BrokerIPTV: Today we are talking with David Douglas, he is the board director for [Inaudible][00:00:03] and agent with Keller Williams, David welcome.
David Douglas: Thank you, how are you doing?
BrokerIPTV: Nice to have you here.
David Douglas: Thank you very much.
BrokerIPTV: Talking about a topic, I like a lot which is social media and new marketing and so forth, but there is a lot of realtors that go oh! I don't really want to talk about that, let's start there, why are they a little skittish about social media?
David Douglas: I think most people, most realtors don't understand getting onto social media and the impact it can have in the business. I think most time they get on there and they think you know what, this is just people having fun and people talking about useless stuff, but to me it's about being on the top of my clients minds day in and day out, and that is how I am portraying it to them, trying to get and say you know what guys, get on there and be on the top of their market, you are sending out monthly mailers once a month, and I am saying like once a week, once a day so.
BrokerIPTV: That is a great point and you can do it so quickly with just a click.
David Douglas: Right.
BrokerIPTV: Once you get started all right, the two the people most know about is probably Facebook and Twitter, let's just go ahead and tackle Twitter for those people who don't know what is it, how does it work?
David Douglas: Okay. Twitter is basically a 140 characters, and it's a quick sms message to send out to the world. Originally it started out as hey what are you thinking about right now, and a lot of people with a hey you know I just woke up, going to the bathroom, whatever so, it turned out to be really silly, and then some people got the idea hey you know let's turn this into something a whole lot more, and you know and what went on with our land, without the elections that went on over there trying to get people together, turned into that, so it became a quick sms message out to a bunch of people, and I love it because I can be at the top of my clients minds every single day, and I really try and stress that to realtors, but it's so hard to get that across too.
BrokerIPTV: And the way it works is, you are following certain people throughout their day, and certain people are following you, and the people who are following you, you are sending them a quick message and basically saying hey! I got this great new house available in Highlands Ranch, Colorado you might want to check it out.
David Douglas: All right.
BrokerIPTV: So, we are really using it for business purposes as well as social purposes.
David Douglas: Correct and I am, just a little bit on the social, on the social side, because I think that people need to get an item of value as [Inaudible][00:02:16] say most people around [Inaudible][00:02:17] but get something that is going to make them better, so I will send out post on neat tech ideas with outlook, with Twitter thinks like that, so hey go check this out and take a look at it.
BrokerIPTV: All right, how about some must do's and do not's when you are using Twitter?
David Douglas: Okay and everybody is different on this, and for me something that I say that is a do not is do not post business every single day, that you are going to go see house every single with the client, because it really doesn't benefit the Twitter, the Twitter world, most of the time you know on just you know it's not it's no of no benefit.
BrokerIPTV: That is a do not, how about a do?
David Douglas: How about a do.
BrokerIPTV: Yeah.
David Douglas: One of the things that you should do is, you should be doing it you said blogging three times a week, and you know what you should be Twittering at least once a day and using [Inaudible] [00:03:05] they are quick way to send out, they come on 19 different social media sites, I send out a quick update as to what to you know what is going on, sometimes I just say good night Twitter world and that is it just to remind people.
BrokerIPTV: At the beginning of the interview we talked about some agents who have been in the business a while who are kind of resistant to social networking, social media, but what you are finding is new agents who are coming into the business are fully engaged right.
David Douglas: Fully engaged, because most people are on there, they want to go out there and get information from other realtors and from people, to find out good information, so they are looking for those good agents out there that are posting good information, not necessarily things that are going to benefit themself, but they you know things that are going to get back to the client. So, a lot of them going out there, lot of clients are going out there looking for that information.
BrokerIPTV: So can I count on you as a follower on my Twitter page.
David Douglas: Oh definitely, most definitely.
BrokerIPTV: Okay thanks, appreciated David good information.
David Douglas: Thank you, thank you.
Posted on October 29, 2009 14:02:04 by Mark Eibner
BrokerIPTV: Today we are talking with Bill Henry; he is a partner with Robinson & Henry law firm, Bill welcome.
Bill Henry: Thank you.
BrokerIPTV: Tax planning, real estate, and we are also going to dip into a sensitive subject here, divorce in real estate.
Bill Henry: Sure.
BrokerIPTV: It can be difficult. You are going in as a real estate agent; you are trying to represent a husband and wife who are splitting. The house has to go for sale, there is lot's of complicates issues talk about it.
Bill Henry: Yeah, well if you are the agent and you are looking at trying to sell the home, it obviously can be pretty complex, because now you have got two parties and they are not getting along very well, all right that is the purpose of the divorce, is they are obviously not getting along. So, what happens is you end up as a real estate agent, as the realtor acting as a facilitator as much as you are, and someone that is going to sell the property, and that is going to try to market the property, and from the realtors perspective you really need to be seen by both parties as neutral towards each, and not biased, because if you seem like you are biased then there is a high likelihood that the deal could just fall through, because one side just assumes the other side is somehow getting this better deal even if it's not true.
