A "Shore" Thing

Walking a tightrope seems like an impossible feat. What’s it take to make it to the other side?

The ability to overcome fear – A great acronym for fear is False Evidence Appearing Real. First make a plan to accomplish your task, walking the tight rope, climbing that mountain, landing that big account. Dream big and create small incremental action steps. Create an action plans that outlines your monthly goals, then break them down into weekly goals and again into daily tasks.

Step out of your comfort zone- The most growth happens when you take a leap into the unknown. Don’t confuse this with jumping off your tightrope either. Identify your weaknesses, and make a decision to strengthen those areas of your life. Expand your horizons and feel rewarded.

Work to improve your skills- Try to schedule time every week to learn or practice. Think of practice, as maintenance. You have your car maintenance done to ensure that it works properly, so why wouldn’t you consider mastering the skills necessary to generate success.

Focus on your target – Life is a process, not an event. Long-term focus and planning is more about understanding the impact of short-term decisions than about long term decisions themselves. Maintain reasonable expectations. As Tony Robbins said “One reason so few of us achieve what we truly want is that we never direct our focus; we never concentrate our power. Most people dabble their way through life, never deciding to master anything in particular.”

Slowly and consistently move forward- Success is different to each individual. Don’t be surprised if you receive resistance to your goals. Better yet, expect it, shrug it off and keep moving.

See you on the other side.

I was shocked to find out that I have a very small window in which to obtain certification by the EPA for lead based paint. I’m not an inspector? The deadline ladies and gents is April 22, 2010. As I read up on this new regulation and was made painfully aware that the liquidated damages for non-compliance was $37,000.00 a day! This is very serious as agents, brokers, property managers and contractors are now required to get this certification if they deal with or manage homes built prior to 1978. The following is a 17 minute video about the requirements and how they affect you.

CLICK HERE FOR VIDEO

Information for Realtors and Property Management Firms

Realtors and property managers should make themselves aware of the requirements in the Lead Renovation, Repair and Painting (RRP) Rule. EPA is working closely with the National Association of Realtors to make realtors and property managers aware of the hazards of lead paint poisoning and ways to prevent it, and the association has developed a series of guidance videos aimed at realtors and property managers:

• View the National Association of Realtors lead paint renovation rule compliance guide overview
• View the National Association of Realtors lead renovation rule guide for real estate agents and brokers
• View the National Association of Realtors frequently asked questions for realtors
• View the National Association of Realtors lead renovation rule guide for property managers

Under the rule, beginning in April 2010, contractors performing renovation, repair and painting projects that disturb lead-based paint in homes, child care facilities, and schools built before 1978 must be certified and must follow specific work practices to prevent lead contamination. CLICK HERE for a complete outline of the EPA’s new requirements.

To become certified, property owners must submit an application for firm certification (PDF) (9 pp, 642K) and fee payment to EPA. EPA will begin processing applications on October 22, 2009. The Agency has up to 90 days after receiving a complete request for certification to approve or disapprove the application.

Supply and absorption rate for the Southside of Hampton Roads for January 2010.

Norfolk 1503 active, 140 pending, 125 sold, 8.7 months supply

Va Bch 3242 active, 355 pending, 274 sold, 6.77 months supply

Ports. 880 active, 93 pending, 52 sold, 10.02 months supply

Ches. 1919 active, 205 pending, 112 sold, 8.09 months supply

Suffolk 879 active, 80 pending, 47 sold, 8.94 months supply

Listings

Residential active listings declined slightly, 1.76% year-over-year, to 13,253 (January 2010) from 13,490 (January 2009). There was a 6.28% increase from December 2009.

Under Contract (Pending) Residential Sales

Total under contract residential sales increased by over 13% as compared to January 2009.

Sales

Total residential sales and total property sales increased as compared to January 2009 showing rises of 5.4% and 7.4% respectively.

PLEASE NOTE: REIN is the source and author of all statistics provided herein.

This morning I woke up and spent about an hour reflecting on the experiences of my life. I have to confess, my dream as a little girl was to travel the world. I wanted to experience different cultures, meet the people of foreign lands and see the amazing sights this wonderful world of ours has to offer.

The beginning of the quest started when I was 16, a few months after my Dad passed away. One of the most difficult times in my life. I was so defeated and angry. That trip to Europe opened my eyes to the world beyond Virginia Beach.

Later I married my husband and we made a commitment to start traveling for vacations. I have seen things I could never have imagined as a little girl. I have been so blessed.

I have stood on the peak of a mountain in Switzerland, admired the redwoods of California, flown into the Grand Canyon, dived the great white wall in Fiji, ridden on the Audubon, held hands in the rainforest, swam with wild spotted dolphins but best of all, was I had someone to share my highs and lows with.

If today were my last day, I could honestly say I had the opportunity to live my dreams.

Virginia is a “Buyer Beware” or “Caveat Emptor” state, meaning it’s the responsibility of the buyer to exercise due diligence with investigating the integrity of a property.

