RICHMOND, Va. – April 20, 2018 – Nobody likes getting tax bills, especially homeowners who are burdened with ever-escalating local property taxes.
Last year, property taxes collected by local and state governments rose by an average 6 percent – $293.4 billion in total – almost three times the annual rate of inflation.
But the tax rates you pay are probably very different from what owners pay elsewhere. In Essex County, N.J., the average property tax on a single-family home last year was just under $12,000, according to a new study by ATTOM Data Solutions, a firm that tracks information on 155 million U.S. properties. In West Virginia, by contrast, the average was just $807.
Sure, average home values in New Jersey and West Virginia differ dramatically, as do the effective tax rates imposed by local governments to pay for the services they provide.
But here’s a question: Is there a link between property tax rates and the rate at which your home appreciates in value? Are areas with high housing costs and tax rates less likely to see high appreciation rates? Do markets with more affordable prices and low tax rates do better on appreciation?
It’s a complex subject. But ATTOM Data’s voluminous property tax files, plus its trove of current and historical home value and price information, open the door to take at least a peek.
For this column, I asked ATTOM to conduct a new statistical analysis, comparing recent appreciation rates and home-value data with effective local property rates around the U.S.
The findings are intriguing:
Homes in areas with the highest effective property tax rates – that is, the average tax rate expressed as a percentage of estimated home values – appear to have appreciated more slowly during the past year and the past five years on average than homes in markets with lower tax rates. Homes in those areas increased in value by an average of 28 percent during the past five years and 3 percent in 2017.
Homes in the middle third of markets, where effective tax rates are more modest, experienced higher rates of home-value appreciation – 35 percent on average over five years, 7 percent during the past year.
Homes in the bottom third in terms of effective tax rates saw values increase faster – an average 42 percent over five years, 5 percent in the past year.
Daren Blomquist, senior vice president of ATTOM, cautions that there are exceptions to the overall trend here, “notably markets in Texas with high property-tax rates but also very strong home-price appreciation over the past year and five years.” Illinois has high tax rates (2.2 percent) yet saw average values statewide increase by 10 percent last year.
As a general rule, the highest effective tax rates in the nation are in the Northeast and the Midwest, with a smattering in Florida and Oregon. New Jersey had the highest overall rate (2.28 percent and an average five-year price appreciation rate of just 6 percent). Connecticut’s 1.99 percent effective tax rate ranked it seventh-highest nationwide. But the state experienced a one-year average price gain of just 1 percent and a five-year average of just 5 percent.
Maryland and Virginia average home prices are relatively high, but their effective tax rates are surprisingly moderate compared with the nation overall. Maryland posted an average rate of 1.03 percent and experienced a five-year, 15 percent average home-price gain.
Virginia’s average tax rate was 1.05 percent; its five-year average gain 20 percent. The District of Columbia is a mixed bag – a below-average 0.65 percent effective rate on an average home value of $789,391, a 1 percent average value gain last year and a 26 percent appreciation rate over the past five years.
California had a below-average effective property tax rate of 0.76 percent in 2017 and a one-year average gain in value of 8 percent.
What to make of these results? The study’s three general conclusions above are noteworthy, but keep in mind that the study’s scope and methodology were limited. Taxes alone do not determine demand – or home-appreciation rates. Multiple combined factors can also be important: local economic conditions, employment and school quality, among others.
But on average, low to modest tax rates appear to be connected to higher recent appreciation. If you’re on a fixed income and looking at potential retirement areas, or you’re a first-time buyer and affordability is key, tax rates may be an essential consideration.
I RECENTLY returned from a trip to Japan. Travelling in that country – especially for longer periods of time – is infinitely easier than it was just a decade ago. One of the main reasons is Airbnb. With a few button clicks on a smartphone or laptop, you can book a reasonably priced, centrally located private apartment with all the furnishings of a well-kept Japanese home.
Airbnb’s success in Japan is due in large part to the government’s far-sighted embrace of the room-rental service. In mid-2017 the government passed a law legalising Airbnb, subject to the approval of local authorities. Japanese apartment owners can rent out their rooms for up to 180 days out of the year – much more than in many other cities.
