanding of the issue and will be working hard to help create some tools that will make the issue easier for us to deal with. I expect that I will hear more about this next week at th TAR convention in Galveston.
Here are a few things that I learned:
1. If nothing is stated to the contrary, mineral rights automatically convey when the TREC 1-4 family contract is used.
2. Agents who address the issue of mineral rights in the special provisions paragraph of the contract are treading on thin ice. Ron Walker stated that the only thing that can be written in this paragraph is something that is either a "business detail" OR a "factual statement". Anything else must be written by an attorney.
3. Title companies are now beginning to see documentation at closing from lenders that asks about mineral rights leases. Be sure to watch for this and if you come across it, read it carefully and make sure your buyers understand this.
4. There are provisions in the listing agreement (Paragraph 12, letter D and paragraph 13, letter D) that discuss the sellers representation and disclosure of "leases". According to Ron Walker, this is a generic enough statement that mineral rights leases can be included in this verbiage. BE SURE THAT YOUR SELLERS UNDERSTAND THAT THEY NEED TO TELL YOU IF THEY SIGN A MINERAL RIGHTS LEASE DURING THE TERM OF YOUR LISTING. They also need to know that if they have signed a lease already, that must be disclosed too.
5. In the MLS, if you note that mineral rights do not convey, remember to add it to the contract too!
My final thought on all of this is to keep in perspective the dollars that we are talking about. A friend of mine who is an oil and gas attorney recently sold his home and the buyer wanted the mineral rights. He added up what he thought he might get for his standard lot in Arlington and decided that it would probably be about 2-3 thousand dollars over the life of any gas drilling that occurred in his neighborhood. I think that the impression that people have is that they are going to get rich on their mineral rights and the reality is that in many cases, it is simply not worth the fight!
As a result of today's meeting, I am certain that our TAR leadership has a new understanding of the issue and will be working hard to help create some tools that will make the issue easier for us to deal with. I expect that I will hear more about this next week at th TAR convention in Galveston.
Monday, September 3, 2007
Dining with royalty
Tonight my wife and I had the pleasure of dining with the TAR President, Avis Wukash, former TAR Vice President of Legal Affairs, Ron Walker, and TAR Secretary Treasurer and TREC Broker - Lawyer Committee member Bill Jones. President of the Board of the Arlington Board of Realtors, Larry Johnson and wife, Tommye.
The topic of discussion was the current issue of mineral rights and the Barnett Shale.
There are many issues related to this specific topic effecting all of us in the north Texas region at this time. Seems everyone has different opinions on how things will shake out, but as REALTORS, we need some guidance.
Tomorrow's meeting will help us move in a direction, but I doubt that we will come away with definitive answers. I will let you know what I hear tomorrow as well as next week at the state TAR meetings on this topic.
The topic of discussion was the current issue of mineral rights and the Barnett Shale.
There are many issues related to this specific topic effecting all of us in the north Texas region at this time. Seems everyone has different opinions on how things will shake out, but as REALTORS, we need some guidance.
Tomorrow's meeting will help us move in a direction, but I doubt that we will come away with definitive answers. I will let you know what I hear tomorrow as well as next week at the state TAR meetings on this topic.
Friday, August 31, 2007
New disclosures go into effect today
Effective today, there are new disclosures that must be used when applicable.
According to Tom Morgan, Texas Association of Realtors Senior Counsel, the new disclosures must be completed with any contract that is executed on or after September 1. The new forms are available on zipforms or on the TAR website. There is also a TREC version of the form that is available on the TREC website, but, in my opinion, the TAR form is a little more user friendly.
I am told that the changes regarding smoke detectors were a compromise with another lobby group who wanted stronger legislation that would make Realtors more involved in bringing properties that we sell up to code. While the new disclosures are an inconvenience, they are better than what the alternative might have been.
Lori Levy, Associate Counsel for the Texas Association of Realtors, wrote a good article on the changes that was published in the last association newsletter. To view a copy of it, go to this link:
http://texasrealtors.com/web/3/25/topics.htm
Please be sure to get the new form signed with all contracts after today and enjoy your holiday weekend.
According to Tom Morgan, Texas Association of Realtors Senior Counsel, the new disclosures must be completed with any contract that is executed on or after September 1. The new forms are available on zipforms or on the TAR website. There is also a TREC version of the form that is available on the TREC website, but, in my opinion, the TAR form is a little more user friendly.
I am told that the changes regarding smoke detectors were a compromise with another lobby group who wanted stronger legislation that would make Realtors more involved in bringing properties that we sell up to code. While the new disclosures are an inconvenience, they are better than what the alternative might have been.
Lori Levy, Associate Counsel for the Texas Association of Realtors, wrote a good article on the changes that was published in the last association newsletter. To view a copy of it, go to this link:
http://texasrealtors.com/web/3/25/topics.htm
Please be sure to get the new form signed with all contracts after today and enjoy your holiday weekend.
Bush acts to provide relief and home prices up!
Today President Bush announced that he has a plan to offer some relief for the struggling mortgage industry in an effort to stem the tide of foreclosures.
I have not studied the plan in detail, but Wall Street seemed to like the ideas.
In other news, the Dallas Morning News reported today that Dallas area home prices were up 5% year over year at the end of the second quarter.
Once again, there is far more good news on the local landscape than bad.
Here is the entire article:
HOMES – Dallas prices rise 5% in 2nd quarter
12:00 AM CDT on Friday, August 31, 2007
By STEVE BROWN / The Dallas Morning News
A benchmark federal report shows that Dallas-area home prices are still gaining ground.
