VARbuzz » Matt Wilkins

Will Warmer Weather Bring a Warmer Market?

Matt Wilkins — Sun, 31 Jan 2010 12:32:40 +0000

With the New Year and the Spring/Summer Real Estate market around the corner, everyone is looking to see if this is the year of the return to a more normal market. We can be cautiously optimistic but a few recent items in the news could spell changes in the market come April and May:

Extended Tax Credit – many buyers are coming out of the woodwork for the New year hoping to buy a propert yand take advantage of the expanded tax credit that expires April 30th. How many of these buyers may decide to take a step back once they can no longer get money from Uncle Sam?
Short Sale reform coming April 5th - the Home Affordable Foreclosure Alternatives Program (HAFA) is a move by the government to try and make short sales more efficient and give them a better public perception. However, as Dean Ouellette and Sarah Stelmok are currently posting, this program in many instances could be not in the best interest of the homeowner and/or lender.
Changes in FHA Financing – as reported on VARBuzz FHA guidelines are changing later this year. Since for many buyers FHA is their most cost effective mortgage option, will the higher initial MIP and reduced seller concession squeeze many buyers out of the market?

We have seen many changes in th housing market so what happens when and if the “training wheels” currently in place come off?

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“It’s Not You It’s Me”: What Happens AFTER the Closing

Matt Wilkins — Fri, 22 May 2009 13:38:54 +0000

You’ve worked with a client for months, been there for every step and probably know more about them than many of their friends/family do. All the final closing papers are signed and you say your goodbye’s. Now what?

Most will tell you to regularly shower them with mailers and random or timed phone calls so they know you’re still around and there to help them. I tried the random calling and even “pop bys” with some success but have also noticed a trend in the past year: people are busy and do not need you barging in on a random or timed basis. If you did a good job for your clients most WILL keep your name in mind and pass your information along to others.

So the natural thought becomes “How do you keep in touch with these busy people without being completely obnoxious or intrusive?” Well here’s my current plan of attack:

A monthly newsletter that people I add have the option to opt-in to receive: (VAR members receive a newsletter service FREE via ClientDirect)
Facebook: most of my past clients and prospects are my Facebook friends so they can see that I have both a professional AND personal life.
A Blog: this tool is useful to offer local information to your target audience. It also offers a great way to discuss popular topics an FAQ or KnowledgeBase of sorts
Closing Gifts of Value: Gift baskets are nice but for some things I’ve found clients will find of more relevant value are Lowe’s REALTOR Benefits and Homeminders
Client’s Access to what they need when they need it.: One of the services I implemented was 24/7 access to transaction documents both during AND after the transaction. This has been a huge hit among both past and prospective customers/clients.

Your way of follow-up will vary based on your personality and how your customer base prefers to keep in touch. Has anyone else noticed the ways of keeping in touch changing with the times?

Has Virginia Already Passed the Bottom of the Housing Market?

Matt Wilkins — Sat, 09 May 2009 00:37:11 +0000

Everyone has been asking in the past year “Has the housing market made the turn from declining to stable?” Here are some recent stories/publications that indicate we may have already hit bottom.

This story done by NewsChannel 8 discusses the fast–paced market in Prince William County, one of the areas hardest hit by the declining housing market.
The Virginia Home Sales Report by VAR shows three major events occurring in the market that might signal a change: less inventory, more pending sales, and a rising median home price.
Also one of the MLS systems that services a portion of the state just published their Q1 2009 Trends in Housing Report which also points out the three data points showing a trend towards a housing market shift.

So what behind the scenes factors are blazing this change?

Interest rates are luring cost-conscious buyers
First-time buyers taking advantage of the $8000 tax credit
Prices are also bringing out buyers who felt they were priced out of the market or that prices were artificially inflated
Many buyers that have been sitting on the sideline just cannot wait due to changing circumstances. As the saying goes “life goes on”.

What are you seeing in your local market in terms of market activity?

Potomac River Express: Another Option for Northern Virginia?

