There’s always something to howl about.

Month: April 2008 (page 2 of 9)

An NAR Challenge

I recently found myself in the unenviable position of taking a good long look in the mirror.  Not your typical mirror on the wall (although I often find that to be no picnic either), but the metaphysical mirror; the “pot calling the kettle black” kind of mirror.  I often comment on posts (lately they have been Barry’s) decrying what I perceive to be criticism without construction.  But as soon as the topic turns to our beloved NAR (a favorite around the BloodhoundBlog), I join the nattering nabobs of negativism.  Barry’s post on the NAR’s recent attempt at a technological video is the latest example.  At last count there were 66 comments and I am in there at least twice with some snide sizzle and no meat.  (Hello pot, you’re black!)  But there are also some comments from Ian Smith, one of the people vested with producing the video.  He came into what can only be described as hostile territory and acquitted himself quite well.

So here is what I propose.  The contributors, commenters and readers of BloodhoundBlog may very well constitute the premiere brain trust in RE2.0.  We complain, sometimes with great vitriol, that we would like to see more from the NAR and here is our chance.  I challenge as many of you as possible to step up in the comments to this post and offer your services to Ian for the production of these videos (I’ll start if off below).  I imagine we have many experts here abouts: video, editing, graphics, music, writing, production, agent advice, technological advice and so on.  Ian, your challenge is to get whatever bureacratic sign-offs you need in order to open the project up to some expert volunteer help.  The progress will be reported from time to time right here on BloodhoundBlog and we can all take a hand in improving that which we so often pillory.

“Here’s something four-year-olds know: Media that’s targeted at you but doesn’t include you may not be worth sitting still for”

Michael Wurzer at FBS Blog fingered an astounding exposition by Clay Shirky on the impact participatory media will have on us all:

This hit me in a conversation I had about two months ago. As Jen said in the introduction, I’ve finished a book called Here Comes Everybody, which has recently come out, and this recognition came out of a conversation I had about the book. I was being interviewed by a TV producer to see whether I should be on their show, and she asked me, “What are you seeing out there that’s interesting?”

I started telling her about the Wikipedia article on Pluto. You may remember that Pluto got kicked out of the planet club a couple of years ago, so all of a sudden there was all of this activity on Wikipedia. The talk pages light up, people are editing the article like mad, and the whole community is in an ruckus–“How should we characterize this change in Pluto’s status?” And a little bit at a time they move the article–fighting offstage all the while–from, “Pluto is the ninth planet,” to “Pluto is an odd-shaped rock with an odd-shaped orbit at the edge of the solar system.”

So I tell her all this stuff, and I think, “Okay, we’re going to have a conversation about authority or social construction or whatever.” That wasn’t her question. She heard this story and she shook her head and said, “Where do people find the time?” That was her question. And I just kind of snapped. And I said, “No one who works in TV gets to ask that question. You know where the time comes from. It comes from the cognitive surplus you’ve been masking for 50 years.”

So how big is that surplus? So if you take Wikipedia as a kind of unit, all of Wikipedia, the whole project–every page, every edit, every talk page, every line of code, in every language that Wikipedia exists in–that represents something like the cumulation of 100 million hours of human thought. I worked this out with Martin Wattenberg at IBM; it’s a back-of-the-envelope calculation, but it’s the Read more

Soaring to Success the Low-Tech Way

Have you even had an afternoon off (yeah right!), looked forward to some quiet reading time and been overwhelmed by the shelves full of thick novels, success books and hi-tech, how-to manuals? All you wanted was a light read and a glass of wine.  BloodhoundBlog is sometimes a bit like that shelf.  So much hi-tech content and cutting edge theory designed to help you improve, yet – and I can not speak for anyone else – sometimes a little low-tech advice is just what the doctor ordered.

