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Sunday, September 30, 2012

Beyond IDX: The 10 Best Tips for Optimizing a Real Estate Agent’s Website by Avanti Way

What do Real Estate Agents really need in their websites and what are buyers really looking for? Based on their industry experience and research, these 10 Best Tips were presented by Avanti Way during the official "Blue Martini Night Launch" of their newest product: Avexsites, a new Online Storefront for the today’s Real Estate Professional.

Miami, FL (PRWEB) September 28, 2012

According to the Buyer Statistics collected by the National Association of Realtors®, 88% of Home Buyers used the Internet as part of their home search, a good number using such popular sites as Realtor.com, Zillow, Trulia and even Movoto as their base of operations - that’s why up-to-date IDX Searching capabilities is so crucial for any agent’s website. But beyond IDX, there are a whole new set of tech-savvy buyers that require a bit more than just “the basics”. That’s why, on September 5th 2012, Enrique Teran and Andres Korda, Co-Founders and Managing Directors of Avanti Way, hosted the official launch of Avexsites – their Online Storefronts for Agents - with a Blue Martini Night that included the 10 best website tips for today’s Real Estate Agents, because in our digital world, a strong online presence is a Real Estate Agent’s most important asset.

What do Real Estate Agents really need in their websites and what are buyers really looking for Goa Properties - Real Estate India -Umiya Solicitude
(Photo credit: nancyarora2020)
TIP 1: Target Your Audience

Often times Real Estate Agents – especially those who are starting out in the industry – want to be everything to everybody. Scaling down that audience, whether it’s by a specific target area to a more specific type of buyer or seller, will result in a much better marketing strategy. In this case, less is more, because here you want your website to truly resonate with what makes you an expert in your field. Highlighting that above general real estate news is your starting point. What type of properties is your audience looking for, what passions do you share with them, what expertise will resonate with them? All these things should be included with your audience in mind, and not the other way around. In Avexsites, highlighting certain types of properties or even featuring targeted videos are as easy as clicking a button (a little orange button to be exact).

TIP 2: Create Your Brand

Avanti Way’s model is a little different because we feel that the Agent doesn’t work for the Broker, the Broker works for that Agent – they are our clients, we work everyday at Avanti to come up with the latest and greatest technology to enable those agents to work simpler, faster, better. But even if you’re working at a traditional Real Estate firm, your Branding is your name and your reputation. Make sure that you include those into your website. Adding a unique slogan and a link to video testimonials are a great way to make sure your own “brand” stands out. After all, your most loyal clients would work with you regardless of whose logo is on your business card.

TIP 3: Buy a Domain Name

All of our Avexsites exist under the Avexsites.com url, but we like to encourage all of our agents to purchase their own branded domain name and have that forwarded to their Storefront. The domain name can be a standard yourname.com or a more unique name that includes your farming area within the title – though always double check that someone else isn't already using it by doing a quick Internet search first.

TIP 4: Connect all Social Medias

Another place where “less is more” is definitely in the sphere of Social Media. If you don’t like to Blog, use Facebook instead. If you don’t like Facebook, use Twitter, etc. But whichever you decide to use, be constant with it, link it and make it prominent on your website. Again, think of where your audience is hanging out, which Social Medias do they use… join them, update them on a timely basis and link them to your site.

TIP 5: Make it Mobile!

Today, just about everyone has a smartphone or is thinking about getting one, so making sure that your site is mobile-friendly is as important as choosing the right domain. Most website designers know this, but for those agents who are going to opt for using more templated sites, finding a template that has a mobile version should be top on their list.

TIP 6: Content is still King

Even if buyers are going to use your site mostly to shop for properties, giving them additional extras like links to more information on neighborhoods, the schools, or even market news form your perspective or original videos with your style and voice – all of these things are little extras that will have your clients coming back for more. Again, Tip #1 still remains true: think about what your audience needs or wants to know, and then give it to them.

TIP 7: Share Properties Right Through Your Site

Connecting your site to various Social Medias so that people can share the properties with each other or even comment and post right through your page can come with a hefty price tag when designing your Real Estate website; some servicers even charge several hundred dollars a month for maintaining that capability. But if you think about it, people are already doing this through Zillow, Realtor.com and other real estate search sites – so having them share the property through your own website will create extra links back to you, no matter where they post or what they send. Avexsites already has this capability built-in, right out of the box. Clients can share, post and even comment using their Social Media profiles, and it all comes back right to the Agent, all of it free, just for Avanti Way professionals.

TIP 8: Blog Participation

If you don’t like to write, then choose a Real Estate Blog that you trust and link that within your site. The National Association of Realtors® and even your local branch have great blogs and other website enhancers, including radio shows and widgets that can be added for free to any Agent’s website. But if you do like to pen a few words here and there, even if it’s just once or twice a month, creating original blog posts that really resonate with your voice, and with what your audience is looking for, can really be a major traffic driver to any site.

TIP 9: Pay Per Click (PPC)

Whether it’s Facebook, Google or some other emerging form of Social Media or Search Engine, there’s a good chance that their main revenue driver is probably PPC Advertising. You only pay if someone actually clicks through the ad to view your site or post. They can be inexpensive if you set the right limits and stick to a certain budget, and there are plenty of tutorial videos out there to help agents get a better handle of when and how to use them. And yes, they work, but again, it all comes down to Tip #1 – targeting the right audience is more effective and less expensive and trying to reach the whole world.