1. Mildew or fungus growth – This means there has been water damage.

2. Discolored paint, bubbling wall finish or peeling – swelling is usually an indicator of water damage which is typically accompanied by a musty odor; look for moisture or mold.

3. In severe cases, sinks, toilets or other plumbing fixtures may be missing: make sure they were properly removed and capped.

4. Signage referring to winterization: If a home is properly winterized, than there is no need for heat.

5. Tax records with unusually low values, which don’t include additions: This indicates that no permits were pulled for the remodel; call the City to confirm that permits were pulled for renovations.

This goes out to my husband, Bryan. You are the love of my life. Thank you for your unconditional love and support.

Happy Valentine’s Day!

For years now my Mom has encouraged me to write a book about my adventures in real estate. For some reason, I have some of the most “interesting” experiences. So, this is the beginning of a new series of adventures in Hampton Roads real estate. Please note I will not be disclosing any specific information about the persons or locations in any of my stories.

This particular adventure starts at a pre-listing appointment to assess the condition and amenities in order to assess the true value of the property. I sit down at the dining room table with Mr. and Mrs. Seller on each side of me. Humm? First Mrs. Seller informs me they are divorcing and says “you tell Mr. Seller he has to clean out the garage” then on the right I hear “you tell Mrs. Seller to get her shoes out of the closets”, and on we go. So, we decide to sign the listing documents necessary to market the home. As I leave I install the lock box and place the sign in the front yard. As I drive back to the office to turn in the listing documents, I wonder if all communications will be the way the pre-listing appointment was.

A couple of days go by, and we have a few showings by other agents without incident. I receive a call from a prospective buyer who is not working with an agent and informs me that they are interested in seeing my new listing. Of course, I’m delighted to show them the property, so I proceed with notifying the Mr. Seller who is the one living in the home. Our agreement was, “leave a message and go show”, so I leave a message and coordinate a time to show the home to the buyers. I arrive a bit early to find Mr. Seller’s car is not home. Shortly thereafter, the buyers arrive and we approach the home. I ring the doorbell as I am accessing the lock box. I unlock the door and as I open the door, I call out “hello, anyone home?” No answer, so I begin to show the home and demonstrate its features. We walk through the living room, the dining room and family room. As we make our way down the hall, I open the first door on the right. There before my eyes was my wet Mr. Seller in the “full monty” for all to see. He yells, I scream and slam the door, the buyers run out and I can’t get the front door shut fast enough.

Needless to say, I never heard back from the buyers again. We did however, get the home sold and at the closing table, I struggled to look him in the eye. I couldn’t get the vision out of my mind!

Moral of the story, if you’re showing homes, continuously call out to the owners as you enter different rooms or floors. Prepare you sellers for showings; tell them to LOCK the bathroom door if their home is on the market.

If you’ve been considering selling your home, avoid making these costly mistakes.

Chasing the market by overpricing will cost you big bucks the long run.

Don’t over-improve the property, causing it to fall outside of the proper price range for the neighborhood.

Overlooking the details when preparing the home for sale Know who your competition is, what they offer, how they show, make repairs, de-clutter and clean, clean clean.

Avoid “seller sabotage”. DO NOT stay at the house when it is being shown to prospective buyers. Buyers should be able openly check the property.

Targeted marketing to the right buyer profile. For instance, if you own a 2 bedroom condo on the 3rd floor, it would not be the highest and best use of your advertising dollar to run an ad in a magazine, when your buyer doesn’t look at magazines. You should have the listing featured where the “Gen Y’s” are looking, online.

Don’t responding emotionally to a low ball offer by flat-out rejecting the offer. The buyer took the time to write it, at least take the time to counter it.

I hear often from sellers, that someone offered us this amount. I ask them about the terms of the offer, and they say it was a verbal offer. Don’t waste time with unqualified buyers or those who won’t put it in writing. Typically, there’s a reason they won’t put it in writing first. Can you say “RED FLAG”?

Selling your home “FSBO” or “For Sale By Owner” takes time, requires understanding of real estate contracts, paperwork, marketing materials, advertising and opening your home to strangers.

Signing contract documents without reading the “fine print” or understanding the terms completely, can be very costly. Don’t do it.

By hiring an experienced Realtor when selling your largest asset, you should enjoy a smooth transaction and avoid the aforementioned pitfalls

Ever heard ego described as the thing that eliminates growth opportunity.

Too often we come across people who are a “legend in their own mind”. It drives me nuts, because these same people view themselves as superior but lack compassion. Compassion for those who have different ideas, opinions, values, gifts and talents. These differences are what makes the world go round.

When someone asks you a question, don’t criticize them for the question; applaud the fact that they sought an answer from you. This person could teach you a thing or two, if you invested just a little time in getting to know them better.

We should work harder to keep from drawing conclusions or judgments about people and their behaviors. We’re eliminating our growth opportunities.