All Forum Posts by: Joseph Scorese

How to Find a Good Real Estate Agent and what Traits should you look For….

First off, let me say that there are a lot of good Realtors out there, with many different brokerages. There is not just one brokerage that is good and there is not only one good Realtor out there. Many go to work every day taking care of their clients and doing the best job they can.

A good real estate agent is similar in nature to a conductor of a symphony, coordinating the different players to make a successful transaction a reality. At different points in the process, the real estate agent is a salesperson, a buyer’s advocate, an analyst, a business manager, a consultant, a negotiator, and a marketer, just to name a few. We have found there are a number of qualities and traits that successful real estate professionals share.

10. Problem solver mindset. Do you enjoy coming up with creative solutions to problems or issues? Many successful real estate agents know how to properly showcase a house to make it more marketable and develop creative MLS listings to attract the right buyers.

9. Self-motivated entrepreneur. Having a desire to control your own professional destiny and be your own boss is a trait shared by top real estate professionals. To be successful in real estate requires a high degree of self-motivation, drive, and smart decision making.

8. Honesty and integrity. Your professional reputation is crucial to a long and successful career in real estate. Becoming a member of the National Association of REALTORS® is one way to show you practice high ethical standards. To become a member, you must pledge to a strict Code of Ethics and Standards of Practice.

7. Hustle and tenacity. Being a top producing real estate agent requires a great work ethic. You must have the tenacity to pursue every lead and the hustle to aggressively market your clients’ properties in order to have success. It’s not just about putting in a lot of time—it’s about working smart, putting in the right amount of time, and doing whatever is necessary to close the deal.

6. Interest in houses and architecture. Having a true interest in houses and architecture can give you an advantage over other brokers and salespersons. If your knowledge and interest level is apparent in conversations, your clients will see that you care about the industry you’re in.

5. Engaging personality. A good real estate agent doesn’t just sell properties—they sell themselves. It’s important to show your real personality. People will respond to you if you have a great attitude, are personable and honest, have confidence in your abilities, and get a sense of fulfillment by serving others.

4. Attention to detail. Paying close attention to the details is imperative for your real estate career. A complete real estate agent is attentive to the unique needs of their individual clients. If you are organized, follow up with leads, communicate well, and pay attention to the needs of your clients, you will close more deals.

3. Understand the local housing market. A top producing real estate agent appreciates and utilizes the nuances that make a specific community’s housing market and pricing strategy unique. Success comes from identifying and developing a focus or niche in the local real estate market that allows you to distinguish yourself from the competition.

2. Build a network of connections. Successful real estate agents have a vast network of contacts within the market they serve. This list of connections should include other real estate agents and brokers, potential buyers and sellers, and all the other players in the real estate industry, such as appraisers, home inspectors, and mortgage loan officers.

1. Knowledge is power. Staying up-to-date on the latest topics in real estate and in the local market will allow you to service clients more effectively. Continuing education and professional development are doors to opportunity that you can utilize to expand your business options and stay at the forefront of the real estate field.

At the end of the day, you get out of it what you put into it. There is a certain level investment needed (time, energy, and money) to make any business venture successful. Real estate is no different. If you are passionate about real estate and have similar traits to those outlined here, you have a great shot at having a long and successful real estate career.

Diversified Investors Group - Philadelphia Breakfast Sub Group

Every Friday Morning!

• Friday, July 3 at 8:00am - 9:30am

• Mugshot Diner 2424 E York St, Philadelphia, Pennsylvania 19125

NETWORK, NETWORK & MORE NETWORKING! CREATE ADDITIONAL POWER TEAM MEMBERS TO YOUR REFERRAL TEAM!

Come out and join the Diversified Investors Group - Philadelphia Breakfast Sub Group as we launch our Business before Breakfast meetings. The meetings are designed to help all types of area business professionals meet other professionals to exchange information and warm leads to assist in growing their businesses.

MAO Worksheet

ARV – After Repair Value.This number is derived from Comps, CMA's, and other appraisal tools.

Costs – These are the costs to get into (and sometimes out of) the property.The table below depicts the cost breakdown.

Repairs – These are the estimated repairs.Use the supplied Rehab Worksheet to get your initial estimate.