TIP 10: Lead Capturing & A Great CRM

The last tip is by far not the least, because if your website is not capable of capturing the leads that visit, it is, in all honestly, useless. Having a great Lead Capturing form on the site, and then having a Lead Management system that allows you to effectively follow-up with that Lead are crucial to running a good Real Estate Business.

Needless to say, Avexsites, not only has great Lead Capturing forms, there’s even a Live Chat capability added so that your clients can actually chat with someone, in real time, and then that information is passed on to you.

In addition, AVEX - Avanti Way’s completely paperless, patent-pending software - is already equipped with Lead Management, Transaction Manager, Listing Manager and a complete Avanti Cloud, including email, calendar and a cloud server. All integrated with Avexsites.

“IDX Search, yeah we have that, we also have Google Maps Search integrated with the street-view option. But now-a-days, that’s almost as basic as a web browser.” Adds Andres Korda. “To really stand out, you have to have the full package.” “The question that remains,” Added Enrique Teran, “is whether agents want to pay for these on their own, which they are free to do, or… whether they can get that, plus a universe of additional tools more, by choosing Avanti Way as their Business Partner in Real Estate.”

“The future of Real Estate is virtual, everyone’s seeing that now, there are a great number of tools coming out to help the agents sign electronically and transact every detail of their business online, we are super ecstatic that finally the rest of the industry is waking up to that fact.” Said Andres.

“But by the way,” Added Enrique, “we already have all that. Avanti was born paperless, and as far as we’re concerned, that’s the way it’s going to stay.” For more information about Avanti Way, contact Gloria Rodriguez de los Reyes at (305) 229-1146, or visit: http://www.avantiway.com & http://www.joinavantiway.com

Taken from: http://www.prweb.com/releases/2012/9/prweb9948743.htm
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The Top 25 Real Estate Tweeters’ Twitter Feeds

In our business Twitter and Facebook are simply a must engagement tool. Digital PR to our Travel News segment, any company that does business online simply has to make us of and communicate via social media. This “almost” goes without saying now. I say “almost” because there still are companies out there resistant (hard headed) enough to believe digital communication is a trend.

At the other end of the spectrum, there are the movers and shakers in every realm working the social media airwaves. Below you will find this month’s real estate elite on Twitter, along with a brief synopsis of what they do and do not do right.
Lennar Top Twitter Feed of September
MSN Real Estate - Microsoft’s real estate social media component really needs no intro. As for what they do right, 40,000 followers and a post an hour says a lot about being serious. On the other hand a blurry avatar and not following so many (171) shows some lack of caring and real engagement.

WSJ Real Estate - 71,800 followers and an avatar that is not blurry show the WSJ is in the running for the most influential Twitter feed among real estate feeds. Following almost nobody may also be a sign we should all “unfollow” them too. They don’t exactly burn up the two way conversation with tweets either.

O’Neill Real Estate - Isn’t it nice to see a smiling face in the top ten real estate peeps on Twitter? Toronto’s George O’Neill is actually a lot more “engaged” than the aforementioned news gurus up there. With 20 something thousand followers and following a couple thousand peeps, O’Neill also tweets very often, and not just his own stuff. Not a lot wrong here.

Real Estate Pro - Oliver Graf had the good sense to snatch a great Twitter vanity label, didn’t he? Near 20,000 followers, frequent tweets, the guy (or his admin) knows his stuff pretty well. Following near nobody and broadcasting his own wares too much does tend to make the passerby wonder if the agent is a narcissist or not? Get a better avatar too Oliver.

Real Estate Tweeter - Just how or what 2M is? 45,000 followers and speaking with over 3 thousand feeds, this user reveals news, news, and news about the industry. Okay, 2M are real estate advisers out of Houston. They get the nod for all they do good, and a Cheshire grin for the ugly avatar.

NYT Real Estate - What do you expect? It’s the New York Times after all. I can remember when the NYT was resistant to the whole concept of Web 2.0, engaging online, wanting peeps to pay, pay, pay for online subscriptions, blah blah. Their real estate Twitter feed has a herd of followers, some 60 something grand – but Oppps! Apparently the world’s most famous newspaper is too proud to follow anybody but their own reporters and their own journalistic kind. Sad. I decided not to follow them either, but the avatar is very nice.

Real Estate HQ ‏ - The name says a lot. 37,000 plus followers, following almost 8500, tweets frequently, and actually @ other people! If not for their ugly stock image avatar, these guys could be the best real estate Twitter gurus in real estate. I followed them, and tweeted for them to change that stupid avatar there.

Real Estate Global - Ugly. I cannot get past ugly, Web 1.0 marketer avatars and websites. Despite this feeds obvious real engagement (they really do know their stuff), 40,000 followers and 20, 000 followed is a perfect ration to indicate a Twitter user is on the job. Tweeting in a broadcasting fashion? Well, Real Estate Global is not first on this list, are they?

Real Estate Marketer ‏ - Anybody that uses the word marketer in the name… 30 something thousand following and following nobody, this feed should probably not be in this list, but… Twitter listed em, not me. At least their avatar is a cute little blue Monopoly house. I didn’t follow these guys for obvious reasons.

