How to Find Red Flags on a Title Policy

Ryan Sparks, closing attorney, taught our RE/MAX Advantage agents how to properly read a title policy and how to especially look for red flags. When we can identify issues ahead of time, we can create a better experience for our clients. Here are a few of the many tips Ryan shared with us.

1) A title commitment is only good for six months. It must be updated just prior to closing to protect the lender and the purchaser.

2) GET A PRELIMINARY policy to ensure who the owners are and how the title is held. If title is held in anything other than Fee Simple, additional research is needed.

3) If the title is a special warranty deed, the bank is only warranting the property for the time of ownership held. So, check the foreclosure date to advise your client of the one year Right of Redemption where the foreclosed party has the opportunity to re-claim the property.

4) If your BUYER is purchasing a foreclosure, ask your title company for a copy of the foreclosure deed. It is best for your client to purchase the property for LESS than the foreclosure deed.

5) Always ask the seller to provide a redemption bond when representing the buyer. But, remember, it only protects the new lender.

6) Check under schedule B for requirements necessary to transfer title. Ensure that no liens have been noted. Possible liens can include IRS, State tax liens, and medical or hospital.

7) Have a survey done prior to closing. Many title issues can be resolved with a survey, such as easements and public access.

So much more was discussed and learned, but these topics are the main points. Please read your prelim title when it is delivered. You may think the title company will alert you when the policy reports problems, but that is not always the case. And, guess who gets the blame?

My Top 10 Strategy Picks of Mary Lou's Team

Mary Lou and Chris Vondereau of Mary Lou's Team at RE/MAX Advantage in Birmingham, AL hosted our Top Producing panel today for our agents. Mary Lou has consistently run a highly productive business with RE/MAX for over 15 years. She and her son, Chris, have developed many systems for marketing, referrals, and customer service. With over 80% of their business coming from earned referrals, they have a thriving business with very low overhead. There was an abundance of great information shared, but these are my favorites of what they shared that you can implement into your business, too.

1) Hire a Coach. The team is a member of By Referral Only with Joe Stumpf.

2) Always think through every process from the client's point of view. Give them what they need and make it easy for them.

3) Say "thank you" a lot; especially if someone took the time to remember you and give your number to a friend. The team sends Starbucks or pizza coupons to say thanks for referrals.

4) Use a database management system to keep up with your clients and prospects systematically.

5) Get all of your client's personal information, including children's names and birthdays. Learn as much as you can about them so you can send personal gifts.

6) Build strong relationships with your clients by continually contacting them systematically throughout the year so you can do business with them for life.

7) Host a client party every year to thank clients and to purposely produce referrals.

8) Every January, send a copy of the settlement statement to your client that closed the previous year so he will have it for tax purposes. You may even send it to all principles of each closing you had.

9) Learn scripts and dialogues by practicing, practicing, practicing. Let your clients speak more than you. DO NOT DO ALL THE TALKING.

10) Use a pre-listing packet with a photo of the house for the CMA. Every time the phone rings for a listing appointment, it's "gold". It could be a $15,000 pay check. Wow them!!!!

I could share so much more because Mary Lou and Chris discussed many more techniques with us. But, I hope that you learned something from my list that you can implement into your business today that can make you even more successful.

BusinessBooster-Jan

January 2010 Business Booster
Tuesday, January 12
9:30-12:00 Business Planning

Tuesday, January 19
9:00 Breakfast/Mortgage America
9:30 Panel Discussion/Mary Lou's Team
Closing gift ideas/Stefanie Scotch

Thursday, January 21

2:00 Start from Scratch group

Part 2 Contract/ Addendum - Net Sheet

Tuesday, January 26
9:30 - 10:30 How to Read a Title Policy/Ryan Sparks
10:30-11:30 New Federal Guidelines/Collier Swecker
4:30 January Birthday Bash/MortgageBanc

This month's Birthday Bash Happy Hour sponsored by MortgageBanc will also be comedy night. Start writing your real estate funny material now. Mickey Berry has already started on his. This is going to be a great event!

Here's what people are saying about these courses:

you did a great job and I was very impressed!!..... learned alot and sparked things I already knew but had pushed back in the back of my mind.. thanks for bringing it forward.

---Linda Dennis

Genny provides realistic information in her classes. Information that if used properly costs very little and reminds clients and friends that you need their help in your business. All of us need to be reminded of what we know to do and many times do not do to enhance our production.

I feel that Genny's classes should be a priority to new or nearly new agents. Also, great reminders to young at heart realtors. Thanks to Genny and Robert for providing free classes for our agents.

