Years ago we were the first to predict top agents would form teams similar to a baseball team to take better care of their customers. We fielded a team of Realtors because just as the pitcher cannot be expected to catch a high fly ball to center field, a Realtor cannot be at a listing appointment, install a sign, write newspaper ads, take pictures, show property to buyers and present an offer all at the same time.
Brett and Sande concentrate on pricing the homes properly (comparative market analysis) for the listing. We also negotiate the offers. Perhaps this is why our listings sell faster and for more money. We price them correctly and we negotiate well.
Buyers must see property on their time – days off, or after work, golf or boating. Buyer Specialists are available for the buyer seven days a week. They are experienced, knowledgeable and fun to work with. Thinking of buying or selling? Interview teams and single agents to see which best fits your particular needs.
We have full-time staff to help as well. Dale Peck is our marketing manager and he corrects all our photos digitally and makes our homes look good. We produce videos in-house, as well as our newspaper ads, yellow page ads, and more. If we want something change, we collaborate in-house and make it happen.
Ashley Johnson is our closing coordinator. She stays on top of our closings and coordinates with other agents, the banks, title companies, lawyers, appraisers, home inspectors, etc. We keep our closings on track. It’s hard enough to sell a home the first time, so we’d just as soon close it the first time too. We don’t want details slipping through the cracks. This can easily happen if you’re a single agent doing everything.
Vickie Frierson is our Listings Manager. She stays on top of your listing and keeps everyone informed. Communication is Big on the Ellis Team. Vicki obtains feedback on showings, notifies our sellers when and where they property is advertised, and checks on the properties. We want to make our homes show well online and in person, and Vicki keeps the process moving right along.
Hopefully after dealing with the Ellis Team you too will realize there are benefits of working with a team in real estate.
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Fear of Obtaining Mortgage Holding Back Some SW Florida Buyers
Headlines the past few years have painted a bleak picture for those attempting to get a mortgage, and for good reason. After the downturn banks over-reacted and added several layers of verifications and procedures in hopes of insuring they wouldn’t face losses in the future or be forced to buy back loans from regulators. Mistakes were made by the government and banks. This held the recovery back, but real estate still found a way to recover.
Many do not know there are new programs out there and buyers can get financing today. For instance, persons who lost their home to foreclosure or experienced a short sale 3 or more years ago may qualify now.
There is a program for 1st time home buyers (anyone who has not owned a primary residence in last 3 years) that allows them to purchase a home for essentially $1,000 of their own money. They need a minimum FICO score of 640 and must not make more than $66,025 for a family of two and $69,600 for a family of three. A $10,000 2<sup>nd</sup> mortgage can be used at 0% interest for the down payment and closing costs. The property must be located in a federally designated target area.
Jumbo Loans Traditionally Jumbo loans in lee County were anything over about $417,000 We have a lender that now has the option of treating your loan as a jumbo loan at $250,000. They portfolio the loan, so they can use business funds as an eligible asset for reserves and as a down payment source, which is huge. The lender is able to take a common sense approach to the loan versus a hard and fast rules and regulations placed by the government.
While $250,000 doesn’t sound like a jumbo loan, it’s nice that a lender now has the option to lend their own money with different guidelines. They can do so with as little as 10% down.
We also know of a program whereby the buyer can pay cash for the home and then refinance and take cash out within 6 months. This is helpful when the buyer has cash but doesn’t really want to tie it up and is looking at a hot property. Many homes are selling with multiple offers and the cash offer often times wins because financing and appraisal isn’t an issue. Many homes are selling above appraised value because appraisers are looking at past sales and the market has been rising.
Credit scores are set to rise and credit agencies are treating medical debt differently than in the past. Some people will see their scores go up.
The reason many buyers have remained on the sidelines is because of fear. Fear of the process and fear they won’t qualify for a mortgage. We will be setting home buyer seminars to explain the process to buyers and have lenders look at your credit and tell you if it’s possible. Buying a home doesn’t have to be scary when you have someone holding your hand and walking you through the process.
Lastly, we have a way to lease-option a home so you can lock-in your home and move in before you own it. We have an investor that purchases the home on your behalf and leases it to you and there is an agreement that you can buy it anytime in the next 5 years for set prices. This is a good program for those with credit issues but know they can purchase in a year or two when their credit is better. It creates stability for the family, especially those with children looking to get into a school zone.