Real Estate Law - I am sitting here thinking about the old “lawyer joke” about attorneys chained together at the bottom of the sea. I wonder if their is a way to chain lawyers together at the bottom of Twitter? Oh, in this case it would not be fair anyway. The feed connected to some of the world’s leading realty attorneys is actaully one of the best on Twitter, which I find interesting because lawyers generally have zero time. Value and relevance wise, Real Estate Law offers up very useful stuff for agents and homeowners too. Like; “Real Estate: Argument Report: When Can a Foreclosure Be Appealed?” A tweet that just may help somebody. Fix the avatar guys.

The Real Estate Book - Another broadcasting feed, with what appear to be a good number of “bought” followers, this real estate entity does engage with frequent tweets to many thousands. We won’t be following them, but you may find some of their tweets useful. The feed links to a mediocre cookie cutter listing/agent search site.

LA Times Real Estate - Again, a major news contingent that broadcasts to many thousands. That’s all that can be said for or against such Twitter engagements really. To be honest, the LA Times never really impressed me much in any regard. Of all the newspapers I ever reached out to, LA Times is at the top of a long list of publications that are content to not give the time of day. Sorry, my feeling. The feed here kind of reflects this too. I put em here cuz Twitter shows em tops and because they do reflect good content about So Cal homes. (maybe that is good enough?)

Zillow - These guys should really be tops on Twitter. There, I said it. Not a fan of corporate Expedia-type online services myself, Zillow does offer a lot of value for users. Their Twitter is proportionalely useful too. No big broadcasters, frequent as any, and with 70 something gran in followers, maybe I should have put them up there? Well, they did start their name with a Z, after all. I followed em.

Chicago Real Estate - Somebody needs to explain Twitter to Newman Realty. Maybe even the Internet as a whole? Besides the nice brown color, and the passable logo over there, this Illinois agency seems to be going through the motions on Twitter and via their website. But then, Scott Newman’s site is new, maybe I should cut them some slack? Nah! The top tweet goes full Brian Solis narcissist; “My radio debut! http://lnkd.in/v2wHn7

Real Estate FSBO - Huh? This feed’s last tweet was in 2009. Is this a foreclosed upon Twitter feed? It happens once in a while, a nice outfit hooks up in social media and then the passion and enthusiasm falls by the wayside. The link to the website goes to two happy faces in the middle of the word “soon” so… How did six thousand peeps follow them?

Real Estate Board NY - One of the world’s most famous real estate boards has their foot in the social media door with this feed. Broadcasting useful NY industry news, not many will be enamored with anything here. There are 13,000 followers, but I do not live in NY. Talk to real people more guys.

ET Real Estate - The Economic Times’ feed is yet another example of a big media outlet “telling” followers all about what’s important to ET. I always wondered why fans follow around behind rock stars, but financial newspaper back doors? This one needs some attention badly.

Real Estate Center ‏ - The Real Estate Center at Texas A&M University, one would think, could get some students to maintain their Twitter feed properly. Not caring to follow too many, even frequent posts all about self interest to six thousand is… lacking. At least the link to TAMU takes followers to A&M’s nice website. I ain’t following tho.

Real Estate, band - You guessed it, this feed has nothing to do with real estate. The band feed and their site does however, do a better job of social media engagement than 90 percent of Realtors. Tongue in cheek aside, I left this one in to illustrate just that point. I guess we can all look at these feeds and determine that real estate as a whole may need to ramp things up digitally. But then, I have been preaching that for a while now.

Real Estate Agent - Ditto everything bad for this feed. The last tweet was in June, they follow absolutely one person, and all in all it looks like a place holder for some coming feed. Almost 4 thousand followed already? Not us tho.

Tampa Real Estate ‏ - I like these guys. 59 minutes ago they tweeted to six thousand plus, a classy Twitter that follows about 1500, Tampa has always been a real estate haven. I cannot say much for the blog and the website behind the feed however, but not one of these Tweeters is perfect. Given that Twitter and Facebook may become more valuable than a good landing page… You get the message, at least Tampa Real Estate is a voice, or is that a tweet?

Calgary Real Estate - Jim Sparrow likes to water ski, and tweet. A ratio of near 7000 followed to 17000 followers is pretty good as far as that goes, but Sparrow also tweets important info frequently. Just what skiing has to do with buying homes there (we ain’t talking snow here), I am not sure. The agent does have a very nice site linked to this feed too. I followed him.

Lennar - This feed should be a candidate for “best” where Twitter social impact goes. Hundred something thousand followers and following, all relevant tweets, and even the name of the social media director. Transparent and putting real people where interested passers by and followers are… Nice. I followed. Rated Best

AOL Real Estate - AOL Real Estate has a Klout score even higher than mine. 64 means the guys engage at a pretty high level, and behind the Twitter feed you’ll find customary AOL looks. I must say I was skeptical AOL would have any sort of decent feed, but they do. Usually, anything associated with the once dominant brand gets watered down and turned mediocre. Not so here.