---Jan Williams

“I am a big believer in planning your business and having goals set each year. I have been too many planning sessions and trainings regarding this over the years but have found none better than Genny's class. I took it at Keller Williams last year and the one here last week. In my opinion, there is nothing more important than knowing what you need to do to take your business where you want and need it to go. When you leave this class you will know EXACTLY what you need to do to reach the income YOU desire.” - Jason Boner

“I would HIGHLY recommend attending Genny's business planning class. The business outline she uses will show you exactly what you need to do in 2010 to achieve your goals. As important, the ideas that are shared by fellow agents in regard to what is and is not working in their business are great tools to use in implementing your own business plan. Great opportunity to bounce ideas off one another and see what is working for fellow agents.” - Jessica Letson

“Genny's business planning class is fantastic. It's not only the time for me to set goals, it is way I judge how hard I have to work (how many appointments and listings and buyers I have to have) to achieve my goals in the coming year. I have had my license for 13 months now, and my goal for 2010 is 48 closings. My attitude and my ability to achieve this goal are enhanced by using the coaching and advice I receive from Genny. She has been there for me to push me when I needed to be pushed, pull me when I needed to be pulled, and to pick me up when I was ready to give up. I'd recommend the business planning class to anyone, top producers or beginners.” - Mickey Berry

Happy 2010!

2010 is finally here. It's a fresh start; a fresh way of looking at your business. This year, stay positive about what you have to offer clients. I've noticed lately that some of you are saying negative things and focusing on why things are impossible or how they can never work or why someone would never do certain things. When you vocalize these thoughts you are creating negative things in your own life and in your own business. I strongly believe it's ok to have a bad day and to be upset about certain situations, but when you continually use words like. "that will never happen," "someone would be an idiot to buy that house at that price," "the bank will never take a short sale on this one," "these buyers are crazy," etc....you're making these statements happen in your own business. So, please, ask how you can make something work for your clients? What are the options? Let's focus on how to get something done instead of all the reasons it will not work. Don't limit yourself! Be open to new solutions and new magic happening.

Business is everywhere. Leads are everywhere. It's up to you to find them everyday. Deborah Bowels closed 8 transactions this past month as a single agent. It's around you. Dawn Kirkland and Ken Boyd closed 61 transactions on their team in 2009; their best year ever. Just ask for it.

You are talented enough and special enough to be getting your BETTER than fair share of the closings. You did it in 2009. Let's continue to make it happen!!! 2010 is the Year of Seized Opportunity. Your income is going to soar, your business will thrive, and I am on pins and needles waiting to watch it all unfold for you. We're going to have a blast this year!!!!

Happy, Happy New Year. Let the closings begin!

My Progress Report; Business is UP!

So, what does a coach do? How does he or she help you? The best way to gauge it is by seeing an increase in business.

According to the MLS the average agent in the Birmingham area has sold and closed 3.5 transactions ytd. So, if you have closed more you are doing better than average!

Since moving to RE/MAX, closed transactions are up. At our Get a Real Estate Life Event, agents in the coaching program received awards that showed how their business has increased. The numbers are astounding..see for yourself.

Kira is our top earner since moving. Her transactions have increased by 200%; average sales price by 38%.
Vinnie's transactions have increased by 400%; average price is up by 45%.
Scott's transactions have increased by 900%; average price is up by 8%.
Jason has been steady and consistent closing 26 transactions but he has sold over $6mil having the most closed volume in our group.
Vonda has increased her transactions by 125%; average ales price up 131%.
Gia has closed the most transactions in our group at 28 ytd; average sales price is up by 252%.
Mickey's transactions are up 500%.
Heather has increased her closed transactions by 200%; her average sales price is up 17% and growing.
Deneise has managed to be consistent while not even being able to sell real estate for several months.
Paula O'Neil has increased her average sales price by 64%.
Carol has increased her closed transactions by 350%.
Paula Adams has been very consistent and has increased her average sales price by 23%.
Debra Pitchford has increased her transactions by 100%.
Vicki Williams is up 150%.
Terry Crutchfield is up 100%.
Kevin Van Dam is up 100%.
Renee is up 100%.
Jerome Arnold is up 100%.
Deb Long's average sales price is up 39% at RE/MAX.
Malinda has 3 pending.
Julie has two.

I am so proud of y'all!!!! Coaching works!

Elementary is BEST!

