Idaho Real Estate >> ID Real Estate Specialist

I have written before about how Dr. Laura's little statement "Now, go do the right thing" has caught my attention in the past.  Once again Dr. Laura's little statement hit home.  I signed up for her email because I love her human stories.  Yesterday I receive another email and her story just touched my heart Human Global Warming.  This story is about a man Dr. Laura met in a restaurant that impacted her by "Doing the right thing".

Dr. Laura ends all of her radio programs by saying "Now, go do the right thing".  This is such a simple but powerful statement.  If everyone just thought about "Doing the right thing" we would have a lot less issues in our world.

In my real estate business I see clients attacking Realtors, Realtors attacking Realtors, Realtors attacking Title Companies, Builders attacking Realtors, and on and on. 

I would like us to consider two things going into the New Year:

• "Seek first to understand than to be understood"  and
• "Do the right thing"

As the 7 habits of highly effective people suggests "Seeking first to understand than to be understood" will help us to value the other person enough to want to understand their position.

"Doing the right thing" simply means to do what is best for the other person.  Too many times we "Do what is best for us" in most situations.  For a change I would like us to consider "Doing the right thing" for others. 

This just may change the world "One person at a time".

In spite of a nationwide slowdown in the housing market Idaho remains one of the fastest growing states in the nation.  The U.S. Census reports that Idaho was the 4^th fastest-growing state in the nation in the year ending July 1, 2007.

The census report shows that the fastest growing states continue to be in the west, Rocky Mountain region and the Southeast.  Texas is attracting new residents at a very rapid pace.

Nevada regained the title of the fastest growing state in the nation.  Arizona is second, Utah is third, and Idaho is fourth.

In September of 2007 USA today wrote No end in site for Idaho's growth.  The article cited Idaho's diverse economy which includes computer chips, agriculture, manufacturing, services and tourism as just a few of the reasons that idaho's economy remains so strong.

Many of you have probably seen this new lender practice but it is relatively new in our market area.

Mortgage lenders are now offering to pay the mortgage insurance for a buyer for the life of the loan.  The only condition is that the interest charged on the loan is higher.

Let's say your borrower borrows $150,000.  On a regular mortgage your borrower is charged 6% interest.  However, with mortgage insurance paid by the lender the lender raises the rate to 6½%.   Do the math on a 30 year loan and you will see the extra ½% rate costs your borrower an extra $17,559.45 over the 30 years.

Lets say the mortgage insurance would have cost your borrower say $45/month added to his/her monthly payment.  As we all know, after a borrower has established 20% equity through appreciate and paying down of the principal balance they can request a re-evaluation, pay for an appraisal, and opt out of paying mortgage insurance.

If the spread in rates is not large it is not a big issue in my book. However, look out for your buyer and if the spread between rates is too large then your borrower would be much better off paying his/her own mortgage insurance and opting out of paying the mortgage insurance a few years down the road.

Your borrowers will be happy you are looking out for them.

I thought I had seen it all as a Realtor until today!  A past friend contacted me about 2 weeks ago and is in the market for buying residential real estate.  I have been emailing him several listings the past two weeks and he emailed me the MLS numbers of the homes he wanted to see last night.  I called and made appointments and met my buyer and his wife at one of the homes.  It was your average little starter home that needed some TLC and we noticed a few things that seemed a little strange and then the Mrs. lets out a loud laugh while in the kitchen.  I go running in there to see that she opened the dishwasher door and there in the bottom tray were all the sellers bills and a bag of candy!

This adds a whole new twist on home staging!

 Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker 
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

According to fourth annual Farmers Insurance Group of companies the Treasure Valley area of S.W. Idaho has been named the second most secure place to live in the United States.

The report marks the third strait year the Boise City - Nampa area has been ranked among the top 20 areas in the country.  In 2006 the area topped the list.

The rankings were compiled by database experts from Best Places and take crime statistics, extreme weather, risk of natural disasters, environmental hazards, terrorist threats, air quality, life expectancy and job loss numbers in the 114 U.S. metropolitan areas with populations of 500,000 or more.

Nampa Mayor Tom Dale credits the cooperative efforts of the public and law enforcement to create a safe place to live.

Mayor Garrett Nancolas of Caldwell says it's the quality of life than has drawn national attention to the area year after year.

The Farmers Most Secure Places to Live survey tells a lot about families and local government according to Ron Coble, Farmers Insurance Group senior vice president of legislation, regulation and media relations.  Mr. Coble states "Whether you are single or have a large family, knowing that you are secure in your home and workplace takes a higher priority today than ever before".

In September of 2007 USA wrote No end in sight for Idaho's growth giving factual data as to why Idaho's economy is so strong.

 Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker 
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

 

To many of us go to real estate school and start working for a broker.  We do everything we are told to and most of us do what everyone else is doing.  We take listings the same way, market the same way and follow up closed transactions the same way.

I have always preached to "Think Outside The Box" in everything we do.  I love pay attention to what other industries are doing and see if I can apply what they do to my real estate profession.

