Tag Archive for: Gerchick

I work with a number of Investors.  All different levels. Why do I say this?

 

I receive a number of phone calls from “beginning” investors.  My very personal philosophy is that we all started somewhere. I receive and do ESCROWS with cross agents that have never sold multifamily as well.  I still believe that we all started somewhere.

When I started in the business 24 years ago; there were a number of people that helped me along the way.  I am always thankful for this. Anyone that knows me knows that I feel that it is my personal responsibility to give back.  I love educating not only my Investors but also other agents. I am currently in two escrows that I am helping the other agent understand what they need for their clients.

This does not mean that I do not represent my client correctly, but what kind of an Broker would I be for my clients if an Escrow would fall apart simply because the cross agent needed some basic guidance.  I guess that it is the Mom or now also the Grandmother in me!

This year promises to be outstanding for investors.  Every city in the Phoenix market is exploding with growth.  The companies that are relocating from California (I wonder why?). The people that are moving here due to the job growth.  The housing market is not keeping up. All of these factors not only are indicative of our market but also the growth in the rental prices and the lack of good units for tenants.  EVERYONE of these factors lead to a rich investment environment.

I am dedicated this year to be even more responsive and more on top of the growth of the Phoenix Market.

As one of my Investors, here is your job-call me and lets get you on your path.  READ the emails that I send. GET educated on our market and also how to evaluate the properties quickly and efficiently! 

I will be attending an in depth market update in about 10 days.  You really want to watch for this update from me as it is a GREAT yearly event that I attend so that I can be as effective for you as possible.

Remember that I answer by phone and look forward to seeing your success.  Your success is my success.

Have a GREAT day!

Linda  602-688-9279

This is the time of year that I set my goals and what I want to accomplish by quarters.  Anyone that knows me well knows that I take this time to reset the batteries. I have done this and have great plans and some of them include my investors!

First, I am attending in the middle of January a market update that will include 4 different leading economists for the Phoenix Area.  I will be sending you an in depth market update towards the latter part ofJanuary-so STAY TUNED.

I have given careful thought to the next.  First, I am offering the videos of the Legacy Seminar at a discount this weekend.  I really want you to go through this. I am also offering my book (which is a great add on for $50.00 this is a discount of almost $50.00.  You will need to send me a check for $50.00 and I will mail it to you-no matter where you live.

Here is the BIG news.  In November, I spent three days developing a trailing twelve spreadsheet and it is done.  I will be giving an advanced seminar locally (yes you can fly in) on how to do a trailing 12. This will be given on Saturday Feb. 1, 2020.  I will also be going over how to prepare the rent roll and the importance of this. If you own property or even sell this type of property-you need this. This will be limited to 25 people. Cost will be $500.00 per person-call me for couples discount.

This may sound like a sales pitch-it is not.

I wanted to keep everyone up to date on what is happening.  Education is the key to good and smart investing! Please don’t pay thousands of dollars to the so called real estate gurus! Use this money for your down payments.

I will also be introducing some new vendors after the first of the year so this should help round out your real estate team and give you more choices.

So as the bumper sticker says “sit down, hang on or be left behind and remember that I answer my phone!  602-688-9279.

HAPPY NEW YEAR and make it a good one!

Linda

How much time do you have left?

Recently one of my friends asked me what I want to do for the rest of my life.  The other item that I was asked was would the people that you spend your time with, would they come to your funeral?  Maybe this is a bit morbid but think about it. Are you wasting time and energy on unimportant items. Or giving your energy to people that really don’t care or want to care about you?

Here is a way to look at it.  I will be 64 in a short period of time.  Let’s say that I live to be a hundred.

Suppose I see my kids that live her once a week. This means that I will see them for 1,872 times.  Not enough for me.

The kidis that live out of state (2) of them I see about twice a year. This means that I will only see them 72 more times.  THEY BETTER move home.

The long and much enjoyed motorhome trip that Tom and I went on this summer means that I only have 36 of these to go on.  I need to plan these trips carefully as there is so much that I still want to see.

I want to spend my time with my Clients that I really enjoy and that together we can be successful.  How many more meetings will we have?

