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Getting Tenants to Go Green.
As property managers, we can't insist on behavioral changes. Going green can be a tough sell to a renter. After all, a building is only as green as the people who manage and live in it. Managers are key players and can encourage activities that reduce consumption and waste. The catalyst is education.
We Are All Stakeholders
You need to demonstrate the benefits. Tenants can be inspired to go green by emphasizing a better living environment and eco citizenship. Getting to that point, begins at the leasing process. Educate tenants on easy, cost effective ways to help the environment. Tips such as using compact fluorescent lights, unplugging electrical devices or recycling. That way both tenants and owner/managers can capture the benefits of saving money and natural resourcesGo for the easy things.
Its Good Business
An apartment.com study reports found tenants want to live a more sustainable lifestyle. More than 25% said they would pay more in rent to save money on energy costs. So set the tone for sustainability by making environmentally-friendly choices. Here are some easy, inexpensive ways that go a long ways towards a more sustainable healthier environment. For more energy saving ideas go here
Low Flow Toilets - Cost - $150-1500.00
If you decide that it is time for a toilet replacement, you reduce water use and bank teh savings. Replacing a 18 litre per flush toilet with an ultra-low-volume 6 litre flush model represents a 70% savings in water flushed. You can save as much as 7500 gallons of clean, fresh water annually
Shower Heads - Cost - $15-100.00
Conventional showerheads have flow rates up to 4 to 5 gallons per minute. A good low-flow showerhead can reduce water use by 50% and still provide a good shower
Faucets -
Leaky Faucet: One drop per second can waste as much as 10 gallons of water each week. Deferring basic maintenance can be costly.
Faucets Aerators - Cost - Less than $5.00
Conventional faucets have an average flow rate of almost 4 gallons per minute. Faucet aerators can reduce your home water consumption as much as 50%, and reduce your heating costs as a bonus.
Programmable Thermostats - Cost - $50-150.00
Tenants save up to 20% of total energy costs using a programmable thermostat by reducing temperature 5 degrees at night and 10 degrees during the day, whenever possible.
Start small and do the easy things first. Talk up green living at the lease signing and be a partner in creating a safer and healthier living environment. There is no better way to change behavior then by setting a good example. And by the way, reducing operating costs is good business. Save money and do well by doing good.
REsourced from www.yourpropertypath.com
You may republish this article, as long as you do not edit and you agree to preserve all links to the author and www.yourpropertypath.com
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I was talking to several REO agents in my area and everybody is complaining that we are not getting assignments like we used to. I have some houses in pre-listing since Sept of last year, and I haven't receive too many new assignments this year, it started great with a busy first week of January, but then it has slow down.
Also bpos are slowing down, and per my conversations with other agents it is the same with most. I talk to some asset managers from large banks a few weeks ago, and they told me that there is a lot of inventory ready to hit the market and that we will be busy for the rest of the year. I have also notice a lot of REO agents also expanding their teams to do short sales. In a way it is a no brainer, I have been doing that for a while. With a short sale we don't have to share with the outsourcers, we don't have to front utility bills, become project managers, etc. the biggest issue is to convince the bank to accept the offer and to wait patiently until they get to review and if they don't approve the sale price then go back to the drawing board, also if the seller is too late, then the risk that the bank might foreclose before we get a chance to sell it.
Anyway I have always said in past post that it is good to diversify, I personally take 2 first time buyers a year, and show properties, etc. that keeps me in the reality of things, and I also take some investors, but that is a little different. It is good to experience the market from different perspectives.
Last Wednesday I got in a new REO assignment. It was for a condo located in building 2 of the complex. I went to the complex to check for occupancy. I located building 1 and building 3. Sitting in between these buildings was a slab with a chain link fence around it. Building 2 had burned to the ground.
I noticed a sign on building 1 for a management office. Went to the office and discovered it was closed permanently. A sign in the door gave the management company contact information. There was also a 2 page letter taped to the door addressed to the owners of the units in the former building 2. The short of it was that soil tests had been conducted and that the soil would not support a 3 story building like the one that burned down. The management company and the architect were trying to figure out what to do about the situation. At this time they has no solution.
I took pictures of the slab and returned to my office. I sent an email explaining what I had found along with the pictures and a synopsis of the letter on the door and ask how they wanted to handle the situation.
I got a reply telling me that they would look into the situation and get back to me later in the afternoon.
2 days later I got an email telling me they were still trying to figure out what to do but to go ahead and report the property vacant which I did.
Their system then triggered a property condition report.
