Category: General (page 10 of 23)

March 11, 2008

When the little things matter most

by James Hsu

Realtor, Real Estate Investor

One of the things I want to see in this industry is the bar raised. I hope what Zillow is doing now with the lending industry will carry over into the agent’s world. I understand mistakes can happen and do happen, but the ability to minimize the number of mistakes made or how fast you can fix them is paramount in any industry or facet of life…especially ours when we have someone else’s money/house on the line.

I was putting a pricing/marketing report for a client today and I come across a listing that’s only been on the market for 3 days and it already had a price drop. Naturally I was curious to see why the sudden price drop. I find this in the listing history:

idiots

Okay, …again …mistakes happen. But this mistake is almost unforgiveable. First, in our MLS system there are two text boxes for you to fill the price in separated by a comma. If the intended price was $599,000, I could fathom someone not noticing the second text box right after the comma (which is pre-populated with 000) …and enter the entire list price in the first box …but that would have resulted in a $599,000,000 list price. No…the only way to get the original list price was to enter the price wrong $59900 , 000. This person obviously needs to go through the MLS training class again.

BUT…that wasn’t the worst offense. As a seller, I could probably forgive my agent for an entry error. Don’t see how it could have happened, but fine…it happened. What is really unforgivable is that it took this agent practically 48 HOURS to correct their mistake. For the first 48 hrs of this listing’s life, it was probably THE most expensive house in our MLS. Do you not look at your own listing after you’ve posted it..even as a cursory check to make sure it actually posted?!

Not to mention this $600K house still has…62 hours later ….zero pictures posted for it.

Good times.

March 8, 2008

Real Estate Web 2.0: Epiphany — Thanks To Kevin Kelly

by Mike Farmer

Real Estate Broker

Reading Kevin Kelly’s post again created a fire storm of epiphanies as I relate his generative points to RE web 2.0.

http://www.kk.org/thetechnium/archives/2008/01/better_than_fre.php
I will take his ideas and twist them a bit to meet my purposes. First, the ideas of “copy” – in a sense all RE sites are a copy of one another — plenty of listings to look at. What makes one more valuable than the other is the “generatives“. I see the free copy stage as the beginning, but just the bare beginning – bang bang bang, site site site – popping up here, there and over there. Now we are entering the generative stage and this is where it gets interesting, where winners joke and losers yell “DEAL!”.

Kelly listed eight generatives, with the first being “immediacy“. This is a little vague, but to me it’s related to constant innovation, getting ideas out to the consumer, and being the first to experiment with new ideas. One thing I liked about my website provider Point2Agent was its “immediacy” with press releases coming out on a regular basis of new ideas and functions and plans. Now it’s lagging, and whoever achieves immediacy will outshine them. There’s a lot to be said for being there, being present, being vital and creative. Zillow is doing a great job with immediacy, and lately Homegain has shown a gift for immediacy. As for my own site, I need to “be there”, be vital.

The next generative is “personalization” and this is something I’ve written about ad nauseum. To me, it’s the Big Key to success with Web 2.0. Adding value by personalizing your offer opens the great door that few go through. Kelly writes:

“It is deeply generative because it is iterative and time consuming. You can’t copy the personalization that a relationship represents. Marketers call that “stickiness” because it means both sides of the relationship are stuck (invested) in this generative asset, and will be reluctant to switch and start over.”

Nothing is truer. Once the generative process of personailzation begins, a relationship is borne between provider and user. It’s time consuming, and this is what makes it valuable. It’s one of Read more

February 17, 2008

Highly linked

by Richard Riccelli

Marketing Provocateur

Daniel Gross writing in Slate on how things got so, well, unchained. Key bit:

And so, since the bubble popped and home prices ceased to rise, desperate players in the market have taken a series of actions intended to delay price discovery in housing. Rather than cut prices, sellers began to throw in free cars or other inducements to buyers who paid the asking price. Brokers reduced their commissions. Builders started including all sorts of extras (fancy kitchens, pools, etc.) for no additional price. Every link in the chain sacrificed margins and profits rather than cut prices.

While I know most of you looking in are industry professionals, I found the writing crisp, the thinking clear, and the piece instructive reading for the rest of us in the run up to BloodhoundBlog Unchained on May 18th.