BrokerIPTV: All right, so what are some big mistakes outside of may be siding with one or the other that a realtor could potentially make with a divorcing couple?
Bill Henry: Well, what we are seeing right now and you know it's the realtor, it's also how realtor can advise their clients, and what we are seeing right now with the market place being and houses being worth less that no dollar [phonetic] [00:01:20] is the deficiency that is created, and it has got huge implications and how they handle that in the divorce is going to really affect what happens after the marriage, what we are typically seeing is, one spouse is going to say all right I am going to take on this home, this is my home, and he says I am going to be responsible for selling it or I am going to keep it, and therefore they are also saying I am going to take on this debt, what could happen many times is they have inadvertently or, sometimes by design have agreed to identifying [Inaudible][00:01:45] harmless which what that means is.
If you will make the payment to the bank, and the bank comes after the other spouse, and this spouse can come after you, so it creates almost like a triangle, it creates big problems also when we look at the other areas while we are going towards a bankruptcy, it limits how that spouse can discharge that debt, normally most people would imagine that they are going to file a Chapter 7 which is your fresh start bankruptcy.
BrokerIPTV: So, may be our first determination right after that is, what is the status on Loan to Value Ratio right after that, and if there is a deficiency let's negotiate this between the parties right upfront.
Bill Henry: Absolutely, absolutely if it can be handled up front before a court enters the order for the decree, and who is going to handle that debt; it's obviously much better and of course if you can negotiate out that deficiency, if it's going to be a short sale, much better situation for both parts.
BrokerIPTV: All right, are there some more tips that you can pass along to realtors who are representing divorce couples?
Bill Henry: Yeah, when you are representing a divorce couple, and assuming they are both on the loan and so therefore they are both on the title so you are really representing both of them, you have to recognize that they are not getting along very well, and so therefore you need to make sure you are communicating with each party, and you can assume just, because you told one party something that it is going to get to the other party, because most likely it's not going to happen.
BrokerIPTV: And sometimes they are not living under the same roof anymore.
Bill Henry: Many times correct.
BrokerIPTV: Yeah and then the signing of documents by the respective parties becomes even more paramount.
Bill Henry: Right absolutely, absolutely.
BrokerIPTV: That is good information, thanks so much, appreciated.
Bill Henry: Thank you.
Posted on October 29, 2009 13:58:50 by Mark Eibner
BrokerIPTV: Today we are talking with Bill Henry; he is a partner with Robinson & Henry Law firm and Law associates, welcome to the show.
Bill Henry: Thanks, nice to meet you.
BrokerIPTV: Hey legal questions, when it comes to real estate obviously quite a few I would like to consult with my attorneys on a pretty regular basis, but one thing that people wouldn't think about is, well what if I didn't have a down payment for a home.
Bill Henry: Sure.
BrokerIPTV: Will I call an attorney? Probably not, but you say yes.
Bill Henry: Well, you know I would say you need to speak with your tax adviser, because right now a lot of banks obviously, credit is really tight and we are not getting the loans that we used to get back in 2006. So, there is a bunch of different tax advantages that you can take advantage of in your 401(k) and your IRA, with the 401(k) you are allowed to take a loan out in many circumstances, and you can use that for your down payment, now to loans you are paying yourself back and you are going to pay interest on that, but you can then avoid PMI in mortgage insurance, on the IRA front if you are a first time home buyer, there is a lot of opportunity for you to be able to take out a $10,000 withdraw, and not pay the penalty and then use that for your down payment. Now obviously it's pretty complex and you definitely want to speak with the tax adviser to make sure that you fit within the exceptions and then you can make that without hitting that probably.
BrokerIPTV: And this is an area that you guys specialize in.
Bill Henry: Yeah we do a lot of tax work, we do for debtor defense and tax defense within also tax planning, and of course there is lot more tax planning going on a few years ago and now it's a lot more defense, but at the same time it's we are starting to move back in that direction.
BrokerIPTV: All right. We are in the final days of the tax credit, whether or, not it will be extended is a whole another show and so forth, but obviously lot of focus, lot of attention on first time home buyers what is the update?
Bill Henry: Well, you know realtors obviously know about the $8000 credit, and they know that it's expiring November 30th, so there is not a lot of time if you can get your contractor to get it closed by November 30th, and the national association realtors they are pushing for a lot of other organizations who want that extended. Well, right now unfortunately there was recently a Shaun Donovan who is the secretary for the department of housing and urban development who said to a hearing in the senate, that you know he didn't know if the benefits of the program outweighed the cost, and that the administration was going to look at everything and then make that determination.
Now, on the other hand we have also heard of talk that well, may be we should open up that credit and extend it and open it not just to first time home buyers, but to any home buyer. So, that would obviously be great, I know this morning I read an article where in September the sales of preexisting homes were more than they have been in the last two years, and that was really driven by those first time home buyers, so and there is a lot of evidence out there that the program is helping, so hopefully it will pass and who knows what will happen with congress.
BrokerIPTV: Let's quickly touch on short sales and foreclosures, because there is some tax ramifications with both types of sales.
