REAL ESTATE AGENTS --- GO CREATIVE WITH SELLING STATEMENTS

A cooling real estate market may trigger creation or re-creation of sales techniques from real estate agents. Ideas flutter since it is not as easy to sell as before. With properties staying longer at the market, it seems necessary to appeal more to the buyers.

One of the techniques used lately is injecting some pleasant prose into house descriptions. Some agents are going poetic in what could have been a direct-to-the-point sales talk.

What used to be floor-to-ceiling windows are now described as expansive windows for breathtaking views of greens and sunset. The driveway is now a manicured path with a welcoming feel. The high ceiling is now a magnificent rise of space. What used to be a two-storey property in the city is now an enticing two-storey dwelling smack in the heart of bustling city.

This adjective-filled sales technique is finding its use among the most dynamic real estate agents. The purpose is to entice the same buyers, the same market but through a higher level of creativity and persuasion. These adjectives create a picture of different properties. And not only do they describe --- these words skipping out endlessly are used to capture attention and later on, close deals.

Resorting to more eye-catching phrases may just make a difference to the inventory of available houses. A real estate agent has to compete with more factors, and the buyers are harder to please compared to two years ago, when the demand for houses was just so high. Drab descriptions and unimaginative styles may not stir any attention now.

Resorting to various methods and adding a sense of creativity may pull off some tricks. A property in this and that area does not seem close to a splendid estate with lavish lawns and serene views. And the only difference were the adjectives.

FINDING YOUR REAL ESTATE AGENT

For some, finding real estate agents may just spell additional cost. But others still prefer the services of real estate agents for professional help in coming up with better deals.

Finding a real estate agent, a good one, may be a bit challenging. If you want someone entirely capable of assisting you and making the transactions go smooth, pay attention to these tips.

Referrals – ask your friends, family and lender for referrals on real estate agents that you could interview. Your lender can give you sound referrals since they may have transacted in the past.

Experience – in scouting out your agent, one of the first questions you would ask is their scope of experience in the business. The wider the scope and the longer they have been in business, the more familiar they are with the trends, the decisions to make, and which persons to approach should you need their assistance. Experience may also make them qualified based on which houses they have sold. It would be better to pick someone who has sold more similar properties. You can simply ask for samples on the deals they have closed.

Strategy – go for agents with a clear idea on how they could market your property. It’s not enough that they include you in the multiple listings. Ask them what kind of strategies they usually do in coming up with good deals. Do they allocate time to drive interested buyers to your property? What would they do to catch the attention of different buyers?

One Contact – be sure to ask your agent if they would handle all aspects in the negotiation. Some just delegate some parts of negotiations to somebody else, like in the closing of deals. Remember, you want the same person in the entire negotiation. It would be better for you to have one contact to call especially when things go wrong.

In interviewing possible agents, let them explain their services and corresponding fees. It is important to ask for sample contracts for you to review.

By talking to these agents, you will sense the kind of negotiating skill they have, and from there, you can definitely pick the agent that suits your needs the most.

Tony Sena of www.wannanetwork.com is a full service real estate agent specializing in relocation to Las Vegas. Tony has lived in Las Vegas for 29 years and is a former Henderson Police Officer. Find out more about Sena and Associates at their online profile: http://www.wannanetwork.com/VegasRealEstate

All Sunny in Vegas

If shown a photograph of women in bikinis and bare-chested men wearing only a pair of surf shorts, one would most probably connect the image to a city in California or Florida.

Both states have had the reputation of being sunny, in a fun way. Vegas sunny, on the other hand, is perceived by many to be scorching and, therefore, is less attractive compared to California’s sun, sea and bikinis, but not exactly true. Las Vegas’ climate is pretty steady. And it is not vulnerable to natural disasters, such as earthquakes, forest fire, mudslides and hurricanes. Many people have realized this and have moved to Las Vegas, not because they want to gamble their life’s earnings. Real estate market studies place the relocation rate to Las Vegas from California around 40 percent. About 17 percent of these migrants say they like the place while some 13 percent foresee better life in Vegas.

Considering that taxes are among the civilized world’s heavy burdens (apart from an obnoxious employer and a bad marriage), Vegas has fewer of them than other areas. There is no personal income tax, state income tax, inheritance tax, gift or estate taxes.

The National Association of Realtors (NAR) reported that a recent slowdown in the housing market has resulted in slower price appreciation and more affordability. While home prices will grow, NAR said increases will be slight. The group expects the national median house price to be around $231,000 for existing and $242,000 for new units. Given this scenario, now may be a good time to look at listings in the Vegas area for the new home you have been wanting to have. Strike while the iron is hot, or in the case of the housing market, strike while the market is still cold.

Investing in Real Estate

Real estate will always be one of the surest investment bets, no matter what type of market you are in --- as long as you take time to fully understand the market. There are two ways of thinking about Las Vegas right now. Some think the city is on an uptrend, others say it is going down.

There are favorable situations when to make a purchase which you can flip for a very high profit later. In rising markets, you can’t really find bargains because with this set-up, demands are high and price rates are also high. Whereas in falling market, prices are going down due to varied factors, and therefore that’s the time you can come up with bargains.

It is very important though that you get a good discounted bargain when you purchase the property… and still be able to assess that the property’s true value can guarantee a high profit later. The idea is, you can bargain for the lowest but, if the property is not that attractive even if the demand is quite high, it would still stay at its low price rate.