February 9, 2008

Best Efforts

by Sean M. Broderick, CCIM

Commercial Real Estate Broker

Case law recognizes that a “best efforts” clause does not obligate the promisor to “spend itself into bankruptcy,” Bloor v. Falstaff Brewing Corp. But it seems like it when your clients find themselves in litigation, even if the claims against them seem ridiculous. I had an old football coach tell me, “Never argue with a fool, because an innocent bystander can’t tell the difference”, but I don’t think that saying applies to the courts.

It appears to me that the more the fool argues his case in front of a judge, throwing as much case law against the wall as possible hoping something sticks, the greater traction his ridiculous argument seems to gain with the court. After watching this practice in action, it appears to me that there is a professional courtesy among attorneys and judges, allowing those drowning in their own legal quicksand enough leeway to spew case law onto the court, like a lifeline they can use to extricate out of the mire, saving face with their clients.

If you’ve ever seen the episode of Man vs. Wild with Baer Grylls in which Baer voluntarily walks into a pit of quicksand, you’ll remember that it takes a certain skill, patience and effort to extricate oneself out of a “jam”. While remaining calm, one must get as much surface area on top of the quicksand without penetrating too deep. In my observations, it seems that the struggling attorney fights to gain “surface area” with the court without allowing any part of his case to penetrate too deeply into the mire, a practice which most judges will allow with some latitude.

Remembering my Physics 101 class (at least I think it’s Physics), every action has a reaction and every argument presented to the court has an appropriate response. Thus, every case law and ridiculous argument must be responded to preserving that your opponent remains mired in legal quicksand. These responses cost time and money, money that your clients must consider prior to entering into any litigation, if they have a choice.

One benefit to commercial litigation (if there is one) versus litigation in an emotionally Read more

February 7, 2008

Choosing A Brokerage

by Allen Butler

Realtor, Audio Engineer

Let me state first and categorically that I am not leaving my brokerage. I actually have been having a protracted dicussion with a colleague about choosing a brokerage. He’s new to town (Arizona) and is looking for a brokerage. Now, I have a different perspective than a new agent might have, and certainly different than a “mega-agent” might have.

For a new agent, I would assume that a person would want a brokerage that has excellent training to help launch a career. If I were new, I would want lots of help. I might like lots of classes, great mentors, lots of broker contact and communication, and possibly lots of “added stuff” like free printing, brochures, business cards, and the like. Of course, I would assume that a brokerage that has all of these extras will charge a higher commission split. I would expect to give them 20 – 30% of my money for these “helps.”

However, if I were an experienced agent, I might like to have a brokerage where I have low fees, very little interference, and a broker that I like/respect. As an experienced agent, I don’t need training, free stuff, and lots of oversight. I just need a place to hang my license so I can get to producing.

Here’s a specific scenario that my friend and I discussed the other day. He was talking to a well known firm that is very large and growing. They have a tremendous “company culture,” lots of education/support, and “profit sharing.” (You can probably guess. . .) Now, for all of these perks, the brokerage will take 30% of the agent’s earnings until a certain dollar amount is collected, then the agent will go to 100%. What is the dollar amount? $18,000 per year. So, after he makes the company 18k, the rest of the money is his, with low monthly/transaction fees.

So, my question is, “Will all of these perks raise your productivity?” Will you earn enough “extra” to justify the expense of belonging to said firm?

What say you all?

February 2, 2008

If Suddenly Your Phone Is Ringing Off The Hook…

by Doug Quance

Associate Broker

Then You Must Live In A Super-Duper Tuesday State

With the advent of the “Do Not Call” lists and associated laws, most of us have enjoyed some level of peace from the cacophony of telemarketers.

That is, until recently.

There were loopholes left in the “Do Not Call” bill. Particularly noticeable is the loophole for political candidates and political parties – as well as other so-called “non-profit” organizations.

Isn’t it funny how once again, those who “rule” over the dumb-masses are exempt from the laws they pass on the rest of us? How many of us, as Realtors, have wanted to call a FSBO – only to realize that they are on the Do Not Call list?

Is our livelihood less important than theirs?

