Entries categorized as ‘Sales and Marketing’
By: Holly Rabits
The pendulum continues to swing back and forth with regard to today’s real estate market and economy. One month sales are up, prices are down. The next month, the prices are up and sales are down. Still, based on an overall year to date comparison, according to the National Association of Realtors, things are beginning to improve and hopefully employment will follow suit.
Florida which ranks in the top 3 of distressed markets in the United States is also beginning to see a shift. One would hope so, as in my 30 years in real estate, I have never seen prices or mortgage rates at this level. Opportunity knocks and then there is the proverbial “BUT” in the equation.
While mortgages are being offered at wonderful rates, the qualification process both for the buyer and the property are getting more stringent. Changes are happening literally every day. A buyer can purchase an entry level home or condominium in areas of Florida for as little as $20 to $30,000 dollars. Higher end homes have slashed prices 50% or more to try to generate interest.
The tax incentive which expires in April has been a key component to driving entry level, owner occupied sales. There are now opportunities for existing owners to receive a tax credit as well, once they sell their home, at a below market price. Still, the opportunity is great to purchase more for less.
With this said, inventory is lower and absorption is gaining BUT there are still more foreclosures coming to market which will affect pricing.
Hopefully loan modifications will become more effective and people can hang on to their homes which will help in terms of stabilizing and improving the Florida market. This will take many of the foreclosures and short sales out of play which will reduce inventory and strengthen demand, as well as raise prices!
It’s a slow boat but the ship has definitely left the dock and if you are considering a primary residence or second home in Florida. Now is the time to get serious.
Ask lots of questions, inquire about condo HOA’s and percent of developer rentals as well as the percent of investor owners. Make sure the HOA is not more than 15% in arrears. These are part of the perimeters that qualify a condominium for financing. Be prepared to have your financing in order before you purchase or have verifiable cash. Always inspect the property with a licensed inspector before closing. Check out national real estate websites. They offer great information.
Last but not least, contact a REALTOR to guide you through the buying process. We at CBNRTDA are here to help and know the rules to make your purchase easy and worry free.
Categories: Bank Owned · NRT Development Advisors · Real Estate · Sales and Marketing
Virtual Views is starting a new column titled, “Friday Five,” which is an informative quick read that gives you the top five points on a particular real estate-related topic – including trends, neighborhoods, industry changes and more. We’d appreciate your feedback. What topics would you like to hear more about? E-mail us and we’ll include it in a future Friday Five.
By: Brad Horner
Of Facebook’s 300 million users (making it the largest social network on the Web), an estimated 175 million of them log onto Facebook each day. And that staggering number doesn’t even include those using Facebook Connect.
Builders and developers cannot afford not to have a presence on Facebook, especially considering that 90% of homebuyers start their home search online. Facebook provides an unprecedented marketing opportunity to share information about your development on a social network where your potential buyers are already congregating.
But there are clear rules by which you need to abide in order to be seen as a trusted source of useful information and not an annoying spammer. Here are our top five hints about how to utilize Facebook as part of your development’s comprehensive marketing program:
- Facebook and corporate Web sites have very different rules and languages. While it’s expected that a company’s Web site will contain very sales-y language, that type of language is not used – or tolerated – on Facebook. Instead, use an entertaining conversational-style tone on Facebook and offer compelling information. Do not – I repeat – do not solely promote your brand or product. Consumers don’t want the same door-to-door salesman knocking on their doors every single day pushing company messages, and they don’t want to see companies doing the same on Facebook. Instead, offer a mix of fun information about the neighborhood, informative updates about the real estate market and links to articles of interest, in addition to information about your development’s latest offerings. Truly engage with your fans.
- Facebook’s advertising opportunities provide a way to share your message with an extremely targeted audience for a very reasonable price. Unlike most advertising vehicles, Facebook allows you to target your exact demographic by identifying the age range, location, interests, employment status and more. Use these ads to promote limited-time deals, special events and the community’s unique amenities.
- Take advantage of the many ways you can tailor the company’s Facebook page. Of course, include links to your Web site and blog and upload photos of model homes and events. But there are also applications that will allow you to post virtual tours, collect contact information for future communication, automatically upload new blog posts and post presentations.
- Fully promote your events on Facebook by including photos, videos, directions and links to helpful information. And when fans RSVP via Facebook to an event, it shows up on their wall, thereby exposing the event to additional networks.
