Posted in Real Estate

Effectively Planning a Customer Appreciation Party in the Mortgage Industry

In order for you to make the most out of your mortgage business, you have to attain long-term success. And one of the best ways to do so is to appreciate your past customers. This can be done in the form of a customer appreciation party. By doing this, you are telling your past customers that they are your mortgage consultants not only now but also in the future. Doing this is one way of meeting your customers again and thanking them again after their loan is done.

Contacting them regularly using useful tools, phone calls, mailings, and emails is one way of staying in touch with them. This allows you to keep them informed of savings possibilities, cash-out options, as well as new programs that your mortgage business offers. Nevertheless, appreciation parties are one of the best ways for you to meet them personally. Here are some steps to take to effectively plan a customer appreciation party for them to foster increased transactions, additional referrals, and customer loyalty.

• Creating a guest list
You begin by inviting the past customers that you have closed a mortgage deal with for the past 2 years. When creating your guest list, review the customer satisfaction surveys that your company has sent to your past customers by mail. If you see from the surveys some very unhappy customers, never invite them to the party. You should rather invite repeat customers and realtors, contractors, builders, insurance agents, and attorneys that are your referral partners. Make sure to invite members of your company most especially those who always keep in touch with your past customers such as receptionists, post closers, closers, processors, and sales managers.

• Setting your budget
Get in touch with your main office or your sales manager so that you can ask them for some budget for this customer appreciation party you are setting up. So that you can increase the budget of the party, consider making as sponsors to the event a credit repair company, title company, insurance agent, or contractors.

• Choosing a venue
Your choice of venue highly depends on the budget that you have. With your budget, you can rent a pavilion at a park, book a party center, or have a barbecue in your parking lot. In the end, what is most important during these customer appreciation parties is that you consider them as being a party and not an event that you can do sales.

• Figuring out party details
Figure out the particular time and day of the event that you are planning. Decide if you will have your party done during the weekend or during the business hours. Choose one based on what you think is capable of having more attendees. You then figure out the entertainment, drinks, and food for your party. Will you hire a band or a disc jockey? Do you want to get a money machine for the adults as well as bounce house for the kids?

• Adding some promotional items
Do you have enough budget to give your guests some door prizes for being attendees to your event? Perhaps you can opt to give a grand prize and have your sponsors for the said event provide some gift cards. This actually allows enticing more of your past customers to attend your party by telling them about the prizes you are giving them such as vacations or household appliances. Inexpensive gifts are fine such as some of your promotional items; however, never forget to include expensive gifts as well.

Posted in Real Estate

Everything You Need to Know and More About Modular Construction

When it comes to modular buildings, you can always expect them to be built almost finished inside a factory and then be arriving on the site of construction about 90-95% complete. The roofing, framing, sidings, windows, doors, insulation, interior, plumbing, and electrical finishes are all done inside the secure premises of a factory. After that, the modules will then be shipped to the site of construction where they must be finished with some paint, interior amenities, appliances, and carpet.

What are the benefits of modular buildings?
• Short construction time: Compared with traditional methods of construction, modular buildings take 50-60% less time to finish.

• Safer construction: Modular construction is done in a well-controlled and reliable facility and not on the site of the construction that is why it is safer over the more traditional methods of construction.

• Environmentally friendly: The installation is less disruptive at the same time efficient factory production methods are less wasteful.

• Decreased labor needs: The finishing and erection teams only need fewer workers in comparison to traditional construction methods.

• Flexibility: Modular buildings can easily be assembled and reassembled and then be transferred to a new location for use.

• Adaptability: These buildings are designed in a way where the contractors can easily add or remove modules as per the client’s requirements.

What are the different kinds of modular construction?
When it comes to modular construction, there are basically two major kinds. You have the permanent modular construction and the relocatable modular construction. Both of these kinds or methods have their own pros and cons.

