There’s always something to howl about.

Category: Real Estate (page 94 of 266)

My Treat

Every so often, Mona and I attend to a close friend’s First Grader while the single mother does her required corporate traveling gig for one of the remaining Fortunate 100 oligopolies. During these few time warped days each month I am thrust into grandfatherly duties which I find to be almost Dali-esque as I, at age 52, can still recall a good portion of my own first school years with vivid, if not shocking clarity–at least the surreal parts; unlike my youngest sister who refers to her similar childhood in the same household as ‘those blacked-out years.’ (And yes, to this day, we both refuse formal therapy, and meds, my sis and I.) Melting timepieces, I’m telling you.

I have nieces, too, who visit Chicago once a year—one teen (demure and traditional) and one pre-teen (iconoclastic from her very first breath). Both lovely, if not opposite in all but genetic ways. I have one daughter (history teacher) who is now 30 and lives out of state and one step-son (a sommeliere) who is 25 who lives in another world. There are some neighborhood kids, of course… and that’s pretty much it. Most of the other unattached people I hang with have already lost most of the hair they will ever lose and, for some consistent reason, are long term participants in one type of 12 Step Program or another–their respective youths totally exhausted; sucked dry to the bone, long ago and far, far away. In other words, I just may lack the experience needed for these incremental domestic duties I’m called upon to perform on occasion. I’m too soft a touch and frankly, don’t have the energy to exert discipline anymore. Just don’t burn down the house or torture the dog. Easy on the cat, too. Pretty expansive boundries, I would think, even for someone as indifferent and mortally aware as myself. But for some odd reason, I think of children as living on forever.

“Uncle Geno, can I have another candy bar?”

“Sure. I don’t care.”

“Can I play with your iPhone?”

“Sure. Just don’t drop it in the toilet.”

“Can I run off with Read more

Mortgage Market Week in Review

I want to apologize for the delay in getting this out until Saturday.   Due to some technical difficulties and some new things I’m going to be implementing, Friday was spent working on computer issues.   Yeah, I know, a fun way to spend a Friday…..

So, here we are at the end of the week and what’s happened?  Well, a couple of things did manage to happen.  We’ll talk about the Fed, what they did, why it matters and why it doesn’t.   We’ll talk about earnings (or the lack of them), consumer spending (or the lack of it), inflation (or the lack of it), bailout backlash, and falling oil prices as well.   So, here goes:

The Fed, as  you know by now, lowered the Fed Funds rate by .5% to 1.0%.   A couple of statistics about that number:

1. As you  know, that isn’t directly linked to mortgage rates, so mortgage rates are not going to drop by .5% because of that move.

2. That is equal to the lowest rate the Fed has had rates this century (from June of 2003 to June of 2004).   If you’ve read anything about what’s happening in the financial world, you’ll know that the former Fed Chairman Greenspan has taken a lot of heat for keeping interest rates too low for too long.    Hmmm, and now we’re back to that same level.

3.  The rate they lowered to is 1.0%.   That means they have very little “ammo” left in their pouch if things deteriorate further.

4. Japan, in the 1990’s, had an interest rate of 0%.   That’s right, banks etc. could borrow money from the Central Bank of Japan (their Federal Reserve) for nothing.  How well did that work for Japan?   Short answer, not very well.

Why does what the Fed did matter?

1. Because in their statement, they essentially removed all mention of inflation being a risk.   For more details on what the Fed said, check out “The Fed Translated.”

2. Because it showed that they are very concerned about the economic conditions not only in our country but elsewhere.

3. Because it raises the question of whether we’re going to see a Read more

Real Estate Blogging hits the NY Times

One of the truly fun things about being a dawg and writing here is when readers communicate with you. I received an email yesterday from Mike Kennedy a REALTOR (whom I had never met) selling homes in Deep Creek Lake, Maryland. (beautiful website BTW-my compliments on a job well done there). He tipped me off to an article in the NY Times about real estate blogging. Thanks Mike, for the the kind words, the heads up, and pleased to make your acquaintance. It is an article worth reading! I promised you a post on the subject and here ’tis!

I was especially drawn to this paragraph of the NYTimes piece:

The first thing that caught my eye were the words “pages and pages”…and the fact that good writing about everything from diners to energy drilling was what helped this buyer decide on his REALTOR. But the other part that grabbed me was the first sentence. Yeah, the one about how the guy FOUND the blog in the first place.

