Archive for January, 2011

Intero International Franchise Services, LLC. Signs First Franchise in Asia

By Teressa Francis | January 31st, 2011 0 Comments

Leading brokerage company to open first Asia office in Shanghai, China

CUPERTINO, Calif. – Intero International Franchise Services, LLC. (“Intero”) announced the signing of its first international franchise in Asia located in Shanghai, China with Global Gate Property Corp (“GGP”).

GGP is an international real estate group, who works with investors seeking to gain exposure to real estate investment opportunities. A highly experienced management team leads GGP. The team has been operating in Asia for over three decades, and has built up an extensive network of connections across Asia.  

GGP CEO Gary Ohlbaum said the deal with Intero® creates a great opportunity to link with a company with a strong Western US presence that is the market leader in Silicon Valley, California. “Being part of this global community allows us to offer our partners and clients investment opportunities from within the group rather than referring out the business to other brokerages,” said Ohlbaum.  

David Cheung, who heads GGP’s Shanghai operations, said: “The continued growth of Asia’s economies, high asset prices, particularly in real estate, and rising currencies relative to the US dollar, have made Asians significant buyers of US real estate. The Intero brand’s strength in the US, particularly in California, where many Asians choose to buy given its geographical proximity to Asia, established Chinese community, favorable climate, and economic, educational and work opportunities, make it the ideal partner to provide quality real estate investment opportunities to our client base.”

The first Intero franchise in China follows the company’s plan to expand internationally throughout the Asia-Pacific region. Intero International offers master franchise opportunities in select markets throughout the world.

Intero Chairman Bob Moles pointed to China’s huge growth in home ownership and with 1.3 billion people it presents a great business opportunity. “With the Intero strong value proposition, we know that our company will quickly rise above the competition,” he said.

Intero CEO Gino Blefari noted that the first Shanghai franchise represents the company’s commitment to solidifying the brand’s global presence, a necessary element to thrive and innovate in today’s real estate business.

“We’ve always thought about expansion in terms of the individuals involved. We go where we find people who are the right fit for the Intero brand because they have the same values and believe in the culture we’ve created. The GGP executives are those people. With them on board, we simply couldn’t pass on the opportunity to expand,” Blefari said.

About the Intero® brand

Founded in 2002, Intero Real Estate Services, Inc. has quickly become one of the premier real estate brands in the U.S. In 2004, Intero Franchise Services Inc. began franchising and is currently operating in many western states. In 2009, Intero International Franchise Services, LLC embarked on developing around the world. The companies are private and headquartered in California’s Silicon Valley.

About GGP

GGPC is an international real estate investment and services group, with offices and associates in North America and Asia. GGP brings together a management team with over three decades experience in international real estate and of operating and investing in Asia. GGP works with Asian investors seeking to acquire real estate in the US, the UK and Europe, and with international investors looking to acquire real estate in China, including specialist divisions for Agricultural and Forestry investment into China. GGP is listed on the US NASDAQ OTCBB (stock code GGPC).

For additional information, contact info@globalgateproperty.com or visit www.intero-shanghai.com or www.globalgateproperties.com.

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Intero Insider: Home Sales on the Rise

By Gino Blefari | January 25th, 2011 0 Comments

Last week brought us positive news that 2010 ended the year with a fairly sharp uptick in home sales. Existing home sales climbed 12.3 percent to a seasonally adjusted annual of 5.28 million homes in December, according to the latest data from the National Association of Realtors.

That’s good news for the nation’s housing markets. But what caused this end-of-year surge? It’s hard to say for sure, but likely the result of a number of things:

  1. Positive signs in the jobs market
  2. Interest rates expected to rise
  3. Rock-bottom prices in many markets are creating great value for today’s buyers.
  4. Rising rents in many markets are making ownership more attractive to first-time buyers.

I think the energy of home sales in December is a great sign for our markets in 2011. NAR’s Chief Economist Lawrence Yun said that the pace of December sales is in line with expectations for sales volume throughout 2011. The recovery will likely continue as job growth gains momentum.

What can buyers, sellers, fence-sitters and real estate agents do with this information? Well, for those buyers on the fence, I would take this as a sign of coming urgency. If you’re in the market to buy, you may want to make your move sooner rather than later. Interest rates are expected to rise, and each little uptick can drastically change your buying power and affordability range.

For sellers, I wouldn’t take this as a sign that you can start raising prices and play hardball. Rather, you’ll need to watch your local market closely for trends and price accordingly. Agents will also want to continue to monitor their local markets closely. Just because sales increased nationally in December, doesn’t mean the same is true for your local market. Your local market may have shown a steady rise all of last year or it may still be in a lull. Your customers are counting on you to know what’s happening.

