Join us Saturday, December 2nd at Chelsea Estates for the unveiling of Lennar’s WiFi CERTIFIED™ home! Read More
The Las Vegas Review-Journal reports that Las Vegas home values climbed faster than the national average in the past year, a new report shows. The median estimated home value in the Las Vegas area last month was $222,900, up 10.2 percent from a year earlier, according to listing service Zillow. Read More
by Brian Fraibble
Do you think selling new homes requires specialized skills? My experience and the input of 90% of my site agent colleagues would agree yes. It’s actually more of a knowledge game and the statement that knowledge and power proves true in negotiating with the new home construction site agents.
“KNOW THE DEAL”. That quote is never more important than when negotiating with a new home site and negotiating a great deal for your customer; converting said customer to a client.
Standing inventory. Quick move in homes. Showcase homes. These are often titles defining inventory that the builders are anxious to sell. Our clients desire to build a home from the ground up and customize is very important; however an option for a move-in ready house is a possibility for discounted pricing and additional incentives.
We get into some specified techniques during our training sessions, please join us for awesome networking and interactive learning. HAPPY SELLING!
We @ TNT are constantly stressing the importance of the relationship between site agents and Realtors.
This key relationship opens the door for smoother transactions, happier clients and more closings. New home site agents are trained in the selling skills of critical path.
Meet and greet. Demonstrate. Qualify. Site. Close. It’s often said “the meet and greet is the most important aspect of the critical path”; and many site agents are challenged with the simple process of introduction.
It’s much easier to sit down with a friend over a cup of coffee and negotiate an agreement then it is to negotiate the same agreement with a stranger. Wouldn’t you agree?
When a skilled realtor walks into the room and already has established a relationship with the builder’s agent, we are now prepared to work together along with our
Longtime, respected home builder, Frank Wyatt, the president of Pinnacle Homes in Las Vegas, has taken the helm as 2016 president of the Southern Nevada Home Builders Association.
Wyatt has been an active member of the association since 1982 when he was a consulting engineer at then-SEA Engineers. He established Pinnacle Homes in Las Vegas in 1992. He also served as SNHBA president in 2011, and has been very active on many of the association’s committees, including its Executive, Legislative, Codes, and Community Planning and Infrastructure committees. In 2015, SNHBA presented Wyatt with a Lifetime Achievement Award in Home Building.
“There have been a lot of transitions at the association in recent years, but our central mission remains largely the same – work hard to keep new homes competitively priced for as many potential homebuyers as possible,” Wyatt said during his acceptance speech at the association’s Installation and Awards Luncheon in December at the Four Seasons Hotel.
He said the tight supply of local land remains the primary challenge for home builders to sell their new homes at competitive prices.
“Land is a major component of the cost of a home, and in Southern Nevada, it’s a huge challenge for home builders. More than 80 percent of the land in Nevada is owned or controlled by the federal government. Contrast that with Texas where the federal government has less than 2 percent.
“This land constraint keeps our land costs high relative to other locations in the region, and that makes new-home affordability more difficult. The processes currently under way to make land more available will take many years. It’s critical we be a part of the process as it moves forward,” Wyatt said.
Wyatt’s roots in Nevada run deep. He graduated from Earl Wooster High School in Reno in 1971. The late Senator Alan Bible appointed Wyatt to the U.S. Air Force Academy that year. He had to resign from his studies in 1973 because of a vision problem that interfered with pilot qualification.
He went on to the Georgia Institute of Technology, better known as Georgia Tech, in Atlanta from 1974 to 1976, graduating with high honors with a degree in civil engineering. In 2004, Georgia Tech presented Wyatt with a Distinguished Graduate Award.
Blackstone now rules America’s real estate
November 16, 2015
Brena Swanson | Housing Wire
Blackstone (BX) is now nearly four times the size of when it originally filed its IPO in 2007. Most notably, it has expanded its real estate division from a $17.7 billion business when the company went public to one that today manages nearly $100 billion worth of property. Per Business Insider:
“We’re now, we believe, the largest owner of real estate in the world,” Steve Schwarzman, CEO, told Business Insider in an interview at his company’s Park Avenue headquarters in midtown Manhattan.
