Jim Lee & Janet Holt Edmond Oklahoma Luxury Home Realtors

Merry Christmas

&

Happy Holidays to All

Many years ago, my wife and I were up late doing the parent thing on Christmas Eve. You know the drill, Dad is doing “some assembly required” while Mom reads him the instructions poorly translated from the original “Chinese Text”. In order to eliminate the use of colorful language on Christmas Eve, we had Letterman playing in the background.

It’s really funny how traditions are formed but that year we formed a tradition that has lasted the better part of two decades now. At the close of Dave’s show on Christmas Eve, he always has Darlene Love singing “Baby, Please Come Home”. Now it doesn’t seem like Christmas until we’ve heard Darlene sing. Our kids are pretty much grown and we don’t do “some assembly required” anymore but I can’t think of any better way to spend time with my dearest friend than cuddled up on the sofa with a glass of red wine listening to our special Christmas carol. The little things in life never cease to amaze me.

I started to drop in the YouTube video from 2005, my favorite year but I wasn’t sure about copyright laws. (That tells you you’ve been around for a long time, when you compare years of a song on a television show like you would fine wines) so instead I’m enclosing the link just in case you want to hear it. http://www.youtube.com/watch?v=xXVcrWO5FCg

Merry Christmas Everybody

Ring-a-ling it’s Christmas time in the city. Or is it the country? It’s hard to tell in Stonemill. And that didn’t happen by accident. Stonemill’s award winning developer David Yost designed it that way. Stonemill is one of Edmond Oklahoma’s most beautiful places to live. With its meandering streets, hidden walking trails and its lakes all in a park like setting, living in Stonemill gives you the feeling of living in a beautiful village hidden deep in private forest, when in reality you are actually just minutes away for two major highways that put within about ten to twenty minutes of anywhere you want to go in Edmond or Oklahoma City. The elegant country estates of Stonemill invite a spectacular quality of life. The tree lined streets curve gracefully through the neighborhood promoting a slower way of life that reminds its residence to slow down and admire the beauty of their surroundings. Every home within Stonemill is marked with a distinct European style with multi-stone and brick façades. Many have turrets and most have Porte coheres. “I’ll be home for Christmas - If only in my dreams.” Stonemill in Edmond Oklahoma - a dream come true!

There are 2 homes listed-1 pending-7 custom homes under construction

Communities - North Rose Lake Villas

North Rose Lake Villas is located just north of the Rose Creek golf course and close to Quail Springs Mall. The addition is located in the Deer Creek school district. This neighborhood will be a gated, private community within easy reach of North Oklahoma City and Edmond and has good access to major expressways.

This neighborhood has two primary builders, D.R. Horton and Sooner Tradition. We represent Sooner Traditions. The quality of a Sooner Traditions Home is unequaled. They currently have three properties either turn key or just two weeks away from completion. All three are priced under $98 per square foot.

Standard Features include:

•1. Ceramic tiled entry, kitchen, baths, and utility

•2. Master bath showers and garden tubs (tiled not inserts)

•3. Hand textured walls

•4. Bull nose Sheetrock corners

•5. Kenmore appliances package

•6. Space saver microwave

•7. Granite counter-tops in kitchen

•8. Marble counter-tops in baths

•9. Maple Cabinets

•10. Read garden door w/blind insert

•11. Security system with 1 key pad

•12. Wisbro-Aquapex plumbing system (with a 25 year warranty)

•13. Pre-wired for 5 phones and cable

•14. Brick and siding exteriors

•15. Brink mailbox

•16. Stone Address

•17. Full sod in front and backyards

•18. Custom front doors with leaded glass

17725 Spacious Sky Court Edmond Oklahoma 73012 $159900 (1700 sq ft MOL)

17609 Pond Walk Court Edmond Oklahoma 73012 $159900 (1632 sq ft MOL) 3 car garage

17613 Pond Walk Court Edmond Oklahoma 73012 $159900 (1632 sq ft MOL) 3 car garage

Prices and Standard Features are subject to change without notice

For most of the late 1990s up to 2006 I was one of the primary trainers for our company of about ninety agents and its four offices. My main focus was post-licensed sales training. It was my job to turn newbie agents who had just gotten their real estate license into successful profitable Realtors. When I moved out of management and back to sales about six months ago I feared I would experience a lag. You know that rather uncomfortable time when you have NO income. But I didn't. Here's the reason why. I practiced what I preached.