The Little Voice 
By the end of a long week in this business of ours, you can be pretty tired. This week ended on a particularly poor note for me as one of my fellow tri club members was fatally attacked by a Great White Shark during a morning group swim.  The real estate market is especially volatile and change is afoot.  At times like this it can be helpful to reflect on your goals and your expectations.  Pay particular attention, as you fine-tune those objectives and create your strategies, to that little voice in your head. You know the one: the voice that pops up and tells you some of your goals may be a little too lofty. That slight feeling of negativity that creeps up and quietly suggests you should perhaps… think about… maybe considering… possibly… revising that weight loss target – or the number of closed transactions for the year. It is the voice of doubt that tells you more deals would be a better goal for next year; after all, this year is going to be a tough year. As a matter of fact, this voice inside suggests, just getting through the rest of the year without weight gain will be accomplishment enough. Spend more time with family? Start that blog? Lose weight? “Why don’t we save the truly aggressive goals for next year, when we are more prepared” is the very logical compromise often proffered by the little ‘helper’ inside us all.

Learning to Fly 
The thing to remember as you review your plan is this: the little voice is not real and the only limitation you have is the limitation you put on Read more

Making Nothing out of Something or Something out of Nothing

It doesn’t really matter what someone says they are trying to do. Or what they say their motives are. Know them by their actions.

Nothing - Something

Regardless of what anyone says, all any person is ever really doing is attempting to make something out of nothing or they are trying to make nothing out of something. Obviously, this can be accomplished in various ways. The primary effective method is by one’s thoughts. Take a relationship, for example: it exists solely because it is created and as long as it is created. Beings making something out of nothing. A business or organization that exists is an example of of something out of nothing. Sometimes we wonder why anyone would work on making something out of that? Why? Mountain out of a molehill. Not anything that anyone really wants but there it is, “created” for you. So, creation, is neither good or bad, unless one considers the creation “good” or “bad”. There are some things in life that get broad agreement as being “good”. Others that have broad agreement that they are “bad”.

On Human CharacterAll I want to look at here is what do you want? What are you trying to create? What are you attempting to make something of? What directly helps you do that? What people do you come into contact with or receive communication from that cause you to feel like you are more able to create what you want? When you are in communication with them your goals and aspirations are more real. It is easier to see yourself accomplishing them.

How about the flip side: nothing out of something? What are you trying to make nothing of? What are you attempting to reduce the effectiveness of or make smaller? Does making it less powerful or less effective help you to achieve your goals? Does working on that fully align with your stated goals?

There are those that offer advice and counsel on what you ought to be doing. Oddly enough, they haven’t ever actually done it themselves, but they can still clearly see what would be good for you to do. It isn’t really necessary Read more

REALTORS are Important To An Originator’s Success…Sort Of.

Loan originators are taught to develop REALTOR relationships. While development of those referral relationships is important, I’ve seen originators waste time and money on unprofitable “partnerships”. This initial article, in my new series about REALTOR marketing, will explore how to quantify the referral relationship to more efficiently understand how to focus your efforts.

Why prospect REALTORS?

Well, that’s where the money is, right? REALTORs deal with buyers who need financing for homes. Their clients have means, motive and opportunity to generate fee income within 60 days. What can be expected of such a relationship? If it’s a good relationship, the originator can expect three loans annually, from the average, full-time REALTOR.

Three loans each year. Did you hear that?

Move up REALTORS are perhaps the least productive for an originator to target. Most of their clients show up with a pre-approval letter (or lending relationship) in hand. The REALTOR who overzealously recommends you runs the risk of “steering” accusations. A successful real estate agent, who works this market, is probably closing 15-20 sides annually. Half of them will be listings so there are only 10 loans available to you. Half will have their own financing so you’ve got a shot at five. Throw in a couple of new home purchases and your number drops to three…IF…everything goes well. The expected value of the move-up REALTOR relationship is about $9,000 GCI annually. Assuming a 70% commission split, that number drops to $6,000. Remember that number when asked about “co-op advertising”, Padres tickets, or joint seminars.

Mega-agent teams can be a great source of loans for you until they get into the mortgage business. The deteriorating profitability, of a full-service brokerage, forces broker-owners and team leaders to explore ancillary services as an alternative income stream. I can’t say that I blame them, either. Control of the customer experience combined with the added revenue make affiliated business agreements attractive to REALTORS who consistently produce. While you may feel that you “hit the motherlode” when you connect with the mega-agent, keep in mind that you’re “security” can be short-lived.

Where then, can an originator target her referral marketing efforts?

1- Read more

We First Warned You About LendingTree A Year Ago

As If The Mortgage Lending World Didn’t Have Enough Bad News…

I wrote about LendingTree’s practice of giving their customers information out to multiple lenders back in March of 2007. Now we find out that their nefarious plot went much further than just that.