The bottom line is there are more choices now. Call us today at 239-489-4042 and see if buying a home is in your future.
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Brett Ellis attended the CyberStars 2014 Meeting in Las Vegas.
Top Real Estate Agents Meet in Las Vegas
The CyberStars met and discussed topics affecting the future of real estate and how agents can effectively market properties for their sellers and better communicate with buyers and sellers. The real estate industry is changing. A big topic of discussion has been whether agents should syndicate listing data to websites like Zillow, Trulia, and realtor.com
Syndication large Issue
Agents were split on the topic. Some agents felt agents shouldn’t be gathering the data and providing it for free to these aggregators only to have the aggregators sell leads back to agents. Other agents felt like the ship has sailed and the aggregatros are providing value because they have consumer eyeballs and provide valuable interest for our clients listings.
Most agents agreed NAR (National Association of Realtors) has dropped the ball and hasn’t properly dealt with the issue. Brad Korn, CEO of the CyberStars presented the latest Stephan Swanepoel Report which studies latest trends in real estate and consumer behaviors. Interesting insights were learned. We learned the the About page for Realtors is usually the most visited page on an agent’s website.
Bob Sokoler will be sharing later today his video strategies. Bob dominates the Louisville Kentucky market by using videos for virtually everything. Bob is a former news anchor for a local television station and uses those video skills in his real estate practice.
Rob Levy shared how to properly promote Facebook ads. He blew through a lot of money and learned quickly what works and what doesn’t. Rob targets his Facebook advertising to key demographics. For instance, he has targeted ads for sellers, so he selects only people who actually use homes, over the age of 24, and so on.
CyberStars 2014 Meeting in Las Vegas
Feel free to call our team at 239-489-4042 and let us help make your move a reality. Good luck and Happy House Hunting!
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
As I look back at our business over the last few months it seems we can’t list property fast enough because we’re selling our inventory quickly. When you’re busy and having a good month it’s sometimes easy to lose track of the overall market. This is one of the reasons we’ve always studied the market to spot trends. I’ve spoken with agents over the years and asked them how they thought the market was doing. One agent would say it’s on fire when another agent would say it seemed down. I’d then follow-up and ask how their month was going and invariably the agent who said the market was on fire was having a good month and the agent who said it seemed down was having an off month. This tells me they weren’t studying the market but rather going by how their business was doing. It is human nature I suppose. People tend to justify the market by how they’re doing. If they’re having a bad month it must be the market. It’s easier to blame the market than evaluate everything you do, where you’re spending money, etc. We’ve been really busy the last few months and we wondered if it’s due to us working extra hard or if the market is doing well.
New Pending Sales
It turns out both are true. We have been working really hard and the market is doing well. Pending sales are up 8.4% in July over last year and they were up 8.2% in June. Pending sales are a direct result of what inventory is available. We’ve been saying for awhile there is limited inventory that is priced correctly. If it is priced correctly and marketed properly, it will sell.
Inventory Grew Since March
If you look at the inventory graph you’ll see that inventory rose in May 6.3% and 5.5% June. If what we’ve been saying is true, you would expect to see rising sales following the increases in May and June. Sure enough, June and July pending sales rose 8.4% and 8.2%. Actually inventory levels rose just a bit in March 1.7% and April 2.2% so that helped with the increase in pending sales too. The bottom line is if you’re a seller, now really is a good time to talk to us. The sales process has become more complex with more regulations and paperwork. The good news is if you have an agent who can properly market your home, correctly price your home, and is astute to all the government regulations and changes in financing, you have an excellent chance at selling your home. In fact, the median days on market are down to 48 days. Depending on your price range, your home could sell sooner than that. Last week many went to our website www.Topagent.com to get an idea of what their home is worth online. Sellers just love this tool. Many times this year we’ve actually sold homes for more than what the computer said the home was worth. The computer is an excellent way to get a ballpark idea of what your home is worth based on statistics and nearby home sales, but the computer hasn’t been inside your home so you can’t trust it completely. That’s where we come in. We study your home versus recent comparable sales and educate you on where your homes should sell. We then show you our marketing plan and how we’ll expose your home to the market. This is where sellers are really impressed. If you’re considering selling, you should talk to us. We can sit down with you and guide you through the maze. It really isn’t hard when you’ve got a pro guiding you. Call us at 239-489-4042 or email me at Brett@topagent.com and we’ll be glad to meet with you. Good luck and Happy Selling!