Matt Wilkins — Tue, 05 May 2009 00:34:58 +0000

There is always a search for more ways to help move the masses of people that commute to and from Washington DC. Northern Virginia has implemented several including HOV lanes on both both major interstates that feed the outer suburbs and the Virginia Railway Express, a commuter railroad that after a slow start has steadily gained popularity.

According to articles in both the Potomac News and Fredericksburg Free Lance-Star, a commuter ferry on the Potomac River is to be tested this month. This looks to be a good alternative to commuter rail as its ending destination is the DC waterfron as opposed to the VRE which is currently Union Station. Like the Virginia Railway Express, the ferry will have to overcome initial obstacles such as being on a schedule convenient for the majority of commuters and also at a price point that people and/or employers are willing to pay.

What do you think: Is this another viable way to alleviative congested roadways or just a fad that will fall on its face?

Virginia Housing Trends and Generation Y Factor

Matt Wilkins — Tue, 02 Dec 2008 11:52:02 +0000

VHDA just published a market trends about how a projected shift in Virginia’s population demographics may mold the housing market in the near future:

Click here to view the full report (1 MB PDF download)

The major information I want to point out is a demographic shift that is estimated between now and 2020. According to the report, there will be a surge in the first time homebuyers (less than 35 years of age) and empty nesters (ages 55-75). The same report also shows a projected decline in middle age trade-up homebuyers (ages 35-55).

This could have an impact as empty nesters decide to sell thier current homes to downsize. A decline in thier home’s target purchaser can result in a slower sale and longer time on the market. On the other hand, an influx of younger first time buyers eager to take advantage of a market in their favor should help to stabilize home values and start a more normal real estate market cycle.

This report is definitely worth reading in full. What do you see that I haven’t mentioned?

The Paperless Transaction: Reality or still a pipe dream?

Matt Wilkins — Tue, 23 Sep 2008 14:54:01 +0000

Disclaimer: Any products mentioned in this post are mentioned based on my real-world experience, not by the vendors who market them.

Many in the business look forward to the day of transaction where “Mt. Paper” can be reduced or eliminated when doing the day to day tasks that are involved in transactions. It has been thought of as “something from the future”. Well I am here to share that the future is today. Right now I am doing my first “paperless” transaction.

A paperless transaction in my opinion saves both time and costs. Also, the client is more involved in the transaction and has better access to needed information/documents. The ability to securely store ALL documents and event/conversation logs increases the professionalism of how disputes/issues can be handled.

In my use I have found four main products that help achieve the end of paper madness:

Zipform – online forms are a way to always have up-to-date forms at your fingertips. I also find typed forms are more legible and exude a more professional image to others.
Docusign- this has been my favorite, paying for itself in time and fuel savings. ANY document can be sent to anyone to be signed electronically. The resulting signature is completely legal and the system does very well with tracking activities and including receipts with signatures to aid if fraud is ever an issue.
RELAY- I compare this product to a filing cabinet with controlled access for everyone that needs it. Basically every document and version of that document can be uploaded and stored on the system. These files can be easily retrieved and emailed or faxed where needed. My favorite part is that your clients can login and view/retrieve the documents they need (most of mine prefer this over being given a folder full of paper).
Tablet PC – these machines make getting hand written signatures out in the filed a breeze. I can draft an offer on the computer while at the property then have the client sign/initial all pages WITHOUT the need to print to paper. Once signed it can be sent off via fax or email.

I tried not go to into too much detail about the products since most of it is explained at their respective websites.

I will not go out on a limb and say that industry is or will soon become completely paperless. Most professionals that support ours still have and will have to rely on paper (I don’t see courthouses accepting an e-signed deed anytime soon). However, I believe the more paperless we can become on our part of the transaction the more professional we can become in the eyes of the consumer.

Douglas Rushkoff: Rounding out Convention with a bang.

Matt Wilkins — Tue, 23 Sep 2008 13:57:07 +0000

VAR’s Convention & Expo 2008 will be several days filled with learning, fun, socializing, and networking. Below is an introduction about one of the speakers we have the opportunity to hear. His spot is on the last day (Sunday) and if this bit of news is any indication, his speech will be a perfect way to round out the experience.

