A Real Estate Powerhouse

Provided By: kw.com/careers

"When you choose to join Keller Williams, you join forces with the most dynamic real estate company in the world."

Keller Williams is an international real estate franchise company with more than 100,000 real estate agents, operating in 700 offices across the globe.

Founded in 1983 by Gary Keller and Joe Williams with the mission to build careers worth having, businesses worth owning and lives worth living for its associates, Keller Williams Realty has been among the fastest growing real estate franchises in the industry since its founding.

In 1991, the company began franchising, and since that time has expanded across the U.S. exponentially, as well as in Canada, Indonesia, Southern Africa, Vietnam and Dubai.

In 2011, during the most challenging real estate market in history, Keller Williams surpassed Century 21 to become the 2nd largest real estate franchise in the U.S. In 2012, the company ranked as the No. 1 real estate franchise on the 33rd Annual Franchise 500 list by Entrepreneur magazine.

More so than ever before, real estate professionals are turning to Keller Williams Realty for the education, coaching, technology, culture and wealth building opportunities that are redefining their potential and powering their careers toward new heights.

Interested in joining the KW family? 

Give us a call! 972-772-7000 

Upcoming FHA rule could squeeze homebuyers and sellers

Provided By: www.inman.com

Federal agency may restrict financing in HOA-governed communities that impose transfer fees

Realtors, lenders and community associations are up in arms about forthcoming Federal Housing Administration rules they believe could make mortgage financing more expensive — maybe even impossible — for large numbers of buyers and sellers around the country.
The concerns are not about condo certifications this time around — an issue that has caused hundreds of condo developments to drop their eligibility for FHA mortgages on individual units. The new problem is even broader, affecting potentially tens of thousands of homeowner associations that routinely impose transfer fees whenever units are sold.
The fees, which range from $100 to $500 in most cases, frequently are used by HOAs to replenish capital reserves, make improvements to infrastructure or even fund environmental conservation activities.
Unlike the controversial investor-driven private transfer fees marketed by Wall Street’s Freehold Capital Partners in 2010 and 2011, most HOA transfer fees are used to benefit the community.
Here’s the problem: In response to the widely criticized private transfer fee programs, Fannie Mae and Freddie Mac adopted guidelines in 2012 that banned private-purpose, investor-benefit transfer fees from eligibility for conventional financing. Their rule carefully distinguished between the Freehold Capitol type of fees — which generated income streams for bond investors for up to 99 years — and the typical HOA transfer fees designed to benefit the community’s residents.

More recently, lawyers in the U.S. Department of Housing and Urban Development’s office of general counsel have warned FHA that under existing “free assumability” regulations, the agency is not permitted to insure mortgages on properties that come with “restrictions on conveyance” — encumbrances on the title that could hamper transfers. That includes fees required to be paid at the sale of units in communities governed by homeowner associations.

The Community Associations Institute (CAI), the largest trade group representing HOAs, estimated that as of 2012, there were 323,600 association-governed communities in the U.S. containing just under 26 million housing units and 63.4 million residents. Based on a recent CAI survey of members, roughly 72 percent of HOAs impose transfer fees of one sort or another when units are sold. Most collect flat fees but some charge a small percentage of the sale price.
According to HUD sources and interested trade groups — CAI, the National Association of Realtors, the Mortgage Bankers Association and others — FHA is preparing regulations, possibly for publication as early as June, that would, if adopted, restrict FHA financing in communities with transfer fees.

FHA officials decline to discuss the regulation because it is still being drafted, but trade groups who have met with the agency say it will not track Fannie’s and Freddie’s clear guidelines, which allow community-benefit fees. The groups fear that most existing HOA transfer levies will become obstacles when buyers or sellers seek to use FHA loans. Ditto when unit owners who are seniors apply for an FHA-insured reverse mortgage, the dominant financing tool of its type in the field.
In an April 23 letter to FHA Commissioner Carol Galante, six trade groups warned that any new regulation that discriminates against HOA fees “will greatly disadvantage the millions of homeowners living in community associations, making it much harder for them to sell their homes.” The groups asked Galante to instead “mirror” Fannie’s and Freddie’s guidelines “and prohibit only those fees that don’t benefit the homeowner and association where they live.”
Dawn Bauman, senior vice president for government and public affairs at CAI, told me last week that FHA’s forthcoming regulation would have especially harsh impacts on HOAs in states that were hardest hit during the housing bust and recession: California, Arizona and Florida, among others.