Remember when you were in Elementary and Middle school having to memorize poems and speeches like The Declaration of Independence, The Pledge of Allegiance, and The Gettysburg Address, to name a few? How did you memorize these? If you were like my children, you wrote the words then repeated it numerous times over and over and over until you could recite every line perfectly.
As easy as it sounds, this is your main job as a Top Real Estate Agent. Know what to say and when. This is how you get business, keep business, close transcations, and get referrals. Most agents make the business WAY more difficult than it needs to be. And, when you discuss learning and mastering scripts and dialouges with low level producing agents, the feedback is always the same. "I'm not a scripts kind of person." "That's just not me." "This is so elementary." Many agents are looking for a magic bullet and assume that it's much more complicated than learning what to say properly. So, the basics get skipped leaving every generated lead wasted. What's worse is not knowing your scripts gives you the horrid sales killing disease - CALL RELUCTANCE. When you don't know what to say, you avoid saying anything to anyone and focus your time on "busy" work.
Follow the money and you'll find the agents that are making the most, know and practice their scripts DAILY.
If you'd like a copy of some of the scripts that are working in this market, please contact me.

The Right Place at the Right Time Can Increase Your Real Estate Income and Change Your Life

Have you ever felt that you had all the talent and the drive necessary to be a top producing agent in your market, but just couldn't find your way to achieve it? If you're like so many agents I speak to, you've attended sparse training classes, worked with mentors in your office (for a fee), and have gone to the occassional seminar searching for answers to increase your productivity. Sound familiar?

Sometimes in order to make a paradigm shift, you have to change your perspective and your environment. The stories of the agents I am blessed to work with everyday will prove my point that stepping outside your comfort zone and trying something new can change your life.

George Jackson had been at Keller Williams Realty before I joined as Broker over three years ago. I was immediately impressed with his professionalism, his overall persona, and his sweet spirit. He struggled with business systems and seminars trying to find his niche and to increase his productivity. We both knew his talent was far outweighing his income. It wasn't until we transferred to RE/MAX ADVANTAGE SOUTH that George found his way. Just last month, he closed more transactions than he did all last year. This alone is an incredible feat. But, the increase in income means so much more. January '08, George had a goal to make enough money and to get his business working properly so that he could ask his sweet, beautiful girlfriend Alissa to marry him. We didn't make it last year. But, last Friday evening, with his MegaTeam and his RE/MAX family watching with tearful eyes of joy, George accomplished his goal by asking the big question in a heartfelt planned event at Vulcan Park in Birmingham.

This is life changing; it's meaningful! I can't tell you how proud I am to have been involved every step of the way and finally seeing his success and his goal come to fruition. He's finally found his perfect place in life and in business. He has flourished with the RE/MAX business model; especially with his MegaTeam membership and all the coaching he and I did prior to joining them. I knew he was destined for brighter things. We just had to bring them out together. And, his hard work is paying off professionally and personally.

Kira Craft has always been a superstar real estate agent. She closed 32 transactions her very first year in the business. Her people skills are so amazing that her clients adore her. But, while at Keller Williams devoting her extra time to the Agent Leadership Council, her sales started to slip and her interest was wanning. She knew convincing her husband to join the business would boost her sales and her spirits. But, it wasn't until we all joined RE/MAX ADVANTAGE SOUTH that her talent re-emerged like gang busters and she started closing everything in sight. In less than 90 days of the transfer, Kira earned nearly $40,000. With just a few months in the RE/MAX system, she is about to cap. What's more important, she and her husband have been able to provide for a private Christian education for their incredible 16 year old son and buy him an H3 Hummer for his 16th birthday. Nothing is more important to Kira than taking care of her clients and providing for her family. She's just getting started with RE/MAX. We're going to see her skyrocket even more!

Scott Howell was previously with RE/MAX Advantage, but was hit hard by the change in the market. As a new agent over seven years ago, he experienced instant success because of his strong people skills. But, he admits his follow up systems were lacking. He left RE/MAX and joined me at Keller Williams where we immediately started rebuilding and implementing systems into his business. He constantly struggled for an income and was losing hope because his sales were not reflecting his new business sense. When we all transferred to RE/MAX Advantage together, Scott partnered up with Vinnie Alonzo and made magic happen. Together, they have earned nearly $50,000 in less than 90 days. Their listing inventory is strong and they closed 6 transactions last month. Through it all, I have seen Scott's faith grow stronger and a confidence about himself has emerged. Scott and Vinnie are great role models for experienced agents in this market learning to change with it to better serve clients and increase their incomes. They have much more in the pipline and are continuing to prosper.

These are only a few of the success stories of the agents that I'm so blessed to coach and to spend the one on one time with deeply supporting and helping grow their businesses. Because I have longed to provide the agents I work with the most attention they deserve in helping them grow, I too have finally found the right place at the right time, RE/MAX Advantage South. It has allowed me to fulfill my heart's passion by helping over 30 agents who have a hunger to succeed, DO It!

Please stay tuned for more uplifting accounts our agents are experiencing. Nothing brings me more joy than seeing them exceed their goals. There's a better way to sale real estate. Sometimes you just need to have the direction in which to see it. Being at the Right Place at the Right Time with the Right People can change your life!