By This Intero Insider – Video Series brings you Rick Soukoulis, CEO of Western Bancorp’s insight and projections on 2011 mortgage rates, the effects of the Japan crisis on our market and the potential after effects of a possible U.S. Government shut down.
Posts Tagged ‘Intero Real Estate Services’
Carole Rodoni’s 2011 Luxury Real Estate Review
CEO of Bamboo Consulting and a former leader of multiple reputable real estate companies around the Bay Area, Carole Rodoni candidly speaks with Intero COO, Tom Tognoli and shares her thoughts on today’s luxury market.
Read more on Carole Rodoni here.
Gino Blefari’s 2011 real estate market outlook
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.
Leading U.S. brokerage announces Rich La Rue as master franchisor of Intero’s Southern California Region
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.
Intero Franchise Services, Inc. Signs Three New Franchisees Resulting in Five New California Locations
By 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.
Intero Insider: Life After the Home Buyer Tax Credit
It’s safe to say now that the action brought to the nation’s housing markets by the Homebuyer Tax Credit is over. Any buyers who wished to take advantage of this credit had to have been in contract by April 30 and now must close by June 30.
But please remain seated before exiting this ride and declaring the housing market D-O-O-M-E-D (as several headlines have cried this week). See, there is still a very key factor in place that is working in homebuyers’ favor:
Historically Low Interest Rates
This often-overlooked little fact is actually a really important point to ponder. That’s because when you look at today’s rates, which average around 4.75 percent on a 30-year fixed rate mortgage, according to the Mortgage Bankers Association’s latest survey, you realize what a win this is for borrowers – even for those who missed the tax credit deadline.
These low rates are far more significant than any tax credit in terms of savings and incentive to stoke demand. How is that? Well, let’s look at the math:
Let’s say today’s buyer is looking at a 5 percent interest rate on a 30-year fixed loan of $285,000. He’s disappointed at missing out on the tax credit, but since he’s able to lock in at a lower rate than he would’ve gotten two months ago at 5.25 percent, he’s actually saving $15,782 in interest over the life of the loan, which according to my math is significantly higher savings than what that tax credit would’ve gotten him ($8,000).
So today’s buyer nearly doubles his savings in interest compared with the April tax-credit buyers? Doesn’t spell D-O-O-M to me.
Let’s look at another scenario:
This buyer would be able to lock in a 5.25 percent rate on a 30-year fixed loan of $400,000 in July. There’s no tax credit to light a fire under his decision, but say the economic news circles expect a slight uptick in rates by the end of August. If he waits, he’ll risk increasing his rate to 5.35 percent, thereby adding $8,943 in interest to the life of his loan.
I’m not saying that rates will save the day. Remember: There are no quick fixes. But we also have to be sure we understand the forces that are working in the market’s favor.
Tax credits may come and go, but at the end of the day it’s things like historic low interest rates that will keep buyers interested.
Intero Insider: Homebuyer Tax Credit, ACT III
That’s right. It’s back. The homebuyer tax credit strikes again – like a string of sequels in a movie franchise.
First, there was the first-time homebuyer tax credit. It received mixed reviews, but ticket sales were good, and popular opinion encouraged a sequel. The Homebuyer Tax Credit: Part II (The Revenge), opened to great fanfare. It ran only for a limited engagement, however, and people clamored to take advantage of its benefits before the end of its run in the real estate (and economic) theater.
Many of those who were able to get in on the homebuyer tax credit, which stipulated that buyers needed to be under contract by April 30, 2010, but also close/settle by June 30, 2010, are now finding themselves in a bit of a pickle.
So many people bought homes in order to take advantage of the credit that banks, lenders, title companies, and every other body that plays a role in the settlement of real estate transactions, are having one heck of a time getting it all done by the June 30 deadline (which is approaching rapidly). They’re so backlogged that many buyers might not get their tax credit after all.
Unless Congress takes action. Quickly.
Right now, they are considering extending the time to close those transactions by as much as three months. That’s a good thing, too, because the National Association of REALTORS (NAR) estimates that if Congress takes no action, as many as 75,000 homebuyers might lose out because they can’t meet the June 30 deadline.
