R TEAM

WHERE to Spend Your Time Commenting

Commenting on other blogs is a great way to participate in the local real estate community.  It's almost as important as your own blog.  I've provided you several tips from local area bloggers on what to do and not to do when you are visiting someone elses blog...remember we are visitors.

One of the funniest things I heard back at Inman Connect in San Francisco last month was when Jim Cronin of the Real Estate Tomato said that agents need to stop the "Realtor on Realtor action".  The audience chuckled...but he's right.  Camping out at another local agents  blog commenting and hoping to troll for business is no way to gain clients for yourself.  It's like fishing in someone else's watering hole. You're much better off visiting other blogs that are local and compliment your personal interest.

I would also recommend that you only comment on blogs that allow your name to include your URL (back to your blog).  Otherwise, it's really not worth commenting...I suppose if they don't allow a URL embedded, you could always take the measure of signing  your comment with your URL (even though I think it looks spammy, the author is not giving you much choice).

I was just commenting over at The Real Estate Deal which is a Seattle Times blog.  So I'm not camping out on a local lenders blog...and my comments are sincere and (IMO) valuable to the post.  BUT my signature is just my name.  I'd really like it if people who read my comments who find them useful, could contact me.  I figured this out w/my first comment...did a follow up comment where I changed my name to www.mortgageporter.com (which I regret...it looks tacky)... if I comment again on this blog, I will sign my name "Rhonda Porter, Licensed Loan Originator 510-LO-32047 www.mortgageporter.com". Or maybe I just won't comment on that blog anymore... we'll see.   A post will really have to be compelling for me to participate (via commenting) if it does not reciprocate by allowing a URL.

The Seattle PI has a couple of blogs that are friendly for real estate agents to jump in and participate AND (this is important) you can create a profile so that when you comment, your photo and contact info is embedded (so you don't have to include your contact info as a signature--which is frowned upon in the "blog world").  Check out Seattle Real Estate Professionals and Seattle Real Estate News for starters.

Also find local neighborhood blogs where you focus your business and subscribe to receive updates.  When there are articles that you're interested in, participate in the conversation.   For example, I subscribe to West Seattle Blog--this is my home turf.  They don't write about mortgages--but they have covered interesting real estate tid bits and they really have what's going on in the neighborhood. I do comment here and I actually advertise on their site for a small monthly fee...and guess what, I've had consumers contact me from WSB.  It's a good place for me to hang out and participate in conversations with neighbors.

Remember these simple tips:

1. Don't focus your comment time on other local area RE Agents blogs.
2. Leave comments only when you're blog-web address is allowed to be embedded in your name (you can tell when you enter your contact info w/your comment).
3. Discover blogs that are in your neighborhoods where you focus (farm areas) and that are of special interest to you and participate in those communities. 

Hanging out in communities that you find interesting is all about attracting your perfect client.

Have fun!

 

So I Just Did a Post for a Real Estate Agent...Now What?

I enjoy writing posts for the area agents that I work with.  I just wrote my first post for David and Karen Bell...you can see it here.

I like to promote what I write so the next step is to visit www.tinyurl.com to shrink down the large URL for my new post. 

From this: http://bellringers.typepad.com/seattle_real_estate_bells/2008/08/mortgage-intere.html

To this: http://tinyurl.com/ratesAug27

Why do I care about whittling down the URL?  The smaller URL appears cleaner and now that www.tinyurl.com allows you to enter in your custom title (instead of the random jumble you received before)...it's extra sweet.  Plus...the last step I like to do when I write a post is to:

Plug it in Twitter for a little extra exposure. 

mortgageporter posting mortgage rates at Seattle Real Estate Bells http://tinyurl.com/ratesAug27 less than 5 seconds ago from web

Now that's showing the love!

Are you using Twitter to plug your posts?  How about asking for guest authors on your blog? 

Do You Get Questions About Mortgages from Clients?

A great blog post, well in my opinion, would be to interview your Mortgage Professional and create a blog post.  No blog?  I suppose you could just make a flyer and mail it out to your sphere--however, you really do need a blog if you want to have any sort of presence on the internet.

This is such a simple post and I'm almost ashamed I didn't think of it sooner!  Simply jot down a few common questions you receive from your home buyers/home owners...heck...you may have a few of your own.  Then send your LO an email.  Retype it on your blog and voila: presto posto!

