HOME EXCHANGES A WIN-WIN FOR BUYERS AND SELLERS

One of the biggest factors slowing the real estate market today is the hesitation of buyers to assume the risk of buying another home before selling their existing residence. Most buyers simply cannot buy until their current property is sold.
There may be several buyers interested in a seller’s current home, but they are in the same position and can’t commit to buy before they sell, either! This is one of the biggest reasons that the market is bogged down with excess inventory.

To solve this problem, Weir Manuel Realtors recently announced their property exchange program. By identifying not only the features and benefits of the homes we have to sell, but also the seller’s specific needs and desires for the home they wish to purchase, this program will be able to effectively match buyers and sellers whose properties satisfy each other’s requirements. In this way, simultaneous transactions can be structured for homeowners who are “stuck” in their present homes.
Such exchanges are not necessarily limited to two parties. Three or more exchanges could theoretically be accomplished at the same time. Participants in an exchange could be desirous of moving up or downsizing but could also be interested in a lateral move to a home of similar value offering a different location or simply different amenities.

All the elements necessary to facilitate exchanges are now in place. All that is needed is to identify current homeowners for whom an exchange makes sense. Creative thinking and trusted advice from a Weir Manuel professional can make it possible.

FIRST TIME BUYER CREDIT CAN INCREASE TAKE HOME PAY

The big buzz in real estate right now is all about how the first time buyer tax credit. No one has quite figured out how it can be monetized to become available to purchasers at the time of closing. HUD has repeatedly issued and rescinded guidelines on this matter and we are still waiting for the lending industry to figure it out.

Consider this alternative approach. Qualified buyers may elect to wait to receive the tax credit until they file their 2009 tax return. Meanwhile, with the knowledge that they will be receiving the credit against their income tax liability currently accruing throughout 2009, one may choose to claim fewer income tax exemptions for withholding purposes. This is done by simply filing a revised W-4 Form with their employer.

This strategy would effectively monetize the tax credit throughout the balance of 2009 by increasing the take home pay in every first time buyer’s weekly paycheck for the rest of the year. Some or most of this increase could also be retained in future years due to the ongoing income tax benefits provided by home ownership.

Individual circumstances will vary based on income and allowable exemptions, but for many this may be the perfect way to take advantage of what is undoubtedly the best market for first time buyers ever. And remember, first time buyers include those that haven’t owned a home for at least three years. Check with your Weir Manuel trusted advisor and your tax accountant to learn how this strategy may work for you.

WEIR MANUEL REALTORS GOES GREEN

When it comes to being a good corporate citizen, sometimes it the little things that count. Weir Manuel Realtors recently recognized this by performing an energy audit.

While it may not be feasible for us to go green in a big way by tearing down our buildings and creating new state of the art green facilities, there is much that can be done with our current operation. Here are just a few things that we are doing to help:
• WMR recently began recycling all of its paper and plastic refuse
• We are converting to energy efficient light bulbs wherever possible
• All of our high-use CRT computer screens are being replaced with flat screens which will result in an 80% reduction in electric consumption!
• Programmable thermostats are being installed wherever practical
Weir Manuel encourages all of its employees to use as little energy and paper as possible. If we all become aware of energy conservation best practices and just do a little bit more, the impact will be significant.

CUSTOMER SERVICE VS. CUSTOMER EXPERIENCE

For many years real estate brokerages have endeavored to differentiate themselves from their competition based on providing superior customer service. In the minds of most Realtors, great customer service meant always being available to their clients, returning calls promptly and expediting the various elements of the real estate transaction.

Coupled with knowledge and expertise, providing great customer service could yield a satisfactory real estate experience. Satisfying the consumer today, however, is a different matter! Providing great customer service is just the beginning of creating the essential consumer experience.

More focus must be placed on providing a user friendly online customer interface. Specifically, consumers are more likely to do business with firms that offer their customers their own private database providing access to transaction information relevant to them. For sellers it may be showing records, marketing schedules and feedback from prospective buyers. For purchasers it may be a log of the homes they’ve seen, comparable sale data and access to their mortgage application timeline.
WMR is developing a new transaction management platform that will make our internal operation much more efficient. Just as important, it will provide quick and simple tools for our customers that will make buying and selling property a much better experience.