Staff Website Endless REsources.........

The market continues to offer its challenges, despite an overall increase in activity as we ease into summer.

What are you going to do to be successful?

As we begin to get feedback from the mid year agent business plan meetings, one thing is clear: if you are trying to do what you did in the past, and it has not worked as expected, you need to make some changes. Now.

The weather report for our industry is still unsettled. The prognosticators and talking heads now have us well into 2009 (or 2010 or 2011!) before the market shows the kind of robust activity we are all hoping for.

Insanity defined: doing the same thing over and over with the belief the outcome will be different.

Sales professionals who have been dedicated to consistent interaction (read communication) with their past clients, friends and strangers are not only surviving this market, they are thriving in it.

They are not working harder, they are working smarter.

Here is what they tell us-

They are making sure the people they know are hearing from them regularly and are getting fair, accurate information.
All communication is followed up with secondary contact.
They are doing activities others in their market don't do.......there is no such thing as "we don't do that here" in their thought process.
They are focused on opportunities, not barriers.
They are organized.
They have a plan, written down, and they measure what is working and what does not.
They have been consistently prospecting.
They try and meet new people, anywhere and everywhere they can.
They have multiple venues for contacting consumers.
They usually have their own websites, and the websites are all about a search and community information.
They use technology.
They use as many of the tools we offer as possible.
They are tough negotiators.
They almost always mention they are going outlast the downturn, survive the market or beat it.

Whether you have already met with your manager, or soon will, be ready to talk about how many of these traits are part of how you work today, and see what you can add to your repertoire of skills going forward.

We intend to grow into this market every day.

We are consistently planning for it, and striving to stay ahead of the curve.

We need each of you to do the same. Share your successes and your ideas. Seek out the advice of agents in your office and the field who are having a good or great year in 2008.

Hope is never a good business plan. Do not let it be yours.

From our friends at NAR, via the June online version of Realtor Magazine.
Do you have the ability (and skill set) to send and receive text messages and emals via your PDA or phone?
In all of this is yet another reminder of the growing power and demands of the public for a higher level of service, as THEY define it.

This article was published on: 06/01/2008

Internet marketing
6 Best Practices for Online Leads

A well-thought-out strategy for responding to e-mails is central to your success with today’s Web-savvy buyers and sellers.

BY MICHAEL RUSSER

If you're like many of today's real estate practitioners, the majority your new leads come from the Web. An online consumer will shoot you an e-mail (often anonymously), fill out a form on your Web site, or maybe just send you a text message.

Given today's challenging market conditions, you want to treat these inquiries like gold. You must respond professionally — honoring prospects' desire for privacy while also providing valuable information that will eventually turn them into clients. Here are six general rules that will help you accomplish that goal.

Best Practice #1: Respond in Kind

If a prospect e-mails you, respond via e-mail. If a prospect text messages you, respond via text. (By the way, you will see more initial online inquiries via text messages as the “Thumb Generation” reaches the age where they are considering purchasing their first home.) The general rule is to respond in kind, unless the inquiry explicitly asks you to do otherwise.

Best Practice #2: Don’t Call Them

If you've somehow acquired a prospect's phone number and you're tempted to pick up the phone, stop yourself. It’s generally a bad idea. Why? You risk driving that potential client away because in all probability, he or she just wanted information, not a salesperson trying to set up an appointment.

Most human beings feel vulnerable and defensive when they’re on the phone with a salesperson with whom they don’t have a relationship. That’s one reason why Internet is such a popular place for prospects’ to gather information before speaking to a real estate professional.

So, is it ever appropriate to call an online prospect in response to an online inquiry? Yes, there are a couple of exceptions.
If the prospects explicitly ask you to call them and provide their phone number.
If it is clear that the lead has come directly from your highly targeted Web site, and the prospects offered their phone number voluntarily (in other words, they were not forced to reveal it in order to access information on your site or order a report). It’s so important the lead comes from your highly targeted Web site because then it’s more likely they’ve already learned about your business and have started trusting you. That’s a contrast from most inquiries from third-party lead generation services or “one size fits all” sites are actually quite cold.

Best Practice #3: Always Include Your E-mail Signature

An e-mail signature is an information block, usually at the end of your message, that includes your complete contact information. In addition to being professional, it is a required disclosure by some real estate regulatory jurisdictions. Once you have established a solid and ongoing client relationship with the prospect, including your signature in each e-mail message is no longer absolutely necessary. However, you still may decide it's a good idea, as it provides a convenient way for clients to find your contact information.

Best Practice #4: There’s No Such Thing as Too Fast

Online consumers are a very impatient bunch (remember, the Internet connects people around the world in just milliseconds). They expect a very fast response to their inquiries. Ideally, you will respond to e-mail within a few minutes. However, this presents a logistics problem if you’re showing property, at a listing appointment, or in the middle of a heated negotiation — or on vacation, at your child’s dance recital, playing golf, etc.

So, how can you be responsive without having to sit in front of your computer all day? The most practical answer, in my opinion, is to use a virtual assistant who specializes in online lead management. VAs do sit in front of their computer all day and therefore are in a position to respond immediately on your behalf. The best place to find a VA with specific real estate sales support skills like these is REVA Network (in the interest of full disclosure, I’m one of the founders of this network).

In addition to acting as your online proxy by providing immediate response to online inquiries, they can also help you stay in touch with those online leads who are not quite ready to move just yet. Should an inquiry arrive via text message, you at least will be in a better position to respond to it in a timely fashion since it arrives on your cell phone. Once again however, you could re-direct these messages to your VA to handle them as well.

Best Practice #5: Keep in Touch, Or Else

Or else you risk losing the prospects forever. I’d estimate that 19 of 20 valid online real estate related inquiries are prospects in the information gathering stage and can be three to 18 or more months away from taking action. So if you want any chance of doing business with this massive 95-precent segment of online leads, you need a way to stay in touch that doesn’t drive them away.

Drip marketing is a great solution for turn latent leads into closed transactions, If you follow these guidelines:
Give them value. Every message of your drip campaign needs to be perceived as highly valuable by the recipient. If the prospect is part of your specific target market (luxury buyers, first-time buyers, etc.), put them into a campaign that addresses their specific needs. If all you know is their interest in a particular property (typical for most third-party lead generation services), then provide them with ongoing, up-to-date information about properties and neighborhoods in the general area of their interest.
Don’t overwhelm or underwhelm. You want prospects to remember you for the right reasons. Avoid contacting them more than once a week or you’ll likely push them away. On the other hand, make sure your campaign keeps in touch with them no less than once a month.
Make it easy for them to say “no thanks.” At the bottom of each message (assuming you’re doing a drip e-mail campaign), include easy “one-click” opt-out instructions in case the prospect no longer wants to receive your messages. Online consumers don’t like to feel like they’re trapped into receiving something they don’t want. Also, since most email drip campaign systems track opt-out requests, you can see whether your campaign is doing its job or not.

