August 2012-Issue 38

Great Things are Happening.….…….……………….……Pg. 2

Leads Management Myths……….….….…….……….……Pg. 4

“E” Real Estate Words….……….……..……………..….……Pg. 11

Key to Success…….……………..……………….…….……….…Pg. 16

In this issue of the Allison James Estatesand Homes eMagazine I would like toshare with you all the exciting advancestaking place within Allison JamesEstates and Homes.First let me share with you that in justthe last year the Gross CommissionIncome ( GCI ) of the Realtors withAllison James Estates and Homes wentfrom a little over $6 million to $22 million( no other brokerage in the countryachieved this ) and the revenue forAllison James Estates and Homestripled in just the last year.As of a result of this explosive growthwe have been implementing programsthat we feel will benefit both our Brokersand Realtors.As I shared with you last month Matthewand Jessica are now in charge ofrunning Allison James Estates andHomes of North America, and in fact arein the process of acquiring Ginger’sinterest and my interest in Allison JamesEstates and Homes. I guess they don’twant to wait to inherit it!!!! LOL. I willremain as Chairman of the Board overthe next 10 years.You are already starting to see some ofthe great additions of services thatMatthew and Jessica are adding to thecompany. Jessica and Jill Lemonshave brought many neededimprovements to the recruiting andRealtor Relations Department. We havegrown so much and Ginger was so

buried with everything we had going onthat these are all welcome advances toour Realtor Relations Department.I will also be concentrating on buildingAllison James International so we trulybecome a Global company, and Gingeris concentrating on all the othercorporations she and I own.Matthew and Marc are about to roll outa new program for the Brokers that notonly will triple their income even more,but is designed to attract the top brokersin their country. I got a sneak preview ofit last week and I was salivating afterreviewing it. It makes me want tobecome a Broker again. As we sharedwith the Brokers at the NationalConvention last year; this year we areconcentrating on what we can do tomake all our Brokers hundreds ofthousands of dollars a year in income.We are committed to that endeavor.This program will also attract severalthousand more Realtors to AllisonJames Estates and Homes and AllisonJames Elite.Another item I need to address is thenew Transaction Desk Program. I knowwe promised that we would deliver it toyou on January 1st of this year, and weknow that it is now 8 months behindschedule. Let me assure you, no one ismore frustrated with the delay than thecorporate office. Matthew is the mostpatient of all the corporate officers andeven his patience has been severely

tested. We guarantee you we will dowhatever it takes to deliver to you a newand improved Transaction Desk Programin the very near future.Did you know that of the 43,000brokerages in the United States only 95do a billion dollars a year in business;and Allison James Estates and Homeswill achieve that milestone in their 4th

year of operations? The players in ourindustry are flabbergasted at our growthand success.I want to personally thank each andeveryone one of you for all your effortsand professionalism in helping us toachieve these lofty goals.

is the founder and CEO of

Estates and Homes.

We have had several recent caseswhere Realtors on the other side haveclaimed that we stole their clients,claiming they were the procuring cause.As most of you know these charges arenormally brought by inexperiencedRealtors or Realtors that do not do muchbusiness and fail miserably at providingcustomer service.

When these charges are brought beforean arbitration committee of your localboard, in order to win the case it isincumbent upon you to document,document, and then document somemore.

You should have a binder andcategorized file for every member of thearbitration panel. Every email should becopied, logged, and placed in the file,all contracts and counter offers shouldbe in the file, every text message should

be in the file. If you’re really on top of it;you would have logged every phoneconversation, and at the end of thephone conversation make notes as towhat the conversation consisted of. Youshould have copied the relative statutesfrom the Code of Ethics and Standardsof Practice, and have them in the file,plus any local board statutes that mayapply.

I have won every case that was everbrought against my license and theRealtors under my license for the past40 years. The reason for this is that Ialways had the best documentation.

The other Realtors would usually havea file half an inch thick with just thecontracts and a lot of he said she saidcomments. I would have a 3 inch thickfile, well organized, labeled, color

coded, with copies for every panelmember.That alone set the tone for the hearing.Particularly, when the other Realtorwould do a "she said, he said argument"and I could say to the panel, “If youwould please turn to page 18 undersection C, paragraph F, you will seewhat actually took place at that time.”

We always win. So DOCUMENT,DOCUMENT, and then DOCUMENTsome more!!!!!

is the founder and CEO of

Estates and Homes.

By James Crumbaugh III / CEOGreat Things are Happening!!!!

By James Crumbaugh III / CEODOCUMENT – DOCUMENT

By James Crumbaugh III / CEO

How to Triple Your Social SecurityNotes from the Coast

You can take it from one who isintimately familiar with Social Securitypayments that the typical worker who ismoderately successful will end upmaking somewhere around $24,000 peryear in benefits when they retire. Ofcourse that presupposes that thegovernment will still be paying socialsecurity benefits by then, but that isanother discussion …

“What does this have to do with AllisonJames Estates & Homes?” you ask. Theanswer is simple, and you don't have towork 45 years and pay lots of hard-earned money into a system that maynever pay you back. All you have to dois tell your friends and colleagues in thereal estate business about AllisonJames Estates & Homes.

“What's in it for me?” I heard someonesay. Let's just suppose yourecommended two (2) agents a year(that is one every six months) and youare going to retire at age 65 (socialsecurity will make you wait longer). Ifyou are 50 years old now, your residualincome from Allison James on thoseagents would be $9,500 per year.Suppose you were 35 years old and youdecided to really go crazy andrecommend one agent every threemonths. When you retire, Allison Jameswould be paying you $50,000 per year!Not to mention the fact that over yourcareer with us you would be making anadditional $725,550 in referral overrides!The best commission plan in the

industry … and an extra $725,000??YES!!

Here is the best part … you don't haveto do any recruiting or follow up oranything other than tell your broker orJessica about your colleague that hasan interest in our program. We'll do therest! You just continue to do what youdo best: List and Sell real estate. Wedo the recruiting and handle all thepaperwork and send you the referralchecks! Is this a great company … orWHAT?

Kenneth Moonis a California broker with

Estates & HomesHe can be reached at (800) 910-4765or kenmoon@allisonjamesinc.com

During the 30-day sales period ending July 5, approximately 211,000 homeswere sold in 98 of the top 100 metropolitan statistical areas, research firmDataQuick said Thursday.

Sales overall rose 12% from the same period a year earlier and 10.6% from2009 levels.

Home prices also went up with the median price hitting $193,000 on July 5,up 6% from a year ago and 4.3% from three years ago.

In a little over a month, the median sales price rose from $186,000 to $193,000.

The DataQuick report analyzes 66.25% of all U.S. home sales, excluding thekey markets of Louisville and Wichita.

By Kenneth Moon

By DataQuickU.S. Home Sales up 20% from last Year

The following Chart shows the %of Change in Sales from Prior Year

The following Chart shows the % ofChange in Prices from Prior Year

By RIS Mediaorder to convert a lead, you must under-stand the needs of the consumer.

• Purchase the NAR Profile of HomeBuyers and Sellers, and absorb the sta-tistics to better understand the consum-er market segment.• Interview buyers and sellers in yourmarket to find out their buying and sell-ing habits.

50% of online leads will not convert intoclients for at least 12 to 24 months. Cre-ate a procedure that offers insight intothe buying/selling process for a full twoyears.

The average real estate professionaldoes not step into the business with abackground in converting online leads.Sales managers must take a proactivestance in training sales people how toconverse and build relationships overthe phone.

• How to immediately qualify or disqual-ify a lead• How to nurture and convert a lead• Understanding what a call to action isand how to position them properly• Creating a solid campaign that in-cludes drip marketing, phone calls anddirect mail• Setting expectations on conversionrates and the time it will take from start tofinish

While we are experiencing a correction inthe market, now is a good time to cleanup leads that have been sitting in a con-tact management system. Organize,purge and get permission to email thoseleads. Build your system and create con-sistency in your communication. The on-line lead is counting on you.

Using the Internet to capture real estateleads can be an exciting way to earn newbusiness. It can also be a major under-taking for those without the training, un-derstanding or systems to manageonline lead generation.

According to NAR, 88% of consumersare researching homes online. This isbefore they ever pick up a phone orreach out to a real estate agent. Therapidly evolving online world makes itimperative that you create a system tograb and retain the attention of today’shome buyer.

If you have hired a lead coordinator,bought smart phones for your sales as-sociates and created back office sys-tems to distribute leads, you may believethat your job is done. You would bewrong. Building a successful online leadgeneration system takes time, skill andmanagement.

Shift your focus from lead generating fora moment to lead management. How areyou handling these leads and what couldyou do better? Let’s begin by overcom-ing a few myths or beliefs you might haveand find solutions that allow for betterlead management and performance.

Wrong. How you manage your incomingleads is far more critical to the successof your overall lead system. Stop worry-ing about bringing more leads in if youare not focusing on the cultivation of theleads you have.

Many real estate professionals make themistake of taking the lead, making aphone call and then tossing it aside.Cultivating a lead requires time and ef-fort. Whether the consumer is interestedin purchasing one week or one year fromnow still necessitates a system whereyou remain top of mind. Use touch point

emails and phone calls to build a rela-tionship with your potential client. Offervaluable information that positions youas the local real estate expert.

