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Affiliate-REALTOR Connection Blog
Helping REALTORS Build Their Business
To best serve your clients, it is essential for a REALTOR to be educated on the most up-to-date information on everything that can possibly affect a transaction. The Suburban West REALTORS Association has partnered with its active Affiliate Members to provide an ongoing resource that provides the latest information on real estate services like home inspections, mortgages, title insurance and more.
Be sure to check this blog on a frequent basis for the latest articles and inforamtion and don't be afraid to post questions for the Affiliate author to answer. If you have any questions about this service, please contact Steve Farace at sfarace@suburbanwestrealtors.com or call 610-560-4800.
And remember to always consider an Affiliate Member First for any real estate related service for yourself or as a recommendation to your client.
Professional Real Estate Appraisal
Posted at 5:35 AM, Apr. 21, 2008
A REALTOR's understanding of the appraisal process is crucial. An appraisal is an estimate of the fair market value of a parcel of real estate; it is based on credible, verifiable facts. A considerable amount of research is required in appraising real estate. The appraiser relies heavily on information included in Trend’s multi-list service, especially for the sales (comparables) of homes that have sold recently that will be used in the appraisal. The more detailed information a Realtor can provide in Trend’s multi-list service on properties that have listed and sold, the more confident the appraiser can be in arriving at the best possible estimate of the fair market value of the subject being appraised. This is vital for both the Realtor and lender and helps to facilitate the appraisal process.
The Appraiser’s Role
The professional real estate appraiser is an impartial, unbiased party to a real estate transaction. Unlike attorneys and Realtors who are advocates for their clients, an appraiser must remain independent. He or she must perform appraisals in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). These Standards are promulgated by The Appraisal Standards Board of The Appraisal Foundation. The purpose of these Standards is to promote and preserve the public trust inherent in professional appraisal practice.
Requirements of an Appraiser
As of January 1, 2008, the requirements to become an appraiser changed. Currently, a trainee interested in becoming a residential appraiser must fulfill the following: (1) complete 200 credit hours in courses directly related to real estate appraising; (2) possess an associate’s degree or have 21 credit hours of course work in subjects approved by The Appraisal Qualifications Board of The Appraisal Foundation; (3) a trainee must amass 2,500 hours of supervised work experience in not less than a 24 month period; (4) finally, a trainee who has fulfilled the course work and supervised work experience must pass a national exam.
What is an Appraisal
The purchase of a home for most people is the largest investment they will make in their lifetime. Many parties are involved in this complex financial transaction, including the buyer and seller, the Realtors, the title company or an attorney, the lender and the appraiser.
The appraisal is an objective, independent and unbiased estimate of what a buyer might expect to pay – or a seller receives – for a parcel or real estate. In the purchase of real estate, the buyer and seller must be informed parties. The licensed, certified, professional appraiser is best suited to provide the most accurate estimate of the property’s fair market value keeping the parties of the transaction informed.
The Inspection
How does the appraiser begin the appraisal process? The inspection of the property is the first step the appraiser takes to begin his or her appraisal assignment. The appraiser inspects the property being appraised to determine the true status of that property. The inspection can be of the exterior only or it could include an interior and exterior inspection, depending on the lender’s requirements. The appraiser will determine the number of bedrooms, bathrooms, and other rooms. Oftentimes, the inspection includes a sketch of the floor plan and requires measurements of the property to determine the square footage. The appraiser evaluates any features and/or defects of the property and their affect on the value of the home. He or she will also take photographs of the property. In addition, an exterior inspection and photographs of homes that have sold recently that will be used in the appraisal will also be part of the appraisal process. Once the inspection is complete, the appraiser is ready to apply the different approaches available to value the property.
Approaches to Value
There are three approaches to arrive at a value of the property: (1) the sales comparison approach, (2) the cost approach, and (3) the income approach, which is used on rental properties.
The sales comparison approach is typically the best indicator of value of a property being appraised. The appraiser usually selects three homes that are comparable to the subject that have sold recently to compare to the subject being appraised. He or she then makes adjustments for dissimilarities between the comparable sales and the subject to come up with an adjusted value of each comparable sale.
The cost approach takes into consideration local building costs, labor rates and other factors to determine how much it would cost to build a similar property to the one being appraised. In addition, the appraiser will determine any depreciation of the property. The cost approach often establishes the upper limit of the value of the property.
