Realtors Cope with Real Estate Anxiety

If you're a Realtor in this current real estate market there is no doubt you have had to deal with anxiety in one form or another. The Realtor Magazine outlines some ways to calm yourself or clients in this time of a tightened market.

Calming your clients:

1. Don't assume you knowwhat your clients are feeling - clients need to talk about what they are feeling. A home purchase is emotional and clients may feel fear or other valid emotions. You can help them through it once you understand them.
2. Ask clients what they expect from you and you follow up - clients will have reasonable expectations about what an agent does. Find out those expectations and follow through after you commit to acceptable requests.
3. Get their worst-case scenario on the table - help clients understand you are on their side and they can be comfortable sharing fears and anxieties.

Calming yourself:

1. Lose the self-pity - remind yourself of earlier successes to overcome negative thoughts about current problems.
2. Take positive actions consistently - get focused on a steady stream of good leads and prospect actively. Don't panic when things don't happen right away.
3. Get knowledgeable - quit reading the news where there is a hopeless spin on the market and attitudes. Establish goals for leads and retool your sales strategy to meet the existing demand.

5 Reasons Real Estate Clients Won't Move Forward

In times of frequent headlines like "Where to Find Million-Dollar Foreclosures" real estate agents find clients on both the buying side and the selling side hedging and indecisive. Realtor Magazine outlines 5 reasons clients won't move forward - and how to respond.

1. No Money
   When buyers are hesitant there may be issues with money. On the other hand the client may have trust issues with the agent and may need to be taken care of with business relationship building activities (i.e. dinner at a nice restaurant, etc.)
2. No Need
   If a seller resists claiming no need to sell, agents need to flush out real motivation. Every home is for sale for the right price but if that price is higher than the market will bare then an agent simply wastes time. If a seller has put their home on the market it's obvious they have some intention of selling. It's important to get down to the real issues if the client is reluctant to move forward.
3. No Desire
   A buyer may be in the perfect position to buy and actually need a home. Their personal life (i.e. divorce, etc.) can affect their timing. Again, it's important to get down to the root motivations and issues.
4. No Time
   Some clients may throw out the "I work 24-hours per day" comment. They may have issues with agents who "just want the commission". Again, the real issue is trust. Clients need to trust their agent and feel they are not in it for money.
5. No Trust
   It takes time to build a relationship of trust with a client. Real estate agents should spend the necessary time to develop that trust. Clients will work with and listen to the professional advice of a Realtor who they can rely on to take care of their needs.

Las Vegas Listed as One of the Fastest Growing Cities

Las Vegas was one of a recent report of the nations fastest growing cities. It has been for a number of years now. A higher than average job market, unlimited recreational options, and great housing draw newcomers whether they are purchasing a home or renting. Residents are also enjoy great weather and the cultural atmosphere.

The city has performed incredibly in recent years. Even amid the national mortgage crisis, homes have been selling. The prices have corrected due to inflated values from the boom (like the prices in other markets) but analysts continue to predict substantial growth in coming years.

5 Signs of a Las Vegas Housing Market Pickup

There are indicators to watch for that suggest a market pickup. Las Vegas Realtors watch for these things, as outlined in Realtor Magazine:

1. New Jobs vs. New Housing - Historically, one new hom owner is created for every two new jobs. If there are more jobs being created and builders are not building as fast the supply/demand curve will adjust in response.
2. Fewer Builder Concessions - As builders become more confident they will give less to entice a buyer.
3. Months' Supply - Look at how many month's supply your market has. If that threshold is reached then the market has picked up.
4. Visitors per Listing - By tracking MLS lockbox stats one can tell if buyers are more serious if there are more visits for longer periods.
5. Rising Apartment Rents - When rents get too high buyers would prefer to own.

If you are interested in the Las Vegas market you'll want to contact a professional to help you understand the current market.

Price a Home Correctly in Today's Market

The next series of blog posts reflect a recent article in Realtor® Magazine, "Your Handbook for Success". It consists of 165 tips for succeeding as a Realtor®. The posts will be written from the point of view of a Las Vegas Realtor®.

The opening line: "Regardless of what the pundits say about the market today, you can achieve sales success. Make your sales goals, stay on top of the market trends, be straightforward with prospective buyers and sellers, and keep your own negative emotions in check."

Las Vegas real estate has been in the news frequently in recent months. It has been touted as a struggling market. Interestingly, buyers and investors had better keep their eyes on the future Las Vegas home buying market. It is showing the signs of significant growth through the selling summer season.