As marketers, we are always looking forthat silver bullet; the one system or toolthat will solve all of our communicationproblems. While automation is benefi-cial, it is only a complementary solutionto human interaction. As our world con-tinues to move at a faster pace than everbefore, we have the tendency as market-ers to automate everything we possiblycan. This is a huge strategic error inconverting leads.

Automatic responses and drip systemswill assist in keeping you in front of yourprospect, but will never build relation-ships the way simply picking up thephone can.

As you build your follow-up system,make sure weekly calls are part of yourstrategy. Intersperse calls with emails,direct mail and any social media cam-paigns.

The truth is; online leads can be misun-derstood because many real estate pro-fessionals are ill prepared to handlethem. They dive into online lead genera-tion with no concept of what it takes toincubate and convert this challenginglead.

For example, if a lead says they do notwant to buy for four months, the typicalsalesperson will give up after only a fewweeks. If a lead says they want to haveinformation on financing, instead ofsending articles and tips, agents set upa search and send a list of properties. In

Leads Management Myths

Sales of new, single-family homes rosenearly 20 percent year over year in May,according to a monthly report by the U.S.Census Bureau and the Department ofHousing and Urban Development.

New-home sales were at a seasonallyadjusted annual rate of 369,000 lastmonth, up an estimated 7.6 percent fromApril's revised rate and 19.8 percentabove the estimated sales rate in May2011, the report said.

Last month's sales rate was the highestsince April 2010, when sales hit an annu-al rate of 422,000. New-home sales have

been rising on a year-over-year basis foreight straight months, since October2011, according to historical data fromthe census bureau.

The Northeast saw the biggest yearlyjump in new-home sales (127.8 percent)followed by the South (16.6 percent), theWest (10.8 percent), and the Midwest(2.4 percent).

New homes sold for a median $234,500in May, up 5.6 percent from May 2011.

The seasonally adjusted estimate of newhomes for sale at the end of May was145,000, down 14.2 percent from May2011. That's a 4.7-month supply at thecurrent sales pace, down from fivemonths in April and 6.6 months in May2011. New-home inventory hit an all-timehigh of 12.1 months in January 2009.Many analysts consider a six-month sup-ply of homes an even balance of supplyand demand.

Advertise with InmanSales of new single-family homesexceeded 1 million per year from 2003through 2006, dipping below 500,000 in2008 for the first time since 1982. The306,000 new homes sold last year wasan all-time low in records dating back to1963. In an economic forecast lastmonth, the National Association ofRealtors (NAR) predicted new-homesales would rise 30.7 percent this year,to 400,000.

The new-home sale figures for May arethe latest in a recent spate of positivehousing news. Last week, the censusbureau reported an estimated 28.5percent year-over-year increase inhousing starts in May, to a seasonallyadjusted annual rate of 708,000. Existing-home sales also continued annual gainsin May, rising 9.6 percent to a seasonallyadjusted annual rate of 4.55 million,according to NAR.

Inman News 2012

Recently, the National Association ofREALTORS® was recognized with twogold Stevie Awards at the 10th AnnualAmerican Business Awards. The HomeOwnership Matters Campaign won forCommunications or PR Campaign of theYear in the Public Affairs category, andNAR’s Chief Executive Officer Dale Stin-ton won for Executive of the Year in theReal Estate category.

“Receiving these awards underscoreseverything NAR does to support our RE-ALTOR® members and ensure opportu-nities for homeownership and real estateinvestment,” says Stinton. “From our na-tionwide bus tour to our grassroots polit-ical advocacy and integrated mediacommunications, to last month’s REAL-TOR® Rally to Protect the AmericanDream on the National Mall, spearhead-ed by NAR President Moe Veissi, I’mreally proud of what the association andits REALTOR® members have accom-plished during these challenging times,and to have it recognized by a highlyregarded business group makes it evenmore rewarding.”

A record number of nominations weresubmitted this year with more than 3,000from organizations of all sizes and fromvirtually every industry. The ABAs includea wide variety of categories includingmanagement awards, new productawards, marketing awards, public rela-tions awards, human resources awards,information technology awards, web siteawards, and more.

The awards acknowledged the efforts ofNAR and REALTORS® in tackling thenation’s most critical issues and chal-lenges regarding buying, selling andowning a home, as well as addressingobstacles in the commercial investmentarena. Programs like the newly estab-lished REALTOR® Party Initiative andNAR’s national advocacy efforts on be-half of REALTORS®and the consumersthey serve demonstrate NAR’s commit-ment to effecting public policies that en-courage and support homeownershipand real estate investment.

Stinton was also recognized for hisleadership toward a number of resources

and initiatives on behalf of NAR’smembers, including the growth of theREALTORS® Property Resource – anational database of real estate propertyinformation that will give REALTORS® anunparalleled way to serve their clients –and creation of REALTOR® University, agroundbreaking educational initiativewhich offers professional developmentand continuing education in real estate.

By RIS MediaAmerican Business Awards RecognizeNational Association of REALTORS®

New-Home Sales Hit Two-Year High in MayFor-Sale Inventory drops 14.2% year over year

Like it or not, you may have noticed thatyour Facebook profile has been replacedwith the new timeline layout. While ittakes time to adapt to change, it’s impor-tant to remember that with changecomes opportunity to brand your busi-ness, generate leads and also engagepeople on a whole new level. Here areseven Facebook timeline componentsthat you will want to take advantage of.

The first thing peoplesee when they visit your page, the coverpicture is prime real estate to market yourservices, show off your personality orbuild stickiness so people want to “Like”you. While it looks like a billboard oppor-tunity, there are very specific rules andregulations regarding what can and can’tbe used as a cover photo. For instance,Facebook rules say that you can’t featurecontact information or a link to your web-site. You must also stay away from hav-ing a call to action such as “like thispage” or “get free stuff here.” One of thebest ways to maximize the cover is toblend your real estate with your personal-ity while supporting your brand. A greatexample of this can be found atwww.Facebook.com/LindaHallTeam. Besure to keep in mind that the photo sizefor the cover is 851 pixels by 315 pixels.

If you created abusiness page prior to the new layout, ithas now been moved. Prior to the newtimeline format, visitors would be direct-ed to your business page where they

may have been required to “like” thepage before being able to see the wallor possibly a special offer. Now, yourbusiness page is located within thethumbnail graphics right underneathyour cover photo.

Rightbelow your cover picture are thumbnailgraphics or apps that feature your pho-tos, likes, maps, etc. This area is yourprime lead generation section, as youcan create calls to action that focus onproviding information and capturingleads at the same time.

This is where youcan tell the story of how your businessgot started as well as share importantmoments that have been an integral partof your business. Be sure to includewhen you started your business, whatawards and designations you’ve re-ceived in addition to community spon-sorships. You can also make note ofconventions you’re attending or evenpost information regarding a home yourecently sold. When filling in your mile-stone section, take the time to includephotos that provide a brief description ofthe specific milestone.

With the newtimeline layout, you now have the optionto feature individual posts that you wantto draw attention to. To feature a partic-ular post on your timeline, roll yourmouse over the post and click the starto expand it to two columns.

Next to the star icon,you’ll see an icon that looks like a pencil,which gives you the option to “pin”posts to the top of your Facebook page.Once you pin a post, it will be featuredat the top of your wall for up to sevendays and it will be the first thing visitorssee. Be creative with this tool! A goodexample is making one of your proper-ties a featured listing of the week.

Remember, yourbusiness page should focus onproviding value to those who visit. Whileit’s great to post listings, be creativewhen it comes to sharing tips, marketcondition reports, real estate articles thatare relevant to your market, fun facts andmore. In addition to posting consistently,be sure to take advantage of photos, asstudies show that posts including aphoto album or picture can generate twotimes more engagement among users.

By RIS Media

Realtor.com Business Beat—Today’sconsumers are utilizing the Internet andhandheld mobile devices more than ev-er, so understanding and learning howto effectively follow-up with and closemore online leads using these technolo-gies is more important than ever beforeas well.

Almost 90% of consumers used the In-ternet as part of their search in 2011, and40% of consumers actually purchased ahome they found online.Today’s consumers are utilizing the In-ternet more than ever, and it’s extendingfar beyond the traditional desktop.

Handheld mobile devices have changedthe way consumers access the web dra-matically, and in turn, this shift has also

changed the way today’s real estateagents need to follow up with leads andinquires they receive online.To help agents follow-up more effectivelywith online inquiries from these new ultra-connected consumers, we’re sharing aguide to, “Responding, cultivating & con-verting online leads.” This powerful freeguide is designed to give real estateprofessionals a set of tips and best prac-tices that help them more effectivelycommunicate online consumers to helpincrease Internet and mobile lead con-version.

By RIS Media

Maximize the New Facebook TimelineMarketing Massaging: 7 Ways

Learn How to Close More Online Leads

Clear Capital®, a premium provider ofdata and real estate asset valuation,investment and risk assessment, hasreleased its Home Data Index™ (HDI)Market Report with data through June2012. The HDI Market Report uses abroad array of public and proprietarydata sources providing the most timelyand relevant analysis available. Meth-odology details are on page seven ofthis report.

Report highlights include:

�June saw further support for a housingprice recovery in sustained momentumwith broad-based advances.

�The nation’s home prices reboundedwith quarterly and yearly gains of 1.7percent.

�Regional performance improvedacross the board.

�The West led the regions in pricerecovery and forecasted growth, offeringinsight to the next chapter of recovery.

�The Midwest gained ground over therolling quarter, recovering from thepersistent price declines over the lastyear.

