MONUMENTAL REPORT - THE REAL ESTATE ISSUE

THE REGISTRATION (STRATA TITLE AMENDMENT) ACT

Thinking of being a real

estate agent, but unsure

where to start? First, you

will have to determine if

this kind of career is the

right one for you. Most

people are of the impres-

sion that to be a successful

properties agent, you only

need to be very persuasive

in convincing people to

buy properties and houses.

The ability to communi-

cate effectively and be

persuasive are utmost how-

ever more is needed. In

addition to having the

abovementioned skills, you

will need to be familiar

with the industry.

Real estate agents ensure

that the buyers are able to

find their dream homes,

while sellers receive the

best value for their prop-

erty. Like any other occu-

pation, it requires skill and

mastery of appropriate

knowledge in the field to

become successful in this

career. An additional re-

quirement is proper train-

ing and education, which

can be had from various

institutions that offer

courses that are industry

related. Some places re-

quire an aspiring real estate

agent or salesperson to

spend about 30 to 90 hours

classroom education.

The Professional Licensing

Commission would have

lists of reputable educational

institutions that you can

attend for the appropriate

training. You can request a

list of recommended

schools from the Real Estate

Board of Jamaica . In most

cases the basic requirement

for admission into any of

these institutions is a high

school diploma and for can-

didates to be at least be 18

to 21 years old.

Before becoming a true real

estate agent, the real estate

board insists that you posses

a license to operate, which is

obtained after passing a li-

censure examination. Agents

Special points of interest:

Strata Title Amended

Act—Positive or Nega-

tive?

Making a Career change

to Real Estate

Becoming a Real Estate

Appraiser is it worth-

while

Mrs. Valerie Levy owner

of Valerie Levy & Asso-

ciates gives her insight

into the current market

Monumental Partners

Limited

Monumental Report

Inside this issue:

Ms. Sandra Watson presents; 1 – 2

Career Change—Real Estate 1 - 2

Becoming a Appraiser 3

The Masters 4

Ms. Valerie Levy 5

The Power of Knowing legally 6

Real Estate marketing tips 6

Successful Real Estate agents 7

7 Tips for creating success 8

Newsletter date

March 2010—April 2010

Volume 1 Issue 3

MRS. SANDRA WATSON – GENERAL MANAGER OF THE REAL ESTATE BOARD As presented at Mayberry In-vestor Forum on Wednesday March 31, 2010. THE REGISTRATION (STRATA TITLE AMENDMENT) ACT – Effective date January 01, 2010 and the Registration (Strata Titles Amendment) Regulations 2010 (passed March 19, 2010) will affect the dynamics of the strata industry. AREAS COVERED BY THE ORIGINAL ACT Defines strata lots; Defines the Corporation and outlines its duties; The Corpora-tion needs to have a postal re-ceptacle in a conspicuous place for service of documents against the corporation; Requirements of a strata plan; What should be included in the by-laws, how they can be varied or changed and how they affect strata owners; Ownership of common property;

Strata owners keeping pets when it is prohibited by the by laws; Outstanding property taxes; Value of property being de-pressed because of its poor upkeep THE ACT AMENDED THE REGIS-

TRATION (STRATA TITLES) ACT TO: 1) Establish a Commission of Strata Corporation to monitor, regulate and supervise the func-tioning of strata corporations and to specify the duties and powers of that commission; 2) Provide for the payment of and application of fees collected by the Commission to help to defray its administrative ex-penses; 3) Provide for the mandatory registration of each strata corpo-ration with the commission and the submission of annual finan-cial statements and reports by —————————————-Cont. on page 2 -Strata Title Act

Disposition of common prop-erty; Creation of easement and covenants; The administration of a strata corporation; Destruction of a strata building; Voting rights of strata owners; Liabilities for taxes AREAS OF COMPLAINT Maintenance fees not being paid-light, water being turned off; Buildings not being insured; Executive of strata corporation not being properly elected and constituted; Monopoly of a few persons over the affairs of the Strata; No proper accountability for the funds received; No preparation of proper an-nual budgets; Where there is Strata units; The other owners have no say in the running of the corpora-tion;

Career Change? Becoming a Real Estate Agent

Cont pg 2 Career Change

tice.

Technical requirements like

coursework and license will

equip you, but it is your atti-

tude that will help you be-

come successful in your field.

As a real estate salesperson,

you need to be sociable or an

extraverted person. You

would be working with dif-

ferent types of people, not

only the buyers and the sell-

ers. A properties agent will

also work with lending offi-

cers, lawyers, mortgage bro-

kers, insurance company rep-

resentatives and even land-

use officials.