The key to selling a home right now is to price a home correctly. A good real estate agent will help sellers understand the market. Tips for agents:

• Look at Pending Contracts - Considerable weight should be given to pending sales, even more so than those that have sold.
• Don't Take the Heat for the Market - The market will determine the final selling price. Agents should not take responsibility for the market conditions.
• Creating Value is Key - The home has to be priced so that it's considered by buyers to be within the top two or three values in that price range.
• Time for an Adjustment - Industry standards suggest that if an offer hasn't been made after 8 to 10 showings a price adjustment is necessary.
• Have Your Seller Sign a Price Reduction Form in Advance - A form should be signed and a date set ahead of time. If a reduction is needed before hand then do it.
• Forget About "Price Reduction" Signs - Such riders tell potential buyers the home is failing to sell.
• It's OK to Fire a Seller! - If a seller is unwilling to recognize the market trends you will continue to invest time and money into the marketing of the home with no opportunity for it to sell. Serious real estate pros will take a hard look at their success ratios. If a seller will affect that ratio from the start, let them know you won't represent them. Be professional and be serious about it.

Next article: "Signs the Las Vegas Housing Market will Pickup"

Mastering Foreclosures as a Realtor

Realtor Magazine recently featured an article titled "Mastering Foreclosures". They suggested that working the REO business requires a great deal of detail juggling and negotiation. The upside is that there are little emotions to have to deal with. You're dealing with a bank who is cut and dry for the most part and simply wants to unload the real estate at a fair price. Here are the 5 steps they suggest:

1. Join default services organizations and attend conventions where lenders, servicing companies, and other industry representatives are.
2. Sign up with lenders to provide broker price opinions, which determine what a foreclosed property is worth.
3. Describe properties as foreclosures in your marketing if lenders allow it.
4. Ignore e-mail pitches for fast-money REO schemes.
5. Use lenders you have worked with on previous transactions as references in making connections with other institutions.

Real estate agents will commonly net 1% from the transaction. One agent noted that you have to work harder for a smaller fee. However, if you are good you can turn a lot of business. And in a struggling market turning a lot of properties can be a life saver.

New comers to Las Vegas

New comers to Las Vegas find wonderful homes that fit their needs. As they move to Las Vegas they also find a place that fits their lifestyle. They research great communities and make a home out of great living opportunities. These communities offer amenities and features that provide comfort and accessibility. They live close to work, play, church, family, friends, and/or schools. It doesn't take long before people become accustomed to the climate, culture, and city. They find joy in calling Las Vegas their home.

Single Women Buying Las Vegas Real Estate

Single women have become more active in the Las Vegas real estate scene. They are second only to couples in homes purchased. As non-traditional buyers they have been able to find programs that fit their needs. According to the article women have typically been the strongest influence in a home buying decision and now are purchasing on their own.

They tend to look for great neighborhoods and security. Single moms may seek out play amenities and safety. Some seek out low maintenance homes and efficient layouts and space usage.

While Las Vegas Realtors or home builders must be careful not to discriminate, it is important to understand the needs of potential clients. As single women enter the market, just as any other demographic, it's important to take time to find the right property for them.

Darren Hildreth, Realtor®

As a Las Vegas real estate agent and Las Vegas Realtor®, Darren Hildreth successfully guides and aids home sellers, home buyers, and investors to reach their property and investment goals in Southern Nevada. Darren, a founder of the Hildreth Barnhill team, works tightly with the broker of Specialists Real Estate located in Summerlin.

Darren has been involved in real estate and business negotiations for years. He has owned investment properties and negotiated other business ventures. He loves the intrinsic value in real property and the science involved in arranging a solid deal. His family has developed land, built homes, and owned rental properties for decades. He realizes his clients will use him over and over again because they are treated with honesty and integrity.

GLVAR Suggests Thinking Twice About Becoming an Agent

The GLVAR posted an article to those considering becoming an agent. They claim there is a considerable sacrifice in time and for most the pay is not significant.

"...According to the Department of Labor, the median income for a real estate agent is about $39,760 per year, as of May 2006. The middle 50 percent earn between $26,790 and $65,270 annually, and the top 10 percent earn around $111,500 per year...Of course, superstar agents can earn several times that top number."

Many agents have left the industry in the recent downturn. Many have second jobs just to get by. A successful Las Vegas Realtor® usually has some sort of team and makes themselves well known through out the valley. If you plan to be a top agent it would be wise to interview another top agent to see what they do. If an agent can't see how they maybe in the top 10% based on some past experience they should consider the sacrifices made to earn what many make standard at another job.

