Rx for Real Estate. elearning series. Upcoming elearning series
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1 Upcoming elearning series Kevin Russell Senior Vice President, Sales & Account Management Cartus Home Loans Donna Barber Manager, Sales/Account Management Support, Global Implementation Services, Cartus Renee Carnes-Rook Vice President, Real Estate, Cartus Cartus' solution for the elimination of the 400N Tariff: Adapting the Acadia model for Domestic Household Goods March 26 2:00 p.m. EST Presenter: Pat DeDonato
2 Agenda What s Going On? A look at forces impacting the market What to Expect Driving Employee Sales: Policy Must-Haves Selling Homes Faster: Critical Program Adjustments What s Working: Cartus Initiatives
3 What s Going On...? Economic Conditions The R word in the forefront Sub-prime issues Dollar weak Oil prices up Unemployment Up Consumer confidence down Inflation, stock market uncertain
4 What s Going On...? Foreclosures Foreclosures up 75% Dec 07 vs. Dec. 06 National forecast: one in every 617 households AK NH ME WA MT ND MN VT MA HI States with foreclosure rates among the nations highest (Corp inventory volume) OR CA 1.921% NV 3.376% ID UT WY CO 1.919% AZ 1.516% NM SD NE KS OK TX IA MO AR LA WI IL 1.250% MI 1.947% IN 1.027% MS TN OH 1.797% KY AL PA NY WV CT NJ SC GA 1.566% MD VA NC RI FL 2.002% DE DC
5 What s Going On...? Housing Supply Months of Inventory Existing Homes New Homes Recession Source: National Association of Realtors, Bureau of Census, Freddie Mac
6 What s Going On...? Sub Prime Issues Sub-prime originations quadrupled between % of 2006 sub-primes tied to troubled lenders Results: Layoffs and mortgage company shut-downs escalating Guidelines tightening: Loans that used to be approved are now being denied Higher down payment and score requirements More documentation Fewer loan products available Difficulty finding buyers
7 What s Going On...? Home Prices Soft sales reflect disappearance of subprime loans 4th Quarter 2007 versus 4th Quarter 2006 National Regional: Northeast South Closed Sales Units 21.7% 16.7% 21.4% Avg. Sales Price 1.7% 2.1% Flat Midwest 14.2% 0.4% West 31.7% 1.1% Source: RealTrends
8 What s Going On...? Home Values 2006 = 5.87% AK 10.41% NH 3.72% ME 4.89% HI 13.33% Appreciation >20% 15%-20% 10%-15% 5%-10% 0-5% Negative OR % WA 16.35% CA % NV 8.63% ID 17.52% UT 17.41% AZ 16.37% MT % WY 14.39% CO 3.72% NM 14.10% ND 8.98% SD 5.88% NE 3.22% KS 4.79% MN 3.38% OK 4.96% TX 6.79% IA 3.71% MO 5.02% AR 6.23% WI 4.20% LA 13.14% IL 6.95% MI IN 2.33 % OH 1.02% KY 4.14% TN 7.58% MS 10.70% AL 8.85% VT 9.35% PA 8.44% NY 6.53% WV 6.34% GA 5.49% RI 4.55% CT 6.34% NJ 9.19% MD 13.19% VA 9.91 % NC 8.44 % SC 7.79% FL % MA 1.11% DE 8.92% DC 11.30% Source: Office of Federal Housing Enterprise Oversight
9 What s Going On...? Home Values 2007 = 1.8% AK 4.6% NH -0.4% ME 2.9% HI 2.3% Appreciation >20% 15%-20% 10%-15% 5%-10% 0-5% Negative OR 5.6% WA 7.0% CA -3.6% NV -2.4% ID 6.9% UT 12.9% AZ -0.2% MT 7.7% WY 11.8% CO 2.2% NM 7.4% ND 6.3% SD 5.0% NE 1.7% KS 3.9% MN -0.1% OK 5.5% IA 3.2% MO 2.7% AR 4.1% WI 2.5% TX 6.3% LA 5.4% IL 2.5% MI -3.7% IN 2.0% OH -0.1% KY 3.8% TN 6.0% MS 5.1% AL 5.3% VT 4.8% PA 4.1% NY 1.4% CT 1.0% NJ 0.9% WV 3.6% VA 2.9% GA 3.5% MD 2.5% NC 6.5% SC 5.1% RI -2.2% FL -2.1% Source: Office of Federal Housing Enterprise Oversight MA -2.3% DE 3.7% DC 5.2%
10 What s Going On...? Short Sales Impact on the Market & the Borrower Definition: A sale by the homeowner in which the net proceeds are not enough to pay off the outstanding debt secured by the home. Borrower usually relieved of liability for unpaid balance. Lender normally won t approve short sale unless satisfied that borrower won t pay shortfall from other resources Increase in number of short sales due to declining housing market and increase of borrower debt (1st and 2nd Mortgages and Equity Lines) Forgiven debt by lender results in taxable income to borrower and negative impact on credit *Most lenders treat short sales as a foreclosure and will mark credit settled for less than amount due Negative equities paid by employer treated as taxable income Short sales take time to process due to thorough review by lender
11 What to Expect... Fewer Amended Sales Longer Marketing Times Increased Spending Prepare for Longer-Term Cost Impacts More homes in inventory, longer-term Prepare for higher Total Direct Operating Expenses (TDOE) Anticipate increases in related policy areas Temp housing, duplicate housing, storage-in-transit
12 What to Expect... Challenging Homes Become More Challenging Location busy streets Power lines Functional layout No curb appeal Rural area
13 Time is Money Don t Buy It! And if you do... Get it Sold!
14 Positioning for Success The Basics... Price it right Move in condition (Do the basic R & I) Stand apart- incentives and offerings Speed/action How to do it Tighten your Policy with must-have components Fixed benefits levels - Restrictions and limitations 2. Adjust your Program with discretionary elements Added components can be adjusted to fit conditions.