A properties agent is on call

24 hours. Clients would often

call an agent during the time

when they are available, ask-

ing for updates or advice. Flexibil-

ity is another attribute a real estate

agent needs to develop.

Clientele could be a problem for

beginning agents. You will need

patience since it will take some

amount of time before client list

will begin to develop.

Another concern for real estate

agents is income. Most experts

recommend that new agents

should have an alternative source

of income, to suffice for the

amount that they will be earning.

As an agent, if you are selling

properties that are considered

‘multi-million properties’ every-

day, then you would not have any

problem the industry.

are required to renew their

license every year but it still

depends on the organisation.

You would also need to at-

tend seminars even if you are

already licensed. The proper-

ties industry is continually

evolving or changing. A real

estate agent should always be

aware of changes in laws and

regulations that might af-

fected the industry.

But taking up real estate

courses are not the only thing

that would prepare you for

the industry. It is recom-

mended that you work with a

mentor broker for about 2 to

5 years to get experience. It

is like an apprenticeship.

After that period of time, you

could start thinking about

setting up an individual prac-

Page 2 Monumental Report

Career Change? Becoming a Real Estate Agent (career change fr pg 1)

each strata corporation; 4) Make additional provision to assist in the passing of unanimous resolutions; 5) Make unpaid contributions a charge on each strata lot which will run with the lot and rank in priority to existing mortgages or charges. 6) Provide for the procedure to be followed where a pro-prietor fails, neglects or refuses to pay contributions to the corporation; 7) Give the Strata Corporation a power of sale in respect of a strata lot where a proprietor defaults in the payments of contributions to the corporation. Provide for the proce-dure to be followed in the exercise of the power of sale and the application of proceeds of such sales; 8) Enable the Commission to take action as an adminis-trator of a strata corporation where the strata corporation is not-functioning; 9) Establish a Strata Appeals Tribunal to hear appeals and adjudicate on matters affecting the administration and management of strata properties; 10) Widen the regulatory powers of the Minister to pre-scribes the matters that are to be communicated by de-velopers of strata properties to prospective purchasers; 11) Indemnify persons serving on executive committees from civil liability arising from actions done in good faith while holding office; 12) Increase the penalty for certain breaches of the Act; 13) Provide for additional provisions in the by-laws pre-scribed in the First and Second Schedules to the Act. AREAS COVERED BY THE REGULATION: 1) Fees to be paid to the Commission of Strata Corpo-

rations. 2) The appropriate forms to be completed and the Cer-

tificates to be issued 3) Documents to be provided by corporations at annual

filling; (a) Annual registration fee; (b) Annual returns;

A properties agent

will also work with

lending officers,

lawyers, mortgage

brokers, insurance

company

representatives

and even land-use

officials.

(c ) Income and expenditure statements; (d) Names and addresses of the current executive committee and; (e) Any other information the commission may require. 4) Certificates authorizing the Exercise of Power of

Sales. 5) Developer‘s responsibility prior to the sale of a

strata unit to advise the prospective purchaser in writing of: (a) Facilities in the common property of the Strata Plan; (b) Proposed unit entitlement of each strata lot; © Proposed by-law; (d) Estimate of proposed maintenance fee.

6) Time line to correct breaches of the by-law (a) 60 days to demolish and remove debris of an illegal structure, restore the building to is original condi-tion; (b) 7 days to remove illegal vehicles and things; (c ) 7 days to remove illegal animals.

7) Establish method of lodging complaints to (a) Tribunal (b) Commission

TIME LINE OF SALE OF STRATA PROPERTY FOR OUT-

STANDING MAINTENANCE 1) Outstanding for 30 days 2) Notice given of outstanding amounts and interest

with another 30 days to pay -60 days. 3) Prior to the exercise of the power of sale, the

corporation must satisfy the commission that it has notified the proprietor, his agent and his mort-gagee (if any) of: (a) The amount outstanding with interest in a statement; (b) That it intends to exer-cise a power of sale 30 – 90 days

4) Apply to commission for certificate to sell. 5) (a) If the Commission is satisfied it will issue a

certificate 30-120 days; (b) If the Commission is not satisfied that the owner was given adequate notice, it can instruct the Corporation to give addi-tional notice – 30days -150 days

6) Prior to the sale the corporation must: (a) Adver-tise the strata property not less than thirty days

STRATA TITLES (AMENDED) ACT

Page 3 Monumental Report

Monumental Report

Staff

Volume 1 Issue 3 Top Six Free Real Estate Technology Tools By James Kimmons

“this is one

career that

is always in

demand”

Creative Director

Kahlil Harris

Editor in Chief

T.Boots Harris

Business Development Con-

sultant/Contributing Writer

Christopher Goulbourne

Marketing Consultant

Terry McNeil

Accounting Consultant

Wayne Parcells

Why pay for something you can get at no cost? And it's even better when the free solutions do such a great job of helping you to market and manage your real estate business. Here are the top ten free real estate technology solutions.