This REALTOR’S website and his blog ranks #2 on Google currently for all sorts of terms. Terms like “catskills real estate”, “sullivan county real estate”, “catskills new york real estate”, etc. That’s key because it was how his blog was found in the first place.

I have said before that a search engine friendly blog (along with a site) may well be the ultimate marketing weapon in the hands of a REALTOR that can write. It is a lethal combination of traffic and stickiness. Ladies and gentlemen of the jury, I enter this article into evidence as proof of that concept. (grin)

We are going to have some good clean fun in Orlando, talking about how to help you get your blog/site to be search engine friendly and rank and get the traffic that it deserves. Seriously. No more or less than that. Nothing that I would not be proud to teach if the folks from Google were standing in the room.

You do not need to try and trick Google (in fact, long term that almost NEVER pays off!). You do not need to be bombastic. Read more

Twenty-five most influential bloggers? Influence upon whom? Toward what objectives? Or: Why collectivism makes my skin crawl

Brad Coy sends news that I have been named as one of the Inman News “25 Most Influential Bloggers” for 2008. I don’t know this first-hand, since you have to be a member of the Inman Secret Handshake Club to gain access to the “Special Report.” Not quite true: You can also buy the thrilling “Special Report” for only $79.00. That’s only $3.16 an influencer.

But wait: The price just went up to $3.29 an influencer, since, as with last year, I am renouncing this denomination.

I’m sure the people who named me to this list thought they were offering me some sort of distinction. To the contrary, I see it as a diminution of the work we are doing here. Among the influencers are people I see as being active exponents of knowing evil. The rest are decent-enough folks, but I don’t see them, for the most part, as being stout advocates for anything that I regard as being good or vital or important. Nice people, but they’re just people.

Influence by itself is a meaningless standard of value: Fifty million Frenchmen can be as wrong as one. For the most part, the people in the RE.net whose opinions matter most to me already write here — and, of course, those great minds are all but entirely omitted from Inman’s list, even though their influence is more-positive and more-consequential than many of those included.

But none of that matters. What matters is this: I am either right or I am wrong — as are you. Agreement means nothing, endorsement means nothing, beauty contests mean nothing, dipshit lists like this mean nothing. All that matters is the quality of your thinking and and quality of your writing. The world is made by minds, not mobs, and I don’t want my name to be used to contradict that proposition.

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NYMag: “NYC Real-Estate Developer Offers ‘Obama Contingency'”

New York Magazine:

Holy election tie-in: Erik Ekstein, who’s developing +aRT, an 88-unit Chelsea condo that just began sales last week, says he’s including an “Obama Contingency Clause” in all contracts that go into effect between now and Election Day. If Obama wins, the contract goes through, but if John McCain prevails, buyers can back out — and presumably move to Canada — “with no questions asked.” (He says he came up with the idea after talking to potential buyers, who seemed to be holding off until the election.) Ekstein, a big supporter of the Democratic candidate, says he’s not worried he’ll lose business. “It’s a very narrow window, and we’re fairly confident he’ll win,” he says.

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The Fed Translated….

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 1 percent.   That’s the lowest that it’s been since June of 2004.  If you recall, former Fed Chairman Greenspan is being blamed, in part, for causing the credit crisis by leaving interest rates too low for too long.   How low?  1%.  For how long?  From June of 2003 to June of 2004.

The pace of economic activity appears to have slowed markedly,  that’s a nice way of saying that the economic reports we’ll see for October are much worse than what they were for September owing importantly to a decline in consumer expenditures the consumer finally is realizing that they can’t do like the government and consistently spend more than they make. Business equipment spending and industrial production have weakened in recent months this isn’t just a housing problem any more, it’s spread much further, and slowing economic activity in many foreign economies our economic problems have spread all over the world is damping the prospects for U.S. exports when other countries are in bad economic straights, we can’t export our way out of a recession . Moreover, the intensification of financial market turmoil is I don’t think it’s a mistake that they use the present tense (is) rather than the past tense (has) – the turmoil is ongoing likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit Yes, I think I know what you’re thinking – aren’t all of these bailout programs supposed to get lenders lending and make credit easy again?  More on that later.