This leniency is just one factor powering a record boom in tourism: Even as tourism to the US falls, Japan is raking in tens of billions of dollars a year from foreign visitors.
A recent National Bureau of Economics Research working paper by Chiara Farronato and Andrey Fradkin used a simple supply-and-demand model of the short-term rental market to argue that Airbnb has held down hotel revenues, making short stays cheaper everywhere that the company operates. Meanwhile, the company’s revenue continues to increase rapidly.
But not everyone is happy about Airbnb’s rise. The hotel industry is understandably upset about intensified competition. Many cities and their residents are worried that Airbnb and similar services are pushing up rents. The mechanism is simple. Each apartment or house reserved for Airbnb rentals means one less unit for long-term residents. By taking supply off the market, Airbnb could potentially raise costs.
McGill University urban planning professor David Wachsmuth recently looked at New York and concluded that Airbnb listings were rising in rapidly gentrifying neighbourhoods where rents have also been skyrocketing. But this could mostly be a coincidence – travellers may enjoy staying in hip, up-and-coming neighbourhoods.
As evidence that Airbnb is actually driving rent increases, Prof Wachsmuth cites a recent paper by three economists that if a given area is a big draw for tourists, with lots of F&B places, and that if that area receives a sudden surge in online search interest for Airbnb, then any subsequent jump in Airbnb is caused by increased demand from visitors for short-term rentals.
Under this assumption, the true impact of Airbnb on rents would be very small. The effect is so small that in their presentation at the American Economic Association meeting in January, the authors referred to it as a “zero effect on rental rates” overall. This means that the advent of Airbnb probably doesn’t require much of a policy change. Its small impact can easily be cancelled out simply by building a bit more housing. Tokyo itself has done this, with great success.
But the research paper also found that one reason Airbnb’s impact is so small is that most people offering rentals are owner-occupiers sharing their own residences, rather than commercial operators operating fly-by-night mini-hotels. If cities allow the latter, the effect on rents will probably be bigger.
One approach is to do what New York has done and simply ban commercial Airbnb operators. But, given the benefits for travellers, a smarter approach might be to allow commercial Airbnb operation but to tax and regulate it like the hotel industry. Finally, a tax could be applied to commercial Airbnb operations, with the proceeds used to fund affordable housing. Allowing regulated commercial Airbnb operations would allow travellers to enjoy a more home-like alternative to hotels, while mitigating or eliminating negative impacts on locals – a win-win situation. BLOOMBERG
The writer, a Bloomberg View columnist, was an assistant professor of finance at Stony Brook University.
https://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.png00support_8dbahttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngsupport_8dba2018-04-23 14:13:092018-04-23 14:13:09Don't blame Airbnb for rising rents in popular cities
What to Expect as a Beneficiary of a Real Estate Will?
A beneficiary is a person or entity that receives personal property, cash, jewelry or other assets in a will. You may receive some land or property, a huge sum of money, or a specific item (for instance, jewelry).
Being designated as a beneficiary of a real estate will could present certain challenges and rewards. Except in cases where you are the surviving husband or wife where the legal transfer of the relevant property in your name will occur relatively seamlessly and quickly and without any tax penalties, you should know that receiving a real estate inheritance could be a complicated and long process.
It may take a few weeks or even a month for the courts and executor of the estate to divvy up the assets and property of the deceased, including the home. In most cases, the solicitor handling the case would get in touch with you if you are named as a beneficiary. Often you would receive a letter, indicating what the will mentions.
But, keep in mind that at this stage the beneficiary is not entitled to receive a copy of the will unless the executor of the estate gives you permission. An executor is an individual who is responsible for carrying out and implementing all the terms and conditions of the will (often a family member or friend chosen by the deceased).
The will is eventually filed in the Probate Office and becomes a public document which anyone can access. When ownership of the property has been transferred to you, the government might deduct state, federal, and local taxes from your estate in case its net taxable value is greater than a specific amount.
Also, inheritance tax is often imposed when assets are transferred at death, including real estate. The rate of tax depends on the nature of the relationship between the inheritor and the descendant. On the other hand, estate taxes are usually imposed on the property’s value at death. Keep in mind that currently, the federal government charges an estate tax for all estates with a value of more than $2 million dollars.
