Advice Pool - Real Estate

The Next Real Estate Industry Revolution: A primer on how to become a full service provider to your clients.

After the introduction of the MLS and the advent of Franchising, the Real Estate Industry was changed forever. We are now on the brink of a third revolution, which only a fe

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

w real estate agents are embracing.

You are and always have been and will be the Trusted Adviser to your clients. They look to you for advice, what to do next in the process of purchasing their new home. You have a huge influence. Until now, there appears to be many reasons for you

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

not to provide full real estate services to your clients; such as mortgage financing or other services. Some of your reasons maybe:

Fear of getting too financially intimate with your client
Don't want to spread yourself too thin, you want to focus on what you know,

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

which is real estate

Lack of knowledge & expertise regarding finance and mortgage

Added expense and time required to start another business

Fear of violating RESPA and may risk the possibility of loosing your license

You were told not to in real e

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tate school or by your very own managing broker (while you knew that he or she was already in the mortgage business) Most Realtors have been thought in sales school, that to be successful they must stay in control of their client and the sales process. To-day how business

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

is being conducted is rapidly changing with the ever growing Internet Customer. Have you noticed that you are less and less in control. Here are some interesting statistics; "76% of clients looking for a home will use the Internet, before they ever E-mail, telephone or meet wit

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

a Realtor". - 'The National Association of Realtors (NAR) recently conducted a survey which determined that over 80% of home buyers would prefer to have their real estate agent help them with their mortgage financing rather than refer them over to someone new and unknown."

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

; Consider a New Business Model, where Internet technology and easy to use Point of Sale mortgage loan origination systems, implemented on the Internet, makes the tasks of filling out a 1003 mortgage application a breeze.

Initial loan documents and required disclosures by law are a

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

tomatically generated and E-mailed to your clients within the three day RESPA rule. Mortgage products and pricing are done automatically from the input you provide by filling out the easy e1003 application in your browser. Then a list of available solutions are given to you to selec

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

t from by the build in pricing engines.

You can become a virtual owner of a Mortgage Company overnight. Give your clients more of what they want and spend 80% of your time on the 20% of the activities that will expand your business and generate more revenue for you.

Here are a few

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

steps to follow to implement this New Business Model:

Decide to add Mortgage Origination to your or your team's existing core of talents (Whatever your talents are now, you need someone else's talents to complement yours to realize your goals faster.) Benefits: You

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

will stay in control of the loan process. You won't miss any important contractual dates. You will get automated loan status reports. You will stay RESPA compliant. You will make an additional commission by representing your clients on mortgage origination.

Create a Winning

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

Team- by having a highly focused, local team tailored to support your business is your key to success. You can outsource mortgage origination to a local team of a mortgage bank (make sure that they have the track record in the purchase origination business, they have the technology

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

products, pricing, in-house underwriting and processing support) and still receive a healthy piece of the mortgage loan commission. You can decide how much time and energy you want to spend in the mortgage business. You can have your own dedicated mortgage coordinator and processor

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

. You can direct your client to your loan coordinator to get pre-approved. You can be in conference with your client and your loan coordinator to complete the on-line loan application and follow the process on your computer. This is a testimonial from a Realtor in Albuquer

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ue, NM, who is taking charge and using this new business model: "When I joined the company, I was looking for a place to put my license that would give me flexibility. I have bought and sold homes for several years, mostly my own properties. Little did I know the real oppor

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

tunities that this company presented. I can make more money in less time with no investment or liability like I had before. I have recently been a buyer‘s broker with a customer and originated a loan at the same time, with the help of Steve Toth. My customer received excellent

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

service at a single location (his home). I already had most of the info I needed for the loan. The purchase offer was accepted on a Thursday and by Friday we already had a pre-approval on the loan. How easy is that for my customer and me? My customer did not even have to miss work.

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

I have changed my whole focus on Real Estate. Instead of spending days looking for my next project, I spend my time with customers ready to buy or sell and helping others in the business. None of which is none productive time. What a great opportunity for any Real Estate agent!!&quo

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

;-Ron Hensley-Albuquerque, NM

To find out more on Strategic Alliances with Realtors to Offer Mortgage Education and Full Service Real Estate to Consumers and to view our Webcast click here

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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