In light of the declines in the prices of energy  I saw $2.61 a gallon for gas this morning – but very few people are talking about why they have come down – because of lower demand due to slumping economic activity and other commodities and the weaker prospects for economic activity there’s a brilliant statement – weaker prospects?  Gee, I think my high school junior could see that! the Committee expects inflation Read more

And after Big Mother is finished subsidizing the mortgages of allegedly prosperous, allegedly self-reliant Americans, could it also please wipe their pwetty widdle noses?

When there’s taxpayer teat to be suckled, it seems nobody sucks like Realogy. The essence of Rotarian Socialism is bald-faced theft in behalf of the Rotarians. I cannot imagine a more telling, more shameless, more shameful example of Kleptocratic prevarication.

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Arthur Laffer: “The Age of Prosperity Is Over”

The author of the Laffer Curve in the Wall Street Journal:

When markets are free, asset values are supposed to go up and down, and competition opens up opportunities for profits and losses. Profits and stock appreciation are not rights, but rewards for insight mixed with a willingness to take risk. People who buy homes and the banks who give them mortgages are no different, in principle, than investors in the stock market, commodity speculators or shop owners. Good decisions should be rewarded and bad decisions should be punished. The market does just that with its profits and losses.

No one likes to see people lose their homes when housing prices fall and they can’t afford to pay their mortgages; nor does any one of us enjoy watching banks go belly-up for making subprime loans without enough equity. But the taxpayers had nothing to do with either side of the mortgage transaction. If the house’s value had appreciated, believe you me the overleveraged homeowner and the overly aggressive bank would never have shared their gain with taxpayers. Housing price declines and their consequences are signals to the market to stop building so many houses, pure and simple.

But here’s the rub. Now enter the government and the prospects of a kinder and gentler economy. To alleviate the obvious hardships to both homeowners and banks, the government commits to buy mortgages and inject capital into banks, which on the face of it seems like a very nice thing to do. But unfortunately in this world there is no tooth fairy. And the government doesn’t create anything; it just redistributes. Whenever the government bails someone out of trouble, they always put someone into trouble, plus of course a toll for the troll. Every $100 billion in bailout requires at least $130 billion in taxes, where the $30 billion extra is the cost of getting government involved.

If you don’t believe me, just watch how Congress and Barney Frank run the banks. If you thought they did a bad job running the post office, Amtrak, Fannie Mae, Freddie Mac and the military, just wait till you see what Read more

Mouth to Mouth Capitulation

My favorite homeless guy, a poor weather worn soul named Johnnie, has been hawking the morning Tribune at the corner of Hollywood and Broadway ever since I moved to Chicago in the mid-1990s. Idling at the stoplight, awaiting my green arrow signal into the rush hour flow of Lake Shore Drive, I’ll usually just hand him a dollar through the window and let him keep my inky copy of pulp to sell to someone else although I suspect he probably just buys whiskey with the windfall. I wonder how much booze a handful of change and a few crumpled bills can buy a guy so down on his luck these days? Whatever the answer, Johnnie doesn’t care to hide the sad fact that he’s a practicing alcoholic–not from me, at least. Not from anybody, really, with a sense of smell, or sight, or society.

“Got anything extra today, boss?” he’ll sometimes ask in one way or another. This makes me uncomfortable for a couple reasons, not the least of which being how lousy a boss I really was when I actually held such a title. That, of course, and the fact that the mere greenback I just handed him isn’t what it used to be. “Trying to get a bottle of Four Roses for later.” He lives for ‘the later,’ this guy. (As if Johnnie is somehow certain that both ‘the here and now’ the rest of us choose to pursue is any less elusive or any more fulfilling.)

“The Dow closed down over 500 points yesterday…” or “That billionaire’s airplane was found in California…” or “Obama kicked McCain’s ass again last night in the debates…” he’ll feel inclined to report to me, repeating the headlines since, like I said, I rarely take my full dollar’s worth of newsprint in exchange. He wants to give me a little something extra for my buck although he’s quick to add, “The Euro is kicking the Dollar’s ass all over the global markets.” Hint, hint. He stands there outside my car window either shivering or sweating depending on Read more

Want to learn how to pull maximum search-engine results from minimal SEO efforts? Come see Eric Blackwell at Unchained Orlando

Are you coming to BloodhoundBlog Unchained in Orlando? Bloodhound Eric Blackwell will repay your investment all by himself with a talk he has prepared on using easy-to-implement SEO tactics to drive traffic to your web site or weblog. This is guerrilla marketing at its best, and Eric will bring his own unique perspective on the topic: What works, what doesn’t, dumb stunts that will hurt you more than they help and traffic-building techniques you may never have thought of.

