Tag: Florida Real Estate
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After 23 years in real estate I found that between my 2 email accounts, I had 14000 email addresses. When you can only send out 500 emails a day it is hard to maximize the benefit. WHAT TO DO? Create an email that includes a great offer. Here is mine:
Rocket Mortgage is offering Down Payment Grants
Combine the 2% grant (you don’t have to pay it back) with Rockets 3% down NO PMI conventional mortgage and buy a home for 1% down, plus closing fees.
You get the idea.
Once you have the offer…and you can use mine, start putting your email addresses in folders of 50 addresses.
You can name the folders. Friends, Family, clients, etc. Or if you are like me, you have no idea who most of these people are…
Put them in folders for example 1 Not Sent, 2 Not sent, 3 Not sent, 4 not sent, 5 not sent.
(there are rules you do not want to break. Do not send more than 500 emails a day. 499. A day is 24 hours, not the calendar day. If you violate the rules you will get locked. DON’T GET LOCKED. Send out 400 a day so you can still do business from your email account). Dont send out 400 at once. The portals will see all these emails and think you are spam.
Sending 50 emails 8 times a day is a good number.
Create an email with an amazing offer. Send it to yourself. BCC the first folder. “1 not sent.” Very Cool, when you click on the BCC, it will give you a drop down menu. Click the “1 not sent folder” then click all, then insert. All 50 email addresses will populate the BCC.
Hit send. Now go back to your contacts and rename the folder “1 not sent” to todays date “July 14 sent 50.”
Send the second folder, 2 not sent. Rename it “July 14 Sent 50 A”… and so on B, C D, … for the remainder of the folders for today.
VERY IMPORTANT> I have been getting around 20% + of these emails coming back as bad emails. You should delete the email from your system. For me, I have to delete the bad emails from both email addresses. I have gone from 14000 emails down to 11,500 so far.
Once I have all of my emails in folders of 50, and have them named by the date of last contact, I will be able to send out other great offers.
Randy Jenkins Rocket Mortgage NMLS 205-3417. Florida Real Estate Partners 727-409-4663 RJ409home@Gmail.com
If you use my offer, send me the contact.
Thank you.
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In Pasco County, where I was once known as Mr. Pasco, we have over a dozen communities that are in big trouble, and the residents don’t know.
Holiday Lake Estates, Key Vista, Beacon Square, Green Key Estates, are some of the neighborhoods New Port Richey and South. I will discuss the northern neighborhoods in another post.
Many of these homes are owned by working class homeowners, many are retirees on a fixed income. If they have a mortgage, they have flood insurance. As you know if you have been reading my blog, flood insurance is going to be a curse on Florida real estate.
Regular hazard insurance and flood insurance rates are soaring. One home I manage went from $1800 a year to over $4100 a year. A $740 a month payment went up to over $1100 a month. (It also had a substantial tax increase).
Owners on a fixed income or wage earners on the lower income scale are going to find their payments unmanageable. Especially if their flood insurance goes from $200-$300 to $500-$700 a month or more.
Interestingly, Citizens Insurance, over the next 12 months is going to require all homeowners that buy hazard insurance to by flood insurance, even if the home is not in a flood zone. This will have an effect of delaying the tipping point for an insurance based real estate correction.
As flood insurance and hazard insurance costs rise, homeowners without the resources to cover the increased costs are going to be forced to sell.
When the number of homeowners reach the point where they can no longer afford the increases, we will see 100’s and then 1000’s of sellers. Who will buy all this real estate?
Now the market is tight. There are around 1880 residential properties today, June 19, 2023. 1305 are not in a flood zone.I predict that homeowners in flood zones will look back on this time and wish they had the foresight to sell.
Randy 727-409-4663 (409-home).
Randal Jenkins
Rocket Mortgage NMLS #205-3417
Florida Real Estate Partners
4823 Ebbtide Lane 206
Port Richey Fl 34668
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The main contract that is used by Realtors in Florida is the AS-IS Far/Bar contract.
This is a 12-page contract. It requires 11 initials and a signature, by both the buyer and seller.
There are 3 main timing issues.
The deposit is due within 3 days after the second party has signed.
Unless changed, the contract gives 15 days for an inspection.
The contract requires the buyer give notice within 30 days that the final loan approval has been received.
If the deposit does not come in on time, the contract is voidable by the seller.
