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Category: Real Estate (page 155 of 266)

November 8, 2007

Table for twenty, please — it’s a big party

by

Suburban Phoenix Real Estate Broker

Author website

We’re adding another hound-dog today, Eric Bramlett, a real estate broker from Austin. That makes nineteen in the list of frequent contributors, and, while I don’t have specific plans for a twentieth, I expect to see that slot filled shortly.

Here’s the scoop on Eric:

Eric Bramlett is the broker and co-owner of One Source Realty in Austin, TX. An active voice in the RE.net, he has also written for Broker Agent News. His interests include SEO/SEM, blogging and web design.

Eric has been howling at the gate for a few days, so I’m just going to turn loose of him and see where he runs.

There was a time when I wondered if we might someday all get together in one spot, all the BloodhoundBloggers at one table. Now all I can do is imagine the hell we’d make of some poor waitperson’s life…

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November 8, 2007

Chasing My Long Tail – My Truth About SEO

by

Realtor, Associate Broker

Author website

chasing-tail-2.jpg 

I found myself this morning checking out our blog traffic stats. I don’t know why I do this exactly – It’s idle curiosity, I suppose. I’ll know when my blog hits the big time. That will be the day when I am so busy meeting with clients and closing escrows that I won’t have time to visit our site’s back end.

We blog for sport, we blog for exposure, but mostly we blog for business. There – I said it. Anyone who says otherwise is not being honest. Oh, sure, it has become an addiction, and I sincerely believe that if I retired from my day job today, I would still be blogging tomorrow. It can have that kind of hold on you.

In the meantime, blogging needs to either be a hobby or a component of my business plan. As of press time, it is a little of both. Speaking to the business side of things, my Google-ability is generally of very little concern to me. “Blasphemy!” you say. Let me explain.

Unless the person stumbling on to my site through a search bar is looking to buy or sell a home in San Diego, they are of no value to me from a business perspective. Further, I am most interested in the person who is looking to buy or sell a home in San Diego and who actually lives in San Diego. Sure, there is the potential to attract the eyes and business of people relocating from Duluth, but relocation business is time intensive, needle-in-the-haystack work. We welcome the work, but it is a lower percentage play, much more difficult to cultivate and convert. So if you agree that the local audience is the audience for which you perform, why give a fig about SEO?

Everyone give a warm welcome to Panama!

Jay Thompson through one of his posts turned me on to Who’s Amung Us. They have a nifty little map widget that allows you to display current and past visitors to your site and their location. Here is what my visitor map for the San Diego Home Blog looks like:

amungus.jpg

(Note: The previously posted real-time map has Read more

November 8, 2007

A consumer’s guide to the divorced real estate commission: Will the necessity of negotiating their buyer’s agent’s compensation make buyers more practical?

by

Suburban Phoenix Real Estate Broker

Author website

Part II: How buyers can finally take a seat at the grown-up’s table

When a potential home-seller calls me to set up a listing appointment, very often the first question I will hear is, “How much do you charge?” A motivated seller is done with the house, and now all that matters is money. Sellers — usually — are practical, phlegmatic and open — if not at first then eventually — to logical persuasion.

Buyers, on the other hand, are giddy and emotional and mercurial and fun. They are on a safari to capture something big and exciting, and mere matters of finance are the farthest thing from their minds. This applies even to move-up buyers, people who are also selling their current home to buy the next one. On Friday evening, meeting about the house they are selling, they are coldly rational. On Saturday morning, shopping for the new house, they are swept away by their emotions.

Why do sellers pay the buyer’s agent’s commission, with or without sub-agency? Because it works. Buyers get to look at houses “for free.” The agent will set up searches “for free,” driving the buyers from house to house “for free.” And when it comes time to write a contract, the more the buyers pay for the home, the more the buyer’s agent will get paid. The seller is paying a percentage of the sales price, so the buyer’s agent’s pecuniary interest is aligned with that of the seller, not the buyers, his nominal clients. But — what the heck? — it’s all being done “for free.”

