How Much Needs to Be Done to My House Before Putting It on the Market?

Before you put your home on the market, you might wonder exactly how much you need to do to prepare your property. My answer to that depends on how much you are trying to sell it for.  Price can compensate anything.  If you want top dollar for your house as to end up on the high end of a market analysis, then you will want it turn key ready.  If price is not the biggest factor to you then lower the asking price to compensate the condition or any work that needs to be done to it and have your agent note that in the description.  The reason for that is a buyer will see the lower price then look at the home and want to offer even lower because of the condition.  If it is already mentioned that the condition was factored into the price already it should help.

On another note most times the answer is far less than the owner thinks needs to be done.  I’ve gone into many homes and told the homeowner that it was good the way it was.  They were stunned.  So instead of always wondering and over thinking things, have your agent check it out and then plan accordingly.  Do not get anxiety worrying about something that might not be a problem. Ask your realtor first.

Tim Greiwe

Hyde Park Sales Manager

Lohmiller Real Estate

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5 Steps to Get Started in Real Estate

Thinking about a career change?  Real estate is an exciting, rewarding, and challenging career field.  It’s an easy industry to get started in, but without proper preparation, it can be difficult to build a successful real estate career.  Here are some steps to take to get your new business off on the right foot. 

  1. Do your research.  Read articles, collect information from real estate certification programs, talk to successful, established real estate professionals.  Take a good look at your finances and be sure to make a comprehensive plan for your career transition.  There are two potentially challenging aspects that you should consider before making this leap: (1) the cost to get started and (2) the potential irregularity of income and the time it could take before your get your first check.  These factors should not scare you away from your goal of becoming a real estate agent, though.  These are just things that are important to take into account when making your plan.  Let’s talk more about them. 
    • Cost of getting started. It generally costs about $2,000 to get started in real estate.  This estimate includes classes, the fee for the state licensure exam, board and MLS fees, and initial marketing expenses.  This number could be a little higher or lower depending on which state/local Board(s) of Realtors and MLS(s) you will be joining, which real estate certification program you choose, how much and what type(s) of marketing you choose to do, etc.  
    • Getting paid.  Most real estate agents work solely on commission.  This means that they only get a paycheck after a closing.  With a robust business plan and diligent follow-through on that plan, an agent can build a strong business with (mostly) regular pay.  Another factor to take into consideration:  It can take as long as 3-6 months to get a paycheck.  However, when you are executing your business plan, it is very realistic to have a deal put together in your first 30-60 days, and a closing (read: paycheck) in the first 60-90 days.  Either way, it’s a good idea to save up enough money to cover your living expenses for a few months.  Lohmiller Real Estate offers a W-2 agent program with a base pay that can really help out during this transition time.  Contact LRE to schedule a time to meet with us and learn more about getting started. 
  2. Start classes.  Today, many real estate certification programs are available online to complete at your own pace.  The deadline for completion of these programs varies, but for most people, the classes are completed in two to three months.  Some spend close to a year, and others complete the classes in as little as two weeks.  This avenue is great for a lot of people, especially if you need the flexibility to work around your busy schedule.  However, many individuals (myself included) are much more attentive and productive in a classroom environment.  Having an instructor available during your classes can be invaluable.  They can offer explanations and further information that may not be outlined in the books, and also be available for questions.  Check out LRE’s recommended provider list here. 
  3. Take your state licensure exam.  There are plenty of great exam prep courses out there, and these are great tools to prepare you for the big test.  You can also schedule a study session with your sales manager at LRE.  Most states require an FBI background check and fingerprinting prior to testing, and some states require that you and your sponsoring broker submit paperwork to the Real Estate Commission or Division of Real Estate prior to testing.  Your sales manager at LRE can help you find a testing location with a date and time slot that works best for you.  The exam itself usually costs around $60.   
  4. Join the National Association of Realtors and your state and local boards.  Lohmiller Real Estate is a member of the National Association of Realtors.  Therefore, to work as a real estate agent at LRE, you will need to join also.  Once you pass your test, schedule a time to meet with your manager to complete the paperwork necessary to join NAR and the MLS.  The total fees for this usually total around $1,000; however, this varies from state to state and local board to board. 
  5. Create your business plan and start selling real estate!  By now, you should have met with your sales manager to help you put your business plan together.  Now it’s time to finalize and put it into action!   

 

Lindsay Lohmiller

EVP, Lohmiller Real Estate 

 

 

 

 

 

 

 

Community Spotlight: Lawrenceburg, Indiana

HERE IS TO WISHING EVERYONE A HAPPY THANKSGIVING!

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Great things are happening in Lawrenceburg! 

THE MARKET:

The real estate market in Lawrenceburg is a seller’s market.  This includes homes in Lawrenceburg School District but excluding Greendale & Hidden Valley.

In the last 6 months there have been 61 individual residential units sold (avg sale price $168,719) and with a current inventory of 24, we have a 2.36 month supply of homes.  Anything under a 6 month supply (known as equilibrium) means that we are in a seller’s market.

EVENTS:

Highlights include Small Business Saturday on November 24 (support local!) and The Holiday Shopping Expo November 16-18 at the Lawrenceburg Event Center.  Rumors are swirling that SANTA will be attending this event!
For a full calendar of events, please click on the links below:

https://www.thinklawrenceburg.com/all-events/
http://www.lawrenceburgshows.com/

 

Billy Rumsey

Senior Sales Vice President

Lohmiller Real Estate

Community Spotlight: Aurora, Indiana

Great things are happening in Aurora! 