Best Practice #6: Treat Online Leads Like Human Beings

Yes, there is a person on the other end of that e-mail you just received. Remember that online consumers are human beings just like you and me. The key is understanding human behavior in the online context, and then leveraging that understanding into practical communication strategies that result in the highest likelihood of converting casual inquiries into closed transactions.

Mr. Internet is the alter-ego of Michael J. Russer, an Internet speaker, trainer, author, and consultant. He co-authored the new book, The Real Estate Website Success Guide (2007).

Mr. Internet
Main Page

TheFor Immediate Release
Contact: Bill McCaffrey, Department of Buildings
Phone: (312) 743-9096
E-mail:
Wednesday, April 9, 2008
Vacant Property Ordinance Proposed

Amendment Requires Owners to Maintain Vacant Properties
The Department of Buildings today introduced an ordinance to the City Council that strengthens the maintenance requirements of vacant properties and increases the responsibilities of their owners.

The ordinance prohibits the use of plywood to cover doors and windows on any property that has been vacant for at least six months. Properties vacant for longer than six months will be required to be secured with steel panels, or have all windows and doors installed, a working theft-prevention system and an active account with a third-party security company. All exit areas will also be required to have lighting from dusk until dawn.

To enforce the ordinance, building inspectors will also be allowed to complete an interior and exterior inspection of vacant properties.

"This ordinance will help improve the quality of life in neighborhoods by holding vacant property owners responsible for their properties," said Mayor Richard M. Daley. "Vacant properties pose public safety problems and can be havens for crime. Neighborhoods should not suffer the blight of these buildings because of irresponsible property owners."

City officials believe that a consequence of the heightened standards is that owners of such buildings will work to improve them and have them occupied. The ordinance may also influence lending institutions to consider refinancing home loans instead of proceeding with foreclosure where the bank will eventually be responsible to maintain the vacant building.

"If homes are abandoned after being foreclosed, the building is at risk for damage from the elements or by vandals, thereby lowering the value of neighboring properties," said Richard L. Rodriguez, Commissioner of the Department of Buildings. "This ordinance will require owners to maintain homes so that viable housing stock is not allowed to deteriorate, and will also encourage absentee owners to return the buildings to the market."

Under the proposed ordinance, fees to register with the Department of Buildings will rise from $100 to $250 for the first six months and can escalate for each six-month period thereafter. Buildings owners can avoid the increased fee by keeping their properties in compliance with the building code.

Officials estimate that the city spends between $5,000 to $14,000 a year to monitor and maintain vacant buildings.

The ordinance also allows buildings that violate the terms to be declared a public nuisance and provides the city with another avenue to force absentee owners to sell or lose their properties.

###

Disclaimer /

last press release regarding vacant property in the city...........

Teambuilder's six month anniversary quietly passed by this week, and we thought we should take a moment to reflect on what we have learned so far.

1. It works. We have some fine agents who have joined us through the program, and 50+ more currently in the database.

2. It isn't about the money. Sure, a little extra income is welcome in this market, but the agents doing the referring make a point of stressing to us they are doing it to make their offices and the company a better place to work and grow their business. On behalf of the rest of the agents in your office, we thank all of you who have made a referral into Teambuilder.

3. It works best when we remind you about it. When we mention Teambuilder in an office meeting, or event, an email or even in a blog, there is usually one or more referrals to the database in the following week. This next week would be a good time to keep this trend going ;-)).

Again, thank you to everyone who has participated so far in Teambuilder. A few moments to pop someones contact info into the program is all it takes. We have some great agents, but we know there are a few more out there who could definitely benefit from being part of Prudential SourceOne, and we continue to ask all of you to help us find them.

Current DirectorsNational LeadershipCommitteesNAR Governing DocumentsGovernance MeetingsMeeting Policies
Special Board of Directors INS Report

