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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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Key Marketing Techniques to Be a Successful Real Estate Investor

Real Estate Marketing

The most important part of becoming successful in real estate is knowing how to market yourself! There are many aspects to marketing and I will touch on a few.

  1.  Branding Yourself!
    1.  It is important to increase awareness in your community of your services. You want the world to know what you do. This means you need to network with as many people as you can. Go to events, join networking groups, and get in as much face to face interaction as possible with members of your community that can potentially be your clients or refer clients to you.  Use social networks such as facebook, instagram, twitter, linkenin, etc… to reach an audience you typically wouldn’t encounter in person.
  2. Appearance
    1. Know how to carry yourself. Dress for success! How you carry yourself and how you present yourself can make or break you. It is important that your appearance conveys that you are a real estate professional.  Most people will judge you the first second they lay eyes on you. It is important your potential client has not scratched you off the list of people to do business with before you even open your mouth.
  3. Word of Mouth
    1. One of the most important tools of Real Estate Marketing is word of mouth. You will find this tool to be your main money maker. People trust a referral more than any ad money can buy. In real estate most of your business will come from referrals. So it is very important you have people talking about you and your services positively. So make sure customer service is impeccable.
  4. Target Your Market
    1. Define your target market

i.      Residential, commercial or land. Age range, income, neighborhood, the list goes on.

ii.      Do you want to specialize in low end homes, mid range homes or high end homes? All of these questions are very important because the marketing for each of these price points are very different.

iii.      What is your purpose of marketing

  1. Are you marketing to get clients to buy from you? Are you marketing to get listings? Are you marketing to find people that need to sell? This list goes on.
  1. How to reach your potential clients

i.      Mail, specific  websites, cold calling (telemarketing), calling people you know that might need your service, social networks, search engines , publications, and other various methods.

  1. Follow up with Leads
    1. Typically you will not get the business on the first conversation. It is extremely important to follow up with everyone.  Follow up is KEY!

i.You must be persistent in this business, you may get turned town multiple times by the same person before they eventually give you a        change to work with them. Most people can respect persistence.

  1. But do not be pushy! Never push a client. If you push a client or potential clients to do something they are not ready to do this is the best way to lose business.
  1. Closing your clients
    1. Have all the specific paper work you need so you can make each deal official.