Ellis Team Fort Myers Real Estate Agent 7910 Summerlin Lakes Dr Fort Myers, FL 33907
SW Florida real estate market sales numbers for July 2014 were just released and as expected median and average home prices dropped from the previous month. They always do this time of year as the higher seasonal sales occur in the first half of the year. This does not mean prices are falling, rather it means the types of properties that sell changes in the 2nd half of the year which affects the numbers.
In fact, median sale price numbers are up 10.4% over last year. 2014 numbers came in at $179,900, up from $163,000 last year. Average sales price numbers rose 3.7% from last year. July 2014 numbers came in at $254,012 versus $244,852 July 2013.
2 Price Ranges Stand Out
We noticed two price ranges that really stood out for sales gains. The $300,000-$399,999 price range saw a 23.5% gain in sales in July over last year. This wasn’t the largest range to gain though. The $600,000-$999,999 price range saw a 48.5% rise in home sales in July, so there is strength in that price range right now. The $250,000-$299,000 was flat, but that is more attributable to the fact there isn’t much inventory in that range. If there was more inventory it would sell. Homes in that price range have graduated up to the $300k+ range and thus we’re seeing more sales.
Homes tend to graduate in a rising market. Remember back in 2008 and 2009 when we had lots of sales below $100,000. You won’t see that today as very little is available in that range due to rising prices.
SW Florida Real Estate Market Sales Numbers Rise
The number of homes closed also fell in July as it usually does. In June single family home sales were 1,213 and in July they fell to 1,042. This was however a 3.7% increase from sales levels last year. Again, as we reported several months back, we were seeing slightly elevated inventory levels and now we’re seeing slightly elevated sales numbers.
If we had more inventory we’d be selling more homes. More inventory is on its way if you know where to find it. Builders are pumping homes out of the ground at an increasing pace because prices have risen which has allowed them to do so. This wasn’t the case a few years ago.
The top builders have been making presentations to Realtor offices so the top agents should have a pretty good grasp of where the inventory is. Builders have been saving the day in some cases as buyers just can’t always find what they’re looking for with existing inventory.
There is some inventory that is available but if the seller prices it too high buyers sit on the sidelines or move over to new construction. Just because it’s a seller’s market shouldn’t be an excuse to overprice your home. No matter the market, the buyer has choices, and if you overprice your home you either help sell your neighbors home or a new construction home.
You can get an idea of what your home might be worth on our website at www.TopAgent.com Just click on the Find Out What Your Home is Worth tab. You can also search the MLS to look for a home, or see what your competition is. Either way it pays to be educated on the market if you’re looking to buy or sell.
There’s no substitute for talking with an expert though if you’re seriously considering making a move. Computers are useful tools, but a knowledgeable expert can guide you on things like financing, occupancy, zoning, insurance, inspections, and many other issues.
Feel free to call our team at 239-489-4042 and let us help make your move a reality. Good luck and Happy House Hunting!
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Real estate has always been an industry that has adopted change. Real estate agents by their very nature are some of the early pioneers to adopt technology. Agents typically have an entrepreneurial spirit and are always looking for ways to make their marketing stand out. Agents are risk takers, because you have to invest so much of your time, energy, and money trying new things to make it in this business. Owners really have little idea how much Realtors spend on various advertising or technology platforms in hopes of finding better ways to sell homes.
SW Florida CyberStar Attending Conference on Real Estate Change
This is why we are traveling to Las Vegas in September. I will be attending and speaking at the CyberStars annual convention. The CyberStars are a network of 225+ top technology-oriented real estate professionals from the U.S., Canada and Australia. Their purpose is to share ideas, tips and techniques with each other, to conduct information-sharing sessions at various state, national and franchise conventions and to benefit from numerous referrals sent within the CyberStars® network.
