Field Guides are one-stop resource packages on dozens of subjects of interest to REALTORS®. On each page you’ll find links to articles, books, web sites, statistics, and other material on each subject. The list of the most-used field guides from Information Central for the month of June 2012 was released today:
- Field Guide to Quick Real Estate Statistics
- Field Guide to Marketing Tips for REALTORS®
- Field Guide to Short Sales
- Field Guide to 1031 Exchanges
- Field Guide to Due Diligence for Home Buyers
- Field Guide to Real Estate Office Policy Manuals
- Field Guide to Listing & Selling Luxury Properties
- Field Guide to the Best Places to Live
- Field Guide to Buying vs. Renting
- Field Guide to Real Estate Transfer Taxes
Have an idea for a new field guide? Let us know!
Updated Field Guides
Appraisal of Real Estate Offices & Selling Your Book of Business
Whether you own a real estate firm or are thinking of buying or selling one, it’s important to know what the business is worth. The following articles and studies can provide some insight into determining the value of a real estate firm and its assets.
Association Budgets & Reserves
Creating and maintaining a successful association budget doesn’t have to be a headache. Take the pain out of budgeting with these tools available through NAR’s library at Information Central.
Business Value
Valuing the intangible? Understand the distinctions between business value, going-concern, and goodwill—and find out how these concepts apply to hotels & motels, retail establishments, and special purpose properties—in this updated field guide.
Creating Effective Classified Ads
National Association of REALTORS® research shows that 30% of buyers used print newspaper advertisements to find information on homes for sale in 2010. However, only 2% of buyers found the house they purchased using print ads.These rates have been declining: in 2008, 47% of buyers consulted print ads in their home searches, and 3% found the house they purchased through a print add. Whether you want to create successful classified ads—because many brokerages still use them—or you’d rather start advertising online, this field guide provides tips and considerations.
Digital Cameras & Photography
Did you know that 98% of homebuyers who searched for a home on the internet found photos to be among the most useful features of REALTOR® websites, according to the 2011 NAR Profile of Home Buyers & Sellers? Digital photography and virtual tours allow REALTORS® to serve their clients like never before. Digital images can quickly and professionally showcase a listing, and today’s technologically savvy clients appreciate the convenience of a virtual tour for both long distance and local moves. The following articles will guide you from the beginning to the advanced stages of how to choose and use one of real estate’s hottest tools.
Effects of Hazardous Waste on Property Values
There are both pros and cons to living in an advanced industrial society. One of the ills of modernization is the hazardous waste that is often generated by manufacturing sites, energy facilities, and larger cities in general. Hazardous waste and its associated stigma can have serious ramifications on the value of the subject property, not to mention the values of surrounding properties and neighborhoods. This field guide explores how environmental hazards impact surrounding properties, appraisal issues, and more.
Other Resources
New Books in the Library
What’s new in the Information Central library collection? This month you’ll find books on Downpayment Assistance Programs, Valuation of Apartment Properties, Rent versus Buy Decision, Shopping Center Appraisal and many more. Interested in borrowing any of these titles from the library? Simply click on the title to make your request right over the web!
New eBooks in the Library
What’s new in the Information Central eBook collection? This month our featured eBook section is Secrets of Selling. You’ll also find some of the following new titles in our “just added” section on the eBook home page: How to Be Great at the Stuff You Hate, Mobilized Marketing, The Secret Language of Influence, The Ultimate Guide to Sales Training and many more. Interested in borrowing any of these titles from the eBook collection? Simply click on the title to make your request right over the web!
Recently a member asked the library for more information on the For Sale By Owner market and how he might crack into it. We told him to start with our Field Guide to Working with FSBOs for the basics. A few other resources on this topic include:
REALTOR® Magazine Customer Handouts – focus on section “Turn FSBOs into clients”
From NAR Blog Posts:
- FSBO Sellers Decline as More Sellers Turn to Real Estate Agents to Sell the Home, (Dec. 2011).
