A Typical Work Day For An Appraiser

complete real estate answers, CREA, completeREAAppraisers are normally experts at analyzing real estate markets and property value, but appraisers who work from a home-based office or run their own small business may not be familiar with what it takes to manage an office.

It can often be time consuming and confusing, requiring a large chunk of time taken out of a work day (assuming one is working a normal 10-hour day), just trying to handle the small tedious tasks, such as organizing orders, calendar management, and keeping track of submitted orders to AMC companies, and making sure you are being compensated in time, if at all!

Even dealing with some of the AMC companies, is such a tedious task. Between keeping tabs on payment, receiving new orders, updating current orders, and submitting completed orders, often has me scrambling everywhere. Heaven forbid I should have to make an actual phone call to these AMC’s, will have me in a rage between being placed on hold from anywhere between 10-15 minutes, or even trying to communicate the purpose of my phone call (many of these AMC places outsource their staff to foreign countries, and the cultural gap in communication is significant!).

Ah, and I would be remised not to point out the ever so eloquent, Engagement Letters! Reading through one of these letters, often reminds me of those Snickers commercial they played during the Super Bowl a few years back…”Not going anywhere for a while?”.

If I have spent 1-2 hours trying to get through one of these letters would be a generous summation, but often times, that is not the case. Not only must you be careful to comply with USPAP requirements (this is always a given), but you must also be very careful to comply, understand and follow all the various AMC requirements/guidelines as well, and when you are dealing with multiple AMC’s, this can often times get very tortuous.

Every morning I wake up and ponder on how I can make my job/career more attractive, while maintaining a higher quality level, but spend less time on the menial tasks and ultimately make my life more rewarding and less stress full.

My colleague appraisers! Do you have any resolutions for me?

Thus far, what I have come up with is this:

compete real estate answers, CREA, CompteREAPreparation – be ready to handle the work load for the day. Ensuring that all technical infrastructures are in place and adequate (computers, software, phone, internet connections, etc..), which I have come to learn in my years in this business that you have to spend a good portion of your earnings on the technological portion in order to make the business work for you! I have to now think about office space that will allow me the ability to handle the increase in volume that I have been experiencing in just the past few months. Working from home has become a bit of a challenge, due to lack of space and infrastructure needs.

CopleteREA, CREA, Compete real estate ansersOrganization – Staying on top of time management; a) make sure to do your due diligence before going out on the field for inspections (navigate what your day is going to look like when driving between properties, keeping in mind time of day and any traffic concerns), b) Organize your orders mindfully, which often times will require a call to the MC explaining the situation, and you will be quite surprised to hear that they are often times willing to accommodate you.

compete real esate asnwers, CREA, CompeteREAAdministrative Support – A good assistant can make your life so much easier. They help you get more of the important work done, such as, help with calendar management, communicating with the various AMC’s, helping to maintain your high work standards, and also helping to alleviate some of the stress involved in this business.

So to recap; Preparation, Organization, Administrative Support and Marketing, are all crucial elements for a small business to thrive.

I have not yet delved into the marketing aspects on my blog site…..stay tuned for more to come…

Call or email Nana Smith with any questions:

NanaGsmith@gmail.com

203-858-6727

C.R.E.A. – comment and/or share your own experiance using this form;

Top Ten Reasons Why It Is Great To Be an Appraiser

appraisal, appraiser, stamford, ct
Top ten reasons why it is great to be an appraiser:
1. Dazzle your friends with your knowledge of external obsolescence.
2. Enjoy the wonderful world of rats, bats, and spiders.
3. Join the profession blamed for the collapse of the financial world.
4. See places in people’s houses that usually require a search warrant to access.
5. Arouse the suspicion of an entire neighborhood when inspecting comparable sales.
6. Get a chance to irritate annoying real estate salespeople.
7. Walk around holding a clipboard just like “Skipper” at the Jiffy Lube.
8. Spend hours researching comps to justify the market value of a property you decided on when you pulled into the driveway.
9. Find out that some people really do hang black velveteen pictures of Elvis in their living room.
10. Be one of a handful of people who know that USPAP is not a medical term.”

By Kimberly Tanzer-Schneider‎
Chino Hills, CA •

 

Path to Success

nana smith, nana smith listing agent, stamford ct real estate

Yes, the real estate industry is changing dramatically. It’s no longer about information; it’s about your ability to analyze that information so well that you can teach it to others. That’s your job now. That’s what the real estate industry is about now. The agents that embrace this New Market Reality are going to be the dominant agents moving forward. They are ones who will win the race! As you move forward into your real estate career, remember to plot out these three steps along the way:

• Step 1 – Continually educate yourself. Whether you use the KCM membership or some other educational means, know what’s going on and why it’s happening. As Albert Einstein said, “Wisdom is not a product of schooling but of the life-long attempt to acquire it.”