- Take advantage of Facebook’s Insights. Regularly monitor your fanbase and page interactions. How quickly is your fanbase growing and what is the demographic breakdown? Are you losing fans? What links/photos are being clicked the most and how can you use that information to tailor future posts? What type of updates prompt the most feedback?
Categories: Friday Five · Sales and Marketing · social media
By: Maria Mena
In today’s economy, everyone seems to be focused on price. You can’t open the newspaper, your mail or your e-mail without being bombarded with the deal of the day, the month and, in some cases, the deal of a lifetime.
And no other industry has been more impacted by the focus on price than real estate. Which I find funny, actually, because since the beginning of time, the 3 most important evaluation criteria for a real estate property have always been location, location, location.
While location continues to be a critically important aspect of the successful marketing of a property, an overwhelming percent of today’s buyers are shopping price first and neighborhood second. People on the hunt for deals are crisscrossing cities to find the “right priced home.”
But a competitively priced property alone will not make the sale. While this may sound contradicting it is actually at the heart of selling any product.
The reason revolves around the need for products to have an equitable price-value relationship. Whether it is real or perceived, the relationship must be equitable or the sale will not close.
It is only when value is perceived to equal to or greater than price that the consumer begins to buy. The absolute price doesn’t really matter in this equation. This is not about affordability. It is more about reasonable, sound and understandable value.
For instance, NRT Development Advisors helped The Stacks promote a sale on one of the community’s studio homes. The attractive price point helped to bring qualified buyers to The Stacks, and the studio quickly sold. But it wasn’t price alone that sealed the deal, as other nearby communities were selling larger homes at lower prices. The Stacks team helped the buyer to see the studio’s full value that was included in the price, which included lower HOA dues, a stabled and established Homeowners Association, a strong sense of community among the current homeowners at The Stacks, walkability to restaurants, true loft living with original brick walls and more.
First and foremost, the purchaser must understand what’s inside the deal. It is only then that value can be assessed. It is for this reason that it is critical for any sale to fully explain what is included in deal including the location advantages.
Categories: Sales and Marketing · Value of a home
By: Alec String
How do you catch a falling knife? You don’t, if you’re smart, you pick it up off the ground.
How do you invest in real estate when the asset value is in free fall? Here is the good news: the ground or bottom may now be in place. Over the past year many persons have been investing in real estate and have found their purchases to be good investment decisions. Moving forward buying now will still lead to a wise real estate investment! Take advantage now!
According to The Case-Shiller index of average home prices in 20 major cities, prices have not only stopped falling but have increased seven straight months on a seasonally adjusted basis. This sentiment is echoed by many real estate brokers that also believe pricing has stabilized and buyers’ confidence in the value of real estate has started to return.
However, we should expect a bumpy ride as foreclosures continue to add inventory and further challenges to the housing recovery continue. Therefore, it is always wise to choose a sales and marketing company that understands the reality of the market.
Categories: Sales and Marketing · Uncategorized
By: Brad Horner
Welcome to the 2009 Annual Review edition of The Development Advisor, our quarterly report of the metropolitan Atlanta residential market. This report utilizes data based on transactions that closed in 4Q09 and compares it to that of 4Q08 as well as 1Q09, 2Q09 and 3Q09. We have compiled much of our information from our proprietary Universal Data Base, a system that pulls data for the entire metropolitan Atlanta market from both FMLS and GAMLS, deleting any duplication.
As we begin a new decade and look back over the past few years, many of us are relieved that one of the most challenging times in Atlanta real estate may be behind us. Overall, the results in the fourth quarter continued the improvement over the low points established in 4Q08 and 1Q09, signaling further signs of a slow recovery.
Similar to the third quarter of 2009, we continued to see mixed messages indicating a possible long awaited turn in the market. Absorption levels increased for new condo/ townhomes, but decreased for new single family and both types of resale. Average sales prices for new and resale condo/townhomes increased while prices for new and resale single family decreased. Even though sales prices are down overall compared to 4Q08, we have seen a light at the end of the tunnel with resale single family up 0.9%
The most significant news lies in the fact that current inventory levels continued their year long decline in 4Q09, with a 25% decline in all active listings compared to 4Q08. With building permits at historic lows and very little new construction condominium/townhome inventory being delivered in the foreseeable future, there was a 41.5% decline compared to 4Q08.
The extension of the tax credit and the expanded tax credit for current homeowners, combined with historically low interest rates and the second highest affordability index have created the perfect time to take advantage of homeownership. However, the pressures of high unemployment, difficulty in obtaining a mortgage, foreclosures and short sales continued to play a significant role in the uncertainty of the overall market’s improvement.