“We have a performance record that is… pretty much in a league of our own, we’ve compounded [returns of] around 18% after fees. We’ve had almost no losses of any type.”
And real estate is just part of the giant growth Blackstone is witnessing.
Back in August, HousingWire wrote that Finance of America Holdings, a Blackstone portfolio company, revealed that it snatched up several major lenders, a move likely destined to make it one of the nation’s largest nonbank originators, if all goes as planned.
The significant list of acquisitions included Gateway Funding Diversified Mortgage Services, Pinnacle Capital Mortgage and certain assets and operations of PMAC Lending Services. Finance of America Holdings also owns Urban Financial of America.
And this probably won’t be the last thing that Finance of America announces. An internal email, shared privately with HousingWire at the time, revealed that Finance of America president Steve McClellan expects to announce more “exciting plans for the future.”
by Brian Fraibble
In many of our TNT training sessions we stress the importance of establishing relationships with builder representatives. Our clients are so bombarded with floor plans, sale pitches, web pages and location choices, a well-established relationship with the seller leads to more closings, and, of course, the residual referrals from satisfied clients.
“Knowing the deal” is an essential ingredient that provides comfort to your client. The friendly introduction to an “associate” is far more effective than you and your client meeting a stranger and attempting to make a half a million dollar decision.
No matter what your individual closing style, if you know:
- STANDING INVENTORY HOMES = BARGAINS
- The “wiggle room” the site agent has on said property.
- All other “unadvertised incentives”.
We at TNT believe you will close more homes.
When a builder has a fallout (cancellation) or an “aged inventory” incentive opportunity for a quick move in home, a good relationship with site agents will most assuredly afford you a personal call notifying you of the need to move home and associated specials including increased commissions.
Choose the option hug in lieu of handshake at sales office; it is the true secret to more closings, more leads and more success to your bottom line…
“Each TNT session includes discussions relating to how to add more power to your presentation and give you insights to effectively dealing with local Las Vegas Builders.”
November 2, 2015
Kurt Noyce | REwired
As we head into the end of the year, there is always much discussion around what the next year will bring for the mortgage industry. Will lending slow or tick upwards, will home prices decline or rise, will interest rates increase, and so on. To make these types of predictions, you must look at what the mortgage industry can expect for the rest of this year, then delve into how that may impact the following months.
First, TRID will grow in its impact on the loan cycle, as lenders’ pipelines become more populated with TRID-eligible loans and those LE’s move toward CD’s. Process delays will trigger criticisms, especially from those who were not well prepared for the change — including lenders, Realtors and title agents. We believe that will be, albeit vocal, a minority of the industry, though, as most have invested considerable time and resources over many months to prepare their employees and their business partners, getting processes and operating systems redesigned.
The challenge, however, may be the industry’s perception of itself. Historically, the mortgage industry has prided itself on being able to “turn on a dime” or “make miracles happen” at the very last minute. Those are going to be the greatest challenges in terms of lenders’ culture, selling strategies and how they define themselves with customers and Realtors. But for those who have done their due diligence, there will be much less disruption.
If there is any lesson to be learned, it’s that there is no substitute for Day-One thoroughness. You simply cannot make it up after the fact. TRID demands that the lending industry be more efficient. Lenders need to be more proactive and attentive at the beginning in terms of their communication with borrowers, Realtors and vendors. As a result, the borrower is not thrown into a whirlwind and has the proper time to understand and make a sound decision. This benefits the entire industry.
Beyond TRID, the industry continues to predict and prepare for slightly higher interest rates in 2016; however, we don’t see that having a material slowing on home buying. We believe the improving economy and pent-up demand will more than offset modestly higher interest rates.
