Audu Real Estate is pleased to announce that Ed Vogt, a licensed Real Estate Agent and Residential Property Specialist has successfully completed the 'On Track For Success' Mentor Training Program.

Ed Vogt graduates from the Mentor Training Program after 2 years of enrollment in which she has successfully completed over 24 Transactions and received more than 200 hours of Formal Classroom instruction and training. This was in addition to the mandatory 6 hours of Continuing Education per year for real estate agents required by the State of Michigan.

The Mentor Training Program offered through Audu Real Estate is a unique, one of a kind experience that provides real estate agents with intense and in depth real estate training in all areas of the real estate transaction, negotiation, lead management, technology including blogging, short sales and foreclosures and business management. Agents also benefit from Life Management Coaching which is incorporated into various aspects of the training process.

The program was created by Lola Audu, Owner and Broker of Audu Real Estate to deliver a comprehensive well rounded training experience for new agents. It has also assisted long term agents to refine their goals and upgrade their business and professional skills.

Participants in the program receive weekly assignments and have the opportunity to 'shadow' an experienced agent in a variety of real life situations. Agents are also eligible to receive company leads to bolster their entry into the profession while growing their own personal business portfolio.

Audu Real Estate Congratulates Ed Vogt on her significant accomplishments and wishes her all the best as she continues her career as a Full Agent.

Copyright 2008 Audu Real Estate All Rights Reserved

To View Articles by Ed Vogt about Grand Rapids, Michigan Real Estate...click here.

Home Staging has become a popular buzzword in the Grand Rapids, Michigan real estate community. In a competitive and challenging real estate market, every advantage must be considered to secure a sale. However, my experience in touring homes indicates that many in the real estate community have not fully embraced the concept.

Another nagging and continually debated issue is what constitues good staging. As this post by Craig Schiller points out, opinions and methods often differ amongst the professionals themselves. Witness, this discussion on a blog post by Laura Evans of Simply Staged LLC, a emerging tour de force in the staging community in Grand Rapids, Michigan.

Laura's blog post "Too Much of a Good Thing" is instructive. However the discussion that ensues is even more enlightening. As I looked at the two pictures that were provided as 'before & after'examples, some questions came to mind about WHY certain things were a part of the staging effort. Sometimes, it is difficult to capture the actual results via the limitations of a camera angle, but since most viewers will pre-view homes online before making a decision to move forward, it's important to understand WHAT constitutes good presentation and what distracts.

As a real estate professional, I tend to sell the 'warm fuzzies' when a buyer decides on a home. It's much easier to sell a home which feels welcoming to a buyer than one which is vacant. But, I wholeheartedly agree that it is a big challenge to sell a home which is so cluttered, prospective buyers can hardly find the space to imagine themselves in it. My question is this...What's the Win Win Medium? What's the look which attracts yet avoids distraction? Is it possible to combine the two?

Touring the Parade of Homes over the years also reveals the tendency of many designers to create 'living spaces' as opposed to highlighting the homes best featuresas Laura indicates in her blog. Very few home designers would feature an upscale Home Design WITHOUT draperies. But Laura makes a valid point when she points out that often the focus of the tour is on admiring the accessories and she feels that it detracts from the home itself.

I'm curious as to your thoughts on this topic. Are stagers more able to increase the saleability of the home by neutralizing in a fashion which certified home designers may not? As real estate agents or brokers, what do your clients find most appealing as they tour homes...What actually makes it easier for you to SELL the home?

Copyright 2008 Audu Real Estate All Rights Reserved

Another entry in the Lola's Favorite Restaurants series...

If you're in the Grand Rapids, Michigan area, I'd suggest you work in a trip to visit one of the areas' most interesting and unique new dining options...Reds on the River.

Located approximately 10 ~ 15 minutes north of Grand Rapids in Rockford, Michigan, Reds...which sits astride the banks of the picturesque Rogue River is quickly becoming a much loved dining hot spot.

My interest in Reds on the River was peaked by a blog post by a colleague & fellow Grand Rapids broker, Eric Webster. Although it took me some time to head over to check things out for myself, I recollected his enthusiastic, yet balanced description of how much he and his wife enjoyed their dining experience.