Moreover, in case you decide to sell your inherited house, it is likely that you will have to pay capital gains tax. The tax is applicable on the difference between the proceeds of the sale and the basis (the acquisition price including any improvements you make less depreciation).Presently, the capital gains tax imposed by the federal government is fifteen percent.
If the relevant property or house is your personal residence and you satisfy some specific guidelines, you may get an exemption from capital gains tax for the initial $250,000 if you are single or $500,000 if you are married.
Also, the property will have to be reinsured, because the ownership has changed. And in a majority of cases, there would be an assessment of the house for real-estate purposes, and it is likely that real-estate taxes on your property may go up.
Real estate inheritance is a complicated matter and may overwhelm you. You can make the process seamless and hassle-free by contacting Title Partners of Florida.
https://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.png00support_8dbahttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngsupport_8dba2018-04-17 16:58:572018-04-17 16:58:57What to Expect as a Beneficiary of a Real Estate Will?
Making it to the top of the competitive real estate market in Miami Lakes, FL is an objective of each real estate agent who wants to make it big in this industry.
However, along the way, you will face many challenges and hurdles that have to be overcome; but the great thing is that a majority of real estate agents have mentors and motivational leaders in their agency who often guide them along the way.
With that in mind, here are some tips that every real estate agent can use to propel their business forward and advance their career.
1. Do not sell
Keep in mind that when it comes to real estate market, in particular, the job of an agent is not to sell. Rather, they should facilitate and coach their clients.
When a person finds out or feels he or she has been “sold,” it is likely that they will resent the salesperson. Rather, it is better to educate, provide advice and keep your clients focused on the financial goals and objectives they have set for themselves. The key is to put the needs and wants of the clients ahead of the needs of the agent.
2. Offer More than One Option
Be a trusted and reliable adviser. You can do this by presenting or offering multiple options to your potential clients. In this manner, you could guide and persuade them to the most suitable option for them instead of pushing or forcing something on them.
You many think that if you tell people that your solution is not the right or the best fit for them, you may lose an important sale as a result. However, keep in mind that the trust and bond you will forge with your customers by being honest and straightforward can generate more value in the long-term than an individual sale.
3. Create Value
The best and most effective piece of advice you will receive in your career is to create value. If you concentrate on building value for others, you will be able to gain their confidence and trust. This trust could be the single most important asset in your portfolio.
It can lead to several notable opportunities for growth and success within the industry and can help foster excellent client relationships.
4. Listen and Learn
Being an active listener is important to sales success. This is because listening to your customers shows that you care for them, and makes it more likely to know and understand what the true needs, goals and wants of your prospects are.
It will also help you frame the way you could provide them a feasible solution to meet their specific needs. At times, prospects just need to convince themselves. As a result, in these cases, all you have to do is listen and validate what they are saying. Communication is the key to success and listening is a vital part of communication.
Title Partners of Florida is complete title service company that offers a variety of services like escrow and closing, title search and mortgage recording service among others. Please free to contact us.
https://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.png00support_8dbahttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngsupport_8dba2018-03-28 16:27:002018-03-28 16:27:42Great Tips for Real Estate Agents in Miami Lakes, FL
Hurricanes Harvey, Irma, Jose and Maria made for an unprecedented hurricane season last year, and many businesses are still recovering. In the event of another catastrophic hurricane season, businesses need to know in advance how they can get the most out of their insurance policies.
When dealing with insurance claims, time is always of the essence. Most insurance policies have strict rules on reporting the loss within a certain timeframe. Additionally, according to insurance recovery experts from Anderson Kill in New York, many states have strict deadlines on specific actions, such as making covered repairs and notifying the intention to elect replacement cost coverage. A business should also respond to any inquiries by the insurance company for more information as quickly as possible.
While it is important to report quickly, it is also important to understand what your policy covers in advance. Insurance policies generally have covered and uncovered causes of damage. For example, flood or storm surge damage may or may not be covered. Furthermore, insurance may not cover damages due to a mix of covered and uncovered causes. Language is important here: there is no uniform definition of flood between insurance companies, and, depending on the language of the policy, this is could be an advantage to either the policyholder or to the insurance company.
