Kathi Frank - Realtor at Prudential Gary Greene- The Woodlands, Texas

Why would I support Proposition 2 (HJR 36-#1) in next Tuesday's election if I know that it may take away some opportunity to make more money? The answer is simple to me...it is just NOT RIGHT to do otherwise. I have already voted and I encourage you to do the same. Let me tell you why you must VOTE YES for this Proposition on November 3rd.

The picture above is the way it used to look in most of the area between Houston and The Woodlands only a few short years ago. Families enjoyed the peace and quiet of the trees and creeks. Their children grew up in this pastoral environment. They cherish the memories of being "out in the middle of nowhere".

Without the passage of this bill, these fine people may be forced to sell land that has been held for generations - just to pay the tax bill.

Without passage of Proposition 2 on the ballot November 3rd - if the "powers that be" decide that the "highest and best use" for the property may be a shopping mall or apartment complex - they will be able to assess the taxable value of the property according to that use.

IT'S JUST NOT FAIR!

Families that have been crowded out of their idyllic environment - only to face traffic congestion, unnatural smells and raucous noise - and the taxing agencies think of these residents as a new source of tax revenue!

Let them remain at home and pay taxes as a residence. I don't care if the market value of the residence is less than $100,000 and the actual market value based on the "highest and best use" is more than $1,000,000. We have no right forcing these families to move because someone has decided that the value of the property has increased ten-fold.

Let's be reasonable - and fair - speak up for those who have lived here for generations. Give them a voice at the polls next Tuesday. It's the right thing to do!

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HIGHEST and Best Use...why decide now?

Posted on October 24, 2009

You cannot have great results in your garden until you decide what you want to plant.

AND, likewise - You can't sell unrestricted property at the highest and best price and terms unless you first determine the highest and best use of the property.

This analogy may sound a bit facetious when it comes to marketing and pricing real estate - but I believe it rings quite true. Let me see if I can give you a few examples that may drive my point.

There is a piece of real estate currently on the market that I would love to get the opportunity to sell. It is listed by another agent so I cannot share specific information about this property. But it could be a dozen other properties that suffer from the same predicament. This listing has been on the market for more than a year - with two listing agents doing what they feel is right to sell the property.

Location is excellent because it is less than a mile from a highly restricted and highly desired community. It does not have frontage on a major road, but for the appropriate buyer that would be an advantage. It has more than 15 acres of unrestricted land with 5 acres of it a tranquil, scenic pond. The home was built more than 3 decades ago, so many prospective buyers would eventually pull down the house because it does not serve their purpose. The 6 rental units (mostly mobile homes) are very limited in value to most prospective buyers.

OK - I might get myself into trouble here, but I am going to say it...

These listing agents have done it all WRONG!

The way this listing has been presented to the market is only slightly different than it would be marketed if it were in a remote location, poor neighborhood with bad access issues. The descriptions describe the residential and current cash flow benefits of the property. Yet the price is far above the range that would justify purely residential use. The method they are using is like planting green bean seeds and hoping that someone will pay them the price of endive.

I remember 14 years ago when I was learning commercial real estate around the conference table with some of Montgomery County's greatest commercial agents. One of the basic principles that was repeated over and over again is that you cannot establish a price or a marketing strategy until you have determined the "highest and best use" of the property.

I invite you to share your opinions about what the highest and best use would be for this property. I am thinking corporate training center, spiritual retreat, holistic healing community. The most likely buyer will be someone that wants the peaceful surroundings, yet places a high value on the fact that it is very near the face paced lifestyle of the nearby community.

What do you think?

BTW: If you might need a property like this, I can represent you as a buyer. If you own an unrestricted property in the Greater Houston area, contact me for a comprehensive Highest and Best Use Analysis.

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HIGHEST and Best...what do you mean???

Posted on October 24, 2009

Highest and Best...

It is a concept used in the real estate industry in many ways. As a residential specialist, it is most often used in relationship to a competing offer. Even in today's relatively tough market, we deal with competing offers on a regular basis.