REALTOR.com - The flip side of expectations from AOL above, the best domain name in the industry offers up about as mediocre a feed as is imaginable. A blurry avatar and twelve thousand followers for a brand that should have 200,000? Sorry, I am disappointed. These people actually have money, I do my digital footprint across 20 domains with my salary. Give me a break guys. Put up a nice logo there and get your admin to follow some peeps. Rated Biggest Disappointment

A lot can be read in between the lines of what I call brand symbolism. We do, a lot of our clients do, inestimable work load with so limited resource. My motto for online engagement has always been, “if you can do it right, just don’t do it.” True, not many have the resources to do perfect branding across their network, but outfits like these massive news media contingents and real estate “go to” people? Realtor up there should take that feed down until it can be properly branded with graphics – it sets a horrible example. As for the others? Some like Tampa and Lennar up there, they really have it going on.

Let us know if we missed anybody here for a top 25 list. We actually do enjoy giving notice to great digital engagement.

by Phil Butler - 29 September 2012

Taken from: http://realtybiznews.com/top-25-real-estate-tweeters/98715841/
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Friday, September 28, 2012

Vintage Real Estate Buys Laguna Hills Land to Expand Shopping Center

Vintage Real Estate has acquired four acres adjacent to its Moulton La Paz Shopping Center from the city of Laguna Hills as part of plans to expand and redevelop the center.

Financial terms weren’t disclosed.

“We will be doing a major remodel of this center to give it a completely new contemporary look and transform it into an attractive destination with an array of quality shopping and dining options,” Vintage Real Estate Chairman Fred Sands said in a statement.

attractive destination with an array of quality shopping and dining options - Vintage Real Estate Exterior view of Laguna Hills Mall. Laguna Hills, CA, USA
Exterior view of Laguna Hills Mall. Laguna Hills, CA, USA. (Photo credit: Wikipedia)
Construction will begin this fall with completion estimated for spring 2014. Moulton La Paz Shopping Center will be named The Village at Nellie Gail Ranch, with a design fashioned after a European market. Sands said the design includes new façades, storefronts, refreshed landscaping and outdoor gathering spots.

In addition the expansion plan calls for the addition of a gourmet supermarket and new tenants including boutiques and casual dining restaurants. With the expansion, the center will total about 100,000 square feet.

“Now is an opportune time to invest in expanding and repositioning the center,” said Kenneth Hocker, executive vice president of development at Vintage Real Estate. “Grocery-anchored retail centers are performing well making it possible to secure new tenants at strong rents. This type of community center also is attractive to real estate investors which is propelling an increase in values.”

Vintage Real Estate, a division of Vintage Capital Group, focuses on acquiring underperforming properties and improving the centers. Sands formed Vintage Capital in 2001 to continue his private investment activities in commercial real estate. He previously owned Fred Sands Realtors, California's largest independent residential real estate brokerage and financial services companies, and sold Fred Sands Realtors to Coldwell Banker in November 2000.

Taken from: http://www.bizjournals.com/losangeles/news/2012/09/28/vintage-real-estate-buys-laguna-hills.html
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Thursday, September 27, 2012

Spain’s Boom-Era Building Gear Sold as Developers Cut Off

Angel Fernandez used to travel to the Netherlands to buy equipment for Spanish homebuilders when they were powering Europe’s third-biggest construction market. Now he watches as buyers come to take diggers, excavators and trucks to countries where they won’t just gather dust.

Standing in a sunburned field in Ocana, a 90-minute drive south of Madrid, 41-year-old Fernandez looks on as never-used construction equipment is sold at discounts of as much as 20 percent through Ritchie Bros. Auctioneers Inc. Business is brisk for the world’s largest industrial-equipment auctioneer, a sign that time has run out for Spanish builders that were propped up by banks for years after the machines fell silent.

“My business is being made obsolete,” said Fernandez, who bids for equipment on behalf of Spanish construction companies. “When the crisis began in 2008, we all thought that it would be over in two or three years, but we got to 2011 and realized we were in worse shape.”

travel to the Netherlands to buy equipment for Spanish homebuilders Europe’s third-biggest construction market - Housing estate Vallecas 5 in Madrid Spain
(Photo credit: Wikipedia)
Almost half of Spain’s 67,000 developers are insolvent but not bankrupt after getting additional financing from banks, according to R.R. de Acuna & Asociados, a property consulting firm. Extending the lives of companies is becoming harder for banks after Prime Minister Mariano Rajoy’s government demanded they set more money aside to cover losses on real estate loans.

Overseas Buyers

Fernandez points out unused gear made in 2009 on sale at the Sept. 13-14 auction. He said it had remained unsold after distributors ordered stock for sales that never materialized. He was authorized to bid as much as 70,000 euros ($90,000) for a tractor and went home empty-handed after another buyer offered 82,500 euros. Seven out of 10 lots sold at the auction were purchased by overseas buyers.

Construction in Spain ground to a halt four years ago, but banks chose to refinance initially, which is a slow death,” Jeroen Rijk, senior vice president of European sales for Ritchie Bros. (RBA), said at the auction. “They aren’t doing that anymore, which is why there is so much product on the market now. Spain definitely ranks top of the class for overdoing it.”