1. Gmail for Lots of Things Gmail is my most-utilized online application. It is accessible from any Internet computer, fast, a huge storage facility, and I can find my old emails with ease.

2. YouTube for Video Marketing As a real estate professional listing properties, you cannot afford to overlook the marketing exposure you can get with a video of your listing on YouTube. You can put videos of your listings up on YouTube. It will impress your listing clients, plus you can use the titles and credits in the video to put out price and other information. If you're blogging, there are several easy and free ways to embed a video into a post, or a player in the sidebar. Get out with that camera or camcorder and start building a YouTube Channel that markets your area and your business.

3. Jott for Voice Management of All Kinds - Jott is by far the most effective tool on

this list, because it communicates with many of the other items here. In fact, most items on this list will take entries via voice from your Jott cell phone account. Use it to do accounting, enter appoint-ments and tasks, and much more. This is probably the most useful tool for all of you who spend a great deal of time out of the office.

―Several people never fulfil their dream of becoming an appraiser since they are not willing to work at it.‖

Do you want to become a real estate appraiser? If so, you will need to know what you are getting yourself into. After all, you cannot simply decide to become a real estate appraiser and think that you can do this in no time at all. Just like any other career, when you want to get involved with this you are going to put in the required time. With that being said, becoming a real estate appraiser is possible whenever you are willing to put in the time. Several people never fulfil their dream of becoming an appraiser since they are not willing to work at it. When you have the devo-tion to get past the early stages, you will be well on your way to a rewarding career in the end. The number one step to becoming a real estate appraiser is learning what the industry is all about. Remember, there is no point in taking all of the classes when you are not yet certain when being a real estate appraiser is the right job for you. You need to make certain that you know what an appraiser does, how much they get paid, and what your day will be like. Only then you will be able to decide whether or not you should move forward. Most places require that you take a pre license course of at least 90 hours before you can move forward. As this may seem like a lot of hard work, it is something that needs to be done. Bearing in mind that these courses will be fun to take considering you like the real estate industry. Doing the courses you will learn about every side of the appraisal procedure. Ultimately, you will move onto a invigilated exam.

4. Google Calendar for Time & Task Management Google has done a great job of bringing a calendar online in a way that works for me. And, it's free. Because Gmail is my email choice, and Google Calendar integrates beautifully with my Gmail appli-cation, it helps me to manage my time better. The ability of Gmail to recognize appointment type ver-biage and suggest a one-click entry into the calen-dar is a big plus. This also works well with Google Sync for Blackberry and you can interchange time and task with other real estate professionals to set easier appointments and keep better schedules.

5. Google Sync for Blackberry This is a great blackberry app which merges Emails, Calendar, Task, and memos online with your Google email. It allows you to never lose your information through the theft or loss of your phone, while integrating all the necessary information from your email to your phone to ensure your entire life is at your fingertips.

6. Xpenser for Easy Accounting Now, if you're super analytical, and you want huge detail in your accounting records, then stick with QuickBooks or Peachtree. However, if you're into simplicity, and spending as little time as possible in getting expenses and income into an online and free solution, then Xpenser is worth a look. Entry is fast and easy, even using your cell phone. Account-ing Can Be a Pleasure with Xpenser

When you can manage to pass this examination you will be well on your way to becoming a real estate appraiser. After you set up your practice, the only thing that you have to do is begin to market your services. Remember, when nobody knows that you are a real estate appraiser you will get no jobs. As you can see, becoming a real estate ap-praiser is not something that you can do over night. With that being said, you should be able to handle the method when you put your mind to it.

Recommended Reading

How to Get Started in the Real Estate Appraisal

Business by Dan Mahoney and Vicki Lankarge

The Art of Real Estate Appraisal: The Complete

Guide for Homeowners and Real Estate Profes-

sionals by William Ventolo and Martha R. Wil-

liams

Mastering Real Estate Appraisal by Dennis H.