Yesterday evening, on a whim, we decided to head 'up north.' The restaurant is located in the quaint, historic Rockford Village downtown area. It's a huge building with a Tuscany inspired architecture. Walking up to the door, I marveled at how large the place seemed to be. Well, that's because there's more to this restaurant than the main dining room. Included in the complex are a very well stocked wine shop, banquet and catering facilities, business offices in the upstairs area and a patio dining area which runs the entire length of the building; providing an unrivaled view of the riverfront.

We choose outdoor seating as it was a beautiful summer evening. The service was superb. From the moment we stepped into the restaurant, the wait staff were attentive, prompt and well informed about the menu.

Now let's talk food...The menu presents an interesting and somewhat eclectic mix of options. Reds prides itself on it's extensive array of wines...particularly the red wines, and the steak and seafood selections. According to their site, the seafood is flown in fresh daily.

Our waiter informed us about the fact that their steaks are aged on site for approximately 3 weeks. In addition, the restaurant works with local farms to provide fresh produce of a seasonal variety. The bread which was also from a local Grand Rapids, Michigan bakery was deliciously warm, moist and hearty. I, in particular appreciate a restaurant which cooperates with local farms to benefit it's patrons and our community.

For starters, we ordered the chicken empanadas which were served on a bed of lettuce greens trickled over with a seasoned mayonnaise. An inventive touch to the empanadas was the addition of raisins...a nice complement to the savory blend of spices in the filling. My husband had a crock of French Onion Soup.

I decided to try the Torch Lake Chicken for my main entree and my husband opted for a Cuban inspired dish, the Ropa Veija. I wondered if the pristine, upper mid-Michigan lake was the inspiration. The cherry glaze was the hint. The chicken was succulent and the cherry glaze was not overly sweet. A bed of whipped Yukon potatoes served as a robust base atop which curly crisp onion rings added a whimsical touch.

Saving room for dessert is highly recommended as the sweets selections are prepared on site. There were many options, but I decided on the Tres Leches Cake one of my favorites. Reds on the Rivers' twist on Tres Leches included a fruit compote (in red syrup of course) and a raspberry sorbet.

As the sun began to work it's way down and the evening cooled, the Meijer White Pine Trail allowed walkers, joggers and cyclists to enjoy the view too. After dinner, we strolled around the building along the river...a perfect way to end a lovely evening.

photo courtesy of mandj98's photostream on flickr.com

Let's take a look at the overall condition of the real estate market here in Grand Rapids, Michigan. Although, we have continued to struggle through a crippling excess of inventory, some important patterns have emerged within the past 4 months.

Good News First! For starters, we have never returned to the December 2007 levels of foreclosure sales in which literally 1 out of every 2 homes Sold in Grand Rapids, Michigan (50%) was a foreclosure or short sale. April, May and Jun of 2008 have seen the percentage of homes which were sold under duress fluctuate between 40% ~ 45%.

Summer sales volume for 2008 has remainded somewhat tepid for the general Grand Rapids, Michigan market. The tally numbers are yet to cross the 1,200 home Sold in one month mark during a period which is traditionally the most active selling season of the year. This is also reflected in the overall Dollar Volume of Sales which is down by almost 15 ~ 20% from the same period last year for the past several months.

However, we've found that buyers are venturing out. But, they're being extremely cautious. Homes are being shown several times before many potential buyers feel confident to make offers. And when they make offers, they often low ball them. Serious sellers are advised to nurture patience.

If you're a home owner selling your home, it's important to understand that the competition is fierce. However, homes are still selling. You have a chance to be one of the 1,000+ home owners who will SELL this month if you are realistic in your pricing for the current market and if your home shows well and is marketed appropriately. Someone's going to sell this month...Make sure you do what it takes to make that Sale yours!

To read more about Selling A home in Grand Rapids, Michigan...Click here.

Over the past couple of months over 2,000 homes have Sold in the Grand Rapids, Michigan area. If you're reading this post and you have NOT sold your home, you may be wondering WHY your home was not on the list.

While it's easy to blame the market or popular to blame your real estate agent, this doesn't change the fact that thus far your efforts to sell have been unsuccesful.

So, let's explore some reasons WHY your home may not have sold by exploring the answers to the following questions.

Did You Price Your Home for the Current Market?