Spain’s construction and real estate industry, which represented 18 percent of gross domestic product before the financial crisis, now accounts for 11 percent and building permits plummeted 87 percent last year from the 2004 peak, according to data compiled by the Ministry of Public Works. The industry is now Europe’s fifth-biggest after placing third before the crash, real estate adviser Davis Langdon said.

Austerity Protests

Spain’s economic crisis prompted protesters to march for a second night in Madrid yesterday, calling on Rajoy to reverse austerity measures as his nine-month-old government prepares a fifth package of budget cuts.

Spanish 10-year yields dropped four basis points to 6.03 percent, after rising above 6 percent yesterday for the first time since Sept. 18. Benchmark rates jumped 32 basis points yesterday, the biggest increase since Aug. 2.

Home prices have fallen 32 percent from a high point in 2007, Tasaciones Inmobiliarias, Spain’s largest home value appraiser, estimates. There’s no sign of the decline abating, with construction output down 16 percent in July compared with a year earlier, according to Eurostat, the European Union’s statistics agency. The end to Spain’s decade-long property boom left more than 30,000 developers technically insolvent with combined debt of 180 billion euros, Acuna & Asociados estimated in May. That will lead to 104 billion euros of losses for Spanish banks that haven’t been fully balanced by provisions, according to the company.

Higher Provisions

The government in February ordered banks to increase provisions to 80 percent of the value of land on their books from 31 percent and set aside 65 percent for unfinished developments from 27 percent previously. That contributed to 53.8 billion euros of charges and capital ordered that month. In May, lenders were told they must set aside about 30 billion euros more to cover potential losses on 123 billion euros of real estate-linked lending that is still performing.

Spain created a so-called bad bank in August to clear soured real estate assets from the books of struggling banks so they could resume lending. Rajoy, who initially resisted the idea, agreed to create the institution because it is among the conditions for the country’s banks to receive 100 billion euros in aid authorized by the European Union in July.

Price Pressure

As the bad bank disposes of its assets, completed projects are probably the first things it will sell, Alvaro Serrano and Sara Minelli, analysts at Morgan Stanley, said in a September report. That could push down the value of similar properties an additional 10 percent to 20 percent, they said. Spanish banks may require 7 billion euros to 14 billion euros of additional provisions for bad debts, “which would wipe out domestic earnings for 2013,” they said in a Sept. 12 report.

Loans to real estate developers account for 20 percent of Banco Popular Espanol SA (POP)’s balance sheet, London-based Serrano and Minelli wrote. The bank hasn’t yet made adequate provisions for potential losses on those loans, and unpaid arrears from troubled developers will contribute to a loss of 847 million euros at the bank this year, the analysts estimated.

“The bank is still in the process of provisioning, but we have already provisioned what is required of us and more,” a spokesman for the bank said. He declined to be identified, citing company policy.

The Bankia group set aside 6.8 billion euros in the first half to provision for bad loans and real estate, and a further 6.9 billion euros of charges are expected this year, according to the bank. Bankinter SA had 275.2 million euros in provisions in the first half to recognize real estate losses.

Builders Hit

The country’s large publicly traded construction companies have been hit hard by the downturn. Spanish revenue at Actividades de Construccion y Servicios SA fell about 38 percent from 2008 through 2011 and Ferrovial SA (FER) saw a sales decline of 30 percent, according to data compiled by Bloomberg. Sacyr Vallehermoso SA (SYV), which develops and rents out real estate, had a sales drop of about 50 percent. The IBEX 35 Index of Spain’s most liquid stocks fell 45 percent in the same period.

Work started on fewer than 4,500 houses in February this year, a 94 percent decline from the October 2006 peak, according to data compiled by the Ministry of Public Works.

Ibrahim Arrejehi, a buyer for Saudi Arabia’s Arabian Contractor Co., was at the Ocana auction to bid for equipment to sell in his home country as well as Pakistan, Afghanistan and India.

20% Discount

“New machinery in Spain is selling at around a 20 percent discount from the peak and used items are going for around 40 percent lower,” Arrejehi said. “Spain is unique; developers here bought an enormous amount of machines.”

Spanish firms buy too much machinery instead of renting because they can include the expense with their other debts, reducing the overall cost of finance, according to a study by Madrid’s Universidad Carlos III and Barcelona’s Universitat Pompeu Fabra. The over-investment in construction gear reduces builders’ profitability from projects, authors Marco Celentani, Miguel Garcia-Posada and Fernando Gomez wrote in a report published in February.

“There is huge excess capacity,” Celentani said in a telephone interview. “Who wants to buy construction machinery in Spain right now?”

Fernandez and Arrejehi were among 1,370 bidders from 74 countries who bought 2,086 lots, according to figures compiled by Ritchie Bros., based in Burnaby, British Columbia.

Ritchie Bros. opened its 60-acre (24 hectare) Ocana location three years ago after a site in Moncofa, eastern Spain, reached full capacity a year after opening.

Distressed Sellers

Globally, as much as 10 percent of the equipment sold by Ritchie Bros. comes from distressed sellers, said Valencia-based Rijk.

“That percentage is higher in Spain,” he said. “There was too much of everything and there is still too much of everything.”

Spain’s construction industry won’t pick up “even a little” before 2015, Fernandez predicted. “I need business here to come back because my future will be very bleak if it doesn’t.”