Carr

Real Estate Appraisal Principles and Procedures

(AQB Approved course) by Levin P. Messick and

and William Pivar Walt Hube

Becoming a Real Estate Appraiser By Matti Bartacavuch

Valerie Levy - Chairman of the Real Estate Board

ates Limited it afforded me the opportunity to share my knowl-edge and in particular the ethics of the real estate indus-try. 5) What does government need to do in order to further enhance the real estate mar-ket? Government needs to do what-ever it takes to speed up the time that it takes to close Real Estate Transactions. These areas would include speeding up approvals in the develop-ment process, the titles and stamp offices. Positive moves have been in the reduction of transfer taxes and stamp du-ties. 6) What does the private sec-tor and the various real estate bodies need to do to encour-age growth in the real estate market now and its advance-ment into the future? They need to address the disparity between the ultimate purchase price of a home and the attainable level of finance required to purchase it – in real terms for the Jamaican consumer. Those in the bank-ing industry need to lower the interest rate to assist in the process. The government has already made great strides in the reduction of the transfer tax and stamp duty and we look forward to further collabo-ration with the government towards stream lining the proc-esses in the industry. 7) What is your forecast for the real estate market both for Jamaica and the rest of the world? The future of the real estate market will be dictated by the demand patterns exhibited by the various demographic groups and the other users of real estate. For example residential offerings may be structured towards more high density usages. Energy effi-cient concerns will factor heav-ily in the eco-friendly design and cutting edge construction

1) How long have you been in real estate? I have been practicing Real Estate for the past 32 years both in Jamaica and in the USA 2) What is the difference between when you first started out and today? How does the Realtor of today com-pare to the Realtor of the past? Real Estate today is still very per-sonal but the methodology has changed somewhat in that the indus-try has joined the age of technology and the first viewings of properties are usually done on line. Agents today have to be very computer liter-ate as the buyers of today tend to shop on line before calling a real estate agent. Because we are ex-periencing a buyers market world-wide, qualified buyers are more likely to be successful in securing a home. Many vendors are now requiring a commitment from the lending institu-tion before accepting an offer. 3) How has the real estate market grown in Jamaica and what direction has it taken The Real Estate Market in Jamaica has grown in many ways similar to the way growth has taken place in the rest of the world. Due to the lack of affordable land space, densities have increased giving rise to the building of apartments, condomini-ums and townhouses. Jamaicans have always enjoyed living in single family homes with spacious land but everyone now has to adjust to what is now considered to be more of a community lifestyle with shared amenities. 4) What do you think has been your biggest impact on the real estate industry? I would have to say that my biggest impact on the Real Estate Industry was my appointment to the Interim Real Estate Board which was re-sponsible for what is now the Real Estate Dealers and Developers Act. This Act governs and monitors the activities of Real Estate Dealers and Developers in Jamaica. I also spent over twelve years as a part time lecturer in Real Estate at the University of Technology and another three years as president of the Real-tors Association of Jamaica. As President of Valerie Levy & Associ-

technologies employed in the con-struction and layout of buildings. 8) What is the main function of the R e a l E s t a t e B o a r d ? The Real Estate Board (REB) as its mandate dictates should serve as a regulatory and enforcer of matters relating to Real Estate transactions. Additionally it is imperative that the (REB) ensures a level playing field in the economy of development and the rights of purchasers are protected as prescribed in the Real Estate Dealers and Developers Acts. 9) In today's competitive real estate market what your advice to a new Real Estate Agent coming into the m a r k e t c o n c e r n i n g : (a) Marketing one self - Never stop, this gives you the edge over other Realtors – keep the public informed as to your product. Never let them forget that you have the inven-tory. (b) Selling properties These ties back in with marketing. The key in today‘s market is pricing and promotion. (c) Listings they should pursue. Listings priced to sell. Over priced listings in this market will only sell other properties that are priced at market. 10) What is the main thing you would pass on to the Real Estate Agent reading the article? To be a successful agent one has to be ethical and subscribe to continual education and training .Keeping cur-rent is vital for agents to stay a cut above the rest. I would suggest any magazine, peri-odical, or any other publication on matters of real estate to keep current with events, technologies, trends and all things relevant for your industry - is my recommendation for suggested reading.

Links

http://www.jamaica-gleaner.com/gleaner/20051002/

business/business3.html

http://www.jamaica-gleaner.com/gleaner/20070513/

business/

http://www.voice-online.co.uk/supplements/11/

supplement.pdf

Page 4 Monumental Report

Monumental Partners Limited

Phone: 876-656-8917

E-mail:

[email protected]

I would have to say that my biggest im-pact on the Real Estate Industry was my ap-pointment to the Interim Real Estate Board which was responsible for what is now the Real Estate Dealers and De-

velopers Act.