If the buyer does not exercise their rights under the home inspection in 15 days, then they lose the opportunity to cancel the contract and get their deposit back, based on the inspection contingency.
If the buyer does not have final financing approval by the 30th day, they lose their opportunity to walk away from the transaction, freely, with the deposit returned.
What are the implications if you do not meet these deadlines?
Better hire a Realtor, to get the implications in advance. Better hire an attorney, if you don’t meet your contract obligations.Randy
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A lot of articles discuss the tight real estate market and strong real estate prices. “How can prices remain so strong in an environment of rising interest rates?”
What is going to bring Florida real estate down?
Rising sea levels for sure. But that is not what is going to initially crush real estate values.
Where I am going with this, has actually helped cause rents to rise precipitously. What are the components of a landlord’s costs? Taxes, insurance, cost of capital, vacancy, maintenance and upkeep.
Insurance. And the cost of insurance is going to destroy real estate demand and values. One property I manage went from $1800 a year in 2022, to $4100 in 2023.
Landlords can pass on this increase, but homeowners have to eat it. And with so many of our seniors on a fixed income, that can be impossible.
Flood insurance. Don’t get me started. There is so much going wrong here, it is scary. Google Alert NFIP. National Flood Insurance Program. This will keep you up at night and give you nightmares.
So, solutions? A good blogger does not just bitch, they provide solutions.
1). Don’t buy in a flood zone unless you are paying cash. (Allows you to self-insure).
2). Recognize not just flood zones, but mandatory evacuation zones. Another whole blog topic.
3). Florida Real Estate will crash. Momentously. Is it 10 years, 30 years, 50 years? 5 years? Every time you hear about a massive Artic or Antarctic glacier or ice island, imagine the impact on sea level.
Be sure to sell your real estate before the tipping point, because there will be NO BUYERS after.
I humorously imagined opening a real estate company and calling it 100 Feet Above Sea Level Realty.
BTW. The answer to the first question is “lack of supply.”
Randy 727-409-4663 (409-home).
Randal Jenkins
Rocket Mortgage NMLS #205-3417
Rent to Own Pasco Inc
Coldwell Banker F I Grey and Son Residential
5636 Grand Blvd
New Port Richey Fl 34652
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Pasco County is an example of what is happening in Central Florida and the statistics and trends sited are a microcosm of the general trends for the area.
As covid started we entered an era, that I call the insanity period. 2.5 years of real estate, that we have never seen. 15-25-30 offers on new listings that appeared to be well priced. Offers $20k-$30k-$50k over the asking prices. Offers not dependent on inspections, not dependent upon appraisals, sight unseen offers. The insanity period.
In Pasco County there were around 3000 residential listings. 2300 or so under contract, leaving sometimes under 700 residential listings to choose from. When interest rates started rising, there were around 100 new net listings per week. This rose to over 2800 active listings. Just under 5000 total listings with around 2000 or so pending listings.
In the last 5 weeks we have seen the number of active listings drop by nearly 100 a week. Today Feb 25, 2023, there are 2223 active listings, 2312 pending listings and the 30-day solds around 1220.
What is happening? Interest rates doubling from 2.75% to 5.5% and now around 6.5% slowed buyer exuberance, more sellers put their homes up for sale, and the market slowed down with transactions falling 40% or so.
Yet prices have not dropped much. Under 5% in most categories and virtually no drop in some, try buying a 3/2/2 pool home, you won’t see any discounts.
WHY?
Why is the Florida market and central Florida in particular so strong?
Why does Florida’s population keep rising? Jobs. Weather. No state income taxes. Politics?
Look at the alternatives. Cold, violently cold winters in the North. Wildfires, earthquakes, high taxes in California. Water shortages in Colorado, Nevada, Arizona, California and throughout the southwest. Devasting tornadoes from Oklahoma to Alabama. Landslides and flooding in the Carolina’s, West Virginia, Tennessee and the mid-eastern states. Extreme weather in the Northwest. Snow in southern California. It’s a mess.
Yes, but Florida has hurricanes. We get at least 2 days’ notice.
What is going to change the attractiveness of Florida real estate?
Home insurance and flood insurance is the Florida real estate markets biggest challenge.
I will talk much more about this in future blogposts.
Thank you for reading this post.
(Randal Jenkins, is a Realtor, Mortgage Loan Officer and president of a Real Estate investment company. After spending 18 years in the financial services industry, Randal has devoted the last 23 years to Real Estate.)
Randal Jenkins Team Blog 