Many of these have struggled with financial problems caused by unit-owner defaults and have had to postpone needed capital improvements. Some depend on transfer fees for essential services to the community. If under FHA’s rule these HOAs will have to stop collecting transfer fees or take other steps that reduce the flow of funds, “this could compromise the stability of these communities,” Bauman said.

At the very least, she said, FHA’s creation of a two-standard system with divergent requirements for mortgage approvals nationwide — Fannie’s and Freddie’s plus its own — would introduce needless confusion to the marketplace and be counterproductive for homeownership.

What’s the remedy if FHA pushes ahead with what appears to be its plans and issues regulations that will harm HOAs?  To fix the problem, “we’ll have to go to Congress,” Bauman said.

First-time home buyers have it tough. The supply of homes for sale is tight, and lenders are tightfisted.

Provided By: MoneyCNN.com

Student debt, at an all-time high of nearly $30,000 per grad, is getting in the way of saving for a down payment, says David Stevens, president and CEO of the Mortgage Bankers Association. But it's a great time to get your foot in the door.

"Interest rates remain the envy of even your grandparents," says Keith Gumbinger, vice president of mortgage publisher HSH.com. First, make your finances sparkle.
THE TURNING-POINT CHECKLIST
12 months in advance
Make sure the time is right. Use Trulia.com's rent or buy calculator to see if you'd really come out ahead, based on loan rates, taxes, and where rents and prices are headed in your area. Nationwide it's 38% cheaper buying vs. renting.
Clean up your act. Devote this year to saving money and paying down debt. You'll need at least 3.5% down for an FHA loan, or 10% to 20% for a conventional mortgage. Lenders also like to see job stability, so settle in for now.
Learn what you like. When a home catches your eye -- a listing, say, or a photo -- pin it to a board on Pinterest. Or try Swipe, a new app from the site Doorsteps, which lets you browse listing photos and mark them pass or save.
Six months out
Look better to lenders. To boost your credit score, order your free credit reports at annualcreditreport.com and fix any mistakes. Pay bills on time, chip away at credit card balances, avoid new debt, and don't close any accounts or apply for new credit. The average credit score for approved mortgage applicants is 755.
Related: Budgeting for a new home, and a disability
Figure out what you can buy. Use an online calculator like the one at Zillow.com to estimate how much house you can afford based on your income, savings, and debts. That'll help you research homes and drill down on costs.
Forecast future bills. With an idea of how big a house you can buy, you can do a more detailed budget. Scan listings for property taxes on homes you like. Get a homeowners insurance quote at Insweb.com. Call local utility companies for the typical bills. And tack on 1% of the home's value for yearly maintenance.
Three months out
Pick your loan. Fixed mortgage rates, now 4.4%, may edge up to 5% this year, forecasts HSH.com. If you are confident this is a starter home, you can save with a 7/1 adjustable-rate loan, now 3.5%. The risk: You end up staying longer than seven years and rates rise sharply. Most -- 92% of mortgage borrowers -- opt for fixed-rate loans.

Careers in Real Estate

Provided By realtor.org

The real estate profession has expanded and offers one of the widest career selections in the business world today. Helping people buy and sell homes, office buildings, industrial property and corporation farmland, property management, land development, mortgage banking, urban planning, real estate counseling, appraisal and research are all aspects of a career in real estate.

Advantages and Rewards of a Career in Real Estate

A career in real estate provides flexibility and freedom to set your own pace. Income directly reflects your efforts, with no limits on what astute, hard-working men and women can earn. Successful people in real estate are goal-oriented, persevering, self-motivated, ambitious and people-oriented. The rewards of a real estate career are a potential for high earnings, status in the community, autonomy, time freedom, helping people, the intellectual challenge and the satisfaction from those accomplishments.

