How Technology Is Enabling the Real Estate Process

| April 8, 2020

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Almost everything right now is shifting to a virtual format. One of the big changes we’re adapting to is the revisions to the common real estate transaction, which all vary by state and locality. Technology, however, is making it possible for many of us to continue on the quest for homeownership, an essential need for all. Here’s a look at some of the elements of the process that are changing (at least in the near-term), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.

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Westbourne Constructions Pty Ltd

Westbourne is a specialist residential apartment builder of quality apartments. We have a reputation for on schedule and on budget completion together with a comprehensive after sales service delivering a seamless transition to the new owner and/or occupier.

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REAL ESTATE TECHNOLOGY

Should Your Real Estate Client Sign An Appraisal Waiver?

Article | August 11, 2021

Real estate professionals sometimes have to answer a buyer’s questions about appraisal waivers. What are they? What do they mean? Is it a good or bad idea for the home loan applicant to sign one? If your client is applying for a home loan, signing an appraisal waiver does not mean that the home won’t be appraised. The lender will insist on an appraisal, to ensure that they’re not lending more money than they can expect to recover if they foreclose on the mortgage. An appraisal waiver is a document loan applicants sign to tell the lender that they’re waving their right to receive the appraisal report at least three days before the loan is consummated. In rare cases, a real estate professional might have to draft an appraisal waiver letter. In that case, the letter should include the name of the applicant, the address of the property, and, if applicable, the number of the loan application. It should state that the applicant knows about the right to receive the appraisal report at least three business days before the loan is consummated and that the applicant waives that right. At no time does the applicant waive the right to receive an appraisal report.

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REAL ESTATE TECHNOLOGY

Why Building Lifetime Engagement is Critical for Your Real Estate Business

Article | August 11, 2021

You may have heard the often-cited National Association of REALTORS® (NAR) statistic that 90% of homeowners would use their real estate agent again, but only 12% actually do. What you may not know is the reason behind it. According to Chris Stuart, president of PLACE, Inc., the real estate industry spends more on customer acquisition than any other industry but doesn’t invest the same amount in customer retention. The numbers back him up, with companies like Southwest and Marriott spending less than 3% of their marketing budget on customer acquisition, while the real estate industry spends a whopping 20% of its marketing dollars to add customers, only to lose them as they leave the closing table. Of course, retention in real estate is made more difficult by the fact that the average time between real estate transactions is five to seven years, not just a few weeks or months as it would be for retail or travel companies. Looking at other industries that focus more on customer retention, they do so not by offering a host of random services, but by creating a customer experience that brings people back over and over. With that in mind, here is a tactical approach that will allow you to prove your value month after month—for years to come.

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8 Tips for Selecting the Right Real Estate Agent

Article | August 11, 2021

If you are in the market to buy or sell a home, the first decision you will need to make is if you plan to go it alone or if you decide to hire a real estate agent. There are many reasons why it makes sense to have a licensed real estate professional on your side. We won’t get into them in this article, but stay tuned to The Cyr Team Blog for more helpful real estate tips and information. Assuming you decide to hire a real estate agent, the next step is to determine who you want to work with. Selecting a Realtor® shouldn’t be about picking the first name you see on the nearest bus bench or shopping cart. It’s a decision that warrants a fair amount of thought and consideration. Hopefully, the tips below will help you in finding the real estate agent (or team) who is right for you.

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COVID-19 may advance trends in commercial real estate

Article | August 11, 2021

The coronavirus outbreak has quickly put the economy into turmoil. While many businesses are struggling to keep up with the drastic changes in the market, the commercial real estate industry may have some bright spots despite obvious uncertainties. The COVID-19 outbreak in the U.S. is expected to advance trends in commercial real estate that were established in the market before the global pandemic. Of course, the industry is facing some difficulties, but these are currently projected to only be short-term. In response to the coronavirus outbreak, the NAIOP Research Foundation is suggesting an increase in demand for both industrial and office sectors.

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Spotlight

Westbourne Constructions Pty Ltd

Westbourne is a specialist residential apartment builder of quality apartments. We have a reputation for on schedule and on budget completion together with a comprehensive after sales service delivering a seamless transition to the new owner and/or occupier.

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