This is a common mistake that many homeowners make. Perhaps you had an appraisal done a year ago which said your home was worth a certain price. While that may have been the case a year ago, the real estate market is continually adjusting as new buyers enter into the fray.

If your price does not reflect the needs, desires or buying capabilities of the buyers in your market NOW, it will NOT sell no matter how nice it is.

Are You Surrounded by Foreclosures?

When a home in your neighborhood goes into foreclosure, it impacts you in a number of ways. In addition to the sadness of seeing a neighbor loose their home, you also have to deal with the diminishing of value to your home.

Everyone is impacted by a foreclosure, not just the individuals who loose their home. One study indicates that being within a mile of a foreclosed property automatically lops $5,000 ~ $7,000 off your value.

But, there's another issue which is harder to spot with a cursory analysis. It's the homes in your neighborhood that are being Sold as Short Sales. This term refers to a situation in which the bank accepts a pay off on a mortgage which is less than what is owed by the home owner. When this occurs, the recorded sale price is often below what homes in a community would normally sell for.

Did you know that for the past several months in the Grand Rapids, Michigan area, approximately 40% of the homes recorded as Sold on by members of the Grand Rapids Association of Realtors have been either Short Sale or Foreclosed properties?

This market is unlike anything that we have ever witnessed. We will continue our exploration of the Reasons Why Homes don't sell in a future post AND what you can do to improve your odds. Come Back Soon.

Special Thanks to Mary McNight of RSS Pieces for the inspiration for this series.

Copyright 2008 Audu Real Estate All Rights Reserved

Summer weather roared in with blazing high temperatures and strong storms here in Grand Rapids, Michigan! It's been a little while since I've been able to look out my window at a clear blue sky and gently swaying trees. In some ways the recent rush of climatic activity is a metaphor for the real estate situation here in West Michigan.

2008 has been a year in which we have seen some stormy conditions. The year commenced with the down draft in the mortgage sector due to the sub-prime lending crisis. In fact, until just recently, most of West Michigan was considered a declining market which meant that New Home Buyers were being asked to bring additional money to the closing table to close loans. Money which many of them were hard pressed to find. Zero down programs evaporated into the cosmic ethers.

Yet, not all the news was bad. In the midst of this tempest, affordability levels increased as the prices of homes plummeted sharply creating all sorts of opportunities for buyers and investors to pick up properties at rock bottom prices. Home owners learned hard lessons about the laws of supply and demand Because bank owned properties now constituted almost 1 out of every 3 sales, marketing times increased to almost a year and homes that were not priced correctly were all but ignored.

In an environment in which so many winds of change are raging, it's often difficult to decipher exactly what is going on. Recently, Jennifer Granholm the Governor of Michigan signed some important legislation into LAW! It's the Agency Responsibility Act (ARA) I think that this legislation is one of the best things to emerge out of the storm which has engulfed our industry.

The Governor's signature on the acts is the culmination of the Michigan Association of Realtors hard fought efforts to clarify for consumers the real estate services that were being provided by various agencies. This movement was brought about by the amazing discovery that the ONLY duties imposed by statue or rule of law when representing seller or buyers or real estate property were:

The duty of agents to present offers to sellers within a reasonable period of time

The duty of listing brokers to review and sign the closing statements.

ASTOUNDINGLY, THAT WAS IT!

While most Realtors® were offering substantially MORE than this, the public had limited understanding of the potential vast difference of service levels between brokers because all brokers were using the "Exclusive Right to Sell Contract." (Buyers usually are serviced under a Buyer Agency Agreement)

As a result of this legislation, brokers who do NOT provide the required MINIMUM service levels will now have to use a LIMITED SERVICE AGREEMENT form which clearly defines exactly what they are doing or NOT doing. The ARA also amends the law to make it a VIOLATION of the Occupational Code if a Realtor FAILS to provide all Statutory Services unless they are expressly waived by a client in a limited services agreement.

The is a huge advancement forward for the rights of consumers to ensure they understand exactly WHAT they are getting when they sign up with a real estate broker. I think it will help to dispel some of the misunderstanding and confusion which has marred the positive perception of the real estate industry.

