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09.30.09

Why Today’s Modern Consumers Are Choosing Prudential California Realty

Marketing skills are among the most critical issues prospective sellers consider when evaluating an agent and that is why today’s modern consumers are choosing Prudential California Realty (PCR) agents.

PCR has the online and offline marketing advantage. Our media strategy leverages the power of online solutions and uses offline media such as television and print to drive consumers to our offices, agents and web sites.

At PCR we are always aggressively developing new ways to give our agents and clients a competitive edge in online marketing and offline marketing.

Here are just a few reasons why Prudential California Realty agent’s capabilities are so unique.

Our multi-million dollar print campaign is effective – exposing our seller’s homes to hundreds of thousands prospective buyers each week. From the LA Times, Orange County Register to the San Diego Union Tribune we cover all the bases across Southern California.

Our network of agents is extensive and growing. It’s not necessarily what you know but who you know and PCR agents take advantage of local, regional and national networking opportunities including our exclusive Luxury properties network. Because our average office has a large number of productive agents they share market knowledge and trends daily which brings more buyers and sellers together.

Our Prudential relocation resources provide comprehensive global relocation services to Fortune 500 corporations worldwide. With locations in the United States, Canada, United Kingdom, France, Hong Kong, Singapore, China, Asia and Europe we offer a broad menu of services allowing us to better bring buyers and sellers together every day.

Prudential California Realty agents are equipped with the latest market information to help you make sense of the challenging real estate market – with access from the region wide MLS trends all the way down to zip code level rest assured your PCR agent is up to date. See examples of our regional market updates – click here. To see example of our zip code updates – click here.

Only PCR agents can assure sellers that every online inquiry about their home will be taken care of efficiently and effectively. We receive thousands of unique visitors weekly, including consumers from 99 international locations. Prudential California Realty has a proven online delivery system ensuring exceptional customer service on every inquiry.

Only Prudential has Online Seller Advantage (OSA) gives our sellers daily or weekly activity reports on their listings, incorporating web traffic from Yahoo, Trulia and Google. The reports include metrics on how many visitors have seen the home, how many times the listing has been returned in search results, and the latest real estate action in the neighborhood.

Our sites PrudentialCal.com and PrudentialRealEstate.com generate strong traffic and new visitors each week. We don’t gauge our traffic by number of hits — just one visitor can generate 100 hits. We look at unique visitors. Each visitor to our site views an average of nine pages and 40% of each week’s visitors are new to the site. Our visitors come equally from these three sources:

  • Direct from our multi million dollar ad campaigns
  • Direct from search engines
  • Links from referring sites

It’s a pleasure to use our sites PrudentialCal.com and PrudentialRealEstate.com are designed to be fast and user-friendly. They provide extensive listing data, including physical and environmental information that’s important to buyers. Visitors can also request open house alerts, new photo alerts, status change alerts, price change alerts, and listing activity reports.

Our listings are everywhere that counts.

Buyers choose home search sites based on a wide variety of criteria and our listings can be seen in all the best places, including:

  • Google base
  • Yahoo!
  • Zillow
  • RealtyTrac
  • Sign On San Diego
  • LA Times
  • Orange County Register
  • Cyberhomes
  • Trulia
  • Oddle
  • Frontdoor
  • Houseplans
  • Bank of America Real Estate Center
  • The websites and blogs of our 3,600 Prudential California Realty agents all across Southern California

Your PCR agent has access to top-flight multimedia resources. Our relationship with California Image Maker gives our agents access to the tools needed for exceptional property specific websites and virtual tours that create exclusive, compelling showcases for your homes. See examples at PCR TV.

Prudential California Realty has the online and offline marketing advantage contact one of our proven agents today – click here.

06.28.09

The Home Selling Process from Start to Finish

By Jon L. Cook, President & CEO

You’ve made the decision to sell your home. Even if you’ve sold a house before, this process can be daunting because it is a major financial transaction that involves many steps from selecting a sales professional and marketing the home, to negotiating with buyers and finally receiving funds at the closing. Yet, the home-selling process doesn’t have to be intimidating if you know what to expect. The process can be divided in nine steps.

Step 1: List your property with a real estate professional.
Select someone who is knowledgeable, listens carefully, and with whom you feel comfortable. Use their listing presentations to compare their preparation and professionalism. Don’t base your selection solely on selling price or commission. It’s probably best to avoid working with someone who promises you the moon—in this case, an unrealistically high price—then has to make price reductions until the property sells. Instead, focus on marketing plans, service and past results.