Many markets are expecting a slow but steady recovery in 2011. Let’s keep our ears to the ground and encourage each other to make the smartest decisions for our individual situations. For some, this might mean buying the home of their dreams in 2011. For others, it might mean selling and moving up.

The theme this year as we’ll see more and more is that no two markets are identical.

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Intero Insider: New Down Payment Regulations Coming to a Lender Near You

By Gino Blefari | January 18th, 2011 1 Comment

2011 – it’s the year of the regulators with housing and finance. A major collapse in the banking industry, along with periods of decline in housing have piqued Capitol Hill’s interest in making more laws in the mortgage banking and financial industries.

The first volley of the year is out. Looming mortgage lending rules have everyone sweating over an April deadline for issuing the regulations. The new rules would include requirements on the amount of cash that borrowers have to put up as a down payment for “less-risky” loans.  As you can imagine, there is a lot of disagreement over what these down payment requirements should be in order to provide the right amount of equity for the lending market’s comfort and still be within the average home buyer’s reach.

The regulations aim to prevent future housing market meltdowns. But if not well thought out, these rules could actually contribute to a prolonged sag in the market. No one really knows for sure how this will play out, but here are a few pros and cons of setting down payment requirements that are too high, considering what could happen:

Pros:
-Lenders reduce upfront risk – meaning their losses wouldn’t be quite as severe should the loans go bad quickly.
-Lower lending risk could lessen the number of defaults in the market.
-The mortgage securities investment market could benefit from less risk – fewer defaults would make these investments more attractive. That interest opens up more liquidity in the mortgage finance market.
-Borrowers start with more equity.

Cons:
-The borrower’s upfront costs go up.
-Added buying costs could contribute to a lessening of demand in the entry-level market.
-Home sellers could face lower prices to account for new affordability factors.
-The housing recovery could take even longer to play out.

One unintended consequence also could be that FHA loans become more prevalent – especially for first-time buyers who don’t have the added boost of previous equity. This is because FHA loans require a substantially lower down payment, sometimes as low as 3.5%.

We don’t really know how these changes will affect everyone in the market, but we can expect to see some healthy debate in the coming weeks. We should all pay attention and contribute to this discussion.

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Intero Insider: Down payment assistance makes a comeback

By Gino Blefari | January 12th, 2011 1 Comment

Down payment assistance programs have been through the ringer in recent years, but now seem to be making a comeback. According to a Smart Money article I read this week, the number of programs across the country now stands at around 1,000 and has increased 3% to 5% in just the last six months.

What does this mean for home buyers, home sellers and the market as a whole? I think it’s a nice positive incentive and help for what continues to be one of the biggest hurdles to homeownership, the down payment – especially in high-cost areas like California and our own Bay Area and Silicon Valley.

Down payment assistance essentially comes in the form of programs that offer either grants or low/no-interest loans to qualifying first-time home buyers, or buyers who haven’t owned in awhile. Programs obviously vary, but generally there is an income and home value limit that qualifies a buyer. It can be a lifesaver for qualified buyers in places like San Francisco, where 20% down on an average home easily costs in the six figures.

Banks in the past had been reluctant to work with these programs because the borrowers who qualify were seen as risky. But that seems to be what’s changed this time around. Lenders are more willing to work with these borrowers now.

Programs like these are great for buyers in need of help. But they’re also good news for the market as a whole. Remember: first-time buyers especially are a significant piece of the housing market food chain. We need first-time buyers to create demand that fuels sales at the lower end of the market – and those sales in turn fuel sales for move-up buyers. Any move this year that can help create demand – especially in a market segment that needs it – will result in a positive effect to the market.

I applaud this new movement toward down payment assistance and hope that we will see more positive help to buyers and the market like this going forward.

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Gino Blefari’s 2011 real estate market outlook

By Teressa Francis | January 10th, 2011 0 Comments

Intero President and CEO, Gino Blefari candidly speaks with Intero COO, Tom Tognoli and shares his projections for the real estate market in 2011.

Read more on Gino Blefari here.

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Nha Investments announces its recent joining as a franchise with Intero Real Estate Services, Inc.

By Teressa Francis | January 8th, 2011 0 Comments

Steven Tran and Dylan Nguyen open doors to two innovative offices

CUPERTINO, Calif. — The new InteroNha office will be holding the grand opening of their new office located in Milpitas on January 8, 2011, with the anticipated completion of Vietnam Town, a state-of-the-art commercial business model that caters to an Asian market, in the near future.