Working in real estate allows for independence and choices of environment in which to work, such as affiliation with a large or small firm as a listed salesperson. With more experience and upon passing of an additional exam, becoming a real estate broker is the next step. Brokers can own their own businesses and employ other salespeople.

Education for a Career in Real Estate

Colleges and universities now offer a variety of real estate and related courses. At many of these colleges, students can specialize in a program that leads to a bachelor’s degree in real estate. Some universities offer graduate level courses. Contact your local public library for university and real estate college course information and directories.

Professional Requirements for a Career in Real Estate

Entry into the real estate profession takes preparation. As with other professions, licensing is required. Licensing requirements vary from state to state, but all require prospective salespeople and brokers to pass a written exam. For more information on licensing, contact the Association of Real Estate License Law Officials at 334/260-2902 or at their Web site.

Some states allow students to take pre-licensing educational courses accredited by the state licensing agency before they qualify to sit for the exam. In other states, students can take these educational courses within a specified time after being licensed.

In order to obtain a broker’s or sales agent associated license, more than half the states specify special education and/or experience or their equivalents. However, states are upgrading their license laws and prerequisites for both brokers and sales associates at a rapid rate. Current information is available from your local Board of REALTORS® at www.realtor.com or the Real Estate License Commission in the state(s) where you would practice.

Getting Started in Real Estate

Entry into the real estate field depends on education, training and interests. Most people begin as sales trainees in a brokerage firm. Other possibilities include office assistant, listing or rental agent, assistant in a department of a large real estate organization, or in the mortgage division of a bank or savings and loan.

Continuing Education in Real Estate

Formal education is available while working in real estate. The NATIONAL ASSOCIATION OF REALTORS® and its Institutes, Societies and Councils sponsor continuing education programs for members, and award designations for specialty areas of real estate. Continuing education increases knowledge and skills, improving earnings potential and enhancing opportunities for success.

Careers in Residential Brokerage

Helping people buy and sell homes is one of the most important and basic services a real estate agent performs. Agents are experts in the process of buying and selling property, financing, government programs, etc. The real estate agent’s expertise facilitates the transaction, saving clients time, trouble and money. Real estate professionals need to have a thorough knowledge of such areas as real estate law, local economics, fair housing laws, types of financing, mortgages and government programs. Contact the Council of Residential Specialists on the Web or call them at 800/462-8841.

Careers in Commercial Brokerage

Commercial brokers specialize in income-producing properties, such as apartment and office buildings, retail stores and warehouses, shopping centers and industrial parks. To understand and explain why the properties are good investments, commercial brokers need to be aware of the growth possibilities of the area where the property is located, current income tax regulations and purchasing arrangements that give the buyer a greater return on investment. Commercial brokers may also have to arrange financing. Contact the CCIM Institute at 800/621-7027.

Careers in Industrial and Office Brokerage

Industrial and office brokers specialize in the developing, selling or leasing property used for industry or manufacturing. Brokers need to understand different types of industries and determine such variables as transportation, proximity to raw materials, water and power, labor availability and local building, zoning and tax laws. Contact the Society of Industrial and Office REALTORS® at 202/737-1150.

Careers in Farm and Land Brokerage

Land brokers deal in land for farming, and acquisition of rural land by cities for residential, commercial and industrial expansion. Success as a land broker depends on how accurately the income potential of the property can be established. Brokers need a good working knowledge of various factors which determines a farm’s capacity to produce, including agricultural knowledge and information such as market centers and transportation facilities. Contact the REALTORS® Land Institute at 312/329-8482.