Step 2: Establish price and time frame.
Determining a fair asking price is crucial in this market. Price the property too high and it could languish on the market. Of course you could always decrease the price later, yet you’ve lost potential buyers. Your real estate professional can help you determine true market value based on a comparable market analysis, which will include recent home sale transactions as well as homes currently on the market. Supply and demand, craftsmanship, amenities, condition and any special circumstances can also impact price. For instance, a relocation move might necessitate a quick sale.

Step 3: Develop and implement a marketing strategy.
To get the most exposure for your home, you should have a marketing plan with clear objectives and an outline of specific resources to be used. Your plan should include a mixture of conventional and online marketing to optimize your reach to potential buyers.

Step 4: Get Your Home in Show Condition.
Remember, you only get one chance to make a first impression. So make sure your home is in tip-top shape inside and out. Eliminate clutter and remove personal items. Refresh the paint, clean the carpets and make minor repairs. Keep the grass trimmed and add color to your landscape. You may also want to consider hiring a professional to stage your home. A home in move-in condition is much more attractive to buyers in a competitive market.

Step 5: An offer is submitted.
Once your home is on the market, a buyer will make an offer through his/her real estate sales professional. The buyer’s sales professional will present the offer to your representative, who will promptly relay it to you and help you evaluate the offer.

Step 6: The negotiation process begins and eventually an offer is accepted.
One of the most critical roles played by your real estate professional is in the negotiation phase. Negotiations over the terms of a home-purchase contract can be extremely sensitive. The process of offer and counter-offer may go on until parties arrive at an acceptable contract, which can go very quickly or take days, even weeks.

Step 7: Buyers submit a loan application and home inspections are scheduled.
Most often, the loan approval is contingent upon a satisfactory appraisal and various inspections.

Step 8: The loan is approved and the closing process begins.
Once the buyer’s home loan has been approved, preparations begin for the closing. The closing, also referred to as settlement or close of escrow, is the final step toward completing the sales transaction between the buyer and seller. During this process, your sales professional will funnel all the necessary closing documents to the escrow agent. This may include the deed, mortgage, tax receipts, a Certificate of Occupancy and other documents. A final walk-through will also be scheduled. Once the escrow agent receives the paperwork and the funds pertaining to the sale of the property, the escrow is closed.

Step 9: Time to move!
Of course this is a simplification of what is otherwise a complex transaction. As you are going through each stage of the process, look to your real estate professional to provide guidance so that you feel comfortable every step of the way.

05.03.09

5 Keys to Selling Your Home Fast

By Jon L. Cook, President & CEO

There is no question that in many parts of the country, houses are on the market longer than they were in the past. As a seller, this slowdown means more homes are competing with yours for a limited pool of potential buyers. Here are five tips to make your home the frontrunner on the fast track to a sale.

Price It Right — Right Away
The first 30 days are the most critical. If your home is priced too high, interested buyers may never even tour it. The longer your property is on the market, the smaller the pool of prospective buyers gets.

Deciding the value of a home isn’t an exact science. But data is available to help you determine a fair, on-target asking price. You may want to start by hiring a real estate appraiser to give you an objective, unbiased estimate. Next, consult with a real estate professional to help you determine your home’s true market value based on a comparable market analysis. This research will look at both recent home sales and asking prices of homes on the market. Armed with this information, price your home conservatively to give it a competitive edge.

Make It Irresistible
Unless they’re looking for a fixer-upper, most buyers are more likely to bid on a home they can enjoy right away. You need to do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that buyers can’t resist claiming that lifestyle for themselves.

It can be hard to evaluate your home from a buyer’s point of view. Ask an experienced agent to give you an objective opinion and tell you what buyers are asking for. Then get your home in tip-top shape by making repairs and cosmetic improvements and removing clutter. This may mean investing in a few upgrades to freshen your home’s look, like installing newer carpet and light fixtures and painting the walls a neutral shade.

Generate Traffic
If you want buyers to see your home, first you have to find them. Work with your real estate professional to design a flexible marketing plan that capitalizes on your property’s most desirable features. This strategy should be designed to reach buyers online and offline, including word of mouth, Internet exposure, yard signs, direct mail and open houses.