NAR, DOJ Agree on MLS Policy
NAR has reached a favorable settlement with the U.S. Department of Justice, resolving the litigation between them over the display of listings from the MLS on brokers' virtual office Web (VOW) sites. The final order, to be filed with the federal district court in Chicago today, validates NAR's long-standing Internet data exchange (IDX) policy and strengthens the membership rules governing multiple listing services.
"This is clearly a win-win for the real estate industry and the consumers we serve," said NAR President Richard F. Gaylord. "Today I can say with clear knowledge, underscored by DOJ's settlement compromise, that the real estate industry is dynamic, entrepreneurial, and fiercely competitive."
The order caps a three-year long battle between NAR and the Justice Department, which filed a lawsuit against the association in 2005 calling it anti-competitive for brokers to have unlimited say in where, and how, their clients' listings are displayed on other brokers' VOWs.
The final order expressly provides that NAR does not admit any liability or wrongdoing, and NAR will make no payments in connection with the settlement. The terms of the agreement preserve and strengthen the MLS as a means for broker-to-broker cooperation intended to serve real estate professionals who list or sell property in that MLS. "This will ensure that MLSs are used for what they were originally intended to do, which is help real estate professionals find buyers for people who want to sell their homes," said Laurie Janik, NAR general counsel.
NAR will be reinstating an updated version of its VOW policy, which governs the use of MLS data for brokers who offer brokerage services online by requiring customers to register with the brokerage before they can search for homes. That policy was rescinded in 2005 when certain provisions were challenged by DOJ. The revised policy continues to protect the rights of sellers who do not want their property or their property's address displayed on the Internet, and also protects sellers from having false information about their listings appear on the VOWs of a member of the MLS. Among other things, the revised policy requires brokers hosting others' MLS data on their site to turn off features--such as home value estimates and blogs--surrounding a listing at the request of the seller.
The agreement requires MLSs and local associations that operate MLSs to pass and implement the amended VOW policy within 90 days of the court's approval of the final order.
The revised policy comes at a time when brokers appear to be moving away from the VOW business model. "The response to VOWs hasn't been great because consumers can find sites throughout the Internet on which to gather information without having to register their name and contact information," said Mark Lesswing, NAR chief technology officer.
More about the settlement and related issues is at REALTOR.org.
Note: The following "Operation Tip-Off" document was sent to state and local association executives to help them handle media inquiries about the case. This document is confidential. Please don't forward or share with others.
OPERATION TIP-OFF
NAR AND DEPARTMENT OF JUSTICE REACH SETTLEMENT
Washington, D.C. (May 27, 2008) – NAR and the U.S. Department of Justice have reached a favorable settlement, concluding a two-year DOJ investigation followed by two and half years of litigation regarding NAR’s multiple listing policy pertaining to the display of listing from the MLS on brokers’ virtual office Web sites, or VOWs. This will be a story reported throughout the news media today.
The settlement terms are favorable for NAR. We settled with the DOJ without financial penalty or admission of guilt.
The terms of the proposed final order validate NAR’s position – that MLS members must be actively engaged in real estate brokerage by actually helping people buy or sell homes. This will ensure that MLSs are used for what they were originally intended to do – to help real estate professionals find buyers for people who want to sell their homes.
It is likely that the DOJ will communicate this settlement as a victory for them and affirmation of its long persecution of Realtors®. This could not be further from the truth. NAR remained fully prepared to litigate the provisions of the VOW policy that were challenged by the government. However, the terms of the settlement are clearly in the best interests of NAR’s members and the consumers they serve, allowing the association to focus on finding ways to help Realtors® re-energize and strengthen the housing market for the long term, for their clients, customers and fellow community members.
Media Strategy:
Don’t call reporters. No need to be proactive and alert the media. NAR Public Affairs is prepared to implement a detailed communications strategy. Do respond if called upon; or refer call to NAR Public Affairs (202/383-7515). By participating in the story you can deliver pro-Realtor® messages and demonstrate to your members that you are on top of the issue. If you avoid questions, you can be assured that our opponents will dominate the coverage. Be prepared. Review the talking points below and prepare your own. Complete information is available at www.realtor.org/DOJ.
Media Tips: Should you receive a call from a media outlet regarding this event, here are some tips to help you handle the call.
Don’t overreact. There is no reason to make the story bigger by indicating concern. Stay on message. Bridge from a negative question to deliver a positive message. Everything is on the record. All that you can say can be included in the story. Don’t speculate. If you aren’t familiar with the issue, it’s OK to say so. Refer calls to NAR. NAR Public Affairs stands ready to handle any media inquiries you may get.
Settlement Overview:
Strengthened Membership Rule: The settlement permits MLSs to adopt a more stringent criterion for brokers seeking to be participants in an MLS. Instead of merely possessing a broker’s license, participants must be actively engaged in real estate brokerage by actually helping people buy or sell homes. This will ensure that MLSs are used for what they were originally intended to do – to help real estate professionals find buyers for people who want to sell their homes.
Revised VOW policy: The final order requires that NAR adopt a revised Virtual Office Web site policy, and that NAR request MLSs adopt the new policy within 90 days of the court’s approval of the parties’ agreement, expected by late summer. NAR has agreed to these revisions, which continue to protect the rights of sellers who do not want their property or their property’s address displayed on the Internet. The new policy also protects sellers from having false or other unwanted information about their listings appear on the VOW site of member of the MLS, and allows sellers to object to additional features near the listing. The revised policy also includes provisions confirming the opportunity for participants to use vendors to operate their VOWs for them.
Impact:
The resolution of this litigation fills the void in MLS policy created when the suit was filed challenging the VOW policy. MLSs and their participants will now have a policy to guide the use of MLS listings by brokers on their VOWs. Most consumers do not use VOWs because these sites require online registration. Today’s consumers can find sites throughout the Internet on which to gather information without having to register their name and contact information first.
Be Prepared:
Realtors® and Realtor® associations should be ready for the potentially negative or controversial news stories starting as early as May 27, 2008. The following general talking points should help answer questions from members or reporters.
Talking Points:
NAR has negotiated a settlement with DOJ that benefits our members and the clients and customers they serve. Although NAR was prepared to litigate the lawfulness of the VOW policy and rule governing MLS participation, the terms agreed upon are clearly in the best interest of NAR members. NAR did not admit any wrongdoing. Now that the lawsuit has been resolved, NAR can focus on looking ahead to continue to find ways to help members re-energize and strengthen the housing market for the long-term, for their clients, customers and fellow community members.
NAR’s efforts are focused on re-energizing the housing market – that’s what matters most to consumers. Realtors® are lobbying lawmakers and regulators at all levels of government to enact and implement public policies that will stimulate the housing market. NAR believes that it is time for Realtors®, regulators, policymakers and other leaders to work together to improve the housing market and strengthen the economy.
NAR has always encouraged innovation and competition in real estate brokerage, and favors no business model. The real estate industry is dynamic, entrepreneurial and fiercely competitive. The agreement restates our commitment to consumers and to maintaining one of the most competitive marketplaces in the world. NAR members represent almost every conceivable business model, including full-service, limited-service, discount models, and others. About one in eight Realtors works for a business model other than a full-service firm.
In this market, the value of Realtors® and the services and resources they provide, including the MLS system, has never been greater. The DOJ agreement implicitly acknowledges the important role played by the more than 800 MLSs across the country that help make buying and selling a home easier. The agreement strengthens the MLS system, and ensures that MLSs will continue to be a vital tool for broker-to-broker cooperation and compensation as they have for more than 100 years. Consumers will continue to be able to access and view listing information on the Web site of their broker of choice.
Additional Messages:
Multiple Listing Services are a powerful force for competition. MLSs enable small brokerages and new entrants can have the same access to this information as large and established ones. They make it easy for sellers to reach buyers and for buyers to find the right property. The American MLS system is so successful that many foreign countries are now establishing MLS systems based on the U.S. model.
The real estate industry has been effectively harnessing the Internet for years, to the benefit of sellers and buyers alike. No other industry in the world has virtually its entire inventory online at one site, but you can find more than 2.2 million homes for sale at www.realtor.com, which has 7 million unique visitors each month. The industry has made a multimillion dollar investment to create the infrastructure and systems to put millions of properties online through the MLSs. You can’t shop for property in your bedroom slippers in most other countries like you can in America.
Realtors® are industry innovators – they’re some of the greatest entrepreneurs in America. We’re always looking for innovative ways to provide the services real estate consumers want.
Questions and Answers:
Critics say the real estate industry is a cartel. What’s your response to that? The real estate industry is highly competitive and entrepreneurial. Today consumers can choose from 1.2 million Realtors® and a variety of different kinds of companies and business models, including discount brokerages and fee-for-service brokers.
Do Multiple Listing Services discriminate against brokers who operate VOWs? Absolutely not. Multiple Listing Services are a powerful force for competition. The MLS enables small brokerages and new entrants can have the same access to this information as large and established ones. They make it easy for sellers to reach buyers and for buyers to find the right property. The American MLS system is so successful that many foreign countries are now establishing MLS systems based on the U.S. model.
Has the real estate industry opposed innovations that would lower costs to consumers? The real estate industry has been effectively harnessing the Internet for years, to the benefit of sellers and buyers alike. No other industry in the world has virtually its entire inventory on line at one site, but you can find more than 2.2 million homes for sale at www.realtor.com, which has 7 million unique visitors each month. The industry has made a multimillion dollar investment to create the infrastructure and systems to put 2 million to 3 million properties on line through the MLSs. You can’t shop for property in your bedroom slippers in most other countries like you can in America.
For Further Information:
Contact Stephanie Singer, 202-383-1050.