To contact the reporters on this story: Neil Callanan in London at ncallanan@bloomberg.net; Sharon Smyth in Madrid at ssmyth2@bloomberg.net.
To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net;

By Neil Callanan and Sharon Smyth

Taken from: http://www.bloomberg.com/news/2012-09-26/spain-s-boom-era-building-gear-sold-as-developers-cut-off.html
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Fed Helps Lenders’ Profit More Than Homebuyers:Mortgages

The Federal Reserve’s latest mortgage bond purchases so far are helping profit margins at lenders including Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM) more than homebuyers and property owners looking to refinance.

Since the Fed’s Sept. 13 announcement that it would buy $40 billion more securities per month, the rates offered for new 30- year loans have fallen by just 0.13 percentage point, compared with a drop of about 0.7 percentage point for yields on the bonds into which the loans get packaged, according to data compiled by Bloomberg and Bankrate.com. The gap between the two, which typically signals increasing lender revenue when it widens, has reached a record of more than 1.7 percentage point.

Fed Chairman Ben S. Bernanke’s stated goal of helping boost the housing market is being undercut by lenders’ inability to keep up with consumer demand, even as investors drive up bond prices. Banks have been slow to lower rates after being overwhelmed this year by applications to refinance mortgages.

mortgage purchases helping profitlenders homebuyers and property owners looking to refinance British for sale signs.
(Photo credit: Wikipedia)
“Think about it this way: If you had a restaurant with 100 people out the door waiting in line, would lowering prices be the first thing on your mind?” said Scott Simon, the mortgage head at Newport Beach, California-based Pacific Investment Management Co., manager of the world’s largest bond fund.

Margins on sales of mortgages have widened by about 50 percent since the Fed’s announcement from the average level this year, which already was elevated, said Kevin Barker, an analyst at Washington-based Compass Point Research & Trading LLC.

“It’s very good to be a mortgage originator right now,” he said in a telephone interview.

Fed Targets

The Fed is targeting the $5.2 trillion market for mortgage bonds guaranteed by government-backed Fannie Mae, Freddie Mac and Ginnie Mae, which helps determine the rates that lenders can offer. Lenders bundle about 90 percent of new loans into the securities to sell to investors, giving them funds to make more.

The added time it’s taking to close on loans is signaling the industry’s limited capacity for handling more.

Mortgage refinancings completed in August took an average of 51 days, up from 42 days in March and 37 days a year earlier, according to Ellie Mae, a Pleasanton, California-based mortgage- technology firm. Loans for home purchases, which lenders often prioritize, took 47 days, up from 43 days in August, 2011.

Mortgage rates have continued to set new lows following the Fed’s announcement, reaching 3.44 percent on Sept. 25, according to Bankrate.com. Almost every lender lowered its rate by at least 0.125 percent, Steven Abrahams, a mortgage-bond analyst in New York at Deutsche Bank AG, said in a note today.

Home Prices

The trend, which the Fed has also helped engineer with stimulus efforts including pledges to keep short-term interest rates near zero, has contributed to a recovery in housing this year after a 35 percent slump in prices since mid-2006.

U.S. home values climbed more than forecast in July, with the S&P/Case Shiller index for 20 metropolitan areas released yesterday showing a rise of 1.2 percent from a year earlier, the biggest 12-month jump since August 2010.

Still, Michael Bauer, a San Francisco Fed economist, signaled in a May paper that the central bank was aware its purchases of mortgage-backed securities might provide limited help for homeowners or buyers. The “weaker link between MBS yields” and actual loan rates “may persist for some time,” Bauer said.

At a press conference after the Fed’s announcement, Bernanke said that he’s been attempting to reduce loan costs because the residential property market is “one of the missing pistons in the engine” of the economic recovery.

Borrower Programs

Along with low rates, President Barack Obama’s administration has helped fuel gains in refinancing this year by making it easier for borrowers with Fannie Mae and Freddie Mac loans without home equity to qualify and by reducing costs for homeowners with older Federal Housing Administration loans.

A weekly Mortgage Bankers Association index of refinancing applications hit a three-year high of 5452.8 during the week ended July 28. While the gauge fell to 4224.48 in late August, it was still 23 percent more than this year’s low in March, and then climbed to 4765.3 last week.

Lenders only have the ability to handle the pipelines of pending loans produced by an index level “somewhere around” 5500, according to Pimco’s Simon, whose firm’s Total Return Fund has joined lenders in benefiting from the Fed’s action with outsized bets on home-loan securities.

Wells Fargo, JPMorgan and US Bancorp (USB), the three largest U.S. home lenders, may be among the biggest beneficiaries of higher margins even as borrowing volumes remain constrained. Vickee Adams, a spokeswoman for San Francisco-based Wells Fargo, declined to comment, as did Tom Kelly of New York-based JPMorgan and Teri Charest of Minneapolis-based US Bancorp.

Market Share

Wells Fargo alone controlled 33.1 percent of the origination market through the first six months of the year, according to newsletter Inside Mortgage Finance. Unlike rivals such as Bank of America Corp. (BAC) and MetLife Inc. that over the past year shrank or closed home-loan units, the bank said it added the equivalent of about 2,000 workers last quarter.