Sometimes, it takes a storm to bring out the best in nature. Today, my lawn is a gorgeous green and the flowers are blooming. It may have been a little rough getting here, but the results I'm witnessing make it worth it. The Act becomes effective as law on July 1, 2008. My hope is that the turmoil in our industry will continue to yield changes which serve the good of our profession and the clients we have the privilege of assisting.

Copyright 2008 Audu Real Estate All Rights Reserved

One never knows how a transaction will turn out. Nor are we ever fully cognizant of the manner in which our lives and experiences will intersect. What happened this past week is a testimony to the mysterious workings of life that have a way of binding us together.

A couple of years ago, Ed Vogt, a real estate agent with Audu Real Estate started working with a new home buyer. The process would be intermittent, interrupted by life from time to time, but Faye the home buyer and Ed continued forward with dodged determination and goodwill.

As the Broker, I was not intimately involved with the home search, but would receive updates from Ed from time to time. It was not until Ed went on vacation, that I first had the opportunity to speak with Faye. She was interested in looking at a home we had listed & was trying to determine if she would qualify for the special loan program offered by the city of Grand Rapids, Michigan.

Faye has an engaging personality which invites others in. I learned that not only was she looking for her own home, but she was constantly on the search for homes that would work well for friends who also needed affordable housing. When Ed returned, Faye continued the search.

Around about the same time that Ed started working with Faye, I ran into some past clients in the parking lot of the mall. It had been several years since I sold them a home and I was thrilled to see them again. They were there as an extended family and I was introduced to a sister whom I will call Sally (not her real name) who would be looking for a home in the future.

Well, a couple of months ago, Sally called and we started the search for the perfect home. Ed was also assigned to assist Sally & showed her several prospective condominiums. But it wasn't until they entered the 32nd St. Condo project that their jaws dropped!

These units were just gorgeous. A warm tawny earthtone graced the walls which were framed by softly painted woodwork and four panelled doors. The counter tops had a granite looking finish and were topped by hickory cabinets. New linoleum and an over-sized deck made this unit a fantastic deal! Sally bought her new home!

All our paths would not cross again until this past Friday when we all met together for two closings. When I arrived, the first of the two closing had just completed and some additional paperwork that was needed from the seller was being obtained. Ms. Faye was in the parking lot. I had never met her, so when I went in Ed asked if I had had the opportunity to talk with her. She then introduced me to a lady who is hands down the MOST JOYFUL home buyer I had ever met. She glowed with excitement about obtaining her keys. The fact that there was a little delay in the process did absolutely NOTHING to dampen her enthusiasm.

I went into the second closing with Sally. This closing was delayed because of a back-up in the title company's schedule so Ed had to leave. As we all sat waiting for the paperwork, Faye came back in because she was still waiting for the last bit of documentation from the home owner.

I was with Sally in the lobby talking with the home owner/builder of the condominums. After some time, the builder said..."you sound like you have a little bit of an accent. Where are you from?" When I shared with him that I was from Nigeria, his eyes grew wide and he remarked..."I went to school there in first grade!"

It turns out that the builder and I had both gone to the same school, Hillcrest in Nigeria. His dad, who had also attended the closing, but had left a little earlier... had taken a year off or work in the late 1960's to build several projects in my home country which had included a chapel for the school. What a small world!

In the meantime, Faye's homeowner arrived with the necessary paperwork & there were hugs all around! The builder insisted that I come over to a nearby restaurant to meet his parents and talk about their time overseas. Sally watched this whole amazing reunion with wide eyed amazement. You see it turns out that the other Realtor was a cousin of a girl that I had gone to highschool with overseas. We never understood that we had that connection until that moment! Wow!

As we parted company, I felt a sense of awe. What a gift we have as real estate professionals to be included in the special moments of people's lives. What an honor it is to participate in a transaction which impacts our community in such an important way.

I marvel at how all those extraordinary connections which spanned decades and continents could intersect in such a remarkable way in two homes with two happy ladies & one long closing. It reminded me of this one thing...selling a house ALWAYS involves much more than meets the eye! There are all sorts of miraculous stories just underneath the surface, just waiting for our discovery.