Current data for your next real estate conversation

Birdview sees increase in real estate Web traffic
(LOMBARD, Ill.) – Birdview Technologies is the latest company to release a study suggesting housing markets may be starting to turn positive.
The technology consulting firm says real estate Web sites have had an extraordinary amount of activity over the past several months compared to the dive in traffic last year.
"The sustained upswing we've seen so far this year at the very least signals that buyer interest has returned to the marketplace at levels seen during the boom years. Buyer demand is not necessarily indicative of increased transactions, but it's certainly a necessary ingredient in finding a bottom to the present downturn," said Bedros Bedrosian, President and Co-founder of Birdview.
Birdview’s Real Estate Activity index had dropped to 800 in November, but in April had recovered to just below 1400.

Sign up for this course by June 1 and we will reimburse you for the cost of the class from the first deal you pend and close after you complete it!

For any Realtor, offered by the Chicago Association of Realtors.

Certified Negotiation Expert (CNE)
Course Description

Negotiation Approaches, Persuasion Techniques & Psychology of Buying
The Certified Negotiation Expert (CNE) Designation Course for Real Estate Professionals is a 2-day seminar focused on negotiation training applied to real estate negotiation situations. The course provides training in professional negotiation. Tom Hayman, President of Negotiation Expertise will cover different approaches, persuasion principles, and the psychology of buying along with role plays, case studies, and group discussion topics.

Students receive a 140 page Student Manual that contains training materials and numerous scripts using the proven persuasion techniques for real estate negotiations. This course will help real estate professionals become skilled negotiators in order to provide a higher standard of service to clients and to better help achieve client goals.

4 Part Negotiation Course

Course Content

How Buyers Buy & Sellers Sell
Building Trust
Identifying Listing/Offer Options for Clients
Persuasion Principles
Power/Emotions/Deadlocks
Stand Area Motivator Model

Why Attend?

98% of Buyers believe negotiation skills are Very Important or Somewhat Important in their real estate agent.*
Buyers give Negotiation Skills the lowest satisfaction rating of all agent skills and qualities*

*According to the NAR 2006 profile of Home Buyers and Sellers

Instructor
Tom Hayman, President, Negotiation Expertise, LLC

Requirements
There are no requirements for this course

Course Formats
Classroom Only- 2 Day Course $149 for C.A.R. members $169 for non-members

Classroom Schedule

Date
July 21 & 22, 2008
Time
8:00 AM – 5:00 PM
Location
C.A.R. Central; 200 S. Michigan Ave. 400

Registration
Register 2 ways:

Online
Register via fax: Print & Fax This Form
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Telephone: 312-803-4900, Fax: 312-803-4905 The “Voice of Real Estate” in Chicago
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Chicago Association of REALTORS� www.Chicagorealtor.com

Get a Grip on Short Sales

A compilation of articles and resources from REALTOR® magazine to help you learn more about this growing, but complicated, niche.

Features:

How to Succeed at Short Sales
To help you gain a better understanding of short sales, we look at some of the most common questions on this topic that you and your customers likely will face today.

What You Need to Know About Short Sales and Loan Forgiveness
Too often, real estate practitioners are unaware of the tax liabilities arising from the cancellation of debt and fail to advise their clients accordingly.

2008 List Issue: 4 Reasons Lenders Want to Work With You on Short Sales
A cottage industry of bankruptcy specialists and other self-described loan mitigators are trawling for clients, but lenders would often prefer to work with real estate professionals.

News Articles:

Lenders Stall Short Sales, Practitioners Say (April 24, 2008)

Why Are Short Sales So Troublesome? (April 18, 2008)

More Banks Consider Short Sales (March 25, 2008)

Short Sales Might Help Curb Housing Slump (March 21, 2008)

Resources REALTOR.org:

Information Central's Field Guide to Short Sales

Subprime Lending: Foreclosures, Short Sales, and Taxes

Issue Summary: Debt Forgiveness

More Links:

IRS.gov: Q&A on Home Foreclosure and Debt Cancellation

From Elaine Pagels, a request to share your knowledge and compassion:

Dear Friends, Family and Colleagues:

I would be very appreciative if you would consider asking professional
friends/contacts to complete our research survey looking at
Professional Benchmarks of Productivity and Perceptions of
Professionals with Evident Disabilities. Respondents can be from "any"
professional field – they simply need to have or have had hiring
responsibility into their company. We've invested a lot in this
effort, and we're close to achieving the respondent numbers that we
need for the professors to extract valid data and meaning from this
research.

Below is some simple language to cut/paste into body of an email along
with the survey link. Thanks so much for your efforts on this. It is
genuinely an organizational undertaking and, if we're able to close
the loop on this research initiative it can make an impact on future
employment and training models to support a more robust and diverse
workforce to include qualified candidates with disabilities.

Pat Maher
nAblement Director
SPR Inc.
233 S. Wacker Drive
Suite 3500
Chicago, IL 60606
Office 312-756-1760 x220
Cell 630-220-8895

Email pmaher@sprinc.com

"Dear :

SPR, through its nAblement division, has commissioned some critical
employer side research in the Midwest investigating Benchmarks of
Productivity and Perceptions of Professionals with Evident
Disabilities. The principal investigators, Fong Chan, PhD, of the
University of Wisconsin at Madison and Dave Strauser, PhD, of the
University of Illinois at Urbana-Champaign, are well-respected in the
field of rehabilitation psychology and life sciences.

I would greatly appreciate 20 minutes of your time to go to the survey
home page (link below) and complete the survey surrounding this
research. Strict confidentiality as to your name or your
organization's name will be maintained in any publications, reviews,
or critiques that may derive from this effort. By completing this
survey you will be adding valuable insights into the challenges of
improving professional employment opportunities for working-age
candidates with disabilities. The Department of Labor's Office of
Disability Employment Policy and other national policy-advising bodies
have noted the critical need for this type of demand-side research
data.

http://www.surveymonkey.com/s.aspx?sm=BHKcWJ2RrCVmY0MQ6c1CiQ_3d_3d

Thanks much for your support."

No Use Cryin’ Over the Market

Get motivated with these 13 tips from top producers.

Be determined. Watch the trends. Don’t go it alone. These are the back-to-basic strategies that top producers use on a daily basis to maintain their success. .

1. Get help. REALTOR Joe Guli understands that real estate can be a career filled with plateaus. As leader of the Hot Properties Team with Keller Williams Premier Realty in Libertyville, he is continually increasing his staff as business grows and listings multiply.

“You need to understand that you can’t handle over a certain amount of listings on your own,” says Guli, who closed 276 transactions and sold $42 million in volume in 2007. “Knowing when to grow and add on will only help you break through that ceiling and gain more business.” Already with a support staff of nine, Guli and his team are still growing.

“Once we reach levels in our business, we continuously increase our staff to handle it which in turn brings us more business,” says Guli. “For example, when we reached 50 listings we hired one assistant. At 100 listings we hired another assistant. When we got over 100 listings, we hired a marketing director. Right now we are at 178 listings and getting ready to bring on another listing agent and two more buyers agents.”

