America's #1 Mortgage Broker

head_left_image

Stocks vs. Real Estate - Can you Whip a Stockbroker?

From Louis Cammarosano's post about my presnetation next week

Via Louis Cammarosano:

 

Brian Brady believes you can! He argues that with the stock market in disarray, real estate prices attractive and low interest rates that you have a great opportunity to take some weath management clients from stock based financial planners.

Brian will be discussing strategies for capturing these dollars during the next HomeGain "Ask the Experts Call" on December 4.

On the Ask the Experts program you can interact with:

  • Mitch Ribak, Tropical Realty – “Web Lead Conversion Strategies”
  • Alisha Wade, RE/MAX Achievers and Realty One Group – “Advice for Handling Foreclosures”
  • Joseph Ferrara, Sellsius Real Estate Blog – “Getting Leads from Your Blog”
  • Brian Brady, World Wide Wealth Advisors – “Home Mortgage Insight”

For information on how to join the Ask The Experts call  click here

In advance of the Ask The Experts Call you should read Brian's "Can you Whip a Stockbroker"? post.

Click here to hear prior Ask The Experts calls.

 

 

America's #! Mortgage Rates Report: November 19, 2008

The economy is really sick:

Today's CPI report signals deflation, or a prolonged price slide, may become another hazard facing Federal Reserve Chairman Ben S. Bernanke and President-elect Barack Obama. Deflation could worsen the economic downturn by making debts harder to pay off and countering the impact of Fed interest-rate cuts.

``The economy's really just in horrific shape,'' said Joseph LaVorgna, chief U.S. economist at Deutsche Bank Securities in New York. Fed officials will ``take rates as low as they have to'' to avoid ``a deflation-type scenario, which now all of a sudden is very possible.''

LaVorgna predicts the Fed will cut its main rate to 0.5 percent from its current 1 percent when it meets on Dec. 16.

Fed Vice Chairman Donald Kohn said today that while the risk of deflation is ``still small,'' policy makers must be ``aggressive'' in fighting the danger. The economy ``is declining right now'' and will record a couple of quarters of contraction, he said in answering questions after a speech in Washington.

Fed policy makers last month forecast the U.S. economy will contract through the middle of 2009, with some officials prepared to cut interest rates further in response, according to a record of the group's meeting.

If the Fed's thinking of cutting rates further, why aren't mortgage rates going down?  I think it's because the Fed has done all it can do.  Future rate cuts are like that eighth scotch.  Drinking that eighth scotch isn't going to make you feel any better than the seven prior.  It just might make you feel worse.

I advised folks, right after the election, to lock loans with rates under 6% if they were closing within 30 days.  Today, I"m suggesting that you lock any loan that is closing this year.  Today, a 45-day lock for a 6.0% rate would costs 1.25%.  While you may see rates drop below 6% , in the next 45 days, the risk of them moving higher is greater.

Take 6% and run.

Ever Wondered About WordPress?

Have you ever wondered hoew to set up "an outside blog" on a Wordpress platform?  Greg Swann makes it really easy with a free wordpress blog (hosted on a really strong platform):

Say hello to BloodhoundBlog.net, free WordPress Multi-user weblogs for real estate professionals.

We talked about doing this in Orlando, at The scenius on Swallow Hill Road. Where we started was with the idea of WordPress blogs for the CyberProfessionals to practice on.

We saw that the right system could serve the same function for any novice bloggers — including all of the folks on Active Rain looking to make the leap to WordPress weblogging.

And BloodhoundBlog.net can also be a space for BloodhoundBlog Unchained instructors to help their students get their homework together before coming to Phoenix.

Is this your last word in real estate weblogging? It can be, but that strikes me as a poor idea. What we’re offering is a free weblogging platform where real estate professionals can learn and grow, ultimately to go off and set up their own WordPress.org weblogs.

And you had better know this is an Unchained weblogging world: You can import content from a host of blogging platforms, and everything you do on BloodhoundBlog.net is easily exported when you’re ready to move on.

If you want to go ahead and get started, just go to BloodhoundBlog.net and set up a new blog. It’s fast, easy and fun.

Still here? Who should set up a BloodhoundBlog.net weblog?