Careers in Real Estate Appraising

Real estate appraisers determine the value of properties. Real estate is appraised to determine many types of values—assessed value for tax purposes, investment value or present value for a potential investors, "book" value of accounting purposes, rental value for income projections and insurable value. Appraisers need to know acceptable principles of appraisal and related information. They need to have practical experience, technical education, good judgment and some knowledge of mathematics, accounting and economics. Contact NAR's Appraisal Specialty section at narappraisalsource@realtors.org or call 800/874-6500, ext. 8393.

Careers in Property Management

The property manager’s primary function is to maintain the property in order to produce the highest possible financial return over the longest period of time. More importantly, they are responsible for protecting the owner’s investment. Managed commercial properties are likely to be office buildings and shopping centers. Residential properties might be apartment buildings, apartment developments, condominiums and groups of homes owned by a single investor. Property managers usually work for real estate firms. However, other opportunities are found in the real estate department of banks and trust companies. For large housing and commercial development, managers are often expected to maintain an office or residence of the premises and work with only one enterprise. When living on-site, property managers can expect to be on call for emergencies at all times, beyond maintaining standard working hours. Contact the Institute of Real Estate Management at 800/837-0706.

Careers in Land Development

Land development is one of the most important and challenging specialties in real estate today. Developers turn land into profitable, marketable developments --residential, commercial or industrial. Site selection is the first decision developers must make. Planning and layout is handled only after the developer determines the need for a project. Before the actual building can begin, developers must first analyze all costs and arrange the financing. Then they contract for the physical structures and supervise construction. Finally, developers promote the finished development to the prospects for whom it was planned.

Careers in Urban Planning

If you would like to improve the environment and the quality of people’s lives, becoming an urban planner may fulfill your career objective. Urban planners work with local governments and other civic groups to anticipate their city’s future growth. They propose physical changes to accommodate this growth. Not many career guidelines exist for urban planning, but broad general experience is important. Some colleges are now offering degrees in urban planning. Contact the Urban Land Institute at 800/321-5011 or visit their Web site.

Careers in Real Estate Counseling

Real estate counselors are in the business of giving advice about property. They are the experts others seek when they want answers to real estate questions. Counselors must know every phase of the real estate business because they use that knowledge in nearly every consultation. Often they will be asked about income opportunities and productive uses of different kinds of properties. There are relatively few brokers specializing in counseling, but the field will grow as investors and owners realize the value of expert advice in developing property and improving income. While accumulating experience in other real estate specialties, people planning to become real estate counselors also continue to study in continuing education programs in financial management. Contact the Counselors of Real Estate at 312/329-8427.

Careers in Real Estate Research

Real estate researchers contribute to the decisions of many other real estate specialists. Brokers, property managers, appraisers, financing experts and counselors all depend on data provided by research.

Research can be divided into two main categories — physical and economic. Physical research means studying buildings and structures of all types, especially in terms of the selection and efficient use of construction materials. Economic research consists of determining reliable answers to questions like "How many people hope to buy homes next year?" "What will it cost them to borrow mortgage money?" and "What percentage of the nation’s homes are sub-standard?"

Real estate is a rewarding career, offering flexibility, freedom and the opportunity to build a secure future for yourself and also help shape the future of your community.

 

BIG Improvements for KW Products

Provided By: Michael Tritthart

Keller Williams is constantly improving the tools provided to their agents.  Here are two big changes.

KW Mobile App Seamless Branding.  The mobile app for each agent now offers seamless branding.  No need for your clients to download a code.  Market your mobile app URL.  Clients tap the open or view button and they can download YOUR app without the need for an install code.

Additionally, use the AppShare option to text your app to clients.  This will enable them to receive the app, install and open it, again without an install code.  Do you and your office need more training on the app and all of the KW Tech Tools?  Contact me to inquire about available training dates.

Here is a BIG, BIG, BIG one.  A common complaint has been the inability to forward the Market Leader email.  Thanks to Katrina Benton, here are steps on how to forward the email to your Gmail account or your KW email (now checked within Google.)  My TIP:  Copy/paste the email AND the password when inputting into the correct spots, instead of typing in the data.  Doing this setup will ensure that you are not missing any business and will streamline your business process.

www.michaeltritthart.com