2. Build a well-rounded team. According to REALTOR Mary Ann Knell, a team approach is necessary to reach a top-producing level, but it helps if your team is knowledgeable in various areas of the business. Knell, a 22-year veteran with Coldwell Banker Devonshire in Peoria, believes that incorporating specific jobs with selling strategies is a great way to develop synergy within the office.

“You never want to work alone,” says Knell. “You can call them what you want—assistants, partners, etcetera—but you need someone working with you from the beginning.”

For new additions to Knell’s team, jobs usually start out as clerical and develop with added responsibility. As a leader, Knell believes that any of her team members can be just as successful as she is if they continue to work at it.

“I feel very strongly that everyone on my team has to know how to work the entire business,” says Knell, who sold $58 million in 202 transactions last year. “We have no buyers agents and everyone in my group has their license. Without understanding the entire business, you can’t do a good job in any one aspect of it.”

3. Stop whining about the market. “Clients today are not waiting a minute before going on to the next agent,” says Guli. “Today it seems like everyone is crying about the market. Persistence breaks down resistance so if you are doing these things each and every day it is impossible not to be successful. Those who don’t succeed spend more time whining about the market than actually doing something about it.”

Guli and his team understand that communication is key if you want to thrive in today’s market. Whether it be incorporating video within e-mails, shaking a hand or creating global virtual tours, he finds the right fit in a balance of basic tasks and the use of innovative technology.

4. Be a trend watcher. For Knell, a former job as a buyer for a department store prepared her for the trend-watching aspect of real estate. “We update our market supply and demand every week,” says Knell. “Whether it is massaging listings, open houses or price changing, we are constantly watching the market and reacting to it with our clients.”

5. Spend upfront to brand yourself early on. Melissa Dowson Vorreyer, broker with Re/Max Professionals in Springfield, jumped into real estate after graduating with a marketing degree from the University of Illinois, Urbana-Champaign. Today, she can credit most of her business to the time and money she invested in her marketing plan years ago.

“I invested heavily in branding myself early on,” says Vorreyer, whose $30 million sold in 2007 was almost entirely referral-driven. “I think the extra education really helped me once I got into real estate. You just need to start with a story to tell or a sales record to report and it is much easier to market yourself.”

6. Offer a free service. Vorreyer has taken advantage of the excess inventory of homes and slower pace in today’s market by offering a staging service to each of her clients.

“We are staging every house we list,” says Vorreyer, who recently obtained her Accredited Staging Professional (ASP) designation. “Staged homes are proven to sell quicker and for more money. It’s a free service that we provide to all sellers.”

7. Respect your peers. “Fellow REALTORS are your number one customer,” says Knell, who always makes it a point to thank the other agent in front of both clients at an appointment. “We get our inventory from other agents. We have to acknowledge them professionally for supplying appropriate information to our buyers. It shows us as a partnership and we will more than exceed our goals if we continue to work together.”

8. Be there for your clients. For Mario Greco, keeping in constant contact with past clients is essential to his business. As a broker-associate with Rubloff in Chicago, Greco leaped to top-producer status just months after making the switch from law to real estate in 2002. With $103 million in volume and 248 transactions in 2007 alone, he is no doubt a busy man.

Greco says that top producers can never be too busy to keep in touch with former clients. “I know this industry can be busy, but you have to make time to follow up with past clients,” says Greco. “It’s never too difficult to take a few minutes to ask what is going on in their life or ‘how’s the new kid?’”

With the help of his 15-member team, Greco follows up at least four to six times per year via e-mail to past clients. Recently, he had a client call him for an opinion on the color of the built-ins they were adding to the property Greco had sold them nearly three years ago. “They probably had a whole list of people they could have called for advice, but they called me,” says Greco. “I know that the moment they are ready to sell they will contact me because I have kept in touch with them.”

9. Work with a coach, act like a coach. Knell has worked with a real estate coach for 16 years and encourages those looking to make the leap to top producer to do the same. She says finding a mentor outside your marketplace is the best way to stay enthusiastic and break through that next level of sales. "Even if you are only three months into the job, you will not have to fix bad habits if you start immediately with a strong coach,” says Knell.

She suggests spending some time interviewing coaches and attending seminars with them to see how they look and react before you settle down on one. Says Knell: “Sometimes as a top producer you feel like you are all by yourself. My coach helps me realize that everyone is going through the same thing and allows me to continue with what I do best.”

Having trained with a coach for so many years, Knell now finds herself acting as a coach to her team. “I am their mentor,” says Knell. “I have trained most of them in my systems, customer relations and office styles. I know that any one of them would be very successful on their own and I hope someday that they will do so.”

10. Find your inspiration. For Guli, motivational speaking and self-help have been his source of inspiration. “I have always been intrigued by Anthony Robbins, Tom Hopkins and other self-starters. These people wake up and enjoy every minute of their life,” says Guli. “I eat, sleep and breathe real estate and I absolutely love it. Half the battle is knowing you want to reach that level and the other half is finding the balance and working hard to get there.”

11. Do something different. Greco is currently redesigning his Web site to be more blog-centered and understands the importance of using the Internet and social networking as a means of communicating with clients.

“The new Web site will allow for better search engine optimism,” says Greco. “For example, when someone searches in Google for Bucktown, my name will pop up at the top of the list.”

12. Tirelessly work on goals. “We work totally on goals,” says Knell, whose says her team is in the office every day working on the goals they set up both individually and together. “These include how many people to call, how many listings, how many sales and hours on the phone. Each person within the staff has these goals. They are very attainable and everyone can make their goals if they stay on target.”

13. Work very hard. Greco insists that there is no substitute for hard work and correct pricing in real estate. “You cannot be afraid of 100 hour weeks,” says Greco. “I treat this profession as a full-time job even if I have some free time. Every minute you can be doing something for your business.”

“I probably have anywhere from three to 10 appointments each day, but I also make it a priority to attend all of my kids stuff,” adds Vorreyer, who makes it a daily routine to drop her 7 and 9-year-old children off at school. “The great thing about this job is that I am able to schedule around my family, but still get in a good 60-hour work week.”

By Sarah Murphy, assistant editor

May 2008 Illinois REALTOR magazine

To all of you celebrating Passover this evening and throughout the next week, our best wishes for a enjoyable meal and time with family and friends.
All of us share the message of hope and peace this holiday represents, and we remind you to take a moment regardless of your beliefs to remember and thank the members of our communities and families who are far away and fighting for the rights and freedom of others.

Bill and Dave

From the Wall Street Journal. Good information for you, the Realtor, so you are able to explain the challenges of these types of purchases.
Thanks to Don Driessen in Printer's Row for the article.