The recent regulatory attention being paid to marketing service agreements and other types of referral arrangements will be very interesting to watch, as many used these to align themselves with referral partners. We welcomed the clarity from the CFPB and look forward to an environment where lenders differentiate themselves by their service and solutions, and not their checkbook.
The rising complexities and heightened risk exposure will likely lead to continued retreat from smaller financial institutions and probably consolidation in the marketplace among independent lenders. Community banks and credit unions are continuing to be pushed out because they view the risk and cost as not being warranted. This is likely to be more visible in 2016.
We believe there is opportunity for growth. The National Association of Realtors reported that home sales have risen year-over-year for 12 consecutive months. Additionally, the cost to rent is at an all-time high, making home buying an attractive alternative for many consumers. The economy is stabilizing and incomes are growing; therefore, growth – albeit slow – is inevitable.
While there is good support for lenders to concentrate on Millennials, that segment will continue to face struggles, such as tremendous student loan debt. Therefore we are not ignoring traditional segments, like Baby Boomers and Generation X, which make up two-thirds of the market. Baby Boomers are downsizing, while Gen X has emerged as a demographic with growing wealth. There is much there to capitalize on.
We believe the future for our industry – these last months of this year and into 2016 – is bright, despite the reality of greater regulation and the prospect of rising interest rates. Embrace is very optimistic about the future. We are aggressively expanding and recently recruited several key executives to help push us forward. We join those in our industry that have prepared for these challenges and are therefore well positioned to optimize them.
The Southern Nevada Home Builders Association is pleased that the association is joining with one of our industry partners, the Greater Las Vegas Association of REALTORS®, to present a real estate expo geared for local industry professionals and potential home buyers.
The Real Estate Expo Las Vegas is scheduled for April 8-9 at the Cashman Center. The estimated 80 exhibitors on 50,000 square feet of floor space will include REALTORS®, brokerages, home builders, master-planned communities, financial institutions, government agencies, chambers of commerce, utilities and others.
We expect to see more than 15,000 attendees over the two-day period.
In addition to the vendors on the exhibit floor, there will be nearly 30 educational and information sessions to cover topics such as the home buying process, mortgage financing, financial planning, home technology and programs to assist home buyers. There will be sessions with continuing education credits for industry professionals.
The expo will feature the popular “Las Vegas Housing Outlook” presentation by Home Builders Research the morning of April 8. HBR President Dennis Smith and special guests will offer statistical and demographic information about the current housing market and projections for 2016.
This isn’t a ‘home show.’ This will be a major forum to bring together top real estate and home building industry professionals with local home buyers to educate them about what’s available and how to purchase a home in our community. This will be the place to get their real estate questions answered.
The exhibits and informational sessions are geared for first-time home buyers, move-up and downsizing home buyers, “boomerang buyers” who are recovering from the recession or bankruptcy following the economic downturn of the late 2000s, and members of the “millennial” generation (born between 1982-2002) who are investigating housing market options.
In addition to the GLVAR and SNHBA, the expo partners include the Las Vegas Review-Journal, Running Bull Productions and TrainNTour Real Estate Education.
The expo will be open to the public from 12 p.m. to 7 p.m. on April 8, and 10 a.m. to 6 p.m. on April 9. Admission to the expo is free. There is a $5 charge to park at Cashman Center. Free shuttle service will be offered from the Cashman Center parking lots to the expo site. Also, there will be an Industry Mixer from 7 p.m. to 9 p.m. on April 8 for industry professionals.
You will find more information at the website, www.realestateexpolv.com or send an email to [email protected] I look forward to seeing a strong turnout of our residential construction professionals and REALTORS at the expo in April.
TrainNTour is a New Home Training and Tour Series started for Real Estate Professionals, allowing them the opportunity to learn more from their local new home builders and sales agents and tour a number of new home sites and models.
On the New Home Training and Tour Series the Real Estate Professionals will learn what new homes have to offer their clients and how they can benefit too!
Please feel free to contact Michael Sweeney
You can email [email protected] or call (702) 832-3308.
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