Archive for March, 2011

What is the best way to do a geographic farm as a Realtor?, by Inwest Title a Utah Title Company

Monday, March 28th, 2011

Over the years we’ve gathered a number of tips from top Realtors on how to effectively do a geographic farm as a Realtor. Here are things to remember and some marketing ideas to help yield the best results!

A geographic farm is used to target a specific neighborhood or area to solicit business. Keep in mind this is usually a long term marketing tool, not just sending out one mail piece and then receiving deals. The goal is to have your name become very familiar and relationships built in that area so you are who the owners think of when someone speaks of real estate in that neighborhood. Consistency is key!

These are some bullet points to remember before starting a farm area:
* How long have occupants lived in their house? The average homeowner lives in their home for 6 years before relocating. If you are in an area with residence of 4-6 years then it would be a great opportunity to build relationships and grab their next transaction.
* Is there a decent turnover rate for the community? Use your MLS to look up sales to determine this information.
* How many renters live in that area vs. homeowners? If there are a lot of renters then find out which homes those are and target them with a specific marketing piece with first time home buyer information. (Inwest Title can provide absentee owner information so you know which homes might have renters and also can access mailing labels to market directly to the home owners of the rental properties.)
* Is there a particular agent who has a large percent of market share for that neighborhood? If there is already an agent who has a very large percentage in that neighborhood it could be an unwise strategy of your marketing time and money.

Marketing Ideas for your farm:
* Send out a marketing piece once a month that includes stats on real estate and information the community will want to know about. This is their biggest investment so homeowners want to know what sales are going on in their area.
* After sending out marketing pieces, follow up with a phone call or door to door to formally introduce yourself. You can say something as basic as, “Hi I’m Sally with XYZ Realty and I wanted to introduce myself but also let you know next week you should be getting a new mail piece from me that goes over how many Sales happened in this neighborhood last month and the average sale price.
* When you door knock, drop off a folder with your name, ph number, & website on the tab. “Your home is your biggest investment so I’ll be mailing you monthly information concerning real estate in this area that you can file in this folder.” On your mail pieces always write at the bottom, “Keep this in your Real Estate File”
* Find local activities to sponsor- If it’s your own neighborhood organize a block garage sale! If there are team sports then sponsor their team with your info listed on their uniforms.
* Ask what info they would want and need, then fulfill those needs.
* Get local businesses to allow coupons or discounts in your neighborhood flyer.
* Send “Just Listed” postcards or “Just Sold!” (Inwest Title can pull a radius around any property giving you the owners name and address)
* Don’t just ask for their business but ask for referrals for people they know outside of the area, even another state. You can then direct those to
other Realtors for a referral fee.

Let Inwest Title help you with your next geographic farm project. Call your local Escrow Team or Marketing Rep or find an office nearest you at www.inwesttitle.com.

7 Title & Escrow Steps when Selling a Home, by Inwest Title a Utah Title Company

Friday, March 18th, 2011

Step #1: Place Title Insurance Order

When your client decides to put their home up for sale, submit a request for title. This can be done by:
1. Phone. Contact your local Inwest Title office
2. Internet. Contact us, and we can set you up to order and track the status of your orders online.
An Escrow Officer will be assigned to your file, and will contact you and confirm your order.

Step #2: Title Search and Preliminary Title Commitment

Inwest Title will search the title to the property and issue a preliminary title commitment. The title commitment will show any liens, or encumbrances against the property such as existing loans, taxes, judgments, etc.

Step #3: Send the Purchase Contract to your Escrow Officer

Once you have a fully executed purchase contract, it needs to be delivered or faxed to your Inwest Title Escrow Officer, so they can use that information to complete your transaction.  If you make any changes or amendments to your contract, please make sure to forward that to your Escrow Officer, as well as any Lender information that you have.  Your escrow officer, will then provide an updated title commitment to you, and the Buyer’s lender (if applicable). He/she will also discuss this title report with you, so that you fully understand it and what items will be removed as an ordinary part of the sale process.

Step #4: Preparation of the Final Closing Documents

Inwest Title will then coordinate with you, the Seller, the Buyer, and the Buyer’s Lender to receive all necessary items so that the final closing documents and settlement statements may be prepared.

Step #5: Good Funds

Occasionally, Sellers or Buyers are required to bring in funds to complete their transaction. Utah law requires that all funds must be “good,” which means that all checks have cleared the bank, before any disbursements from the escrow file can take place. For this reason, any funds that are required in order to complete the transaction should be in the form of a Bank Wire in order to avoid delays in closing.

Step #6: Closing

Your Escrow Officer will set up separate times for the Seller and the Buyer to come in and sign all of the necessary closing documents. Once everything has been successfully completed and the new deeds recorded, the money will be disbursed to the appropriate parties.

Step #7: Celebrate!!!

Congratulations!!!  You have completed a successful home sale. If you have a new title order that needs to be placed today, access our online order system at www.inwesttitle.com