Get all the answers here

 

 

Let's All Make Money On Facebook

What is your ultimate goal from your social media marketing?  Conversion. Jeff Turner gives us a nice starting point with this quote from his panel at the NAR Convention:

Your overall business goal of social networking should be to expand your sphere and move conversations offline, panelists said. “There’s always going to be need for face-to-face communication in real estate,” Turner said. “Find a way to marry the two worlds.”

I’ll take it one step farther…  I know the way to marry those two worldsPick up the damned phone ! In this world of hi-tech toys, the single best device you own is a real-time voice interaction tool (READ: telephone).

If you connect with someone on a social platform, you’ve exercised the second pillar of social media marketing; declaration of identity.  While that can be beneficial as a standalone virtue, the hidden gold is not your new found social network contact, its buried in his contact list.  In a world dominated by legislation designed to prevent you from cold-calling people during dinner, you must think creatively to build up a potential client list.  Social media represents the single best way to operate within the current business unfriendly environment.  Jump from the second to the fifth pillar as quickly as possible.

Remembering the wedding reception analogy, your initial call should be designed to point out a common interest and give you a chance to introduce yourself and your business.  If someone has befriended you on the social platform, they saw something in your profile that piqued their interest.  It could be as simple as a pretty smile or as complex as a shared political philosophy but that interest is your starting point and you can build upon that.

People who disagree with me will claim that “it’s all about the conversation online“  It’s all about the conversation OFFLINE.  That’s where the belly-to-belly salesmanship happens and money gets exchanged.

Connect online and cement the relationship offline.

Here are some tips to help you:

Loan Limits Lowered in Southern California For 2009

In my 2009 San Diego Real Estate Outlook, I suggested that lower loan limits could cause a convergence of home prices.  I expect the mid-priced homes ($500,000 to $1,000,000) to decline towards the loan limits while lower priced homes (under $500,000) already dove in 2008.

Southern California Loan Limits For 2009:

Loan Type         San Diego          Orange          Los Angeles

VA                    $697,500           $729,750       $729,750        (no change from 2008)

FHA                  $546,250          $625,500        $625,500

Conforming      $546,250          $625,500        $625,500

Originally Posted on Millionaire Real Estate Lender

NAR Orlando: All Work and No Play Makes Brian A...

...well, you know the rest of the story.

I missed the hijinks at the Active Rain Party in Orlando and that was a bummer.  I so wished to meet Broker Bryant and TLW among many other AR members.  If you've met me at any social function, you know that I"m more inclined to howl at the moon rather than to prepare to be bright-eyed and bushy tailed but this NAR Orlando weekend was a working trip for me.

We held the Bloodhound Blog Unchained Online Marketing Conference on Friday.  Our line up was astounding:

Greg Swann - The Unchained Epiphany
Brian Brady - Ninja Social Media Marketing
Sherry Chris - Keynote Address
Teri Lussier - Building a Community Through Blogging
Kelley Koehler - What To Do When Google Doesn’t Love You
Mitch Ribak - Internet Marketing Conversion
John Rowles on IDX
Sean Purcell - The Bloodhound Way
Eric Blackwell - Leveraged Search Engine Marketing

12 hours of online marketing advice that was as practical as nails on a construction site.  To say I was pleased with the results is an understatement.  Here are some notes from the conference:

Eric Blackwell:

My biggest personal “take home” from Unchained? Mitch Ribak. I am in a position where our site is getting LOTS of leads so I NEEDED him to kick me in the butt on converting them into clients for life. They don’t count unless they close. Thanks Mitch. I pulled about 100 things that I need to do out of your presentation. Step 1: Treat it like a business

Eric On Search, with his top ten takeways from the event:

#10 - Kelley Koehler rocks at PPC. I love the way that she and her husband use page templates to create landing pages. That’s a to do on the list.

#9- Kelley also struggles with the forced registration decision. (Just like I did!) Good to know I am not the only one tormented by that. Do it, Kelly! (grin) I did starting in Oct. and it has made a world of difference. Glad to hear that others find this tough as well.

...and Eric Blackwell, again, this time about keyword rich URLs:

I met Cyndee Hayden at BHBU. I like her site SandbarsToSunsets.com much better than a domain name like clearwaterrealestatetampahomes.com. Call me crazy. One is great branding, the other is a marketing turd. Which would YOU want on your business card?