Las Vegas Lifestyle: UNLV Wins Conference Title

Last weekend Las Vegas rooted UNLV took it to the MWC. Residents and visitors alike witnessed an exciting exhibition as the Runnin' Rebels overcame their components with an usual style. They'll move on to the NCAA tournament as number 8 seed. They'll play Kent St. and then the winner of Kansas and Portland St.

UNLV sports draws an exciting and energetic crowd in a sea of red and white. Welcome to fabulous Las Vegas entertainment!

Las Vegas RJ Suggests Using a Real Estate Professional to Help Determine Home Value when Selling

Selling a home in Las Vegas requires some skill and dedication. The Las Vegas Review Journal suggests contacting a real estate professional or Realtor® to help determine the value when selling a home. Many areas feature homes of varied values and determining that amount can be the difference between selling a home for too little, not selling it at all, or selling it at the correct market value. It is the market that determines the value of the home, not an appraiser or home owner. If the home is over valued it will simply not sell. If it is under valued it will sell quickly but cash is left on the table.

The best way to value a home is to have a skilled real estate agent prepare a CMA using the GLVAR MLS search system. The system tracks homes for sale and homes sold. Competent Las Vegas Realtors® can pull the appropriate stats and compile them into a report with a strong recommended selling strategy. Sellers who use agents are much more likely to sell their home and will sell it for a considerable amount more. In fact, even though a sell pays an agent they typically make out better than if they sell for sale by owner. If you are planning to sell contact an agent today to prepare the best strategy.

NAR Predicts Flat Existing Home Sales Before Recovery

The National Association of Realtors® foresees a flat sales market before a recovery during the second half of the year. Many locations have seen their correction but factors indicate they are in the trough of the trend.

"The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas..."

Not all markets fit this trend exactly but many will see it soon and overall the national trend is improving, according the the NAR report.

Specifically in Southern Nevada, Las Vegas Realtors have seen a shift in market activity. A market report yesterday gave a short term view into latest valley stats. Future months are expected to follow suit pending some unforeseen issue.

Las Vegas Real Estate Market Statistics (2008 February Month End)

Summary: Listing numbers have dropped off for another straight month easing the over supply. Median home prices remained nearly the same as the previous month in contrast to previous months. The number of home sales is slightly up from previous months.

Las Vegas Listings: (view chart)
Listings in February have decreased from previous months. The statistical curve is showing a little change from previous years. It's to early to tell but the supply has eased some.

Las Vegas Market Strength: (view chart)
Compared to other national averages and normal sales the Las Vegas market remains steady. Prices have dropped but the average days on market for homes competitively priced remains good, and has dropped some. The key to selling today is pricing a home correctly. There is considerable competition with homes in foreclosure proceedings. Once that inventory has diminished the reflection in low prices will level out some.

Las Vegas Resale Homes Sold: (view chart)
The number of homes sold has increased over previous months. The coming months will indicate a lot in supply versus demand.

Las Vegas Median Prices: (view chart)
Median prices leveled off this month from previous months indicating hope in the market. They're priced at around $235k.

Las Vegas Real Estate Market Watch Conclusion: (view chart)
While it's too early to tell after one month, if this is the beginning to a trend in Las Vegas home sales then the market may show a bottom to the valley. It will be interesting to watch. Listings dropped, sales rose, median prices stayed the same.

Full Las Vegas real estate statistical market report found: http://www.hildrethhome.com/lasvegasrealestatemarketwatch/

Contact Las Vegas real estate agents to learn more about the market and buying or selling your home.

Las Vegas Realtor Site Suggests Buying Homes Now

The Las Vegas Realtor® site referred to an article written by Time suggesting that those who purchase homes and real estate now will make out in the long run. The association is trying to educate home buyers and Las Vegas Realtors® that buying against the grain as well as selling against the grain are tough concepts to grasp but those who are disciplined to do it make out best in the long run.

As John D. Rockefeller famously said, "The way to make money is to buy when blood is running in the streets."

Headlines often either create greed or fear. People act according to the norm. It was suggested in the article that sometimes stepping back and looking at the big picture leads to great opportunities.

"...say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage..."

Las Vegas Community, Summerlin to Host Huge Real Estate Open House

Las Vegas community Summerlin is a week away from hosting a huge open house. According to the press release the event will feature 75 model homes in 19 neighborhoods by 12 home builders.