I waited for additional instructions.
Yesterday I sent an email explaining that the PCC was due and that if I did not act on it the system would penalize me and again asked how they wanted me to proceed.
Well, today I get an email instructing me to fill out the PCC as if were vacant land and then complete the BPO as if it were vacant land!
I've done a lot of BPO's on all kinds of properties but I've never been asked to do one on the value of the percentage ownership of the land on a condo that does not exist.
On Monday I have to do a Cash for Keys with the tenant living in the house that has been assigned to me. This house was assigned to me last summer but my client was waiting for the foreclosure to be ratified by the court and for the deed to be recorded. Finally I have the green light to offer cash for keys to the tenant at the end of January, they told me to offer $500, the tenant ask for $2000 finally we negotiated to $1200.
My client sent me the check last week and made it to my company and the tenant, the date for the trasaction was schedule for Monday, the tenant wanted to get the check and then hire the moving company to get his things out. I told him that I wouldn't give him the check until the entire house was empty and clean, and that I would give him one more day to do that or the deal was off and he will face later eviction.
He moved all his things to a neighbors house that night and yesterday all day. I went there in the afternoon and he was moving the last of his belongings to his neighbor, after the house was empty I endorsed and gave him his check and the locksmith changed the lock, When I am driving home, about 50 minutes on rush hour, he call me and tell me that he is at a check cashing store and that they need my LLC articles and my driver license to cash his check.
I went home grab the LLC docs and drove back to the check cashing store inside and liquor store. I gave the documents and my driver license to the clerk and she went to her manager for approval. When she got back she made us sign another document and took pictures of both of us separate and together. The entire CFK lasted over 3 hours. with the driving and the time at the check cashing store, At the end when I was leaving the tenant ask me if I could buy him a bottle since he was so nice to move all his belongings in the middle of the night and because he didn't go to work to finish the move.
Is your pool GREEN? Are you breeding mosquitoes? Do your neighbors hateyou? Even with an automatic pool robot, you may still find that yourpool gets out of balance after storms or during the hottest part ofseason.
Try these 3 steps to get your pool back to that inviting clearness, enticing you to dive on in.
Things You'll Need:
Chemicals: Shock, Algaecide, Clarifier, Chlorine.
Tools: Aquabot is nice, Broom, Vacuum A little dedicated time and energy
Step 1: Using the large net skim all debris from top of the pool and remove any debrisyou see at bottom of the pool. Backwash pool. Brush sides and bottom ofpool to remove algae growth.Run pool pump for 1 hour and then removeremaining debris and vacuum. If you have robot cleaner such as theaquabot pool cleaner, you will save a lot of manual labor on this step.It may take longer to brush than by hand. AT this point you can backwashif the pool is not visibly cleaner. Check your pump and if it shows inthe range of where it needs back washing then do so. Usually the gaugewill 10 when backwashing is needed. Continue running the pool pump.
Step 2: Clean pool = safer fun. Next shock pool. If algae has visible growth, use 2xthe amount of pool chemical you normally use. You should shock at leastonce a week during swim season and ideally once every 3-5 days.Make sureto distribute mostly in the deep end but you can also distribute aroundedges. If it settles into one place makes sure to brush it off and mixinto pool water so it doesn't damage surface.wait 1/2 - 2 hours forthings to settle and brush any areas that look bad. Keep the Filter(pool pump) running.
Step 3: If shock did not clean up the visible algae; then brush well, and add a goodalgaecide. Running the swimming pool pump for 12 hours. Run the robotguy around the pool again or vacuum by hand. Check gauges to see if youneed to backwash. If water is still looking filmy or cloudy addclarifier to remove the minute particles from the water. After theclarifier has had about 4 hours to work you can then backwash pool againto flush out the filter. The clarifier is going to help make your poolreally shimmer and look inviting.
Step 4: Now here is some extra. Check your water level and add water if you need to. Thentake sample of water to you nearest pool supply store and have ittested (usually free). They will recommend adjustments to restore PH andchlorine levels. Keep the pool balanced weekly and free of debris andshock at minimum once a week during swim season and you will have littletrouble with a sparkling
clean pool!
Tips & Warnings: If you cannot get pool back into shape after doing this once;then decide whether it is worth it to drain the pool and start over.Pools are recommended to be drained every 3 years. Sometimes it isnecessary. Do this for spring cleaning your pool and also before fall sothat the pool will be easier to maintain year round. You cannot vacuumand backwash too much. Just make sure to keep water
levels up asyou back wash.Instructions are for in ground pool. If you have aboveground pool you will need to check manufacturer instructions. Sandfilters need sand replaced every 3 years for maximum efficiency. At endof year run filter cleaner through system.