When a listing agent (the one representing the seller) gets notification that more than one offer is being submitted, they will usually tell each of the buyer's agents to get the "highest and best offer". That way the seller knows that each of the prospective buyers have been given the opportunity to express the degree of interest in the property and give it their best shot.

A good agent develops a protocol for handling multiple offers that maximizes the benefit to their client. Whether you are a buyer or a seller, you better hope that you have a strong negotiator working on your behalf if you find yourself faced with a competing offer. An uninformed decision about how to handle mulitple offers can lead to dissappointment and even the failure of the sale. (I could write pages in this blog sharing case studies of what works and what does not...and all the nuances where you have to simply take a chance. But that is not what I am posting today. Maybe sometime in the future. Let me know if you would like to see me share those case studies.)

These competing offer situations happen primarilly in two scenarios:

* Foreclosures: When an asset manager places a residential property on the market, if it is priced right it will often have more than one person attempting to purchase it within a week or two.

Please Note: I am speaking about the real estate market in the Greater Houston area...specifically The Woodlands and Spring. If you would like to learn more about what is happening in your market, simply let me know and I will connect you with an expert for your neighborhood.

* Smart Sellers: Many homeowners simply cannot grasp the extreme importance of preparing their home for the market. They look to the agent to obtain a buyer at "the highest possible price, in the shortest amount of time, and with the least hassle." I make that statement in quotes because it is a common promise that agents make to prospective sellers.

When markets were hot, the agents did not always have to share the cold hard fact that the seller has a huge role in whether a house sells or not - AND - how much money they will make in the sale. When markets soften...buyers are able to become extremely picky.

Today's buyers are well informed with all the internet data available. They know a good buy when they see one. They also recognize that the BEST ones seem to sell very quickly, so they have learned to monitor the market and move quickly when something well priced, well staged and well marketed shows up.

It creates two markets for the available inventory. The first market is full of "Smart Sellers." This group of properties often sell in less than two weeks and it is not unusual for there to be competing offers. The second market is the ones that are not snatched off the market by the well-informed and ready buyers. Unfortunately, those properties often linger on the market for months and months. (The statistics are easily gathered to see how the market is working in each community, so don't hesitate to ask for the data.)

This is only one of many areas of real estate where we use the term "highest and best". Keep coming back to this blog to learn about a range of other uses of this phrase. Don't hesitate to call or email me with your questions.

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Wine and Food Week 2009

Posted on May 21, 2009

Food & Vine Time Productions presents:

5th Annual Wine and Food Week 2009
The Woodlands, Texas
Tuesday May 26th - Sunday, May 31st

With more than 40 events scheduled throughout the week, there is truly "something for everyone". This blog does not have enough space to cover all the events, so you are encouraged to visit www.WineandFoodWeek.com to learn more.

From seminars led by Wine Wizard, Lettie Teague to a Kidz R Cooking event in The Woodlands Mall on Saturday - you need to get your tickets ahead of time to assure the available of the particular fun event that is perfect for you and your friends/family.

The best place to learn about all that is happening is on the website. However, if you need to contact someone, the number is (713) 557-5732.

Listen to our radio show about the event here.

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Profit From Technology

Posted on May 18, 2009

Don't waste any time! This is a LIMITED TIME OFFER!!!

(I'll tell you about the limited aspect of this offer later in this post.)

Really, I know that sounds like a "come on". You have been in this business. You've seen all the scams and schemes being used to sell something to real estate agents.

If I can convince you that this offer is legitimate, would you be willing to spend $19.95 to learn from nine of your fellow agents. These agents are sharing - no holds barred - what they have learned about technology and they want you to have the information.

You may ask what questions will be answered in this book.

Reintroduce yourself to some of your Active Rain colleagues as I tell you what they have written for you.

I will briefly tell you about each expertly written chapter - just to give you a glimpse of how groundbreaking this book can be to you and your career.

Have you ever seen another book where other agents took the time to share what they know so you can prosper?

You may already know you want the book. If so, go to the order page here . There is no reason to delay.

An uncommon treasure trove of information is what you will find here. It is like having some of your favorite people sitting beside you and helping you undersand what needs to be done to take your business up to the next level.