The income approach is utilized in appraisals of rental properties. The income the property generates is used to arrive at the current value of those revenues over the foreseeable future.
Reconciliation
Once the appraiser has performed all the relevant approaches to value, he or she is ready to choose a value that best represents the fair market value of the subject. This value may or may not actually be the same as the sales price of the home; however, a lender will usually rely on the appraised fair market value to decide how much to loan for the property.
Anatomy of a Like-Kind Exchange
Posted at 6:55 AM, Apr. 18, 2008
Real estate investors frequently are not fully advised of the mechanics and benefits of §1031 exchanges by their tax or real estate advisors. Section 1031 exchanges permit the non-recognition of capital gains, when investment or business property is “exchanged” for other investment or business property. Non-recognition of capital gains means simply that the taxes that would otherwise have been due on the profits have been postponed to a later date. So, how does an investor properly structure a §1031 exchange, and what will it look like.
The non-recognition provisions of §1031 have been part of the tax law for more than eighty years. For the first seventy years, there was no formal guidance from the Internal Revenue Service, leaving exchanging to the most adventurous investors, or those with the most aggressive tax counsel. In 1991, the Service issued Regulations providing detailed guidance in the form of “safe harbors.”
The first thing to keep in mind is that it is important for the taxpayer to discuss the benefits of a tax-deferred exchange with his tax advisor. Further, it is imperative that the client make the ultimate decision to participate in an exchange before the close of title on the relinquished property. The Regulations require that the taxpayer enter into an exchange agreement with a qualified intermediary at or before closing. Prudent investors, therefore, typically engage the services of a reputable qualified intermediary days or even weeks before the scheduled closing date. The ideal time to do so is immediately upon the signing of contracts for the sale of the property. This enables the intermediary to coordinate with the attorney and other professionals associated with the transaction.
At that time, it is wise to provide the intermediary with a clear copy of the real estate contract. The intermediary will use the information contained in the contract in a myriad of ways during the exchange process. The first is to obtain the names of the taxpayer and of the buyer, as well as the address and price of the relinquished property. The intermediary will typically contact the attorney at this point to inquire about any details that may be unique to the transaction
Further, the intermediary will prepare the exchange agreement, paying particular attention to language and terms specifically required by the Regulations. Additionally, the taxpayer must assign his rights under the real estate contract to the intermediary.
As closing approaches, the intermediary will contact the closing agent to determine familiarity with the exchange process, and to ensure that the closing procedures comply with the Regulations. At the closing, the purchaser will acknowledge that the taxpayer had embarked upon an exchange and had assigned his rights to the intermediary. Closing costs, attorney fees, mortgage payoffs, and other items routinely paid from the seller’s funds are paid at the closing table. Any remaining funds that would otherwise be paid to the taxpayer are, at this time, paid to the intermediary on behalf of the taxpayer. This is crucial, because the taxpayer must avoid even “constructive receipt” of the proceeds in order to protect the validity of his exchange.
During the exchange, with very few exceptions, taxpayers may have no access to the exchange proceeds. The taxpayer may receive the exchange proceeds upon the 46th day, if he has not previously identified replacement property. (More on this later.) The taxpayer may also receive the exchange proceeds upon the 181st day, if he does not actually acquire all of the previously identified replacement property. Between the 45th and 181st days, the taxpayer may only receive his exchange proceeds upon the occurrence of a material contingency related to the acquisition of the replacement property, that was provided for in the purchase contract, and which is beyond the control of the buyer and seller. An example of such a contingency would be the denial of a zoning change request. Failure to obtain financing on terms satisfactory to the taxpayer, or the seller removing the property from the market are not regarded as such contingencies.
The Seller's Advantage in a Buyer's Market
Posted at 10:40 AM, Jan. 24, 2008
Submitted by: Alan Fastman, Helpful Home Inspectors
In today’s buyer-friendly real estate market, a seller needs every advantage he or she can get.
One way for your listing client to improve the position of his or her home in this marketplace is to hire a professional home inspector to perform a pre-sale or pre-listing inspection. Pre-listing inspections inform a seller and a seller’s agent of the issues most likely to be raised during a buyer’s pre-purchase inspection. Armed with this information, you might advise your client to make repairs, or to disclose the defects and adjust the asking price accordingly. Either way, the potential for deal-breaking discoveries at the tail end of the sales process is reduced.
