Archive for September, 2013

Sep 28

Real Estate Pros: Tips For Staying Healthy This Fall

It’s that time of year when everyone seems to come down with something. Unless real estate industry professionals act to take care of themselves and their teams the toll can be outrageous.

The CDC has warned of an early start to flu season this year with some severe cases striking in even warmer climates like L.A. This year there seem to be even more health risks with Oakland County, MI residents reporting that their ‘smart’ electric meters are making them seriously ill, and Apple users are even reporting that their iPhones with iOS7 are making them sick.

Even just a couple of days down can have a huge negative impact on Michigan real estate businesses and independent professionals. From missing out on deals to letting down clients the risks aren’t just limited to coming up a few dollars short before the holidays but seeing reputation suffer and seeing businesses completely derailed.

So how can MI real estate pros prevent this?

It starts with being proactive. Keep your immune system rock solid by taking in safe sun, getting regular exercise, eating right, taking vitamins and avoid overdoing it. Vaccination can be a smart move for some too. In fact, when it comes to the flu, getting a shot isn’t just for old people, it has been recommended for everyone over 6 months old.

Many put off seeing a doctor or taking anything in order to let their body do its job of fighting back. However, it’s important to recognize the point when your body isn’t fighting it fast enough alone and medicate or get help.

Don’t make your employees work sick or go into the office sick yourself or everyone can go down. Instead actively discourage them from coming in. Today there isn’t much that can’t be done from home if you really want to push that hard.

Of course despite best efforts most Michigan real estate professionals will come down with something for a few days this fall. This is when it really pays to have MyCoordinator helping with your title work. MyCoordinator can do a lot to help fill in the gaps when you or your staff are down, and ensure transactions keep moving forward and deals are getting closed.

If you have tried us out yet, it’s time to find out what you have been missing and how you can avoid giving your competition the edge over the coming months…

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Sep 20

7 Pillars Of Hyper Successful Mortgage Businesses

What are the core differences between average mortgage professionals and hyper-successful mortgage pros and businesses which keep raking in the big money year after year?

There are 7 pillars or characteristics of those that enjoy consistent and superior levels of success in the mortgage business. So let’s take a look at what separates those that stumble along closing a couple of deals a month or that make a million then crash and burn, and those that stay at the top of the game…

1. Reach Bigger

Those that achieve more don’t just dream bigger, they make a plan and break down the action steps to get there. And they reach for it.

2. Have Great Loan Processors

It doesn’t matter how appealing the loan programs are, how low the interest rates, how great the marketing or sales team if loans don’t get breezed through processing fast and effectively. A great processor is priceless and makes all the difference in keeping clients.

3. In Tune with Team Members

Maintaining a great team and loan originating machine isn’t about being a hard boss anymore. It takes being in touch with staff, and cultivating respect, trust and admiration.

4. Have Their Priorities Right

The priorities of the super-successful that enjoy longevity in their mortgage careers have different priorities. Simply measuring closings, leads and even profit margins might be easy and the status quo, but the elite prioritize the value they offer, their reputation and ethics.

5. They Have Scalable Business Models

Anyone can grow and expand in good times. Those that survive and even thrive during good and bad times are those that have truly scalable businesses that can expand and contract almost effortlessly.

6. Referrals

Consistent marketing, branding and follow up is essential for consistent revenues and staying at the forefront of consumer and past customer minds. However, referrals are the lifeblood of the ultra-successful. They cost less than paid leads and are more profitable. This makes a huge difference in the ability to remain competitive over time.

7. A Great Title Partner

A mortgage broker or business is only as good as its title partner. Beyond an honest partner that is responsible with escrow funds, is fast with searches, is quick to alert to potential issues, and provides great customer service to clients a great title partner makes all the difference at the closing table. Unless you have a closer that is serious about helping you succeed it doesn’t matter how high you stack the pipeline; it’s never bankable until it’s funded.

Who’s your title pro?

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Sep 13

What Michigan’s All Cash Real Estate Market Means For Buyers…

Who’s broke? Not Michigan according to the latest figures…

The city of Detroit might have filed for bankruptcy, but the local real estate market appears to be flush with more cash than ever before.

The latest data and a new report from 24/7 Wall Street shows that U.S. real estate transactions are increasingly being made with cash, not credit. In fact, nationwide 40% of recent real estate sales where cash.

More significantly; Michigan ranked 4th out of all U.S. states for the highest percentage of cash sales at a dizzying 53.1%. That number gets even higher in SE Michigan, at almost two thirds according to RealtyTrac.

Why the cash money frenzy?

This cash only trend is emerging for a variety of reasons. In many cases it is a matter of needing to put savings to work, and there isn’t much that can come close to touching real estate today.

Low home prices (MI has the 4th lowest) are also a major factor. Home loans haven’t been incredibly easy to come by in recent years and most mortgage lenders don’t want to bother with making tiny loans. Plus, who wants to fatten the bank’s wallets today anyhow?

So what does this cash heavy real estate market means for Michigan home buyers and investors?

For a start it signals an incredibly strong local housing market and underlying economy; one with lots of equity that will cushion it against fluctuations for a few decades.

Of course it also means that shopping for property in Southeast Michigan is highly competitive today. So you’ve got to move quickly, and be organized.

Sadly, this has led some into forgoing critical due diligence, which can often be extremely expensive, even to the point of far outweighing what they paid for properties in the first place.

The bottom line is that it is crucial to find a great title company partner for quick title searches, title insurance  and fast closings. They’ll come in handy with additional help for refinancing later on too, or closing on commercial loans to stay liquid and expand. After all, with long term interest rates so low is crazy not to use them!

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Sep 06

Massive Real Estate Investment Opportunities In MI, If…

Michigan offers massive real estate investment and income opportunities for young and new investors if they are willing to go the extra mile…

The first phase of the recent Oakland County foreclosure auction saw the average sales price at $27,000, which while still shockingly low to many outside investors is $8,000 higher than the last time around, showing strong value increases. Of course closer to the center of Detroit there are homes for sale for a tiny fraction of these figures.

The U.S residential market over all is good, with high demand, cash buyers and lenders providing liquidity, and MI home prices are delivering some of the best appreciation. However, many are scared of the city’s reputation and recent bankruptcy filing, especially out of area buy and hold investors.

As always it is the brave forward thinker that sees opportunity where others are fearful to tread that stand to win the most. Right now there is a mint to be made for younger and newer real estate investors that are willing to prove themselves, get in and do the due diligence, make the acquisitions and prove the deals can be profitable.

More than just flipping or offering cheap properties this means providing a full range of services. So put together a team including a reputable investor friendly title company to perform title searches help coordinate and oversee transfers, as well as contractors and property managers that are effective at rent collection.

Start building a track record and you’ll have all the repeat business and referrals you could ask for.

Just keep your eye on the big picture and avoid the temptation of just chasing the next dollar or the ‘get rich quick at all costs’ mentality.

If you are really serious about real estate investing and achieving long term success you’ll also look for ways to improve neighborhoods, give back, coordinate investors and entrepreneurs to be a part of rebuilding the area and boosting values, rather than just sitting on the sidelines wondering if someone else will…

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