I'm happy to take your questions and be interviewed for your blog...what a simple way to add a "mortgage dimension".

How to Market the FTHB Tax Credit

I'm sure you're all ready doing this... here's a few ideas that will also work with all the changes (not just the FTHB Tax Credit) coming up thanks to HR 3221.  Ready? 

Have flyers ready to hand out at your open houses with the upcoming changes.   (I can help you here...see below).

Contact your clients who have closed from April 9, 2008 to present.

Contact your clients with (adult) kids who may be considering buying their first home.  $7500 come tax time would make a nice house warming gift.

Contact your CPAs and tax advisors.  I'm sure they're all over this...but they may be in contact with more people considering buying now.  It will be good to be on the forefront of your CPA's mind.

Guess what?  I have a flyer ready to go.  If you would like me to send you my First Time Home Buyer Tax Credit Flyer for your use, send me an email.

New Conforming & FHA Jumbo Loan Limits

UPDATE 11/7/2008:  The median home prices were announced today which the conforkming jumbo limits are based on.  This amount came in lower than I estimated below since median home prices were estimated lower.  For 2009 in King, Pierce and Snohomish Counties, the conforming jumbo limit for a single family unit is $500,600.  True conforming is $417,000.  For more information, click here.

Conforming and FHA jumbo loan limits in 2009 will be lower by $45,000 for a single family dwelling in King, Pierce and Snohomish County.  With the passage of HR 3221, loan limits are being reduced from $567,500 to $522,100 in our area (based on current median home prices).  This is much better than the "true conforming" limit of $417,000. However if you have buyers who are considering buying a home priced around $700,000 using 20% down for a "jumbo conforming", they have until the end of this year to do so without having to cough up $45k extra to stay out of the "true jumbo" market.   FHA jumbo buyers planning on going minimum down in the $585,000 sales price range have until the end of the year for the same or their buying power (assuming thet want to go 3% down) is decreased to around $540,000.

By the way, a majority of my transactions are FHA these days.  Be sure to consider FHA transactions for your listings up to $600k (or more) as many buyers are going FHA even if they have 20% down!  Please don't limit  your listings to conventional financing.

Here again is ANOTHER GREAT REASON TO CONTACT YOU CLIENTS!   Those in the price ranges mentioned above may want to take action sooner than later so they don't lose $45,000 of buying/financing power in just over 4 months!  The loan limits are reduced effective January 1, 2009.   

The First Time Home Buyer Tax Credit

It's summer time...business is a bit slower...and the Government has just provided you with a great opportunity with the passage of HR 3221.  Here are some quick facts for you to chew on:

• Buyers who have not owned a home in the past 3 years are elligible for adjusted gross incomes up to $75,000 for single/$150,000 for married, filing jointly (phased out entirely at $95,000 single/$170,000 for married filed jointly).
• Applies to owner occupied homes only.
• This is NOT a down payment assistance program.  This does not go towards closing costs.
• This is essentially an interest free loan from Uncle Sam up to $7,500 (or 10% of the purchase price, which ever is less) payable over the 15 years.   
• This is all done come tax time when home owner is filing their taxes.  The first year, they will receive their tax credit (which may either off set what they owe or be additional funds in their favor).
• Payments do not begin until 2 years after the tax credit is claimed.
• The following 15 years, the homeowner will have "tax payment" in the amount of $500 per year (assuming they qualify for the maximum $7,500).  INTEREST FREE!'
• If the home is sold or it is no longer the home owners primary residence, the balance is due (again, when taxes are filed).
• This applies to purchases made back to April 9, 2008 through July 1, 2009.

I highly recommend that you contact any of your first time home buyers (or people buying again after not owning a home for the last 3 years) who bought from April 9, 2008 to now.  Be hero and get this good news out.   They may or may not want to excercise this credit--but why not YOU take credit by spreading this positive information to your clients.   While you have them on the phone, ask them if they know of anyone who has been considering buying their first home...afterall, this opportunity is only going to last for less than a year (July 1, 2009).

Of course you should be marketing this to potential new clients as well...the clock is ticking down to July 1, 2009.   Blog about this, talk about it--get the word out!  For more information about the first time home buyer tax credit, click here.

Well...what are you waiting for?