Your seller might ask, "Why would I go to the extra expense of a home inspection when the buyer is going to hire her own inspector anyway?" The answer is simple. Anticipating issues that may be raised by the buyer’s inspector can actually save the seller money and help to avoid every seller’s nightmare – having the deal fall through at the last minute due to unexpected problems.
In the best of times, problems uncovered by the buyer’s inspector can cost a seller money and delay closing. In today’s market, buyers can afford to be even more demanding. A buyer may demand a reduction in price that is greater than the actual cost of repairs. Or, if a seller is asked to make repairs, they will need to be made on the buyer’s rather that the seller’s terms and the seller will need to act quickly and will not have the advantage of shopping around for competitive bids from contractors. Your client could waste a lot of money by being forced into paying for a rush job at the last minute. By correcting problems in advance, the home is made more attractive to prospective buyers and repairs have cost less.
Often it is not the severity of the defects, but the sheer number of defects listed that turns a buyer off. Although a pre-listing inspection may not reveal every single issue to be included in a buyer’s inspection report, it will certainly give the seller the opportunity to minimize the negative impact of a long list of deficiencies.
If the seller chooses not to make repairs, a buyer is more likely to accept a home "as is" if the defects are disclosed in advance and reflected in the asking price than if they are discovered after a price has been set and agreed upon. Also, an inspection report that reveals no major defects may help substantiate a higher asking price. A pre-listing inspection will help you help your client to price the home correctly – an absolute must in today’s market.
A pre-listing inspection adds credibility to a seller’s disclosure and tells buyers that here is a conscientious seller. If a buyer is torn between two houses, they may feel more comfortable with your listing.
Vague Real Estate Terms
Posted at 12:00 PM, Oct. 8, 2007
Through the years humorous articles have been written poking fun at comments in real estate ads. We all know that
"close to public transportation" should be interpreted as "built next to the bus station". But the following are vague
real estate terms that can get real estate salespeople into trouble. The age of consumerism has become the age of
litigation, and the following terms should be avoided or used judiciously.
New Roof--The term "roof" is misleading in that it implies the roof covering plus the roof sheathing,
rafters or trusses. The word "new" is rather nebulous as well. "Shingles replaced in 1990" is a more accurate description.
Updated Wiring--Does updated wiring mean the size of the service has been increased or additional
circuits have been added? Does it mean that the older knob tube wiring has been torn out (which is usually not necessary)?
Sometimes it means that the old outlets have been replaced with modern-looking ones, however the wiring has not been
changed at all.
A better approach may be to comment on the adequacy of the incoming service and more importantly the adequacy of the
distribution network. Both of these however, are very difficult to assess without a solid understanding of electricity. We
all know that you cannot determine the size of an electrical service by reading the sticker on the main box in the
basement. It may be best to leave this one alone.
Thermal Windows--There is really no such thing. The R value (resistance to heat transfer) of a typical
wall in a modern house is approximately R12 to R20. The R value of a single glazed window is R1. What about a double
glazed window? R2! The window manufacturers call this a 100% improvement! The real benefit of double glazing is that it
increases the surface temperature of the inside pane of glass so that condensation does not form on the windows in the
winter time.
If the second pane of glass is a separate storm window, there will be a separate frame for the storm. This creates a
second barrier to air infiltration and in some cases, it is a better arrangement than a double glazed window in a single
frame.
Upgraded Plumbing--Are we talking about new bathroom fixtures or new copper pipes? If we are talking
about new pipes, are we talking about all new pipes within the house or just the accessible ones in the unfinished portion
of the basement? When we say "all copper plumbing" do we mean the waste piping as well? From the mid 1950's to the late
1960's, waste plumbing was also copper.
In the vast majority of houses where old galvanized supply plumbing has been replaced with modern copper, the line coming
in from the street has not been replaced. Back in the days when galvanized plumbing was installed, the line coming in from
the street was not galvanized steel. Instead it was lead. Recent newspaper articles and television programs have people
all in a knot about the lead in houses. This is not to suggest that this is a problem, however, terms such as upgraded
plumbing may make purchasers believe that the supply line coming in from the street has been changed as well.
Totally Renovated--One person's idea of a total renovation is quite different than another's. If a house
has eight year old shingles on the roof at the time of the renovation, there would be no need to replace the shingles
unless the renovation includes changes to the roof line. The term "totally renovated" leads some purchasers to believe
that every part of the house that shows wear has been replaced. Therefore, they expect new shingles and are disappointed
to find that the roof is "older" even though it does not require replacement.