This is right up our street, maximum benefit, minimum spend. Click on the PayPal button below to join us in Orlando.

Click on the PayPal button shown below to get your $99 ticket for BloodhoundBlog Unchained in Orlando on Friday, November 7th, 2008


















When: Friday, November 7th, 2008, 8 am to 8 pm

Where: Crowne Plaza Hotel and Conference Center, Orlando Airport, 5555 Hazeltine National Dr, Orlando, FL 32812

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Real estate and the ties that bind: “I have to warn you, my mom’s a bit crazy”

Just because I write on Bloodhound, doesn’t mean I have a big mouth… Or does it? Either way, when I’m with clients I try to do more listening than talking. I can’t help them if I don’t know what they are thinking.

I enjoy working with young clients. I love the energy, the enthusiasm, the optimism. It doesn’t matter how experienced they are at buying property, it’s their youthfulness that is so fun to be around. We establish a rapport quickly, and my blog helps with that. I’m told by these clients that they read my blog, so they know they can trust me. Older clients don’t read my blog- they find me elsewhere- so the trust is slower in coming. The agent/client relationship is much more solid at a faster pace with blog readers.

Yesterday I spent a glorious fall day walking acreage with a young couple from out of town. We have been emailing and phone calling for about two months now. They were in town in September to look at property, but I was at BlogWorld. A colleague was kind enough to jump in and show them around, but the couple and I missed the chance to look each other in the eyes, shake hands, size each other up, all those physical things that happen in a face-to-face meeting.

They decided they wanted to look at acreage, farmland. They have some farming experience in Europe, and Mom farms and Mom will be spending time with them here. Mom wants a farm. They were coming to town this weekend and we found some properties that met their criteria, set up the appointments. Oh and by the way, Mom is here, so she’ll be coming.

This sometimes happens with young clients. Mom and Dad, my generation or older, have some experience with real estate, and real estate agents. They are in town, so either they are coming along to make sure their babies are not getting ripped off, or they are coming along to give real advice and a second opinion.

Always, I get prepped from the daughters: “My mom is coming along. I have Read more

Why Bloggers Fail To Become Top Producers

I know your secret.  Honestly…I do.

You aren’t knocking the ball out of the park, regardless of your blogging effort.  You play around on Twitter, Facebook, Active Rain, and might even comment on Bloodhound Blog.  You’re probably REALLY smart and can’t believe that you’re having problems in business.  I know you are; I’ve read most of your blog posts, Tweets, and Facebook messages.  You fancy yourself ethical.  I believe that, too.

Why is a smart, ethical real estate agent like you failing then?

You got hoodwinked.  Tricked.  Sold a bill of goods.  That snake oil you bought?  Web 2.0- it was supposed to be the new way to do business; you just didn’t realize it was gonna take 3-5 years.  It’s taking longer than you imagined and you’re stuck.  Your spouse is riding your ass as she punches a clock while you play on Twitter.  Your kids wonder why you treat the occasional prospect who calls you to Ruth’s Chris while making them eat off the value menu at Mc Donald’s. You’re failing because you bought into the hype and you’re scared to admit that you blew it.

That’s okay- it’s not your fault.

You see, I got hoodwinked too.  I was all puffed up, speaking in San Francisco and New York like I was some kind of expert.  As I was hob-nobbing with the RE.net, I heard more than one of the “blogging elite” talk about their fear of personal foreclosure.  I heard the practitioners talk about losing their homes and the tech gurus talk about how rich they were getting…

…off the poor practitioners whom they appointed “experts”. THAT disgusted me.

I knew I had to make a VERY big change in my life.  I was following the “wrong crowd” and if I kept it up, I’d be face-down, lying in the gutter, with no customers at all.  I definitely didn’t want that…so I made some changes.  Those changes, combined with the things I learned from the folks who DO make money online, grew my business while my competitors were submitting employment applications at the mall.

Let me do my best Joe Biden…  It’s not your fault.

Greg Read more

Foreclosure homes are sold “as-is” — but most need only minor restoration to bring them back to fully-livable condition

This is my column for this week from the Arizona Republic (permanent link).

 
Foreclosure homes are sold “as-is” — but most need only minor restoration to bring them back to fully-livable condition

If we were to have a contest for the Valley’s most-gutted home, judging might take a while.

