Sacramento Appraisal Blog

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My $15.03 investment in fax marketing in 2008

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Do you get junk faxes? I usually get a couple spammy faxes per month, and so today’s “Florida vacation offer” was no surprise. This one fax actually got me thinking though about marketing strategies as well as a marketing piece I did in early 2008. I don’t know that I would still word things exactly the way I did, but I wanted to share this “Starbucks fax campaign” because it really illustrates some things about business. This is an older idea, but it just might still pack a punch.

 

Investing in Business: It’s so important to continue to meet people and consider ways we might connect with others, use new technology, be a blessing, and earn people’s trust for new business. When we stop marketing, our businesses start dying. Of course there thankfully isn’t much buzz about “fax marketing” nowadays, and I won’t say that my idea in early 2008 was novel, but I do think it gets points for creativity. It certainly earned me a few thousand dollars at least too. That’s not bad for investing $15.03 (five drinks and a three-cent phone call).

Questions: Moving forward in business is about providing a great product and service, trying new ideas, letting certain marketing methods die out and keeping things personal. Have you tried things in the past that you would never do again? What opportunities do you see right now for connecting with people in your field? Lastly, did you ever use a fax machine for marketing?

UPDATED ON 04/18/2013: If you came over from the Appraisal Buzz article I wrote, thank you for visiting. If you end up trying this idea, let me know how it goes.

If you have any questions or Sacramento home appraisal or property tax appeal needs, let’s connect by phone 916-595-3735, email, Twitter, subscribe to posts by email (or RSS) or “like” my page on Facebook

What are “date of death” appraisals?

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Settling an estate is one of those things that many of us don’t know much about until we actually experience personally. If you are in a situation where a loved one has passed or you recently inherited a property, I hope this information will help give you some insight into the process of estate planning as it pertains to real estate appraisals. 

How it Works: When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes. Typically a family member or heir chooses an appraiser for the job at hand, or an attorney or accountant will order the appraisal.

Estate or probate appraisals are commonly ordered between 2-6 months of the death of a loved one (or inheritance of property). Sometimes the appraisal is ordered right away within two weeks, while other times there is a much more substantial time period.

Retrospective Value: In estate planning situations it is common for the appraiser to perform a ”retrospective appraisal”, meaning that even though the property might be inspected today, it isn’t valued off of today’s date, but instead based upon a previous date (usually the date of death of the owner of the property, hence the term “date of death” appraisal). For example, if an owner of a property passed away on October 12, 2010 and the current date is March 23, 2011, the appraiser would inspect the property today, but the value conclusion would be based on what the market was doing on October 12, 2010. For example, the two estate appraisals on my desk right now were inspected very recently and their respective value dates are 4-6 months ago.  

Other Types of Value: In addition to needing a retrospective value during the estate planning or probate process, sometimes the ordering party will also request a current “as is” market value or value based upon the date the title transferred from the deceased to the heir (if the transfer was after the date of death).  In these cases there are really two appraisals being done since there are two separate values issued. Most of the time only one appraisal is needed though, but every situation is unique and it all depends on the particular needs of the estate. 

The Good News: If you are in a situation like this or expect to be soon, take assurance that the type of value is not something you have to spend time worrying about. There is no cause for alarm or worry at all. A good attorney or accountant can help direct you toward the type of value needed for your estate, and a company like mine already knows what questions to ask you. Your circumstances may be very difficult understandably, so the hope is that at least the professionals around you can help to smooth over some of the details like this so you don’t have to think too much about them. 

If you have any questions about the estate or probate process in the Greater Sacramento Region, feel free to contact me at 916.595.3735, ryan@LundquistCompany.com or visit our appraisal or estate settlement website.

Don’t conform in life (except in real estate)

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Don’t follow the crowd. Be a leader. Do not conform to what everyone else is doing. Well, unless we’re talking about real estate. That’s when conformity becomes important.