Mrs. Valerie Levy - Valerie Levy &

Associates

The President of Valerie Levy and Associates, Mrs. Valerie Levy CIPS, CRB, CRS, GRI has been a licensed Real Estate Broker in Florida since 1977 and while in Florida distin-guished herself and qualified each year as a member of the Midtown Realty Multi-Million Dollar Sales Club. She was President of the Realtors Association of Jamaica from 1990 to 1993. .

Never stop, this gives you the edge over other Realtors – keep the public informed as to your product. Never let them forget that you have the inventory.

Valerie Levy - President of the Real Estate Association

Mrs. Valerie Levy - Valerie Levy & Associates

The President of Valerie Levy and Associates,

Mrs. Valerie Levy CIPS, CRB, CRS, GRI has

been a licensed Real Estate Broker in Florida

since 1977 and while in Florida distinguished

herself and qualified each year as a member of

the Midtown Realty Multi-Million Dollar Sales

Club. She is a graduate of the Realtors Institute

(GRI), a Certified International Property Spe-

cialist (CIPS), a Certified Real Estate Brokerage

Manager (CRB) and a Certified Residential

Specialist (CRS). She was President of the

Realtors Association of Jamaica from 1990 to

1993. She has served on the Real Estate Board,

has been a lecturer at the University of Technol-

ogy for the past ten years and is still lecturing in

the Salesman Real Estate Course at the Univer-

sity of Technology. She is chairman of the

Educational and Disciplinary Committee of the

Realtors Association and an International Sec-

tion Member of the National Association of

Realtors – Washington D.C.

Mrs. Levy has been married for forty-one 41

years to Desmond Levy who is a Chartered

Builder and Realtor. She has two children,

David Levy who holds a diploma in Land Econ-

omy and Valuation Surveying and Lorraine

Levy Finlason CIPS, CRB, CRS, Real Es-

tate Broker and past President of the Realtors

Association of Jamaica.

The company, Valerie Levy & Associates Ltd

has recently been invited to join ”Leading Real

Estate Companies of the World” a Global Or-

ganization consisting of leading independent

Real Estate Companies encompassing Five

Thousand Five Hundred (5,500) RE offices

worldwide with a compliment of One Hundred

and Sixty Five Thousand agents. As a result,

Valerie Levy & Associates is now able to sat-

isfy the real estate needs of their clients and

customers globally.

Page 5 Monumental Report Volume 1 Issue 3

Monumental Partners

Limited

Phone: 876-656-8917

E-mail:

[email protected]

Books recommended by Mrs. Valerie Levy

Who Killed Change?: Solving the Mystery of

Leading People Through Change

4th Secret of the One Minute Manager

Know Can Do!: Put Your Know-How Into Ac-

tion

Leading at a Higher Level

The Simple Truths of Service

received was the best price it could obtain in the cir-cumstances. Should it fail to satisfy the Court of this the borrower may succeed in securing an Order from that the Lender account to him for the losses he may have sustained. In Jamaica allegations of nepotism and deliberate and calculated ploys by the Lender to undermine the Bor-row for a personal or indirect gain abound. Some of these suspicions are credible and many are baseless, nevertheless where the dispossessed homeowner has good reason to question the bona fides of the process it is open to him to challenge the powerful lender by asking the Court to step in, examine what was done then make certain declarations where appropriate. This is especially true if the Lender alleges that the sale resulted in a loss then seek to add a further body blow to the already overwhelmed borrower by insisting that he shoulders the shortfall. It is important that homeowners are aware that they do have legal recourse against an unscrupulous lender who tries to exploit and cash in on the down trodden. Of equal importance is the need for the possible victim to determine whether a case can be made out. If mate-rial is not available for a strong challenge such as an independent valuation report from a reputable and licensed valuator it is perhaps better not to launch the challenge in the first place as failure will undoubtedly result in more legal expenses. At the end of the day it is incumbent on every troubled mortgagor to inform himself on the process involved in losing his home under and pursuant to a lender‘s power to sell making sure that all documentation re-lated to the impending sale is kept for possible future use in Court. An informed homeowner educated on his rights should also make it known to the lender that he

faith efforts to facilitate and aid the homeowner to keep his home or just knee-jerk reac-tions by the lender in enforcing its rights to sell under the mort-gage instrument is debatable. At the end of the day, how-ever, it may not matter much to that ill-fated victim of the economic climate since either way he is faced with the pros-pect of losing not just perhaps his biggest ever investment but more importantly his home. To add insult to injury the bor-rower may find that at the end of this devilish and nerve rack-ing process he is left with liter-ally nothing from the loss of his home. How is this possible? After investing some equity in the form of a deposit shouldn‘t the mortgagor at least walk away with something? These are important issues which many in the Jamaican context grapple with every day. The lender in almost every loan case is invariably in a stronger bargaining position than the prospective borrower.

