Private Road Maintenance Agreements: A Fannie Mae Requirement

Along our with our unique Moroccan breakfast this morning at our sales meeting, Attorney Roz Koether, from Cohen and Wolf, P.C., covered the need for Private Road Maintenance Agreements and how they impact buyer financing and closings. There are over 400 private roads in the town of Westport and tighter restrictions from lenders are requiring a formal agreement. Fannie Mae, in particular, is requiring a written agreement prior to lending on a property/home. Sellers need to be aware that lack of a Private Road Maintenance Agreement may delay a closing. Buyers also should inquire if an agreement has been formalized early in the purchasing process. The process includes involving each homeowner on the road to agree to what their share of  maintenance and improvements will be for the road. So, the process can take a considerable amount of time depending on the number of homeowners that need to be contacted and the extent of the agreement. Dealing with the potential need for a Private Road Maintenance Agreement should be completed as early as possible to avoid delaying a closing or nixing a deal.

Here is additional information from Fannie Mae:

If the the property is located on a community owned or privately owned and maintained street, Fannie Mae will now require the following:

1. An adequate, legally enforceable agreement or covenant for maintenance of the street. The agreement of covenant should include the following provisions and be recorded in the land records at town hall:

• Responsibility for payment of repairs, including each party’s representative share.
• Default remedies in the event a party to the agreement or covenant fails to comply with his or her obligations.
• The effective term of the agreement or coverant which, in most cases, should be perpetual and binding on any future owners.

Contact Attorney Koether for legal counsel and additional information on Private Road Maintenance Agreements and steps for your seller or buyer. Attorney Roz Koether can be reached at (203)341-5330 or atrkoether@cohenandwolf.com  320 Post Road West, Westport, CT 06880.

Looking For Positive, Productive and Professional Agents!

Find out how we can build your career with our national presence and the strength of being CT’s Largest and Most Successful Real Estate Company. Our new acquisition with HomeServices of America, a Berkshire Hathaway company, makes our company an even larger powerhouse in Connecticut.

We are looking for newly licensed agents or positive, productive and professional experienced agents. No Negative Nellies need apply. We help you build a specific technology strategy to enhance your client base. Offering technology, training and strong, cohesive team creates a distinct advantage for you in the market. Contact Melissa Riley, at melissabrownriley@gmail.com or call (203)253-9222.

Don’t Forget: Coaching Session on Monday, May 14th

We will be holding our coaching group on Monday, May 14th from 9:30-10:30 a.m. at Prudential CT Realty in Westport. The topic is creative prospecting. Our group is motivated, energetic and willing to share with everyone! Topics over the next few weeks will range from business planning to utilizing social media. Contact Melissa Riley for details or questions.

How Do You Promote Your Real Estate Business?

The Bowl Has Moved: Baby Turkeys And Real Estate Agents

I have been surrounded by change all of my real estate career. So many things have changed specifically around our buyers and sellers and how they search for homes. Buyers would come to our office “hat in hand” to find out what listings were available. We would crack open the large black binder with all of the current listings that were lined up according to price. It, literally, would be the first time they would see the detail of what was available. We held all of the cards and buyers were entirely reliant upon us. First forward 29 years and our roles have changed drastically due to rapidly evolving technology.

I wrote a post five years ago called “The Bowl Has Moved” which covered how change impacts baby turkeys and that as real estate professionals we need to recognize that the bowl has moved and we need to change with the times. Here is my question: Have our consumers embraced technology and social media faster than our industry?