This is a short but very important blog today.  Put a high value on your time and energy. Make each and every day count.  As you get older the time goes faster and faster. Do not wake up and realize that everything you wanted to do has passed you by.

MAKE your bucket list and knock it off!  I am collecting stamps from all of the National Parks.  I just started this recently and have many more to go! I am collecting stamps from the different States of this GREAT Country and I have more to get!

Stop and look at the sunrise, I did recently and marveled at how beautiful it was.  My day was great that day and I demand more of these!

Have a VERY MERRY CHRISTMAS!

Remember that I answer my phone and value our relationship,

Linda 

602-688-9279

The definition of relevant is being connected  with the matter at hand. This goes hand in hand with my thoughts of goals and staying on the path to attain them.

First and foremost it is important to state your goals. IN WRITING!

Every year I personally write a business plan.  On this plan I include both my personal and business goals. I not only do this for the coming year but 5 or even 10 year goals.

Years ago, a mentor sat with me to do this.  Here was and is my “Kodak” moment or take away from this life changing lesson for me.

If you write a business plan once a year a thought could be that you have goals that may or may not be realized?  So you have one chance a year to make an error. 

What if you wrote a business plan once a month?  Then you have 12 chances a year to reach your goals?  What is you wrote 52 business plans? Or 365 business plans? Things change with yourself, the economy and a myriad of other factors. So instead of writing a business plan once a year and failing by something changing, shorten the time distance.  Keep in mind your yearly or longer term goals.

I actually set m 5 year goals this time of year.  Then I lay down my path for the coming year. The next step that I do is think about what I want to do each quarter.  In addition,monthly goals are laid out.  

Once I have this, then weekly goals become easier to visualize. I actually write a list on a daily basis of to-do items.  I follow it. I do it.

Do not think that any of this is easy, it is not. I use the tools that I have developed over the years to stay on track.  You might use a legal pad or a spreadsheet. Some people actually use their calendar. In today’s world with the calendars being online, it becomes easy to write and then move the tasks or goals to the next day if you did not complete the item.  

I cannot stress how important it is to WRITE the goals down.  Sharing them with someone makes you more accountable. Sometimes only to yourself.

My sister told me one time that if she could not sleep due to things going through her mind that she would keep a pad next to her bed and write them down. This cleared her mind so that she could wake to her “list”.

It doesn’t matter how you get to the goal, just get started. This will keep you relevant to the life that you want to lead.

Remember that I am here to not only help you reach your goals but help you stay on track and REACH these goals!

Call me I answer my phone!  602-688-9279.

 

Linda

Cell Phone, Texting and Follow-Up-How IMPORTANT are these items?

One word VERY!

If Sellers knew how little follow through their listing agents did-they would FIRE the agent.

If Buyers or Sellers knew how important it is to follow up with emails or signed written documentation, they would be shocked!

It should go without saying the Follow Thru is so critical!

If you call me or leave me a message, I either answer or call back.  One of the most common comments that I get is “You answered your phone!” or “You called me back!”.  Guess what my answer is – “Well you called me!”. 

Quick story, over 22 years ago I answered a Real Estate call on a Sunday.  The Client had called more than a handful of agents and I was the only one that called back.  Guess what Tom and I have been together for over 22 years. Yes, it was Tom that called for Real Estate.  The family joke is that I ran his credit and he found me in a newspaper before we could date. Later raise all 4 of our combined kids and now the next generation!

Even today, I pick up my phone and answer or return voicemails. Other agents are pleased.  In fact, so many listing agents do not even respond to agent inquiries that it is unbelievable that any listings get sold.  One agent called me last week and his comment was,”Linda, I knew that you would answer your Phone.”.

I see in the private remarks of Listings – DO NOT CALL ME only use text.  I would fall off my chair if I was a Seller and saw this! Are you kidding me?!! 

Remember that as a Buyer or Seller that emails do not count to amend a contract!  Only the signed documents work! Signed by both parties! However, when a phone or text conversation is done follow through with an email to confirm the conversation.  