Regardless of your position on whether the tax credit was a good idea in the first place, I think we can all agree that everyone who was under contract in time to claim it ought to be able to do so. That the settlement process is totally backlogged isn’t their fault and they shouldn’t be punished as a result.
What will Congress do? Will they save the day for tens of thousands of Americans? Stay tuned … the credits on this story haven’t rolled just yet!
Intero Real Estate Services climbs to #17 on the 2010 REAL Trends 500 list of America’s largest real estate companies
Silicon Valley-based brokerage and franchisor is the youngest firm among the top twenty companies on prestigious list
CUPERTINO, SILICON VALLEY, USA – May 27, 2010 — Intero Real Estate Services (http://interorealestate.com), 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 that it ranked #17, based on sales volume, on the prestigious REAL Trends 500 list of America’s leading real estate companies for 2010.
Intero is also the youngest company within the list’s top twenty firms – a fact that underscores the rapid growth and success of the Intero brand. Intero was founded in 2002 and broke into the REAL Trends top 25 in its second full year of operation – a first for any real estate company.
The REAL Trends 500 list is published by REAL Trends, Inc., a publishing company considered to be a leading source of real estate analysis and information.
“We are honored to make the REAL Trends 500 again – it represents a who’s who of American real estate companies,” said Gino Blefari, Intero President and CEO. “The fact that Intero is one of the youngest firms on the list is particularly meaningful to all of us at Intero who believe real estate is ready for our brand of innovation.”
Intero’s growth is driven by re-thinking the real estate brokerage. The company was among the first to syndicate listings on the Internet, has been recognized for its outstanding Website and has reinvented the real estate office. Intero is now expanding its brand nationally and internationally through master and single-unit franchising.
“The REAL Trends 500 has always been a marker of success in this business,” said Bob Moles, Intero Chairman and former President and CEO of the Real Estate Franchise Group of Cendant Corporation, the largest franchiser of residential and commercial real estate brokerage offices in the world. “The fact that the Intero® brand has made it so far so fast is a validation of our commitment to sustained innovation.”
Mortgage that Matters: BELIEVE
By If there’s one thing I’ve seen over and over again, it’s the cycle where housing soars, corrects, and then soars again.
At its low periods, like today, many, many people think real estate values will never come back. And certainly they’ll never go up again like they did in the past.
I don’t know about other parts of the country, but this is California – where the American Dream thrives. I am eternally optimistic about California housing values, and most optimistic about values in the Bay Area.
So, I’ve collected some quotes from the past where people say real estate is dead. Reading them might allay some peoples’ concerns and put things into perspective. Enjoy:
- “The prices of houses seem to have reached a plateau, and there is reasonable expectancy that prices will decline.” (Time, Dec. 1, 1947)
- “Houses cost too much for the mass market. Today’s average price is around $8,000—out of reach for two-thirds of all buyers.” (Science Digest, April, 1948)
- “If you bought your house since the War…you have made your deal at the top of the market… The days when you couldn’t lose on a home purchase are no longer with us.” (House Beautiful, Nov. 2, 1948)
- “The goal of owning a home seems to be getting beyond the reach of more and more Americans. The typical new house today costs $28,000.” (Business Week, Sept. 4, 1969)
- “Be suspicious of the ‘common wisdom’ that tells you to ‘Buy now…because continuing inflation will force home prices and rents higher and higher.’” (NEA Journal, Dec. 1970)
- “The median price of a home today is approaching $50,000….Housing experts predict that in the future price rises won’t be that great.” (Nations Business, June, 1977)
- “The era of easy profits in real estate may be drawing to a close.” (Money, Jan. 1981)
- “In California… for example, it is not unusual to find families of average means buying $100,000 houses…. I’m confident prices have passed their peak.” (John Wesley English, The Coming Real Estate Crash, 1980)
- “The golden-age of risk-free run-ups in home prices is gone.” (Money, March 1985)
- “If you’re looking to buy, be careful. Rising home values are not a sure thing anymore.” (Miami Herald, Oct. 25, 1985)
- “Most economists agree… [a home] will become little more than a roof and a tax deduction, certainly not the lucrative investment it was through much of the 1980s.” (Money, 1986)
- “We’re starting to go back to the time when you bought a home not for its potential money-making abilities, but rather as a nesting spot.” (Los Angeles Times, Jan. 31, 1993)
- “A home is where the bad investment is.” (San Francisco Examiner, November 17, 1996)
Things look grim right now, but go back and look at the dates on all these quotes? Anyone who followed the advice of these people would have missed out on one of the great real estate booms of all time.