The Ellis Team has attended CyberStars conventions for years and brought back some of the most exciting marketing ideas the SW Florida real estate market has ever seen. While the Cyberstars are one of the best groups, there are others, and we highly encourage agents to attend events and bring back ideas. It makes us all better.
Years ago we had a slogan that said we were the most copied team in real estate. That’s probably true as we introduce ideas to the market and other agents copy them. We always felt we could innovate faster than others could copy, and most agents won’t or can’t copy everything you do anyway.
The truth is, some of these ideas we’ve copied from other agents nationwide. If an idea is successful and helps sell homes, chances are others are going to try it too. If it works in one market, it’ll probably work in another.
It’s also important to stay on top of emerging trends and discuss their implications with other top producing agents who are dealing with the same thing. There are some looming changes on the horizon and we look forward to exchanging thoughts on how we’re going to deal with them.
Among the changes we see coming are further Dodd-Frank rules and regulations affecting lending. Companies are also deliberating on the value of sending listing data to portals that assemble that data and sell back to agents and companies. If that data isn’t accurate and up to date, why are agents buying back data that is created at the MLS level anyway?
The closing process is changing. Recently RE/MAX Realty Group switched to a system called Dot Loop whereby everything is paperless. We really love it. Contracts can be created and digitally signed online now, and the entire sales and closing process has sped up and been more efficient.
We’ve also joined a new referral system for top agents around the world called Agent Bridge. This system was developed by a top producing agent we know in CA and does some things other referral systems cannot. We’ve already placed some referrals with this system so it’s benefiting our clients from day 1.
In a month or so we’ll report back on what we learn at the convention. Rest assured, if there’s a new and exciting technology or idea, we’re going to look into it. Not every new idea works. We’ve tried several over the years, so we’re selective. We’re also excited about some of the new changes coming to the industry, and we think you will be too when you see them.
Good luck and happy buying/selling!
Be sure to check out our Hurricane Tips
Learn more about selling your home in Hi Defintion
It’s getting that time of year again when the tropics begin to heat up. The newspapers and TV stations do a good job of educating people how to survive a storm. We thought we’d give you our insights and tips from an agent perspective.
Remove for sale signs from yard. You don’t want that becoming a projectile in a storm
Purchase a Hi Definition antenna for your TV. TV stations broadcast over the air in digital format and Hi Definition. If you have a Hi Def TV you can receive these broadcasts over the air for free with $10 antennae. Mine has a 35 mile range and picks up stations from all over, including Sarasota and Tampa. Those old portable hurricane TV’s probably won’t work anymore as the standards have changed
If you have hurricane shutters, roll them down or slide them and lock into place and test them out. Over the years dirt, frogs, and other creatures can jam up the tracks. The time to work on these is before the storm
Be sure to go around your yard and look for loose items. Pay particular attention to your lanai and bring items inside that could blow around
Do not cut pool screens. It is true pool screens add resistance and could help bring down your cage in heavy hurricane force winds, but why cut them? You’d be better off removing spline and the screen and installing the screen after the storm. When you cut the screen you remove any chance of using it again
Park your cars against your garage door inside your garage. Experts will tell you this doesn’t work. Since your garage door may be the least protected exterior item on your home, I just don’t see how reinforcement behind the garage door could hurt. It’s no guarantee, but sometimes little things can help
Purchase a Sawzall, also know as a reciprocating saw. These are very useful in cutting down debris after a storm. We had one client take down his entire pool cage that had collapsed in Charley after the storm. Sometimes debris can block your exit to your home, so it’s nice to cut your way out if need be
Keep an axe in your home. Rising waters are usually more dangerous than high winds. If the waters were to rise, you might want a ladder and an axe. In Katrina people in New Orleans used axes to cut wholes in their roof from their attic. They were forced up in their homes due to rising waters. You’d hate to survive high winds only to drown in your own home
Buy lots of water-If the electricity goes out, you may not be able to count on having good drinking water
Fill up your car with gas ahead of the storm. Buying gas after a storm is never fun, and nearby stations could be out
We’ve created a Hurricane Tips Page on our website at Topagent.com with more tips. We’ll have an updated video you can watch on our YouTube Channel www.YouTube.com/brettellisfl with many more tips you might not think about. We’ve lived through and flourished through several storms, and we want you to as well. A storm doesn’t have to be as scary as it sounds if you prepare ahead of time.
