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Sohail is a Founding Member of International Luxury Society and Sohail is now a International Real Estate Specialist, aka IRES. Having said this, we can better position the marketing of the properties those are listed with Sohail of Keller Williams Real Estate. A service owners/builders dreamed of is now available with Team Sohail. Please contact us should you need more information on this. He Cares, He Listens, He Gets Results!

Monday, March 24, 2014

Behind the Three Dimensional Real Estate Brokers

How does a Real Estate broker differ from any other blue-collared survivor of the concrete metropolitan forest? Simple. We, Real Estate brokers are “three dimensional” individuals. Yep…you heard it right the first time. We are the 3D pawns of the sales and marketing world simply because we tread on three equally challenging, chaotic grounds:  

        1. Physical               2. Airwaves             3. Cyberspace.

I know it’s weird and to some, far fetched. Allow me to expound:

Physical

Our day begins and ends with sales calls, appointments, client calls and even late to very late meetings, just so we may be able to make our pitch, handle our transactions and finally seal the deal and meet our sales quotas for the week, for the month, and/or for the year! In this ground, our weapon of choice: a simple yet dependable tablet, laptop, netbook or, for the neophytes, a trusty planner. Countless kilometers, gallons of fuel, liters of sweat and a mouthful of effective and battle-tested pitches and rebuttals, are our arsenal.  And this is just for starters!

Our dealings take us to a point of messing up our meal schedules, our sleeping habits, and worse, even our love life! Sales, for us, is a way of living. It’s something that we chose to deal with, we chose to earn with and we chose to rule our life with.

Real estate in particular, with its ins and outs, requires and even pushes us to be obsessive-compulsive in every aspect of our business. And with the pressure that is involved with this physically demanding job, we need to be well-versed with not just the rules of the trade, but also the way our environment moves with our dealings.

Airwaves

Dealing with a multi-faceted and diverse environment spanning the four corners of Uncle Sam’s land, we need an ally to serve as one of our vehicles for us to reach the nook and crannies of our area, as well as the target customers without compromising our ever valuable TIME. Print, air and broadcast media is our bridge to every curves and corners that lies beyond our line of sight.

Being a broker allows us to have transactions outside our area of responsibilities and this stretches from the East Coast to the West, from the North to South. The tri-media (i.e. TV, radio and print) plays a vital role in the distribution of information where a pamphlet or brochure can’t reach. Effective setting up of ads and teasers to the tripod of media communications assures us of an efficient stretch of our marketing coverage.

Cyberspace

Even if we are at the peak of our career, even with all the lifelines that we got, the pressures of hectic schedules and overlapping tasks certainly drains us down. At this point, the cyber-highway is one effective and efficient avenue to maximize our dealings. Software and Applications that were designed to assist us are now readily available. And yet still, when the tasks get frenzied, there are Virtual Assistants to assist and alleviate our load. These capable and hyperactive individuals can do tasks as simple as filing and encoding information to our system, clearing our email inbox, schedule appointments for us,  remind us of our personal dates to the doctor and dentist, and even run by again our future important events e.g., recitals, PTA meetings, that in our haste we fail to remember!

Our lot in life

Indeed, our being three dimensional is draining and time-consuming, just as all sales and marketing job. But this is our lot in life; it’s not a lot, but it’s a life! And we do have a lot of means to get through our day without collapsing along Wall Street with eyes wide open. This is what we do and this is where we thrive. Thanks to the avenues that allow us to survive: the Tri-media, the web and the Virtual Assistants…our bomb of a job ain’t a bummer after all. Need I say more?           


The American Dream Threatened


Have Americans given up on the dream of having a “home” to call as their own? With the buyers facing erratic trends such as tight inventory, rising mortgage rates, and falling affordability, the dream is now perceived to be cooling down as the real estate trend dwindles in comparison with the 2013 recovery.

"The dream of homeownership remains very much alive and well, but these aspirations must also contend with the current reality, and in many areas, conditions remain difficult," said Zillow's chief economist Stan Humphries.

As per current inventory, the availability of affordable commercial real estate has declined to 4.7 months’ supply of homes compared to a high of six previously. Mortgage rates are currently pegged at around 4.2 percent nationally, up from lows of 3.3 percent last year, which makes it quite unreasonable for lower income and first-time buyers. With such figures, the thought of owning a home is slowly becoming an unrealistic idea.

In addition to the mortgage payment scale, lenders are also making things difficult for first time buyers. Lenders these days require solid and unquestionable credit scores, well-documented incomes and job histories, as well as sizeable down payments, to qualify for the best mortgage deals.

The optimistic thing, though, is the unwavering mindset of some who are still confident that they will own a home this year or within the next 12 months according to a survey conducted by Zillow, an online real estate database. If that will materialize, there will be millions of home owners this year and will translate to considerable sales figures to the real estate industry. The efforts of most real estate agents to maintain this rhythm flowing in the industry just to keep the “American Dream” alive and contagious, is truly commendable. But it’s not enough.

Recession or not, the American dream of having their own home remains promising. The rebound of the Real Estate industry may not be as constant but the “Dream” to most Americans is and they are very optimistic that it will be realized. Soon.

Friday, March 21, 2014

A case for becoming a perpetual student of real estate
There is no doubt that real estate professionals continue to be needed in order to assist buyers and sellers with negotiating the best possible outcome for their home sale or purchase — it’s convincing them of this fact that’s the hard part.
One thing I have experienced in my 20+ years in real estate is that there are two types of agents — specialists and generalists. What sets those agents having niches or specialities apart from their non-specialized colleagues is that they have specific knowledge that other agents don’t have.
These agents who specialize in a target markets such as luxury, farms and ranches, waterfront, condominiums, specific developments, and of course my personal favorite, the senior demographic, have a distinct advantage over those who have only generalized real estate knowledge.
Why? Because they have insider information and knowledge that consumers need and can’t easily find online. Experts offer something that average agents cannot.


Residential real estate  market is shifting noticeably.
Regions that virtually had no housing inventory just twelve months ago are now seeing a surge of homes coming to market. As an example, let’s look at a sand state city; Phoenix – one of the hardest hit markets during the housing crisis.
Last year, real estate agents in Phoenix were desperately searching for homes to satisfy the needs of their buyers. Inventory levels were as low as 1-2 months in many price ranges. Prices skyrocketed. Sellers began to place their houses up for sale to take advantage of the avalanche of buyers descending on the city. The number of active listings is up over 36% from the number last year.
However, with rising prices and increasing mortgage rates, buyers (especially investors) began to disappear. Total home sales in the MLS are down by 17.4% from last year.
Phoenix will eventually be fine as sellers, buyers and agents again get comfortable with a more normal housing market.
Demand began to slow at the same time as supply was rapidly increasing. That dynamic will impact price movement in a big way. Agents who listed houses high hoping to take advantage of the upswing must now have difficult conversations with their sellers as price increases in the region are beginning to soften.
However, we can learn from what happened in Phoenix. We must all keep close watch on the months’ inventory of homes for sale in our marketplaces in order to properly counsel our sellers on price.