We hope you will find this edition of The Development Advisor informative and useful. Today’s market is unlike any we have experienced in the past, making it even more important to work with a sales and marketing partner that has a thorough and complete understanding of today’s challenges. We welcome any questions that you may have regarding this report and the future of the Atlanta residential real estate market.
Categories: Housing stats in Atlanta · NRT Development Advisors · Real Estate · Sales and Marketing · Uncategorized
Tagged: Bank Owned, First-time homebuyer, National Association of Realtors, Sales and Marketing, Value a home
By: Christine Macrenaris
Down economy, job loss, home value depreciation…enough is enough! The vein of our existence for the past 18 months has been focused on negativity. It was refreshing to meet with peers from all aspects of the real estate industry at the first Real Estate Round Up last night at Ormbys’s. A new energy was in the air and a true collaboration of ideas took place. We are all in this together, and instead of focusing on what is not working we all recognized last night how much more productive it is to band together to forge positive change for our industry! We received quite a bit of interest for future Real Estate Round Ups, so we’re in the midst of planning another in the coming month(s) and possibly in a different part of town. Where would you like them to be held?
Categories: Sales and Marketing · sales agent · social media
Tagged: Sales and Marketing
By: Brad Horner
Happy new year!
We are proud to share this exciting company news with you. Based on our 2009 success, we are well positioned in 2010 to be the region’s new homes real estate sales and marketing leader. The following is just a highlight of our accomplishments:
- During 2009, NRT Development Advisors lead the market in the implementation of creative repositioning strategies for developer clients with new construction communities, resulting in immediate increases in qualified traffic and closings.
- We successfully created an innovative sales and marketing platform for bank-owned new construction homes, achieving more than $125 million in sales.
- The company has expanded its territory to cover Georgia, Florida, North Carolina, South Carolina, Tennessee, Virginia and Washington, D.C. due to client demand.
- We surpassed our 2008 sales in 2009.
- The company attained the status of #1 New Home Real Estate Company in Atlanta for all property types, as well as for Multi-family Sales according to Trend Graphics (which is based on FMLS data).
Our ability to offer the highest level of resources and talent from a specialized team of new home professionals – as well as the industry insight and connections due to our partnerships within Coldwell Banker, NRT and Realogy Corporation – helped to expand our list of developer and bank clients, services and territory.
It’s rewarding to work for a company that is an exception to the rule in such a challenging economy, as our 2009 success has lead to 2010 growth. In the past year, NRT Development Advisors worked with real estate developers, investors and financial institutions to develop creative sales and marketing strategies that resulted in large volumes of homes being sold, while still preserving the integrity of developments and neighborhoods, and clients have tapped us to duplicate these success stories in other markets this year.
Categories: New Years 2010 · Real Estate · Sales and Marketing
Tagged: Bank Owned, First-time homebuyer, National Association of Realtors, REO, social media
By: Brad Horner
The Coldwell Banker NRT Development Advisors’ 3Q 2009 edition of The Development Advisor, the company’s quarterly review of the metropolitan Atlanta residential market, has just been released. This report utilizes data based on transactions that closed in 3Q09 and compares it to that of 3Q08 as well as 1Q09 and 2Q09. We have compiled much of our information from our proprietary Universal Data Base, a system that pulls data for the entire metropolitan Atlanta market from both FMLS and GAMLS, deleting any duplication.
Overall, 3Q09 performance demonstrated a continuance of the trends we witnessed during 2Q09, demonstrating significant improvement over 4Q08 and 1Q09. During the third quarter, several key indicators suggested the beginnings of a possible stabilization in the market, while other data revealed a market still very much under pronounced stress. Absorption levels increased for condo/townhome product, but decreased for single family homes. Resale price increased slightly, while price for new construction showed a continued decline. The pressures of high unemployment, difficulty in obtaining a mortgage, foreclosures, and short sales continued to play a significant role in sustained market volatility.
On the positive side, the $8,000 first time home buyer tax credit, historically low interest rates, and the second highest affordability index on record have combined to encourage homebuyers to move from the sidelines and take advantage of home ownership. The extension of the tax credit and the introduction of a credit for current homeowners should bolster sales volume through the winter months and into 2010, though sustained levels of foreclosure activity will likely keep a lid on any significant increases in average sales price.