• Step 2 – Be able to communicate what you learn. Think of it as the ability to sing versus being on iTunes. If you can sing, but deliver your message on the equivalent of 8-track tapes, no one will listen to you. If, however, you can sing and you publish your music digitally (the modern format), you’ll have a much higher likelihood of reaching your audience. In real estate, this means making sure your client presentations are filled with impactful, relevant information that will help them gain clarity from the confusion in the market. Make your presentations overly visual and so simple that anyone—even a child—can understand what is happening in the current market. Graphs, charts, and infographics are great formats to use.

• Step 3 – Keeping current matters! You can have a tremendous understanding of key factors and wonderful visual materials to help make it easy for your clients, but if you’re not updating these things on a constant basis, you’re lost. How valuable would a physician be if she didn’t update her advice and recommendations based on the newest medical research? Don’t be caught with outdated information in your presentations and conversations. Do your homework and be on top of all the major news that will impact the current real estate market. For most families, buying or selling a home is the most important personal decision and possibly the largest financial decision they’ll ever make. They are looking for a true professional to help them through this process. Make sure they get one when you walk into their lives.

 

The Difference A Year Can Make

Payment-Difference-KCM

Some Important Points To Consider:

  • The latest Freddie Mac Primary Mortgage Market Survey reports the 30-year fixed rate at 3.7%.
  • Freddie Mac’s projection for Q2 2016 is that the rate will be 4.7% (a full percentage point higher)
  • The Home Price Expectation Survey predicts that home prices will appreciate by 4.4% during this same time

The impact waiting a year to purchase your dream home can make on your monthly payment is significant. Contact a local real estate professional today to discuss your options before the experts’ predictions become reality!

Selling Your Home? The Importance of Using an Agent

exprealty, CompleteREA, CREA, Nana Smith

When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. For the past two years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers.

However, the report also revealed that for the second year in a row 96% percent of buyers that used the internet when searching for a home purchased their home through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their home directly from a seller whom the buyer didn’t know.

Buyers search for a home online but then depend on an agent to find the actual home they will buy (53%) or negotiate the terms of the sale & price (31%) or understand the process (63%).

Stephen Phillips, the Chief Operating Officer for HSF Affiliates LLC, put it best:

“Home buyers are more informed than ever with their Internet searches and ongoing research; however, there’s a critical need to transform that information into analysis and advice that helps consumers make the best home-buying and selling decisions.

The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots”. This is obvious as the percentage of overall buyers who used an agent to buy their home has steadily increased from 69% in 2001.

Bottom Line

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

If you need your house sold…CALL ME!
203-858-6727 cell

Two Graphs that Scream – List Your Home Today!

Two-Graphs

We all learned in school that when selling anything, you will get the most money if the demand for that item is high and the inventory of that item is low. It is the well-known Theory of Supply & Demand.

If you are thinking of selling your home, here are two graphs that strongly suggest that the time is now. Here is why…

DEMAND

According to research at the National Association of Realtors (NAR), buyer activity last month (January) was three times greater than it was last January. Purchasers who are ready, willing and able to buy are in the market at great numbers.

DEMAND


SUPPLY

The most recent Existing Home Sales Report from NAR revealed that the months’ supply of housing inventory had fallen to 4.4 months which is the lowest it has been in over a year.

SUPPLY-of-HOMES

Bottom Line

Listing your house for sale when demand is high and supply is low will guarantee the offers made will truly reflect the true value of your property.

ARE YOU LOOKING TO BUY A FORECLOSURE? CLICK ON THE IMAGES ABOVE AND YOU WILL SEW WHAT IS AVAILABLE IN GREENWICH CT. OR FILL UP THE FORM BELOW.

HAPPY HUNTING!

NANA
203-212-3788
eXp REALTY

5 Reasons You Shouldn’t For Sale By Owner

crea, completerea, nana smith, sales real estate

crea, completerea, nana smith, sales real estateSome homeowners consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers. Here are five reasons:

1. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies which work for the buyer and will almost always find some problems with the house.
  • The appraiser if there is a question of value

2. Exposure to Prospective Purchasers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 43% on the internet
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 9% over the last 20+ years.

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission. Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer. Below are some links of what Stamford, CT and surrounding areas have to offer:

Norwalk Condo Market

More in Norwalk

Call me if any questions 203-858-6727 or fill the form below

USPAP Standard Rule 1-4

 

Standards Rule 1-4

In developing a real property appraisal, an appraiser must collect, verify, and analyze all information necessary for credible assignment results.

(a)

When a sales comparison approach is necessary for credible assignment results, an appraiser must analyze such comparable sales data as are available to indicate a value conclusion.

(b)

When a cost approach is necessary for credible assignment results, an appraiser must:

(i)

develop an opinion of site value by an appropriate appraisal method or technique;

(ii)

analyze such comparable cost data as are available to estimate the cost new of the improvements (if any); and

(iii)

analyze such comparable data as are available to estimate the difference between the cost new and the present worth of the improvements (accrued depreciation).