What if you paid attention to the advice in quote #7? You’d have missed out on all that growth in the 1980’s.
What about quote #12? If you followed that advice, you’d have missed out on all the great years up until last year.
I could go on and on. If you’re a patient person, it’s been almost impossible not to get rich on California housing.
It happened before and it will happen again.
Don’t bet against California housing.
In the long run, it’s always been a great investment.
Intero Real Estate Services, Inc. sustains profitability through innovation in 2009
Leading U.S. brokerage announces 2009 profits, shares insights on successful model
CUPERTINO, SILICON VALLEY, USA — Intero Real Estate Services (http://www.interorealestate.com), 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 today that its brokerage operation – based in California’s Silicon Valley – was profitable in 2009 despite persistent challenges in the housing sector. Intero was founded in 2002 and became one of the fastest growing companies in the history of U.S. real estate.
2009 was a challenging year in real estate. Intero executives attribute the company’s success in this environment to a long-term commitment to innovation that allowed Intero to realize efficiencies other companies were unprepared to leverage, seize opportunities before its competitors and retain productive agents and franchisees.
“Intero sprung from the cradle of innovation here in Silicon Valley, so doing things that are new, pursuing ideas that are different – it’s a spirit that is an integral part of our brand,” said Gino Blefari, Intero’s President and CEO. “While most in our industry remained static in old models which no longer worked, we decided to act – and that action is directly tied to our continued profitability.”
Bob Moles, Intero’s Chairman, added, “Increasing top line revenue growth in 2009 while at the same time growing our bottom line profit in this real estate environment, demonstrates convincingly that the Intero® brand, tools and systems are positioned to perform well even in down markets.”
Blefari offered several examples of initiatives driving Intero’s success, including:
Technology innovation: Intero aggressively pursued the mobile opportunity in 2009, resulting in greater consumer engagement and enhanced productivity for agents and franchisees. The 2009 Intero mobile initiative included a GPS-enabled listings service, a WAP (browser-based) mobile application, and a native iPhone application.
A pioneering new office model: While many real estate organizations continue to discuss a leaner, more attractive office model, the Intero Andare(sm) office concept experienced its third full year of operation. The Intero Andare office concept features a “cafe-style” workspace, a paperless work-flow and a high-tech, stylish appearance that permits brokerage operators to realize efficiencies while presenting a more compelling brand experience to consumers and agents.
An aggressive digital media strategy: Over the past three years Intero shifted 90% of its media spend from print to digital, increasing Web traffic and consumer and agent engagement. In 2009 the company accelerated this effort, launching a network of blogs, expanding its presence on Facebook, Twitter and YouTube and launching a highly successful series of email newsletters.
“The Intero® brand, with its proven formula for rapid growth and sustained profitability, has been received extremely well by entrepreneurs around the world looking for a compelling business opportunity,” said Javier Parraga, President of Intero International Franchise Services, LLC. “Because of the innovative spirit that drives the company, we’ve been able to present a compelling picture that other, more traditional brands cannot.”
Concludes Blefari, “2009 was a difficult year in many ways, but served to validate our vision for a different kind of real estate organization guided by an innovative sensibility that produces results.”
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. Today, the Intero® brand has over 1,800 agents and 40 company owned and franchise offices covering California, Colorado, Nevada and Texas. The company is private and headquartered in California’s Silicon Valley.
The Intero Insider
A weekly e-newsletter with fresh market data and candid insights from Intero CEO Gino Blefari
