1. LIVE Companywide Webinar Real Estate Market Update
From Weichert, Realtors Morris Plains, NJ
Real Estate Market Update
Jacé Botti, Head of Residential Sales

2. 2013 Even Better!

3. Welcome Dominick Prevete Carlo Siracusa Regional Vice President
Northern New Jersey
Carlo Siracusa
Sales Manager
Corp Headquarters Res Sales, NJ

4. February 2013 Real Estate Headlines

5. February 2013 Real Estate Headlines
From Lawrence Yun, NAR chief economist. [NAR Release 2/11/13]
“Unsold listing inventory is the lowest level in 12 years.”
“In fact, buyer traffic is 40 percent above a year ago.”
“Total housing inventory at the end of January fell 4.9 percent…which represents a 4.2 month supply. It’s the lowest housing supply since April 2005.”

6. February 2013 Real Estate Headlines

7. February 2013 Real Estate Headlines
Increase of 7.3%
for 2012
Jan
Feb
Mar
Apr
May
S&P Case Shiller 2/2013

9. Spring 2013 Market Conditions
Dramatically reduced listing inventory levels.
Multiple Offers on the vast majority of houses going under contract.
Greater number of Exclusive Listings taken by competitors.
Heavy buyer demand especially in the more popular neighborhoods.

10. Absorption Rates by Region
Local MLS

11. Virtually No Inventory All Markets
Most Affordable Listings
Virtually No Inventory All Markets

12. Why is this Happening?

13. Why is This Happening? Improved job market Fiscal Cliff behind us
Consumer Affordability and stronger consumer confidence
Post election pent up demand
Low interest rates
Overall positive real estate industry news
Wasn’t the world suppose to end on 12/21/12 according to the Mayan calendar?

14. Mentally Shift into a Different Gear
2013 Real Estate Market
Mentally Shift into a Different Gear

16. Get Listings
Go Out After Them

18. Increase Our Calling to Prospect for Listings
How?
Increase Our Calling to Prospect for Listings

19. When? SIGN UP TODAY! Your Sales Managers will be holding
TWO NEW CALL SESSIONS
EACH WEEK
New strategies for calling and getting appointments

20. Exclusive Weichert Listing Agreement
Local MLS

21. Exclusive Weichert Listing Agreement
Rules of the Road
What you can do:
Install a lawn sign
Sell to another Weichert Agent
Sign Agreement period through first Open House date
Only accept Open House Guests who will work with Weichert Agent in Dual Agency Capacity
List the Home on Weichert.com
Conduct office caravan
What you cannot do:
Sell to another Brand X Agent
Ignore MLS guidelines to recording listing.
Local MLS

23. Let ‘Em Pay

24. Use An Escalation Clause Addendum on EVERY Contract of Sale*
*in states where we can use them.

25. Escalation Clause Addendum
Weichert’s Unique Negotiation Technique
Escalation Clause Addendum

26. Escalation Clause Dialogue
Dialogue when speaking to buyers:
“When faced with these extremely low levels of available inventory, there is a very real chance there will be additional buyers for the home you want.”
“This is why I include an escalation clause in every contract of sale I present.”

27. Escalation Clause Dialogue
What is an escalation clause:
“An escalation clause is simple language we include in your offer that authorizes your predetermined bid increments over all of the other bids up to your maximum purchase price.”

28. Escalation Clause Addendum by State
FORM #
FORM TITLE
WEICHERT OR BOARD FORM
COMMENTS CT
N/A
No legal prohibition of the Escalation Clause. Needs to be tailored to offer of purchase industry practice. DC
1319
Escalation Clause
Board - Greater Capital Area Association of REALTORS® DE
T293
Addendum to Contract of Sale (Multiple Offer Escalation Clause)
Weichert Form
This form states for use in NJ and PA only. We may need verification from Legal as to whether it can be used in DE. MD
Purchase Price Escalation Addendum
Board - Maryland Association of REALTORS® NJ
Under Policy and Procedure there is a "Multiple Offer Addendum" policy available.

29. Escalation Clause Addendum by State
FORM #
FORM TITLE
WEICHERT OR BOARD FORM
COMMENTS NY
N/A
Escalation clauses can be used in form documents containing language that makes the clause subject to attorney review and provides for limits on the escalation of price offer(s). Agents should avoid drafting escalation clauses that are not fill-in-the-blank form documents. Forms recommended by a joint committee of the bar association and realtors association in the applicable county are acceptable, subject to Weichert's approval. PA
T293
Addendum to Contract of Sale (Multiple Offer Escalation Clause)
Weichert Form
Under Policy and Procedure there is a "Multiple Offer Addendum" policy available. VA
K1306
Escalation Addendum
Board - Northern Virginia Association of REALTORS®

30. Escalation Clause
NJ Form: Addendum to Contract of Sale (Multiple Offer Escalation) T-293 Forms Online
PA Form: Addendum to Contract of Sale (Multiple Offer Escalation) T-293 Zip Forms.
MD/DC Form: GCAARMC 1319 form on Zip Forms.
VA Form: K1306 form on Zip Forms.

31. Have you ever used Ebay?

32. You don’t always pay your “maximum”

33. Increase your offer just enough to be
the high bidder:

34. You set your offer, the bid increments
and your maximum price up front:

35. Escalation Clause $449,000 Asking Price. 6 Offers.
$460,000 Offer with Escalation of $5,000 over best offer up to $500,500.
Highest other bid was $468,000.
Kevin’s buyer wins at $473,000.
Kevin Long
Sales Associate
Morristown East, NJ

36. Call to Action Let ‘Em Pay!
Plan on every offer being a multiple offer.
Incorporate Escalation Clause Addendum with every offer.
Try to get Exclusive Listing until your first Open House, there’s a good chance that you’ll sell it yourself.
Get Listings by going out after them.
Participate in your newly formatted Listing Prospecting Call Sessions.

37. Weichert’s Sales Leadership
Spring 2013
New Weekly Call Sessions for Prospecting for Listings.
New techniques for making listing appointments
Sales Managers provide names/telephone numbers for local markets
New Support of Weichert Exclusive Listings
OSSii Exclusive System which provides our exclusive listing inventory
Sales Manager Training on how to get more

38. Weichert’s Sales Leadership
New Training and Support for Escalation Clause Addendum
Dialogue for Buyers
Sales Manager support overcoming objections.

39. “We are not confused about what’s happening here…the next 10 years will be fabulous!” Let us take you by the hand and lead you through it…
Jim Weichert
Founder and President

40. Thank You for Your Time Today