Come January 1, 2010, the new and improved Real Estate Settlement Procedures Act of 1974 (RESPA) will be fully en force. Considering this is the first sweeping change in the home buying process since 1974, it is worthy of our full attention. The new RESPA means more than new forms-it means major changes in the way real estate closings happen.

The key motive of RESPA’s new rules is to make sure consumers understand loan costs and binding parameters before singing the closing statements.

With mountains of paperwork at the closing table, there is little chance that borrowers are going to spend the many hours necessary to wade through the documents. What’s more, borrowers, especially would-be first-time homeowners, may be intimidated by the process and miss the opportunity to seek competing settlement services that could save them money.

As a real estate broker, here’s what you need to know: the new rules may impact your ability to refer business to title companies, inspectors and others you typically work with as part of the sales process. RESPA wants to make it easier for borrowers to shop for the lowest-cost, most convenient closing services by mandating borrowers receive a written list of settlement service providers. That comprehensive list includes closers, appraisers, real estate brokers, title examiners, attorneys, underwriters, pest inspectors, mortgage insurers, loan processors and other settlement service providers.

Continue reading ‘The Changing Face of RESPA’

The commercial real estate market has changed – and is changing. Although many believe the market still hasn’t hit bottom, one thing is certain, commercial real estate brokers need new skills in order to thrive in the face of current market realities. Beyond the tried and true relationship strategy, I believe commercial real estate brokers need to focus primarily on honing their business development skills.

Just because the commercial real estate market is shifting doesn’t mean brokers should shift into panic mode. As Gary has shown us in SHIFT: How Top Real Estate Agents Tackle Tough Times, there are always opportunities in the midst of challenging environments. So, if you maintain a business development mindset and keep your foot on the accelerator, you are more likely to discover and leverage those opportunities to your advantage.

Before you can hone your business development skills you need to understand what business development is – and what it isn’t. Business development is not merely sales role, it combines sales, marketing, strategic analysis and negotiations to accomplish one goal…building new relationships with potential clients.

Continue reading ‘Business Development: The Hottest CRE Skill for 2010′

What is the importance of “culture” in the business world? Does it really make a difference? You better believe it does! Organizing the goals of a business around solid, positive, core values and then proceeding to cultivate them on a daily basis inspires and motivates the members of the organization. This mindset also encourages your team to reach out and share the culture with those around them. However you define fulfillment, I believe we will all agree that it is created by our daily surroundings–the culture we experience as we participate in the workplace environment of our choice.

Much has been said about the KW culture, both positive and negative. The truth is, those of us that have the same values and focus on culture in business are perfect business partners. We are so thankful to have found a business that thinks like we do-where our beliefs are fostered in a positive and powerful way!

Continue reading ‘Can Business Succeed Without Culture?’

In my last post, Focusing on Leverage, the Buyers Side, we talked about hiring and compensating a Showing Assistant. We had such great feedback and questions from that post that I wanted to share a video with you that Jay and I just completed, The 3 Key Hires and the Showing Assistant. In it, we break down the three key hires of a millionaire real estate team and how they evolve over time.

To get where you want to go, you’ll need to surround yourself with people who have the capacity, drive, energy, skills and desire to be their best. Ultimately, that’s what the journey of the Millionaire Real Estate Agent is all about. Enjoy the video and let us know what you think!