(c)

When an income approach is necessary for credible assignment results, an appraiser must:

(i)

analyze such comparable rental data as are available and/or the potential earnings capacity of the property to estimate the gross income potential of the property;

(ii)

analyze such comparable operating expense data as are available to estimate the operating expenses of the property;

(iii)

analyze such comparable data as are available to estimate rates of capitalization and/or rates of discount; and

(iv)

base projections of future rent and/or income potential and expenses on reasonably clear and appropriate evidence. 13 

Comment: In developing income and expense statements and cash flow projections, an appraiser must weigh historical information and trends, current supply and demand factors affecting such trends, and anticipated events such as competition from developments under construction.

(d)

When developing an opinion of the value of a leased fee estate or a leasehold estate, an appraiser must analyze the effect on value, if any, of the terms and conditions of the lease(s).

(e)

When analyzing the assemblage of the various estates or component parts of a property, an appraiser must analyze the effect on value, if any, of the assemblage.  An appraiser must refrain from valuing the whole solely by adding together the individual values of the various estates or component parts.

Comment: Although the value of the whole may be equal to the sum of the separate estates or parts, it also may be greater than or less than the sum of such estates or parts. Therefore, the value of the whole must be tested by reference to appropriate data and supported by an appropriate analysis of such data.

A similar procedure must be followed when the value of the whole has been established and the appraiser seeks to value a part. The value of any such part must be tested by reference to appropriate data and supported by an appropriate analysis of such data.

(f)

When analyzing anticipated public or private improvements, located on or off the site, an appraiser must analyze the effect on value, if any, of such anticipated improvements to the extent they are reflected in market actions.

(g)

When personal property, trade fixtures, or intangible items are included in the appraisal, the appraiser must analyze the effect on value of such non-real property items.

Comment: When the scope of work includes an appraisal of personal property, trade fixtures or intangible items, competency in personal property appraisal (see STANDARD 7) or business appraisal (see STANDARD 9) is required. 

Original content was published in The Appraisal Foundation site.

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Contact C.R.E.A.

Email: info@CompleteREA.com

Phone: +1 203 858 6727

Complete Real Estate Answers, Inc.
453 Webbs Hill Road
Stamford, CT 06903

Nana G. Smith, Proprietor

Web & Blog: CompleteREA.com (you are here)
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USPAP Standard Rule 1-3

 

Standards Rule 1-3

When necessary for credible assignment results in developing a market value opinion, an appraiser must:

(a)

identify and analyze the effect on use and value of existing land use regulations, reasonably probable modifications of such land use regulations, economic supply and demand, the physical adaptability of the real estate, and market area trends; and

Comment: An appraiser must avoid making an unsupported assumption or premise about market area trends, effective age, and remaining life.

(b)

develop an opinion of the highest and best use of the real estate.

Comment: An appraiser must analyze the relevant legal, physical, and economic factors to the extent necessary to support the appraisers highest and best use conclusion(s).

Original content was published in The Appraisal Foundation site.

—-

Contact C.R.E.A.

Email: info@CompleteREA.com

Phone: +1 203 858 6727

Complete Real Estate Answers, Inc.
453 Webbs Hill Road
Stamford, CT 06903

Nana G. Smith, Proprietor

Web & Blog: CompleteREA.com (you are here)
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Twitter
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How to Built Your Real Estate Bussines

CompleteREA, Crea, Complete Real Esatate Answers, Inc.Becoming an established name in the real estate industry is a tough road to go down, but the best in the business know exactly how to market themselves and find clients. For those that are just starting out, however, it can be challenging to build that same network of potential listings.

Even so, there are a number of ways a professional can find success in real estate. At its core, the job is about getting these listings – and that is achieved via relationships. Nothing is more frustrating than having a possible client decide to go work with a competitor, but thankfully this scenario can be avoided with a few simple steps and a smart plan.

In order to get started, here is how real estate agents often lose clients, and a few recommendations to prevent that from happening again:

  1. Never lose touch with clients
  2. Always be on the lookout for clients

Read the original article hereComplete Real Estate Answers, Inc. CREA, ComplteCREA

And here are few tips which I learned when I stared my real estate career:

  • Always wear your Realtors’ pin. Make it attractive and unusual looking. It will become a subject of conversation and once a conversation has started, a connection has been made.
  • Have a very small mailing list (no more than 100 names), to start your marketing, but do it repeatedly, once every 6 weeks.
  • Use holidays to softly market yourself as a “knock on the door.”  Scenario; It’s the Fourth of July, you knock on the door, while holding a small potted flower with the American flag sticking out of the pot, along with your business card, who wouldn’t want that?!
  • Learn and master your elevator speeches to present yourself as quickly and self-assured as possible.
  • Newbies, if you’re asked: “How long have you been in business?”- There is always a true answer: “Seems like forever!”  Try it
  • Do not be afraid to try, to be creative nor to be different – there is no failure, just experiences.

Share with us what is or was your experience in starting your real estate career?

Another great links and helpful information are bellow:

  1. 5 reasons to loose client
  2. 1st month in real estate business

Contact C.R.E.A. and Nana Smith

Email: info@CompleteREA.com

Phone: +1 203 858 6727

Complete Real Estate Answers, Inc.
453 Webbs Hill Road
Stamford, CT 06903

Nana G. Smith, Proprietor

Web & Blog: CompleteREA.com (you are here)
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Twitter
Google+

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