My first day back in the trenches, I sat down at my new non-manager desk and had more than a slight panic attack. It wasn't because I was afraid I couldn't do it anymore. Here's the real kicker, I found myself fearing that I wouldn't be a "super star" and therefore would appear as a failure to all those people I had trained over the years. That was a new one for me. Fear of loosing face. My panic attack lasted a full five minutes before I figured out the answer. "Practice what you've preached!" I pulled out my newbie training manual and started with step one, goal setting. By the end of that first day I had my plan. So it was simple starting day two, I would worked my plan. It worked! I had two properties under contract and had listed three others in less than a month. That let me know that what I had been preaching all those years was really the right stuff, which brings me to the reason for my article today.

Ever heard the quote, "Sing like no body is listening, love like you've never been hurt and dance like no body is watching"? As Realtors we need to add another phrase. "Work like it's always a down market!"

As we draw towards the end of the year, it's time to do two things. First, take a cold hard look back on 2008 and evaluate how well we did. Did we meet, exceed or fall short of our goals for the year. Always evaluate your year even if you know you didn't come anywhere near achieving your goals. "It is what it is!" You need to know where you stand. Next set your goals for next year. Sound simple? Well, it really is. Here are a few pointers on setting your goals for 2009.

•1. Write them down. (Ever heard that before?)

•2. Keep them simple.

•3. Make them measurable. (So you can evaluate them.)

•4. Make them realistic.

•5. They should include money. (But not be solely about money. Most of us are deeper than that.)

•6. They should include family.

•7. They should include fun/vacation.

•8. They should include spiritual.

It really is quite simple to do. This year since we are in a declining market, I'm taking my goal setting to a whole new level. My partner and I have been working on this for the last month. Money is one of the most important factors in our goals. It enables us to give our families the lifestyle we want for them and for ourselves. So this year we are looking at a whole lot more than just numbers of units and GCI (Gross Commission Income). We are evaluating everything about our company to make sure we are positioned to make the maximum amount of profit in a slowing or down market.

So where do you begin? Start the same old way, with that number of units. Based on 3% of the average sales price in your market, how many units (closed sides) do you have to sell to make your desired income? Now remember when calculating this figure you have to take into account your split, any franchise fee you have to pay, any desk /office fees you have to pay and any other expenses incurred in a transaction that affects your bottom line.

Here's my new twist! Are there ways to make more money with less closed units? The term "declining market" indicates that in 2009 you will not have as many transactions. So you need to figure out ways to generate more money per closed unit.

The first way of course is the one that comes to everyone's mind, a better commission split. It certainly is nice to get a higher split but you need to look at the whole picture. What do you get for the money you pay into your broker besides their omnipotent wisdom? Many brokers offer their agents extra services at little to no additional fees. You really need to take this into account. Realize that over and above your split there are many things that affect you bottom line that you should give careful consideration.

For example, if you have a 6-10% franchise fee then that affects your bottom line, ask yourself, "What does my current franchise offer me?" Is it worth up to 10% of my income? If I changed companies, would I get up to a 10% raise on every transaction just because there was little to no franchise fee? (That's more than most cost of living raises given by major corporations.) So if the answer is yes, then you might need to consider a change. Look at every aspect of a transaction and apply that same formula and ask yourself that same question. Write your results down so you have something so that you have something to compare. I have a great formula for doing this. Let me know if you want it.

Is listing and selling real estate your only income stream within the company you currently work for? Many companies have additional ways agents can earn income. Some real estate companies have their own mortgage companies and all their agents can work for their broker's mortgage company. They earn additional money from the financing side. Ours does and it's really nice to get an extra dollar in a transaction. Some companies offer sponsoring (recruiting) bonuses. Most are pretty worthless but some give you the chance to make as much as 10% of the gross commission income per transaction on every agent you sponsor into the company. (Example $300K sale-$9000 GCI = $900 sponsoring bonus) That's a really great aside for those months your own pipeline runs dry. Some companies offer profit sharing but you've got to be really careful because in a down market there are NO PROFITS to share.

Does your company offer a retirement plan? For most real estate agents, when they make their last sale they've earned their last dollar. Frankly, I don't want it to end so abruptly.