MAO – Maximum Allowable Offer. This is the theoretical maximum you can pay and NOT leave any of your money in the deal after refinancing.This is NOT a requirement to do a deal, however what is acceptable to leave in will be different for everyone depending on your own cash flow and financial ability.

Starting MAO – Get this number by subtracting another 15% from your MAO.This is a decent starting point to begin your negotiations.If you get no counter offers at starting MAO, you will need to increase your initial offer.Market conditions will always impact starting MAO.

How to Build a Good Referral Network in Any Business

Giving referrals to get referrals is a cornerstone in the foundation of business networking. There are different kinds of referrals but all are low-cost ways of plugging into new business.

Why You Need a Referral Network

Typically, building a referral network helps to create value for your business – more than you get from random customer referrals. Within the referral network, your business is projected as the better option for customers.

Three Referral Circles

Focus on three target areas to begin building a good referral network. The first circle should include other businesses that are important to your customers.

Look for Quality over Quantity

An essential ingredient to building a good referral network is keeping the focus on quality and not quantity.

10 Ways to Build a Good Referral Network

Here are 10 things to consider while building a good referral network for your business.

1. Join different types of associations.

2. Do not hesitate to share your knowledge with others freely.

3. Remain visible in your local community.

4. Give referrals to other businesses.

5. Recruit a team of supporters.

6. Provide quality service to customers.

7. Let technology work in your favor.

8. Keep a backup network.

9. Establish an informal advisory board.

10. Ask others for referrals.

Sustain Your Network for the Long-Term

Sustaining your referral network for long-term relationships will require continuous nurturing. You cannot add a business or customer to your list and simply forget about their existence.

And finally remember, that like any relationship.... It takes time and consistent contact to develop.So get started! You'll be thrilled when referrals start coming your way.

Diversified Investors Group - Philadelphia Breakfast Sub Group

Every Friday

8:00 AM to 9:30 AM

Mugshot Diner 2424 E York Street, Philadelphia, PA

www.digonline.org

Networking in Philadelphia Every Friday Morning!

NETWORK, NETWORK & MORE NETWORKING! CREATE ADDITIONAL POWER TEAM MEMBERS TO YOUR REFERRAL TEAM!

Come out and join the Diversified Investors Group - Philadelphia Breakfast Sub Group in Philadelphia. The meetings are designed to help all types of area real estate professionals meet other professionals to exchange information and warm leads to assist in growing their businesses.

Joseph V. Scorese

Area Manager

Monument Bank

378 No. Main St., 1'st Floor 

PO Box 306

Doylestown, PA 18901

Tel. 267-455-0520

Cell 215-290-5108

e-Fax 267-244-4458

[email protected]

NMLS#391784

DIG South Philadelphia Wholesaling Sub Group: Property and Liability Insurance for Investors 101 & 102

Date & Time: June 22nd, 2015 – 6:30-8:30PM

Location: Famous Dave's Bar-B-Que, 1936 S Columbus Blvd Philadelphia, PA

14 Things you should know about Insurance as a Professional Real Estate Investor

When is a brick not just a brick? Are bricks in vacant properties really different that bricks being used to build a property (Builder Risk)

So what is Property Insurance?

Does it cover just the building or more?

What is this technical jargon: DP1 vs DP3 and why should I care?

What the heck is ACV? Ever try to buy used labor?

What is RC?

What is the difference between and agent and broker? Should I care?

Is Coinsurance my friend?

If a pipe breaks in the wall, will anyone hear it?

Who pays the rent after the fire?

Who pays for insurance and taxes on your burned out property?

If I have never read my insurance policy cover to cover what should I do?

How do I know if it is time to fire my agent?

Speaker;

Robert {Bobby} Maurone

Broker, Dwyer Insurance, Inc.

354 West Lancaster Ave, Suite 206

Wayne, Pa 19087

Telephone: 267 303 4590

Fax: 610 898 3813

Joseph V. Scorese

Area Manager

Monument Bank

378 No. Main St., 1'st Floor

PO Box 306

Doylestown, PA 18901

Tel. 267-455-0520

Cell 215-290-5108

e-Fax 267-244-4458

[email protected]

NMLS#391784

5 Top Tips Every Real Estate Professional Should Knows

Those who consistently make money in real estate know their market. They know the location and the history. They know what new developments are planned. They know the transportation and the schools. They know everything about the area where they invest. They have to know it all to make the most amount of money.