A significant number of homes for sale in the Phoenix area, especially at the low end of the price spectrum, are in the foreclosure process. Not all of these homes are in rough shape, but a lot of them are. At a minimum, buyers of short-sale or lender-owned homes should anticipate painting the walls and replacing the carpets.

But virtually all foreclosure homes will be sold “as-is.” This means, first, that any defects discovered in the inspection process will be the buyer’s responsibility to repair after close of escrow. But the “as-is” addendum also often implies that there may be serious deferred-maintenance issues.

Still worse, many lender-owned homes will have been looted, either by the former owners on their way out or by burglars. Missing ranges, microwave ovens and dishwashers are common. Air-conditioner compressors and hot-water heaters are also absent from many homes. It is not uncommon to see that all of the ceiling fans or all of the knobs on drawers and cabinets have been removed.

My pick for the most-gutted Valley home? The entire kitchen was gone — even the kitchen sink — and the air-handler had been removed from the attic.

I would not want to refurbish that last home, since there is no telling what else has been taken. But for most lender-owned properties, the cost of bringing the home back to livable condition is fairly low.

A new set of kitchen appliances is maybe $2,500. A brand new air-conditioner compressor is around $4,000. A decent water heater is perhaps $1,200 installed. Paint, carpet and tile in the high-traffic areas should run $5,000 for a typical suburban home, less if you do the work yourself.

There definitely are homes to avoid in this market, but there are many, many others that are selling for very low prices. These properties need only very minor restoration efforts to bring Read more

Two weeks to BloodhoundBlog Unchained in Orlando: Learn how low-cost prospecting techniques can help you dominate in 2009

I gather through the grapevine that the NAR Convention is shaping up to be a somber if not quite funereal event. Travel budgets are much constrained. That’s understandable. I can’t see a cost-benefit payoff of going to yet another vendorfest.

But BloodhoundBlog Unchained in Orlando is another basket of oranges. We are about nothing but teachable tools, tips, tricks, tactics and techniques that you can use to start snagging new business right away. Even better, most of the things we talk about are highly-leveraged: Minimum expenditure, maximum results. If you’re a Realtor or lender running in survival mode, we’ll show you how to get more bang for fewer bucks — right now.

If you’re coming to Orlando anyway — or if you already live in the Southeastern United States — make time for us. We’ll show you how to make more money for yourself.

Click on the PayPal button shown below to get your $99 ticket for BloodhoundBlog Unchained in Orlando on Friday, November 7th, 2008


















When: Friday, November 7th, 2008, 8 am to 8 pm

Where: Crowne Plaza Hotel and Conference Center, Orlando Airport, 5555 Hazeltine National Dr, Orlando, FL 32812

See you in two weeks!

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I Still Haven’t Found What I’m Looking For

I have been thinking alot lately about RE Web 2.0, particularly in light of the recent news regarding Redfin and Zillow’s current layoffs.  Greg also recently posted regarding the current state of the Realty.bots.

“Indeed. We have seen the future of real estate marketing — and it is us.*”

I am not entirely convinced it has to be all us.

I am a process guy.  Prior to delving into the real estate business, I developed sales and marketing strategies for technology firms – many of which targeted supply chain solutions.  When I approach a process, I try to focus on the inherent value a particular set of activities delivers.

Perhaps the double edged sword in the real estate industry is that we are all independent contractors – we approach our businesses in differing ways.  On one hand, we have the ability to run our businesses in a way that capitalizes on our strengths.  Some of us use a consistent process to bring a deal together, some of us don’t.  I suggest that many consumers approach the purchase and sale of real estate apprehensively.  Many simply don’t know what the correct process is for purchasing or selling a property and they look to a professional to provide the knowledge and expertise to consistently deliver a successful closing.  Unfortunately, not all agents are created equal, therefore mileage varies – alot.

I believe that the myth to the core of the business of buying and selling property lies within the MLS.  This process is not all about the data.  While the data is key, it certainly does not provide a consistent process for facilitating a transaction – there is a natural progression to a transaction.

Up to this point, if not the most successful, at the least the most recognized RE Web 2.0 search solutions have focused their solutions surrounding the myth of the real estate transaction – it is all about the data.  Again, the data is important, however, it is only part of the process.

My frustration with the current search solutions is that it does not address the natural progression of the real estate transaction.  While extremely powerful, Read more