Why Lenders Are Leery
Of Short Sales
This Foreclosure Alternative
Helps Strapped Homeowners,
But It's Not Easy to Pull Off
By RUTH SIMON and JAMES R. HAGERTY
April 17, 2008; Page D1

As more people fall behind on their mortgages, lenders have been slow to take advantage of a longstanding alternative to foreclosure -- a so-called short sale.
At first glance, a short sale might seem like a win-win for everyone involved. In such an arrangement, the borrower sells the home for less than the amount owed, with the lender forgiving the difference. The sale releases borrowers from their obligations. For mortgage holders, it can be less costly than foreclosing -- and could provide protection against future price drops. For buyers, it can be a chance to buy a home at an attractive price.
SELLING SHORT

Short sales -- in which a homeowner sells a property for less than its loan value -- are tricky to pull off:
• It can take weeks or months to get mortgage companies to respond to an offer.
• Mortgage servicers may balk at the purchase price.
• Homeowners may have more than one loan on the property, slowing the process.
ADDITIONAL READING

• House Talk:1 A seller going through a short sale wonders why selling a home "as is" seems to involve making repairs.
• Housing Blog:2 Get news, tips and analysis on Developments3, WSJ.com's housing blog.Short sales -- which were rare when the housing market was booming -- can also be a good way for lenders and investors to minimize losses. They typically result in losses of 19% of the loan amount, compared with an average loss of 40% for homes that are sold after foreclosure, according to a recent analysis by Clayton Holdings Inc., which tracks more than $500 billion in mortgage loans monthly for investors. The costs of foreclosure can include not only legal fees, but also taxes, insurance and the expense of maintaining the home until the property is sold and repairing any property damage.
As the housing market continues to weaken, the number of short sales is edging upward. Short sales currently account for about 18% of home sales, according to the National Association of Realtors. But it can be extremely difficult to get these deals completed. Unlike a traditional real-estate sale, a short sale requires the approval of not only the buyer and the seller, but also the mortgage-servicing company. In many cases, loans have been packaged into securities -- which means that the mortgage servicer must consider the interests of the investors who own the loans.
Deals can fall apart because the mortgage company rejects the price that has been agreed upon by the buyer and seller. Long delays in getting an answer from the mortgage servicer are another obstacle.
The process can be so frustrating that some real-estate agents and home buyers have decided that a short sale isn't worth the effort. Shari Adams, a paralegal, bought a foreclosed three-bedroom house in Stuart, Fla., after she tried twice to buy a home being sold in a short sale. One deal fell through when the mortgage servicer turned down her offer after six weeks and didn't make a counteroffer. Another deal collapsed because it wasn't clear that the seller was truly facing a financial hardship.
"I basically started to run away from any home listed as a short sale," Ms. Adams says.
Low Success Rate
The success rate for short-sale offers is low, real-estate agents say. Molly Kay Hamrick, president of Coldwell Banker Premier Realty in Las Vegas, estimates that 20% of short-sale offers in the area lead to completed sales, compared with 85% for more traditional sales. Redfin, an online real-estate brokerage based in Seattle, says it represented buyers on 65 short-sale offers in the first quarter but expects only two or three to result in a completed sale.
Because so many deals fall through, Jean Manner Schwimmer of Coldwell Banker Gay Dales in Salinas, Calif., advises buyers making an offer on a short sale to put a clause in their contract that says the deposit can't be cashed until it is clear that the sale has been approved by the mortgage company and the contract has been signed.
Many borrowers walk away in frustration because it takes so long to get a response from the mortgage company to their offer. Servicers take an average of 4½ weeks to provide an answer on a potential short sale, according to a recent survey of real-estate agents by Campbell Communications, with some taking two months or more to respond. By contrast, it takes an average of less than two weeks to get a response to an offer for a property that has been foreclosed on, the survey found.
"To make the process work, you have to have a buyer who just wants that property and is willing to wait three to four months," says Beth Butler, chief operating officer of EWM Realtors, based in Miami.
Alicia and Greg Green accepted a short-sale offer in December for a home in Los Angeles they had purchased as an investment. But the deal didn't close until late March because of delays in getting an answer from the mortgage servicer, Option One Mortgage Corp. At least two offers at higher prices fell through because of delays, says Bill Etchegaray, the couple's real-estate agent.
"Luckily, we didn't lose the buyer," says Ms. Green. "I thought we would because the process took so long." The couple sold the home for $299,000, well below the $375,000 mortgage balance. They fell behind on their payments when the construction business Mr. Green owned went under. A spokeswoman for Option One pointed to the complexities of arranging short sales and said the company is pleased that the sale was successful.
Coming up with what everyone agrees is a fair price can be tricky in a soft market. "Servicers are finding that people try to low-ball the sales price knowing that the property is distressed," says Vicki Vidal, a senior director with the Mortgage Bankers Association.
Missed Opportunities
But with home prices falling in many markets, a rejected short-sale offer may wind up as a missed opportunity. Donald Schriver, owner of Assist-2-Sell Good Sense Realty in suburban Phoenix, says a homeowner he was helping late last year was offered $190,000 for his house in a short sale but was unable to win approval from his mortgage company. The borrower later decided to abandon the four-bedroom house, which was built in 2005. The house is now in foreclosure, with an auction scheduled for June. Prices in the area have continued to fall, says Mr. Schriver, who believes that the most the home would now fetch is $180,000.
A spokesman for Wells Fargo & Co., which services the loan, said the company "made several unsuccessful attempts to connect with the customer" and didn't turn down an offer for a short sale.
Some mortgage-servicing companies are tightening up on short sales because they worry borrowers are rushing into these arrangements when there are better alternatives. In March, Ocwen Financial Corp., based in West Palm Beach, Fla., told its customers it would consider a short sale only after it had talked directly to the borrowers and determined there are no alternatives for keeping them in the home.
"We are concerned that some of our customers are not given all the facts," says William Rinehart, the company's chief risk officer. "In some cases, it's represented to them that a short sale is the only solution to the problem they are in."
Part of the problem may be that many mortgage servicers were ill-prepared for the spike in bad loans. As delinquencies have climbed, they have had to scramble to add staff. Mortgage companies say they prefer other means to help borrowers, such as a repayment plan or loan modification.
Clearing Hurdles
Gathering all the information needed to evaluate a short-sale offer can take time, says Patrick Carey, an executive vice president with Wells Fargo. The loan servicer must first determine whether the homeowner really can't continue meeting the loan payments, then get an appraisal or broker's opinion of the home's value.
Mortgage servicers also try to ensure that the proposed sale is an "arm's length" transaction between two parties rather than, say, a sale to a relative on sweet terms. They must also determine whether the buyer has sufficient funds or the ability to get a loan. If all those hurdles are cleared, the servicer may still need to get approval from the investor that owns the loan and provide an analysis showing that the investor will be better off with a short sale than with another solution.
There are additional complications if the borrower has a mortgage and a home-equity loan. In that case, both parties must approve the deal -- which is a challenge when the sales price may not even be enough to cover the mortgage balance.
To minimize delays, Mr. Carey suggests that homeowners contemplating a short sale immediately call the loan servicer to get the approval process started, rather than wait for an offer.
There are some signs that the process is getting smoother. In recent weeks, some mortgage companies have begun to approve short sales for borrowers who can show financial distress but haven't yet stopped making monthly payments, says Dan Elsea, president of brokerage services for Real Estate One in the Detroit area. Until recently, servicers wouldn't even consider a short sale unless a borrower was at least 60 days late.
Fannie Mae and Freddie Mac, which own or guarantee nearly half of all outstanding U.S. mortgages, both say they are trying to streamline the short-sale process. Fannie Mae says that it plans to introduce a policy in the next few months under which real-estate brokers would be given an advance indication of the approximate minimum price that would be acceptable in a short sale, a move designed to quickly weed out offers that are too low.
Freddie Mac says it has already given its top servicers more flexibility to accept short sales for homes backed by loans it guarantees or owns. Lehman Brothers Holdings Inc., another issuer of mortgage-backed securities, also is offering incentives in some cases for servicers to arrange short sales or loan modifications.
Write to Ruth Simon at ruth.simon@wsj.com4 and James R. Hagerty at bob.hagerty@wsj.com5