I was actually taken to court by a client that alleged that I did not communicate.  In a six month time period there were over 4,000 emails. The client NOT prevail as all allegations were well documented and certainly communicated.  As the market was at the bottom and the client felt that they could collect from an insurance company, it was proven to be negligent and they went on their way.

Reputation is everything and it should go without saying that follow thru is the key to success.

I work hard and remember that I do answer my phone-just call me!  Leave a message or text me!

602-688-9279

Linda

First and foremost let me say that if a Seller wants to Sell and the Buyer wants to Buy, it is the first priority to make this happen.

One of the most common errors that I see Real Estate agents do is say that their Buyer or Seller won’t do this.  My response is-have you asked them? I should be clear that my philosophy is that it is not my property or my money and therefore not my decision.  Even if I believe that my Client will or will not do something, I do not sleep in their bed nor live their life. What they may or may not do yesterday can change today. 

Another issue that I come across so very often is an Agent that can only negotiate in a VERY hostile way.  What happened with discussing our issues and seeing the best win win for everyone?

How about texting or emailing incessantly?  So often by picking up the phone a quick conversation can solve all ills.  You can always follow up with an email for confirmation.

Remember that ONLY a written word form the Buyer or Seller can alter the terms of the Contract.  So often I receive an email from an agent stating that this or that is going to happen. Even if acting on the Client’s direction, again only the written work prevails and only if signed by the Buyer and Seller.

How about the Listing Agents that place in private remarks-only text me do not call me.  Really? If the Sellers knew that their agent was putting this out there, I wonder if this agent would continue as the listing agent.

I also want to reiterate that choosing a Broker that answers their phone and is responsive to emails and texts is so important.

So on to Broker to Broker relationships. If there is a choice, wouldn’t you rather work with an experienced person in whatever business that you work in?  How about one that you have had a positive experience with versus an unpleasant one?

Many Commercial Brokers experience the very unpleasant experience of an agent that is primarily a residential agent trying to do a commercial contract with little to no experience.  What a shame for the Client. I have asked for rent rolls and the Agent has NO idea what this is.

So often when Commercial Brokers list a property, the first email goes to the Broker List that they have worked with.  I know that a number of Brokers look for my listings as I not only update the financials every month but actually include all the relevant due diligence under the documents vault.

I can assure you that if two Brokers (even if they are friends) are cross agents, they absolutely will represent their respective clients correctly. That is our job. A true professional knows that even if the contract becomes adversarial that this is business and not personal.

These transactions can be difficult and it is a shame that so many agents make them harder than they need to be.

How about that even experienced Brokers can learn from each other?  Isn’t this what the world is supposed to be about?

Remember that I answer my phone and welcome your discussions.

Have a great week!

Linda 

602-688-9279

Toughness or maybe just Perseverance is an Essential Ingredient for Success 

Almost every leader, entrepreneur and manager wants to have and hone the qualities that contribute to and best predict success.  For example, most leaders want to demonstrate the qualities of confidence, organization, selflessness, structure, humility, and conscientiousness.  But, in excess, even the best leadership qualities can become flaws. Someone who is too confident can become arrogant. A person who is too organized can become obsessive.  A person who is too selfless can become a people-pleaser. A person who is too structured can have trouble being creative. A person who is too humble may not be able to inspire others to follow.  A person who is too conscientious can become neurotic. However, there is one trait that every leader should have in as much abundance as possible. That is perseverance and passion for long term goals.  There doesn’t seem to be such a thing as too much of this. The more perseverance a person has, the more they press on in the face of adversity. There is no downside to it.

Perseverance is a key trait – or combination of traits – that is absolutely essential for success. People with perseverance usually demonstrate courage, resilience, conscientiousness, follow-through, and excellence in very specific ways.  A person with perseverance usually has a goal he/she cares about so much that it organizes and gives meaning to almost everything he/she does. Best of all, perseverance is something that can not only be learned, but also something that tends to increase with age.

How to Increase One’s Perseverance

According to Travis Bradly in his article entitled “11 Signs You Have the Grit Needed to Succeed” published in Entrepreneur, “Developing perseverance is all about habitually doing the things that no one else is willing to do. Right there explains why many people lack perseverance.