There are many more expressions that cause confusion. With the degree of professionalism on the rise in the real estate
community, there is no place for ambiguity.
Liquidity and Securitization
Posted at 11:14 AM, Oct. 8, 2007
Submitted by: Edward Fallon, Carteret Mortgage Corporation
Why is it that buyers who were readily approved less than a year ago find themselves unable to get a mortgage? The
answer lies in the problems the mortgage industry is experiencing with liquidity and securitization.
In 2006 subprime mortgages accounted for about 20% of the mortgage market, a big increase from just a couple years
before. Equally important, though, are Alt-A and Jumbo mortgages. Alt-A is defined as having credit between Prime and
Subprime, but also includes "No Doc" loans that increased dramatically over the past few years. Jumbo loans exceed the
conventional conforming loan limits set by Fannie Mae and Freddie Mac. Alt-A and Jumbo accounted for roughly 20% and
10%, respectively, of the overall mortgage market in 2006. Add these numbers up and it accounts for 50% of the buyers
in 2006.
Presently, a mortgage company's ability to sell off these types of loans in severely constrained. That is the
liquidity problem you hear about on CNBC and other business news outlets, or at least part of the liquidity problem.
Programs were eliminated with little or no notice, guidelines were severely tightened and rates skyrocketed overnight.
It caused major lenders to implode, unable to fund loans because they were unable to sell the loans they already made.
This will continue to be the case until securitization returns. Securitization is how individual mortgages are
pooled together and securities representing interests in the pool are issued (mortgage backed securities), and how
money flows into our industry. A conforming loan, or even an FHA or VA loan, is not impacted by this because
investors trust the more rigid underwriting standards of the agencies. Due to the poor performance of securities
backed by Subprime and Alt-A mortgages, most investors have retreated from buying mortgage backed securities.
Securitization will return, sooner rather than later, but longer term consequences will remain and impact all
types of loans.
- Underwriters will become more stringent and this will result in more conditions on loans. The mortgage industry
had gotten away from examining every detail of the loan which is a good thing in many ways. Current market conditions
compel mortgage lenders to become more stringent in complying with every aspect of the loan decision. Expect more
letters of explanation, requests for additional bank statements, last minute requests, etc. Let's help ourselves out
and prepare the buyer for this, and make sure the loan officer takes a complete and thorough loan application.
- Appraisals with be more thoroughly scrutinized. Many lenders feel burned, to some degree, with inflated appraisal
values the last few years. More importantly, they are concerned with the possibility of home values declining in some
areas. So the underwriter is more likely to look at the comparables used by the appraiser and how he or she arrived at
the value. It may mean that a lender will not allow maximum financing in some areas. Appraisal values will become
increasingly important so work with the appraiser to have him or her understand how you arrived at the value.
- The wider difference in interest rates between "No Doc" and full doc loans will remain. The investors that buy
these loans now see the increased risk that results when we don't document someone's income. That difference was
somehow minimized over the past few years. No more. If you can't document your income, you will pay more of a premium
and be required to have a larger down payment.
- Rates don't matter if you can't get the loan approved. The importance of a knowledgeable loan officer, backed by a
good support staff and reasonable underwriters, will become more important. My proof of this is the number of horror
stories I have heard over the past 45 days involving mortgage problems, many of which could have been averted if
handle properly from the beginning.
Many of us remain optimistic about the local real estate market for good reason. The impact of the problems besetting
the mortgage market will not impact us as severely as it has states like California and Florida. That doesn't mean
there won't be challenges, but if we identify these challenges, we can work to overcome them.
The Credit Crunch
Posted at 9:23 AM, Aug. 14, 2007
As a mortgage broker I see the current credit crunch tightening every day. Lenders (banks, mortgage companies) are making immediate and severe changes to their programs and guidelines, sometimes twice a day. Every lender is touched by this. This is a temporary situation, but we don’t know how long it will last.
Many previously qualified buyers have already experienced problems getting a mortgage at an affordable rate, if they can get one at all. One exception: buyers seeking conforming loans (loans that conform to the more prudent guidelines of Fannie Mae and Freddie Mac and whose mortgage is $417,000 or below) are less affected in their ability to secure reasonable terms; in fact, last week we saw a drop in the average 30 year fixed conforming rate.