Go With a Pro
Selling a home takes more than putting a sign in your yard and a listing on the Internet. In a competitive market, you can’t risk making novice mistakes that delay your sale. When you hire a real estate professional, you get an experienced marketer and negotiator who’s fully familiar with real estate issues in your community. An experienced agent can also offer invaluable advice on pricing and staging your home.

Then there’s the added value of peer-to-peer networking. A skilled agent’s connections often bring buyers and sellers together – sometimes even before the property goes on the market.

Sweeten the Deal
Incentives can be just what a potential buyer needs to choose your home over others. You may want to consider offering a carpet or paint allowance or paying for a professional home inspection or a home warranty. Depending on your market and budget, you may even decide to cover some of the closing costs.

Don’t be discouraged by the number of competing homes for sale in your neighborhood. With just a few smart moves, you can make a buyers’ market work in your favor.

04.17.09

The Prudential Real Estate Advantage

03.22.09

Why Hire a Real Estate Professional?

By Jon L. Cook, President & CEO

Let’s say you’ve decided to remodel. Even if you’re fairly handy, you know you’re better off hiring an expert, someone who knows the ins and outs, who’s familiar with regulations and red tape. Do you hire the least expensive person you can find? Or a licensed professional?

Now consider a home sale transaction. Given the sizeable monetary outlay — possibly the single largest financial transaction in anyone’s lifetime — it seems reasonable, even smart, to call in a specialist. Buying and selling property involves complicated transactions, strategized marketing and skillful negotiation. Real estate transactions are more work than you might think, which is why four out of five homes sold annually in the US are sold through a real estate agent.

Your agent will draw on specialized knowledge and experience to move in and out of various roles during a single transaction:

  • Marketing Manager: To position a home to sell quickly and at a profit, a comprehensive marketing strategy must be developed. Successful strategies generally include sharing information through the local multiple listing service, promoting the home to other agents, placing ads, featuring the home on the broker’s website, developing fact sheets, installing a yard sign, and planning and conducting open houses. Your agent also handles calls, schedules appointments with prospective buyers, and shows the home for you.
  • Transaction Coordinator: As a single point of contact, your agent will manage your entire transaction, including coordinating inspections, keeping in touch with the other party’s agent, managing the documentation for and following up on the progress of loans, monitoring deadlines on contingencies, providing appropriate paperwork, estimating closing costs, and helping to prepare for a smooth and uneventful closing.
  • Property Specialist: If you’re looking to buy, a sales associate can help you identify houses that meet your needs and give you objective information about each property. If you’re selling, a sales associate can determine a realistic price based on comparable sales, local market conditions and your motivation to sell. Your agent can also advise you on preparing the property to be shown.
  • Skilled Negotiator: Whether buying or selling, you’ll benefit from working with a strong advocate during the negotiating process. Your agent can help you objectively evaluate an offer, then work to negotiate a favorable contract. During the process, he or she will review the contract and obligations before you sign, explain how contingencies and release clauses work, and more.
  • Trusted Advisor: Your agent can familiarize you with the various processes involved in buying or selling a home, alert you to potential risks, help you determine how much house you can afford, explain alternative financing strategies, and provide tremendous moral support.

Aside from the convenience of having a real estate professional handle all aspects of your transaction for you, one of the most important reasons for hiring an agent is to help you with the legal issues that can come up during and after a transaction. The number of real estate-related claims and lawsuits is increasing, and the majority of them are filed by buyers against sellers. Experienced, professional agents understand these risks and can help you minimize or avoid them.

If you’re about to begin the process of buying or selling a home, partnering with a skilled real estate professional is the best place to start.

02.08.09

Range Pricing Benefits Both Buyers and Sellers

By Jon L. Cook, President & CEO

From coast to coast, range pricing has changed the face of real estate. The approach, an alternative to the traditional way homes are bought and sold, markets properties within price ranges rather than at set prices.

One advantage of range pricing is that it allows interested buyers to focus their negotiations within a minimum and maximum price span, rather than trying to guess the price at which the owner will sell.

Another benefit of range pricing is that the seller promises to entertain any offer within the set price range. That assurance opens the door to negotiations and, most likely, a transaction. With a fixed-price listing, the seller is free to refuse any offer, and negotiations may not even begin.

Range pricing gives sellers the privilege of determining their home’s market value. It also enables them to obtain the maximum price possible while keeping their property competitive in the market.