- Home Buyers User of an Agent in Transaction Has Risen for Past Decade, (Dec. 2011).
- Highlights from the Newly Released 2011 NAR Profile of Home Buyers and Sellers, (Nov. 2011).
- FSBOs, (Oct. 2011).
Articles from REALTOR® Magazine:
- When a Friend Goes FSBO, (Mar. 2005)
- The Real Estate Agent’s Guide to Prospect FSBOs, (Nov. 2007)
- FSBOs: Rebranding DIY, (Dec. 2005)
Articles from the ProQuest database (you will be asked for a password):
- Hodges, D. (2012). Home alone. MoneySense, 14.2: 35-38.
- Holmes, T. E. (2011). How to… negotiate the best deal on a home. Black Enterprise, 41.10: 78-80.
- Jia, P. & Pathak, P. A. (2010). The impact of commissions on home sales in greater Boston. The American Economic Review, 100.2: 475-479.
Harvard’s Joint Center for Housing Studies recently released its annual report, “State of the Nation’s Housing.” The report, now in its 24th year, concludes that most housing markets continue to show improvement with housing prices in some areas finally finding a floor. Inventories of new for sale properties continue to fall to record low levels and an upturn has been noted in housing starts and permits.
Rental markets are on the mend thanks to sharp drops in construction and an increase of over 4.4 million renters since 2005. Rental vacancy rates are falling, rents are increasing, and multifamily construction is up solidly. In contrast, the nation’s homeownership rate continues to slide.
Other interesting facts:
- Nearly three-quarters of borrowers in the foreclosure process have not made a mortgage payment in more than a year (and 42 percent have not done so in two years).
- From 2008 to 2011, the volume of home purchase loans to borrowers with credit scores below 620 plunged 93 percent, while those to borrowers above this cutoff was down about 30 percent.
- Between 2007 and 2010, the number of US households paying more than half of their incomes for housing rose by an astounding 2.3 million, bringing the total to 20.2 million.
- While home ownership rates continue to decline, the thought of owning a house still has an allure. 86 percent of young renters believe they will one day own a home. And close to 70 percent of respondents to both the Fannie Mae National Housing Survey and the University of Michigan Survey of Consumer Attitudes felt that it was a good time to buy.
Lots more great information can be found in this free resource. You can download the whole PDF, only certain sections, or even just a quick fact sheet.
Segway caravanning, Microsoft Windows 8 phone & tablet, and OBC 2.0
Here’s a new twist on a real estate caravan—the Segway tour. Retail brokers in Long Beach, CA, recently toured 11 commercial sites in an hour, noting the surrounding traffic flow and discussing zoning issues for the properties. ”Instead of taking an entire afternoon, we’re able to cover a lot of ground within an hour,” said Tony Shooshani, managing member of Shooshani Developers LLC. “The Segways are good for that. It’s fun, it’s exciting and everyone gets a partnership deal going because we’re all doing something cool together. It creates an environment where you want to do deals.”
It was a big week for news from Microsoft. In addition to announcing more details of the forthcoming Windows 8 for mobile devices (hint: your existing windows phone won’t upgrade, but that’s not such a bad thing), the (mostly) software company announced a tablet competitor to Apple’s iPad – the Surface.
Oprah is relaunching her book club – Oprah Book Club 2.0. An article in The Atlantic points out how Winfrey is great at getting people to buy books, but lousy at showing her audience how to read. While here individual titles may experience a sales boom (and subsequent works by the same author, a boomlet), overall reading and sales in the industry remain flat.
As we bury ourselves in our mobile devices and desktops, are we making ourselves socially awkward offline as a result? While REALTORS® are highly connected through Facebook, Twitter and other media, you can’t and shouldn’t lose real world communication opportunities.
Summer travel season is upon us. Will you be passing through an airport anytime soon? Hopefully it’s one of the following with some great and unique amenities.