If you stay, be prepared. The decision to stay or evacuate is yours. Listen to the experts, and know what you’re going to do before so you’re not caught off-guard. Be sure to visit our complete checklist with more tips online.
Good luck and have a safe hurricane season!
View our July 2014 SW Florida Real Estate Market Update
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Changes are coming to the way property is shown in SW Florida. Gone are the days where agents call the listing office to setup showing appointments. This was an inefficient system as agents had to make phone calls to listing office, who had to in turn call seller, then call showing agent back to confirm. If one seller wasn’t available it could throw the whole showing schedule into chaos and start the process all over.
The way properties will be shown is changing for the better as the MLS has now gone to a Centralized Showing Service. Technically offices can still setup showings the old fashioned way, but once they see how the new system works they’ll quickly learn their sellers will be at a big disadvantage so they’ll want to join in the new system.
When agents view properties online in the MLS there is a button they can click on that will automatically setup the showing for them. If the agent sees 7 homes that meet their buyer’s needs, they simply select those 7 homes and request showings at a set time interval, i.e., tomorrow from 2-4 pm. They system will contact each owner and notify the showing agents which appointments are set along with a showing map for the route.
Since this will be automated sellers need to understand the new rules of showing real estate. Actually they’re old rules but with the new system it’s even more important. The more accessible a property is, the more it will get shown if it’s priced correctly. If the sellers reject showings as inconvenient, the showing agent will simply just show the homes they have approvals on. The rejected showings will miss out unless the buyer doesn’t like one of the other 6 homes.
With limited inventory, buyers are hesitant to wait, so they offer on one they’ve seen that meets their needs and is priced correctly.
The new system will handle alarm codes, gates codes, special instructions like handling of pets, etc. There’s even an app for the agent’s phone that will remind them not to let cat out or why a bedroom door is closed.
Sellers will have the option of receiving a tele-call where they can hit 1 for accept the showing or 2 for reject. Or, they can receive texts where they can accept or reject, or an email, or all 3. Once the seller accepts the showing agent is instantly notified, so setting up showings can take just a few minutes versus chasing listing brokers and sellers down for hours. Weekends were especially hairy if the listing office didn’t have personnel to handle showings.
The system has some interesting features. It can tell an agent which price range is receiving the most showings. This can be helpful in setting the correct price for a home if the home is on the edge of a price bracket.
The system also contacts showing agents for feedback and generates a nice report for our sellers. Tracking agents down for feedback used to be difficult but now the system will do it automatically and makes it easy on the showing agent to respond.
We look forward to sharing with our sellers the new seller reports, showing reports, and market statistics we’ll generate on showings. We can compare this to sold and pending data and spot trends as they develop. If the market takes a turn, we’ll be able to see if other similarly priced homes are getting showings.
This new service is a win/win for sellers and agents. Knowing the new rules and how to work the system can mean the difference between selling or watching all the homes around you sell while your home sits. Take the time to learn the system and make your home accessible.
Good Luck and Happy Showing!
View our July 2014 SW Florida Real Estate Market Update
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Fort Myers open house in Reflection Lakes gated community
When: Sunday, August 3, 2014 from 1pm – 4pm. Where: 13745 Bald Cypress Circle. Map here. Special Instructions: Reflection Lakes Pkwy to Gate 2 Code is: Press Phone button then 0293
Reflection Lakes Finest!
This beautiful 4 bedroom, 3 bath, pool home located on one of the most desirable lakefront lots in all of Reflection Lakes. You will be captivated by the gorgeous view as you relax poolside and thoroughly enjoy the ideal Florida lifestyle. From the moment you enter, you’ll find a spacious open floor plan, high ceilings, and upgrades abound. The kitchen is equipped with stainless steel appliances, solid surface counter tops, and plenty of space to satisfy any home chef! Reflection Lakes is regarded as one of Ft. Myers best communities featuring its ideal location close to everything! With a large community clubhouse, resort style pool, tennis courts, children’s play area, fitness center, and low HOA fees, Reflection Lakes has it all. Be sure to put this at the top of your list and see it today.
