About the Author:
Wayne Malcomb is the Broker/Owner of Niagara Frontier Funding & Realty, serving both Niagara and Erie counties of Western New York.
Wayne is called upon as the local expert for newspapers and radio shows including his own weekly radio show on WLVL 1340.Wayne follows the theme of Sy Syms, "an educated consumer is our best customer."
When asked what sets his company apart, Wayne said, "We use a combination of technology and one stop shopping to reduce both time and expense per transaction, which saves the average customer $3,200."Do you know anyone who could use an extra $3,200?"
If you need real estate sales or financing information in Western New York call Wayne Malcomb at
800-216-6829 or visit him on the web www.niagarafunding.com.
You can also email wayne at wayne@niagarafunding.com.
Are your real estate listings camouflaged?
Depending on who’s numbers you look at 65-90% of buyers begin their real estate search on the internet. If that is the case, how are you keeping your listing from blending in? What do you tell your client you are going to do to set their property apart from the other listings? Let me tell you about how I secured a much sought after listing in Niagara County New York. We are in the first week of turkey season here in New York and there is a property known as Camouflage Acres that has been under developement in the Town of Wilson that has been gaining notariaty. I came to the presentation with a website. Not of me or my company but one about their property. How did I do it? I am no geek or website guru but I did use ListingDomains.com. It gave me a template to follow and allowed me to show my client their property website live before I even had to purchase the domain. After I got the listing I have promoted the website via Newspaper, emails, my radio show and best of all my clients are telling everyone they come into contact. I am the only contact on the site and we have been getting some great feed back. So don’t let your listing blend in to the MLS standard. Promote it with it’s own domain.
Irreplaceable You?
The graveyards are full of indispensable men. -Charles De Gaulle Read more
Pointers vs Flushers
For those who know me, I am an avid hunter. Upland birds are my main distraction. Pheasants, chuckers and quail are all available at the preserve I frequent. Some brokers take there clients golfing, mine get to go hunting. When hunting upland birds a good bird dog is a must.
There are two main classes of bird dogs, Pointers and Flushers.
A Pointer is a very active style of dog that searches out a bird moving in a rapid zig-zag pattern until it locates a bird. Then it turns into a virtual statue “pointing” towards the bird’s hiding place and holds there until the hunter approaches and gets the bird to fly. The hunter has a much more controlled shot. This style of dog is great when the terrain is difficult and walking is tough or for older hunters.
Now a Flushing dog works similarly in the zig-zag pattern as a Pointer with one main difference. When a Flusher finds a bird it continues to pursue it until the bird has no choice but to fly. If the hunter keeps up with the Flusher there is rapid action, but if you do not, the bird goes up out of range of a shot and the opportunity is lost.
Both styles of bird dogs are fun, but you must know which one you are working with or you will have very limited success.
In our businesses we have bird dogs too. Some are Pointers others are Flushers.
Most Pointers are attorneys or accountants. They have clients that need our services which they not only point out but they have the ability to hold until you can move in and complete the deal. The more you are active in this business the more pointer style bird dogs you will have.
Flushers are usually friends, family and social groups you are in. They come across people needing our services on a regular basis. They may even throw our names out there and for a brief moment the opportunity is there, but if you are not keeping up with your bird dog the opportunity for success could be lost.
Both are profitable to work with but if you plan on having success you better learn which style your bird dog is. A Pointer is more controlled, concerned about your professionalism and how you reflect on his or her reputation. A Flusher is going around and willing to help at the moment but once that moment passes they are onto something else and may not wait for you to connect with their referral.
Treat your bird dogs well and reward them for their service. Thank you notes and recognition or maybe a dinner out are great rewards for Flushers. Giving a referral or two to your Pointer will keep their nose to the ground for you. But, if you don’t follow through and show your appreciation, instead of being a successful hunter you will end up being a Setter and that dog just won’t hunt.
Mouth to Mouthpiece Resuscitation
Things are slow, nobody is doing anything and the phones are dead. I think I’ll take off and uh, work from home, i.e.watch Oprah, for the rest of the day. I hear that from agents every day. Read more
New York Attorney General kills appraiser relationships
This week New York State’s Attorney General Andrew Cuomo signed what will probably become a model for other states. Read more
Who is Mowing Your Lawn?