And once you reach the hotel it’s time to break out the anti-bacterial wipes because the room is a giant germ colony. But not where you’d expect; try the tv remote and the light switch instead.
NAR members and Association staff can borrow up to three books for 30 days from the Library for a nominal fee of $10.
Members and staff can also borrow up to six electronic books, digital audios and/or videos at no cost, through the Virtual Library eBooks Collection.
Downpayment Assistance Programs
Washington Center for Real Estate Research, REALTOR® University Research Center, 2012
The lack of access to cash for a downpayment is one of the most significant barriers facing potential homebuyers in today’s economy. This research evaluates Downpayment Assistance (DPA) programs offered by state housing finance agencies around the country. It identifies best practices that might be replicated on a national level to create a program to can help restore the housing market to health with minimal financial risk to tax payers.
The Rent versus Buy Decision
Washington Center for Real Estate Research, REALTOR® University Research Center, 2012
This 31 page paper investigates the needed property appreciation rates (herein also referred to as hurdle rates, indifference rates, and A’s) that make individuals indifferent between owning and renting in twenty-eight markets around the country.
Get Up, Get Over and Get On With It
By Bill Fields
CreateSpace, 2012
Fearlessly burn your escape routes and act as if your life depends on attaining this goal, and you’re much more likely to reach it. Successful people have a burning desire to succeed, Fields asserts. Cultivate that desire within yourself. Believe in yourself and others will too. Don’t hang out with “the easy crowd” who will motivate you to take life easier, too. Go back through your life and weed out all the negative messages. The moment you stop believing in yourself, failure will follow. So make a list of all the things you are good at. Believe them. Even a simple thing as what you say can have a big impact, says Fields. Filled with tips, techniques and tricks, Get Up, Get Over and Get On With It, Lessons for Turning Life’s Setbacks into Successful Comebacks can unlock the door to your true potential and help you achieve the success and happiness you deserve.
The Valuation of Apartment Properties, Second Edition
By Arlen C. Mills, Richard L. Parli and Anthony Reynolds
Appraisal Institute, 2008
This text explores the appraisal of conventionally developed rental apartment complexes of various types and classes. Mirroring the valuation process, the text examines site, property, and market analysis; the forecasting of supply and demand to derive capture rates; and the application of the cost, sales comparison, and income approaches to value.
Work Happy: What Great Bosses Know
By Jill Geisler
Center Street, 2012
Whether the reader is an experienced manager, a rookie boss or an aspiring leader, Work Happy will supercharge their skills and celebrate the values that make anyone look forward to going to work. Jill Geisler offers concrete steps for improving each element of management including collaboration, communication, conflict resolution, motivation, coaching, and feedback, so that everyone on the team-whether in the office or working offsite-can do their best.
Negotiating Commercial Real Estate Leases
By martin I. Zankel
Mesa House Publishing, 2001
While many books offer sample forms and advice about drafting clauses for retail, office, and industrial leases, few examine the essential business issues underlying each clause of the lease from both sides of the negotiating table — tenant and landlord alike. As the basics of term, rent, premises, assignment, maintenance, insurance, default, taxes, alterations, and more are covered, author Martin Zankel uses wit and wisdom to break down confusing legalisms and offer basic negotiating strategies for each situation.
Shopping Center Appraisal and Analysis
By James D. Vernor, Michael F. Amundson, Jeffery A. Johnson and Joseph S. Rabianski
Appraisal Institute, 2009
This long-awaited text examines the valuation process for the full spectrum of retail properties, from strip malls to superregional shopping centers.
NAR members and Association staff can borrow up to six electronic books, digital audios and/or videos at no cost, through the Virtual Library eBooks Collection.
Members can also borrow up to three books for 30 days from the Library Catalog for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Finding the Sticking Point
Brady G. Wilson
Finding the Sticking Point by Brady G. Wilson is an easy read book for people wanting to learn more about what really holds clients back from signing the contract. It explains in simple terms how to effectively obtain the right information to “unstick” them.