In the feast of residential real estate, buyers sit at the kiddie table and they don’t even know it. If a buyer even thinks to ask who is paying for all these free gifts of information, transportation and advice, the buyer’s agent will blow him off by saying, “Oh, the seller pays me.” We like to think we are smart shoppers, suspicious if not outright cynical, but no one ever thinks to ask, “The seller pays you for what?”

There’s more. Since the advent of buyer brokerage, the claim has been that Read more

November 7, 2007

New self-promo play at Trulia.com: Like Realtor.com, but cheaper

by

Suburban Phoenix Real Estate Broker

Author website

The details are here. This was to have been news tomorrow, but Trulia broke its own embargo. Unlike the last round of upgrades, this release is all about milking cash from Realtors in the best Realtor.com tradition. Perfectly understandable as a means of making money, but hardly earth-shaking. I would have more readily welcomed actual functionality, rather than just pay for play. The good news is, buying leads on Trulia.com is a lot cheaper than buying leads elsewhere. This argues to me that selling leads is a business ripe for disintermediation. If so, that day cannot come soon enough.

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November 7, 2007

First In, Last Out

by

Chicago Broker Owner Realtor | RE 2.0 Blogger

Author website

LIFO: an acronym which stands for last in, first out. In computer science and queueing theory; a historical method of recording the value of inventory (Wikipedia)

FILO: an acronym which stands for first in, last out. I may or may not have invented the term but It pretty much describes many aspects of my life up to this point in time. It’s also the name of a dough, an ale house in the U.K., and a clean alternative to the F word when I’m around my sister’s children. (Geno Petro)

Rewind

Let me begin by saying that not every event in my life is a funny episode. There have been a few that brought me to my knees in quick fashion and many more woes that still rent space in my head when I allow them to. It’s just that I inherited a skewed sense of humor from my mother along with a ‘this too shall pass’ point of view. Such an axiom hangs framed in her kitchen to this day. And being the first born in a short but staggered line of siblings, the joke, in those early days, was apparently on me according to the family picture album. Oh, and my name back then was Genie. Little Genie.

…which somehow became Eugene by Grade One. Nobody bothered to tell me this (or if they did, it didn’t register) and I vividly recall the nun on that first day, Sister Mary Timothy (so very confusing, were those hermaphro-monikered creatures in long, black habits), repeating the roll call words, Eugene… Petro, Eugene…Petro, up and down the aisles like a resounding echo (yes, that would be an echo within an echo) off the leaded paint block walls and buff waxed linoleum floors of St. Michael the Archangel Classroom 1A, until she was suddenly standing above me, pitched to scream, the black Attendance Book clutched with gnarled fingers raised overhead…

“My name is Genie,” I believe I said, which was followed by an immediate explosion of laughter from my new found peers. I realized at once I should have taken my Eugene from the old lady, and been done with it.  I swear, I thought she was going to murder me in my splintery, ink stained desk. God and all his homeys were very mean to little children back in the early Read more

November 7, 2007

A consumer’s guide to the divorced real estate commission: Why buyers and sellers each paying for their own representation is the most significant reform that can be made today in residential real estate

by

Suburban Phoenix Real Estate Broker

Author website

Part I: How we got into this mess in the first place

Can we be straight with each other? I’m not a soft and subtle kind of guy, and my working assumption is that you are sick to death of being hustled — handled — lied to. We yammer all day about transparency, but if transparency is something other than old wine in a new bottle, it’s time we told the truth, don’t you think?

So let’s start here: The National Association of Realtors, which celebrates its 100th birthday this year, is a vast and largely successful conspiracy against consumers by real estate brokers. By brokers, mind you, not agents, although agents are not without sin. The purpose of the National Association of Realtors is to limit — artificially, by fiat of law — the number of people to whom you might turn for help in effecting a real estate transaction. Before the NAR got real estate licensing laws passed, you could have worked with anyone: A friend, a relative, the local beautician or insurance agent. But because of real estate licensing laws, your choices are limited either to real estate brokers and their agents or attorneys. No one else can represent you in a real estate transaction, accepting compensation for their efforts, without breaking the law.