LendingTree has told its customers that former employees helped unauthorized mortgage lenders hack into its systems and steal customer information from 2006 to 2008.

The incident reveals just how aggressive the mortgage loan business was during the height of the housing boom, and also raises fears for consumers who share their information with companies that help them shop around for the best deal. And it highlights what experts say is an often overlooked source of data theft — the inside job.

According to a letter sent to customers recently, former LendingTree LLC employees shared “confidential passwords” with lenders, who in turn used the login information to “access LendingTree’s customer loan request forms.”

The forms contained critical personal data, including names, addresses, Social Security numbers, income and employment information. The company said the lenders did not use the information to commit identity theft or fraud, but simply to “market their own mortgage loans to … customers.” (read the rest of the story here)

Hat tip to Bob Sullivan over at the Red Tape Chronicles.

I can’t say that I am surprised at all, really.

The National Association Of Realtors Announces That The Typewriter Is State Of The Art Technology

 Real Estate Radio USA | National Association of Realtors Pat V. Combs

The NAR has launched a new website called Realtor Confidential. This site is “designed to educate our membership about technology-related topics and investigate how NAR can best use Web-based technology to communicate with members”.

In this, the first season of the Realtor Confidential series, the camera crew and production team have decided to follow 2007 NAR President Pat V. Combs, as she and her staff “implement new technologies”.

You know, people accuse us of Realtor bashing and it is just unfounded. We just bring to light the incredulity of what is fast becoming the laughing stock of trade organizations.

When you view the video below, you may think you’re watching a skit on Saturday Night Live, but unfortunately, you’re not.

From the “We can’t make this stuff up” department, comes a video featuring the 2007 NAR President Pat V. Combs wherein she describes the mainstays, the must haves in technological advancement.

Without further adieu, I give you the 2007 NAR President explaining to the world, that technology that is vital to the success of a Realtor.

There you have it. For all of us who did not know, it is the typewriter that no real estate agent can do without because you simply can not fill out forms in any other manner. Ummm…okay.

So, since this video was placed out there for the world to view, just what do you think the reviews will be like?

The former head of one of the world’s biggest trade organizations just allowed herself to be filmed telling the world that Realtors will be technologically advanced if they have a typewriter, a fax machine, a printer and a scanner…and let’s not forget about email.

My God what would she do if she heard about Twitter?

Is writing a story on this Realtor bashing? We didn’t make this video and put it on the Internet. This was supposed to “help” agents? Much to the contrary, this has got to be really, really embarrassing for a lot of Realtors.

Waiting with baited breath for the next informative episode! I am sure you are too.

Actions speak louder than words, so let your actions say this: “I intend to do more to earn your business.”

Mike Rohrig got to hang a sold sign on the first custom yard sign he built for a listing. The sign probably didn’t sell the house, but it did sell another homeowner on listing with Mike.

He relates this in email:

I had reports from my seller of at least one person just short of slamming on their brakes to look at the sign. How do you think the sellers felt when they saw that?

From Tallahassee, Barry Bevis offers this:

Here are my first two custom yard signs.

Learned a little — as you always go the first time out. Next time they will be larger, I’ll balance the fonts out, No rivet through my logo and maybe shorten the text — but the paragraph is stopping walkers.

As I posted on your blog, the web address just sends you to the listing page on my website.

Here are Barry’s signs:

I think this rocks. From our point of view, a listing sells to three parties: The seller, the buyer and the neighbors. The idea of using yard signs to snare random buyers — in the hope of selling them something — anything! — seems sub-optimal to me. We would rather knock the socks off the neighbors, thus to cultivate a steady stream of listings.

As both Mike and Barry note, a custom yard sign is excellent for drawing buyer attention. And your actions will speak to your sellers much louder than any words could that you want to earn their business. And that yard sign will communicate silently to neighbors who are thinking of selling that they need to give you a call. I rate that a win all around.

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Another Happy Customer

Below is an email I just received that I thought I would pass along.

Prey - listings

After talking with your agent this afternoon, I NOW UNDERSTAND how you can advertise that most of your propertys sell in 30 days !!!!!!

