About Saint Clair County, IL

In the real estate business, agents with written goals make 50% more money. This information came from a recent survey of Remax and Long and Foster agents, whch showed that realtors with written goals closed 50-100% more transactions than Realtors without written goals. The key is setting teh goals, writing them down, and reading them daily!

Do you have goals? Are they written down? Have you shared them with anyone else? Listen as Bob Corcoran talks about the importance of goal setting and what pitfalls to watch out for. Post your commitment below on when you will have your goals determined, written, and posted.

Maks a commitment towriting your goals today! For more ways to streamline your business, visit our website at www.corcorancoaching.com.

REO marketing is where it's at in 2009, but getting started is challenging and time consuming. Now that banks are willing to use real estate agents to sell their large stock of homes, you must carefully follow procedures to get on bank lists and work with distressed properties.

There are four steps to successful REO marketing:

Applying to be a REO Agent - Every bank has a slightly different procedure.

Securing REO Listings -.Once you are the bank list of approved agents, you must systematically call and email the proper contact. When you finally reach the right person, you must maximize the call by saying just the right thing. A brief script is helpful to make sure you remember to briefly but effectively state your case.

Follow up Systems - Since many contacts are hard to reach, you must have a good follow-up plan that triggers you to continue your phone calls and drip emails to elusive prospects

Tracking Systems - You can easily use your contact manager to follow your REO listings.

By practicing your scripts daily and scheduling time to make your daily calls to your REO Banks and Asset Managers, you will build an awesome REO business. The key to success with REO's is to be consistent with your prospecting and follow up. If you discover that a REO Bank is not accepting applications from agents, put a reminder for 2 weeks and check the REO Banks website again.

Developing the system for pursuing and managing REO contacts is critical to effectively tap this growing market. That's why you might find my REO Quick Start Program an excellent way to jumpstart your efforts.

You are responsible for your success. Your diligence, coupled with persistence will help you achieve in this market, once you have the proper tools. If you have not discovered the value of coaching in your business, visit our website to at www.corcorancoaching.com.

Commitment for the Week:

Make A Commitment: I will take a few minutes now to examine if I have effective systems in place in my business. I will use some of the tips here to evaluate what I need to do to work smarter.
Deadline: _________

Bob Corcoran's TIP OF THE WEEK: Teamonomics

How Rainmakers Can (and Must) Keep An Eye on Their Bottom Line

"If you don't watch your money, someone else will."
Anonymous

The bottom line is - to stay in the real estate industry today, you have to operate like a business. To operate like a business, you must know your finances. A new breed of agent is entering the industry, one who knows business. In some markets, this new agent is slowly siphoning off business from the agents who are like the frog in a pot of water, a frog that doesn't know it's getting hotter and hotter - until it's too late.

Make A Commitment: I will check my P&L at least once a month!
Deadline: _________

To read the full story, check out this week's document: Teamonomics

Bob Corcoran

Fannie Mae has come out and actually put legislation in place instructing their servicers NOT to negotiate your commissions up to 6%. Here is the actual excerpt from their release:

No Negotiation of Pre-Foreclosure Sales Commission

Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers

Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. Servicers are reminded that they must continue to obtain any approvals that may be required by interested third parties in connection with preforeclosure sales. Here is the original link.
(click on Miscellaneous Servicing Policy Changes) For more information on how to break into the Short Sale Market, go to www.CDPE.com and get certified today! Tell them Bob Corcoran sent you!

For more information on how to break into the Short Sale Market, go to and get certified today! Tell them Bob Corcoran sent you!

For more information on how to break into the Short Sale Market, go to and get certified today! Tell them Bob Corcoran sent you!

Bob Corcoran

Hello!

This update includes both Thronbury Hill and the Manors at Thornbury Hill. Keep in mind this data was pulled directly from the MLS. If Fulford sells a home without agent involvement it does not show up in our system.

In 2008: 12 Homes closed in Thornbury. Given the current state of the market this is very good activity.

Of the 12:

11 were Re-sale homes with an average sales price of $291,707 and average days on market of 84.

1 was new construction; it sold for $330,886 and was on the market for 371 days.

Compared to other areas in O'Fallon IL this is very significant activity.

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For 2009:

2 have closed so far. This shows a very early indication of continued elevated activity. The 2 that have closed so far have an average sales price of $245,500 and were on the market an average of 104 days. One of these was a short sale that closed far below market value which explains the low average sales price.

More good news: 2 more are currently under contract. Since they have not closed we have no average sales price data but will update as soon as it becomes available.

Right now there are a total of 9 homes for sale. Of the 9 homes, 8 are resale with an average price of $319,250 and days on market of 66. One new construction is currently listed for $299,900 and has been on the market for 80 days.

There is one additional new construction spec home currently for sale for $390,455. This one is not factored into the data.

So all in all Thornbury is fairing much better than many areas. If you would like further information feel free to contact us.

Don't forget to "Spring Forward " and set your clocks ahead 1 hour BEFORE you go to bed Saturday night!