However, the non-conforming market is in dire straits. A non-conforming loan can be any loan that does not conform to Fannie Mae’s or Freddie Mac’s guidelines. You have heard quite a bit about the sub-prime meltdown. We’ve heard more recently about the Alt-A problems; a Top 10 lender has been effectively shut down because of the lack of liquidity. Think “No Doc” and “No Income” loans.
The market for jumbo mortgages is severely impacted by this, as well as second mortgages. Jumbo mortgages are among the best performing (low delinquencies, low foreclosure rates) mortgages, but they are lumped in with other higher risk non-conforming loans. Major jumbo lenders have raised their rates up to 8%. Purchase markets that depend heavily on jumbo mortgages have been shut down.
Many lenders have either cut out or restricted the use of second mortgages and home equity lines. The popular “80/20” programs are becoming harder and harder to find.
The problem is liquidity – Wall Street, temporarily, has few buyers for anything but conforming mortgages, and those buyers have become understandably conservative. How can you price something that no one wants to buy? How do you sell something without a price? Until the market figures out the true risk and cost, we will continue to have disruption. We will also be left with tighter credit standards and more limited programs.
That knowledge alone doesn’t help the average buyer, seller, and real estate agent. Even if your buyer isn’t seeking a non-conforming loan, what about the buyer of his home or the seller of the house he wants to buy? This is why the credit crunch affects everyone.
What should you do? Make sure the pre-approvals you have are solid, fight hard for the best customers, and work on improving your buyer’s credit profile. Here are 5 suggestions:
- Re-approve every buyer you are working with. The piece of paper you have won’t mean much if the lender is out of business, or the interest rate has skyrocketed. Lenders are eliminating programs, restricting guidelines and repricing loan products every day.
- Seller financing. Can the seller take back a second mortgage if needed? Doing so may improve the home’s marketability.
- Improve the credit score. Use legitimate strategies to improve credit scores. A buyer should not do it himself; these strategies are sometimes counter-intuitive. Removing erroneous information and making small changes can have a dramatic effect on the credit score and, consequently, the cost of the mortgage.
- Reacquaint yourself with PMI. A buyer may not qualify for a piggyback loan. PMI is an affordable option and, in some cases, tax deductible.
- Stay away from the “No Doc” and “Low Doc” loans. They will be harder and more expensive to obtain. Many of these buyers may qualify with a lender who knows how to read a tax return.
Home Sweet Home
Posted at 8:47 AM, Aug. 14, 2007
The interaction of §121 (exclusion of gain on the sale of a principle residence) and §1031 (non-recognition of gain or loss in like-kind exchanges) has long been the subject of confusion for taxpayers. Recently, the Internal Revenue Service issued Revenue Procedure 2005-14, providing clear guidance on this issue.
Section 121(a) provides that a taxpayer may exclude gain realized on the sale or exchange of property, if the property was owned and used as the taxpayer’s principal residence for at least 2 of the preceding 5 years. Section 121(b) provides generally that the amount of the exclusion is limited to $250,000 ($500,000 for certain joint returns). Section 121(d), as amended by the American Jobs Creation Act of 2004, Pub. L. 108-357, provides that, for sales or exchanges commenced after October 22, 2004, taxpayers who acquired property in an exchange to which § 1031 applied, must hold the property for five years from the acquisition date before they may apply the § 121 exclusion.
Section 1031(a) provides that no gain or loss is recognized on the exchange of property held for productive use in a trade or business or for investment (relinquished property) if the property is exchanged solely for property of like kind (replacement property) that is to be held either for productive use in a trade or business or for investment. Under § 1031(b), gain must be recognized, however, to the extent that the taxpayer also receives cash or property that is not like-kind property (boot) in an exchange that otherwise qualifies under § 1031(a).
Revenue Procedure 2005-14, issued February 14, 2005, "applies to taxpayers who exchange property that satisfies the requirements for both the exclusion of gain from the exchange of a principal residence under § 121 and the nonrecognition of gain on the exchange of like-kind properties under § 1031." The Revenue Procedure applies only to taxpayers who satisfy the 'held for productive use in a trade or business or for investment' requirement of § 1031(a)(1) with respect to both the relinquished business property and the replacement business property.
Since neither §121 nor §1031 addresses the application of both sections to the exchange of a single piece of property, this Revenue Procedure was necessary to provide guidance to taxpayers who exchange property that satisfies the requirements for both the exclusion of gain from the exchange of a principal residence under § 121 and the nonrecognition of gain on the exchange of like-kind properties under § 1031.