Policies also include deductibles, limits, and sub-limits to potential coverages. Policyholders should review these when preparing to submit a claim, as well as anything that could be covered outside of physical damage, such as contingent business interruption.
Businesses that experience high levels of damages should consider consulting a public adjuster or other claims professional. Adjusters, accountants, and other contractors may be covered under some policies; however, they are usually subject to a sub-limit.
Overall, being proactive is the most important element of successful disaster recovery for a business. Understanding of what your policy covers before the storm followed by prompt notification of damage and meticulous documentation after the storm is vital to getting the most from an insurance policy so that your business can recuperate as quickly as possible.
https://titlepartnersfl.com/wp-content/uploads/2015/09/photodune-9056506-florida-xs.jpg365548support_8dbahttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngsupport_8dba2018-02-20 17:04:162018-02-20 17:04:16Key Points for Successful Business Recovery from Hurricane Season
Recent data shows that the South Florida housing market is more competitive than the national average. The data was compiled by ATTOM Data Solutions in Irvine, CA, and includes public deeds and mortgages filed in the third quarter of 2017 for 1,700 different US counties, including Miami-Dade, Broward, and Palm Beach counties.
From July to September of 2017, South Floridian homebuyers put down an average deposit of 19.8 percent, or $71,261, to buy a home, which is less than the previous quarter (20.5 percent) but higher than the same period from 2016 (19.3 percent).
The trends for median deposits in South Florida mimicked the averages. Nationally, the third quarter median was $20,000, the highest since 2000, but South Florida homebuyers put down a median of $27,600 during this time. South Floridians also put down 2 percent more of the median price than did the rest of the nation as a whole.
Deposits, on average, went down slightly in South Florida in the third quarter of 2017, and some speculate that this was due to increased inventory from the completion of condos towards the middle of the year. This decrease went against the national trend for the third quarter; however, overall, deposits were still high.
The high deposits present a challenge to first-time home buyers, many of whom are new to the job market and weighed down by student loans. Qualifying for a loan can be difficult as the financing market has also become competitive.
About Title Partners
From the simplest to the most complex residential or commercial real estate settlement transaction, let Title Partners of Florida, Inc. show you why customers continually turn to us for the reliability, responsiveness, and confidence they need – and deserve. Contact Us Today!
https://titlepartnersfl.com/wp-content/uploads/2018/02/sapling-154734_640.png385640support_8dbahttps://titlepartnersfl.com/wp-content/uploads/2016/02/Title-Partners-Final-logo-small-e1454711286626.pngsupport_8dba2018-02-04 01:57:592018-02-04 01:57:59Growing Deposits Show a Competitive Market in South Florida
Do lower property tax rates = higher home appreciation?
UncategorizedRICHMOND, Va. – April 20, 2018 – Nobody likes getting tax bills, especially homeowners who are burdened with ever-escalating local property taxes.
Last year, property taxes collected by local and state governments rose by an average 6 percent – $293.4 billion in total – almost three times the annual rate of inflation.
But the tax rates you pay are probably very different from what owners pay elsewhere. In Essex County, N.J., the average property tax on a single-family home last year was just under $12,000, according to a new study by ATTOM Data Solutions, a firm that tracks information on 155 million U.S. properties. In West Virginia, by contrast, the average was just $807.
Sure, average home values in New Jersey and West Virginia differ dramatically, as do the effective tax rates imposed by local governments to pay for the services they provide.
But here’s a question: Is there a link between property tax rates and the rate at which your home appreciates in value? Are areas with high housing costs and tax rates less likely to see high appreciation rates? Do markets with more affordable prices and low tax rates do better on appreciation?
It’s a complex subject. But ATTOM Data’s voluminous property tax files, plus its trove of current and historical home value and price information, open the door to take at least a peek.
For this column, I asked ATTOM to conduct a new statistical analysis, comparing recent appreciation rates and home-value data with effective local property rates around the U.S.
The findings are intriguing:
Homes in areas with the highest effective property tax rates – that is, the average tax rate expressed as a percentage of estimated home values – appear to have appreciated more slowly during the past year and the past five years on average than homes in markets with lower tax rates. Homes in those areas increased in value by an average of 28 percent during the past five years and 3 percent in 2017.