 

THE MARKET:

The real estate market in Aurora is a seller’s market.

In the last 6 months there have been 60 homes sold (avg sale price $164,824) and with a current inventory of 50, we have a 5 month supply of homes.  Anything under a 6 month supply (known as equilibrium) means that we are in a seller’s market.

 

EVENTS:

The Aurora Farmer’s Fair – Oct 3-6 Indiana’s oldest street festival…First one was in 1908!

Click here for a schedule of events

 

MEDIA:

The article below appeared in the October 2018 edition of The Beacon.  It outlines infrastructure plans/updates, some of the players involved, and the facade grant program.

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Billy Rumsey

Senior Sales Vice President

Lohmiller Real Estate

The Seven Levels of Communication Book

1The Seven Levels of communication tells a story of a Real Estate agent named Rick Masters, who is suffering from a down economy when he meets a mortgage professional who has built a successful business without advertising or personal promotion. Skeptical Masters agrees to accompany her to a conference to learn more about her mysterious methods. Masters soon learns the that the rewards for implementing these strategies are far greater than he have ever imagined. In seeking success, he finds significance. This book is a both building a business that not only feeds your family, but also feeds your soul.

The author Michael J. Maher is North America’s most referred Real Estate Professional and founder of the Generosity Generation, he is dedicated to helping sales people earn a better living. He rocketed to the top of the profession by earning 1 million dollars in his third year of full-time real estate.

This book tells the story and gives you insight and nuggets along the way. These are my highlighted notes from the book.

  • Don’t wait for a life changing event to change your life.
  • When written in Chinese the word crisis is composed of two characters–one represents danger and the other represents opportunity–John F. Kennedy.
  • Generosity Generation: Give more than you get.
  • If your buyers aren’t buying and your sellers aren’t motivated to sell, perhaps it is your sense of urgency that is lacking and not theirs.
  • The National Association of Realtors estimates that the average person moves one out of every five years. So that means one fifth or twenty percent of your database moves every year, which would be 30 people if you have a base of 150 people in your database.
  •  Write hand written notes to everyone for everything.
  • If you are a realtor, when you sell someone a new house. Throw a house-warming party for them. It’s a great opportunity for you to get in front of more people.
  • L.I.F.E: Learn, Implement, Fail, Evaluate.

7 levels of communication:

  • 1 on 1 meetings (this is the top of the pyramid) (influential zone)
  • Events and Seminars (influential zone)
  • Phone calls (influential zone)
  • Handwritten notes (influential zone)
  • Electronic Communication (informational zone)
  • Direct Mail (informational zone)
  • Advertising. (informational zone)
  • When your why is strong enough, the how takes care of itself.
  • To get fifty referrals you will have to give out 100 referrals.
  • Write your blessings down every morning.
  • F.R.O.G: Use this acronym to carry on a conversation. Ask about a person’s Family, Recreation, Occupation, and Goals.
  • Be strategic in your meeting times. Stack them together and make sure each person meets the other person. EX: Schedule an 11:30 am, 1 pm, and a 2 pm. Be sure your 1 pm meets your 11:30 am meeting. Your 2 pm meeting meets your 1 pm. This is called the networking STACK.
  • The DISC profile is an assessment that determines a person’s behavioral styles. Everybody has some of each, but one of them is typically more dominant than others. The four behavioral styles spell the acronym DISC.
  • D stands for dominance. D’s are straight to the point. They tend to be driven, fast paced, impatient, efficient and brutally honest. They aren’t into long explanations–they want the bottom line.
  • I stands for Influence and I’s love socializing. They are often outgoing, friendly, emotional, and energetic. They;re the life of the party.
  • S stands for Steadiness. An S is steady and dependable. S’s nurture. They live to serve and please.
  • C is for Compliance. C’s are perfectionists who expect everyone to comply with the rules. They crave order and process.
  • The DISCovery: Care like everyone’s an S., Smile like everyone’s an I, Prepare like everyone’s a C, and sell like everyone’s a D.
  • End all meetings with people, especially when networking. With these two questions: How can I help you and what can I do for you.
  • If you are a sales person and you are hesitating to call, it’s because you’re thinking about yourself. If you’re thinking about helping the people you’re calling and fouling on their needs, it’s easy to pick up the phone.
  • The person who talks the most dominates the conversation, but the person who asks the most questions control the conversation.
  • Rank your network: A+ are ambassadors. These are people who have big network as well and they are outgoing enough to self for you. They’re like your unpaid sales staff.
  • Emails are for you to inform, confirm, or to get people on the phone. Don’t sell, or try to close deals via email.
  • Focus on people. When you take care of the people, the numbers will take care of themselves.
  • 1st and 10. First thing upon arriving at the office make ten phone calls.

This book was really designed for people in Real Estate and the guy in the story is a Real Estate agent. However after reading it, I pulled several key insights that can apply to any business.

When I read this pool side on a much needed vacation I found myself highlighting so much in this book. My business model was very close to this and my pipeline of business was always full. BEWARE OF “SUCCESS SUICIDE”. You will know what I’m talking about when you read it. To your success and your future.

Posted on February 2, 2015 by bwillett555