�Home price forecast through 2012shows continued growth for the nation,regions, and a majority of the top MSAs.

June home price trends provided fur-ther evidence that housing has turnedthe corner, with the momentum of therecovery picking up speed,” says Dr.Alex Villacorta, Director of Researchand Analytics at Clear Capital. “Pricescontinue to climb at the national level,with each of the four regions showingimprovements over last month. TheWest continued as the front runner interms of overall market correction, withgrowth branching out from the low tierto mid and higher priced homes. See-ing price growth expand to other sub-markets is a key step in the evolution ofthis recovery. Even the Midwest startedto catch up to the other regions, shed-ding the drag of recent declines.“Looking forward over the rest of 2012,we expect to see national, regional, andmost metro markets improve by varyingdegrees. And while it’s encouraging tosee broad based advancements cou-pled with positive forecasts, we remain

cautiously optimistic. The currentstrength in housing fundamentals re-mains vulnerable to domestic and glob-al economic challenges,” Villacortaadds. “But right now the market is thestrongest it’s been since the start of thedownturn, and barring a major eco-nomic meltdown, we expect to see thisorganic growth sustain and strengthenthrough the end of the year.”

Year-over-Year Prices: Improvingand Expected to Grow Through 2012

National home prices appreciated by1.7 percent over the previous year,picking up notable momentum over lastmonth’s marginal gains of 0.1 percent.The progress is expected to extendover the second half of 2012, with addi-tional growth of 2.5 percent forecastedthrough the end of the year. The currentand future expected growth at the na-tional level is a direct result of broad-based regional gains increasing in mo-mentum, coupled with progress ex-panding across sectors, as seen in theWest.Falling in line with short term trends, theWest made the largest contribution tonational gains over the last year, post-ing annual price advances of 4.1 per-cent. The superior performance, fueledby expanded gains across price tiers, isexpected to continue through 2012 withan additional 5.75 percent growth overthe next two quarters.

Meanwhile, Northeast home pricestacked on 2.3 percent over the lastyear. This region, having experiencedmoderate yearly growth over the lastnine months is also expected to seeadditional gains of 1.8% through theend of 2012.The South saw prices inflate 1.5 per-cent over the last year, an improvementover the annual growth of 0.9 percentshown in last month’s Market Report.The accelerating trend is expected tocontinue, with the South forecasted tosee home prices notch up another 1.9percent by year’s end.Certainly the Midwest made improve-ments in long term price trends, but justmissed turning a gain with year-over-year losses of 0.6 percent. Although theregion continued to see prices slide,the losses tapered significantly over the

previous month’s declines of 3.1 per-cent. And the correction should contin-ue, with projected gains for the Midwestof 1.1 percent for the last half of 2012.While the shift in long term trends forthe Midwest has yet to create tailwindsfor the national performance, the previ-ous drag associated with continuedlosses has been alleviated.

MSA Market Analysis and Forecast:Far More Metros Advancing than De-clining

The top 50 metro markets generallymade positive headway in June. Thelarge majority of markets saw quarterlygains, while only seven markets sawprices slide. Of those markets that post-ed quarterly losses, only four saw de-clines greater than 1.0 percent. Andwhile this recovery will continue to takeplace market by market, the relativelymoderate losses among this group areencouraging.The remaining 43 MSAs turned outgrowth over the last quarter, with aver-age gains of 3.0 percent doubling therate of average declines. Additionally,10 of the 43 advancing markets sawquarter-over-quarter price growth ex-ceed 5.0 percent, providing evidencethe recovery is also picking up steamon a metro market level.Columbus, OH, posted double-digitgains of 13.0 percent, but it’s worthnoting that gains alone don’t tell thewhole story behind this market’strends. Volatility for Columbus, OH istypical; having seen 14 quarterly priceswings greater than 5.0 percent sincethe start of the downturn in 2006. Alsoworth considering is the relatively lowmedian price-per-square-foot of $69, ascompared to the national median price-per-square-foot of $105. Given the lowprice point, seemingly small shifts inprice trends can have larger effects onpercentage changes. While the growthfor Columbus, OH is notable, chancesare these trends won’t be lasting.Phoenix, on the other hand, has been amarket showing consistent signs ofstrength for the past 10 months. Withcurrent quarterly growth of 8.7% andannual gains of 20.4 percent, the posi-tive trends in this market are supportedon a more sustainable basis.

By RIS MediaFurther Evidence of Budding RecoveryProvided with June Home Prices

Wouldn’t it be great to always be moti-vated to market your business? Imaginefor a moment what it would feel like toknow that you could instantly changeyour mind set to something positive andproductive.

In my 15+ years of coaching real estateagents to double and triple their in-comes, I have found these tips to bemost helpful:

For example, are you a night person or amorning person? Take advantage ofyour biorhythms to increase your pro-ductivity. If you’re a morning person,take the most challenging task and do itfirst thing. On the other hand, if you findyourself getting revved up at night, thenthat’s the time for you to do your creativework.

It’s better to take “imperfect action” thanno action. Trying to be a perfectionistonly paralyzes you. Start to identify be-liefs like, “I have to be perfect to be okay”or “Everything I do has to be perfect”.Once you realize that perfection doesnot exist make this your mantra instead:“I am perfectly imperfect like everyoneelse.” Notice how that new belief propelsyou into action and even allows you per-mission to make mistakes. Instead oftrying to be perfect, entertain the ideathat all you have to do at any givenmoment is “your best.” Simply make ityour intention that you always do yourbest and focus on the service you aregiving to others.

If the idea of making 20 cold calls this

morning makes you freeze, then giveyourself a break. Five calls this morningand another 5 tomorrow is OK. Once youbreak down a big task into little ones,then it doesn’t seem so hard. Focus onthe one small goal, not the larger one.Every marathon begins with one step.

If you find yourself ruminating in a nega-tive direction about what could havebeen and what might have been, thenyou need to intervene on your own be-half. Simply say “STOP” and switch yourfocus. Take a deep breath andput in a positive new thought.There is always something to bepositive about. Here are someexamples of positive newthoughts:

• “I have a valuable service tooffer and people are happy tohear from me”• “I am an irresistible magnet formy ideal clients”• “I am a money magnet”

NOTE: Watch your energy in-crease from this one techniquealone.

If you have a moment of self-doubt, and you have a hard timeremembering what makes youan expert, then read your “fan”mail. Keep a folder from yourformer clients of all the waysthey appreciate you. Look atthat folder, and read the testi-monials to be reminded of howgood you are.

Tip: If you don’t have an over-flowing fan mail folder, get start-ed right away. Wheneveranyone tells you what they ap-preciate about you, write itdown. If you want to turn it into atestimonial letter, just get theirpermission to write down every-thing they say. Be proactive; askfor the referral or testimonial in-

stead of leaving it to the client.

Here’s a tip: Avoid negative news, andinvest in motivational CDs and DVDs thatinspire you.

Here’s a possible list:1. The movie: “The Secret”2. The CDs: “The Missing Secret”3. Jack Canfield’s “Principles of Suc-cess”

I know these tips will be extremely helpfulfor you to quickly switch to a positivemind set at a moment’s notice.

By RIS Media

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Tips for an Instant Attitude Adjustment

You might recall the scandalous findingsby the Treasury Department's InspectorGeneral that the Internal RevenueService sent $7,500 and $8,000 first-timehomebuyer tax credit checks tothousands of people who simply askedfor them between 2008 and 2010, withno documentation showing they wereeligible or had even purchased a house.Among the recipients: hundreds ofprison inmates, kids as young as three,and dead people.Now investigators from Congress'swatchdog agency, the GovernmentAccountability Office, have turned up anew scandal, but this one involvesthousands of people who improperlypurchased homes using FederalHousing Administration (FHA) mortgageinsurance and obtained tax creditsdespite the fact that they owed what wasoften significant amounts of back taxesto the IRS.In a report to Congress last Thursday,the GAO said FHA insured more than$1.44 billion in mortgages for 6,327borrowers who owed nearly $78 millionin unpaid taxes to the IRS.Of these, 3,815 also received a total of$27.4 million in first-time buyer credits.The average mortgage amountapproved to these borrowers by FHAwas $352,309 -- much larger than typicalbecause the American Recovery andReinvestment Act of 2009 temporarilyraised the maximum size mortgagesFHA could insure to $729,750 in somehigh-cost markets.Federal rules specifically prohibit FHAfrom insuring loans to borrowers whohave outstanding federal tax debts ontheir records. Strange as it may sound,however, the rules did not prohibit theIRS from sending out housing tax creditchecks to individuals who were alreadydelinquent on their income taxpayments, and whom the IRS couldeasily identify.Complicating things further, it turns outthe tax debtors who got extra-large FHAmortgages to buy houses were far morelikely to end up in default, potentiallytriggering claims against FHA'smortgage insurance funds. As of last