Homes in the middle third of markets, where effective tax rates are more modest, experienced higher rates of home-value appreciation – 35 percent on average over five years, 7 percent during the past year.
Homes in the bottom third in terms of effective tax rates saw values increase faster – an average 42 percent over five years, 5 percent in the past year.
Daren Blomquist, senior vice president of ATTOM, cautions that there are exceptions to the overall trend here, “notably markets in Texas with high property-tax rates but also very strong home-price appreciation over the past year and five years.” Illinois has high tax rates (2.2 percent) yet saw average values statewide increase by 10 percent last year.
As a general rule, the highest effective tax rates in the nation are in the Northeast and the Midwest, with a smattering in Florida and Oregon. New Jersey had the highest overall rate (2.28 percent and an average five-year price appreciation rate of just 6 percent). Connecticut’s 1.99 percent effective tax rate ranked it seventh-highest nationwide. But the state experienced a one-year average price gain of just 1 percent and a five-year average of just 5 percent.
Maryland and Virginia average home prices are relatively high, but their effective tax rates are surprisingly moderate compared with the nation overall. Maryland posted an average rate of 1.03 percent and experienced a five-year, 15 percent average home-price gain.
Virginia’s average tax rate was 1.05 percent; its five-year average gain 20 percent. The District of Columbia is a mixed bag – a below-average 0.65 percent effective rate on an average home value of $789,391, a 1 percent average value gain last year and a 26 percent appreciation rate over the past five years.
California had a below-average effective property tax rate of 0.76 percent in 2017 and a one-year average gain in value of 8 percent.
What to make of these results? The study’s three general conclusions above are noteworthy, but keep in mind that the study’s scope and methodology were limited. Taxes alone do not determine demand – or home-appreciation rates. Multiple combined factors can also be important: local economic conditions, employment and school quality, among others.
But on average, low to modest tax rates appear to be connected to higher recent appreciation. If you’re on a fixed income and looking at potential retirement areas, or you’re a first-time buyer and affordability is key, tax rates may be an essential consideration.
© Copyright 2018, Richmond Times-Dispatch, Richmond, VA, Kenneth R. Harney. Harney heads his own consulting firm in Chevy Chase, Md.
Don’t blame Airbnb for rising rents in popular cities
UncategorizedI RECENTLY returned from a trip to Japan. Travelling in that country – especially for longer periods of time – is infinitely easier than it was just a decade ago. One of the main reasons is Airbnb. With a few button clicks on a smartphone or laptop, you can book a reasonably priced, centrally located private apartment with all the furnishings of a well-kept Japanese home.
Airbnb’s success in Japan is due in large part to the government’s far-sighted embrace of the room-rental service. In mid-2017 the government passed a law legalising Airbnb, subject to the approval of local authorities. Japanese apartment owners can rent out their rooms for up to 180 days out of the year – much more than in many other cities.
This leniency is just one factor powering a record boom in tourism: Even as tourism to the US falls, Japan is raking in tens of billions of dollars a year from foreign visitors.
A recent National Bureau of Economics Research working paper by Chiara Farronato and Andrey Fradkin used a simple supply-and-demand model of the short-term rental market to argue that Airbnb has held down hotel revenues, making short stays cheaper everywhere that the company operates. Meanwhile, the company’s revenue continues to increase rapidly.
McGill University urban planning professor David Wachsmuth recently looked at New York and concluded that Airbnb listings were rising in rapidly gentrifying neighbourhoods where rents have also been skyrocketing. But this could mostly be a coincidence – travellers may enjoy staying in hip, up-and-coming neighbourhoods.
As evidence that Airbnb is actually driving rent increases, Prof Wachsmuth cites a recent paper by three economists that if a given area is a big draw for tourists, with lots of F&B places, and that if that area receives a sudden surge in online search interest for Airbnb, then any subsequent jump in Airbnb is caused by increased demand from visitors for short-term rentals.
Under this assumption, the true impact of Airbnb on rents would be very small. The effect is so small that in their presentation at the American Economic Association meeting in January, the authors referred to it as a “zero effect on rental rates” overall. This means that the advent of Airbnb probably doesn’t require much of a policy change. Its small impact can easily be cancelled out simply by building a bit more housing. Tokyo itself has done this, with great success.