View our July 2014 SW Florida Real Estate Market Update
To view our Listings in Hi Definition, visit www.HomesinHD.TV or click on our playlist below
Zillow-Trulia Deal Effects on Real Estate in SW Florida
The simple answer is probably not much. Zillow and Trulia are online portals meaning they take data from agents and brokers and display it to the public. This is nothing new as agents display the data as well on their own websites. Companies like Zillow and Trulia bank on the fact consumers will hit their site as they are nationwide versus agents who are in each local market.
Zillow Purchasing Trulia for $3.5 Billion in Stock
Zillow collects money from agents who pay to advertise on their site. They sell consumer leads to agents. Agents basically pay for views in a zip code, or to have their presence as a featured agent on certain listings.
In the past year Zillow has been raising rates significantly. So much so that agents are falling out and zip codes are becoming available right and left as agents decline to renew their agreements, so they look for new agents. I get calls weekly telling me zip codes are opening up.
Let’s say Zillow’s traffic increases in zip code 33919. Zillow sells chunks of impressions by the thousand, so if they find they have 3,000 more impressions in that zip code, they’ll sell 3,000 more impressions. Agents used to get overflow but not now. Zillow is diluting the lead generation and charging more for it.
If we used to pay about $400/mo for 10,000 impressions, Zillow has raised the ante. They call now trying to sell me 3,000-5,000 impressions for $800.
Zillow has a problem. They are raising prices and selling more impressions than ever before, but their net income is going the wrong way. In fact, revenue increased 70% while net income was a loss of 6.26 million last quarter.
So what does Zillow do, but up #2 competitor Trulia. I looked up Trulia’s financial situation and last year revenue was up 142% while their net loss was 11.1 million. So Zillow is purchasing Trulia for 3.5 billion in common stock. Both companies are losing money. How does this deal make sense?
Zillow says they can grow revenue and cut costs. Of course they mean they’ll cut employees. They intend to operate both businesses separately to try and generate more revenue.
If they raise prices too much agents will revolt. I predict they’re going to sell more consumer data to agents in segments. They’ll use more menu pricing whereby agents can purchase leads of sellers thinking about selling their home. If you fill out a Zestimate on their website, they’ll sell those leads. On Trulia if a consumer makes an inquiry on a home that lead info is sent out to multiple agents and it becomes a war as to who can hammer the consumer the fastest and most often to convert the lead.
We don’t think this is what the consumer is asking for when they go online. The consumer just wants information without talking to someone. They don’t want agents calling them hammering them with solicitation until they’re ready.
Consumers don’t like it when they’re information is sold. Agents don’t like it when they receive a lead and it’s also distributed to other agents. Real estate is a one on one transaction. It’s personal and about trust, and this business model doesn’t recognize that. It’s just money. If a consumer wanted to be contacted by lots of agents they could just signup on multiple agent websites. That way the consumer is consenting.
Zillow came to fame by providing home value estimates. In the beginning these estimates were way off, and still are in many cases. Agents and consumers alike complain that Zillow’s data is old and inaccurate. Zillow and Trulia obtain information from multiple sources and it’s not always accurate.
We provide home value estimates on our website. www.Topagent.com We also provide the MLS feed for searching the MLS. The difference is it is accurate because it comes directly from the MLS.
The other difference is we don’t sell consumer data to other agents. This is a big win for the consumer.
If agents spent the same amount advertising their own agent website that provides more accurate information as they do on Zillow and Trulia, that online business model would crumble. In fact it already shows signs of it as neither is producing a profit. As they raise prices on agents, agents may wise up and shift advertising dollars back to their websites, or sites like Realtor.com
You heard of the Internet bubble back in the 90’s full of online companies that had high valuation with no real net income. This could be Zillow and Trulia if they don’t find a way to turn a profit. They’ll try, and agents better be prepared to pay more. Consumers should be prepared to be bombarded. Whether this deal passes antitrust or not, these companies have to find a way to turn a profit. Wall St won’t continue to pour money in forever.
So if you’re an agent and someone asks you how the Zillow-Trulia Deal Effects on Real Estate in SW Florida
In the meantime, just remember Topagent.com in SW Florida. We won’t sell your data and you can search away. Then when you’re ready, call us and we’ll have a one on one conversation. That’s a novel idea!