YOU PREY on the unfortunate home owners who’s property and there situation are in distress !!!!!! YOUR agent had the GALL to tell me Id have to list my home for under $ 150,000 !!! You know SHE DID NOT EVEN SEE MY PROPERTY !!!!! All her talk about bad times etc, and wanting to know why I wanted to sell was her attempt to , I GUESS , scare me into listing a property worth alot more than that BUT you people DONT want to work for your money as a true real estate person does by seeking buyers for homes priced properly. YOU JUST WANT the distressed propertys so as you can scare the home owner with your talk , get him to list with you at a drastically reduced price so as it will sell in your advertised 30 days with you people doing little to NO work and making your money !!!

Answer this IF YOU CAN !!!! How can your agent MAGICALLY put a value on my property WITHOUT even seeing it, re, condition etc BUT she can magically compare it to another property priced lower WHICH she hasnt even seen neither. How do you people MAGICALLY be able to EVEN compare the two without even seeing EITHER ONE !!! The comparison one could be a piece of #%^# !!!! Mine is not !!!!!!

How do you people even call your self realtors in what you are doing !!!!

What Did Carol Hian Do Wrong?

Carol Hian | Kris Berg | Redfin

Okay, I have taken a full 24 hours to digest this blogosphere debacle before offering my 2 cents. In addition I have spoken to Glen Kelman, the CEO of Redfin as we interviewed him today on our show about this..this..thing of ours.

Glen, the consummate professional as always, denounced the now infamous blog post by Ms. Hian and terminated his relationship with her. It was obviously the right thing to do by a business owner responsible for protecting his brand and company’s image.

As the captain of the Redfin ship, it was an expected response and the swiftness of his actions is commendable and an attribute to his character. Glen Kelman is first class.

Now let’s get something else out of the way early here. It is obvious from reviewing the post that Kris Berg wrote, that it was an orchestrated shot at Redfin. It was most assuredly a well planned hit. This can not be denied. Anybody taking the time to read the post can clearly see the two to the back of the head that she fired at Redfin. Was this act supposed to go without anyone seeking some form of retribution?

So now comes Ms. Hian, feeling a little bit more than put off by Ms. Berg’s swipe at Redfin, and Hian, seeking to avenge the assault on her beloved Redfin unleashes a metaphorical torrent against Berg personally. Some thought there was an anti-semitic inference in the post but this has since been found not to be the case.

Personally, I found Hian’s post a bit non-sensical and basically blew it off as another blogger taking an opportunity to take down another. Problem was she made an unsanctioned hit at a “made member”. Kelman saw it coming, tried to quell the anger of the five families of the blogosphere, but the upheaval was too great.

No one could have envisioned the absolute s*%tstorm that quickly ensued. It seems that almost every prominent blogger from the RE.net world was absolutely slamming Hian for what she had written about Berg. Fuhgettaboutit, she was done!

A ful fledged RE blogosphere whacking was in plain view. It culminated with Hian being taken for a ride and now Read more

A Little Chin Music

I once knew an eccentric, rather secretive old movie buff named Don who could determine if a flick was going to be a stinker just by the musical score playing during the opening credits. “If a film starts off with a single instrument playing; one guitar strumming, one piano twinkling, one horn of any kind–I get up immediately and demand my money back from the ticket booth,” he insisted.  “The movie’s gonna stink.”

“Not quite sure I’m following you, Don” I remember glibly saying to him the first time we had this conversation. After all, I too considered myself a surveyor of cinematografo arte.  I paused for a moment before continuing, treading lightly onto this oddfellow’s little patch of expertise. I had been forewarned not to let the dyed gray temples and Hawaiian shirt and sandals fool me. Not even in December.

“What about Brian’s Song?” I asked, tossing a sentimental softball to the old guy.

“Stinker.” Don.

Love Story?” The set-up.

“Open a window.”  Don.

The Godfather?” Brushback.  A little chin music.

“Brando isn’t even Italian. Please...” Definitely Don (if not Corleone).

It was difficult not to judge the man for his quirky appearance and curious ways, or to predict how he would or would not respond to any particular topic.  A gentleman bachelor of sorts and lifelong Chicago resident, Don owned a tiny, ‘evenings only’ coffee house (called Don’s) where myself and a few close buddies would occasionally pass the remaining hours of late 1999 (and possibly existence if the worse case Y2K  scenario played out as predicted). And perhaps ‘owned’ is the wrong word anyway. After all, Don never really ever owned anything. None of us do, according to him.

