A showing assistant can free you from the task of

In could be just three exceptional hires away from having the business of a Millionaire Real Estate Agent.” That’s The Millionaire Real Estate Agent, we declared “youstill absolutely true. However, our ongoing research for both into how these key positions evolve. Some of you got a sneak peak at Mega Camp 2009. For the rest, here’s a quick look at hiring and compensating a showing assistant.

Leverage is about focus. You hire talent to keep you focused on your most dollar-productive activities. After delegating your administrative responsibilities, you look next for help on the buyer sales side of the MREA and SHIFT has given us new insight business. Help here can keep you focused on leads and listings. So who do you hire?  In the past, research pointed us to a licensed buyer specialist paid on a 50/50 commission split. Today, some successful agents are first hiring a licensed showing assistant to keep their costs of sale low and their productivity high. A showing assistant can free you from the task of driving buyers around, but keep you in the driver’s seat when it comes to converting buyer leads to appointments, getting signed agreements, identifying wants and needs, and eventually writing and negotiating contracts. An effective one should be able to show homes to around three to four buyers a month while earning bonuses based on 25 percent of each sale. Based on a $5,000 average commission, a good showing assistant could earn upward of $60,000 a year. Not a bad living. Better yet, you get to stay focused and 75 percent of buyer side income stays with you. You can operate this way or you can use this as a steppingstone for someone. If you are still looking for someone who has the ability to grow into your lead buyer specialist, having them prove their ability by first being a showing assistant is a smart idea. So when you have someone with the ambition and proven ability to work a high volume of buyers over time, your showing assistant could earn the right to be promoted to a licensed buyer specialist. Your buyer specialist would then handle buyers from the appointment to closing and now earn 50 percent of the commissions. Again, a good one should be able to handle three to four buyers a month without burning out. Burnout is a key word. Once you have identified a great buyer specialist, you don’t want to lose them! When they burn out and walk out, guess who gets their job? You do. And quite possibly you were burned out on that work a long time ago, so you may not want it back. When your business is generating enough leads on a consistent basis to push a great buyer specialist into overload, the showing assistant concept comes back into the picture. Now your buyer specialist gets to hire a showing assistant of their own. The showing assistant is still paid on a 25 percent bonus. 

 

Schedule and hold open houses

There are a lot of details to be handled when selling a home. It is my job to streamline the home

sale process for you, ensuring everything is completed as quickly and efficiently as possible.

 

This overview was designed to help you understand the various steps along the way.

 

Preparing for Sale

Conduct comparative market analysis to establish a fair market value of your home

Prepare and complete the listing agreement

Recommend improvements to maximize your home’s value

Place a lock box on your property, if needed

 

Marketing your Home

Enter listing information into the MLS

Place a For Sale sign on your property

Notify top local agents of this new listing

Schedule your home for office tour

Schedule your home for MLS tour

Distribute Just Listed flyers to your neighborhood

Post your home information on the Internet

Schedule and hold open houses

Notify all potential buyers with details of listing

Arrange showings for other agents

 

Communicating with You

Contact you regularly with feedback

Prepare and deliver regular progress reports to you

Discuss all marketing activities with you

 

Coordinating the Sale

Pre-qualify potential buyers

Present and discuss all offers with you

Negotiate your transaction with the other agent

Prepare and finalize the closing

You do not have to close before December 1

National Association of REALTORS

500 New Jersey Avenue, NW, Washington DC, 20001

® Government Affairs DivisionHere are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who

meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a

new home. I have lived in my current home for more than 5 consecutive years and

am within the new income limits. I will go to settlement on November 20. If

President Obama has signed the bill by the time I go to settlement, will I qualify for

the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment

(when the bill is signed). There is no reference to the date of contract for the new credit. The

provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime

homebuyer but was not within the prior income limits at the time I

entered into my contract to purchase on October 30, 2009. I will be covered,

however, by the new income limits. If the new rules have been signed into law by the

time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.

The income limit and other eligibility rules will look to your status as of the date of purchase,

which is the settlement date. So if the new rules have been signed when you go to settlement,

you should be eligible for the credit (or a portion of the credit if you’re within the phaseout

range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I

have found a home with a nonnegotiable

price of $825,000. Will I be able to use any

of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount

above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an

absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting

since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the

other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you

will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000

and lived there until 2008 when he got a divorce. Whether John has been renting or bought in

the interim, he WOULD INDEED be eligible for the credit because he owned a home and

occupied it as his principal residence for 5 consecutive years out of the last 8 years. The

keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he

did since 3 years doesn’t impact eligibility.

Question: I am an eligible firsttime

homebuyer. I entered into a contract to purchase on

November 1, 2009. Do I have to go to closing before December 1? How does the

extension date affect me?

Answer: . Once the legislation has been signed, it will be as

if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30

(or July 1, worst case), the purchaser will be eligible for the credit

All Agents Welcome!!

Get The Skinny

According to Freddie Mac

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.

“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.

In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009

Billy

Nick V

Keller Williams Realty Brainerd Lakes Fundraiser

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