Top 10 Ways to Help Increase Perseverance

  1. Work twice as hard as everyone else.

Many studies show that while talent is important, effort is more important.  In fact, it counts twice. Consistent, solid effort and focus on a particular goal is much more important than intellect or talent in achieving that goal.  People who are highly-successful are known for working long hours and really focusing their energy and time only on tasks that further that key goal. Warren Buffet, the self-made multi-billionaire, spends most of his day most every day focused on reading and studying the financial statements of major companies.  He cuts away all of the tasks that don’t add any value to his goal of investing in the best companies. It is reported that he has a three-step process for prioritizing.

  • Step 1:  Write down a list of 25 career goals.
  • Step 2:  Then consider which, from the list, are most important.  Circle those.
  • Step 3:  Look at the 20 career goals not circled.  Avoid those at all costs. Those are just distractions from the five highest-priority goals on the list.

Call it ruthless prioritization or call it focus, but it certainly has worked for Buffet.  One more step to Buffett’s process for prioritizing. I believe that most successful people are successful because they find a common purpose among their top goals, and that becomes the “ultimate concern” or the compass goal that guides all their activity. In the case of Steve Jobs, for example, his ultimate concern was to create a company that helped people to “think differently.”  The computers, phones, and pads that Apple sells are all just tools to help people think differently.

  1. Make a lot of mistakes.

To err is not only human, it is good.  The ability to fail, try again, fail, try again, fail, try again (you get the picture) — all without a moment’s pause – helps build toughness.  Some people lack the confidence and self-esteem to fail repeatedly and not feel discouraged. But those who can – who can fall off the proverbial horse or bike and get back on again and again — increase their perseverance.  The more willing a person is to try things that sound crazy or ridiculous — and may look foolish – all for the sake of achieving a goal, the more perseverance increases.

  1. Press on even when feeling vanquished.

Tough times come to all.  No one can be in business for long without facing adversity or trials.  No one can try to create something new without having setbacks. It is when all seems lost or pointless and things are most bleak that it is important to persevere.  Press on despite a deep desire to quit. Consider it a ‘perseverance muscle’ that must be exercised in order for it to become stronger.

  1. Make tough decisions that everyone else avoids.

No one wants to deal with difficult situations.  Reprimanding a subordinate. Hiring someone that no one else thinks is a good fit.  Shutting down a project or company that is clearly not going to work long-term or big picture.  Having both the insight and metal to recognize when something difficult must be done and then doing it fosters toughness.  It’s not fun, but it is vital.

  1. Shut out fear, doubts and negative self-talk.

There is enough fear and doubt that can creep in without anyone feeding it.  A person who wants to succeed must therefore ensure that such negative influences are shut down or kept away as much as possible.  Negative people must be distanced or removed. A person with toughness will not allow the negativity of others to bring them down, and they won’t allow negative thinking to infiltrate their minds.  They cast out fears and doubts, and focus on the goal even when no one else is on board or believes.

  1. Trust your intuition.

Intuition is about relying on one’s collection of all subconscious experiences.  It’s basically a catalog of a whole lot of information that the mind has gathered for an entire lifetime and then created shortcuts to access.  They are insights that aren’t immediately available to the conscious mind at a given moment, but are all things that were learned and felt at some point.  It’s often referred to as a gut feeling. People who want to increase their toughness need to trust their gut in situations in order to hone that ability to access all of the collective wisdom in the unconscious mind.  Many people are hesitant to trust their gut, but as people age, they learn to rely on intuition more so.

  1. Be patient and willing to delay gratification.

In a multitude of studies, it’s been shown that people who are patient and willing to delay gratification now for a better reward later are usually more successful.  This is a sign of toughness. Those who can exercise their need for immediate reward help to hone this “patience muscle.”