September, according to the GAO, 32percent of the mortgages extended toborrowers with unpaid tax bills wereseriously delinquent on their payments,compared with 15.4 percent of otherFHA-insured loans. These borrowerswere also more than twice as likely togo into foreclosure -- 6.3 percent versus2.4 percent. The aggregate FHAinsurance written on their loans wasabout $45 million.The GAO noted ominously that "FHA'srisk from insuring tax debtors is unlikelyto be limited" to the cases uncoveredby investigators. Since the GAO studywas limited to borrowers assisted underone or both of the two housing benefitsprovided by the 2009 stimulus law --extra-large loans and tax credits -- andsince FHA uses identical methods toinsure (all other) mortgages as the oneshighlighted by the investigation, "it isreasonable to assume that someportion" of FHA's total volume is goingto borrowers who are tax debtors.The GAO attributed the erroneousinsurance of mortgages to"shortcomings" in FHA's rules requiringlenders to pull credit reports and use aproprietary Department of Housing andUrban Development (HUD) database toidentify delinquent taxpayers and rejecttheir applications. Among theshortcomings: The agency's "policiesrequiring lenders to investigate (taxliens) … are unclear and may bemisinterpreted." The lenders interviewedby GAO "believed they were incompliance with FHA policies whenthey provided FHA-insured loans toapplicants with tax liens, but FHAofficials indicated otherwise," said thereport.Put another way: We have no idea howmany tax debtors are slipping throughthe system and getting FHA insurancein violation of federal rules. And sinceit's clear that tax-delinquent borrowersdefault and go to foreclosure at muchhigher rates than other borrowers, thegovernment has no idea how big a hitFHA's insurance fund might be takingas a consequence.To help cut the losses, GAOrecommended that HUD and the IRSjointly develop better procedures toidentify tax debtors applying for FHAloans. It also called on FHA to improveits current guidance to lenders.In response to the study, acting FHAcommissioner Carol J. Galante said thatshe generally agrees with therecommendations and will seek toclarify the agency's guidance on thesubject. But Galante added that acomplicating factor is "the strict

confidentiality associated with taxinformation," which makes the"disclosing of delinquent tax debt"difficult, and can "lead to the issuanceof FHA loans (to) borrowers whosedelinquent tax debt is unknown to theFHA and the lender."Meanwhile, it appears that thousands oftax-delinquent borrowers have receivednot only federal tax credits of up to$8,000, but low down payment FHAmortgages with extra-large balances.These same folks, in turn, are rackingup defaults and foreclosures that drainFHA's insurance coffers and force theagency to raise insurance premiums on-- you guessed it -- everybody else.

Inman News 2012FHA insured $1.44 in loans to tax deadbeatsHomebuyers who owed IRS more likely to end up default

Realtor.com Business Beat—Its’coming, and you need to be pre-pared: Consumers are beginningto choose agents based on pub-lished reviews and recommenda-tions – and REALTOR.com® isgiving every REALTOR® a freetool to help them gather recom-mendations and post them.

These reviews from past clientscan help you stand out with poten-tial customers on sites likeREALTOR.com ®, Facebook andLinkedIn, and the free tool fromREALTOR.com® lets you start col-lecting recommendations andposting them in minutes! Plus, thetool is available for ALL REAL-TORS®, free of charge, and evenallows you to approve and editrecommendations before they golive.

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� Create a recommendation en-gine by simultaneously postingto REALTOR.com®, Facebook,LinkedIn, Twitter and other ma-jor sites.

By RIS Media

Consumers Are UsingOnline Recommendations

to Pick Agents!!

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Do you feel like the Lone Ranger?Managers and owners: It can be a lonely world,

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Awesome program, I feel like I'm nowgetting to the point where it's "real" inthe sense that I'm working with it andmaking it my way of working.

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ü Earnest money – A sum of money orother consideration given by a pro-spective purchaser as a deposit orpartial payment as evidence of goodfaith in conjunction with an offer topurchase real property rights which ifaccepted will become part of thedown payment.

ü Easement – A limited right, privilegeor interest to a specific use, privilege,benefit or control purpose which oneparty has been granted in the land ofanother party and which runs with theland and is not a personal right of anindividual.

ü Easement appurtenant – An ease-ment which is annexed to the owner-ship of one parcel of land that allowsone party the use of his or her neigh-bor’s land and which when is the titleis transferred to another party runswith the land. Also know as an appur-tenant easement.

ü Easement by condemnation – Aneasement created by the governmentor a governmental agency throughthe exercise of its rights under emi-nent domain.

ü Easement by necessity – An ease-ment granted by a court because ofthe necessity to give the right of in-gress and egress over a grantor’sland so as to permit the full enjoy-ment of a real estate parcel.

ü Easement by prescription – Aneasement acquired by continuous,open, notorious and hostile use of aproperty for a period of time pre-scribed by law.

ü Easement in gross – A personaleasement which does not run withthe land and therefore does not gettransferred by a conveyance of title.

ü Easy money – A financial situationthat occurs when lenders have anabundance of funds available forlending and loan terms are favorableto borrowers.

ü Eaves – The lowest part of a roof thatprotrudes or hangs over the exteriorwalls.

ü Economic base – The major eco-nomic support of a community.

ü Economic base analysis – A tech-nique for analyzing the major eco-nomic supports of a community whichis used to help predict population,income or other variables having anaffect on real estate value or land use.

ü Economic goods – The goods thathave scarcity and utility that providedesired services but which are notsufficiently abundant to be free.

ü Economic life – The period of timethat is usually stated in years fromconstruction or acquisition duringwhich an improvement will add valueto the land or will be depreciated fortax purposes. See also Remainingeconomic life.

ü Economic obsolescence – A loss invalue due to factors outside the prop-erty lines of the subject property thatadversely affect the usability and val-ue of the subject property or its actualor potential income and which is al-ways considered incurable. Also

known as Social obsolescence andEnvironmental obsolescence.

ü Economic rent – The reasonableamount of rental income that a prop-erty could expect to command if itwere available for rent at the time ofits valuation.

ü Economics – The allocation ofscarce resources.

ü Economy – The efficient use of re-sources with an eye to productivity.

ü Effective age – The number of yearsof age that is indicated from the con-dition of the improvement rather thanfrom its actual chronological age.

ü Effective date of value – The specif-ic day to which the conclusion ofvalue applies.

ü Effective demand – The desire forproperty backed up by the actualability to buy it.

ü Effective gross income – The grossincome of a property less an allow-ance for vacancy and bad debts.

ü Effective gross revenue – A meth-od to determine income, less an al-lowance for vacancy, possiblecontingencies and typically collectionlosses but before any deductions foroperating expenses have been taken.

ü Effective interest rate – A state-ment as a percentage of interest thatis actually being paid by a borrowerfor the use of the money as distinctfrom the nominal or named interestrate.

ü Egress – A way out, an outlet or anexit. See Ingress.

ü Ejectment – A legal action broughtto regain possession of property andto remove a party who is not legallyin possession.

ü Elasticity – The ability of the realestate supply to respond to priceincreases over a short period of time.

ü Elevation – A drawing showing theexterior sides of a building includingthe type and placement of windowsand other openings such as doors,dormers, vents and skylights as thebuilding will appear when completed.

ü Elizabethan or half timber style –An English-style, 2 or 2 ½ storyhouse, often with part of the secondstory overhanging the first with lessstone work and less fort like than aTudor and where stone and stuccowalls with half timbers are quite com-mon.

ü Ellwood technique – An appraisaltechnique used to estimate the pres-ent value of mortgaged income prop-erty where the appraiser determinesand discounts to a present value theannual cash flow to the owner andthe expected resale proceeds which

E

By RIS Mediaare added together to obtain the equityvalue, which gets added to the mort-gage balance to offer a property valueestimate. The late L. W. Ellwood creat-ed capitalization rate tables that speedup this process.

ü Emancipate – A release by a court thatsets a child free from his or her parentalcontrols which grants legal capacity orcompetency.

ü Emancipated minor – An under ageperson who has been legally set free bya court from his or her parental controlor supervision

ü Embezzlement – An illegal act involv-ing a fraudulent conversion of another’spersonal property by the party to whomit had been entrusted with the intentionof depriving the owner of it and whichusually involves a violation of fiduciaryduties.

ü Emblements – The annual crops thatrequire care which are being grown ona property and are usually consideredto be a possession of the tenant.

ü Eminent domain – The right of thegovernment found in the 5th Amend-ment to the Constitution to take private-ly owned property for necessary publicuse under condemnation proceedingsupon payment of just compensation.Also see Condemnation.

ü Employee – A person who works asthe direct control of an employer hold-ing employee status and for whom theemployer must withhold income andSocial Security taxes from his or hercompensation. See Independent con-tractor.

ü Employment contract – A documentserving as evidence of a formal employ-ment arrangement between an employ-er and an employee or between aprincipal and an agent which in realestate normally shows up as a manage-ment or a agreement listing.

ü Empty nesters – A married couplewhose children have established sepa-rate households and who frequently areseeking to reduce their amount of hous-ing space.

ü Enabling act – A state statute thatprovides a legal basis for zoning codesor other local governmental actions.

ü Encapsulation – A method of control-ling an environmentally hazardous sub-stance contamination by sealing it off.

ü Encroachment – An unlawful intrusiononto the adjacent property of another ofreal property improvements such as apatio, a wall or a fence that overlapsacross the property line and which re-duces the value of the property intrudedupon.

ü Encumber – The voluntarily or involun-tarily placing of a lien or a charge onland or property thus limiting its use.

ü Encumbrance – Any right or claim up-on land held by a party other than theproperty owner which affects or limitsthe fee simple title or the value of theproperty and which are divided into twotypes: monetary liens like mortgages,deeds of trust, mechanics’ liens, localtaxes, assessments, judgments, at-tachments, etc. and non-monetary likedeed restrictions.