Why did the NAR do this? So that it might artificially raise the price you are obliged to pay for real estate representation. This is the conspiracy against the consumer, and it has been largely successful for the real estate brokers. The real estate licensing laws are written in such a way that the secondary victims of the NAR conspiracy are real estate agents — who fail in massive numbers — but they’re on their own today. What we are talking about, in the broadest possible terms, is how the residential real estate industry can be reformed so that it is not a conspiracy against the consumer.

I would warn you against rebuttals that take the form of, “Yeah, but.” The “yeah” concedes the point, and the “but” seeks to muddy the waters. So brokers will read this Read more

November 6, 2007

The Guy Down At The Car Wash Gets It…

by

Associate Broker

Author website

There’s a lesson in all this, I promise you

In a transitional part of Atlanta, there now stands a brand spankin’ new car wash. It used to be a Burger King, but that closed years ago… and after demolition, this lot sat vacant for several years.

Fast forward a few years, and a sign went up announcing the construction of the car wash. That sign was up for at least a year in advance of the car wash actually being built… so on this busy street – there was NO question that EVERYONE in the area knew a car wash was coming.

So a few weeks ago, they opened for business – all bright and shiny – and offered a grand opening special of $5.99 to wash a car. They had a guy holding the sign out at the street to make sure everyone knew they were open and that a car wash was only $5.99.

Then, the following week, the sign guy was still out on the street – waving the public in – but this time, his sign stated “$4.99” – instead of the previous week’s “$5.99”. Hmm… maybe they’re making it up on volume, who knows?

Another week goes by, and now the sign guy is holding a sign stating “$3.99”. Do you see a pattern here? Good. You’re paying attention. Because there is one.

The car wash still does not really have any customers that I can see. And I’d be willing to guess that the owners are starting to panic. After all, they probably spent a million dollars building this place.

So here’s my analysis and how it relates to real estate:

The car wash owners obviously realized that the market did not accept their initial price – no matter how much promotion they had done… and they responded with price adjustments.

Home sellers should take note of this market economics fundamental.

However, what the car wash owners have failed to realize is that two miles down the road is a well-established car wash that has been there for over ten years… and they have a $3.00 car wash. So – unless they add more value Read more

November 6, 2007

“It’s A Great Time To Buy!” — But This Time, For Different Reasons

by

Mortgage Planner

Author website

Pirate's Booty

You hang around enough real estate agents, and you start to understand why “it’s a great time to buy real estate”. The reasons are many:

  • “You get terrific tax deductions.”
  • “Long-term, real estate is a fantastic investment.”
  • “With so much product available, you’ll be able to set your price.”
  • “This is the slow season — sellers are desparate.”

Well, now you’re going to hear from a mortgage guy why it’s a great time to buy real estate:

    The banks may not lend you money for very much longer.

The Federal Reserve surveys senior bank lending officials each quarter and not since 1990 has getting an approval for a residential home loan been as difficult as it is today.

And before you think I’m talking about “sub-prime”, think again. This is for all loan types — “prime” loans, too.

I read the story in Marketwatch as reported by the man with the best name in real estate reporting — Rex Nutting. Two out of every five banks surveyed tightened its lending guidelines for borrowers with ample income, ample assets, and strong credit, it said.

As an active mortgage planner, I can attest that this is true. Before long – maybe even before the New Year — I expect that five out of five will report tightenening up.

For people searching for new home loans, it’s like shopping at a supermarket that no longer stocks its shelves. Before long, there’s going to be very little food left and you’re going to go home either (a) hungry, or (b) with something you didn’t want.

It’s wise to do your shopping today, therefore, rather than take the chance that your Pirate’s Booty will still be on the shelf next month.

Why is today a great time to buy, the mortgage planner asked rhetorically? Not because real estate is a good long-term investment, he answered. It’s a great time to buy because the right mortgage product might not be there to finance it for you tomorrow.