Our little man group, bachelors of various sorts in our own rights at that juncture in life, would trek north and westward on Public Transit (as to save our respective vehicles from vandalism, theft, or fire bomb in the Gangster Disciple controlled ‘hood) to the tiny storefront; single and alone in its own right, tuck pointed away between tenement walk-ups and elevated train trestles, to engage in heightened conversation, cigarette smoking, and Scrabble with coffee, cake, and dictionaries–the only way to play the game as far as I’m concerned. And of course, for gentleman Don and his quirky points of view on all subjects great and small, including the ‘stranglehold’ of real estate.

“Buying property is for suckers.” Don, circa 1999.

Some old, scratchy LP or Read more

Estately.com gets $450K angel round funding, and it is barreling right down California’s throat

Looking for the ultimate status symbol in Scottsdale? Drive a Porsche. In Manhattan? Maybe a co-op on Central Park West — and a Porsche. But in Seattle, if you want to make heads turn, get yourself some venture capital funding.

Estately.com co-founders Galen Ward and Douglas Cole join that rarefied company today, snagging $450,000 in angel round funding. What that means is that “a small group of online entrepreneurs” believes the company is worth at least $4 million on resale. The funding — to be used to expand into other states — is no doubt welcome, but it comes with an added pressure to work miracles.

From the company’s press release:

Estately.com is the leader in location and lifestyle real estate search, allowing users to search from over 45,000 Western Washington homes and condos using unique search features; users can search for properties a quarter mile from specific Metro bus and Sound Transit light rail lines, users can search inside or nearby neighborhoods, zip codes or cities, and users can use text search to narrow their MLS-based home search down to “Tudors,” “fixers,” “short sales,” or “pre foreclosures” without registering on the site. Estately.com also brings searchers information on the closest local schools (including school scores), parks, transit stops, and restaurants for every property in its database. Anyone interested in real estate can track property price changes on individual properties or on area-wide searches and can store (and search for) private notes on any property.

When a real estate seller or shopper is ready to work with a professional, they can anonymously get competing offers from pre-screened and hand selected professionals in their area – no name or phone number required. Estately rigorously screens the agents allowed to participate in the program – Estately combines a powerful in house Realtor ranking system, using the same MLS data displayed on the site, with interviews and reference checks on every agent in the program. All participating Realtors have over 5 years experience unless they come highly recommended by a verified client, have considerable experience in the locale, and have received positive reviews from previous clients. In the Read more

Sometimes Change Need Not Be Subtle

Real Estate Radio USA | Real Estate Changes

The old way is out and the new way is in. The manner in which you are presently engaged will cease to exist. You must change. You will have no choice!

The date of the metamorphosis has been announced. February 17, 2009 is the day of reckoning. You will either change or be left in the dark. Period!

“By law, all full-power television stations nationwide must switch from the old method of transmitting TV signals known as analog to digital television (DTV) on February 17, 2009. While the benefits of DTV are remarkable, millions of households risk losing television reception unless they take the easy steps to receive a digital signal.”

The cable industry and entertainment industry are taking the necessary, almost beyond necessary, steps to ensure that their customer base knows that in about a year, the way they currently are doing things will change forever. You either change or you will not be able to watch television.

Imagine that, an industry not debating change but mandating it. Imagine that, an industry that has decided that the manner in which they have done something is obsolete. Imagine that, an industry that was willing to embrace change because it actually IMPROVES the consumer’s experience.

Who would have thought it possible that an industry could do this? Who would have thought that an industry would want to do this?

Why make such a sweeping change? Well research determined that DTV is a “more flexible and efficient technology than the current analog system”.

Since digital television is a more efficient use of technology than analog television, the “turning-off” of the old way of broadcasting televised programming it will also free up parts of the airwaves so that incentive for even further innovation is provided to ambitious entrepreneurs.

So not only is there going to be a change to improve the consumers experience, the change is being made to facilitate the progress of future enhancement by others.

Imagine that, an industry that not only embraces change but does so in order for others in the business to succeed as well..

What if the real estate industry did this? What if the real estate industry Read more