The advent of the Global recession has had a domino and devastating impact on almost every facet of the world economy including the once lucrative and safe real estate arena. It was not too long ago that the ordi-nary man could hedge his bet on the real property mar-ket by investing either his or someone else’s money in a house in need of some at-tention, provide that atten-tion and then dispose of it in short order for a handsome mark up. Those days are, at best, on hold. What is now common place is worry and anxiety surrounding the prospect of suffering finan-cial ruin as an investor or los-ing your home if you are an owner/occupier. The latter rears its ugly head in the form of bold and eye-catching write-ups in the newspaper inform-ing the masses that, with the right bid, they could displace the current owner out of his home. Whether those ads are the end result of genuine good

This is painfully true where a mortgage is sought and is underscored by the fact that the client can never negotiate terms. You either accept their terms or leave it. Because of this Parliament of the late 19th century felt it prudent and necessary to legislate protective mecha-nisms for the weaker borrower. Under the Registration of Titles Act (1889) in the event of a mortgagee (lender) exercising its self-help remedy of selling a mortgaged property the proceeds must be treated in a particular way. First the proceeds are to be ap-plied in meeting the expenses associ-ated with the sale, including, Auction-eer, Legal and other legitimate ex-penses. Second, in paying the monies due and owing on the mortgage. Third in paying off any subsequent mortgages and finally, if there is any surplus, the borrower should receive it. Admittedly, the Act does not explicitly place a bur-den on the Lender to exercise due care in selling the mortgaged premises, how-ever the Courts have settled the law on this issue by conferring on the mort-gagee a fiduciary duty and responsibility to act in good faith in disposing of the property. This means that the Building Society or Bank must be able to demon-strate that at the time of sale the price

Power of knowing amidst the power of sale.

Phone: 876-656-8917

E-mail:

[email protected]

Business Development Consultants

(the mortgagor) knows of his said rights, that the sale must be based on the best price and the consequences of ignoring that duty. It is therefore less likely that the Lender will do anything adverse to that duty of care to the Borrower. In these times of economic perils when our ability to weather the storms of redundancy, lay-offs, downsizing and other life pressures is suddenly shattered and our most precious possessions become exposed to the risk of divestment by others than ourselves, our only saving grace will be the guiding light of knowing and making it known of the duty owed to us by those who may seek to show little or no compassion. Ruel Woolcock LL.B (Hons.) Attorney-at-Law Ruel Woolcock & Co. 27 Parkington Plaza Kingston 10. Jamaica W.I Tel. (876) 906-0149/(876) 344-6983 www.ruelwoolcock.com [email protected] Profile – Ruel Woolcock LL.B(hons.) Ruel Woolcock is an Attorney-at-Law practicing law in Jamaica for almost ten (10) years. Ruel is an expert in conveyance and Real Estate Law having worked with the Ministry of Housing for several years. He has, over the years developed a well known reputation for provid-ing excellent, effective and speedy legal services to both his locally and internationally based clientele. Ruel is married with one child.

If material is not

available for a

strong challenge, it

is perhaps better

not to launch the

challenge in the

first place as fail-

ure will undoubt-

edly result in more

legal expenses.

How is this possi-

ble? After investing

some equity in the

form of a deposit

shouldn’t the mort-

gagor at least walk

away with some-

thing?

Your Cell Phone Becomes Your Best Tool

7. YouMail for Custom Greet-

Business Development Consultants

Phone: 876-656-8917

E-mail:

[email protected]

ADVANTAGES OF THE AMENDMENTS TO THE STRATA OWNERS 1. Allows for much better accountability to own-

ers (I) Accounts (ii) Accounts (ii) Budgets (iii) Executive Budgets (iii) Executive

committeecommittee 2. Allows for 2 independent bodies to assist with

resolving disputes. 3. Strengthens the means of collecting mainte-

nance contributions which should allow for apartments to be better maintained, thus pre-serving or increasing the property‘s value.