Let me begin introducing each individual author from the upper left side and circle round the perimeter of the group and end with a little about my chapter. (I'm in the center.) You will find more information about each chapter in the blog of the individual author.

Missy Caulk - If you have been attempting to sort out the advantages of different marketing approaches on your website...sit down with Missy as she downloads a wealth of experience into her chapter, "Time vs Money (Organic Searches vs Pay per Click)". This is not just a clever title or a quick teaser. You will find a complete analysis of the pros and cons of the two approaches to being found on the internet - instead of being buried like a "needle in a haystack" on the world wide web.

Colleen Fischesser - If you were thinking that this book may be "too elementary my dear" - I want to assure you that you will learn a thing or two from Colleen. This veteran agent and prolific blogger teaches you how to "Become the Master of Your Own Domain." She compares template websites to a fully customized site. She invites us to accompany her in her evolution in becoming a webmaster and gives us the truth about the challenges...even some of the mistakes she has made along the way. Don't miss her 5 Essential Steps in building your own website. Miss one step on this list and you will get more frustration than success.

Brian Block - He counts himself lucky to be the only man among eight brilliant women in this book. His chapter helps us move "Towards 100% Online Lead Generation." He explores specific strategies to move your business in the same direction as today's client - online! In a time where 87% of the potential buyers spend months on the internet before contacting an agent, he gives us great timely tips that will hep us to take control over lead generation. Learn exactly how to gain the trust of these "agent-phobic" clients...make more profit...and have fun doing it.

Carol Smith - If you feel like giving up saying that you are too far behind to even try, you need to read Carol's chapter, "Technology: Nemesis or Redeemer?". She gives you a gentle nudge to break down the barriers that are holding you back and "take the plunge" into the internet. With her advice, you will step with confidence into the world of our internet-enabled clients and truly profit from it.

Joeann Fossland - All these tech-tools can be wonderful! But they can actually be an impediment to creating profit in your business if you cannot control the time you spend on using those tools. Joeann, a renown and intuitive real estate coach, brings us face-to-face with the reality of time management. This chapter alone will be worth the price of the book. "How to Avoid Burn Out or Addiction" has 10 effective methods for lowering the risk of complete overload.

Sar ah Reiter - You may understand the value of all these technological advances...but how do you get it all done??? The answer might be a REVA. Sarah's chapter, "Virtual Assistants - The Future of Real Estate Support" lists 7 primary areas where a REVA can assist in your marketing. She also gives us 6 reasons why a virtual assistant may be better than having an on-site assistant. Perhaps the most valuable part of her chapter is where she gives specific, step-by-step instruction about how to hire a REVA.

Natal ie Langford - The old adage "List to Last" in real estate has a whole new meaning when you are expected to be everywhere and do everything for today's sellers. They know that the buyers are on the internet and they want to be assured that their listing has a prominent place on the web too. Her chapter, "Using Internet Tools to Serve the Seller" is a vital resource for you to use in meeting the expectations of sellers. Use her checklists for the 8 essential areas for superior online marketing presence. She offers one list of resources after another in this chapter to make it easy for you to see where you are and learn new ways to sell more homes with the internet.

Celeste "Sally" Cheeseman - In an upbeat and positive way that can only be offered by this Active Rainer, Sally shares her personal journey into blogging. Her chapter helps us to see "Through the Eyes of a Real Estate Industry Social Media Blogger." Beginning in early 2007, she has been a consistent, reliable source of that "Aloha" spirit and has attracted hundreds of fans from around the world. She invites us to use her 9 bottom-line points of advice...calling it "It all boils down to this." You can't miss this charming, personal and interesting chapter.

Kathi Frank - That's me! I readily admit at the very beginning of this book, "I am, without a doubt, the most technologically inept person involved in this book." However, I am hyper-aware of the changing expectations of the internet-enabled client. In my chapter, I try to help you "Speak the Language of Today's Internet-Enabled Client". All the tools and techniques will fail you if you speak to the clients in the same way you have been taught in the past - with scripts and dialogues that sort and qualify prospects in a way that is aggessive and outdated.