“E” Real Estate Words

ü Endorsement – 1. The act of signingone’s name. 2. An addition to or mod-ification of an insurance policy whichexpands or changes coverage of thepolicy.

ü Energy efficient – An indication ofthe existence in buildings of extrainsulation, weatherproofing and orspecial features and equipment de-signed to reduce the cost of energyfor heating, cooling and heating wa-ter.

ü Enforceable – A contract or agree-ment under which either party can becompelled to perform by a court oflaw or equity.

ü English architecture – A design oflarge stone houses having Elizabe-than or Tudor characteristics or ofother English styles which frequentlyhave slate shingles on gabled roofs,mullioned casement windows andwainscoted interiors. Authentic Eliza-bethan houses had exposed timbersbetween which there was plaster orbrick mortar as the structural framealthough today the half-timbering ispurely decorative.

ü Entrepreneur – A person, who envi-sions, organizes, operates, managesand assumes responsibility for abusiness.

ü Environmental Assessment, EA –A study of land which considers ev-erything from endangered species toexisting hazardous waste to historicalsignificance which is made to deter-mine if there are any unique environ-mental attributes and to see if anEnvironmental Impact Report, EIR isneeded or not.

ü Environmental Impact Report, EIR– A study of how a development willaffect the balance of nature of its sur-roundings.

ü Environmental obsolescence –See Economic obsolescence.

ü Environmental Protection Agency,EPA – A U.S. governmental agencythat was created to enforce federalpollution reduction laws and to imple-ment various pollution preventionprograms.

ü Equal Credit Opportunity Act,ECOA – A federal law that prohibitsdiscrimination in the extension ofcredit due to race, color, religion, na-tional origin, sex, age or marital sta-tus.

ü Equality of economic opportunity– A state of being in which all peoplehave equal chances for the samejobs at equal pay, regard-less ofrace, creed, color or sex.

ü Equalization – The raising or lower-ing of assessed values for tax pur-poses in a particular county or taxingdistrict to make them equal to as-sessments in comparable counties ordistricts. See Equalization factor.

ü Equalization factor – A numeric fac-tor by which the assessed value of aproperty is multiplied to arrive at avalue for the property that is in linewith statewide tax assessments andon which the ad valorem tax is based.

ü Equilibrium – The static pointsomewhere around the middle ofthe life cycle of a property where thepeak of value is reached.

ü Equitable conversion – A legalprinciple in some states which, un-der a sales contract, buyers andsellers are treated as though theclosing had already taken place inthat the seller is in possession buthas a legal obligation to continue totake care of the property for thebuyer. See Equitable title.

ü Equitable lien – A lien granted bythe court as a result of a legal actiontaken rather than as a result of stat-ute. See statutory lien.

ü Equitable mortgage – A legal doc-ument that although it is not techni-cally a mortgage still encumbers aproperty due to the existence ofsome legal error.

ü Equitable right of redemption –The right of a property owner who isin default to recover his or her prop-erty prior to its final sale by payingall appropriate fees and charges.

ü Equitable title – A future right thatexists in equity to obtain absoluteownership of property that a courtwill take notice of even though thetitle is held in the name of anotherparty.

ü Equity – 1. A branch of remedialjustice based on fairness, ratherthan strict interpretation of statutesby and through which relief is afford-ed to suitors in courts of equity. 2.The interest or value which an own-er has in real property over andabove any liens against it. 3. Anyownership investment in stocks,bond, real estate, etc. as opposedto investing as a lender in bonds,mortgages, etc.

ü Equity build-up – The increase ofowner’s equity in property due to thereduction of the mortgage principaland appreciation in value.

ü Equity funds – The capital investedto gain a residual ownership interestin property.

ü Equity interest – The amount of thevalue or total combined worth of aproperty minus any debts outstand-ing against it which may be estab-lished from a cash down payment,the property’s debt amortization orany property value appreciation.

ü Equity justice – The value of theproperty owner’s interest exclusiveof the encumbrances on the proper-ty.

ü Equity of redemption – The inter-est that a debtor has in real propertyprior to foreclosure. See Right ofredemption.

ü Equity participation – A mortgagetransaction in which the lender inaddition to receiving a fixed rate ofinterest on the loan acquires aninterest in the borrower’s real prop-erty and shares in the profits de-rived from the income or upon thesale of the property.

ü Equity participation loan – SeeCo-venture loan.

ü Equity sharing – A contractual ar-rangement between an owner-occu-pant and a non-occupying investor topool money to buy a home.

ü Erosion – The gradual wearing awayof the ground surface by the act ofwater, wind or glacial ice.

ü Errors and Omissions insurance,E&O – A protection for an insuredparty against the liability for profes-sional mistakes in business dealingsor for malpractice.

ü Escalation – The right reserved by alender to increase the amount of thepayments and/or interest upon thehappening of a certain event(s).

ü Escalator Clause – A contractualclause that provides for the upward ordownward adjustment of certain items,often rent, which is used to cover spe-cific contingencies such as increasedtaxes or maintenance and which isusually tied to a named index or event.

ü Escalator mortgage – A loan thatallows for changes in the interest ratewhich are normally linked to specificmoney market or other identifiablerates after a specific period of time.

ü Escape clause – A contractual provi-sion that permits one or more of theparties to cancel all or part of the con-tract if certain events or situations door do not materialize such as a mort-gage loan approval.

ü Escheat – An interstate conditionwhere property reverts back to thestate when an owner dies leaving nolegal heirs, devisees or claimants ca-pable of inheriting it or no heirs can befound.

ü Escrow – An independent neutral thirdparty which acts as a disclosed dualagent for a buyer and a seller or for aborrower and a lender to carry out thewritten instructions of both parties andto disburse documents and funds oncethe specified conditions have beenmet and to record all necessary deedsand/or other recordable instruments.

ü Escrow account – See Trust account.ü Escrow agent – A neutral third party

who holds something of value such asfunds from a grantee or a deed from agrantor in trust for another or othersuntil all of the conditions of the contracthave been met.

ü Escrow contract – An arrangementthat is entered into when earnest mon-ey is deposited into an escrow accountbetween a buyer, seller and escrowholder that sets forth the rights andresponsibilities of each party.

ü Escrow instructions – A documentsetting forth the duties, requirementsand obligations of all parties includingthe escrow agent involved in a trans-action being closed by escrow.

ü Estate – 1. The degree, quantity, na-ture and duration of interest, share,right, equity of which riches or fortunemay consist and which a person holdsin real property such as a life estate,etc. 2. A large house with substantialgrounds surrounding it which gives theimpression that it belongs to a wealthyperson.

By RIS Media“E” Real Estate Words

By RIS Mediaü Estate at sufferance – An estate

arising out of a tenant wrongfullyholding over after the expiration ofthe term where the landlord has achoice of evicting the trespassingtenant or continuing the tenancy un-der conditions similar to the tenant’sprevious terms. Also known as a Ten-ancy at sufferance.

ü Estate at will – The occupation ofland and its improvements by a ten-ant for an indefinite or unspecifiedperiod which can be terminated byeither party with or without noticedepending on the state. Also knownas a Tenancy at will.

ü Estate by the entireties – See Ten-ancy by the entireties

ü Estate for life – See Life estate.ü Estate for years – A leasehold inter-

est in land created by a lease con-tract for a definite, specified andlimited period of time of possessionwhich may be for one year or lessand for which notice to terminate isnot required.

ü Estate from period to period –Aleasehold interest in land where therent is set at a certain amount perperiod which could be a day, a week,a month or a year and where there isno definite or established terminationdate and for which notice to terminateis required. Also called a Periodictenancy.

ü Estate in expectancy – A classifica-tion of estates when possession willbe at some future time as to times ofenjoyment.

ü Estate in Fee – The holding of afreehold estate or the most completeform of real property ownership inter-est possible and one which can bepassed by descent or by will after theowner’s death. Also known as Estateof inheritance or Fee simple estate.

ü Estate in land – The degree, quanti-ty, nature and extent of interest aparty holds in real property

ü Estate in possession – A classifica-tion of estates when possession ispresent as to the time of enjoyment.

ü Estate in remainder – A future inter-est given by the grantor to a thirdparty to take effect upon the termina-tion of a life estate.

ü Estate in reversion – The remainderof a life estate held by the grantorwhere possession will begin when alesser estate granted by himself orherself to another ends.

ü Estate in severalty – A classificationof estates based on the number ofowners in which case there is onlyone number and where the estate isowned by a single party.

ü Estate of inheritance – All freeholdestates except for life estates and areestates of inheritance which permitsthe estate to descend to one’s heirs.See Estate in fee or Fee simple es-tate.

ü Estate taxes – The federal taxes dueor paid on a decedent’s real andpersonal property.

ü Estimate – 1. A preliminary opinionof value. 2. To set a value or ap-praise.

ü Estimated remaining life – Theperiod of time in years that it isbelieved it will take for an improve-ment to be reduced to being of novalue.

ü Estoppel – A legal theory underwhich a person is stopped or barredfrom asserting or denying a factbecause of the person’s previousactions or words.

ü Estoppel certificate – A certificateshowing the unpaid principal andinterest of a mortgage which is usedif the principal or interest notes arenot produced or if the seller assertsthat the amount due under the mort-gage is different than shown on re-cord.

ü Et al – And others.ü Et ux – Abbreviation for et uxor

which means and wife.ü Ethics – An area of moral study

concerned with acceptable stan-dards of right and wrong behavior,fairness, justness and ideals whichaddresses in writing the duties thatmembers of a profession owe totheir clients, their associates and tothe general public.

