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April 25, 2007

REO--No, it's not a band

REO--That’s shorthand for “Real Estate Owned,” which is what lenders call properties they own following formal foreclosure proceedings against borrowers who have defaulted on their mortgages." With the current market, many more REOs are on the increase. Working with banks can be an opportunity for real estate professionals, providing real estate experience along with problem-solving on a tight deadline. Creating a good relationship with REO department at the bank is essential for building up your business.

April 23, 2007

Spruce up your next sales meeting...

...with 2-minute life lessons on service. NAR's Virtual Library eBooks Collection proudly presents "Six Million $$$ Secrets for Superior Service" -- a digital video series taken from NAR's 2006 Midyear Information Services Forum. This series includes: Don Hutson on Performing Customer Miracles and Selling Value; Patricia Fripp on How to Treat People, Getting Smarter, and Attitude; and Jim Cathcart on Value. Also new to NAR's digital library: The Easy Step by Step Guide to Fewer, Shorter, Better Meetings. Check out eBooks.realtor.org for these and other titles. NAR members can borrow up to 3 eBooks, digital audios, and/or videos at a time, for FREE. New to NAR's digital library? Just follow the Quick Start Guide...and have your NRDS number ready!

April 09, 2007

Unbundling your business model

Flat fees, fee for service, minimum services, unbundled services--are different names for the same business model. Flat fee service provides a menu of options available for the client--some only want MLS access, others need MLS access along with help showing the property.

"Flat-fee option In the structure used by Fanning and Carr in Rochester, N.Y., sellers have the option of paying a percentage-based full-service commission rate at closing or a flat fee of $1,795 up front and a percentage-based cooperative broker fee paid at closing.

For a $100,000 house, typical in the Rochester area, the cost difference in the two approaches can be significant. Typically, the percentage-based full-service commission amount is a bit more than the combination of flat fee and co-op commission."

About This Blog

Power Tools for Managing Brokers, from NAR's Information Central, provides information on research studies, websites, books, news, tips, and other resources for real estate brokerage managers.
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