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Altisource Portfolio Solutions announced today it is leaving the Altisource name behind, and rebranding itself as Trelix. The name change is more than just a name change, according to the company president, who calls it the next step in the company’s evolution. The company will also make another announcement in 2017 introducing its new technology platform. …read more

From:: Real Estate Wire

Monday Morning Cup of Coffee this week gives a preview of our industry’s biggest conference: the Mortgage Banker’s Association annual gathering starting now in Boston. We’ll still report regular news as we get it and give you everything you need to stay up-to-date for the next few days. …read more

From:: Real Estate Wire

By Susanne Dwyer

Millennials have grown to represent 32 percent of homebuyers, which is the largest portion of the home-buying market. According to millennial Austin Hale, product manager for real estate investment software company Realeflow, “Millennials present an entirely new dynamic in the real estate market. [They’re] much more likely to rent, to congregate in urban areas, and to be cautious when taking on debt.”

The purchasing and lifestyle habits of millennials shape the economy and affect everything from the energy market to how TV is made. Real estate professionals need to understand the effect millennials have on the real estate market, so here are four things to know about millennial homebuyers.

1. Millennials Prefer to Rent

The millennial generation favors renting over buying property for a number of reasons. They wait to commit to homes; desire to live in trendier, more expensive areas; or want the freedom to pick up and go with relative ease. A survey found that 10 percent of millennials don’t feel ready to manage a property and prefer having a landlord to take care of maintenance issues.

Effects on the Real Estate Industry: Millennials may start investing in home equity as they get older, but rising debt and delayed life events make it more difficult for them to settle down and invest in property. As a result, millennials look to lower barriers to entry into real estate, including buying rental units and condos they can rent out if they move away.

2. Millennials Search for Themselves

Millennials are tech-savvy and more likely to look for housing online than through an agent—50 percent of millennials found homes using the internet compared with 31 percent who found homes using an agent. Almost all millennials still use a real estate agent or broker to purchase a home, but they prioritize those with websites that include photos, interactive maps, and detailed home information.

Effects on the Real Estate Industry: Real estate professionals need to have websites that include many high-quality photos—as exemplified by successful home-searching sites such as Hubzu and Trulia. Real estate companies with weak online presences are less likely to be successful with the millennial generation. It’s also valuable to have a strong presence on social media that shows you’re engaged and able to speak their language.

3. Millennials Seek Out Small, Efficient Spaces

Many millennials like the ideals of minimalist living—fewer possessions and smaller spaces—because it provides them with the flexibility and financial stability they crave. Similarly, they also value energy-efficient appliances to help keep their bills and carbon footprints low. Millennials are comfortable in small spaces because they see their living quarters as a home base, not necessarily where they want to spend all their time.

Effects on the Real Estate Industry: Real estate agents must be familiar with smaller floor plans and understand the benefits of limited living spaces. The more multi-functional and environmentally friendly a space is, the more likely it is to appeal to millennials. …read more

From:: Real Estate News

By Susanne Dwyer

Halstead Property Chairman and CEO Diane M. Ramirez and her family were recently presented with “The Family Spirit Award” at the 2016 Little Sisters of the Assumption (LSA) Family Health Service Gala in celebration of the “Spirit of East Harlem,” Halstead announced.

Three generations of the Ramirez family, including Diane and her husband, Samuel A. Ramirez, Sr., as well as their son Samuel A. Ramirez, Jr., his wife, Fabiana Ramirez, and their three children, were honored for their contribution and support of LSA Family Health Service, founded by the Little Sisters of the Assumption.

“Family has a very important meaning to us and we are honored and so grateful to receive LSA’s Family Spirit Award,” said Diane following the event. “One of our greatest responsibilities in life is to give back, and we are proud to do so through the Little Sisters who, in turn, help so many others.”

“Our strong family life mirrors the same values we are honoring tonight,” remarked Samuel Ramirez Jr., senior managing director of Ramirez & Co. and president and CEO of Ramirez Asset Management, at the gala. “Thank you to the Little Sisters of the Assumption and your great organization for all the good you do for the people in need, in the immediate community and beyond.”

The annual event was held at The Pierre Hotel in New York City on Oct. 17. The festivities included a cocktail reception, silent and live auctions, dinner and an award ceremony.

To learn more about the Little Sisters of the Assumption, visit www.littlesistersfamily.org.

For more information, visit www.halstead.com.

…read more

From:: Real Estate News

By Susanne Dwyer

Selling a luxury property is slightly different than selling a more moderate home or property. To begin with, the new owners will often be more able to tailor the property to their own specifications and may not even view the property themselves; rather, they may purchase the property through an agent, sight unseen. Here are five tips to help you command top dollar for your luxury property.

1. Don’t remodel or repair prior to selling.

Unlike almost any other property, the majority of remodels and repair work will essentially be wasted on luxury properties. Even essential repairs that are generally recommended on lower end properties, like putting on a new roof or installing a new furnace or water heater, are not recommended for luxury properties. Luxury properties are most likely to be remodeled entirely by the new owners, which may even include adding onto or tearing down parts of the existing structure. Unless the repairs are necessary for the protection of the property or structures—such as fixing a leaky roof—it’s often best to sell your luxury property as is.

2. Hire a professional stager.

Most real estate agents will do some level of staging prior to selling a property, but that may simply include things like removing family photos and knickknacks and clearing away excess furniture to show off the spaces in their best light. With luxury properties, however, it is even more important to hire a professional staging company that can showcase your property without a lot of excess distractions that take the spotlight away from the “bones” of the property. Again, the majority of buyers of luxury properties will remodel anyway, so what they are looking at is merely its potential, not its current state.

3. Advertise discreetly.

There is a certain amount of fame that comes attached to almost any level of wealth and therefore the wealthy owners of luxury properties will often pay top dollar for privacy. Loudly proclaiming a luxury property for sale will not only draw the wrong parties to the table, but it will also make the property a prime target for thieves and vandals.

4. Hire a real estate agent who specializes in luxury properties.

Since real estate agents work on commission, almost any agent will be chomping at the bit to get their hands on a luxury property to sell. There are, however, specific agents that specialize in luxury properties and have both the specialized knowledge and resources to help you get the best price for your property. Sometimes, market trends for higher end properties are very different from current market trends for lower end properties. It’s important to find an agent that really understands the current market conditions for your specific type of property and can advise you on the best course of action for selling it. You might also contact a real estate training expert at a place like Success Path Education.

5. Understand the true value of the property you are selling and market accordingly.

This is of great importance when selling …read more

From:: Real Estate News