Peak Producers – Day 4

Today Brian talked about about the elements of a strategic approach and that not only do real estate buyers need to fully engage with us but they also need to fully engage in the home buying process.

Although this is not news to most agents, the way Brian puts it into perspective really does make sense and should help real estate agents better serve their buyer and renter clients.  Brian suggests the following:

1. Focus in finding a style and a neighborhood first, then look at actual homes.
2. Use a property feedback form for each property viewed.
3. Remember, finding a home is not a process of selection but a process of elimination.

The job of a real estate agent working with buyers is to help them make a decision by using a systematic approach.

Makes sense… what do you think?

Peak Producers Day 3

 

One thing that really resounded with me on day two was Brian’s point that Peak Producers prioritize.  They are not bumblebees flitting around doing a little but of this and that but they all have the same core competency: prioritization.  Prioritize your people so you can prioritize your time so you can then prioritize your activities.

I saw this really clicking with everyone on day three as we discussed the actions required to honestly build a professional business.

Again, it was another great day for our Peak Producers! The activity is breeding excitement which is contagious for everyone! We all re-committed to “just doing what Brian says” and completing all of our activity assignments for the day. I cannot wait to see what tomorrow brings!

OMG! It Works! (aka Peak Producers Day 2)

Yep, you heard it here folks! After our first day of class we have our very first success story!

One of our Peak Producers took Brian’s challenge that two hours of daily face-to-face, voice-to-voice contact with your past clients will result in business and came back to class today with five leads! Talk about an immediate return on investment.

Peak Producers Starts Red Hot!

Today was the first day of teaching my first Buffini and Company Peak Producers class as a Buffini Certified Mentor and, by all accounts, we are off to an awesome start!

Habit, Attitude, Skill

Eight enterprising and committed Peak Producers braved freezing rain to come into Old Town, Alexandria for our first class, all of them exhibiting the type of dedication and enthusiasm that spells success, given the right tools and strategies.  Retooling ourselves, we started the day with everyone pledging to put all preconceived notions and established habits aside and, then committing to just “do what Brian says” for the duration of the 12-week program.  If it works, don’t fix it, and Brian’s strategy has been proven to work a thousand times over. And with that, we dove into the course.

After the main session I asked everyone what their biggest take away was from Day 1. At the top of the list was Brian’s point that sales and marketing is your business and a Peak Producer needs to commit to spending at least two hours each day making face-to-face or voice-to-voice contact with his/her clients. This is your top priority. You make time for making flyers, putting up signs, and installing lockboxes. The personal contact must be your top priority.

The other great point was what a Peak Producer HAS:
Habits
Attitude
Skill

At the end of the first day’s session, it was clear to all of us, I think, that we are all going to walk out of this program in 12 weeks a lot more capable and a lot better at what we do than we were when we walked in this morning.  

What a great start! What a great day! I love my business. I love my job!

Here’s a Great Way to Clean a Smelly Disposal

Is something smelling off in your kitchen? It’s not the trash or the refrigerator or even the dog food bowl. Checked the over and last week’s chicken you forgot to cook is definitely not still defrosting in the oven. Oddly enough, have you thought to check your garbage disposal? As crazy as it sounds, those amazing chopping machines that can take on almost anything have been known to get an icky gunk build-up of residue from pulverized food.

We’ve poured all kinds of things down our kitchen garbage disposal to make it clean and sweet-smelling – orange and grapefruit peels, dried-out lemons, baking soda and vinegar.

But we never thought of throwing salt down there – until we read this tip.
Here’s how it works:

• Fit a stopper into the sink, and fill with hot water and a squirt of dish detergent.
• Turn on the disposal and let the soapy water drain, pushing gunk down the drain with it.
• Throw 3 or 4 ice cubes and a handful of large-grain salt, such as Kosher, down the drain and run the disposal.
• Flush with water, and you’ve got a clean disposal. Grind up a few lemons if you want a fresh, citrus smell.

Voila! A fresh-smelling drain!

On the Mortgage Horizon

I just got this from a lender we frequently do business with regarding the new Qualified Mortgage rule expected from the Consumer Financial Protection Bureau …it is an interesting read.

Mortgage questions? Call us for answers! 703-836-1464

This week CNN discussed the new Qualified Mortgage (QM) rule the Consumer Financial Protection Bureau (CFPB) is likely to release.  The new QM Rule is not expected to become effective until January 2014.

The new Qualified Mortgage (QM) rule is designed to establish new lending rules that will move us between the footloose times of no documentation loans and the current strict credit standards.  The QM proposes that borrower’s total debt to income ratios be capped at 43% of their monthly gross income.  It would also limit the risky products offered by lenders.  Such as, no more loan terms greater than 30 years, mortgage loans can’t have a balloon payment due, no loans in which the principle due increases over time, and interest only loans would go out the window as well.  Homebuyers who choose adjustable rate mortgages will no longer be qualified on low introductory teaser rates, but rather the fully indexed rate.

The QM rule is designed to help lenders determine the borrower’s ability to repay the loan by evaluating all aspects of their credit profile.  Such as current income and assets, employment history, credit history, the proposed mortgage payment to include insurance, real estate taxes, HOA dues, mortgage insurance and a borrower’s total monthly debt to income ratios.

This is not designed to alter the housing market’s recovery and assist consumers who can’t meet the 43% debt to income ratios, the agency said it was establishing a second, temporary category of qualified mortgages that meet most of the new guidelines and would qualify to be purchased or guaranteed by Fannie Mae or Freddie Mac.  Federal Reserve Chairman Ben Bernanke said, “The legitimate concern is that this will cement the tight mortgage underwriting standard that we currently have in place, and most people agree that they are too tight.”