"Changing markets happen overnight," says Maxine Gellens, who, with her daughter, Marti Gellens, has been Prudential California Realty's top-producing La Jolla team for many years. "In an upswing market, the seller will benefit from the ability to get the upper price in the range, not leaving anything on the table," she explains. "In a downturn market, there's less need to reduce the home's price, especially if the right value range was selected in the first place."

Homes listed with range pricing routinely sell in a fraction of the time it normally takes to sell traditionally priced homes. Listing the entire range attracts the attention of more potential buyers — and the more people who see a home, the quicker it will sell.

Imagine a buyer sees a house and falls in love with it — but the listed price is more than the buyer was hoping to spend. Rather than risk insulting the seller, the buyer may shy away and continue searching elsewhere. The rules of range pricing give buyers the confidence to step up and make an offer, because the seller has committed to responding in writing to any offer within the range.

Range pricing also benefits the buyer during the search process. Most buyers know how much they want to spend, and typically search for properties within their “range of affordability.” Homes marketed using range pricing will show up in many more “range of affordability” searches — dramatically broadening the number of properties the buyer looks at.

For real estate professionals, range pricing eliminates the listing agent’s two greatest fears: under pricing, which results in the sellers leaving money on the table; and overpricing, which attracts the wrong buyers to the home.

Since Prudential pioneered the approach in 1994, range priced listings have taken off. The approach is now supported by the MLS and the Board of Realtors and used in the USA, Canada, Australia, New Zealand and Asia.

02.03.09

Challenging Times Spark Great Solutions

By Jon L. Cook, President & CEO

One of the good things about challenging times is that they spark great new solutions. In our field, the latest is the renovation loan, or 203K. Demand for this loan is surging, because it meets the new needs of both buyers and sellers in this market. In today’s market, there are phenomenal buys on homes in very attractive locations. But in some cases, these properties need work. Until recently, buyers looking for move-in ready homes would regretfully pass, since it takes too much time to line up financing for the upgrade.

The new renovation loan allows borrowers — including first-time homebuyers and owners that are refinancing — to fold the cost of home improvements into their new 30-year fixed rate home loan without a second mortgage, equity line, or other financing option. Work on the upgrade can begin immediately after closing.

Improvements can range from a kitchen or bath remodel to a room addition — in fact, just about any repair or renovation that makes the home fit your needs. You may hire a contractor, or do the work yourself. Either way, you will be required to submit architectural drawings of the proposed renovations before the loan can be considered.

While home equity loan amounts are based on the current value of the property, renovation loan amounts are based on the predicted value after the upgrade. The lender uses the plans you submit to estimate that figure. Construction is divided into stages, and you’ll be asked to document the completion of each stage before receiving a check for the next one.

“When you take the traditional route, a first mortgage with a home equity loan for renovations, the amount you can borrow is based on the current value of the home, and these days that may not be ideal,” says Danny T. Valentini, senior vice president/regional manager for San Diego and Orange County at HomeServices Lending, an affiliate of Wells Fargo Home Mortgage. “The amount you can borrow for a renovation loan is tied to the increased value of your home after the improvements are made. That makes more money available to pay for the enhancements you want.”

Renovation loans finance the home purchase and the improvements together, spreading the cost of renovations throughout the entire mortgage term. That means the interest rate and monthly payments can be lower than for the first/home equity package. The interest on the cost of your improvements may also be tax deductible. In some cases, the first six months of payments can even be folded into the overall loan amount, freeing you of loan payments during the construction period.

If you’d like to learn more about this new approach to having your home and fixing it, too, your local Prudential California Realty agent has all the details.

8.01.08

The Real World…of a Real Estate Agent

For many Americans, the purchase of a home is the biggest single investment they will ever make. Few will ever match the amount of time, effort and capital they put into their home. It is an investment that many wait years to realize, and one that can reap personal and financial benefits beyond that of any other venture.

For countless buyers and sellers, working with a professional real estate agent provides substantial, positive impact in terms of purchase and sales pricing, time on market, and time to close, and it takes a real estate agent who understands the complexities of the transaction to meet the many needs of the consumer. The choice to become a real estate agent has been the first step in all of these positive experiences.

The life of a real estate agent may be very different from what is perceived by consumers. It requires discipline, commitment, perseverance, enthusiasm, flexibility, and above all else, motivation. “In order to succeed in this business, self-motivation is vital,” said Bob Kelly, a real estate agent with Prudential California Realty’s La Mesa office. “The desire to help and support the consumer in achieving the American dream of homeownership is what drives the successful agent.”