And now, in this Presidential election year, we have before us a set of choices that do not inspire me at all. Oh sure, we have the first woman or African-American that has a chance of winning… but neither in my estimation is qualified for the job. I just don’t view a few years in the U.S. Senate – with no substantial legislative accomplishments – as a qualification.

On the other side of the aisle, I don’t see any great choices, either. We’ve got one guy who has helped pass laws that are outright unconstitutional – and positions that are at odds with what I feel are in the best interests of the country… and another who lifts his political finger in the air to decide what his core values are – and picks up his checkbook to bludgeon his opponents.

On top of everything else, our system is set up in such a way that most of the field has been eliminated before most of us get to cast our first ballot. Think about it – only three million ballots have been cast, yet we’re down to four or five candidates.

So for most of us – we won’t be casting a vote FOR anyone… because many of us have watched our first choice get eliminated in the first few rounds. Instead, we’ll be choosing between the lesser of two evils. Or at least Read more

January 28, 2008

Write more

by Galen Ward

Mapping Technology Entrepreneur

Selling your home is a big deal; as many verbose real estate bloggers will attest, people are willing to read a lot to learn abut the process. I hate to kiss up to my new host here at Bloodhound, but I would wager that a good long-scroll “who I am and how I work” sections are much more valuable than three paragraph essays that above average agents have on their websites. Heck, a multi-page “who I am and how I work” about page was the most effective for SEOMoz (seriously – long), an SEO (and stuff) company. And deciding to buy a subscription to SEOmoz is a much smaller than deciding to buy a home.

January 25, 2008

Now If We Could Get General Motors To Build One…

by Doug Quance

Associate Broker

Doubling Our Collective Fuel Mileage Could Help Drive Oil Prices Down

Our country has been enduring high oil prices for the last few years – but that transfer of funds out of the country has had a detrimental effect on the economy. And any bad effect on the economy will be felt in the housing sector.

One of the problems is that Americans like their big cars. Less than 10% of our gasoline is consumed by vehicles that get more than 30 miles per gallon. We just don’t find smaller, more efficient cars all that exciting.

Well in another year or so, we’ll witness a new breed of car on the road

And that car will be the Carver… the Cornering Genius.

I haven’t looked forward to the introduction of a vehicle with this much pregnant anticipation in years. A cool vehicle like this could save an enormous amount of our precious fossil fuels – while reducing emissions. And since 90% of all commuters drive to work – alone – a vehicle like this makes good sense.

Now if we could just get General Motors to build one…

January 24, 2008

So Mr. Buffet Gets Into Insuring Bonds…Then Mr. Ross Gallops In…Coincidence?

by Jeff Brown

Real Estate Investments Broker

Recent events brought to mind an article published last week by one of my all time favorite Wall Street guys, Max Whitmore. In it Mr. Whitmore spoke of what’s been called the PPT, or Plunge Protection Team. The short version says after the October 19, 1987 stock market crash, this team was put together.

It’s existence cannot be proved. (Who cares anyway?) I don’t put any credence in any governmental economic ‘Black Ops Team’. I do however acknowledge documented empirical evidence of something happening. This is especially true when it happens more than once — the exact same way — with the exact same timing.

We can discuss if there really is a ‘who’ behind it over a beer some time.

Anyway, as Mr. Whitmore documents with historical and empirical evidence, there’s been a pattern a few times now, in which stock market moves cannot be explained. They happened. The way they happened are clone-like in their sameness. Clone-like? How ’bout down to a minute or two in real time? Each time they were bottom line effective. The market turned around.

He’s seeing it again. And again he cannot explain it — except for the fact it’s there.

Max Whitmore isn’t just another ‘stock guy’ trying to get publicity. He couldn’t care less. For Heaven’s sakes the last time I checked, the man now works mostly from his home in the midwest. He’s a former S & P trader of the year if memory serves. He’s one of the most revered and respected ‘chartists’ in his industry. In other words, he’s credible in the old school sense of the word.

Masterful segue to Mr. Buffet and Mr. Ross.

Keeping the above in mind, why aren’t we seeing more people reporting on what I’m seeing? Here is another, and here.