How to Be Great at the Stuff You Hate
Nick Davies
No one likes a pushy, smarmy salesman — no one wants to be that guy…but most of us need to sell to some extent. How else can we get any business? We all have to do it now, whether we’re lawyers, accountants or start-ups. But don’t despair — there’s no need to go on some cringey sales training day. How to be Great at the Stuff You Hate shows you how to develop all the skills you need to sell yourself, your business and your ideas. So ditch the dread, forget the fear and start enjoying yourself! Selling isn’t something you ‘do’ to people, it’s not some dark art practiced by pushy and manipulative people — it’s a process, it’s a relationship…it’s fun! All you need to do is cut the crap, be yourself and win some business.
Mobilized Marketing
Jeff Hasen
Mobile marketing is finally entering the forefront of the marketing realm as megabrands roll out million-dollar budgets and small businesses have turned to the channel for its affordability, measurability, and repeatable successes in producing sales and driving engagement and loyalty. Through insights from bold industry visionaries and fellow mobile pioneers, Mobilized Marketing takes readers through campaigns worth repeating and others that are not. Learn the many roads that marketers can take and the proven strategies and tactics that move products and build loyalty through the consumer’s most personal device.
The Secret Language of Influence
Dan Seidman
Great selling is invisible. Influence occurs at a level just below the buyer’s awareness. That’s important because today’s buyer is savvy and all too familiar with traditional selling techniques. However, a few simple words-the right words-can transform an awkward sales call into a comfortable conversation and a resistant prospect into a happy customer. Some people, for example, want to hear about the money they’ll save, while others respond to the pain they’ll avoid. By identifying different ways buyers are motivated, salespeople can quickly customize their conversations and lead prospects to “yes.”
The Ultimate Guide to Sales Training
Dan Seidman
Covering a wide range of topics, The Ultimate Guide to Sales Training shows how to develop a selling system, prospect effectively, and qualify and disqualify prospects. The book also covers information on using power questioning techniques, handling objections, and includes solution selling guidelines and ideas for creating and delivering potent presentation practices.
The Cult of the Leader
Christopher Bones
Modern business is obsessed with leaders. We talk about leadership all the time, but its real meaning is becoming more and more obscure. Recent corporate crises have shown that all too often, our leaders are missing in action when we need them most.
Dialogue Gap
Peter Nixon
We have become experts at sending information–via email, text message, Internet, TV, and other forms of media, communicating, but not engaging, in an active dialogue defined by collaborative thinking. In Dialogue Gap, Nixon explores this growing disconnect and its significance in an increasingly globalized world where the ability to engage with others–in order to address issues like climate change, cultural differences, etc.–has become essential.
The Art of the Long View
Peter Schwartz
What increasingly affects all of us, whether professional planners or individuals preparing for a better future, is not the tangibles of life–bottom-line numbers, for instance–but the intangibles: our hopes and fears, our beliefs and dreams. Only stories–scenarios–and our ability to visualize different kinds of futures adequately capture these intangibles. In The Art of the Long View, now with the addition of an all-new User’s Guide, Peter Schwartz outlines the “scenaric” approach, giving you the tools for developing a strategic vision within your business.
Updated Field Guides
Agricultural/Farm Land
On the surface, buying a farm has a very ‘get away from it all’ sort of appeal. The reality is that farming can be emotionally and financially stressful with success dependent upon many variables, including the weather, taxes, domestic and foreign competition, etc. The rewards, however, can be considerable. This field guide explores the pros and cons of owning farm property.
Development Impact Fees
Impact fees, or development fees, are expenditures that developers are required to make as a precondition to approval of their projects. Impact fees are generally used to finance roads, schools, affordable housing, transit systems, and other projects and services in municipalities throughout the United States. The fees are frequently passed on by developers to purchasers in the price of a new property and, therefore, increase the cost of housing and decrease the profitability of a particular project. This Field Guide includes articles, studies, Supreme Court decisions, and other material on the debate over impact fees.