Our closing keynote speaker has just been added as a guest blogger at arguably the most popular blog on the planet: Boing Boing.

You know the old saying: “If it’s good enough for Boing Boing, it’s good enough for you.” Read on for their announcement.

Guestblogger: Douglas Rushkoff!

via Boing Boing by Mark Frauenfelder on 9/8/08

Meet our next guestblogger, Douglas Rushkoff. He has been our friend and inspiration for nearly two decades. Douglas has written with and about happy mutants since the great memetic shift of the 1980s. His books include Cyberia, Media Virus, Coercion, Playing the Future, Nothing Sacred, Get Back in the Box, and the novels Ecstasy Club and Exit Strategy.

He teaches for MaybeLogicAcademy, studies and lectures at Utrecht University, and occasionally plays keyboards for PsychicTV.

His most recent work, Testament, is a retelling of the Torah as a near-future technologically-enacted global financial dictatorship, and has just been released as four graphic novel collections from DC/Vertigo.

Please give a warm welcome to Douglas!

Business Cards: Paper or Electronic?

Matt Wilkins — Fri, 19 Sep 2008 20:15:36 +0000

We’ve all been there. You just bought your first,second, or Xth batch of several hundred/thousand business cards. We start using them in our daily business and then one day…

BOOM! You earn that new designation, change key contact information or even brokerages. What’s left now is a pile of either note cards or fire kindling. There are ways both online and offline for everyone to know how to contact you. Personaly I prefer ways that are simple and cost-effective but you system may vary.

Paper: When I worked as a RE/MAX agent I had to buy cards from an approved supplier due to franchise rules. I found this annoying at the very least. Now that I have my own firm I print business cards using Avery Business card stock, a color laser printer, and Microsoft Publisher 2003. If you can and do go this route, the one thing I will advise is to make sure you include ALL required logos for your particular situation (especially those for equal housing opportunity and being a REALTOR). The biggest advantage I find is the ability to easily change information as needed. A good example is that I recently added my skype and twitter handles to my business cards.

Electronic: I have found two very good systems for spreading your contact information when paper cards are either unavailable or inappropriate.

MyDropCard is a service where you can e-mail an electronic business card to any e-mail address by simply texting “drop ” from your mobile phone. I find this convenient for on the go contact information sharing but I have yet to tweak the card to include the information I want to convey to other people.

REtaggr is a site I just service that was made for those who want their web presence known. You create a business card that is online and interactive. you can include ALL of your social networking profiles and they can be viewed from WITHIN the card itself. Here is a link to my card. Some of the services that can be accessed from within the card are digsby, twitter, skype, and flickr. The card can also be made into a widget for you blog here is an example. A simple email signature similar to the one shown below can be integrated into most email clients:

The way information is exchanged seems to constantly change. We not only have to find a system comfortable for us to use but also be aware of how others that we encounter prefer to receive what we want to convey.

Generation Y and Real Estate: Making the connection

Matt Wilkins — Sat, 06 Sep 2008 01:06:13 +0000

First off I would like to say how honored I am to be able to offer my unique viewpoints/opinions to the Virginia Real Estate community.

Some background: I have been in the business for almost six years and am currently Broker/Owner of Compass Real Estate Consulting in Lake Ridge, VA. I currently hold the e-PRO, ABR, GRI, and CRS designations in conjunction with several sales awards both from RE/MAX International and the Prince William Association of REALTORS®.

Now for the twist: I am currently 26 (and a half) years old and a member of generation Y. I feel this unique combination of age, experience, and accomplishments gives me a unique perspective on the Real Estate Industry as a whole.

As a member of gen Y, I am accustomed to the tools/systems used on a daily basis by this group of potential clients (of which many are coming of home buying age). SMS texting, mobile email, and electronic document singing are just a few of the normal aspects of a real estate transaction with many of my clients. Social networking systems have become a good source for both new clients and referrals to/from brokers in other areas. Hopefully I can go into more details about these things in future posts.

I am not saying that these new group of clients will rule the earth and that real estate professionals not in tune with them are bound to be extinct. What I will say is that gen Y is a potentially huge marketplace that with the right skills can be tapped successfully.