An investor’s main concern is how to limit the risk upon venturing into real estate deals. The key tool for this is definitely gathering as much information as you can get. The best way to arrive at sound decisions is to learn as much as you can --- may it be in a global, national, or local scope. Or better yet, you can consult a real estate professional. Take time to learn the movements in the market and understand the specific community you are in. The market is affected by varied factors and you can be successful if you understand those top factors that you should weigh.

These professionals would help you interpret fluctuations, trends, price rates as compared to previous years, and they can even make more sensible predictions as to where the trend is going.

Investing in real estate would require a strong pocket and also a very strong heart. But once your location and timing are working, the money you have invested may gain few-fold over time.

Lake Las Vegas Development

A mid-rise community called Galileo will soon be built in the North Shore. Fountainhead Co. is projecting a $220 million expense for this venture, and is envisioning a start by early of 2007.
The plan features, nine mid-rise buildings are two to four stories high. Located next to the Hyatt Regency, it features a Jack Nicklaus-designed golf course and Tom Fazio-designed course at both sides. The first phase of the project consists of 102 units, a two-acre lagoon with waterfalls, a central pedestrian plaza, and a bell tower.

Luxury mid-rise condos have grown in number especially around May this year. Among 11 proposed mid-rise projects, only three have seen completion. According to John Restrepo, principal of Restrepo Consulting Group, mid-rises have a promising future to them.

Projects are continuously mushrooming in the area. In northwest Las Vegas, Huffman Builders West will also build a 300,000-square-foot medical office complex --- the Centennial Hills Center. This will feature 12 single-story buildings, a two-story 60,000-square-foot building, plus a three-story 90,000-square-foot building. Centennial Hills Center is projected to be ready by the second quarter of next year.

Million-Dollar deals have also been closed, signaling more sites for development. Desert Vista Development is a 1.95-acre property at S. Arroyo Grande Blvd., Henderson. The deal was closed at $3.4 million.

Stable Development bought a 2.5-acre land at Horizon Ridge Parkway and Coronado Center Drive, Henderson. It was closed for $3.054 million.

Hotel Furniture Liquidators leased a 64,183-square feet industrial space from SKLV Properties LLC at $1,589 million for 43 months. Pure Essence Laboratories leased another 15,406 square feet of industrial space in Arrowhead Commerce Center. It was a 72-month contract, and closed at $1.015 million.

A slight setback in the real estate boom obviously has not discouraged some developers from what Las Vegas life has to offer.

High-rise Condominiums rising in Las Vegas

High-rise condominiums have become a popular choice in urban Las Vegas. Condominium developers have chosen to construct vertical on residential units because of the high cost of land in the booming Nevada capital.

There are over 80 new high rise pre-construction condominium projects for the downtown Las Vegas strip as more and more people prefer condominiums than any other
dwelling units. Investors are pre-selling two kinds of high-rise condos for long-term residential ownership or condo-hotels for rentals.

Carina Corporation, for example, has developed chains of loft-style condominiums in urban Las Vegas and noted that this is in response to the emerging lifestyle choice of “Generation X’ers” who are influenced by the popular American television series like Friends.

Young professionals prefer luxury condos and places where home and office are one, according to Carina Corporation president Mark Doppe.

Celebrities are also into purchasing condominiums for their use. The Cosmopolitan, Aqua Blue, and residences at the MGM Grand and Platinum are a few examples of this new trend where the condominium units are leased out to vacationers or families when the owners are not in residence.

Another trend in condominium development in Las Vegas is condominium conversion as the market for first time house buyers have expanded and prefer to have cheaper units. Many luxury apartments are now being converted into condominiums to respond to this burgeoning market.

Investors normally spend about $100 to $200 for condominium conversions, definitely the cheaper, economical alternative for single house buyers.

The high market demand for high rise condominiums in Las Vegas proves that the city remains to be one of the fastest growing metropolis in the US.

The downtown strip is marred with condo projects that have fabulous amenities like state-of-the-art facilities, spas, gourmet dinning and resort style pools, conference centers, valet services, and maid services. Takers can spend for as low as $400 for studio type units or millions of dollars for sprawling apartments that overlook the glitzy Las Vegas.

Real Estate Updates

The first two months of this year dawned with weak figures for real estate. But with March, a slow but steady reviving of the market was already felt. Home sales are making improvements now, not as great as last year, but compared to January and February, March brought in a needed shift.

The factors affecting the slow sales noticed on the very start of the year are over-expansion of the real properties on 2004 and 2005 and then, there’s the rising cost of construction. The consumers, being the end-buyers, shoulder the brunt of these rising costs and are therefore charged still with expensive units.

There has also been a decrease in new home permits lately. It has decreased by 5% since last year, an indicator of a slowdown in construction for the year 2006. There was also an increase in the foreclosure rate, up by around 20 percent compared to last year. Expected are more foreclosures for the next months with investors purchasing properties with low cash to sustain the payments.

But now may be a good time to make a purchase, with the situation being a buyer’s market. Good incentives have been offered by numerous developers in the hope of selling their houses in the soonest time. Trying to flip the market to their side, developers are resorting to incentive programs to lessen the high inventory of properties still unsold.

With this trend, the buyer’s market may be short-lived. Buyers may choose to grab all the incentive-filled offers while there’s a favorable shift to their end. However, with stats updates on the steady climb of sales, operations might be back to normal again for most players.

Although a slowdown in construction has been noticed, with some employees laid off… analysts seeing this month’s progress are quite sure that the transition was only a short period. Continued growth is still expected late this year and at the start of next year.