The company recorded gains of about 2.25 percent on mortgages it sold during the period, up from 1.9 percent in 2011’s fourth quarter, according to comments by Chief Financial Officer Timothy J. Sloan on conference calls. Countrywide Financial Corp., the then-market leader later bought by Bank of America, reported a margin on prime loans of 0.80 percent in 2007, before the industry’s capacity and competition fell.

Over the past two years, a 1-percentage-point decline in mortgage-bond yields has generally translated into a 0.6- percentage-point decrease for rates, Barclays Plc analysts including Nicholas Strand wrote in a Sept. 21 report.

Bond Price

The drop has been smaller when loan rates fall to new lows that are significantly less than their averages. That means borrowing costs will now probably be “very sticky,” they said.

The Fannie Mae securities that lenders have been packaging most new loans into, with coupons of 3 percent, are trading at 106 cents on the dollar, up from 103.3 cents before the Fed announcement, according to Bloomberg data.

That means a lender gets 6 percent more than the principal amount of a loan upon a sale. They also receive income stream usually equal to 0.25 percent a year that can be retained for servicing the mortgage.

The gains that are helping banks are also benefiting bondholders. An investor betting $25 million that the securities would outperform yield benchmarks in a trade suggested by Barclays would have made $6.7 million between Sept. 7 and Sept. 20. The wager involved using 20 times leverage, a typical amount for a hedge fund on such bets.

Consumer Consequences

For consumers the payoff hasn’t been as quick.

“With each successive round of easing, the Fed appears to be getting less ’bang for its printed buck,’ ” Richard Eckert, an analyst in San Francisco at securities firm B. Riley & Co., wrote yesterday in a report. Along with lenders “finding they can maintain or increase their margins while still remaining competitive,” fewer borrowers are refinancing after previously lowering their rates.

The Mortgage Bankers Association made minimal changes to its forecasts for lending volumes between Sept. 18 and Aug. 20, even as the Fed acted, he noted. The group estimated this month that lending will total $1.47 trillion this year, compared with a prediction of $1.41 trillion last month, and $1.04 trillion in 2013, the same as its previous forecast. In 2011, originations totaled $1.26 trillion.

Abrahams of Deutsche Bank, says that while the Fed’s debt buying can only work through “the slow and noisy filter of mortgage lenders,” it will ultimately assist homeowners.

“As lenders work through their current backlog of loan applications, they will eventually lower rates to keep production at full capacity,” he wrote in a Sept. 19 report. “Borrowers will eventually benefit.”

To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net

To contact the editors responsible for this story: Rob Urban in New York at robprag@bloomberg.net; Alan Goldstein at agoldstein5@bloomberg.net

By Jody Shenn

Taken from: http://www.bloomberg.com/news/2012-09-25/fed-helps-lenders-profit-more-than-homebuyers-mortgages.html
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Growth in Mobile Real Estate Operations Spurs Building Engines' Next Generation Mobile App

Building Engines responds to growth in mobile real estate operations with next generation mobile application for property management teams.

Boston, MA (PRWEB) September 26, 2012

Building Engines, global provider of comprehensive web-based real estate and facility operations management solutions, today announced the upcoming release of a next generation mobile app (BE Mobile) as an extension to its Property and Tenant Management Platform. Leveraging new and powerful mobile technology, Building Engines’ enhanced mobility platform combines the independence and power of an “onboard” mobile application with the depth and flexibility of its core operations management solution.

Building Engines, global provider of comprehensive web-based real estate and facility operations management solutions - Boise Commercial Real Estate
(Photo credit: mrshife)
The enhanced Building Engines Mobile Platform allows property and facility management teams to:

1. Work with a modern, fully functional onboard App and database
2. Work offline- access equipment history, maintenance documents and instructional videos from basements and other areas of unreliable service
3. Use any internet empowered device, including iPhone, Android, Blackberry, iPad and tablets
4. Leverage onboard mobile functions like photo capture, attaching them to work orders and tasks
5. Attach media files to work orders and equipment records (PDFs, docs, spreadsheets, photos, videos, etc.)
6. Immediately access important documentation to support task-related activities 7. Prioritize and escalate work while offline
8. Utilizing "True Sync" capability, automatically update information entered offline when access to cellular, wireless or a wired environment returns with the actual time of data entry

"This is revolutionary," said David Osborn, CEO of Building Engines. "It's Building Engines in your pocket - the functionality and features of our most utilized tools (Work Order, Preventive Maintenance, Incidents and Inspection) along with broad platform support and superior reliability. This is what the market has been waiting for and now it's here."

BE Mobile, a response to modern property and facility teams who are increasingly disconnected from their desks, is the first operations management mobile app to address all the issues that previously plagued mobile usage - interrupted service, unreliable onboard applications and limited device support. Technicians can now arrive on site with full access to equipment manuals, instruction videos, floor plans, schematics, and inspection walk-through checklists. They can record, store and upload photographs of equipment condition or incident information to illustrate and assess the scope of work prior to arrival. Mobile managers have all the information they need at their fingertips, all the time.

"Our clients can now leverage our powerful, ever-evolving features," said Osborn, "on any device, everywhere and anytime." The work flow is modern and fluid with rapid screen loads and database calls that are familiar to device-native mobile applications.