For the 15-county metro area, 3Q09 total absorption was down 10% compared to 3Q08. However, quarter over quarter results showed a general continuation of 2Q09 market performance. Compared to 3Q08, resale absorption was down by 6% while new construction declines exceeded 26%.
When compared to 3Q08, the fall in average sales price continued to be more pronounced in resale transactions versus new construction, primarily due to short sale and foreclosure transactions. However, new construction will likely close the gap in the months ahead, as aggressive pricing strategies implemented by developers and banks during the second and third quarter begin to show up in closing data.
With building permit issuance at continued historic lows, 3Q09 combined multi and single-family inventory levels remained well below 2008 levels. Reported new construction inventory levels were 43% below 3Q08 figures, and ended 8% below 2Q09 levels. While 3Q09 resale inventory decreased 15% since 3Q08, levels increased by approximately 4% over 2Q09. Sustained high levels of unemployment will necessitate close monitoring of foreclosure activity throughout the balance of 2009 and into 2010, as this presents the greatest challenge to normalizing supply levels.
We hope you will find this edition of The Development Advisor informative and useful. The challenges of the current market are complex and require a multi-disciplinary approach, making it even more important to work with a sales and marketing partner that possesses the ability to assess the current environment and anticipate future conditions. We welcome any questions that you may have regarding this report and the Atlanta residential real estate market.
Categories: Real Estate · Sales and Marketing · Uncategorized
Tagged: First-time homebuyer, National Association of Realtors, Sales and Marketing
By: Leslie Williamson
As metro Atlanta continues to grow, so do our means for getting around the town – which certainly changes the home search process a bit for both Realtors and buyers. Funny to think back and realize that it wasn’t that long ago that to prepare to show listings, I would actually purchase a local map to determine the location of the listing and the easiest routes to drive to the listing. In desperate times I would even call to get directions.
Now we no longer need the tried and true map or phone call, as we can rely on the following:
1) Google Maps will actually illustrate a map of listings
2) One flick of a button and Mapquest gives us easy to use driving instructions
3) GPS provides a voice that actually gives us instructions as we drive to the listing; in fact, certain GPS systems will even show you nearby Coldwell Banker listings
But as so many things are continually changing within the home buying purchase process – from the way we physically get to homes to the way we finance them – it’s nice to know that good customer service will always drive the sale. Oh, and my map is now framed and I have a GPS that I have affectionately named “Herb.”
Categories: Real Estate · Sales and Marketing
Tagged: Bank Owned, National Association of Realtors, Sales and Marketing
By: Christine Macrenaris
The ongoing discussion whether or not the government will provide an extension for the homebuyer Tax Credit is finally put to rest! The President signed the bill into law today that extends homebuyers and unemployment benefits. While the first Tax Credit program of 2009 focused on first time buyers, the addition of the repeat buyers will free up the middle market by allowing homeowners to sell to first time buyers and allow these buyers to “move-up”. Finally there is an answer for buyers who continue to ask “what’s in it for me?” Below are highlights of how the homebuyer tax credit will work:
- Tax credit: Ten percent of the purchase price of a primary residence, up to a maximum of $8,000 for first-time homebuyers and $6,500 for repeat buyers who purchase between December 1, 2009 and May 1, 2010. First-time homebuyers are defined as people who have not owned a home in the previous three years. Repeat buyers must have owned their current home at least five years. The credit cannot be used for houses costing more than $800,000.
- Deadline for qualifying: Purchase agreements must be signed by April 30, 2010, and closings must be final by June 30.
- Military deadline: The deadline is extended by a year for members of the military who have served outside the U.S. for at least 90 days from Jan. 1, 2009, to May 1, 2010.
- Income limits: Individuals with annual incomes up to $125,000 and joint filers with incomes up to $225,000 qualify for the full credit. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
- How to apply: Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a payment. Taxpayers who want immediate refunds can amend their tax returns for 2008 to claim the credit.
- New anti-fraud limitations imposed.
- Cost: $10.8 billion.
Source: Bloomberg Press and Associated Press and confirmed information with the content of the Senate bill
Categories: First-time homebuyer · Sales and Marketing
Tagged: First-time homebuyer, Sales and Marketing
Leslie Williamson
Christine Macrenaris
Maria Mena
Jessica Weston
Amber Cooley
Brad Horner
Collin Ellingson
Bob Romano
Alec String
Judy Price
Meril Missbach
Marty Griffin
Lenny Rindsberg
joanhertz
Holly Rabits