  1. Stay the course even if no else believes in the vision.

A vision statement is a statement of words describing where and what an organization wants to be in the future. It usually remains unchanged for many years. But often leaders may have a vision of where they want to go, but don’t have the support of the organization.  Simply put, they may not believe in the vision. Case in point. A new CEO was brought in to turn Borders Books around when the company was struggling to recapture market share lost to Amazon, Walmart, and others. However, the CEO was unable to gain the support of the organization and eventually the Board of Directors fired that CEO and hired another, and then another.  No CEO could stay the course because not only didn’t the employees believe in the vision, neither did the Board. Eventually, Borders went out of business. It is easy for lack of support to undermine and eventually quash any goal. Only those who are willing and able to move forward even if no one else believes will ultimately succeed. That tenacity builds toughness.

  1. Over-deliver on promises.

According to a study by BBB/Gallup, when asked what CEOs could do to improve trust, 72% of respondents to one survey said, “Do a better job of keeping your promises.” Another study found that 40% of consumers who had received a promise from a business in a given year felt it was not delivered, and of those 62% experienced multiple broken promises from that same business.[8] It is not unusual for companies and its leaders to not deliver on promises.  But the most successful people – those with a lot of perseverance – make sure to over deliver.  They believe that if you promise the moon, you deliver it with a handful of stars so they can shine in the customer’s eyes.   Delivering on promises means doing what you say you are going to do when you say you are going to do it. Following through on a commitment, small or large, helps build trust each time. It also helps to build toughness.

  1. Care about the details, even when tired.

Often, business leaders are big-picture thinkers who have a low tolerance for details. They’re very clear about where their visionary journey will take them, but they may neglect the finer points and details.  But the most successful people think strategically and also pay attention to detail. They don’t let big-picture thinking stop them from caring about the small stuff. Paying attention to the details is often what delivers a competitive advantage.  Certainly Apple’s attention to detail is what made its computers worth the price tag. Those who care about the details, even when tired, are those who build toughness.

In sum, these ten things can be done by anyone who puts their mind to it.  Anyone can be tough with a little extra focus and effort. Or, if a person waits long enough, it is likely to develop with age if they have become or are willing to perseverance to the goals that they develop.

First, as yesterday was Verteran’s Day and Canada’s Remembrance Day- I WANT TO SAY THANK YOU FOR YOUR SERVICE AND I TRULY MEAN THIS. 

If a Buyer wants my full attention, this means that as a Broker, the Buyer will only be working with me.  Working with multiple experienced Brokers will NOT get you the best deal. I can assure you that this means that you will slide down the order of priority. A beginning agent may take on a Buyer that is not committed to them but not any successful Broker.

If I commit as well to a Buyer, I can assure you that I will dedicate the time to this Buyer.  Ask my Buyers and they will tell you that I am continually sending or calling information on properties to them.

I have spent 23 years in the business working REALLY hard.  Lots of people say they work REALLY and many do. I have developed not only Broker-Broker relationships but a battery of referral partners as well.

 I have vetted MANY referral partners and continue to do this as we speak.  My goal is to continue to offer the best of the best!

Time is one of the most valuable commodities  and I expect that everyone would agree with this.

A Buyer Broker agreement is a bilateral contract between and Buyer and myself.  This is a fully enforceable contract. Anyone that chooses to work with me and take advantage of the deep resources and knowledge that I have will need to sign this.

I work hard for my buyers and in doing so want to insure that the any Buyers are as committed to me as I am to me.  This will also include a non-disclosure agreement. Why? So that if I sign one to obtain information on the Buyer’s behalf, the Buyer has already agreed to the confidentiality of the information. Also, this protects the information that I send to Buyers including the referral sources that I share.

I spend real dollars on my Buyers.  Tracking reports and searching for the best properties that fit their needs.

IF the Buyer wants to work with multiple Brokers over the next few weeks, I will be speaking with each of my Buyers and discussing this personally.

Please feel free to call me. The market is increasing and I am here to ANSWER my phone.  BTW, do you realise how many agents are now putting in the private remarks-DO NOT CALL ME ONLY TEXT! What is this world coming to?

602-688-9279

Linda

During the Escrow process, the Buyer should and probably will do a physical inspection of the subject property.  This is the Buyer’s right.  