ü Evaluation – A study, which doesnot determine its present value, of aproperty’s potential uses such as tofeasibility or to marketability which isoften to aid in making an investmentdecision.

ü Eviction – The act of dispossessingor depriving a party of the posses-sion of land following a court judg-ment. See Actual eviction andConstructive eviction.

ü Eviction notice – A notice to atenant to vacate the premises dueto the nonpayment of rent or anoth-er violation of the lease agreementcovenants.

ü Evidence – Anything which tends toprove or to disprove a matter inquestion or to influence the beliefrespecting something.

ü Evidence of title – The proof ofproperty ownership such as a certif-icate of title, an abstract of title withlawyer’s opinion, title insurance, ora Torrents registration certificate.

ü Ex officio – The power to act aris-ing out of holding of a particular of-fice.

ü Ex parte – A one sided action or anact done in behalf of only one per-son.

ü Exception – A matter which is ex-cluded from coverage in a title insur-ance policy such as a reservation,an objection or a contradiction thataffects title to a particular parcel ofreal property.

ü Excess depreciation – Theamount of depreciation being ap-plied beyond the normal rate al-lowed.

ü Excess rent – The monetary differ-ence between contract rent andeconomic rent.

ü Exchange – A means of trading equi-ties in two or more real propertieswhich are handled as a single transac-tion and with a single closing.

ü Exchange brokerage – A real estateactivity that brings two or more partiesinvolved in trading real properties to-gether in a real estate transaction.

ü Exclusion – 1. Any matter that is notincluded in the coverage of an insur-ance policy. 2. Any matter affectingtitle to real property that is not includedin the title insurance policy coverage.

ü Exclusionary zoning – An illegal zon-ing law that would be used to excludelow- and moderate-income housing inan area.

ü Exclusive agency listing – A listingagreement where a seller employs onebroker to assist the owner to sell theproperty and as part of that employ-ment appoint him or her to be theexclusive agent of the owner in thetransaction and agrees to pay thatbroker if a buyer is secured under theterms of the contract by the broker orany other broker but not pay a fee if asale is negotiated directly by the ownerwithout the services of any broker.

ü Exclusive listing – A general termapplied to a listed property where theowner(s) is represented by a brokerwho is acting exclusively in an agencycapacity for the owner under an exclu-sive right to sell or exclusive agencycontract.

ü Exclusive right to sell listing – Alisting agreement where a seller em-ploys a broker and agrees to pay acommission if a buyer is secured un-der the terms of the contract and if it issold by anyone including the ownerduring the term of the agreement andsimultaneously also employs and au-thorizes the broker to act as the sole orexclusive agent in an agency capacityrelationship for the owner for the entiretransaction process.

ü Exculpatory clause – A clause oftenincluded in leases that clears or re-lieves the landlord of liability for per-sonal injury to tenants as well as forproperty damages.

ü Execute – 1. The signing of a legaldocument such as a deed or will so asto formalize it and make it binding. 2.The performing or completing of a con-tract, following it out to the end, makingit happen or doing it. 3. A legal orderdirecting an official to enforce a judg-ment against the property of a debtor.

ü Executed contract – A contract inwhich all parties have fulfilled theirpromises and whose terms have beenperformed and completed.

ü Execution – 1. A court order directinga sheriff, constable, marshal or othercourt-appointed party to enforce amoney judgment against a debtor’sproperty by selling the property if nec-essary to satisfy the judgment. 2. Thecompletion of an act or process suchas an escrow

ü Execution of judgment – The formalaction of completing a final judgmentdecree of a court which usually in-volves selling property.

“E” Real Estate Words

By RIS Media

The list of U.S. housing markets showingmeasurable and sustained improvementrose by four to include 84 metros in July,according to the National Association ofHome Builders/First American ImprovingMarkets Index (IMI), released recently.This number includes representativesfrom 32 states plus the District of Colum-bia.

The index identifies metropolitan areasthat have shown improvement from theirrespective troughs in housing permits,employment and house prices for atleast six consecutive months. Thismonth’s IMI includes 73 metros that heldtheir positions on the list from June, aswell as 11 newly added markets. Notablenew entries include such geographicallydiverse places as Prescott, Arizonan.;

Springfield, Mass.; St. Cloud, Minn.; andHouston, Texas.“The geographic diversity and growingnumber of metros on the latest IMI helpspotlight the improvements we have be-gun to see in terms of home prices andjob market conditions across certainparts of this country, which in turn arespurring more demand for new homes,”says NAHB Chairman Barry Rutenberg,a home builder from Gainesville, Florida.“That said, our members continue toassert the need for more reasonablecredit standards and more accurate ap-praisal methods to perpetuate this posi-tive momentum.”“The modest increase in the July IMI isencouraging because it indicates thatindividual housing markets continue toregain their footing despite some recentreports of weakening in the broadereconomy,” adds NAHB Chief EconomistDavid Crowe. “This is evidence that thehousing recovery is slowly but surelytaking root, one market at a time.”

“The positive takeaway from today’s re-port is that an increasing number of con-sumers are looking at better conditions

to both buy and sell homes, whichshould help spur greater activity in cer-tain markets going forward,” notes KurtPfotenhauer, vice chairman of FirstAmerican Title Company.

The IMI is designed to track housingmarkets throughout the country that areshowing signs of improving economichealth. The index measures three sets ofindependent monthly data to get a markon the top improving Metropolitan Sta-tistical Areas. The three indicators thatare analyzed are employment growthfrom the Bureau of Labor Statistics,house price appreciation from FreddieMac and single-family housing permitgrowth from the U.S. Census Bureau.NAHB uses the latest available datafrom these sources to generate a list ofimproving markets. A metropolitan areamust see improvement in all three areasfor at least six months following theirrespective troughs before being includ-ed on the improving markets list.

A complete list of all 84 metropolitanareas currently on the IMI, and separatebreakouts of metros newly added to ordropped from the list in July, is availableat www.nahb.org/Imi.

ü Executor – A man named in a willand affirmed by the probate courtwho has agreed in accordance withthe will to carry out its provisions asto the disposition of the deceasedperson’s estate. See executrix, awoman so appointed. See testator,one who makes the will.

ü Executor’s deed – A deed given byan executor of an estate.

ü Executory contract – A contract inwhich something remains to be done,or executed, by one or more of theparties.

ü Executrix – A woman named in a willto carry out the provisions of the willas to the disposition of the deceasedperson’s estate. See Executor.

ü Exempt – To release, discharge,waive, relieve from liability.

ü Exemption – In taxation, usuallysomething on which tax does notneed to be paid.

ü Existing mortgage – The debt con-tract which is to be assumed by thepurchaser in which the seller of realestate is the mortgagor.

ü Exoneration – The right which a par-ty guaranteeing performance or pay-ment has upon paying the principaldebtor’s obligation to look back to theprincipal debtor for reimbursement.

ü Expansible house – A home creat-ed for future additions.

ü Expansion joint – A flexible metal,rubber, and bituminous fiber stripused to separate sections of con-crete to prevent cracking caused byexpansion due to temperaturechanges.

ü Expenses – The items that are afinancial burden or outlay which ap-pear on a closing statement in con-nection with a real estate sale.

ü Express agency – An agency rela-tionship based on clearly-presentedwords in a formal oral or writtenagreement between the parties.See implied agency.

ü Express agreement – See Expresscontract and opposite Implied con-tract.

ü Express contract– An oral or writ-ten agreement in which the partieshave clearly stated their intentionsand terms in words. See oppositeImplied contract.

ü Expropriation – The act or processwhereby private property or therights therein is acquired for publicuse by a sovereignty or any entityvested with the necessary legal au-thority typically such as under emi-nent domain.

ü Extended coverage – A fire insurancepolicy having an additional endorse-ment which extends the coverage toinclude losses caused by windstorm,hail, explosion, riot, aircraft, vehicleand smoke damage.

ü Extended policy – A casualty, liability,title or other insurance policy withbroader coverage than normal.

ü Extension – An agreement betweentwo or more parties to lengthen thetime period identified in a contractsuch as when a tenant is unable tovacate at the termination of the lease.

ü Extensive margin – The extra bene-fits derived from adding increasingamounts of land to a productive state.

ü External depreciation – The reduc-tion in a value of a property that arecaused by factors outside the propertylines and which normally require gov-ernmental action to cure.

ü External obsolescence – The depre-ciation caused by issues outside theproperty lines such as environmental,social or economic factors and whichare always considered to be incurable.

ü Extinguishment – The destruction orcancellation of a right, power, contractor estate.

ü Extra use – The use or activity level inexcess of what would be considered tobe a real or normal level.