Be Mobile will be available in the iTunes, Google and Blackberry App stores and driectly from Building Engines in October 2012.

Building Engines' web-based and mobile property and tenant management system empowers owners and managers to capture, communicate, assign and report every aspect of operational performance and tenant experience. For over 10 years, Building Engines has been committed to recognizing and implementing property and tenant management best practices gleaned from customer feedback, industry thought leaders and commercial real estate experience. For more information: http://www.buildingengines.com/

Press Contact:
Sarah Fisher
Marketing Communications Director
Sfisher(at)buildingengines(dot)com
781.290.5300


Taken from: http://www.prweb.com/releases/2012/9/prweb9947934.htm
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Wednesday, September 26, 2012

Young Homeowner 101: What Grads Need to Know When Purchasing a Home

While many Gen Y grads are putting off major life events until they get student loan debt in check, others are moving up to become young homeowners.

According to ERA Real Estate's survey of millennials born from 1978 to 1995, 32% have already achieved homeownership. What’s more, 64% plan to become homeowners and 53% of millennials who do not yet own houses view them as good investments.

With low prices and interest rates, now is the time for financially-able grads to look into becoming a homeowner, says Carolyn Warren, author of Homebuyers Beware: Who's Ripping You Off Now?

Buying a home is one of the biggest purchases grads Chennai Properties - Real Estate India - Villa Viviana
(Photo credit: nancyarora2020)
“We’re now in a market where you have to say, ‘do I want to live here for a while? Or would I like to live in this house for a year and then turn it into a rental?’” she says. “If a person is putting a minimum down and they’re not sure if they want to live in that area, they can find themselves stuck in a house.”

Buying a home is one of the biggest purchases grads will make and requires substantial thought and research before signing on the dotted line. Here are tips from real estate and mortgage experts on how to navigate the process. Shop around. Working with a seasoned real estate agent who knows the area well can help hopeful buyers find the best values.

“A good real estate agent will encourage a prospective buyer to have some serious conversations with mortgage borrowers and lenders and to get pre-approved,” says Eric Tyson, co-author of Home Buying for Dummies. “A good agent is not going to waste their time working with somebody who can’t finance the purchase.”

In addition to finding a quality agent, Warren recommends buyers also shop around in finding the best lender for their situation.

“You don’t just go with one lender that your real estate agent recommended or the bank that your parents went with, you still want to compare two or three or you could end up paying more than you need to.”

Set a realistic budget. Over-borrowing and leveraging led to the 2008 housing market collapse, and young buyers need to carefully budget and plan for how much home they can afford.

Homebuyers should budget for monthly housing costs such as their mortgage, homeowners insurance and property taxes, but also for any upgrades they may want or need to make to their home, says Ameriprise private wealth advisor Tucker Watkins.

“It’s important that they don’t exhaust their assets or income on housing costs alone, but are also prepared for the costs associated with owning their first home,” he says.

Know your credit. A good credit history plays a vital role in getting approved for a mortgage loan and it’s one of the first thing lenders look at, followed by income and assets.

A healthy credit score also determines what type of loan homebuyers get approved for and how good the terms are for that loan, according to Tyson.

“The better your credit score and the cleaner your credit report, you’ll then qualify for the best mortgage loans at the best rates,” he says. “In the best case, it can literally save [homeowners] tens of thousands of dollars over the life of a typical mortgage loan because they’ll be eligible for the best rates.”

Get pre-approved for a mortgage loan. Young homebuyers should know the difference between being “pre-qualified” (a borrower who has verbally reviewed income, assets, and credit with a loan officer, but has not yet been verified) and “pre-approved” (when a lender has reviewed formal income documentation such as tax returns, pay stubs, bank and asset statements from the last 60-90 days, and conducted a full credit report review).

“In today’s changed market, it is more important than ever to be pre-approved versus pre-qualified,” says Watkins. “Almost all loans require full documentation to qualify and having this reviewed previous to your home shopping experience can help you to be more successful not only with your offer but with the formal approval process itself.”

It’s important to get a “hard pre-approval” before making any kind of offer on a house to avoid big disappointment, says Warren.

“If you go on pre-qualification only and make an offer and it’s accepted and you have a contract and then you find that you can’t be pre-approved for that much, that’s going to be awfully embarrassing and awkward because you’ve already got a contract.” Shop around for the right mortgage loan. Potential homeowners should really consider their personal circumstances and how much risk they’re willing to take before deciding on a fixed rate or adjustable rate mortgage loan, says Tyson.

“Adjustable loans, or so-called ARM loans, make more sense for people who understand the risk and can financially take on some risk but also aren’t planning on holding a mortgage for more than five to seven years,” he says. “You really have to run some numbers and consider some different scenarios to see the conditions under which one loan might be better than another loan.”

Warren explains that it’s also important for buyers to think about their debt to income ratio and being comfortable with their payment.

“You will get a smaller payment with a 30 year loan, so most people want a 30 year as opposed to a 20 or 15 year when they’re first-time buyers,” she says. “Right now, rates are at historic lows and it’s fantastic—take that 30 year fixed rate.”

By Emily Driscoll

Taken from: http://www.foxbusiness.com/personal-finance/2012/09/26/young-homeowner-101-where-grads-need-to-know-when-purchasing-home
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