The end of 2007 has Buffet getting into the Bond Insurance business. Less than a month later we’re all talking about how to save the bond insurers. Come on now, this isn’t me trying to convince anyone of a new twist on the grassy knoll. This is happening in real time for all to Read more

January 22, 2008

UNZIPPED?

by Russell Shaw

Mega-Producing Realtor

Because this thread on Bloodhoundblog has served as a sort of clearinghouse for ex and present ZIP Realty agents, I am passing this along. Additional data can also be found here.

Unzipped

Subject: IMPORTANT LEGAL NOTICE RE: CLASS ACTION SETTLEMENT – Please read as this affects your rights.

This email provides you with a complete copy of the Notice of Proposed Class Action Settlement that was mailed to you with a personalized claim form (“Notice Packet”) on January 15, 2008 to your address that is on record with ZipRealty. If you do not receive the mailed Notice Packet within five days of receipt of this email and would like to request another personalized copy be mailed to you, please call 1-800-918-4296 or visit www.lubockiclassaction.com.

NOTICE OF PROPOSED CLASS ACTION SETTLEMENT

TO: ALL INDIVIDUALS (A) WHO ARE CURRENT OR FORMER REAL ESTATE SALES AGENTS WORKING FOR ZIPREALTY OUTSIDE OF THE STATE OF CALIFORNIA AND FROM WHOM ZIPREALTY DEDUCTED A CUSTOMER ACQUISITION OFFSET (“CAO”) FROM MAY 4, 2003 THROUGH SEPTEMBER 30, 2005; AND (B) WHO ARE FORMER ZIPREALTY REAL ESTATE SALES AGENTS WHOSE EMPLOYMENT TERMINATED IN THE PERIOD BETWEEN MAY 4, 2003 AND AUGUST 31, 2007 AND WHO HAD A PENDING TRANSACTION AT THE TIME THEIR EMPLOYMENT TERMINATED THAT SUBSEQUENTLY CLOSED, BUT WHO WERE NOT PAID THE SAME COMMISSION ON THAT PENDING TRANSACTION AS THEY WOULD HAVE RECEIVED HAD THEY REMAINED EMPLOYED AT THE TIME THE PENDING TRANSACTION CLOSED.

PLEASE READ THIS NOTICE CAREFULLY, AS IT MAY AFFECT YOUR RIGHTS.

YOU ARE NOT BEING SUED.

This Notice is to inform you of a proposed settlement of a class action lawsuit brought by four former real estate sales agents against ZipRealty, Inc (“ZipRealty”). This Notice is being sent to you because ZipRealty’s records indicate that you are a member of the class (“Class Member”) affected by this lawsuit.

THIS NOTICE SUMMARIZES THE PROPOSED SETTLEMENT AND ADVISES YOU OF:

1. A DESCRIPTION OF THE LAWSUIT;

2. THE BENEFITS YOU ARE ENTITLED TO UNDER THE SETTLEMENT AND YOUR RIGHT TO FILE A CLAIM FORM IN ORDER TO PARTICIPATE IN THE SETTLEMENT;

3. YOUR RIGHT TO OPT OUT OF THE SETTLEMENT; AND

4. YOUR RIGHT TO FILE AN OBJECTION TO Read more

January 21, 2008

And Now We Shall Witness The Economic Self-Fufilling Prophecy

by Doug Quance

Associate Broker

How Government Leaders Do More To Harm The Economy Than Help It

Just in case you haven’t heard – this is an election year. And as is all too common, we hear about how this is the worst economy is the last [fill in the blank] years.

It’s becoming a mantra you can almost set your clock by.

Well John Q. Public – who, by and large, is relatively secure in his job and career – is always concerned about “the other guy”. And when the media repeats the “bad economy mantra” like an annoying parrot – John Q. will often slow down his discretionary spending.

So now we see the Presidential candidates tripping over themselves in an effort to put forth an economic plan that is supposed to save us from a recession that none of them can prove exists nor prove is forthcoming.

What we do know is that a big chunk of our collective change went overseas to pay for oil – and for many Americans, that cut deep into their discretionary funds. At $60 a tankful, the cost of gas is putting the hurt on many of us.