From our friends form Chicago Condos Online-

Media Watch: Crain's 'Chicken Little' Coverage of Chicago Condos

(Reprinted from ChicagoCondosOnline.blogspot.com)

On page 4 of its April 7 edition, Crain's Chicago Business published a five-paragraph item under this bold, three-column headline:

GLUTTED CONDO MARKET NOT ABOUT TO SPRING BACK

Glutted? Really? How do you define "glutted" (excessively oversupplied, perhaps)? And on which statistics, from which sources, do you base that highly subjective characterization?

Not about to spring back? Ever? Really? Is the sky falling, too? Will it ever stop falling? Will Crain's, which is sounding a lot like Chicken Little, ever stop its negative take on the condo market? Ever?

Forgive the tone of our questions. Crain's is a popular and highly respected, Chicago-based business weekly in tabloid format. I love to read it, primarily for the lively writing and local coverage. But its April 7 article is just one of several gloom-and-doom reports on condos it has published in recent months.

Like the absurd and unsupported headline, the article itself is misleading and harmful. (Crain's doesn't provide a way to link to its article online, so you'll have to trust our report.) Crain's quotes a prominent local money manager, Dan Cardell, president of Wayne Hummer Asset Management, as predicting that the Chicago "area" condo market will "probably" drop "another" 15% in price because "there's tons of supply."

It's difficult to respond to, and judge, Crain's and Cardell's assertions because neither documented them. But we'll do our best.

First, let's set the record straight for the city condo market, arguably the most important segment of the Chicago "area," however defined, and the focus of this blog.

Will prices of Chicago condos drop "another" 15%? No, because they haven't dropped the first 15%. In fact, they haven't dropped at all. Indeed, as we have reported, the median sales price (MSP) of city condos closed on the Multiple Listing Service (MLS) was UP 7% in 2007, compared to 2006. And, to the surprise of many, as of March 31, the MSP is UP 11% year to date.

In dramatic contrast to cities throughout the country, the median price of Chicago condos is still going up.

Is there a glut of condos in the city? As reported here, as of March 31, there were only 2% more active city condo listings on the MLS than on the same date a year ago. Certainly no evidence of a glut there.

Based on units sold in 2007, there was a nine-month supply of city condos on March 31, but that's only 6% more than on the same day last year.

The best (worst) case that might be made for a condo glut in the city is that the current nine-month supply compares to what is generally considered, nationwide, a "normal" (balanced) supply of six months. One might argue that nine months is 50% higher than "normal," which could be considered a glut. But you'd have to understand those numbers, and how they are calculated, better than we do, to make that case. If anyone wants to make that case, we'll publish it.

Our point is not that Crain's was incorrect in its use of "glutted," but that neither Crain's nor its source (Cardell) supported that claim with evidence. So we don't know if it is justified or not.

Will the Chicago condo market ever spring back? As reported here, unit sales in the city have already rebounded in each of the first three months (from being down 36% in January to down 24% in February to down 18% in March). Most importantly, dollar sales volume is down only four percent. In the city, at least, the rebound is already underway. No one knows if we've hit bottom, but evidence is mounting that we may have.

What about the Chicago "area" condo market? In an e-mail, Cardell says he was referring to Chicagoland, which neither he, nor Crain's, nor any source we consulted clearly defines. So, using the MLS database, we generated statistics for the eight-county metropolitan area. It encompasses the counties of Cook, Lake, McHenry, DeKalb, Kane, Du Page, Kendall and Will. The vast majority (85%) of condo sales in that metro area are in Cook County.

In those eight counties, the median sales price of condos closed on the MLS in 2007 was UP 9% over 2006. On April 13, the median price for year-to-date 2008 is UP 8%, to $258,000. So much for falling prices (and a falling sky)!

Granted, the number of units sold in those eight counties has declined significantly. Unit sales were down 13% in 2007 and, year to date, are 28% below sales during the same period last year. That doesn't necessarily mean there's a glut. If the metro area is like the city, many owners have kept their condos off the market. Developers, of course, don't have that luxury. Many of them probably feel like the sky is falling.

Using the MLS, we were unable to generate comparable area statistics on supply in 2007 vs. 2006. If you know how, or have another reliable source on the supply of condos in the eight-county area, let us know. We do know from the MLS that the average market time in the metro area is currently 133 days vs. 137 for the city. That doesn't prove Cardell's claim of "tons of supply," either.

What is Dan Cardell's evidence that prices have declined? In an e-mail to us, Cardell explained that he meant average, rather than median, price and added:

"I did not make any comment [in his conversation with Crain's] on how far the market has fallen so far. In fact, my impression is that it has held up quite well relative to other markets. This is exactly my point--the Chicago [area] market is 15% overvalued (based on academic research which compares disposable income, business activity, employment, etc., to housing values).

"I am forecasting a 15% drop in prices from here," his e-mail continued. "It is precisely because the market has held up so well in the face of so many negatives (restricted credit, oversupply, buyer reluctance, disappearance of investors) that I feel comfortable with my forecast. As with any forecast of the future, only time will tell."

Yet, here is how Crain's quoted Cardell: "A lot of people feel that in the spring, things are going to pick up. When they realize that's not happening, I think we'll see the next leg down. The condo market probably has about another 15% to go down (in prices)." [The phrase in parentheses is Crain's; the italic emphasis is ours.]

How can we have a "next" leg down and "another" decline in prices, when prices are up? Either Crain's misquoted Cardell or he's changing his tune. Either way, the reader is misled. And Cardell's key point, which could be valid--only time will tell--is lost in misstatements.

In an e-mail to us after reading this post, Cardell now claims he was referring only to new construction when he told Crain's "there's tons of supply." If so, this is not the first time Crain's has said "condo market" when it really meant new-construction condo market. In the city, new construction, including conversions, is less than half the total condo market.