15 Policy Must-Haves Drive Employee Sales Use Relocation Specialists Cartus Broker Network Average savings of $3,963/home (inventory homes) Average 22 fewer days in inventory On list appraisers: ERC s standard guidelines / Top 3 appraisers Appraisals Reasonable vs. Normal days maximum Allow for forecasting and market change adjustments Foreclosures are valid comparables Review out of variance guidelines Offer at 95% of AV Shifting markets require specialized expertise
16 Policy Must-Haves Drive Employee Sales Institute Marketing Guidelines Mandatory marketing: Establish minimum marketing times- 60 days Institute list price parameters -bring closer to BMA Standard: 108% - 110% Now recommend: 103% - 105% Encourage listing below AV 30-day offer period Mandatory reductions after 30 days Negotiate all offers Consider all offers Accept offers below AV
17 Policy Must-Haves Drive Employee Sales Hold the Line on Exceptions! Tighten internal controls Adhere to property eligibility requirements Update! BVO only Determine expiration of benefits-recommend 180 days Guaranteed offer Eliminate appeals
18 Policy Must-Haves Drive Employee Sales Add Incentives and Allowances Fix-up / improvement allowances Employee incentives Typically range from 1%-3%, with a cap Consider a time-sensitive sliding scale Teasers Special financing
19 Best-in-Class Example: Policy Components That Drive Amended Sales Client X Amended Sale Rate: 71.3% 60-day mandatory marketing time 3% bonus based on net sale price Client X will amend sales according to AV. Examples follow. Example One Example Two Example Three Appraised Value $100,000 $100,000 $100,000 Sale Price $97,000 $102,000 $103,000 Buyer Concessions $2,000 $3,000 $ - Net Sale Price $95,000 $99,000 $103,000 Employee Funded on $100,000 $100,000 $103,000 Bonus $2,850 $2,970 $3,090 Total Employee Receives $102,850 $102,970 $106,090
20 Critical Actions Help Sell Homes Fast 1. Price it Right! The days of pricing and waiting to get your price are gone. Price competitively Accurate pricing drives sales Be prepared to re-price every 30 days Obtain updated BMA Know your competition! 0 Houses priced right are selling. Jeff Otteau, former chairman of ERC Appraisal Standards Council, Orange County Register, Oct Percentage of Average < Average Resale Loss - DOM
21 Critical Actions Help Sell Homes Fast! 2. Make it move-in condition! Buyers want move-in condition Eliminate condition as factor for buyers Cosmetic enhancements Accelerate the R&I improvement process Raise R&I approval limits: minimum 3% AV Support more flexible bid process: Recommend: $500 no bids $501-$1,999 one bid $2,000 two bids Equity advance
22 Critical Actions Help Sell Homes Fast! 3. Get Creative! Allowances and incentives set you apart from the competition The buyer is king! Buyer allowances key to attracting attention Becoming a requirement for differentiation Start early or after days of marketing Consider: Closing costs/special financing Elective/targeted allowances Package your company s own products/services Buyer/Agent incentives no longer as effective
23 Critical Actions Help Sell Homes Fast! 4. Speed it Up Flexibility is key Gain approval on resale loss limits in advance Review internal policy escalation guidelines Review approval limits unexpected expenses 48-hour turnaround is minimum standard
24 A Cost Comparison: Three Scenarios Scenario One Scenario Two Scenario Three Appraised Value $500,000 $500,000 $500,000 Sale Price $450,000 $470,000 $460,000 Days in Inventory Resale Gain/Loss ($50,000) ($30,000) ($40,000) Estimated Total Direct Costs $44, $86, $65, Acquisition Costs $2,300 $2,300 $2,300 Net Loss $97, $118, $108,105.48
25 What s Working: Cartus Initiatives Education and Awareness Appraisers Brokers Cartus staff Client
26 What s Working: Cartus Initiatives Appraiser Market Valuation Market calls: Collaborate and share market data, changes and trends with relocation appraisers and our network brokers Appraiser training in key states and markets: Analyze sales, new construction, short sales, and listing data discussing absorption rates and forecasting Analysis of variance rates on weekly basis
27 What s Working: Cartus Initiatives Marketing Conduct brainstorming sessions with consultants and real estate specialists to create innovative marketing strategies SWAT marketing calls with brokers to discuss marketing approaches on specific properties. Builds broker partnership to jointly educate, position, and influence the customer Inventory Strategy Monthly calls/meetings to review employee s progress with marketing the home and any adjustments needed Monthly client inventory calls to review challenges, marketing approaches and approved immediate actions Client e-learning on marketing conditions 2008 Inventory call with broker, agents and Cartus Inventory manager to discuss innovative approaches to marketing individual homes Consider bundling your company s products & services Incentives or creative offerings
28 Summary: Setting Yourself Up for Success 1. Price it Right 2. Move-in condition (Do basic R&I) 3. Stand apart incentives and offerings 4. Speed/action Examine your policy Educate up Set approval limits Teamwork
29 and
30 Thank you! Upcoming elearning series Cartus' solution for the elimination of the 400N Tariff: Adapting the Acadia model for Domestic Household Goods An archived link of this elearning will be sent to all registrants via on February 21. For questions, comments or to request a PDF version of the presentation, please contact: cartusevents@cartus.com March 26 2:00 p.m. EST Presenter: Pat DeDonato
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