But the research paper also found that one reason Airbnb’s impact is so small is that most people offering rentals are owner-occupiers sharing their own residences, rather than commercial operators operating fly-by-night mini-hotels. If cities allow the latter, the effect on rents will probably be bigger.
One approach is to do what New York has done and simply ban commercial Airbnb operators. But, given the benefits for travellers, a smarter approach might be to allow commercial Airbnb operation but to tax and regulate it like the hotel industry. Finally, a tax could be applied to commercial Airbnb operations, with the proceeds used to fund affordable housing. Allowing regulated commercial Airbnb operations would allow travellers to enjoy a more home-like alternative to hotels, while mitigating or eliminating negative impacts on locals – a win-win situation. BLOOMBERG
The writer, a Bloomberg View columnist, was an assistant professor of finance at Stony Brook University.
AIRBNB
Link to original article: https://www.businesstimes.com.sg/real-estate/dont-blame-airbnb-for-rising-rents-in-popular-cities
What to Expect as a Beneficiary of a Real Estate Will?
UncategorizedWhat to Expect as a Beneficiary of a Real Estate Will?
A beneficiary is a person or entity that receives personal property, cash, jewelry or other assets in a will. You may receive some land or property, a huge sum of money, or a specific item (for instance, jewelry).
Being designated as a beneficiary of a real estate will could present certain challenges and rewards. Except in cases where you are the surviving husband or wife where the legal transfer of the relevant property in your name will occur relatively seamlessly and quickly and without any tax penalties, you should know that receiving a real estate inheritance could be a complicated and long process.
It may take a few weeks or even a month for the courts and executor of the estate to divvy up the assets and property of the deceased, including the home. In most cases, the solicitor handling the case would get in touch with you if you are named as a beneficiary. Often you would receive a letter, indicating what the will mentions.
But, keep in mind that at this stage the beneficiary is not entitled to receive a copy of the will unless the executor of the estate gives you permission. An executor is an individual who is responsible for carrying out and implementing all the terms and conditions of the will (often a family member or friend chosen by the deceased).
The will is eventually filed in the Probate Office and becomes a public document which anyone can access. When ownership of the property has been transferred to you, the government might deduct state, federal, and local taxes from your estate in case its net taxable value is greater than a specific amount.
Also, inheritance tax is often imposed when assets are transferred at death, including real estate. The rate of tax depends on the nature of the relationship between the inheritor and the descendant. On the other hand, estate taxes are usually imposed on the property’s value at death. Keep in mind that currently, the federal government charges an estate tax for all estates with a value of more than $2 million dollars.
Moreover, in case you decide to sell your inherited house, it is likely that you will have to pay capital gains tax. The tax is applicable on the difference between the proceeds of the sale and the basis (the acquisition price including any improvements you make less depreciation).Presently, the capital gains tax imposed by the federal government is fifteen percent.
If the relevant property or house is your personal residence and you satisfy some specific guidelines, you may get an exemption from capital gains tax for the initial $250,000 if you are single or $500,000 if you are married.
Also, the property will have to be reinsured, because the ownership has changed. And in a majority of cases, there would be an assessment of the house for real-estate purposes, and it is likely that real-estate taxes on your property may go up.
Real estate inheritance is a complicated matter and may overwhelm you. You can make the process seamless and hassle-free by contacting Title Partners of Florida.
Great Tips for Real Estate Agents in Miami Lakes, FL
UncategorizedMaking it to the top of the competitive real estate market in Miami Lakes, FL is an objective of each real estate agent who wants to make it big in this industry.
However, along the way, you will face many challenges and hurdles that have to be overcome; but the great thing is that a majority of real estate agents have mentors and motivational leaders in their agency who often guide them along the way.
With that in mind, here are some tips that every real estate agent can use to propel their business forward and advance their career.
1. Do not sell
Keep in mind that when it comes to real estate market, in particular, the job of an agent is not to sell. Rather, they should facilitate and coach their clients.
When a person finds out or feels he or she has been “sold,” it is likely that they will resent the salesperson. Rather, it is better to educate, provide advice and keep your clients focused on the financial goals and objectives they have set for themselves. The key is to put the needs and wants of the clients ahead of the needs of the agent.
