Two months ago I was talking to a couple who was visiting from the Midwest, as folks, well they generally come to the Coachella Valley every other year or so as snowbirds and stay for the winter. The couple was considering remaining permanently in Palm Springs all year-round, as they were tired of the floods, tornadoes, and wicked winter weather. Then, just the other day I was talking to a realtor at the local bookstore in the Starbucks coffee shop and she told me there were a number of very nice gated communities with modern architecture, with everything provided for, keeping it simple for either snowbirds, or older couples who were unable to do all the landscaping.

The realtor told me that sometimes selling real estate in Palm Springs was tough due to its dual identity; it is known as a vacation getaway for gay couples, but is also known as a vacation area for families going back through the 1970s, as it was made popular in decades the prior to that by Hollywood, and the Mafia who found it a safe haven. Yes, Palm Springs has a lot of history. Perhaps you remember the old slogan; “P.S. I Love You!” That catchy phrase appeared on at least 1 million bumper stickers. Then today in the newspaper here, the Coachella Valley, in The Desert Sun insert there was a very interesting advertisement for real estate “live the Palm Springs lifestyle at The Morrison – now selling. The only problem was that the homes were about half $1 million, and the market still hasn’t returned yet, meanwhile the depiction in the newspaper had box like homes, you know the kind which might remind someone like Osama bin Laden’s million dollar compound in Pakistan, only nicer and much closer together. » Read more: Selling Real Estate in Palm Springs – A Quick Discussion

Working with Membership Groups

Working with clubs, organizations and other membership groups is a good source of business and a niche that most agents don’t consider. There are so many different kinds of groups — you will have an endless source of business. Groups with large members are a continuous source of leads for new and repeat business year-round. If you happen to be a member of a group already that is even better because people like to deal with someone they know and have something in common with. Even if you are not member, you can arrange to come and speak to the group and bring information about buying, selling and leasing real estate in the area. Be sure to bring along several business cards to hand out, too. You may want to join the group.

The local Chamber of Commerce is an example of a group that is great for networking in your local area. If you are interested in charitable work, you may want to volunteer your services to the organization as well. It may take some time before you get a lead, but working with groups is worthwhile because you can target a number of people at the same time without having to spend a lot of money on marketing. Most groups have newsletters that are emailed to their members. For a small fee or maybe even for free, you can advertise your services in their newsletter or offer to write an interesting article about the housing market.

Marketing to groups

Start by compiling a list of groups that you want to target. Find out when it meets and who their chairman is so you can call and follow up with a letter or email to arrange a time when you can make a presentation to the group. You may even want to provide refreshments. If you have any professional designation such as the ABR® designation awarded by the National Association of Realtors (NAR) Real Estate Buyer’s Agent Council (REBAC®), be sure to put that on your business cards or marketing materials. This lets everyone know that you have special education and expertise and have taken time to further your education.

Advantages of working with membership groups

The biggest advantage of marketing to membership groups is they have a large number of members who may be interested in buying, selling or leasing real estate. Members also have family members and business associates who may want to refer you, too. Networking in the community is a great way to get to know people and offer your services. You may also want to hold a seminar or some kind of charity event to raise money for their group if they are a non-profit organization. The good thing is there are always new groups starting up in the area. All you need to do is read the local newspaper to see that there is some club or organization sponsoring an event or hosting a program or workshop. Groups are an endless source of new business leads. » Read more: Real Estate Membership Groups

As a real estate agent working on your short sale listing, you have already advised your client that short sales in Florida and other states can take a long time, and that there is no sure thing when it comes to the bank accepting an offer or not. Most of the time, the bank thinks the buyer’s offer is way too low so they hold out for a higher price. The buyer may consider raising their offer, they might hold firm and let the negotiator work on it some more, or worse, they may just walk from the deal altogether and all of your hard work makes a swirly sound as it goes down the drain. The biggest short sale deal-killing mistake is not supplying enough documentation to justify a low value of the property. Every successful agent when listing a short sale or making an offer in the short sell process, knows you must supply as much support documentation as possible to show the bank the value of the property is lower than they first thought.

Instead you must include a thorough estimate for repairs from a licensed contractor to lend credibility to the offer being presented. This is not just a simple proposal with one or two items. You need to include a detailed report packed full of line items each with a line item price attached, detailing everything that the house needs to have repaired or addressed in some way.

• Break repairs down into as many smaller items as possible. “Paint entire house” is better explained with, “Prep for interior paint. Clean walls to remove dirt build up. Remove nails, patch holes, realign and recaulk base trim, prime and seal dark outdated wall color. Apply finish paint in a workmanlike manner.” Each item should take up its own line on the proposal.
• The more you substantiate the work required for buying a short sale, the more the bank will see that the work and the repair estimate make sense. Include work tasks that may be required in the near future, such as “Install new shingle roof. Current life expectancy less than 3 years.” A licensed contractor is an expert qualified to make such an opinion.
• What about upgrades? Maybe the bathroom is fully functioning, though all the fixtures are 20 years old and the place screams for a remodel. Is that what a real buyer will ultimately do? Do comparables in the area already have updated bathrooms? Go ahead and include this on the report. “Hall bathroom functionally obsolete. Remove and replace vanity. Remove and replace commode. Refinish worn bathtub. Install new ceramic tile.”
• The point is to include as many items on the repair estimate that you can truthfully justify. If something needs to repaired, then make sure the estimate describes it as such. Describe the defect whenever possible. “Repair rotten wood fascia at rear porch roof” or “Replace water damaged sheetrock in hallway.” Upgrades are not repairs. Your agent short sale repair estimate might include “Replace obsolete high water consumption commode to meet current standards.”
• Remember, always…ALWAYS include photographs to support items listed on the repair estimate and make sure you include a caption. You want the bank rep to easily understand that the house needs work. Don’t make them have to figure it out on their own. Take pictures that are close up, and take them of everything that needs attention. Pictures can be attached printed on paper, burned to a CD, or attached to an email. » Read more: How to Short Sell – Are You Losing Sales By Committing This Short Sale Deal Killing Mistake?