Today, Intero is the #1 real estate company in Silicon Valley and has extended their reach across the country and around the globe. The Intero family now includes over 1,800 agents 40 offices.

Dylan Nguyen and Steven Tran, cofounders of Nha Investments, created the company as a vehicle for purchasing properties for investors and then selling them to yield the highest returns. In 2010, they utilized their own real estate company to successfully acquire 54 homes in a span of 10 months. Along with their investment firm, they specialize in commercial real estate and have international connections.

Consequently, Steven and Dylan were looking at expanding their business opportunities. Therefore, they searched for a major real estate firm that could help bring this venture to reality. Nguyen feels that “Intero meets all the needs we were looking for in regards to leadership, management, systems, support, and most importantly, visionary.”

“We are pleased to welcome their outstanding service in traditional and investment real estate transactions.” said Intero CEO Gino Blefari. “This expansion represents Intero’s commitment to a global brand presence, a necessary element to thrive and innovate in a real estate business.”

Nguyen and Tran have brought to their team Hector Molina, who has been in real estate for the past 25 years as a lender, developer, realtor, manager, and previous owner of a national real estate firm. He offers the direction and consultation of the expanded business venture that is already in place, and will also be in charge of recruiting and managing agents.

Molina emphasizes: “Companies that want to be successful need to use the EE Method, which does not stand for electrical engineering, but for Effectiveness and Efficiency. Companies without a vision perish. I feel that InteroNha productively follows this model while holding on to their vision.”

Another important team member is Mai Le, who has been in the real estate title industry for the past 10 years. Le joins InteroNha as their Operations Manager.

Other services that InteroNha will offer to the real estate community are a short sales department, commercial division, and future aggressive marketing, including radio. Currently, they have 10 agents and numerous inquiries to become part of their team.   

Intero Milpitas                                     Intero Vietnam Town  
200 Serra Way #44                              1 unit within 909-990 Story Rd.
Milpitas, CA 95035                             San Jose, CA 95122    
                                   
At Intero, we’re confident that we can make a real difference to the clients we serve. We’re responsive to the needs of today’s customers, and dedicated to constructive change and innovation in every area of the real estate transaction.

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Leading U.S. brokerage announces Rich La Rue as master franchisor of Intero’s Southern California Region

By Teressa Francis | January 7th, 2011 0 Comments

Rich La Rue Directs Intero Palm Springs and Intero Palm Desert

CUPERTINO, Calif. — Intero Real Estate Services announces the appointment of Rich La Rue as the Intero area developer in Southern California.

As President and the Intero area developer in Southern California, La Rue will convert his two real estate brokerage offices to Intero in Palm Springs and Palm Desert. Both offices are scheduled to launch as the Intero brand beginning on January 7 with 112 agents combined.

Founded in 2002, Intero Real Estate Services has become the fastest growing company in the history of real estate. Today, Intero is the #1 real estate company in Silicon Valley and has extended their reach across the country and around the globe. The Intero family now includes over 1,800 agents 40 offices.

Intero Real Estate Services achieved this success by remaining faithful – in good markets and bad – to the principles of trust, respect, integrity and innovation the founders established at the beginning.

“In an extremely difficult time in the housing market when many of his competitors were closing offices, Rich La Rue proved his exceptional leadership by growing his operation and succeeding,” said Intero CEO Gino Blefari.

Rich La Rue brings more than 27 years of experience in real estate sales and management to Intero. Prior to joining Intero, La Rue owned and operated several Realty Executives offices in the Palm Springs and Desert Cities area. His exceptional accomplishments include growing his offices by a net 59.4% in 2010 and receiving the Circle of Excellence award, which is given only to 4% of offices worldwide.

“I am honored to be joining the Intero brand, a truly innovative organization that is growing while others are shrinking,” said La Rue. “I am excited for the opportunity and all that we can achieve together.”

Rich will begin operations as the Intero brand at Intero Palm Springs, the headquarters for the Southern California Region as well as Intero Palm Desert and is focused on providing strong leadership and management to all agents.

Intero Palm Springs                                        Intero Palm Desert     
431 S. Palm Canyon Drive                             78-000 Fred Waring Drive, Suite 202
Palm Springs, CA  92262                               Palm Desert, CA  92211                           
                 
At Intero, we’re confident that we can make a real difference to the clients we serve. We’re responsive to the needs of today’s customers, and dedicated to constructive change and innovation in every area of the real estate transaction.