The increased cost of transporting goods has inflated prices, as well. And yes, there is a housing crunch that is hurting the hell out of everyone I know – and one of the Presidential candidates is now calling for a 90-day moratorium on foreclosures.

Does that automatically mean we’re heading for a recession?

No, it doesn’t.

Hey, I’m not saying we don’t have economic problems that need to be addressed…

Meanwhile, the world watches us as our political “leaders” squabble over this apparent impending doom that is upon us… and since we’re the biggest market on the planet – they are getting freaked out.

After all, it was only a few weeks ago that the Iraq war was our biggest issue of concern. Since things are going better in Iraq – it’s now the economy.

And when investors get spooked – they tend to grab their money and run.

That is what is happening right now.

The foreign markets all tanked today. Down about 5 – 7% across the board.

On Tuesday Read more

January 18, 2008

Tuition Is Expensive At The School Of Hard Knocks

by Doug Quance

Associate Broker

Another Episode Of “It Doesn’t Pay To Be A Cheap Bastard”

In times like these, real estate investors often search for the corners to be cut. While many of the corners should be cut – others should not.

Such is the case of adequate insurance.

Many sellers are having to resort to leasing out their properties. Some of these properties are leased out under a lease-purchase agreement… while others are simply rented out. Their goal is to simply stop the red ink.

When I list a vacant property for sale, one of my areas of discussion with the seller is adequate insurance coverage. And let me tell you – it ain’t cheap. Vacant homes are not only more susceptible to vandalism, but when something like a pipe breaks or some bad wiring starts a fire – the damage is usually far greater than a home which is occupied.

This increase in premium can triple your insurance costs… or more.

But a vacant property is not the only concern. If you rent or lease your property, you would be well-advised to report this to your insurance company so that they can ensure your policy will maintain its coverage under that particular scenario.

Case in point is a recent tale of woe told to me by a lender who was about to fund a new investment property for one of her clients. This client had a property in Florida that he had lease-purchased to a tenant who had been paying their rent in a timely manner. But shortly before closing on his new property – the neighbors of his lease-purchase tenants called him up to inform him that the tenants left in the middle of the night.

At first blush, this only seemed to be a big nuisance to her client, as the tenants had posted a $10K non-refundable deposit… so he went down to Florida to check it out.

And this is where the other shoe drops.

The tenants had torn the place up. With a vengeance. Stole all the fixtures… even the cabinets in the kitchen. The damage was so extensive – it made that $10K deposit pale in comparison.

My Read more

January 15, 2008

40 Tips for a Powerful New Year

by Russell Shaw

Mega-Producing Realtor

In late 2001 when I had cancer one of the most interesting things I learned was while I was talking to the other people in the chemo room. It was just a room in Making Happy the doctor’s office where we were all sitting in comfortable chairs while our particular poison (mine were Gemzar and cisplatin) was going into our bodies via a tube into our arms. We would talk. One of the remarkable benefits I had, that they didn’t, I was was in Los Angeles, three days a week, receiving Scientology Spiritual Counseling to get rid of all of the grief, fear and “deathfullness” I had. The one thing I found that each and every one of the other patients had was an upset on one particular thing: they didn’t know when they were doing to die. When they found out that they had cancer they then knew that they might (or might not) die. And they didn’t know when. I was in exactly the same boat. I didn’t know if I would be dead in six weeks, six months or six years. It was interesting that I could cheer them up by just by asking, “When was it that you did know when you were going to die?” I could get them all laughing on this point, as they would eventually realize that there never was a time when they knew. What had happened is, as a result of knowing they had cancer, they had discovered that they didn’t know. It was step up in awareness.

I considered myself very very fortunate at the time. If indeed, I was close to the end, I had been given the most wonderful opportunity to do all the things that mattered most. Even with the chemo and the surgeries I still had time. I could call the people who mattered most and tell them I loved them. I could go and see them. And I did too. Each day, every day was another wonderful gift that I was grateful for. That was six years ago. I had over 200 people praying for me every week. Read more

January 13, 2008

Happy New Year? Don’t mind if I do.

by Teri Lussier

Rust Belt Realtor

Happy New Year two weeks late? Not for me. I get a two week extension on the New Year since my birthday is tomorrow (my fave color is orange, I prefer dark chocolate, cash is always welcome)- that’s a New Year to me, regardless of what that once rockin’ Dick Clark says. It gives me a little wiggle room on getting those resolutions done; of which I have only one this year. 2007 was a great year, full of milestones of both the personal and professional type, but it sucked in many respects. My resolution for 2008 is simple: More great, less suckage.