The Seller’s responsibility is to make sure that the Buyer has full access to the property.  Also, the Seller MUST insure that ALL utilities are on. If these two items are not done, the Seller needs to understand that they may be responsible for the cost of the re-inspection.  If there is any challenge to unlocking a door, the Seller or Property Manager should have either a locksmith or a maintenance person to drill the locks onsight.

Once the Buyer’s Inspections are complete, the Seller will receive a copy of the inspection report(s). The Seller needs to review this report carefully.

There are two reasons.  If the Seller has paid for items that are noted on the report, they should go to the vendor and make sure that these items are taken care of. 

The second and probably most important is that now the Seller and the Broker has material knowledge of the items that have come up on the inspection. 

If the Property falls out of Escrow, the Seller MUST update the Seller’s Disclosure Statements as they now have the knowledge of the problems.  

If there are Health and Safety concerns noted, the Seller is now at risk if these are not handled ASAP.  If a tenant or anyone is harmed due to this neglect, the Seller could very well be held responsible.

If there are material facts that are uncovered, the Broker is under legal responsibility to disclose these items to any potential Buyer.  

Again, if the Property goes back on the market, the immediate needs should be addressed and can be disclosed as such.  This will make the likelihood of the next Escrow successful.

This is one of the main reasons that I personally walk every unit when I list a property and many of these deal killing issues can be taken care of before the Escrow thus ensuring a successful closing.

Remember that I answer my phone! 602-688-9279

Have a GREAT week!

 

Linda

When a real estate Agent in Arizona obtains a real estate license do you realize that in less than 21 days this person is licensed to practice real estate law?  

It is clearly written that no one is supposed to practice outside their scope of expertise.  What this clearly means that if the agent is not trained in an area of real estate that they either refuse to do this or refer this to an agent that is versed in the type of real estate that the client wants. If this is not done, then the agent is to obtain in writing from the client that they are not versed in this area.  

The agent should NEVER do this without the Designated Broker’s written permission. NO Broker worth their salt would allow one of their agents to work outside of their expertise.

Many agents have their heart in the right place but many “see” the commission as a driving factor. I can assure you that working for months on a deal and then it falls through really is painful. MORE painful is hurting the client or their interests. I am one of the few commercial Brokers that pay a referral fee to another agent and hopefully do the Client justice and the other agent maintains the reputation of taking care of their client.

The difference between selling a house that is an owner occupied sale and a tenant occupied property is really night and day as well.

One of the reasons that I have been so very successful with fourplexes is that I have treated these small multifamily properties the same as a commercial sale.  Agents sometimes feel because this is commonly written on a standard residential contract that this is handled the same as a single family house sale and this is so far from the truth. The FORMS that are used I actually assisted AZ Association of Realtors with the form.  In the forms committee there was me and the attorney for the association. They call me the Fourplex Queen for a reason.

I am in Escrow with an assisted care property, the agent is clearly a residential agent and it is sad.  Not6 only am I working harder but the BUYER really wants to buy the property and the agent’s inexperience is clearly getting in the way of the deal.  Last night my Seller even said to me that it is clear that the agent is inexperienced and it is too bad.

I was speaking to a group of residential agents recently and one held her hand up and said “Well I just did a commercial lease for my hairdresser!”.  I replied that I was sorry for their hairdresser. Why? The agent had no idea what the lockout clause was or what CAMS meant.  

I had aDesignated Broker come to me to look at a commercial lease for him.  He did not have an inspector look at the mechanicals (Air conditioner etc.). I asked him when the Tenant was moving in and he said in about two hours. In the lease,  it stated that the Tenant was responsible for the mechanicals. Guess what? The next day the 20 ton air conditioner failed. How much do you think a 20 ton air conditioner costs?  A LOT!

I could go on and on about the ins and outs of commercial real estate.  Here are the facts-use the type of EXPERIENCED Broker for your deal. I am a BROKER (higher level of license), I am a CCIM (Certified Commercial Investment Member) and I have a depth of experience with MultiFamily and Assisted Care.   

 

There are some areas of Commercial Real Estate that I refer to another Broker.  I cannot be a jack of trades and master of none!

 

Remember that I answer my phone! 602-688-9279

 

Have a GREAT week!

 

Linda