To garner the benefits of both §121 and §1031, new rules must be followed:
(1) Application of § 121 before § 1031. Section 121 must be applied to gain realized before applying § 1031;
(2) Application of § 1031 to gain attributable to depreciation. Under § 121(d)(6), the § 121 exclusion does not apply to gain attributable to depreciation deductions for periods after May 6, 1997, claimed with respect to the business or investment portion of a residence. However, § 1031 may apply to such gain; and
(3) Treatment of boot. In applying § 1031, cash or other non-like kind property (boot) received in exchange for property used in the taxpayer’s trade or business or held for investment (the relinquished business property), is taken into account only to the extent the boot exceeds the gain excluded under § 121 with respect to the relinquished business property.
Read More…
Got Mold? Remove the Water
Posted at 8:30 AM, Aug. 14, 2007
Like Birds of a Feather – the 2 go together. BUT you can have one without the other!
If you have Mold you probably have a water problem somewhere in the basement feeding the growth of the mold spores. Get rid of the water problem first and the mold will stop growing and can be removed by a Mold Specialist if the situation is serious enough to warrant professional assistance, as usually is the case when water problems have been left untreated for extended periods of time.
You can have a water problem without having a Mold problem, especially when treated early and when water has not been sitting for extended periods of time.
It’s much cheaper to remove water problems than mold problems. It’s much cheaper yet to remove water problems in their early stages before they become total basement problems.
Basement Waterproofers can remove the Mold water sources relatively inexpensively, especially if they are capable of performing various outside solutions – not just inside French Drain installations, which only solve hydrostatic water pressure problems. Many Mold situations are caused by outside water sources.
Got water and think you have mold? Contact an experienced Basement Waterproofer and discuss the situation with him. There is no charge for an on site waterproofing inspection if required and experienced waterproofers know experienced mold specialists should they need to be brought into the process.
5 Tips for Using Virtual Assistant Services
Posted at 8:30 AM, Aug. 14, 2007
Are you drowning in the details of your business while ignoring working on your business? Is it time to hire help, but you’re not ready to take on the tasks of hiring and managing an employee? Then you should consider using virtual assistant services.
Virtual Assistants (VAs) are independent contractors whose businesses provide administrative, clerical, technical and/or graphics assistance from a remote office. Some virtual assistants specialize in supporting Real Estate agents. What’s in it for you? If these talented business owners are managing the tasks that bog you down, you can concentrate on your revenue. Here are five examples of projects that can be outsourced to virtual assistants.
Listing Coordination
How many tasks are there to manage when you’ve taken on a new listing? Many! Creating property brochures, uploading photos to websites, placing print advertising, creating service reports for Sellers, and making feedback calls, are just a few of the tasks that can be handled virtually.
Transaction Coordination
Some VAs not only specialize in supporting Real Estate Professionals, but they go one step further in specializing in managing transactions. Now that’s detail-oriented!
Lead Management / Database Management
Real Estate-specific technologies – like lead-generating websites and contact relationship databases - have come a long way. The products available are perfect for the Agent/VA relationship because so many are web-based. However, as streamlined as these products are, time is still necessary for management.
Marketing Assistance
You’re a “people-person”, right? Then why are you toying around with designing postcards and brochures? It’s not a dollar-productive use of your time, so hire a VA to take on the design of the postcards and manage the distribution of the mailings, and you’ll have more time to schedule listing presentations.
Bookkeeping Assistance
Wouldn’t it be nice to have all your receipts entered and categorized in your bookkeeping software on a regular basis? You’d be able to turn in all your paperwork to your accountant on time. What a relief that would be!
Location, location, location - doesn’t matter! Consider using virtual assistant services. Consider the time savings in not having to advertise, hire and train an employee who may or may not stick around. Consider the cost savings in not having to purchase equipment, provide benefits, vacation or taxes for an employee. The hourly rate for VAs is higher than those of employees because they are covering the overhead, and their time is 100% productive for you. Bottom line: The work gets done, but you’re not doing it. That’s what’s in it for you.
Where do you find these virtual professionals? Check out the Delaware Valley Virtual Assistants Association ( www.DVVAA.org) or the International Virtual Assistants Association ( www.ivaa.org) two professional trade organizations for virtual assistants. Typically, you are able to search their member directories by location, or by specialty, and you can submit Request for Proposals to find the perfect support you need.
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