Does your company offer a full time in-house closer at little to no cost to you? This can be huge. Using automation (Google docs and Google calendars) along with an in-house closer, you can focus on what you do best, Listing, Selling, Mortgages, and Sponsoring. For my partner and me it saves the cost of a personal assistant. (That's pretty huge too!) If you are going to do some serious numbers you can not do all the paper work yourself. Remember the old adage "Never busy the quarterback passing out the Gatorade."

You are the star of your own business! That really means you wear two hats. As Realtors, we tend to love to wear the star hat but not so much when it comes to the businessman's hat. That's why I urge you to sit down now and wear the businessman's hat for about a day. Then as a well informed businessman with a plan you can focus on keeping your star performer happy. I know it's kind of split personality approach but it minimized the time you have to spend being the businessman and maximizes your time as "the star". (Star = Fun)

Interview with other companies! Yeah I said it! It's good for your soul. Find out what the market has to offer. When I said this to an associate of mine, she said with a taken aback gasp, "But I love our broker!" My answer was, "I do too! But I love my family more and their welfare is more important!" I also told her that not only should she shop around but before her interviews, make sure our broker knew she was going to interview and tell him why. That way you don't have to sneak around. When I interview a company I want to walk in the front door and say "Hi" to everyone I know. I'm not the backdoor kind of guy. If that company makes me an offer I can't refuse then so be it. If not then I'm well in formed. Nothing wrong with that!

I know what I do for my company because I set my goals for the year and then I go back and evaluate them at the end of each year. I also know what my company is doing for me currently for the very same reasons; I set and evaluated my goals. With my new next level approach, I now know what the other companies in my market place can do and are willing to do for me.

Only as an informed agent can you ever ask your broker for more than just a commission split raise. Guess what? Most of them are much more practiced at saying "NO" than you are at asking. Can your current company do more for you or better yet are they wiling to do more for you?

After checking it out and talking (negotiating) with my broker, I know, my partner and I are sitting pretty for 2009. Are you? "Ask not what you can do for your company in these down times. (You should already know.) But instead ask what your company is doing for you." How's that for a spin on JFK!

In Oklahoma, as we move into December, it seems like an odd time to be talking about swimming pools but on December 18, 2008 the Virginia Graeme Baker Act goes into effect. Until two weeks ago I had never heard of this new law that is about to affect everyone involved with swimming pools. The law has to do with drains and drain covers on new and (here's the kicker) existing pools. Originally, the concept was for commercial pools but according to the Oklahoma County Health Department, when the law was published residential pools had been included. Failure to comply with the new law carries a rather hefty fine of $15,000,000. Yes, I did say $15,000,000. This is according to Oklahoma County Health Department.

The law was designed to help prevent injuries and drowning due to the suction created at the drain cover. Most notably children have been sucked down against the drain held there and either have been severely injured or drown. After speaking with several pool companies as well as the Oklahoma County Health Department, these are a few things I have learned about swimming pools in the last few weeks. The entire contents of a swimming pool is typically recirculated every two and half hours, that means that the water flowing threw the pools filtering lines are moving at about two hundred miles per hour. To the best of my knowledge the requirements for compliance with the Virginia Graeme Baker Act are that there be at least two drains a minimum of three feet apart. Each drain must have the new drain covers approved under the act. There could also be a breaker switch required that trips the power if the drains becomes blocked for any reason.

If the powers that be truly enforce this law on a local residential level, it could of course mean extra cost in the sale of a home with a pool. In the Edmond/Oklahoma City metro area pool inspections are separate from the whole house inspection, so there would be an added cost to the buyer to make sure the pool was compliant. There would be the cost of bringing the pool up to code. That could be a buyer or seller's expense but most likely it would be that of the seller. It would also change our disclosures because currently they don't include the Virginia Graeme Baker Act.

I was told by more than one pool company that at the seminars being held by the Oklahoma County Health Department they are being told they are suppose to report any pool they come across that is not compliant and pool and its owner will be registered in a federal data base. What does that mean?? There are federal data bases on everything.

How would this new law affect "for sale by owners"? In Oklahoma "For Sale by Owners" are not required to fill out disclosures. Would they be responsible for the $15,000,000 fine, if the pool was not compliant? Any if so for how long?

I would really appreciate your thoughts and comments.

View the full law at: http://www.janetholtrealestate.com/local.cfm?ID=19180