Greg Staker talking about how his experience at Unchained might help Florida home buyers and sellers:

So much useful information. I met several great people from around the country and hopefully will have the opportunity to talk and meet with these folks again in the near future. Re-reading my notes I see terms like "win the niches", "send marketing prospecting to area that are moving to your area", "make sure landing pages allows visitors an ability to search for homes", "timely, on subject and written by an authority" and "Forced registration works".

John Sabia, a Ft. Lauderdale Real Estate agent, took copious notes during the event.  If you are to read just one summary, John's is most likely the most complete outline:

Your goal with Adwords is to create an ad which is clicked on by users and make sure you are sending the users to a relevant Landing Page. The Landing Page is usually NOT your home page. The Landing Page is the page that is relevant to the user’s search and the ad you created. By doing this well you should receive a high Click Through Ration (CTR) which means your ad is being clicked on often by users and the users are satisfied with the page they landed on.

Sean Purcell, a contributor, offered his notes:

The one theme I find over and over again is most assuredly not on Greg or Brian’s agenda, but the results speak for themselves.  Allow me a few words on most of the speakers and tell me if you see a thematic element:

  • we opened with Greg discussing the Greeks and the disciplined violence that was the Spartans
  • you had Brian sharing the dark secrets of being a Ninja in social media marketing
  • Teri warned of a fatal addiction to the Tweet drug
  • there was Kelly exhibiting the cool, detached efficiency of a hit man targeting Google
  • Mitch covered 100mph and proved that speed does kill the competition
  • we were exposed to John’s killer app
  • and finally, Eric explained how to make the organically grown poison known as SEO

Is it just me, or was there a message here?  A call to arms, so to speak, that our competition did not (or could not) heed.

We followed the event with a vist the next morning to Linda Davis and the CyberProfessionals.  Our thematic skit was disrupted by Active Rainer Jim Lee, who deduced the conclusion long before we got going.  He was generous enough to allow us to complete our skit and we enjoyed meeting folks who are as wired as we.

Sleep was sparse this weekend as the concept of Scenius was being played out in our crib in West Disney.  Laptops and late nights were the norm for this working weekend as the Bloodhounds plotted our next big workshop in Phoenix:

BloodhoundBlog Unchained is not a conference or a seminar, it’s a workshop, a lab. We don’t want to talk about or teach or lecture about our style of marketing strategies, we want to deploy them. We want for the people who entrust us with their time and their minds and their money to come away having implemented their own unique versions of our tools, tricks, tips, tactics and techniques.

As you can see, I didn't sleep much.  I was a guest at Louis Cammarosano's HomeGain party where I saw so many of the folks preparing themselves to dominate their local markets online.  A few Bud Lights and a lot of conversations and I was ready to hit the hay early, Saturday night.

Thank you to so many of the folks who lent us their minds this weekend.  Scenius, baby...pure scenius.

America's #1 Mortgage Rates Report: November 5, 2008

We have a new President and his name is Barack Obama. Is that good for mortgage rates?

I think either man being elected would have been good for mortgage rates provided the victory was decisive.  The Obama victory was clearly decisive and markets should reward that.  In anticipation of this decision, mortgage-backed securities rallied today bringing mortgage rates to the 6% level  I thought we might reach this week.

On Wednesday, conforming mortgage rates should be offered at 6% or below; take any rate under 6% if you’re closing in the next 45 days.  While the euphoria of an Obama victory may bring mortgage rates even lower, the risk of a quick reversal still exists.

Mortgage rates under 6% are about as good as it gets.

Originally posted on Mortgage Rates Report

Slow Start For the Hope For Homeowners Program

Alan Zibel of the Associated Press reported that the results of the FHA Hope For Homeowners Program is underwhelming:

But the early results are discouraging: the government received only 42 applications in the program's first two weeks, according to the Federal Housing Administration. The low turnout was first reported by the industry newsletter Housing Wire. Since the applications take about 60 days to process, no loans have been approved yet.

There were quotes from a former Clinton official, current White House Press Secretary, and yours truly, the ever positive industry cheerleader:

Brian Brady, managing director of mortgage banking and brokerage firm World Wide Credit Corp. in San Diego, said the industry could well accelerate its use of the program in the coming months. Many in the industry "are probably just waiting to see how it works ... Mortgage banking is a monkey-see, monkey-do business. Everybody waits for someone to do it first."

You can read the full story on:

Forbes
Business Week
Yahoo! Finance
CNN Money
CNBC
MSNBC