In fairness to Crain's, the headline and article were published under this heading: My Take: A Conversation With Money Manager Dan Cardell. To careful readers, that indicated that the item was not a news article, reported by Crain's, but an opinion column. (Although the by-line of the interviewer, Crain's Bruce Blythe, did appear at the bottom.)

But how many thousands read the headline and thought, The condo market really does suck; it's even worse than I thought; I'd better lower my price or lower my offer, then turned the page without reading the article?

There goes consumer confidence down another notch, putting even more downward pressure on condo prices and on the local economy. And, for that, Crain's, on behalf of everyone involved in the condo market, we urge you (and other local media) to drop your irresponsible, Chicken Little approach to covering our city's condo market.

Even in a guest opinion column, you can require that assertions be supported with specific evidence from reliable sources. Columnists are entitled to their opinions, but not to their facts.

If we receive one, we will gladly publish a response from the article's author, Crain's Assistant Managing Editor Bruce Blythe, and would welcome his defense of Crain's recent record of covering condos. [Blythe has declined our invitation.]

To let Dan Cardell and Bruce Blythe know how you feel, click on their names and e-mail them. To let us, and our readers, click here.

Ric Cox, President & CEO, www.ChicagoCondosOnline.com
"The Ultimate Condominium Resource"
Blog with us at: www.ChicagoCondosOnline.blogspot.com
With your help, "Chicago's Best Condo Blog"

We are seeing more activity in all the offices as Spring finally makes an appearance!

Some of the things Bill and I are talking about:
All real estate is local. Our kudos to the Sun Times for their recent articles on the state of the market and the insight of their reporters in finding good numbers in the voluminous statistical information from the Chicago area.

We are closer to a normal market now than we were a year ago. The reality we all need to embrace is the overall market will look like this for some time going forward. There are a host of reasons, and they all point to the ability of buyers to have adequate choices in financing. The credit markets will not loosen until there is a solid upswing in the real estate market. The real estate market will not have a solid upswing until the credit markets loosen.
Something will give in this tug of war.
The success stories we are hearing have a few common themes. Working smarter and faster. Adapting and letting go of practices which are not working the way they used to .
Don't change the things you do, change how you are doing them.
Listings, listings, listings. Buyers come to you when you have inventory.
Be the expert in the markets you serve.

Next time any of you are in Downers Grove, please don't tell Tom Myers III the market is not vibrant, he sold four (4) houses this past weekend!

See you all Friday.

Dave

Ultra Hot or Mega Cool: Latest Trends in Retail Concept and Design

What you need to know about the trends and issues facing retailers and retail real estate professionals, and their stores, malls and shopping centers, in the future.

Moderator:
Eddie Baeb, Editor, Crain's Chicago Business

Panelist:
Todd Caruso, Senior Managing Director-Retail Services, CB Richard Ellis
Keith Lord, President, The Lord Companies
Chris Thomas, Design Leader of Retail & Mixed-Use, DLR Group

Hear the panelist discuss bridging the gaps between:
*Retailer Reality
*Developers’ Wants and Needs
*What are the current Hot Spots for Retailers?

Event Details
Date: Thursday, April 3, 2008
Time: 11:00 A.M. - 1:30 P.M.
Place: Maggiano's Little Italy Restaurant
Cost: $45 in advance - $60 at the door

Visit the Chicago Association of Realtors website www.chicagorealtor.org to register!

Special Report

HUD Releases New FHA, Conforming Loan Limits
The U.S. Department of Housing and Urban Development today published new FHA and conforming loan limits, based on median home prices as mandated by the Economic Stimulus Act signed by President Bush in February. New loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750. NAR expects the impact on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages. The new FHA loan limits can be accessed online. To find the Fannie Mae and Freddie Mac conforming loan limits, on the HUD site choose "Fannie/Freddie" in the drop-down menu called "Limit Type."
"We believe the economic stimulus bill will quickly have an impact on families and the nation's economy. The loan limits for both FHA and Fannie Mae and Freddie Mac have been increased and this will act as a major stimulus for the housing industry and for those people wishing to own a home," says Richard Gaylord, NAR president.
What This Means for Housing, REALTORS®, and the Economy
NAR research points out that increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market.
An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.
Why HUD Took This Action
HUD was mandated in the Economic Stimulus Act to publish new loan limits within 30 days of the bill's signing by President Bush on February 13.
How HUD Calculates Its Median Home Prices
HUD median home prices differ from those published by NAR. That is because HUD uses a variety of sources and different areas to calculate the median home price.
Who Will be Affected
Increased loan limits will have a wide impact. The added liquidity in the mortgage market will help to make mortgages more easily available. Receiving direct helped will be borrowers in high cost areas who previously had no recourse except high- cost jumbo loans, and those with high-cost loans who can refinance into lower interest rate loans.

Report compiled by Robert Freedman, rfreedman@realtors.org, 202/383-1012.
NATIONAL ASSOCIATION OF REALTORS, 430 N. Michigan Ave., Chicago, IL 60611.

Our family is growing!
We have been in St. Charles and Downers Grove this week meeting with some great agents.
With the signing of documents next week, we will be adding Prudential L.T. Blount in Palos Park, Prudential Clark and Holm in Downers Grove, and Prudential Source One in St. Charles to our company.

Be sure to save the date of April 11, our first all company meeting of 2008.

And, by the way, if you are ordering any new marketing materials, be sure to ask Diane for the new company logo so you will have the right name on everything..........................

Prudential, SourceOne for real estate.

Today we spent the day at our newest office, the Prudential SourceOne Realty office in St. Charles.

We hope everyone will take a moment to welcome the great agents and staff who have chosen to be part of our company. They come with all the same challenges and determination to make this a good year as the rest of you.

The previous owner, Ray Shafer, is moving forward to expand a successful development business, and will continue to be a part of the culture and fabric of the office.
Debbie Notaro is smart, skilled and poised to be an even better manager than she is today.

Maurine and Gina provide the SourceOne agents with the absolute best support and bring impressive resumes to their positions.

Add them to your list of western suburb resources, and feel free to stop in next time you are near North Avenue and Randall Road.

We simply cannot say enough good things about these people and their office.

You can say "hello" via email at all-stcharles@ppcre.com

"Prudential, Source One for Real Estate" . We like it.

We will be having a conference call Wednesday morning at 930 am in the Printer's Row conference room on successfully prospecting For Sale by Owner clients in this market.

This is free, and is being offered through CAR as part of their MASTERMIND series of remote training.
The trainer has done over 60 FSBO sales in the last 24 months.

A good tune up for the spring market and priced right!

Here is one of those rare opportunities to not only promote yourself and your expertise, but to showcase how a true professional in real estate does their job.
Don't wait, the response to these has been fast and furious, and our agents are not the only ones being given access to this application. Good Luck!
From my mail earlier today-

Dear David,

Home and Garden Television (HGTV) and Pie Town Productions are happy to
announce a new, national real estate television series, "Good Buy!". "Good
Buy!" is from the same producers as "House Hunters", "My House is Worth