Congress passes Economic Recovery Act

The National Association of Realtors has congratulated the U.S. Congress for quickly passing a national economic stimulus package and thanked President George W. Bush for his leadership and willingness to promptly enact legislation that will help thousands of families, the housing market and the U.S. economy. Among the many provisions, the Recovery Act includes:

• GSE Reform
  
• FHA Reform
  
• Homebuyer tax credit
  
• FHA foreclosure rescue
  
• Seller-funded downpayment assistance programs
  
• GSE stabilization and much more

NAR has expressed ongoing support for the major features in the housing package. Read more on the Recovery Act of 2008.

Watch a video podcast with NAR President-Elect Charles McMillan talking with NAR Chief Lobbyist Jerry Giovaniello about the Housing Stimulus legislation and its importance to REALTORS and the housing market.

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Spruce up those yard signs

REALTORS would do well to jazz up their lawn signs. One study reports that 63 percent of buyers use such signage to help them find homes.

Lawn signs are more popular than print ads, open houses and home magazines among buyers, according to a National Association of REALTORS survey.

Salespeople should ensure that their signs are carefully installed and checked frequently for wear and tear. The signs should feature their firm name and logo, a photo, unique listing information and other details that distinguish themselves from the competition.

They might also want to use a slip-on outer frame to add to the professional look of the sign and provide space for additional information, and they can use lighting to generate attention during the evening hours. Finally, they should attach balloons or flags to the sign prior to an open house and add a brochure box, taking care to give sellers extra brochures.

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Lead Generation: Do you seek or attract?

When the market is tough you need to be more aggressive and creative with your lead generation activities, says Chris Pullig, Director of the Keller Center for Residential Real Estate Sales & Marketing at Baylor University's Hankamer School of Business.

His recent study of lead conversion rates revealed that varying market conditions call for different approaches to lead generation.

When the housing market is tough, a balance of 60 percent seek-oriented activities and 40 percent attract-oriented activities delivered the highest lead generation conversion rates.

A "seek" orientation employs tactics such as phone calls, networking and referrals. An "attract," or marketing, strategy, employs tactics such as advertising, direct mail and then waiting for the phone to ring.

When your market is sluggish, "You should do some things that are nontraditional and not rely so much on advertising and direct mail," Pullig says. "Focus more on building networks, acquiring referrals and other ways that you can generate leads by proactive means."

Read his complete report at the Baylor Business web site.

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Poll: Housing market to improve with new President

A recent survey conducted by Harris Interactive on behalf of Move Inc. shows that 44 percent of home buyers expect improvements in the housing market when the new president is installed next year.

At the same time, 81 percent of home buyers are still nervous about the current housing market and say there are barriers between them and home ownership. What kinds of barriers? Respondents cited the cost of a down payment (28 percent), their annual income level (20 percent), lack of confidence in the economy (26 percent) and high home prices (31 percent).

Despite these reservations, the survey indicates underlying demand for homeownership is healthy. While nearly half (41 percent) of current homeowners do plan to purchase a home again, 80 percent of all renters plan to purchase a home someday with 47 percent planning to purchase a home within the next five years. Read more >

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Are your listings picture perfect?

Put an end to boring or unflattering property photos. Buyers today want to see photos and lots of them. But if the snapshots you're taking of your listings are unflattering, lack detail, or are simply too boring, you could actually be doing a disservice. Read the six quick fixes to common photo challenges >

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Increase your power in the multicultural market

In today's shifting marketplace, the traditional "preserve and sustain" mindset will get you nowhere...fast. Smart organizations need to be plugged into where the world is going in order to ensure long-term profitability.

The Gonzales Group and RISMedia have introduced a ground-breaking White Paper that takes a realistic and practical in-depth look at the changing face of modern-day real estate. In "The New Economic Power Source: Increasing Profitability with Multicultural Homebuyers," the authors investigate:

• The changing homebuyer profile
• The economic and bottom-line opportunity presented by these up-and-coming consumer segments
• The successful strategies used by those who are already profiting from the multicultural market

This report will help you unlock the potential of the multicultural market by answering the questions and clarifying the assumptions often associated with this consumer group. It is available immediately as a digital download.

The Gonzales Group is the real estate and financial industry's trusted advisor and leading resource on the Multicultural markets in the United States. The White Paper can be purchased for $39. >

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On the lighter side...

Do you have to write a letter of recommendation for that fired Agent?

For the chronically absent:
"A man like him is hard to find."
"It seemed her career was just taking off."

For the office drunk:
"I feel his real talent is wasted here."
"We generally found him loaded with work to do."
"Every hour with him was a happy hour."

For an agent with no ambition:
"He could not care less about the number of hours he had to put in."
"You would indeed be fortunate to get this person to work for you."

For an agent who is so unproductive that the job is better left unfilled:
"I can assure you that no person would be better for the job."

For an agent who is not worth further consideration as a job candidate:
"I would urge you to waste no time in making this candidate an offer of employment."
"All in all, I cannot say enough good things about this candidate or recommend him too highly."

For a stupid agent:
"There is nothing you can teach a man like him."
"I most enthusiastically recommend this candidate with no qualifications whatsoever."

For a dishonest agent:
"Her true ability was deceiving."

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Save with OAR and NAR

Your membership in the Ohio Association of REALTORS allows you to take advantage of a number of member benefits. For questions about member offers and benefits contact Greg Stitz at stitz@ohiorealtors.org.

In addition, the National Association of REALTORS also provides its members many more benefits and offers.

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Tech Tips

Education

CI 101: Financial Analysis for Commercial Investment Real Estate
This flagship CCIM course offers an array of financial analysis concepts and calculations to help you make sound commercial real estate investment decisions. You will also learn the fundamentals of profitable investing and how to accurately measure investment value and performance of a given property. Course will be held in Columbus on Aug. 11-15. C.E. credit applies. Register now...

10-Hour Post Licensure for Salespeople...
This 10-hour course, to be held on Aug. 26-27, in Columbus, is required for all new sales licensees who are within the first 12 months of being licensed. Register today...

30 hours online...Take your real estate continuing education hours online. You can take 3, 6 or all 30 hours in any combination...Sign-up today...

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