November 5, 2007

Weapons of Mass Instruction

by

The Real Estate Group, Virginia Beach and Chesapeake VA

Author website

We are in a war, my friends. I am not talking about Iraq or the War on Terror, but a marketing war. In this war, we are battling to sell homes in a sea of inventory. Sellers are not listening to us. What we need is Weapons of Mass Instruction (sorry Rush…need to borrow the line) to break through and win.

Weapon 1: The IED (Improvised Educational Device):

Most MLS systems have “dream home finders” or “Email Updates” or other such systems. They are designed to provide buyers the latest listings via e-mail. “Get the latest listings as soon as they are on the market!” is how we sell them to our buyers.
Time to improvise! Use it on your sellers! If they live in a subdivision, set this program to give them ANY home price changes, sales, expireds or withdrawals. This provides your seller a real education as to the market in their specific neighborhood.

You would be amazed at the changes that they will make when they see the guy down the street drop his price in near real time. Call it your “Competitive Market Update”

Weapon 2: Electronic Warfare and Recon
This weapon is deployed by using one of several available feedback systems using email. The difference between feedback provided via e-mail vs via phone is that the e-mail feedback goes directly to the seller from the showing agent. Unaltered marketing information that is unfiltered and unmessed with, delivered in a email at light speed.
We have used this type of system for over a year and have had pretty stellar results. Why? Because when a seller gets information directly from the showing agent, they HAVE to accept it as valid. When they hear it from you, they think that it is less reliable.

I realize that may be hard to accept. We think we have done a great job of selling them on our value, but the bottom line is that they take what we say with a grain of salt. it could NOT have been the 5 years of cat pee that turned the sellers off. No, it wasn’t that the price was 20K Read more

November 5, 2007

Green building will soon be invisible

by

Realtor, Real Estate Ethicist

Author website

Three years ago, buyers rarely asked questions about utilities. When I recommended that they to bump the SEER rating on the HVAC, the response may have been, “Why? We’re moving in two years.” This year brings a different story – most want to know the monthly utility bills, some ask whether rain barrels (referred to as a “god-send” by my neighbor, in the context of Virginia’s current drought) are allowed by the HOA, others want to know if they can put up a clothes line (some can, others can’t).

The Wired blog notes that $100 oil will push innovation towards new technologies. The impact on the residential real estate market will be substantial. I suspect that a relatively small segment of the population “goes green” because of altruism. No longer is green confined to the fringe, regarded as being vastly more expensive than “normal” goods and services. Going green frequently means saving green – something everybody can support.

The Emerging Trends in Real Estate® report released recently shows, among other trends, an increasing awareness of the mainstreaming of “green”.

Real estate developers and investors haven’t gravitated toward greater environmental consciousness (“going green”) just to save the planet, although reducing carbon footprints and harmful emissions sounds fine. “This is not about Al Gore and global warming,” insists one interviewee. “It’s good for business and it’s good for marketing.”

The signs are obvious – Energy Prices surged in 2006. Energy Efficient Mortgages are gaining momentum and awareness. There are movements within various MLS’s to add green criteria, such as Earthcraft, LEED certified, Energy Star …  There’s even a green listing site. You don’t think that NBC would be “going green” for the next seven days unless there was profit involved, do you? CNBC not-so-subtly notes “Green is the Color of Money.”

The next few years will bring revolutions in design – driven by consumer demand (and a push here and there from governments) – towards smaller, smarter homes, more efficient transportation, and in a return to yester-year, more self-sufficient developments with corner stores, schools within walking distance and a refreshing integration of residential and business. More and more Read more

November 5, 2007

Greetings! and my unique point of view…

by

The Real Estate Group, Virginia Beach and Chesapeake VA

Author website

First of all..let me say upfront that I am humbled and honored to even be writing on this blog. It is daunting indeed to match wits with Kris, or write anecdotes like Geno, or make a picture clarify a position like Russell…not to mention to try to add to Greg’s insight on issues like Zillow.