Home prices in the Dallas area were up about 5 percent at midyear compared with the second quarter of 2006, according to the Office of Federal Housing Enterprise Oversight's quarterly report that was released Thursday.
The report was the second this week to show Dallas home prices still going up.
Nationwide, there was a 3.2 percent gain for the same period – the lowest increase in 10 years. And U.S. home prices were up just 0.1 percent from the first quarter.
"House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment," federal housing office director James Lockhart said in a statement.
The region that includes Texas, Oklahoma, Arkansas and Louisiana had the strongest home price gains in the second quarter. All the Texas cities in the report had price increases.
El Paso had the seventh biggest one-year increase in the country – up 12.49 percent. In the Austin area, prices were up 10.76 percent, and in Beaumont-Port Arthur, they rose 10.62 percent.
The Fort Worth area showed a 3.57 percent gain from last June.
Out of the 287 markets in the federal housing report, 61 saw price declines in the second quarter. The largest losses were in California.
The Office of Federal Housing Enterprise Oversight bases its quarterly report on information from loans made by the country's two largest mortgage sources: Fannie Mae and Freddie Mac.
Analysts who prepared the in-depth housing data warned that the latest figures do not reflect "the extent of recent mortgage market instability."
Those effects won't show up until at least the third-quarter report, they say.
Dallas had only modest increases in previous Office of Federal Housing Enterprise Oversight reports.For the last five years, home prices in the Dallas area have risen 18.77 percent, compared with 50.76 percent nationwide.
Everyone spread the good news and thanks to Chelsea Alexander of Republic Title for sharing this article with me.
I have not studied the plan in detail, but Wall Street seemed to like the ideas.
In other news, the Dallas Morning News reported today that Dallas area home prices were up 5% year over year at the end of the second quarter.
Once again, there is far more good news on the local landscape than bad.
Here is the entire article:
HOMES – Dallas prices rise 5% in 2nd quarter
12:00 AM CDT on Friday, August 31, 2007
By STEVE BROWN / The Dallas Morning News
A benchmark federal report shows that Dallas-area home prices are still gaining ground.
Home prices in the Dallas area were up about 5 percent at midyear compared with the second quarter of 2006, according to the Office of Federal Housing Enterprise Oversight's quarterly report that was released Thursday.
The report was the second this week to show Dallas home prices still going up.
Nationwide, there was a 3.2 percent gain for the same period – the lowest increase in 10 years. And U.S. home prices were up just 0.1 percent from the first quarter.
"House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment," federal housing office director James Lockhart said in a statement.
The region that includes Texas, Oklahoma, Arkansas and Louisiana had the strongest home price gains in the second quarter. All the Texas cities in the report had price increases.
El Paso had the seventh biggest one-year increase in the country – up 12.49 percent. In the Austin area, prices were up 10.76 percent, and in Beaumont-Port Arthur, they rose 10.62 percent.
The Fort Worth area showed a 3.57 percent gain from last June.
Out of the 287 markets in the federal housing report, 61 saw price declines in the second quarter. The largest losses were in California.
The Office of Federal Housing Enterprise Oversight bases its quarterly report on information from loans made by the country's two largest mortgage sources: Fannie Mae and Freddie Mac.
Analysts who prepared the in-depth housing data warned that the latest figures do not reflect "the extent of recent mortgage market instability."
Those effects won't show up until at least the third-quarter report, they say.
Dallas had only modest increases in previous Office of Federal Housing Enterprise Oversight reports.For the last five years, home prices in the Dallas area have risen 18.77 percent, compared with 50.76 percent nationwide.
Everyone spread the good news and thanks to Chelsea Alexander of Republic Title for sharing this article with me.
Thursday, August 30, 2007
What is happening with our market?
I get asked daily what is going on with the real estate market locally.
I am not an economist or a statistician, but I do know that in the Dallas-Fort Worth area, we are having one of the best years in real estate ever when viewed in historical terms.
General economic conditions remain favorable and job growth is steady. Median home prices are actually up and home ownership continues to out perform the stock market as a long term investment.
Don't buy into the hype that the national media is portraying regarding the doom and gloom of the market. BUSINESS IS GOOD!
I am not an economist or a statistician, but I do know that in the Dallas-Fort Worth area, we are having one of the best years in real estate ever when viewed in historical terms.
General economic conditions remain favorable and job growth is steady. Median home prices are actually up and home ownership continues to out perform the stock market as a long term investment.
Don't buy into the hype that the national media is portraying regarding the doom and gloom of the market. BUSINESS IS GOOD!
Wednesday, August 29, 2007
Welcome to my blog
I have been looking for a way to share my experiences with others and recently it came to me that I might be able to create a blog that would discuss things that I have learned or encountered that might help other real estate agents be better at what they do.
This blog will be dedicated to just that. As I travel to real estate conferences, read articles from the industry, or experience real life situations in this business, I will share them with others via this blog.
I have been with my company, Century 21 Judge Fite, since 1999. I have been licensed since 1996. In the last 10 months I have grown an office from 2 agents to 24. I currrently manage the Fort Worth, Texas branch for our company and I am current Chairman of the Board for the Arlington Board of Realtors.
This blog will be dedicated to just that. As I travel to real estate conferences, read articles from the industry, or experience real life situations in this business, I will share them with others via this blog.
I have been with my company, Century 21 Judge Fite, since 1999. I have been licensed since 1996. In the last 10 months I have grown an office from 2 agents to 24. I currrently manage the Fort Worth, Texas branch for our company and I am current Chairman of the Board for the Arlington Board of Realtors.
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