What is the principle of conformity? According to the Real Estate Glossary, it’s the idea that a house will more likely appreciate in value if its size, age, condition and style are similar to, or conform to, other houses in the neighborhood.

Case-in-point: This photo was taken by a blog reader of a neighborhood in Sacramento County that is less than ten years old. Houses are typical earth-tone colors with stucco siding and tile roofs, and yards are postage stamp lots. The owner of the house below installed a very elaborate set of stairs that is not found anywhere else in the neighborhood. There is truthfully nothing wrong with the design of the stairs at all, but the problem is they don’t fit with the community. When a feature like this stands out in a neighborhood, it can often feel like a sore thumb. One additional issue is that the stairs basically remove the front yard too, which could impact resale value.

Application of the Principle of Conformity: The stairs are not an extreme non-conformity example, but they do help us get conversation going about what types of improvements are best for a neighborhood. If you are considering improving your property, you may wish to consider updates that are consistent with the neighborhood already and enhance the overall image of the community. It’s good to be known for having the best house on the block, but maybe not so good to be known for having a really odd property feature. This means you probably shouldn’t lay down concrete over the entire front yard if its common to have sod for the neighborhood. You may wish to reconsider doubling the size of your house when everything else surrounding your property is tiny. You’ve really been wanting that bright hot pink color on the exterior, but the new paint probably won’t be a magnet for future buyers. You’ve always dreamed of living in the Bat Cave, but maybe stucco and tile ought to suffice for the time being. Basically, you don’t want to add features that harm your wallet or leave prospective buyers in the neighborhood thinking, “Hmm, I’d rather not live next door to that house.” When that happens, it certainly smells like a negative impact to market value.

What examples of non-conformity in real estate can you think of? Do you buy into the principle of conformity for real estate? How might non-conformity impact relationships with neighbors?

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our company website or via Facebook.

What websites help you know a community?

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It’s important to do your homework when you purchase a property or move into a different community, right? After all, when escrow closes or the rental contract is signed, you’re stuck to a certain degree (obviously more stuck when you buy). Here is a list of websites I recommend checking out to help better understand a particular neighborhood or community – not just during the home-buying process either. It constantly amazes me just how much information we can find online.

What other websites would you suggest for getting to know a community? What websites do you recommend for buyers on the hunt for real estate?

  1. Local School District Website: You can check out the neighborhood’s school district website and also websites like www.greatschools.org or even the CA Dept of Education website to review test scores.
  2. Crime Statistics: Does your community or city have data for crime statistics? Sacramento County has a great crime-mapping tool so you can see what types of crimes have been reported recently in the immediate neighborhood. It may be worth googling your street name, the tract name, and city name too to see what has been reported. Keep in mind the local newspaper often reports crime data too.
  3. Superfund Website: Are there any reported environmental issues in the neighborhood or city? Check out the EPA’s Superfund website (This isn’t about “super fun”).
  4. Neighborhood Website: Is there a formal neighborhood association or volunteer association in the neighborhood? What type of information is found on their website? If there is a public online forum, see if you can find out what people are praising and also complaining about.  
  5. Megan’s Law: This website in California keeps a list of designated registered sex offenders. A website like this might be of some use or interest to certain buyers or home owners.
  6. City website: If the property you are purchasing is located in city, peruse the city website to see if there is any relevant information. You can discover quite a bit about future plans for particular sections of town or current issues facing the community.
  7. Local news website: Check out the local news paper for the city or community. You may also consider doing a blog search to see what locals are saying about the neighborhood.
  8. General Data Sites: You may wish to find out particular statistics for you area such as owner-occupancy rates or a breakdown of the population. Look into websites like the United States Census Bureau, Motovo “neighborhood” search, Brainy Zip (www.brainyzip.com), Neighborhood Scout or City Data (www.city-data.com).

If you have any real estate appraisal, consulting, or property tax appeal needs in the Greater Sacramento Region, contact me at 916.595.3735, by email, on our company website or via Facebook.

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