La Jolla Homes for sale & La Jolla Real Estate

Happy Holidays from your Friendly Local Real Estate Company

WISHING YOU AND YOUR FAMILY A SAFE AND HEALTHY New Year!

If you do not have the familiarity and awareness yet of the home-buying and/or home-selling experience, below are a few basic yet important facts that you must not forget:

1. Always remember, everything is negotiable.

From the price you pay for the house to the date that you want to move in, everything can be bent, bartered or bargained. When you make an offer, you can and should ask for whatever you want. That doesn't automatically mean that you'll get it, but it's a starting point.

2. Everything varies and things continually change.

You'll find that there really aren't very many tried and trusted facts about the home-buying and home-selling processes. Every buyer's and seller's experiences are going to vary widely. One person may sell his house in the first month that it's on the market; another may have to wait for six months. Everything will differ according to your situation and desires. Tax laws, real estate laws and real estate practices are fluid, changing and evolving all the time.

3. There's no absolutely perfect time to buy.

Some buyers wait and wait until they think the market is perfect, or until they find the house they've always wanted, or until they can afford the house that they've always wanted. Unless you have a compelling reason to wait, you probably shouldn't. The perfect market, the perfect house, or the perfect price may never come along. So, buy what you can afford and then trade up later.

4. Don't fall for the 'no-money-down' deal and exercise 'win-win' negotiating.

You may come across advertisements offering you the opportunity to buy a house with no money down. Most too-good-to-be-true deals are. You can certainly find a good deal, but make skepticism a habit in this area. It could save you time and money.

Many people are under the impression that a successful deal happens only when they impose their will on the other party and get their way entirely (a win-lose situation). But, the best deals occur when both sides come out of the transaction happy. If you buy a house at the price you want and the terms you want, and the sellers also get the price they want at acceptable terms, then you both benefit.

5. Expect the 'redecorating cycle.'

The only thing you can really do is to just know that it's coming. When you move into your new house, you'll probably discover that the couch doesn't match well with the carpet in the living room. So, you install new carpet, only to notice that the recliner suddenly looks shabby, and you decide you're going to need a new one, etc.

* First, keep in mind that you do have options. Most lenders today offer bad-credit mortgage programs, and they compete quite aggressively with one another. But if you don't know that, you'll take the first offer that you get. And that's exactly what they want you to do. Lenders count on your lack of knowledge of your own options, as well as your desperation for financing because of your credit.
* Get serious about developing and sticking with a budget. You have to get and maintain control of your finances. A budget will show you where your money is going, and help you to allocate it more wisely.
* Always check your credit. Give yourself time to do this before you apply for a home loan. You might not be able to clean up every derogatory mark, but you may be able to correct some errors, and that too could be enough to help your score.
* Pay your bills on time. Repay your loans in instalment payments. This helps to establish a positive history and is much more valuable to your credit than paying off a loan with just a few big payments or one lump sum.
* Bring any late or missed payments up to date as quickly as possible. Your credit file takes into account not only your late payments, but just how late they are; for instance, whether they're 30, 60, or 90 days past due.
* If you plan to apply for a mortgage, don't open any new accounts for three- to six months before that time. Opening or even trying to open new credit accounts gives lenders the impression that you may be attempting to run up as much credit as you can, and that always makes them nervous.
* Try to have three to five active trade lines in your credit file. This is the average number that most people with good credit have. In addition, with revolving credit accounts, be sure to keep your balances below 30% of their limits.
* Don't close any old accounts that are still being reporting in your credit file, even if they're bad. This can actually only hurt your score, because when you close those older accounts your credit history will suddenly look a lot younger than it actually is.
* Assess your potential lender's character. The lender is assessing you. You'll want to ensure that your lender is fair and honest, as well. Be wary of spoken promises that he or she hesitates to put into writing.
* Explain to the lender, in writing, about past credit problems or other potential trouble areas of your application. If you have a good reason for your credit difficulties, let your lender know. Even with computerized underwriting, a human being is going to examine your file; your explanation may make the difference between denial and approval.

1. First and Foremost YOU are a business.

Real estate agents work for a broker, but are independent, commissioned sales people. This means that you are a small business and must run your practice as a business. Again, remember you are a small business owner.

2. Embrace a Planning Attitude.

If you don't have a plan, then you are on some else's plan - usually the successful real estate agent's. During the last 10 years, what I have learned as a performance improvement consultant or coach is that most people place more value in planning a trip to the grocery store or a vacation than planning their lives either professionally or personally.

3. Research Your Market Plan.

Since you, as the real estate agent, are responsible for your own expenses, do your research specific to your marketing plan within your strategic plan. Time spent in constructing your marketing plan is definitely well spent. Remember a business plan usually is data driven, while a strategic plan identifies who does what by when.

4. Establish Sales Goals.

Using your strategic action plan, establish sales goals. If you are new to this industry, it may take 6 months before the first sale.

5. Create a Financial Budget.

Budgeting is critical given the up and down of this volatile market place. Your financial budget should plan for your marketing costs, any additional costs such as education and your forecasted income.

6. Make Managing Yourself a Priority.

Building a business is not easy. You must learn how to manage yourself especially in the area of time management, ongoing real estate business training coaching continuing education units, and personal life balance. Real estate is said to be a 24/7 business much like any small business. However, it is important not to lose sight of your personal life including family, friends, physical health, etc.

7. Find a Mentor or a Real Estate Coach.

Going it alone is not easy. Take the time to find a mentor who can help you steer through some of the known obstacles and help you during the "peaks and valleys." If you have the resources, you may wish to hire a real estate coach or an executive coach who specializes in small business help and sales.

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Listen to the media with discernment

Lately you've been hearing a lot of scare tactics from the media. When you're buying into the ideas that are presented, you will probably feel demoralized, unmotivated, and downright scared. Guess what? As you feel these feelings, you are radiating energy to prospective clients that stop them from wanting to move forward. "Whatever you give out comes back to you multiplied."

Look at the facts

The economic forecast is actually quite different than what the media is stating. Know these to get you motivated:

• Interest rates are still at an all-time low
• We've gone through the worst of the dip
• Indications are that stocks will start to rise and that there is more confidence in the economy

In other words, according to the experts, the worst part is over and people will begin to buy again.

Put up boundaries on negativity in your environment

This is pretty simple. Don't hang out with people who are negative, stay away rather than hear the pessimistic buzz. Busy yourself in creating positive mindset.

Monitor your own self talk

Turn off negative self talk and give yourself positive and encouraging ones. Here are some examples of positive thoughts.

• I have the skills and confidence to succeed in any economy
• There's more than enough to go around
• The bottom line is - no matter what, people will always need my expert services
• I do work I love and I'm richly rewarded

Find and educate your clients

Approach any selling opportunity as an education opportunity. Even if they aren't ready to buy at that moment, they will remember who was honest and helpful when they are. Increase your exposure and credibility by organizing a class or seminar.

Be clear on what makes you unique

Present your reasons to clients as to why they should work with you instead of someone else. With the help of a mentor or a coach, have someone help you discover your strengths.

Use the Law of Attraction to attract your ideal clients

Visualize clients you want to work with, see yourself working with them now, and feel what it feels like to have an abundance of ideal clients. If it gives you joy to serve them, then radiate that joy and watch how it magnetizes those ideal clients to you.