By RIS Media

84 Improving Metros in JulyMarkets on the Move

“E” Real Estate Words

Meet Our Agents Estates and Homes

Anya TurchinCALIFORNIA

Gale WallaceCALIFORNIA

Jennifer HorsburghCALIFORNIA

Terry SuttonMARYLAND

Maria CruzCALIFORNIA

David IonsCALIFORNIA

Joseph YobaccioCALIFORNIA

Michael WattsCALIFORNIA

Stacey LodgeTEXAS

It’s certainly been a rough few years forthe real estate industry. In most cases,there are fewer deals happening, andthose which do close, sell for signifi-cantly less. Given this, agents need ev-ery advantage they can find to stayahead of their competition and provideeach and every customer with the bestexperience possible. Happy clients (andthe referrals from them), after all, arewhat fill the bulk of agents’ pipelines.Agents are feeling pressure from both asoft market and from the ever-shiftingdemands of consumers clamoring forreduced hassle in their transaction,which nowadays includes a completelyelectronic environment. It’s this shift inthe industry that requires agents to takea different approach to their businessand adopt the traits of those who aretruly “rock stars”. Here are three waysthe most successful agents have adapt-ed to the ever-changing industry andmarket:

It’s a fact: Ineffi-ciency and time kills deals. Agents needto adopt technology that solves realproblems, instead of relying on tools (ormultiple tools) that solve a portion of theproblem or a portion of a business pro-cess. Look for a solution that solves anentire business process. Buyers andsellers — especially the younger gener-ation — expect to do most of their ne-gotiating, amending and signing online.This client expectation is what shoulddrive implementation of technology,making everyone’s lives easier, includ-ing that of the agent.

Fortunately, there are solutions on themarket aiding in digitizing the entire

transactional process, like dotloop. So-lutions that expedite the transaction cansave agents and clients significantamounts of time and money by facilitat-ing collaboration and providing instantaccess to important information. Thesolution also provides clients with theoption to access and sign documentsfrom the handiness of their mobile de-

vice.

The agents who have adapted to thistrend, and who accommodate their cli-ents on their terms, are proving to bemost valuable. In this market, customersatisfaction is everything, and if you’renot effectively using technology tomake your clients’ lives easier, you’retrailing the industry.

Everyagent knows there’s nothing more vitalthan a Rolodex of happy customers —they’re what keep the referrals comingin. Instead of always looking for the sil-ver bullet, agents should consider se-lective and attentive presence amongtheir close network of clients and con-tacts, because the majority of all busi-ness comes through an establishednetwork of satisfied customers. Nurtureyour existing relationships to maximize

your lead pipeline. The work you do today

affects what you experience (or at leastwhat your pocketbook experiences) in90 days or more. Therefore, the decisionto lead generate or not to lead generate,follow-up or not to follow-up, or just plainprocrastinate, count each and every day.While you’re contemplating action, yourcompetitor is building a relationship withyour past client. Having a strong system-atic business running on all cylinderscan certainly help you to stay ahead inthe now, so you can reap the rewards inthe future.Keep in mind, while technology toolsand channels like social media are greatbusiness enhancer's for communicationwith clients, do not underestimate thevalue of face-to-face and responsive-ness, hallmarks of every successfulagent and something that will neverchange. Technology should serve tohave your back, so you can spend moretime with people building the relation-ship.There are several common traits rockstar agents possess, and it’s evident bytheir productivity numbers that theirmethods of business are working. Theseindustrious agents take the time to eval-uate their current business structure andthe systems they have in place. Theyoften find they don’t need to reinvent thewheel rather repurpose and/or tweak. Byfocusing their attention on creating ro-bust customer service-based business-es and providing clients with an efficientand fulfilling digital experience, rock staragents are coordinating their steadystream of closings versus some has-been trying to fund their next office bill.

By RIS MediaThree Traits of Every Rock Star Real Estate Agent

By RIS MediaThe mega brand Nike is known world-wide for its catchy slogan “Just Do It!” Ithink this is partly because so many ofus want to feel like we relate to thisphrase and it in some way speaks to us,but my experience as a speaker andtrainer tells me different.I recently attended a REIA meeting (RealEstate Investors Association), whichtake place all over the country and is agreat place to find quality investors (aportion of the market that is way under-utilized by the REALTOR® community inmy opinion).What struck me about this meeting werethe similarities I found in the attendeesnow compared to last meeting I attend-ed almost three years ago. At one point,

the host asked the crowd a very impor-tant question, “How many of you havepurchased at least one property in thelast year?”

It sounds like a pretty simple question fora group of investors but I was amazed tosee that, just like the crowd I witnessedthree years ago, only about 10 percent of

the crowd raised their hands. I startedthinking about this and my experienceswith literally tens of thousands of REAL-TORS® and sales people over the pastyears and I came to three conclusions.First, people love to learn new things.We love to expand our knowledge wher-ever possible.Second, people love to plan. We enjoysetting up our new business plans. Welove setting up the latest software onour computer. We love to categorize ourdatabases and organize our offices in away that gives us the best chance tosucceed. Bottom line – we love to feellike we are setting ourselves up for suc-cess for the future, which leads me tomy last conclusion.

Key to Success: Just do it

Record tight inventories are making itincreasingly difficult for growing num-bers of buyers, who are creating multi-ple-bid environments in markets thathaven’t seen buyers battle over homes insix years.

Buyers are back but sellers aren’t, espe-cially in Western markets recovering fromlarge volumes of foreclosures. The resultis that inventories are still tightening asthe spring buying season ends. Buyersare fighting over what’s available, oftento the benefit of those sellers who took arisk in this year’s evolving marketplace.

Prices are reported to be on the up trendwith 62 percent of REALTORS® report-ing constant or increasing prices com-pared to the same time a year ago,according to the National Association ofREALTORS’® (NAR) REALTOR® Confi-dence Index for May 29 -June 8, 2012that was released recently.

Buyer demand is reported to be growingfaster than supply, and many REAL-TORS® are reporting multiple offers.However, buyer foot traffic slowed in Maycompared to last year, perhaps as buy-ers grew discouraged by slim pickings.

However, buyer traffic is still well abovethe moderate level, but seller traffic isflat, according to the NAR survey. First-time homebuyers accounted for 34 per-cent of total buyers. Normally first-timebuyers are in the neighborhood of 40percent of total residential sales, accord-

ing to NAR’s Profile of Home Buyers andSellers.

A majority of the 145 markets monitoredby NAR Research experienced slowerfoot traffic in May of this year relative tothe same time in 2011. The data, provid-ed by SentriLock, LLC., is based on thetotal number of visits to properties asrecorded on electronic clock boxes. Foottraffic was lower over the 12 monthsending in May in 60 percent of the mar-kets, while 35 percent expanded and 5percent were unchanged. This moderat-ing pattern suggests a broad based de-cline in the late spring following anequally broad-based expansion in thelate spring/summer of 2011 and earlyspring of this year

Multiple bids are changing the playingfield in a number of markets this springand summer. Many agents new to thebusiness who have little experience withthem are dealing with a sudden andunexpected competition for homesbrought about by inventors more than 20percent below those of a year ago.

“Remember the “Roaring '90's?” Thosedays when you could list your house onFriday and on Saturday people would beparked in your driveway writing offersand good faith checks on the hood oftheir cars? Multiple offers were the normand offered sellers a generous selectionof offers from which to choose. Believe itor not. we are experiencing a trend to-

By RIS Media

By RIS Mediaward multiple offers even in this still diffi-cult market and there is evidence thatthis trend will continue as buyers com-pete in a market with limited inventory,”reported REALTOR® Noel Crider of Au-burn, Calif.

“The Phoenix Metro Area Housing Mar-ket faces multiple offers even in the high-er end and luxury market as buyers try tosnag homes before the market rises fur-ther. We have seen multiple offers forquite some time in the lower price rang-es, but now as the market is returning,and returning strong, we are seeing mul-tiple offers in the higher price ranges. Weare now seeing multiple offers on homesin the move-up and luxury home market.We are seeing offers that are $50,000over asking that are not the winning bid.This is causing quite a bit of frustrationas buyers are trying to get into a homebefore the market prices go up further,”reported Brenda & Ron Cunningham,real estate professionals in Arizona.

In Seattle, multiple offers on beginnerhouses in Seattle are common againreports Phil Leng of Kirkland, Wash. andin Austin, broker Gwynn Teal Carpenterreports, “It’s happened again! We are inone of those real estate markets wherewe are seeing homes with multiple offers.In Austin Texas, the market is so sizzlinghot that it isn’t unusual to have more than2 offers on a fantastic priced andconditioned home.”

Very few of us like to ever actually imple-ment the final step that is necessary toactivate what we have planned for andsee if we really have what it takes tosucceed on a high level.I believe for many people this is be-cause they are afraid to fail. Sometimesit is easier to live in the world of your“potential” always feeling you “could”do this or that, rather than finding outthat you weren’t actually able to do it. Aslong as you don’t take the final step youcan always still live in this world of “po-tential.”Here is the truth though – almost anyonecan achieve a high degree of success ifthey follow the right patterns laid out bytheir plans, but at some point, it is time

to take a leap of faith in your own abilitiesand see your plan through to comple-tion. One of the greatest pieces of advicethat I got when I was younger was fromsomeone who told me I had many tal-ents. He told me that in anything I want-ed to do I should just “jump and the netwill appear.” This has been proven truetime and time again.Which brings me to my last point – therewas a study done recently on the top 100fastest growing small businesses in theworld that are growing during a time ofglobal recession. They wanted to knowwhy these small businesses were grow-ing while everyone else seemed to bedownsizing and struggling. When theypolled them to see why they were doing

so well they were expecting to hearthings like great customer service andsystems. While these were important,the number one thing that they all point-ed to was something called Speed ofImplementation. What that basicallymeans is that when they had goodideas… they actually followed throughwith them!What I am really saying to you is that youcan’t allow articles like this, which aremeant to be business or self-help for youbecome “shelf help.” Shelf help is anygood advice or idea that you have re-ceived, and instead of acting on it, youhave placed it on your shelf collectingdust while you go about business asusual. Don’t let that be you anymore!

