A “LIBOR ARM” sounds vaguely related to a frozen shoulder. It’s not. Pronounced “Lee′-bore,” it stands for the “London Inter-bank Offered Rate,” a widely used benchmark (or peg) for setting mortgage rates and other debt. Meanwhile, “ARM” stands for “Adjustable Rate Mortgage.” Definition, Please What does all that mean in practice? A homeowner with a...Read More
Weighing Advertising Cost vs. Perceived Value “Half the money I spend on advertising is wasted; the trouble is, I don’t know which half.” –John Wanamaker. So, how do Realtors tell if they’re spending their precious marketing dollars wisely? It’s purely anecdotal, but here’s my test: I simply ask whether my intended audience’s perception of value...Read More
Thinking Outside the Box Inside the Circle I definitely prefer walking around Lake Calhoun in the summer-time. For one thing, the people watching is better ” there are more of them about, and, minus the bulky winter clothing, you can actually tell the genders apart. For another, you don’t have to worry about below zero...Read More
“Hmm . . . Where Have I Seen That Arm Before??” “The apple doesn’t fall far from the tree.” –Proverb Where does Chiefs’ quarterback Patrick Mahomes get his rocket right arm? Minnesota Twins fans of a certain age (I qualify) know the answer: “from his old man.” Mahomes senior was a journeyman major league pitcher...Read More
Prospective Listing Agent to Homeowner: “So, Why Are You Selling?” Realtors who aren’t skilled at determining prospective clients’ motivation . . . usually don’t make much money selling real estate. So, how do you tell how motivated someone is? A good starting point is asking them why they’re selling (Duh, right?). Sometimes, you don’t even...Read More
Ambulance Chasing — & Its Opposite When you first start out in real estate, you want to sell everything. Single family homes, apartment buildings, farmland, the Mall of America . . . you name it. Gradually, it dawns on you that you may not be qualified to sell one or more of those things — in fact,...Read More