Work is work and schnapps is schnapps, as an old German once told me. I like that idea: When you work, work. When you play, play- understand the difference between the two but appreciate them both. I can do that. At least I could do that. Social networking blurs the lines between the two, doesn’t it? Or does it?

My own personal conundrum: So many cool tools to connect to people and how do I use them to connect to people. I like people. I like connecting to people. That part is easy for me. It’s how to turn the connections into the work is work part that has me flummoxed.

Converging thoughts over the ether:

I received a gift through my inbox yesterday. Amazing timing. One of my own Bloodhound ninety and nine made himself known. I didn’t know I had a ninety and nine here, OTOH, it’s very possible that I only have a one and one. Nonetheless it was a pleasant surprise. He wrote asking for blogging advice and words of wisdom and to be honest, I had none to give him. I’m struggling with my own demons right now, so I told him as much. The power of blogging: This kind man whom I’ve never met, generously poured out a condensed 20 years of real estate business advice. A powerful gift unlike any I’ve received. I hope I can pay that forward someday.

This morning, catching up on my feeds, I see Bold Words has some excellent thoughts about what Read more

January 1, 2008

Goals! by Brian Tracy

by Brian Brady

Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL

The concept of lifetime education is embraced by successful people everywhere. While a college education is an invaluable experience, most of what I’ve learned about sales, marketing, investing, and business has come from books, tapes, CDs, seminars and Russ-casts.

There are a lot of “success marketers” out there. Rather than criticize some of the fugazi, I’ll highlight one of my favorite authors, Brian Tracy. I started reading Brian Tracy’s sales training books some 10-15 years ago. Brian gives direct advice like “come to work an hour before everyone else”. What appears to be a 400-page “no-brainer” guide actually works if you implement his advice.

As luck would have it, Brian offices about 4 blocks from my home and has his mane coiffed at the same salon as I do. One afternoon, about 3 years ago, we shared neighboring chairs and I had a 20-30 minute conversation with the man. He graciously accepted my compliments and suggested I read his new book, Goals ! and the accompanying Goal Planner workbook. I have read it each December since that day.

Goals! was published in 2003 and explains the 7 key elements of goal setting and the 12 steps required to set and accomplish goals of any size. Suggestions like become an expert in your field, associate with the right people, and make a written plan of action are not furtive. Mr. Tracy gives actionable ideas for implementation that are written in plain English; no metaphysical overtones nor MBA-speak.

The Goal Planner is not a workbook of revelation. If you perform the simple exercises, over a 30-day period, the ten bucks spent will be returned within the first 60 days. It’s not a bad way to kick off the new year.

Brian Tracy International has a whole goals package available but most of us won’t take the time to watch the DVDs and listen to the audio. If you want some simple direction for the new year, grab the book and workbook, spend a weekend reading, and start 2008 with clarity.

Happy New Year Read more

Category: General (page 10 of 23)

When the little things matter most

by James Hsu

Real Estate Web 2.0: Epiphany — Thanks To Kevin Kelly

by Mike Farmer

Highly linked

by Richard Riccelli

Best Efforts

by Sean M. Broderick, CCIM

Choosing A Brokerage

by Allen Butler

If Suddenly Your Phone Is Ringing Off The Hook…

by Doug Quance

Write more

by Galen Ward

Now If We Could Get General Motors To Build One…

by Doug Quance

So Mr. Buffet Gets Into Insuring Bonds…Then Mr. Ross Gallops In…Coincidence?

by Jeff Brown

UNZIPPED?

by Russell Shaw

And Now We Shall Witness The Economic Self-Fufilling Prophecy

by Doug Quance

Tuition Is Expensive At The School Of Hard Knocks

by Doug Quance

40 Tips for a Powerful New Year

by Russell Shaw

Happy New Year? Don’t mind if I do.

by Teri Lussier

Goals! by Brian Tracy

by Brian Brady

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