• Professional Sports:  Pro football is in full swing and approaching playoff time. What many of us don't see is coaches and their staff looking at what went right and what went wrong with the last game, even if they won.  They study films of games for hours and they also study the opposition.  They look for anything that will give them an advantage over the competition.  Instead of just doing the same thing over and over with little results we too can look at what we have done the past year and what we can do to improve it.  We can look at what our competition is doing that is working for them and try to come up with something better.  I believe in the statement "If you aren't moving forward you are remaining stagnant or going backwards".
  
• Readers Digest:  I love this magazine!  The next time you pickup a readers digest look at the cover and all the "Bullets" they use to entice you and I to read their articles.  I have written several blogs that talk about "Smart Advertising".  It's so easy to get caught up in "Giving away the farm" in advertising with stunning postlet and vflyer listing ads but if we do this there is very little reason for anyone to contact us.  Take a lesson from Readers Digest and start using catchy titles in your advertising.  In the body of your advertising give people a reason to call you or to link to your website.  If they don't like the home you are advertising at least you got the viewer to call you or to visit your site site and they may just find something else they like.
  
• Nordstrom's:  This retail clothing store wrote the book on customer service.  Visit a Nordstrom's store and it will be an experience you won't soon forget.  Whether you purchase an $80 bottle of perfume or a $1,500 suite you will be treated with a tremendous amount of respect and attention.  You will also receive follow up in the mail months and years after you visited the store.  How many Realtors do you know of that don't necessarily treat every buyer the same way?  I have had the philosophy for years that I want to make every real estate transaction one a buyer, seller or co-op Realtor will never forget.  Do things buyers, sellers and co-op Realtors don't expect and watch your referral business start to swell!

In your travels look around you and observe what this or that company is doing to generate business and think about how you can apply it to your business and help it grow. You just may hit on an idea that can change your world and your bottom line.

 Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker 
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

 

I participated in a brain storming meeting held at our office last week where we all met to discuss our strategy for attracting buyers in our real estate market.

Many ideas were shared about how to attract buyers and here was my two cents.

Many of us blame the press for fueling the weak real estate market in many parts of the country but look at what many of us do with our own advertising.  We advertise things like:

• Price slashed!
• Owner anxious!
• Price reduced!
• Owner motivated!
• Will look at any offers!
• $20,000 price reduction!

And on and on and on.  In my opinion this kind of advertising just reminds everyone how bad the real estate market is in many parts of the country and helps fuel the negativity.

I went on to share with our group that instead of this kind of advertising try to "Offer Opportunities".  For instance, if the current mortgage rate is 6% then get your seller to buy down the rate to 5 ½ or 5 1/4 % and promote the payment and the features of the home.  Write these kinds of ads and advertise them in your local newspaper or on Craig's List:

"Only $750/month, 4 bedroom, 2 bath home, over 2,500 square feet, walking distance to all schools, 3 car garage.  Call now!"

Don't believe me?  One of our agents told me he had been posting listings on Craig's List for more that 6 months and not one call.  He asked me to help him write a good Craig's List ad with a link back to his site as I suggested.  I showed him how and he posted several listings last Friday afternoon.

To his amazement he had two phone calls and two showings directly from his Craig's List Ads that weekend!

So let's stop advertising how distressed sellers are and start advertising buyer opportunities.  The sooner we start doing this the sooner many real estate markets can get on their way to recovering.

One caveat:  I spoke to the finance department of the state of Idaho and to the HUD regional office early last year about regulation Z and disclosure.  I was told that if no interest rate was quoted I did not have to disclose an APR (annual percentage rate).  However, if I did quote an interest rate I MUST disclose an APR.  Check with the finance department and the HUD office of your area for the regulations you need to follow.

 Posted By: George Tallabas - Boise Idaho Real Estate Agent - Associate Broker 
with RE/MAX Advantage, Canyon Counties #1 Brokerage in sales and listings
specializing in Boise Idaho Real Estate and Southwest Idaho Real Estate.

I have read a few articles that talk about the value of Realtors creating a "Brand Name" through the use of Logos and personal Advertising.

In Favor of creating a "Brand Name" is name recognition, creating a household name that people can remember that will help grow a real estate business.  Promoters also say that any good and successful company establishes a "Brand Name" so what is wrong with Realtors doing it as well?

In opposition to "Branding" are those that say it promotes the Realtor and takes away from what the client really wants and is looking for.  There has been much written about toyota.com and microsoft.com which are two extremely popular sites. If you go to either site there is nothing about the Toyota Chairman or Bill Gates.  It's all about buying a car and technology. Opponents also argue that "who wants to see a Realtor promoting themselves" when we just want to buy a house?  The other argument in opposition states that when this "Branded Realtor" goes to retire and sell his/her business who will want to pay them for buying their name?

Our local business newspaper ran a "man on the street" type article in which individuals could choose if they would work with a large well known bank or a small local bank.  All but one of the 9 people asked said they would want a small local bank that cared aout them instead of the large bank that only cared about their company name and ego.

What is your opinion...Is "Branding" good or bad for the real estate industry? What do you really think the public wants?