30-year fixed-rate mortgage: Averaged 4.95 percent with an average 0.6 point for the week ending February 24, 2011, down from last week when it averaged 5.0 percent. Last year at this time, the 30-year FRM averaged 5.05 percent. .
The 15-year fixed-rate mortgage: Average 0.7 point, down from last week when it averaged 4.27 percent. A year ago at this time, the 15-year FRM averaged 4.40 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.8 percent this week, with an average 0.6 point, down from last week when it averaged 3.87 percent. A year ago, the 5-year ARM averaged 4.16 percent.
One-year Treasury-indexed ARMs: Averaged 3.40 percent this week with an average 0.6 point, up from last week when it averaged 3.39 percent. At this time last year, the 1-year ARM averaged 4.15 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates eased again this holiday week amid mixed inflation data reports. Although the core consumer price index for January rose slightly above the market consensus, house prices fell 4.1 percent in the fourth quarter of 2010 compared to the same period in 2009, according to the S&P/Case-Shiller National Index In addition, the level of the index was the lowest since the fourth quarter of 2002
Low mortgage rates and home prices are sustaining affordability in the housing market. Existing home sales rose for the third consecutive month in January and were at the strongest pace in eight months, the National Association of Realtors reported; only the Northeast region experienced a slowdown in sales
Real Estate Porn
The search bunny keeps on going
Its interesting that online search for real estate is as strong as ever. Sales are miserable, people are afraid to buy. They no longer know what value and they have no job security. So, why is search so strong. Realtor.com President, Errol Samuelson notes that Online search is a critical measure of interest in real estate, especially now that more than 90 percent of buyers search for their homes online. So what can we glean from data mining search. Well, it turns out quite a lot.
Search As An Economic Indicator
Studys that indicate that the answer is yes, search can indicate future interest. The National Academy of Sciences of the United States of America (PNAS) recently published a study and concluded that predictive power of search can predict activity several weeks in advance.
Where Are The Top Ten
Sun Belt Still Strong
The top 10 most searched real estate markets in 2010 were established based on the number of visitors that viewed properties in each Metro Service Area (MSA) in the United States from January 2010 to December 2010 on Realtor.com. Despite changing market conditions in 2010, the nation’s top search destinations remained remarkably stable and focused on the sunshine states of California, Nevada, Florida, Texas and Arizona.
Bottom Fishing?
Or Just Entertainment?
Despite changing market conditions in 2010, the nation’s most searched destinations remained remarkably consistent, focusing on the sunshine states of California, Nevada, Florida, Texas and Arizona. Whether the strong interest in Real Estate is just window shopping or whether these states will seriously pop first when the buying public feels this is the bottom remains to be seen. Be interesting to see if the heavy search points to an early opportunity.
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I just took a listing and the borrowers loan is with Ocwen. I called to get there fax number to send over the 3RD party authorization form and to initate the Short Sale. The customer service rep at Ocwen told me I couldn't initate a Short Sale and the borrower would have to call first. They mentioned about having the buyer exhaust every possible loan mod program before doing a SS. I told them that the buyer has lost his job over 6 months ago and has NO income to support a loan mod. Plus he has been getting the run around from them for the last 4 months about a loan mod and would rather SS then let it go to foreclosure. Has anybody had similar problems with Ocwen and how are they to work with on SS?
30-year fixed-rate mortgage: Averaged 5.0 percent with an average 0.7 point for the week ending February 17, 2011, down from last week when it averaged 5.05 percent. Last year at this time, the 30-year FRM averaged 4.93 percent.
The 15-year fixed-rate mortgage: Averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.29 percent. A year ago at this time, the 15-year FRM averaged 4.33 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.87 percent this week, with an average 0.6 point, down from last week when it averaged 3.92 percent. A year ago, the 5-year ARM averaged 4.12 percent.
One-year Treasury-indexed ARMs: Averaged 3.39 percent this week with an average 0.6 point, up from last week when it averaged 3.35 percent. At this time last year, the 1-year ARM averaged 4.23 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Fixed mortgage rates eased slightly this week and continue to be very affordable. Prior to 2009, interest rates for 30-year fixed-rate mortgages had never been at 5 percent since our survey began in April 1971. In both 1981 and 1982, the rates were over three times as high as they are today.