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Intero Franchise Services, Inc. Signs Three New Franchisees Resulting in Five New California Locations

By Gino Blefari | January 7th, 2011 0 Comments

Leading U.S. brokerage announces Rich La Rue as the area developer in Southern California

CUPERTINO, Calif.– Intero Real Estate Services, a leading U.S. real estate brokerage that has recently expanded its brand globally, as a franchisor, through Intero Franchise Services, Inc. and Intero International Franchise Services, LLC, announced the signing of three new franchisees resulting in five new offices in California. Additionally announced, Rich La Rue will serve as the Intero area developer in Southern California.

As President and the Intero area developer in Southern California, La Rue will convert his two real estate brokerage offices to Intero in Palm Springs and Palm Desert. Both offices are scheduled to operate under the Intero brand beginning on January 7 with more than 100 agents combined.

“In an extremely difficult time in the housing market when many of his competitors were closing offices, Rich La Rue proved his exceptional leadership by growing his operation and succeeding,” said Intero CEO Gino Blefari.

La Rue brings more than 27 years of experience in real estate sales and management to Intero highlighted by his 2010 growth of 59.4% in his company-owned real estate offices.

“I am honored to be joining the Intero brand, a truly innovative organization that is growing while others are shrinking,” said La Rue. “I am excited for the opportunity and all that we can achieve together.”

Two additional Intero Real Estate offices will open in Northern California – one in the Vietnam Town area on the east side of San Jose, and one in Milpitas, which is transitioning on January 8 with approximately 20 agents from the former company name Prestige Realty. The offices will operate under the leadership of owners Steven Tran and Dylan Nguyen and manager, Hector Molina.

Finally, in June, a former Windermere Real Estate office located in the Evergreen area of San Jose, California, will transition to the Intero brand. Marvin and Denise Morris will operate this new franchise location.

About the Intero® brand

Founded in 2002, Intero Real Estate Services, Inc. has quickly become one of the premier real estate brands in the U.S. In 2004, Intero Franchise Services Inc. began franchising and currently is operating in many of the western states. In 2008, Intero International Franchise Services, LLC embarked on developing territories in Asia Pacific, Europe, Middle East, Africa and the Americas. The companies are private and headquartered in California’s Silicon Valley.

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Intero Insider: Housing Issues to Watch in 2011

By Gino Blefari | January 5th, 2011 0 Comments

Well, we made it through 2010 – a good year for some, a bad year for others in the housing industry. Some lucky home buyers were able to secure a house at rock-bottom interest rates, lower-than-average prices and with a nice home buyer tax credit to boot. But some unlucky sellers had to sell at a loss or worse, foreclose or even walk away.

What’s in store for 2011? I’ve already discussed my market predictions here. What I want to get into in this post is more the things outside of housing that will play a key role in how we end the year.

1.     Federal deficit: As the deficit problems loom, the administration rightly goes looking for places to find more cash to put on the books. In 2010, we saw some talk about big reductions in the mortgage-interest deduction – one of the most often talked about incentives for buying a home, and also a big cash cow for potential tax revenue if reduced or eliminated altogether.

As I’ve said before, this type of change will not happen quietly nor without a fight. But I’m guessing we will see more discussion as Congress looks for ways to fix our budget woes.

2.     Jobs: Yes, this is obvious, but it is worth mentioning yet again. Without a solid job outlook, housing markets will suffer. It’s difficult to sign for a mortgage when you’re unsure of your job security or worse – unemployed! Any good news on the job front will bode well for real estate markets so watch this issue closely for clues.

3.      Lending regulations: The Obama administration doesn’t seem to be finished looking at more regulations for the lending industry. In fact, one of the first things on the agenda this year is to look at how to restructure Fannie Mae and Freddie Mac. Regulators are also looking at rules about how banks must retain some of the risk when selling off mortgage-backed securities.

4.     Other administrative tactics: Think Home Buyer Tax Credit. Will the administration step in and try to create another incentive program to boost sales? Will it try to incite banks to do more short sales or loan modifications to keep more homeowners out of foreclosure? Will it create tax incentives for investors looking to rehabilitate some areas in desperate need? Of course, no one can predict these things. But we’ll need to pay attention. Some analysts are already saying 2011 is likely to be another “worse” year on record for housing. With that in mind, it is highly likely that Congress will try to take some action to keep the market moving or to save more Americans from foreclosure.

These are the main issues I think we’ll need to pay attention to this year. Through it all, I think it will be important to focus on our single situations and whether it’s the best time for us to buy or sell – regardless of all the outside influences. It still comes down to the buyer and seller of a single transaction.

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