Copyright 2008 Audu Real Estate All Rights Reserved

This past week, I had the priviledge of teaching two Continuing Education Classes, Blogging Basics for Real Estate Professionals (K1061) and Blogging Ethics for Real Estate Professionals (K1061). In addition, yesterday Gwyn Besner with the Acme Institute joined us here in Grand Rapids, MI at the Grand Rapids Association of Realtors headquarters to teach a very enlightening Code of Ethics Class.

It was fun! At one point, I remarked..."should we be enjoying a continuing education class this much?" It was also a wonderful opportunity to meet a fellow Active Rain blogger whose blogs I have enjoyed reading, Kris Whales.

When Kris called about a week ago to inquire about the second class on the 28th, I was surprised and thrilled. She indicated that she had wanted to attend the sessions last year but was unable to do so.

It was great to meet her face to face... There's a magic about blogging connections which transforms strangers into friends. Meeting Kris was effortless and joyful. If blogging creates even 25% of this type of goodwill with potential clients, it's MORE than worth it.

Which brings me to an interesting article I read in the online version of the latest Realtor magazine through a link from Monika McGillicuddy's recent post, which features Active Rain's founder and visionary, Johathan Washburn on the cover. In an article directed to brokers, Robert Freedman explores an important issue, 'Getting a Handle on Blogging ROI.' (Return On Investment)

It's a well written article which can assist not just brokers but agents to determine the profit potential of blogging from a cost perspective in terms of time and energy AND also risk from a legal liability standpoint.

Freedman writes:

"You can't calculate your ROI in the same manner as you would for a new product. Blogging's benefits aren't as easily measurable or quantifiable as are product sales. But you can still get an approximation, a report by Forrester Research contends."

He then goes on to give some useful formulas for determining a quantifiable ROI.

In the Blogging Ethics for Real Estate Professionals course,(K1062) we discuss the implications of risk management and the importance of agent training as a means of reducing risk in agent online activities in addition to other topics.

I'm glad to see the National Association of Realtors ® taking a proactive stance in engaging a much needed discussion of these topics. I'm also thankful that the State of Michigan is providing an opportunity for agents and brokers to learn about blogging and the implications of Web 2.0 and Social Networking for the real estate industry.

To date, I have found that my blogging ROI has been exponentially way beyond what I could have imagined! I've met all sorts of wonderful individuals, there have been numerous leads and resultant transactions. I have the opportunity to share what I've learned with my peers. And most of all...it's been a joyfully intriguing experience! There's no $$$ Value you can place on that!

RELATED POST:

Kris Wales shares her experience in attending the Blogging Continuing Education Course in this blog post entitled: "The BEST Con-Ed Class I Ever Attended and it was a 304 Mile Round Trip"

Audu Real Estate Sponsor ID Code: K355

Copyright 2008 Audu Real Estate All Rights Reserved

It's a spring time ritual in Grand Rapids, Mi. For residents like myself and many others who love to peek into gorgeous homes and pick up the latest tips for home decor and furnishings, the Spring Parade of Homes Tour is an event which is highly anticipated.

However, this year, the Parade of Homes will feature a tour with significantly fewer offerings than in recent years. In 2006, there were 200 homes featured in the Parade of Homes, last year (2007) the number was 133. This year, 83 homes will make their debuts in the Parade...far fewer entries than just 24 months ago.

New housing starts are one indicator of the health of the markets. So are the number of foreclosures and short sales. We have observed a leveling off in the number of foreclosures and short sales since numbers peaked at the end of 2007.

In fact, there has been a 5 month decline in the number of homes being sold by foreclosure and short sales as reported through statistics available from the Grand Rapids Association of Realtors. If this trend continues, it may indicate that we have hit rock bottom for price reductions overall in the Grand Rapids, Michigan area.

As inventory levels decline, there is an opportunity for the markets to level off and reach equilibrium. The number of homes available for sale in the past couple of years has been almost double the historical highs. This in addition to the dramatic rise in foreclosures and short sales has precipitated sale price decreases in the double digits in many areas of Grand Rapids. Fewer homes (existing or new homes) in the inventory pool should help to stabilize this trend.

Another trend which has been significant is the number of homes retailing between 0-$99,900. To date, this number is approximately 50% of the sales on the local board and mid-way through the year, almost 80% of the entire volume of sales in this price range in 2006. The sales in this price range have been impacted by the rise in foreclosures.