The housing market is struggling to regain traction despite still historically low rates. New construction on one-family homes dipped slightly in January to an annualized pace of 413,000 units, which was the fewest number since May 2009. In addition, homebuilder confidence didnt improve for the third consecutive month in February.
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Mortgage Bankers Association for the week of 2/16/2010
Market Composite Index: (loan application volume) a measure of mortgage loan application volume, decreased 9.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 7.9 percent compared with the previous week.
Refinance Index: decreased 11.4 percent from the previous week and is the lowest Refinance Index recorded in the survey since the week ending July 3, 2009.
Purchase Index: decreased 5.9 percent from one week earlier. The unadjusted Purchase Index decreased 0.9 percent compared with the previous week and was 18.2 percent lower than the same week one year ago.
Refinance Share of Mortgage Activity: decreased to 64.0 percent of total applications from 66.6 percent the previous week. This is the fourth straight week the share has declined.
Arm Share: increased to 6.0 percent from 5.9 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
Mortgage rates remained above 5% last week, up almost a full percentage point from their October lows, and refinance volume continued to drop, said Michael Fratantoni, MBAs Vice President of Research and Economics. Applications for home purchases also declined on a seasonally adjusted basis. Buyers have not returned to the market as rising rates have reduced
affordability, to some extent .
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By Elizabeth Weintraub, About.com Guide
.See More About:foreclosuresbuying short salesdistressed homesreal estate investors
Buyers should hire a real estate agent who specializes in foreclosures.
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Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.
Why Do Sellers Go Into Foreclosure?
Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following:
•Laid-off, fired or quit job
•Inability to continue working due to medical conditions
•Excessive debt and mounting bill obligations
•Squabbles with co-owner, divorce
•Job transfer to another state
Negotiating Directly with Sellers in Foreclosure
Investors who specialize in buying foreclosures often prefer to purchase these homes before the foreclosure proceedings are final. Before approaching a seller in distress, consider:
1.Foreclosure proceedings vary from state to state. In states where mortgages are used, home owners can end up staying in the property for almost a year; whereas, in states where trust deeds are used, a seller has less than four months before the trustee's sale.
2.Almost every state provides for some period of redemption. This means the seller has an irrevocable right during a certain length of time to cure the default, including paying all foreclosure costs, back interest and missed principal payments, to regain control of the property. For more information, consult a real estate lawyer.
3.Many states also require that buyers give to sellers certain disclosures regarding equity purchases. Failure to provide those notices and to prepare offers on the required paperwork can result in fines, lawsuits or even revocation of sale.
4.Determine whether you're the type of person who can easily take advantage of a seller's misfortune under these circumstances and / or put a family out on the street. Oh, critics will argue it's just business and sellers deserve what they get, even if it's five cents on the dollar. Others will feign compassion and trick themselves into believing they are "helping" the home owners avoid further embarrassment, but deep inside yourself, you know that's not true.
http://baltimorelowpricedhomes.com/gold_distress.asp
This morning's guest speaking at our monthly market center meeting in Scottsdale was Ken Whisenhunt, the head coach for the NFL Arizona Cardinals. He shared his insight into what it takes to be a success in a competitive environment.....whether it is on the football field as a player and coach or in the trenches in a challenging real estate market as a broker or agent.
Here are the highlights of what he feels it takes to be a success:
1. Have a clearly defined plan or strategy and sticking to it.
2. Set goals that are realistic and attainable.
3. Deal with adversity, find a way to fight thru common obstacles and objections
4. Develop the ability to adapt to changing circumstances, be willing to adapt your strategy or game plan to the current environment
He also spoke about the benefits of keeping our emotions in check, never getting too high or too low regardless of the situation and surrounding ourselves with team members who are willing to work hard everyday. It was apparent that there is a lot of commonality between what professional athletes do on a daily basis and what we as real estate professionals encounter. Take it from a coach that was moments away from winning the Superbowl two years ago...if you persevere long enough you can be a success in almost any environment!!
Special thanks to our team leader Barb Savoy for inviting Coach Whisenhunt to speak at our event...
How did she get such a highly recognized coach to attend our event....simple, she just asked for the business!!!
Thanks,
Joseph Milazzo
Licensed Agent/Partner
Keller Williams Arizona Realty
Voted #1 Real Estate Office in Arizona
9500 E Ironwood Square Dr.
Scottsdale, AZ 85258
Cell 602-741-9882
Fax 480-629-5105
Can you spot yourself in this video??