“Change is always a scary thing to people. Most of us don’t handle it well, do everything we can to avoid it (associating it with pain), or deny/ignore it. The real estate market has been in a constant state of change for the past five years. Technology is at the center of it. The casualities are real estate brokers and agents that have not reinvested in their business to keep up with technology and the resulting changes in consumer demands. Years ago, we relied upon our ability to be the gatekeepers of the data (listings). As the internet changed access, so did our key role in the real estate process. With the demand of more listing information, brokers have had to make decisions about how they were going to change with the times and provide actual value to their clients. As a result of the overabundance of information available, we have had to redefine our services and value we bring to the table. Going back to the change concept, it’s like baby turkeys (with obviously much smaller brains than humans, fortunately) that feed in one location. When the bowl is moved slightly, baby turkeys will continue to go back to that same space where the bowl was. Baby turkeys will starve instead of understanding their need for change (by going to the bowl in the new location). The fascinating thing is that the bowl only needs to be moved a short distance away and they still don’t change. Not unlike some humans who continue to ignore the (massive) changes taking place in the real estate industry, who hope that this technology “thing” and consumer-centric focus will eventually fade away. The real estate bowl has been moved. It’s important to figure out how to deal with the changes and continue to flourish in our industry, and thank goodness we are not baby turkeys!:)”

“Are You (Still) Out To Lunch?”

I have been looking back over old blog posts and wanted to update and revisit a few that I still find apply to our the real estate business. In this post “Are You Out To Lunch” reminds agents that they need an online marketing plan in order to continue to connect with current and future clients. “Out To Lunch” is a great metaphor for how some agents present themselves to the market online: They simply don’t. Enjoy this post and let me know what your comments are.

“Do you realize that your internet presence is your “virtual storefront”? When you engage with a potential client, they are likely to ask for your web address. At a minimum, they will “google” you to see what the internet says about you (your websites, blogs, discussion boards, press releases). Your presence becomes a strong influence in establishing your real estate creditability with potential clients. Your web presence reflects how often/how well you understand and utilize the internet to market yourself and your listings. It literally is your “virtual storefront”, where you are displaying your wares (services, experience).

Have you googled yourself lately to see how others may see you? Where are you being indexed on google and what is the theme? If YOU didn’t know YOU, what opinion would YOU have just by reading the google results of your name? Having a limited real estate presence on the web can have a profound, negative effect on your business. It’s a total loss of credibility in a world where buyers and sellers understand the web and how to utilize it for the search of real estate and agents. Our clients expect us to have a strong value proposition, including a professional image on the web. If 87%-90% of all buyers begin their search on the internet, you have an incredible opportunity to position and brand yourself. Clients want to work with agents that maximize the opportunity in the market and the internet is a great way to prove your value.
So does your sign on your virtual storefront say “out to lunch” or “open for business”?”

Interested In Developing Your Internet Strategy?

Here is a testimonial from top producer, Karen Iuliano, from our Glastonbury Office.

“…Melissa Riley`s seminar was on “Promoting Yourself on the Internet”. I kid you not when I say that in the 22 years I`ve been in the business, I have never attended a more comprehensive, better paced, better documented course. She shared valuable, useful information with us in an entertaining and highly pragmatic format. I know that I`m prejudiced in that I`ve adored Melissa for the past decade, but normally being a very critical participant, this program was really exceptional. I look forward to taking her “Blogging” class in the middle of February, and would gladly join any other session she would offer.” Karen Iuliano

Congrats to Jon Deak and Amy Curry-Prudential CT Realty Westport Office

Prudential Connecticut Realty , Westport, CT – Prudential Connecticut Realty is pleased to announce the Top Sales Executives in the Westport Office. In June, top honors went to Jonathan Deak as the Top Listing Agent and Amy Curry as the Top Selling Agent.

“Jon has been an outstanding agent for over 30 years,” stated Melissa Riley, Office Leader of Westport’s Prudential Connecticut Realty office. “He is very client-focused and is superb in counseling buyers and sellers. Amy Curry has been a top-performing agent for 10 years. Her persistence and attention-to-detail benefits her clients. Congratulations to these two outstanding individuals for their achievements.” Jon can be contacted at http://www.JonDeakHomes.com and Amy can be reached at http://www.AmyCurry.com

Prudential Connecticut Realty is the largest real estate firm in Connecticut and the 13th largest in the United States. For more information, visit www.prudentialCT.com