Now - The LIMITED OFFER!!!

The first printing of the books have been ordered and will soon be available in print. You have the opportunity to get an advanced digital download of the entire 140 page book.
Right NO W! AT NO COST TO YOU! This exclusive offer is only good until June 30, 2009.

After that date, you will pay $12.95 for the digital book PLUS $19.95 for the printed book.

You simply do not want to miss this amazing opportunity! Technology is literally changing the future of our business. Whether you are a novice, or a tech-expert in your own right, this book will help you take total control over your real estate business by exploring every facet of what needs to be done.

You know? 211 degrees is pretty darn hot! But at 212, it is boiling and making steam!!! Only one degree, but there is quite a difference. While hot water is nice for taking a shower, boiling water has more potential. You can use it to cook, or to run a steam engine.

I bet you are wondering why I am making this point. The point is - one degree makes a huge difference...just one. Take a look at your business right now. Are you getting all the profit you want out of your business? Do you have efficiencies in place that allow you to enjoy that profit?

No matter how good you are at technology - or how happy you are with your business - there is always room for that extra degree. That one degree that takes your business from hot to steaming!!

There is absolutely no doubt that you will get one great idea from this book that will make you $$THOUSANDS$$. You can get the book today in digital form. In about 4-6 weeks, you will get the printed book. All for the price of the printed book alone.

Imagine what it will be like to have the book on your computer as a resource when you have a question. With the click of your mouse, you can bring up the chapter that covers your question in an instant...NOW! Then, soon you will be able to carry the book around with you - making notes in the margins and highlighting the passages that you plan to implement into your business.

Why are you still reading this blog post???

Haven't you placed your order yet?

Right now - you can get both the digital download of the book - instantly!

And the printed book in about 4-6 weeks at the low price of $19.95.

Get busy!

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Can your agent write???

Posted on May 16, 2009

If you spend any time looking at the MLS, you know that many agents can't spell - much less craft a complete sentence or an accurate description of property they have listed.

Realtor Writer Sellers have every right to demand that a prospective agent submit writing samples. After all, the listing agent is applying for the position of "Marketing Manager" for the seller. Any marketing manager understands the importance of writing clear descriptions that call potential buyers to sit up and notice.

Since 87% of today's real estate buyers cruise the internet prior to contacting an agent (according to NAR's statistics), we can assume that the words we use have the power to attract those buyers to purchase. The Mulitiple Listing Service is no longer a place for agents to describe their listings to their colleagues. It is a much more powerful force in the dynamics of selling real estate.

In fact, as I think of the future buyers of property around The Woodlands area and the Greater Houston area - I visualize the pleasure they are getting while looking at property descriptions and actually creating a fantasy about how it would be to live in those homes they are viewing.

Since NAR also says that today's buyer looks on the net for 6 months before they are ready to purchase, I would suspect that they have been living in a fantasy written by creative writers for most of that time. If your description of a sellers listing is "ho-hum", these "would-be buyers" are not spending any time looking at your listing. By the time they are ready to call an agent, they have trained their eyes to only consider houses that are accurately and colorfully described.

It takes some pretty good description to entice today's buyer. If sellers really want to maximize their equity, they will demand writing samples from any agent they consider to represent them.

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More Blog Entries

Houston area water - Clear as MUD!!! - Posted on May 2, 2009

Are You Afraid of Being Yourself? - Posted on April 28, 2009

What do you notice every day? - Posted on April 9, 2009

People Magazine Features Kathi Frank - Posted on March 17, 2009

Video Real Estate Update! - Posted on March 16, 2009

Montgomery County Emergency Notice - Posted on March 16, 2009

Is Your Agent "just" Competant??? - Posted on March 16, 2009

Not a bad idea...keep all news Good News! - Posted on March 9, 2009

Today is a day to garden! - Posted on March 7, 2009

Secrets of How Rich People Think - Posted on March 6, 2009

Designated as an ePro - Today! - Posted on March 3, 2009

Today - we begin! - Posted on March 2, 2009

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by Kathi Frank