• Permanent construction: For this kind of modular construction, the performance is done more or less half the time of a typical construction project. Even so, the life cycle for this kind of construction is more or less the same with that of the conventional type. The design considerations, however, become much higher for this construction.

• Relocatable construction: The real estate market gets a lot of relief in terms of their space needs as the time for the project to be finished is very less. This construction, however, has only a life cycle of between one and seven years. Such construction is usually intended for speed and low-cost production purposes.

According to recent statistics, the modular construction market currently has a high growth rate. Though this market has already existed in the past twenty-five years, it is still in its early stages of development. More countries are, however, starting to adapt this particular construction type. There are certain countries that have decided to build this type of homes in about 50 million of their homes. There are even some countries that are planning to include this type of construction on both their industrial and their residential sectors.

The only down side to modular construction will have to be the fact that it requires higher costs for its logistics and transportation. Studies have proven that shipping of modules can be costly if they have to travel more than 150-200 miles from the factory to the construction site. However, it is a cost-effective choice if the distance between the factory and the site is just 125 miles maximum.

Posted in Real Estate

Important Factors to Consider Before Purchasing a Pre-construction Condominium

Some people think that purchasing a condo unit during its pre-construction period might be the fastest and easiest approach to dealing with condominiums. As a matter of fact, with this particular reasoning, you can say that the condo unit is only purchased based on the architectural drawings being presented to the client. However, reality-wise, there are a number of complications that you can expect when you decide to purchase a unit before it is constructed.

As the condo construction progresses, developers usually change their designs. This is expected since a lot of changes can take place during the entire construction period. That is why drafting of purchase contracts has been found to be more of benefit to the purchaser and must be something that you do. If not, the purchaser will suffer the consequences of the construction project being finished late. Some purchasers have even come to the point of already staying inside their condo units while proper permits are still on the process as well as certain parts of the construction project.

Some potential condo buyers should also watch out for developers that sell their condo units during the early stages on the construction but only have possession of more than 51% of the entire condo project. As time goes by, the developers might be in the position of not being able to sell off the condo units that are remaining.

When a condominium unit is not appealing to new buyers, you can expect a major decrease in the entire value of the condo units. Once he developers will find out that their condo units are not on high demand, developers will decide to rather have the unsold units rented out. This even makes the entire value of the condo unit even lower.

Therefore, if you have plans of purchasing a condo unit, you must speak with a well experienced lawyer first who will take charge in creating certain conditions on your purchase contract that will benefit you. Included in this purchase contract must be the fixed completion date. When the developer has failed to keep up with the estimated time that they can get the condo unit done, the buyer will then have every right to get back their deposit. This kind of agreement even helps in protecting the current value of the condo units that have been previously sold.

The timing of the completion must revolve around the condo buyer. Based on advice from the experts, the deed and proceeds from the sale of a unit must be kept in escrow first under the guidance of the lawyer of the developer. This must only cease once the developer has already sold more than 51% of the condo units.

The purchaser of the condo unit must make sure to pay the occupancy fees to the developer that includes the anticipated mortgage and the monthly maintenance fees for as long as both parties are keeping their agreement. There are some developers who will push these things without doing what is required of them in the terms that you have laid out with your lawyer. You have to take note of these things so that you can later on decide how you can go about in dealing with them.

Posted in Real Estate

Deciding to Sell Your Condo Now

Do you have plans of selling your condo unit? The present might imply that this is the right market; however, is it really the perfect time for you to sell yours?

If you have bought your own condo unit four to five years ago, you might come to conclude that now is a good time to sell it. This decision might be predisposed by the condo prices in your location coming to a high. Aside from having an increased selling price, condos that were purchased in the past might have increased their current value as well. Yet does an increasing condo market imply that you should wait much longer to have the prices even climbing higher or sell your condo unit now? This is the most common dilemma most condo owners are currently facing.