2. Offer More than One Option
Be a trusted and reliable adviser. You can do this by presenting or offering multiple options to your potential clients. In this manner, you could guide and persuade them to the most suitable option for them instead of pushing or forcing something on them.
You many think that if you tell people that your solution is not the right or the best fit for them, you may lose an important sale as a result. However, keep in mind that the trust and bond you will forge with your customers by being honest and straightforward can generate more value in the long-term than an individual sale.
3. Create Value
The best and most effective piece of advice you will receive in your career is to create value. If you concentrate on building value for others, you will be able to gain their confidence and trust. This trust could be the single most important asset in your portfolio.
It can lead to several notable opportunities for growth and success within the industry and can help foster excellent client relationships.
4. Listen and Learn
Being an active listener is important to sales success. This is because listening to your customers shows that you care for them, and makes it more likely to know and understand what the true needs, goals and wants of your prospects are.
It will also help you frame the way you could provide them a feasible solution to meet their specific needs. At times, prospects just need to convince themselves. As a result, in these cases, all you have to do is listen and validate what they are saying. Communication is the key to success and listening is a vital part of communication.
Title Partners of Florida is complete title service company that offers a variety of services like escrow and closing, title search and mortgage recording service among others. Please free to contact us.
Key Points for Successful Business Recovery from Hurricane Season
UncategorizedHurricanes Harvey, Irma, Jose and Maria made for an unprecedented hurricane season last year, and many businesses are still recovering. In the event of another catastrophic hurricane season, businesses need to know in advance how they can get the most out of their insurance policies.
When dealing with insurance claims, time is always of the essence. Most insurance policies have strict rules on reporting the loss within a certain timeframe. Additionally, according to insurance recovery experts from Anderson Kill in New York, many states have strict deadlines on specific actions, such as making covered repairs and notifying the intention to elect replacement cost coverage. A business should also respond to any inquiries by the insurance company for more information as quickly as possible.
While it is important to report quickly, it is also important to understand what your policy covers in advance. Insurance policies generally have covered and uncovered causes of damage. For example, flood or storm surge damage may or may not be covered. Furthermore, insurance may not cover damages due to a mix of covered and uncovered causes. Language is important here: there is no uniform definition of flood between insurance companies, and, depending on the language of the policy, this is could be an advantage to either the policyholder or to the insurance company.
Policies also include deductibles, limits, and sub-limits to potential coverages. Policyholders should review these when preparing to submit a claim, as well as anything that could be covered outside of physical damage, such as contingent business interruption.
Businesses that experience high levels of damages should consider consulting a public adjuster or other claims professional. Adjusters, accountants, and other contractors may be covered under some policies; however, they are usually subject to a sub-limit.
Overall, being proactive is the most important element of successful disaster recovery for a business. Understanding of what your policy covers before the storm followed by prompt notification of damage and meticulous documentation after the storm is vital to getting the most from an insurance policy so that your business can recuperate as quickly as possible.
Growing Deposits Show a Competitive Market in South Florida
UncategorizedRecent data shows that the South Florida housing market is more competitive than the national average. The data was compiled by ATTOM Data Solutions in Irvine, CA, and includes public deeds and mortgages filed in the third quarter of 2017 for 1,700 different US counties, including Miami-Dade, Broward, and Palm Beach counties.
From July to September of 2017, South Floridian homebuyers put down an average deposit of 19.8 percent, or $71,261, to buy a home, which is less than the previous quarter (20.5 percent) but higher than the same period from 2016 (19.3 percent).
The trends for median deposits in South Florida mimicked the averages. Nationally, the third quarter median was $20,000, the highest since 2000, but South Florida homebuyers put down a median of $27,600 during this time. South Floridians also put down 2 percent more of the median price than did the rest of the nation as a whole.
Deposits, on average, went down slightly in South Florida in the third quarter of 2017, and some speculate that this was due to increased inventory from the completion of condos towards the middle of the year. This decrease went against the national trend for the third quarter; however, overall, deposits were still high.
The high deposits present a challenge to first-time home buyers, many of whom are new to the job market and weighed down by student loans. Qualifying for a loan can be difficult as the financing market has also become competitive.
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