Another intriguing trend has been in the more expensive price ranges of homes retailing above $500,000 where the past two years have seen the number of sales actually hold steady. If the current trend continues, 2008 may be the first year that there is a decline in sales in the upper price ranges...but the spring and summer market is just beginning so it's really too early to make a prediction.

So, are home builders simply being more cautious? Well, perhaps in part. But, I think that in some ways, this may prove to be a somewhat positive indicator of the market recovery. It's interesting to note that more or less the same number of builders are participating in the Parade of Homes this year, BUT they are registering fewer models for the Parade. Hopefully, less inventory will remain unsold as buyers continue to take advantage of the great bargains available right now in the re-sale and new home inventory.

If you're looking for a great home and need assistance in accessing the latest new listings, contact us to find out how you can receive instant notification for homes on a daily basis!

The Parade of Homes Tour continues from May 21 ~ May 31. Information about the tour, prices and prizes can be obtained here... In addition, adult ticket holders qualify for a 50 cents per gallon discount on gas redemable at Meijer gas stations! (up to 10 gallons)

Copyright 2008 Audu Real Estate All Rights Reserved

It's one of the most important forms in the Listing Appointment. Perhaps, you guessed that I am referring to signing the Listing Contract. Well, while that is a significant moment, there is another document which has the potential to impact your life in a adverse fashion far beyond the six month term of a listing contract.

The form that I'm referring to is the Seller's Disclosure Statement. In Michigan, it's a two page document in which the home owner is asked to provide details about various aspects of the general condition of their home. It is your opportunity as a home owner to reveal all that you know about issues in your home which may be of concern or interest to a potential home owner.

No home is perfect. Just like human beings, each home will have its' own specific quirks. To a degree these issues, like the imperfections in all of our lives are what make a home unique. You know, little distractions such as the fact that you have to turn on burner #3 first or else the other burners on the stove sputter and fail to light up properly.

Or...perhaps the time the washer on the second floor flooded and leaked into the basement. You may insist that it was cleaned up and repaired...but when the Seller's Disclosure asks about IF there have been ANY water issues...it's referring to ALL past tense events! It does NOT matter if you fixed it. This document is asking for an accurate historical accounting.

You will find Three Major Sections on the Michigan Seller's Disclosure Statement. These sections are divided as follows.

Section #1 ~ Appliances/Systems/Services...deals with the condition of a variety of items such as the condition of your stove and refrigerator as well as if your garage door opener works and if you have a functioning sewer or septic system.

Section #2 ~ Property Conditions, Improvements & Additional Information. This section may at first glance look to be a repitition of Section number one. It is not. The questions and the explanations which may be provided here are of a broader nature and encompass issues which pertain to the welfare of the system, repairs and upgrades made. There are several questions here which pertain to 'historical' knowledge and the age of various aspects of the dwelling. The detail requested on this section may necessitate additional space. This is provided on page 1 or just beneath section #1.

Section #3 ~ Other Items. This section covers aspects of potential ownership conflict such as commonly shared driveways or fences as well as requesting information about structural modifications done with or without the required legal permits. In addition, this section requests knowledge about natural disasters which may have affected the property or operations such as your proximity to landfills, airports or farming operations.

Section #3 also asks you to highlight any Pending litigation which may impact your ability to convey the title to the property is also requested. If you have defaulted on your payments and are in the redemption period, this must be disclosed by your agent to the local real estate board. It may be prudent to disclose the potential for litigation by your lien holder here as well.

Which brings us back to the question about the worth of your home with the leaky basement.

Well, it depends on how you handle the issue. If you choose NOT to disclose the leaky basement and hope that a potential buyer doesn't discover it until the next big rain...the consequences may be worth a lot of money. This is because, in addition to the charge of fixing the problem, you may also have to deal with legal fees and the hassle of some very disgruntled new home owners.

You see, a Seller's Disclosure Statement is designed to protect you. While no one expects you to be an expert and the buyer is responsible for doing their own inspections; completing the Seller's Disclosure as accurately as possible will help prevent potential problems in the future.

A properly completed Seller's Disclosure and a comprehensive inspection by the Buyer are important aspects of ensuring that the home purchasing experience yields few unexpected suprises.

Copyright 2008 Audu Real Estate All Rights Reserved