So, should you or should you not sell now?
According to recent real estate statistics in terms of condominiums, now is indeed a good time to sell. Having an increased condo unit value implies that if you will be selling yours now, you can invest more of your higher profits in buying another property that is new. This, thus, allows you to continuously have your equity growing. If this is how you see yourself dealing with your own condo unit and its future, then you can most definitely benefit from selling your condo unit now so that you can also make the most out of the increasing value of your new property.

This plan might not work for other condo owners owing to the fact that they think that choosing not to sell their condo units now might make their value continue increasing. For them, by waiting another year, they could get a higher resale value. But then, they tend to forget that the rest of the condominium market is also increasing in value. After a year from today, you will be getting higher asking prices than what you get today. This will just turn your investment into a less profitable one as time goes by.

Also, you have some impending price corrections. When you look at how successful the prices are going up in the condo market, you are sometimes led to think that these prices might suddenly come to a drop. Price drops can be quite difficult to tell. Even so, you have to remember that having increased growth then having it decreased will make the impact of the decrease much softer.

For instance, you get an earning of 15% with the increasing condo market, it will eventually lead to a 10% decrease, but still you are able to get some 5% from it. This basically means that with the current high growth rate of the condo market, you can always expect the prices to be going down to that you have initially paid for.

At the end of the day, what you should keep in mind is that though now is a good time to sell your condo, this is not reason enough that you should really do so. Yes, it can be the perfect opportunity if you have been thinking of selling your condo for some time already. However, you should not be rushing things. As a matter of fact, if you have plans of selling your condo in the current market, this is also the perfect time for you to grow your investments and equity. So, you better buy a new property now before you get to sell your old one.

Posted in Real Estate

Top Tips in Getting Real Estate Leads and Turning Them Into Your Customers

Whatever type of service you offer, you have to understand that your business will never get noticed if you do not have any customers. Time and again, a great majority of people prefer making business transactions with businesses that have proven their experience and reputation in the industry. This same thing is expected in the world of real estate. You need customers and you also need leads.

So, how you do get leads and then be able to turn them into your customers? How can a real estate business such as yours be able to stand out better from the crowd? Here are some top tips to ponder to do so.

1. Take a more personal approach. Work closely with people and on a more personal level. Working on a personal level with them means that you cater to them one customer at a time. Your mindset should be more of making connections than making money. This must be something that you have to keep in mind. Make your customers look at you as being their friend, someone they can always go to when they have some real estate concerns that need addressing.

2. Utilize the latest in technology. The whole concept of getting leads revolves around you being able to show your prospects what you are capable of doing. Show to your prospects that your company offers them more value than your competitors. In what ways can you do this, you may ask? For starters, make use of the latest in technology. Rely on the latest technology to advertise your company and make your listings look more appealing. Do not be afraid to experiment. Your customers will surely appreciate this about you.

3. Make your selling propositions more unique. What sets you part from your competitors? What do you offer that they do not? If you can answer this then that is your unique selling proposition. This is what makes you different from your competitors. You must be guided by a value proposition something that might start off by saying “this is why should be dealing with me rather than by competitors.”

Most real estate agents say that they work hard for their clients, but this is never enough. You cannot simply convince your prospects by saying this. To better stand out, you must have an offer that is both strategic and convincing. An offer that tells your leads who you serve, how you can help them with, and why they must hire you over the others.

4. Provide useful information. Become a rich source of knowledge. You must be the kind of person that your customers will not have a hard time going to for some information that they might need. This assures your customers that you are knowledgeable in anything and everything related to real estate. Not only will doing this let them trust you and work with you again but also this allows you to get more customers as per their recommendations.

5.Bear a mindset that knows how to solve problems. Real estate is really all about solving other people’s housing problems. You are solving each person’s problem one after the other. This goes to say that you must bear a mindset of a problem solver. Basically, your disappointment or success all depends on the number of problems you can solve. You must constantly learn and relearn. The more satisfied your customers are will your solutions, the more customers you get in the future and that alone helps you create a real estate business that is truly a standout.