Due Diligence for Homebuyers
Purchasing a home is a huge endeavor, and buyers need to be more educated than ever—before they begin the process. This field guide provides links to practical resources on most every aspect of home buying, from establishing credit to negotiating the final contract.
Errors & Omissions Insurance
The ever-increasing complexities of real estate transactions and the rising use of litigation have prompted a need for errors and omissions (E&O) insurance programs to reduce the risk to sales associates and the real estate firms they represent against potential lawsuits. The following items address E&O and professional liability insurance, answering many of the questions REALTORS® may have about how E&O insurance works and how to choose a provider.
Greening Your Office
What can you do to keep the spirit of Earth Day alive at your office? This field guide provides practical tips and ideas to make your office a greener and healthier place through recycling, green architecture and smart use of office resources. Learn how you can help the environment and save money, too.
Historic Properties
Love the history and romance of old homes? Become an expert in working with historic properties, learn about the pros and cons of these special houses, discover their unique appraisal and restoration issues and much more.
Hotel/Motel Properties
Hotel/motel investment is a specialized part of the commercial real estate world. But what are the tricks of the trade? Find out what you need to know about management, security, brokerage and appraisal in the Field Guide to Hotel Properties below.
Land Investment
While land investment may not provide the instant gratification of a home purchase, this sort of venture can be quite lucrative. Land investors have different needs and concerns than those of typical real estate investors – zoning, planning, environmental issues are just a few of the challenges they must face. This Field Guide will help those who wish to take on this interesting branch of the real estate industry.
Property Tax Appeals
You just received your property taxes and they’ve gone up again. What can you do? Although each individual assessing body has a different method of filing property tax appeals, this field guide offers some general guidelines and resources to give you an edge in the process.
Recruiting & Retaining Salespeople
In this highly competitive real estate marketplace, how do you find and hire successful agents—and what’s the best way to prevent your top producers from switching to another firm? The material on this page will help you discover what makes a top producer and offers some of the latest tips and techniques for hiring successful, reliable agents and keeping them on your team.
Sale Leasebacks & Synthetic Leases
Often used as a financing alternative, sale-leasebacks offer financially struggling companies access to cash to pay down debt and improve the bottom line. And in a post-Enron environment, sale-leasebacks provide an alternative to the less favorable option of synthetic leases. Find out how sale-leaseback transactions have helped the balance sheets of hotel, restaurant, retail, and other businesses, in the articles and books in this guide.
Short Sales
What is a short sale? A short sale is a sales transaction in which the seller’s mortgage lender agrees to accept a payoff of less than the balance due on the loan. This page offers information about the basics of short sales and advice for the real estate professional.
Short-Term Rental Restrictions
Impact fees, or development fees, are expenditures that developers are required to make as a precondition to approval of their projects. Impact fees are generally used to finance roads, schools, affordable housing, transit systems, and other projects and services in municipalities throughout the United States. The fees are frequently passed on by developers to purchasers in the price of a new property and, therefore, increase the cost of housing and decrease the profitability of a particular project. This Field Guide includes articles, studies, Supreme Court decisions, and other material on the debate over impact fees.
Site Selection
Successful site selection begins with the basics – traffic flow, market analysis, property size, and zoning restrictions, among other factors. But site selection considerations for a restaurant differ widely from those for warehouse properties. Learn the basics, and then venture into site selection for office, retail, restaurant, hotel, and warehouse properties, in this Updated Field Guide.
Using Digital Video as a Sales Tool
With YouTube practically a household word and digicams and video-editing software becoming ever more sophisticated and affordable, digital video is suddenly where the action is. Property sellers and real estate professionals alike are finding out how easy and effective it is to create and post homemade virtual tours, neighborhood guides, and other videos to help sell real estate. This field guide explores why and how to market real estate using videos on the Web.