4. Ensures that meetings are conducted in com-pliance with the law and executive committees are appointed.

5. Indemnify members of the executive commit-tee where bona fide acts are carried out.

6. Ensures that by-laws are enforced. 7. Mortgage lenders should be more willing to

lend for purchase of strata properties because the amendments require the following:

Mortgagees be informed of outstanding mainte-nance; The commission will have available to the mortgage historical data on the administration of strata com-plexes hence the lending institution can decide if it wishes to lend for purchases into the complex or not; If the insurance on the building lapses the mort-gagee has to be advised within 14 days; The mortgagee has to be informed if the corpora-tion intends to exercise a power of sale; Before any money can be handed over to the pro-prietor the mortgagee must be paid; In the case of a forced sale the mortgagee has

If you want to know what makes people success-

ful, the best way to find out is to ask them. So

when a broker raised the question of what

makes real estate agents successful, I sug-

gested that we ask them. This suggestion led to

my surveying high producing real estate agents

to identify their best marketing practices.

M a r k e t i n g S t r a t e g i e s A r e …

It‘s important to clarify what the survey ad-

dressed. It focused on marketing strategies, not

sales tactics. Marketing strategies are marketing-

related activities, such as door-knocking, net-

working and advertising, undertaken to achieve

o v e r a l l b u s i n e s s g o a l s .

D i f f e r e n t F r o m S a l e s T a c t i c s

Selling, on the other hand is a component of

marketing. It is all about closing the deal.

Sales tactics, activities like identifying specific

clients‘ needs and facilitating closing, are things

that lead to the successful completion of a trans-

a c t i o n .

Essential Fundamentals Of Marketing

It is important to understand that the essential

fundamentals of marketing have been applied

successfully for more than five decades. The

findings reported in How Agents Succeed in

Real Estate are consistent with the essential funda-mentals of marketing. Not only that—the findings actually reflect these very fundamentals. This means that regardless of where your real estate business is located, the findings reported in How Agent Succeed in Real Estate will apply to you. It also means that regardless of what marketing initia-tive you propose, the essential fundamentals of mar-keting should not be ignored. By all means be creative and stamp your individual identity into your marketing. But until you have a lot of marketing experience be-hind you, stick to the tried and proven marketing ba-sics. As outlined below, they are the foundation of your long term success in real estate. Attracting Clients The survey looked at what high producing agents currently do to attract new business. It did not address what helped them launch their ca-reers in real estate. Thus, the survey results provide standards to which all agents can aspire, not a blue-print for starting a real estate career. Strategies That Generate Clients Long story short, the four strategies that high produc-ing agents use most commonly to generate new business are

referrals advertising listed properties open houses networking.

How Agents Succeed in Real Estate -By Larry Easto

Ito be consulted on the choice of the valuators The mortgagee must be issued with a state-ment of account for any strata property sold under the power of sale within 21 days of the sale. 8. Ensures that proper notices are given to

proprietors. 9. Allows corporations to apply to the court to

obtain an order of possession so they can rent the strata property and deduct the maintenance fees from the rent and thus not have to sell it.

10. Ensures that each strata occupier is given a copy of the by-laws for the strata com-plex.

11. Allows for demolition of illegal structures and removal of animals where the by-laws are contravened

12. Allows for the commission to consider complaints from proprietors that contribu-tions are unreasonable or inequitable and vary these if they are deemed to be unfair or inequitable.

Further References HTTP://MOBILE.JAMAICAGLEANER.COM/20090731/LEAD/LEAD9.PHP H T T P : / / W W W . J A M A I C A - G L E A N E R . C O M /GLEANER/20100324/NEWS/NEWS92.HTML H T T P : / / W W W . J A M A I C A - G L E A N E R . C O M /GLEANER/20091230/BUSINESS/BUSINESS4.HTML

THE REGISTRATION (STRATA TITLE AMENDMENT) ACT A Positive or Negative change to Strata property owners? Cont fr pg 2

“regardless of

where your real

estate business is

located, the find-

ings reported in

How Agent Suc-

ceed in Real Es-

tate will apply to

you”

Tip 1 : Build a strong foundation

What do I mean by a strong foundation? Would you consider putting a roof on a house unless it had a strong foundation? Of course not! Yet you would be surprised at how many people try to market their services without believing in them-selves. Tip 2: Identify and reprogram your self-

limiting beliefs

Here are some typical examples of actual beliefs I have heard over the years:

―Life is a struggle‖

―It‘s selfish to want more money‖

―It‘s not safe to toot my own horn‖

Can you see why any of these beliefs would stop a person from succeeding? What are your own self-limiting beliefs?