Being ahead of the competition in real estate investment means doing a lot of homework. If you are new to the business, it can be intimidating, 5 Top Tips Every Real Estate Professional Should Know.

1. Study Local Pricing

Study the current price trends in the area. A potential investor should look to see if the price of homes is accelerating faster in one area than in others. Also, check to see if the average home price is more than in other neighboring towns. This will provide an idea of where the biggest demand is.

1. Look for a Catalyst

One sign that an area is up-and-coming and that it will be desirable in the future is the development of new infrastructure. When you see new roads and schools being built, it's a sign that the community is set for a growth spurt. Investing in a growing community can be very profitable.

1. Explore Low-Tax Alternatives

Towns side by side - one with high property taxes and the other with low property taxes - the one with the lower taxes will usually be more in demand.

1. Check School Statistics

Nearly every state ranks its schools by how well students in each district fare on tests in math and English. Real Estate Investors should look for schools that are moving up or are atop the list. These areas are often desirable to families.

1. Watch the Outskirts of the Major City or Town

If the properties in a major city or town have become overpriced, the areas on the outer fringes most likely will soon be in demand. Areas in close proximity to major bus and rail transportation are even more desirable.

The Bottom Line

It pays to do your homework and to tap local resources to determine which areas are hot now and, more importantly, which ones will be hot in the future. Much of the information is out there and free for the taking. You just have to be willing to do the leg work.

Philadelphia Neighborhood Developers Association (PNDA)

Dear PNDA Members,

Next Meeting Wednesday May 27, 2015 @ 6:30 PM.

Our guest speaker this month is Steven Auerbach speaking on the topic of Investing in Medical Marijuana

Steve is the founder and principal of the Law Office of Steven T. Auerbach in Narberth, Pennsylvania. Mr. Auerbach is in the general practice of law and concentrates the non-marijuana divisions of his practice primarily in the areas of labor and employment litigation. Mr. Auerbach also serves as the executive director of the Cannabis Growers Association of Pennsylvania and currently chairs a regulated substances group within the Commonwealth. In this capacity, Mr. Auerbach has assisted multiple State Senators in the shaping of their drug-reform policies and has submitted proposed amendments, additions, and guidance to Senate Bill 3 (“The Compassionate Use of Cannabis Act”). Mr. Auerbach has been asked to join Senator Folmer's Cannabis Advisory Panel and to testify at a House Judiciary Hearing.

This month's meeting will be held in Room 238 @ 2424 Studios.Light refreshments will be served. Food service can be ordered or picked up from Mugshots Diner in the building.

Speaker begins at 7pm.

If you are new to the building, click here for a map to the room where the meeting is held.

2424 Studios: www.2424studios.com - 2424 East York Street, Philadelphia, PA 19125

Please feel free to share this with anyone that may be interested in joining us as we are looking to increase attendance, participation and reach.Do let me know of any topics or guest speakers that would be interested in speaking at future meetings.

We look forward to your attendance to this meeting!

Sincerely,

Marino Polidori

267-702-6739

[email protected]

In the past year, I have gone from self managing properties to giving up the majority of the duties to property management. Then deciding to open our own property management company. For the most part, we have been attracting clients that want to grow out of the 1-4 unit ownership and go bigger. There thought is to have property management involved so they can grow and focus on increasing the portfolio. Would like to get some other Bigger Pocket Members thoughts.

Joseph V. Scorese

Area Manager

Monument Bank

378 No. Main St., 1'st Floor

PO Box 306

Doylestown, PA 18901

There is always the debate which is the better direction. I see some borrowers handling both. Then some focusing on one or the other.

Where do you think is the point when a borrower should consider to Model out of SFR renovation rehab or Cash Flow and move up into small balance Multi Family or Development.

Joseph V. Scorese

Area Manager

Monument Bank

378 No. Main St., 1'st Floor

PO Box 306

Doylestown, PA 18901

Tel. 267-455-0520

Cell 215-290-5108

e-Fax 267-244-4458

[email protected]

NMLS#391784