Last week the Small Business Administration (SBA) implemented the new SBA 8(m) rule that allows for firms to be certified as woman-owned small businesses. Of course, there is an acronym – WOSB.
WinDS leaders have been closely involved with SBA on this topic as the regulations were being developed. We also networked with Women Impacting Public Policy (WIPP) analysts in D.C. as part of our strategic partnership with WIPP. We know our WOSB entrepreneurs are among the finest in the world, and we are dedicated to getting you the information and assistance you need to take the next steps.
If you are a current WinDS Member in good standing, WinDS will be able to assist you to complete the necessary steps to position your firm as a WOSB. There will be a document review and processing fee of $395, with annual recertification reviews and/or updates for $195 to $295, depending upon the level of changes requiring adjustments to the file.
Contact ShelleyKaye@WomeninDS.com to express your interest in this new benefit for WinDS Members. In the subject line, please use the term “WOSB Certification.” You will receive a response with instructions how to proceed.
If you would like to join Women in Default Services, please go to our website www.womeninds.com and click on JOIN WINDS NOW! or e-mail ShelleyKaye@WomeninDS.com for additional information.
Market Composite Index: (loan application volume) a measure of mortgage loan application volume, decreased 5.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.9 percent compared with the previous week.
Refinance Index: decreased 7.7 percent from the previous week
Purchase Index: decreased 1.4 percent from one week earlier. The unadjusted Purchase Index increased 4.8 percent compared with the previous week and was 16.6 percent lower than the same week one year ago.
Refinance Share of Mortgage Activity: decreased to 66.6 percent of total applications from 69.3 percent the previous week. This is the lowest refinance share observed in the survey since the beginning of May 2010.
Arm Share: increased to 5.9 percent from 5.5 percent of total applications from the previous week.
MBA outlook: (Excerpted from mbaa.org)
Mortgage rates increased last week as many incoming economic indicators continue to show stronger growth than had been anticipated. Refinance volume continues to be low, as fewer homeowners with equity have any incentive to refinance, said Michael Fratantoni, MBAs Vice President of Research and Economics. We are at the beginning of the spring buying season, but purchase volume remains weak on a seasonally adjusted basis
We expect that mortgage originations will decrease to $967 billion in 2011, the lowest level of originations since 1997. This is a decline from $1.5 trillion in 2010 and a little under $2.0 trillion in 2009. Purchase originations should increase to $615 billion in 2011 up from $473 billion in 2010. Refinance originations, primarily impacted by the level of mortgage rates, are expected to drop sharply in 2011 to $352 billion and fall further in 2012 to $237 billion. We expect that the refinance share of originations should fall from 69 percent in 2010 to 36 percent in 2011, and then 24 percent in 2012 as rates climb above the 6 percent mark.
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30-year fixed-rate mortgage: Averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent. Last year at this time, the 30-year FRM averaged 4.97 percent.
The 15-year fixed-rate mortgage: Averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent. A year ago at this time, the 15-year FRM averaged 4.34 percent.
Five-year indexed hybrid adjustable-rate mortgages ARMs: Averaged 3.92 percent this week, with an average 0.6 point, up from last week when it averaged 3.69 percent. A year ago, the 5-year ARM averaged 4.19 percent
One-year Treasury-indexed ARMs: Averaged 3.35 percent this week with an average 0.6 point, up from last week when it averaged 3.26 percent. At this time last year, the 1-year ARM averaged 4.33 percent.
Freddie Sayz
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac
Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week.
For all of 2010, nonfarm productivity rose 3.6 percent, the most since 2002, while Januarys unemployment ate unexpectedly fell from 9.4 percent to 9.0 percent. Moreover, the service industry expanded in January at the fastest pace since August 2005. As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010
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Filling The Vacancy
Maximizing The Rent 
refi, arms, Interest Rates, loan
Several lenders, including Freddie Mac, report more than half of homeowners who lose their homes to foreclosure never answer their lenders' phone calls or letters. Instead, homeowners feel embarrassed about being in default, don't believe their lender can help, and erroneously assume that contacting their lender will cause them to lose their home more quickly.
In a press release announced earlier this week, The Short Sale Association of America (SSAA) shared results of a Freddie Mac survey that reported "6 in 10 homeowners in pre foreclosure aren't even aware of the programs and services available to help them prevent foreclosure."
The release urges real estate professionals to reach out to distressed homeowners, knowing it is highly unlikely they will seek out assistance on their own.
Note: lenders are still behind the times when it comes to investment properties. They claim to have loan modification and other options for investors, but typically that is not the case.