Realty has become a popular vocation over the past ten years, with NAR (National Association of Realtors) membership growing 89.6% from 1998-2006. The popularity of the profession has increased precisely because a career as a Realtor can be highly rewarding—personally, professionally, and financially.

A commitment to service runs deep in the heart and mind of professional real estate agents, who are often highly involved in community service. An example is Prudential California Realty’s efforts with the Surfrider Foundation last year for Coastal Cleanup Day, when company volunteers in five counties cleaned 350 miles of beach stretching from San Diego to San Luis Obispo in a single day. Likewise, earlier this year agents and employees of Prudential California Realty contributed nearly $150,000 to a fund created to help people, pets and wildlife recover from the ongoing effects of Southern California’s devastating October 2007 wildfires.

In addition to the personal rewards of becoming a professional real estate agent, the financial benefits can be significant. Generally, your paycheck is determined by the amount of sweat equity put into the job. The potential for income growth is staggering, according to The National Association of Realtors: realtors who had just three to five years of experience had an income that was over three times higher than that of new realtors (realtors who have spent two or less years in the business). Working for a reputable brokerage is also a vital component to a successful career as a professional real estate agent.

Ongoing education and training are vital to success as a real estate agent. Nationally, Realtors are highly educated, with 44% holding at least a Bachelor’s degree (compared to a national average among 18+ year olds at less than 30%), along with their licenses. Brokerages such as Prudential California Realty offer their employees and agents dedicated training resources with career development in mind.

The life of a professional real estate agent is a rewarding and noble one; and it is no wonder that the highest caliber of professionals go into the business. Helping consumers to achieve the American dream of homeownership is no small task; a task suited to those who find themselves attracted to a profession that rewards service with success.

7.20.08

Today's Technology Makes Buying and Selling Even Easier

By Steve Rodgers, President & CEO

In a world gone wireless and mobile, consumers are able to do just about everything short of ordering their morning coffee straight from their cell phone. Mobile networking has become commonplace in every industry and age group, making the global marketplace the local marketplace.

When it comes to real estate, technology has played a huge part in streamlining the process of finding, purchasing or selling a home. As an example, new products like “WHAMmobile’s” mobile real estate listings service offer to simplify the shopping process for homebuyers.

This real estate listings platform allows homebuyers to receive property information instantly to their cell phones by texting a unique message to a designated destination. The code and message is displayed on the home’s yard sign rider and eliminates the hassle of getting out of the car to retrieve a traditional “Take Me” flyer.

With the popularity of text messaging growing every day, it gives prospective buyers the opportunity to use wireless communication to obtain instant access to home listings. Prospective homebuyers will receive basic information about properties including property size, photos, maps, and contact request options right to their mobile phone. Agents receive contact information from the prospective buyer and can follow up at their convenience.

The next WHAMmobile service planned to be released, for summer 2008, will include features to schedule showings, deliver e-flyers, navigate to other listings, and more. New technologies like this not only streamline the communication between agents and buyers but also increase the visibility of the seller’s home, which is key in today’s buyer’s market.

It is common knowledge that working with a professional real estate agent can make all the difference in a real estate transaction. The best agents recognize opportunities to improve their service on every level, and technology has become a key ally to both agent and client. “This is an ever-changing market, and ultimately our solutions have to meet the demands of our clients,” said Don Reedy, an agent in Prudential California Realty’s San Marcos office. “Using the internet and mobile technology creates a competitive advantage, and simplifies the process for the client.”

MLS (Multiple Listing Service) and other online listings have been key components in the technological push in the industry. By placing addresses, descriptions, pictures, virtual tours and contact information online, these listing sites have given consumers more resources than ever. “The MLS has changed the way our business works,” continued Reedy. “In the past, finding one’s perfect home took huge amounts of time and energy. Now, all the information is available at the click of the mouse.” In addition to online listings, many properties have their own “site-specific URL’s,” or websites. This approach brings added attention and prestige to a listing, with more space devoted to photos, tours and information about the property.

Whether it is through email, text message or mobile networking, working with a professional real estate agent is always a priceless benefit. The best agents help their clients every day to fulfill the American dream of homeownership, and new methods of technology are turning this dream into a reality.