The event will be fun with gifts, food, prizes, coupons, etc. available to visitors. Planners expect visitors to make it a day at Summerlin.

Homes range in size between 937-6,000 sqft and from the mid-$200,000 to more than $1,000,000.

Get a hold of your Las Vegas real estate agent today to schedule a planned tour of the event.

Forbes Richest List Features Las Vegas Billionaires

The RJ reports Las Vegas billionaires Sheldon Adelson owns some of the most lucrative, famous properties in the country. He is the wealthiest Las Vegan on the billionaire list.

Some of the wealthy have slipped some like Ebay designers Pierre Omidyar, resident of Henderson, have slipped some.

Others have made moves up or down the list. Those involved in commercial Las Vegas real estate faired very well.

Red Rock Area to Construct New Visitor's Center

Red Rock is one of the recreational highlights of the Summerlin area in Las Vegas. Great hikes, climbing, and beautiful scenery draw tens of thousands a year to the area. One of the features is a strategically placed visitor's center inside the loop. It displays flora and fauna of the area as well as maps. It has rest facilities and experts on the area who are helpful in answering questions.

This week it was announced that the Red Rock area will be getting a new visitor's center. The facility will cost around $23 Million. It will sit just north of the current one and will be completed in 2010.

"Red Rock Canyon is not only the most beautiful natural landmark in Southern Nevada, it has become a world-class outdoor recreational area for hikers, rock climbers, adventurers and cyclists," Warden said. "The Hughes organization is extremely proud of the role it played as a good neighbor to the conservation area and a steward of the environment."

Home Buyers Attracted to Lower Home Prices, Not Incentives

The Realtor® Magazine published an article in March about real estate purchaser preference. They claim that although incentives are attractive, lower home prices draw more interest.

Many Las Vegas real estate agents don't oppose incentives and have found success with them. However, one major factor that affects buyer interest is that fact that buyers who work with Realtors® typically use the MLS home search. There is no search criteria for "incentives" or similar terms. Potential buyers have to stumble upon incentives as they peruse and the odds of being found are lower. However, most buyers do use price as a criteria and if a seller's house priced better than its competition it will draw more views. The important thing in a tough selling market is to get as much attention as possible.

According to the article:

"The single thing that'll drive buyers and salespeople to a property is that it must be priced at today's market value. If that happens, you'll get buyers at the property, and you'll get practitioners there, too, because they believe buyers will buy."

Greater Las Vegas Association of Realtors Urges Buyers to Buy

The Greater Las Vegas Association of Realtors® (GLVAR) suggests that now is the time to buy. They offer up their possition paper as direction to qualified purchasers.

The GLVAR is the association for Las Vegas real estate agents. Agents are required to follow the code of ethics and hold themselves to a higher standard. Whole real estate teams and brokerages follow these standards.

The GLVAR also follows the real estate market in the valley and offers tips and indicators to the public to help them make informed decisions.

The position paper suggests the following:

"Mortgage interest rates remain at historically low levels, effectively lowering the cost of buying a home. It is not clear when interest rates will begin to rise. However, economists and other experts generally agree that rates are unlikely to fall significantly in the near future."

Las Vegas remains strong in the job market and future growth. In fact, it is supposed to be stronger than most metro areas.

Real Estate Agent 2.0

Realtor Mag suggests a move to Real Estate 2.0. Realtors are using web sites, blogs, mashups, social networks, and videos to draw internet traffic and ultimately leads and conversions. Successful agent designed technologies can bring in hundreds of leads a month. Even the big brokerages are making use of web tools to generate business. Here are some pros and cons to dedicating time and money to these causes:

Pros

• Once established, leads just come in. People are ready in some cases to jump right in and buy or sell property.
• Tech savvy people can gain an edge over competition.
• Blogging and other activities force an agent to stay on top of the industry to remain current.
• Overall agent exposure can be significant.

Cons

• Know-how is required or a pile of cash to pay professional web guys.
• Results aren't immediate.
• Not all leads are alike. Some, like leads looking for "Las Vegas Real Estate", don't convert as easily as "Las Vegas Realtor".
• The web competition is becoming fierce. In Las Vegas thousands of agents are vying for the top 10 search engine positions for 5-10 key words.

Tools like Facebook, Blogger, ActiveRain, etc. help considerably. The real estate business is changing and will have a very different landscape over the next decade. Real estate agents who are up to the challenge will reap the benefits.