Bill Henry: Sure. Yeah, with short sales and foreclosures, what happens whenever you take out a loan with a bank is you are getting all this money, but there is not tax problem, because you are going to have to pay it all back, so you are not getting that income. However, if the bank is going to write off a portion of that on the short sale or, they are going to write it off after a foreclosure that can, at least initially look like it's going to be income, because you don't have to pay it back. There is a law that's been put in place till 2012 for primary, if it's on your primary home they are discharging it that you are not going to be charged for that income, but if you have got an investment property that doesn't apply.
Now there is two different ways you can look at avoiding that, one would be bankruptcy, so if you file bankruptcy you are not going to charged with that discharge of [Inaudible][00:03:20] income or cancellation of [Inaudible][00:03:21] income, the other one is to prove you are insolvent, and that is a complex determination, generally really general, it saying that my debts exceed my assets, but again you need a tax professional to really walk you through the steps and help you there.
BrokerIPTV: It's you know like foreclosures and short sales are complicated enough thanks, I appreciate good to meet with you.
Bill Henry: Nice meeting you.
Posted on October 29, 2009 13:47:15 by Mark Eibner
BrokerIPTV: Today we are talking with Paul Mulley from Colorado Home Warranty, and Paul welcome to the show.
Paul Mulley: Thanks for having me.
BrokerIPTV: In a previous segment we were talking about Home Warranties, what are they and how they apply to realtors, and people who are buying or, selling a home and things of that nature, this time I want to talk a little bit about people who aren't so, and aren't listed, but could use a Home Warranty, how much of that is your business?
Paul Mulley: It's not that larger percentage right now, I think that is the one area that we haven't really delved into too much, because most home owners don't know that they can get a home warranted from Colorado Home Warranty, even if they are not selling their home. So, but basically we would cover the exact same systems and appliances as we would for any other home owner.
BrokerIPTV: Now, I am not selling my home, but I would be interested in having one can I call you?
Paul Mulley: You can call me.
BrokerIPTV: And what type of coverage are you going to provide me?
Paul Mulley: Well we cover the basic coverage's like it covers all the appliances, all your systems, your whole entire kitchen, the only extras that we do charge for would be a washer and dryer, and or air conditioning, but in Colorado air conditioning is not as prevalent let's like if it is in Arizona or California or Florida, so we kind of leave that as an option for the home owner.
BrokerIPTV: So, I could add the air conditioning if I wanted to.
Paul Mulley: Yes, you can.
BrokerIPTV: What about washer and dryer, just out of curiosity how come that is not covered?
Paul Mulley: Well lot of folks have their own washer and dryer [Inaudible][00:01:20] folks inherent the washer and drier when they do purchase their home. A lot of folks don't even have a washer and drier, [Inaudible][00:01:27] you know, so we kind of leave that as an option as well.
BrokerIPTV: Okay. Now, at one point I guess you know your local utility company was marketing very heavily that we are going to cover your appliances, talk about that program versus what you guys do?
Paul Mulley: Okay, well that program covers all your appliances, all your systems, we are a lot more in depth, and let's say like the utility company, utility company I think is only going to be covering primarily electrical type of items you know, and we go a lot deeper, we go into plumbing you know if we got leakages or, you know civil problems or whatever. So, I think and then another thing too, as a utility company they have a tendency not to respond as quickly as we do, you know they have a lot larger customer base, and so I think like you got a hot water heater out or, your dish washer went out. I can guarantee, we would respond a lot quicker than they could ever dream of.
BrokerIPTV: What are something like this cost, because I imagine there is a range here?
Paul Mulley: There is a range, our policies range from a two and quarter, to two ninety five, we have 12 months coverage, we have 15 months coverage, we have buyers, seller coverage, and all kind of depends, we can customize it a little bit to fit each home owners need.
BrokerIPTV: And occasionally do you offer discounts or...?
Paul Mulley: Well, some of the discounts would be the lower and as far as two and a quarter okay, typically like the agent pays for a warranty, we normally charge the agent 250 or so, sometimes you go down two and a quarter if we do have a special, you know so yes.
BrokerIPTV: Well so that is obviously a great selling point for an agent who wants to either help a seller or a buyer which is, hey I am going to thrown in a warranty here for it, because I am so sure that this is the right house for you, we want to protect you that type of thing I am sure you hear that.
Paul Mulley: I hear that lot too, and then you know lot of your real estate agents would do in a say like for a closing gift to their buyer and or a seller, and say hey look you know thanks for doing business with me, I am going to cover you for a year, you know and give you a free home warranty, and the home owner goes well, and that kind of reinforces the home buyer to you is that agent again in five or ten years when they want to sell their house again, and they go you know what that guy treated us well, so it works out very, very well.
BrokerIPTV: Paul thanks so much.
Paul Mulley: Thanks, thank you appreciate your time, appreciated thank you.
BrokerIPTV: Appreciated.
Posted on October 29, 2009 12:43:18 by Mark Eibner
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