From the first time my Dad let me run the lawn mower I was hooked. There is something about feeling the sun on your back and scent of the fresh cut grass that relaxes me.
Then when the job is done, to just sit back and survey with pride the finished lawn, gives me a feeling of euphoria. I bought a nice new Cub Cadet mower and spent many Saturdays cutting and trimming. It generally took me about 3 hours each week. There was a sense of accomplishment to turn a scruffy week old lawn into a park like setting.
Then one day I had a customer who mowed lawns for a living and he stopped over for a visit and show off his new machine. He zipped around my lawn in about 20 minutes moving almost as fast as you could run. It was incredible. I could not help but think how fast he did what I spent hours each week trying to do.
Knowing that I have to spend about 50 hours a week to end up with enough billable activities to make the cash I need to enjoy life. I quickly broke out my trusty pad & pencil. Divide…multiply…carry the 2 and viola! Fifteen extra hours a month created from thin air. But, at what cost.
The quote was for $37.50 per week every Thursday 10AM. Including weed wacking, trim blower and edging as needed. My friend asked, “What do you think?” I said, “I think I’m selling the lawnmower.” That I did and I have not mowed the lawn since.
I would like to say I used those extra hours to earn a small fortune but I didn’t. Basically I just bought myself some extra time for enjoying my family, a little fishing and hunting and that ever so valuable Saturday afternoon nap. I still love the smell of a fresh cut lawn. I am just getting it done by someone else.
So back to the question. Who is mowing your lawn? Sending out thank you cards? Sitting in your Open House? Typing your listings into the MLS? If you do not have enough time, buy some of it back. Outsourcing may seem to cost you but most times it can be done faster and cheaper than doing it yourself. Not to mention better quality and consistency.
Need help to buy a property in Buffalo, New York? Well I have some extra time to give you that personal service. Just give me a call.
Looking for Big Bucks for Real Estate
This week I bought a nice little ranch home. It has not been my biggest deal but it will make me a tidy little profit and it gave me an education at the same time. Here is how it went.
This was a bank owned property that the listing agent had a pre-signed contract done prior to it being posted on the MLS.
Fortunately the Bank has a 72 hour rule from listing date before reviewing contracts. Another offer came in through my office (different agent) with a financed offer.
Client has great credit (720 scores), sufficient money down with cash reserves and doing a FHA 203K mortgage with 45 day closing. Contract price was $41,000.
I thought this was a pretty good price as the “As Complete” value is $85-90,000. The 203K repair estimate was $14,000. I wanted the property but I didn’t want to get into a bidding war with a company client.
I decided to put in a “low ball” offer of $37,000 cash. Actually it was coming from a Line of Credit per my “Proof of Funds Letter” and a 30 day closing.
To my surprise the Bank took a cash offer 10% less than a well qualified offer with financing. Does this happen all the time? I am not sure, but as the foreclosure and short sale market starts getting more and more competitive, cash will once again become King!
So whether you are a principle or an agent, finding where you can get a good Buck when you need it should be top on your list. If you are looking in Buffalo or Niagara County for Real Estate financing or sales, give me a call, because in this area “the Buck stops here.”
Sugar coating is for cereal not business
Here I was enjoying my Saturday evening and I get a call at my home from a local Realtor who was very upset with me. Apparently she and a group of her co-workers were “enjoying” my radio show and they have been stewing about it all week. This agent and her friends are all 20 deals a year and up agents. She has been an agent for 20 years and made $50k last year. I have been very degrading to the industry with my comments and I’m discouraging agents. I was saying things that were very misleading to the public and making agents look like they don’t know what they are doing. Read more
Stay the same, differently
Our own dilemma is that we hate change and love it at the same time: what we really want is for things to stay the same but get better. -Sidney J. Harris
In December of 2006 we began to see the party coming to a close. Easy mortgages, multiple offers and monster commissions began to disappear from our business models more quickly than anyone thought possible. I will be honest and say I felt like crying myself a river. I averaged about 25 mortgages and 4-5 real estate sales each month. A friend of mine used to say that I had built a money machine. Within six months the machine was not only broken but at the rate of decline it was going to go broke. Read more