Mary Ellen Podmolik of the Chicago Tribune reported:

Under the new rules, lenders who make qualified mortgages to well-qualified borrowers that carry a lesser chance of defaulting could be shielded from lawsuits from these prime borrowers who say the lender did not satisfy the ability-to-repay requirements.  Riskier, subprime borrowers could challenge the lender’s assessment of their ability to repay the loan but borrowers would have to prove that a lender didn’t adequately factor in the living expenses and other debts.

Diane Thompson, of counsel at the National Consumer Law center said, “They appear to favor lenders’ interest above consumers.  You have to prove what’s in the creditor’s records.  It may be that no homeowners are able to challenge it.  Otherwise, you’re relying on regulatory oversight, and we say how well that worked.”

In summary, the QM rule is designed to protect consumers from irresponsible mortgage lending and protect taxpayers from having to bail out Fannie Mae and Freddie Mac.  Lenders will be restricted from offering risky products to the consumer and charged with the task of responsible lending.  CFPB director Richard Cordray explained, the ability to repay rule is a common-sense answer to curb the borrowing and lending behavior that led to the financial crash.  Cordray says, “When consumers sit down at the closing table, they shouldn’t be set up to fail with mortgages they can’t afford.  Our ability to repay rule protects borrowers from the kinds of risky lending practices that resulted in so many families losing their homes.  This common-sense rule ensures responsible borrowers get responsible loans.”

Prudential PenFed Realty…helps homeless families transition

Prudential PenFed Realty – Alexandria/Arlington Office …helping Beth el House help homeless families transition

From the Beth el Congregation newsletter:

On Sunday, December 2, BEH volunteers gathered at Prudential Penfed Realty offices in Old Town, Alexandria for our annual Phonathon. We want to thank everyone who responded; however, it is not too late to make a contribution. We are still accepting contributions for the 2012 fundraising drive. Volunteers made over 600 telephone calls and organized letters for bulk mailing. We especially want to thank Conne Rubinstein for organizing the Phonathon again this year and  Jill Hanig for graciously making her office available.

It is so great to be able to help give back to the community and helping families find homes is at the core of our business.

Prudential PenFed Realty offers Buffini & Company’s Peak Producers® training program for real estate professionals

Prudential PenFed Realty is pleased to announce that we are offering Buffini & Company’s revolutionary new training program, Peak Producers, with classes beginning on January 28, 2013 in our Old Town Alexandria location.  Developed by industry expert Brian Buffini and top producer Joe Niego, this 12 week course is specifically designed to help real estate professionals develop the habits, attitude and skills they need to serve buyers and sellers at a deeper level and build a fundamentally sound business by successfully executing the roles of CEO, COO and CFO of their own businesses.

How would you like three extra transactions this quarter?

Facilitated by Maxine McLeod Miller, Peak Producers training is delivered through a series of DVDs featuring Brian Buffini, who teaches participants the principles, strategies and how-tos they need to succeed in any market. In addition to the video content, classroom time is devoted to group discussion of best ideas, synergy sessions, practicing crucial sales skills and receiving encouragement and accountability.

Throughout the program, students also complete action steps that help them apply the principles they’ve learned to their businesses. The expected result from Peak Producers is that each participant will generate 10 leads and close 3 extra transactions during the 12 weeks.

For additional information or to join a Peak Producers class, please contact Maxine at Prudential PenFed Realty by calling 703-836-1464.

ABCs of Closing Costs

You have found your dream home, the seller has accepted your offer, your loan has been approved and you are eager to move into your new home. But before you get the key, there’s one more step-the closing.

Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And it can be bewildering.

As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable check for the down payment and various closing costs.  It’s the fees associated with the closing that many times remains a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for.

As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed. Although many of the fees may vary by locality, here are some common fees:

· Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.

· Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.

· Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage.

· Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.

· Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.

· PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure.  Once an owner with a conventional loan has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.

· Prepaid Interest Fee: This fee, also known as interim interest, covers the interest payment from the date you purchase the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.

· Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year advance plus two months worth of homeowner’s insurance premium will be collected. In addition, taxes equal approximately to two months in excess of the number of months that have elapsed in the year are paid at closing. (If six months have passed, eight months of taxes will be collected.)

· Recording Fees and transfer taxes: This expense is charged by most states for recording the purchase documents and transferring ownership of the property. Make sure you consult a real estate professional in your area to find out which fees-and how much-you will be expected to pay during the closing of you prospective home.

Also, keep in mind that depending on the market, you can negotiate these costs with the seller during the offering stage. In some instances, the seller might even agree to pay all of the settlement costs.

If you have any questions please do not hesitate to call or email your Alexandria Homes specialists and someone on our team of agents will be delighted to assist you!

Looking to Beat the Traffic Snarl?

Tired of the gridlock traffic driving from outer Fairfax County into work every day? Or on the flip side, are you tired of cramming the entire family and the dog into a shoebox so you can have a decent commute? Have you ever thought about a pied a terre in a luxury high rise as a possible solution?

Northampton Place

More and more people in the Washington, DC area have found the balance between the conflicting desires of an easy commute and room to spread out in some of our close-in hi-rise condominiums for their Tuesday – Thursday crash pads while keeping their main residence further out in Fairfax Station or even out in the Shenandoah.

This week we picked up the listing on a perfect weekday retreat in the popular Northampton Place building located just off I-395 in Alexandria, Virginia.  Northampton Place 1306.