Tip 3: Reverse your self sabotaging strate-gies Did you know that we all have a saboteur? We all have our dreams and we all have a part that tries to sabotage them, for our ―own good‖. For example, I was working with a client today, who realized that even though she had a good busi-ness plan, she was never able to work her plan because of the resistance form her Self sabo-teur.

What are your self sabotaging patterns? How do

7 TIPS FOR CREATING SUCCESS FROM THE INSIDE they show up in your life?

Tip 4: Use your mind and emotions to create

your empire

How many times do you find yourself focusing on what you don‘t want? There is something called The Law of Attraction. It basically teaches that like energy attracts like energy and you get what you focus on.

So, what do you usually focus on? The lack of clients, the lack of income, the lack of time? Guess what? That will bring in more of the same. So, instead ask yourself, ―so, what do I want‖?

Tip 5: Learn ways to release your fears

Fear is not real. It is False Evidence Appearing R e a l ( F . E . A . R . ) To create success from the inside out, use a powerful tool like the STOP Technique. The way to do it is to notice whenever your mind goes into a fear thought, after noticing, take a deep breath and the put in an Empowering Thought, like,‖ I have all I need to succeed.‖ What positive new thoughts are you needing to hear?

Keep a journal and note how many times a day you use the STOP technique. Congratulate your-self for your vigilance.

Tip 6: Know the value you offer

This may seem hard to believe but time after

When selecting a real estate agent, among the char-acteristics that prospective clients seek are compe-tence and trustworthiness. They ask themselves, ‗Can this person do what she says she can?‘ and ‗Is he really trustworthy?‘ Referrals It has been estimated that in North America, referrals and word-of-mouth recommendations generate 85% of new business. In effect, a referral or recommendation, is third party confirmation that the business,--i.e. the agent--is com-petent and trustworthy. The challenge for agents is to increase the number of people who believe that they are sufficiently competent and trustworthy to recom-mend them to other people. This reputation for com-petence and trustworthiness doesn‘t just happen--it has to be earned. Advertising Advertising properties listed for sale represent implied endorsements of agents‘ competence and trustworthi-ness. After all, the owners of the properties advertised for sale must have believed the agents to be compe-tent and trustworthy; otherwise they would not have hired them to help sell their properties. Open Houses Open houses allow real estate agents to showcase their technical expertise and personal characteristics. By interacting with agents at open houses, prospec-tive clients can assess individual agents‘ competence and trustworthiness and by extension, how the agent can help them. For prospective clients, it‘s like test driving a new car.

Networking Networking is the most multi-faceted, versatile and effective marketing tool available to real estate agents. Among other things, it allows them to ex-change information and showcase their trustworthi-ness. Above all, it also makes it possible to interact with other people, who ideally will like and trust an individual agent well enough to do business with, and refer others to him or her. Prospecting The best way to develop a client base is by well focused prospecting. Prospecting is an essential marketing strategy. It generates new leads that can be converted into clients. It also provides the inflow of new clients. These clients will ultimately become part of the pipe-

line by contributing repeat and referral business.

A Benefit For All Agents

All real estate agents can benefit from applying the

best marketing practices of high producing agents.

Specifically, this means that the key marketing

strategies of high producing agents will help you

attract clients.

About the Author

Larry Easto is a best-selling business writer and

publisher of www.real-estate-marketing-link.info. For

more information about the survey referred to in the

article, go to www.real-estate-marketing-link.info/

success_strategies.html

Business Development Consultants

Phone: 876-656-8917

E-mail:

[email protected]

How Agents Succeed in Real Estate cont pg 7

time how people fumble with this concept.

Instead, identify your value, i.e. your unique selling point. What are you really good at? Write a list of what makes you stand out among the competition.

Tip 7: View marketing as “giving” not

“taking”.

I suspect a lot of us are giving and generous and because of that we don‘t want to impose on anyone. However, you will experience a big shift when you realize that what you have to offer is a gift. Spreading the word about your-self is not ―selfish‖ or ―taking‖.

It would actually be selfish to deprive humanity of your gift. So what are you here to give hu-manity?

Corporate Clients include:Supreme Venture Ltd.

Bank of JamaicaSpectrum Insurance

Manpower Maintenance Ltd.Glaxosmithkline Caribbean Ltd.

Tel: 876-388-6918/[email protected]