Multiple Offers Return as Buyers are Back

Key to Success: Just do it

At the end of 2012, a number of tax andspending policies are scheduled tochange. Taken together, these changesmay exert a strong fiscal drag on analready fragile macroeconomic environ-ment depending on the actions of Con-gress. Federal Reserve Chairman BenBernanke calls this the “fiscal cliff.” Taxpolicy analysts call it “taxaggedon.”

Regardless of its name, it represents thenext dramatic policy deadline in Wash-ington. Under present law, in 2013 the2001/2003 tax cuts expire, the payroll taxcut expires, extended unemploymentbenefits end, and federal governmentspending levels decline due to last sum-mer’s Budget Control Act.

If implemented, these changes wouldhave large consequences for housingand home builders.

First, at the macro level, the fate of theongoing recovery in housing is depen-dent on economic growth, job creationand household balance sheet repair. If allof the scheduled tax hikes and spendingcuts go into force, the CongressionalBudget Office (CBO) estimates that thetotal 2013 fiscal drag on the economy willbe $560 billion.

As a result of the scheduled 2013 poli-cies, the CBO forecast for GDP growth in2013 falls from 4.4 percent to 0.5 per-cent. NAHB is currently forecasting 2.8percent growth, but that is because ourforecast assumes that the fiscal cliff is forthe most part avoided (producing only a1 to 1.5 percentage point drag on GDP,compared to the 3.9 percentage pointdrag estimated by CBO).

However, if the full fiscal drag is inflictedon the economy it would clearly be harm-ful to GDP growth. Negative or virtuallyflat GDP growth would obviously beharmful for housing, as it would causemore job loss, set back household bal-

ance sheet repair, and depress the al-ready weakened housing market.

Besides the macro impact, certain indi-vidual policies will have a direct negativeimpact on housing and home building.

For home builders, the expiration of the2001/2003 tax cuts would represent abusiness tax hike for a majority of theindustry. According to NAHB census ofmembership data, 80 percent of NAHBmembers are organized as pass-thruentities, such as S Corporations or LLCs.For pass-thru entities, individual incometax rates are business tax rates. And ifthe 2001/2003 tax cuts expire, all therates will increase – from the bottom rateof 10 percent increasing to 15 percent tothe top rate of 35 percent increasing to39.6 percent.

Taxes would rise for capital income aswell. Capital gains tax rates, importantfor multifamily developers and C Corpo-rations, would increase from 15 percentto 20 percent. Dividends rates, importantfor some S Corporations and C Corpora-tions, would increase from 15 percent toordinary income tax rates up to 39.6 per-cent.

Expiration of the 2001/2003 tax cutswould also mean an end to the Alterna-tive Minimum Tax (AMT) patch. Absentan AMT patch, the number of AMT pay-ers for 2012 would grow from somewhatless than 5 million to more than 30 mil-lion. If the other tax cuts expire, this 30million number would be significantlylower (10 million), but the AMT patchremains important nonetheless given thenumber of home builders organized aspass-thrus, who tend to get hit with theAMT. Typically the AMT is a concern fortaxpayers reporting $200,000 to$500,000 in income, particularly thosewith large numbers of dependents orwho live in high cost areas.

Finally, the top estate tax rate wouldincrease to 55% and the exemptionamount would fall to $1 million. For thenation’s family-owned home builders,the estate tax is a threat to keeping anmultigenerational enterprise alive.

For housing demand, a number of expir-ing tax law provisions would reduce af-ter-tax income and homebuyer andrental demand. For example, if the

2001/2003 tax cuts expire, the marriagepenalty returns for a significant numberof taxpayers. The child tax credit fallsfrom $1000 to $500 per child.

And a direct negative effect on housingdemand would come from the return ofthe Pease limitations, which would re-duce the value of the mortgage interestdeduction (MID) for taxpayers in highcost areas. The Pease rule phases outitemized deductions for taxpayers aboveand below the commonly cited middleclass threshold of $250,000, therebyweakening the benefit of the MID.

Finally, while already in the baseline,there is also the issue of the “tax extend-ers.” For housing, important tax extend-ers needing approval include the 9percent credit fix for the Low-IncomeHousing Tax Credit, the 25C energy-effi-cient remodeling credit and the 45L newenergy-efficient home tax credit.

So what do we expect to happen? Whilea lot rides on the results of the 2012presidential and congressional elec-tions, the best guess is that Congressmanages to avoid the fiscal cliff, but asusual, runs close to the effective dead-line. Thus, most, if not all, of the2001/2003 tax cuts will be extended,perhaps for just a year or two. The pay-roll tax cut and extended unemploymentbenefits will likely lapse, but we expectthe net spending cuts from the BudgetControl Act to stand, even if there issome shifting or postponement amongcertain programs.

It is worth noting that there is a long-runfiscal challenge. Current budget deficitsare unsustainable year after year if pres-ent policy is extended. Hard choices aregoing to have to be made regardinggovernment spending – particularly enti-tlements – and tax revenues. But thosechoices do not have to be enacted in2013, and given the weakness in theeconomy, they should not be.

While our expectations are that aneconomic crisis is averted, how the fiscalcliff problem is solved in 2012 will shapethe tax reform debate in 2013. And giventhen importance of the MID and otherhousing tax rules, the importance of theshort-term political challenge should beapparent.

By RIS MediaThe Fiscal Cliff: What It Means for Housing and Home Builders

After experiencing a slight dip this year,home prices will see modest increasesstarting in 2013 and through 2016, ac-cording to a quarterly survey of morethan 100 economists, real estate ex-perts and investment strategists.The survey, conducted by researchand consulting firm Pulsenomics LLCon behalf of real estate search andvaluation portal Zillow between May31-June 14, 2012, asked 114 partici-pants to project the path of theS&P/Case-Shiller U.S. National HomePrice Index over the next five years.When last published May. 29, the indexshowed that national home prices inthe first quarter hit a record low, declin-ing 1.9 percent from first-quarter 2011.Prices were down 35.1 percent fromtheir second-quarter 2006 peak, to lev-els last seen in mid-2002.The panel of experts surveyed byPulsenomics said they expect the in-dex, which covers all nine U.S. censusdivisions, will show a 0.4 percent annu-al decline at the end of 2012 and thenincrease by 1.3 percent in 2013. Theirprojections are more or less similar towhat they were in the last quarterlysurvey in March.The economists surveyed largelyagreed on the trajectory of nationalhome prices for first-time in the historyof the survey, which dates to May 2010,

Zillow said. The most optimistic quartileof panelists predicted an average 1percent increase in home prices thisyear, while the most pessimistic ex-

pected a 2 percent decline. Mostagreed that after the first quarter's de-crease, home prices will risefor the rest of 2012, Zillowsaid.Nonetheless, 56 percent ofrespondents believe the na-tional homeowership rate infive years will be lower thanthe rate in the first quarter:65.4 percent. One in fiveprojected the rate would beat or below 63 percent. Thelowest rate on record is 62.9percent, hit in 1965."It’s good to start to seesome convergence of ex-pectations among econo-mists, as it lends further support to theclaim that a bottom is real," said StanHumphries, Zillow's chief economist, ina statement."However, the fact that more than halfof respondents believe that the home-

ownership rate will fall lower should bea sobering reminder that significantchallenges remain ahead for the hous-ing market, from negative equity to mil-

lions of foreclosedhomeowners who nowhave impaired credit, mak-ing a return to homeowner-ship harder than it wouldbe otherwise."When compared to econo-mists' projections two yearsago, the expected pace ofthe housing recovery isnow considerably weaker."In June 2010, the averagecumulative appreciation inU.S. home prices expectedby our panel was 10.3 per-cent for the years 2012

through 2014," said Terry Loebs, found-er of Pulsenomics, in a statement.

"Now, two years later, the average pre-diction among our experts for the sameperiod is just 3.5 percent. This trans-lates into $1.25 trillion less housingwealth than expected nationally overthe coming three years."

Inman News 2012Economists expect 2013 Home Price ReboundHomeownership rate expected to drop in next five years

By Deanna SmithAJ Agent Posts on our facebook wall!!!Deanna Smith posts: Just got a call from a broker asking me to join his company! I said, “I’m sohappy where I am but thank you for calling,” he then says, “well you get 100% and only pay 495.00per transaction,” and I said, “Well I average 30 deals a year so that is still over 14,000 bucks and Ionly pay 2900 per year!!!” He then says, “well we have an office that you can meet your clients at”and I say, “I don’t need an office as we meet at my home office, or at a property or their home, andthat the last 14 years of my biz I only really needed an office office maybe 5 times!!!” He then says,“well we do printing for you and I say how much is that?” He say, “its a per page FEE!!!” I say, “Iprint all my own flyers! Oh so glad I’m with Allison James, where I don’t get nickeled and dimed todeath anymore and I can run MY business, well yet still have the support of my amazing BROKERwho almost always answers my call when I need him Kenneth Moon!!!!”

We, at Allison James Estates & Homes®,Understand that our own agents

are our Best Recruiters!Every day we add newagents to the company

that you, ourrealtors

havereferred!

I want to personally thank all who have helped grow Allison James Estates and Homes®

to the successful, virtual real estate companyit has become!

Jessica WithersVice President of Agent Relations

941-677-2544