There are a ton of others that I could point out as well…I feel like Wayne and Garth at an Aerosmith concert… but I have my guitar and play I will…

I do come from a unique point of view. We all look at the “elephant” of the real estate marketplace from different angles. Here’s my typical view:

istock_000003919673xsmall.jpg
One of the great things about my job is that I get to work with 120 real estate agents and teams all in one office. Why, you ask, is this fun? Well, speaking personally, it is because working with 120 agents means that I get to work with 140 business plans (written or not..)!

80 of the agents have a single plan. (Good idea.)20 of them have two plans (depending on their mood…).2 of them have a plan for every day of the week (grin.) That brings the total to 134 by my count. Then there’s the broker’s business plan, 3 licensed assistants who have unspoken business plans that they won’t tell their teams, but are happy to ask me about..total 138. Almost forgot! The two phone receptionists….ahhh..yes. That rounds it out to 140. They DEFINITELY have plans (just not selling real estate per se…!)

Of these plans, I get to observe the thrill of victory and the agony of defeat. I respect the courage of you who (like Kris’ crazy man) brave the heights for the thrill of the ride..i get to live that out vicariously as I do similar things on the search engines.I get to see people build their futures both monetarily and online.

For the record, this was the first real estate related blog that I ever read that even mentioned the Cluetrain (a fact that is sad, but revealing in today’s industry). Pretty cool. I look forward to contributing Read more

November 5, 2007

The Odysseus Medal: “Becoming and remaining a ‘professional’ is not bestowed on someone by virtue of a degree or a certificate”

by

Suburban Phoenix Real Estate Broker

Author website

I am buried. I have five houses in play and Cathy is on compulsory bed rest — on pain of hospitalization. I have a zillion little jobs that need doing around here, and I keep coming up with new ideas. For instance, I think it would be cool to promote the long list of Odysseus Medal nominees as a feed, as they come in, so that people can see what others are nominating. I say “sufficient unto the day” all the time, but, for now, I have to really mean it, because I can’t afford to get sick.

Here’s a classic joke:

Q: How do you get a professional poker player off your porch?

A: Pay him for the pizza, cheapskate!

I’ve never been a big booster of the idea of real estate as a profession because I tend to associate the word “professional” with people who lie about what they do for a living and live in Uncle Bob’s basement. Real estate is a business, on its best days, and someday it might grow to be an industry — if it ever dares to wean itself from Big Mother’s teat.

Bill Leider from Real Estate Shows has a different take on the matter, and he deploys it to take this week’s Odysseus Medal with What Is A Professional?:

When we shift the focus of the term professional from what we do to how we are perceived and treated, the definition and the entire concept of the designation “professional” changes.

In that context of status and respect, what exactly is a professional? I believe that a “professional” is someone who takes what they do, whatever that happens to be, and transforms it into an art form. They make the mundane look magnificent. They make seemingly impossible things look drop-dead easy. They cover all the details, all the time. They master the subtleties. They silently acknowledge that they have a gift for what they do and they give that gift to the people in their world respectfully and compassionately. They know that they have never “arrived.”

They are never content with their present body of knowledge. They live with a Read more

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Inventing Real Estate 2.0

Welcome to BloodhoundBlog, the national real estate industry marketing and technology weblog written by, for and about real estate professionals. Better yet, welcome to the wired world of real estate. We are busily inventing Real Estate 2.0 – technology, marketing, service and salesmanship. Like all Bloodhounds, we are smart, frisky and fiercely independent. We've built a spot on the earth – beloved over all – where each one of us can be who we are, no matter who that might be. We are committed to an idea of excellence that will flush the bums, the con-men and the crybabies out of the real estate industry. If you yearn to have your failures excused, your moral lapses absolved or your boo-boos kissed, seek elsewhere. But if you are sick to death of mediocrity – welcome home. Read all about us, subscribe to our feed and steel yourself for the hunt. We work hard, we play hard, we learn everything we can – and we bow to no one.

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