Greensboro, NC Real Estate Larry Story's Blog of the Triad!

I don't know about the business weather where you are but, I know yesterday it felt like the proverbial heavens opened up and the business just fell like Rain! I will admit that the day did start off good. I had a showing with an investor first thing. We met and as soon as I saw it I knew he would want this one. You know the diamond in the rough. A foreclosure that had a tax value of $131,000 and a list price of $85,000! Plus there is nothing really wrong with the home. So now I had an offer to prepare and he was to speak with the bank to get the pre-approval letter. He wanted to deal with his bank but, did not know anyone there. I made a call to a past client that worked for his bank.

I had a closing so we had a final walk through scheduled. The walk through went fine and then we started down a slippery slope to closing. Everything seemed fine since I had the HUD at 9 that morning and then at 11:00 I get a call from the seller (FSBO) that the attorney said we were not closing till next week.

Well of course I am furiously calling everyone. It seems the "lender" never ordered the title from the attorney. Well my attorney is on the ball so the title work had already been done. So all he had to do was send over a request and they would send it to him. Then POOF we are back on track. Then OOPS the HUD was wrong which they did not notice until 20 minutes before closing. Now of course I also get a call from one of our fellow Activerainers and they have two more listing referrals for me! So we get the HUD finished push back the closing an hour and finally get closed. I rush to the office to get on the computer. I start sifting through all the emails. OK there is my referrals, and there is another email from an unknown. It seems one of my past clients has been busy working on my behalf. He has referred another couple to me to sell their home and buy another. So presto three listings and a buyer. I also have two more new buyers from other online sources. OK now I am trying to shift myself into high gear to keep up.

So today as I head out to hit the ground running I am wearing my business raincoat for I am going to be prepared to be optomistic and pray that this business rain continues!

I heard a very alarming prediction today on the news. As the economist was discussing the present economic crisis and the upcoming administrations plans the very phrase I did not want to hear was mentioned. He spoke of the fact that with the federal government trying to stimulate the United States economy and borrowing billions and trillions of dollars from forigen governments this brought up the fact that they might balk with the dollar dropping in value. So the fed may not have any choice but to RAISE THE PRIME RATE!

So with the mortgage rate at a 30 to 40 year historic low and the topic of rates going back up WHAT ARE YOU WAITING FOR!!! I have heard the thoughts that hmm maybe they will go a little lower. You know that when a gambler gets too greedy they lose everything.

I am sorry but, I am sending an email warning my buyers tonight. I do not want my clients to be the ones on the sidelines wishing that someone had told them what was coming so they did not miss out on historically low interest rates.

There is a lost art of actually listening to our clients. Why is it so hard to listen? We are in such a hurry these days that we do not bother to listen and try to read between the lines. You may know that your buyer wants a four bedroom three and a half bathroom house. You might have even asked and know that they also want a two car garage and a fenced yard. You now you can find them a house right? But, can you find them a HOME? What do they like in styles, what do they like to do for hobbies, entertainment? I can find many four bedroom homes but how many traditional homes in a close knit neighborhood with a fenced yard (since they do have a dog), fireplaces (because the wife likes them), gas stove (since the husband is a self proclaimed gourmet), and we can go on and on. So if you just listen to them you will actually get a wealth of information to help you find them their "Perfect Home".

This is also a way for you to work smarter and save time. How you might say? Well, hmm let's think about this if you narrow down the search dramatically then you don't have to spend even half the time showing them homes or having them search also. Plus, do you want to drag this out to last for months and months or do you want to be able to find them the home of their dreams in no time at all. Think how this will also make you look in their eyes. After all you do want their referrals don't you?

The moral of the story is that our creator gave us two ears and one mouth for a reason. We are to listen twice as much as we talk.

So I have been contacted and am now going to listing interview after listing interview. I made a business decision last year as we noticed the shift in trends to be more advantageous for the buyer versus the seller. So now as some people are thinking the same way as I am. I am speaking of the fact that with the high inventory of available homes still high and the historically low interest rates I am of the opinion that the market should start to turn within the next six months. I have personally already started to see signs of this market shift in my personal business. The last two months have been my busiest this year.

As I stated in the beginning I am starting to get more and more calls for listing homes. So while it still is a buyers market I am seeing many of those sellers which have been on the fence about selling are taking the plunge. Now some of these calls are possible short sales also. I admit I have a soft spot for helping people and those with true hardships I go out of my way to help. I do not take everyone since in my book as with the banks I need to see true hardship. There are too many homeowners out there that are trying to duck out of their financial responsibilities.

I am going to have to seriously consider taking one of my assistants to full-time to stay ahead of the curve. My team is well ahead of the game and one core principal I have is to "staff for the business you want not what you have". While many times this goes against the grain in traditional business models it is also a testament to my devotion to customer service. So concentrate on what is important and keep your core principals in focus and your business will grow to.

I just wanted to take this opportunity to wish all my friends and associates here in the RAIN a very Merry Christmas and best wishes for a happy and successful new year. Everything will be fine in 09!

Remember the water reflects a man's face like his actions reflect his heart.