BloodhoundBlog

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Month: February 2008 (page 6 of 8)

February 13, 2008

The Odysseus Medal: Our own style of disintermediation brings us all closer to the liberty that is self-reliance

by

Suburban Phoenix Real Estate Broker

Author website

I’m not going to award an Odysseus Medal this week. The Short List candidates were very good, but nothing killed me, and I want for this award to celebrate work that is beyond excellent. But: I do want to cite two Honorable Mentions, two posts that I thought were very good, and which took us in directions we will need to travel as we come more and more to be our own sources of arcane information.

It’s funny actually: Our relationship as webloggers to the mainstream media is very much like our clients’ relationship to us. They want to take on more of the work that was once exclusively ours, just as we seek to take on more of the work that was once hidden behind the walls of print and broadcast outlets.

The two posts I am citing, The Proposed Solutions Are Going To Be Worse Than The Mortgage Crisis by Doug Quance and Barack Obama’s Mortgage Reform Policy by Morgan Brown, illustrate the kind of depth of understanding we can achieve when we apply ourselves. By now it seems likely that our presidential nominees have been chosen, and I look forward to this kind of thoughtful analysis of the real estate and economic implications of the candidates’ proposals.

Black Pearls we have, though, and more than just a few. Choosing one was a problem. The Black Pearl Award this week goes to Jim Cronin for Blogging Etiquette – The Blog Comment Policy – Do You Need One?:

Blogs are meant to be a two-way street.  We are blogging for an audience.  Engaging that audience to participate is a huge part of the the motivation and an element that can define a blog’s success.

So where do you draw the line?

What do you consider acceptable behavior by the audience, on your real estate blog?

For a lot of real estate bloggers, their blog is an extension of their business.  This means that their reputation, credibility, personality, works, message and even their career are potentially on the line with every article published.

What are you doing to protect the above?

The following are a number of items that range from mildly Read more

February 13, 2008

Are You Blogging For Speed?

by

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

Author website

I don’t subscribe to the theory that you will fail if you blog for leads. I blog for leads. Even now, I’m attempting to share some knowledge with my target audience in hopes that one will pick up the phone and say, “I want to do business with you”. Marketing communications (and blogging IS a form of marketing communication), are designed to garner potential customers. Many will proclaim that blogging is different; they are lying by omission. Pour a bunch of liquor in them and ask them why they blog. Eventually, you’ll hear the phrase “to communicate with existing and potential customers” in their response.

Dustin Luther and I discussed this at the Inman Connect NYC Conference, a month ago. If you click the link, and watch the video, I proclaim my “call to action” within 30 seconds. My opening (and concluding) line is, “We gotta get busy“. My theory is simple; in 2-3 years, the big guys will have caught on and beat us at our own game. They have the three important resources that you and I don’t have: time, money, and people.

Does that mean that you should throw in the towel? Absolutely not; quite the contrary. It means EXACTLY what I said; we gotta get busy. You need to be taking action today so that your 2011 is filled with listing appointments, from people whom you’ve met, through your interactive marketing efforts.

I break a lot of rules (or urban myths) because I recognize that my time as “America’s #1 Mortgage Broker” (that’s what Google calls me) is limited. Here are a few things I do to flood my inbox with e-mails and make the phone ring:

1- I syndicate my Mortgage Rates Report on 5-6 different sites. I am constantly being contacted by “experts” who warn me that I’ll be subject to the Google Duplicate Content Penalty. My two responses are:

a- When? If you click the Google Duplicate Content penalty link, you’ll see that the efforts are aimed at search engine spam, namely, Read more

February 13, 2008

Stash that cod-piece: I’m not waxed fruit and you are not a rock star

by

Suburban Phoenix Real Estate Broker

Author website

I should probably stop picking on this little nebbish, but he’s such a champion at leading with his chin that I find him hard to resist. His theme? “Rewriting the book on how to kick ass.” I wish I were joking. I’m gonna guess that he wasn’t among the first picked on the ass-kicking team in grammar school, and I’ll bet a large dollar he wasn’t even in huge demand for the coloring-outside-the-lines squad. I just love it, though, that he’s so completely dysclued that his ass-kicking theme song is entitled — wait for it — Unchained. And before you trouble yourselves trying to imagine Kevin Boer and Noah Rosenblatt in day-glo-hued spandex tights with huge cod-pieces — these two being Davison’s envisioned rock stars of real estate — stop for a moment to consider that we are talking about marketing in the world of Web 2.0. Rock stars are all about “Me, ME, MEEEE!!!!” This role belongs to the customer, not the vendor — this according to this same mental midget a few weeks ago. Brian Brady and I are rewriting the book on real estate marketing, an iterative endeavor that will see its next big advance at the real Unchained. But if you want to find a Web 2.0 star, it’s not me or Brian or Kevin or Noah. If I were to pick one person who best expresses what consumers are looking for in a Realtor or a lender, I would pick Dan Melson. There’s is nothing of a rock star in the man, but if “fiduciary” had a face, it would be his — and that comes through in everything he does.

I, very much on the other hand, command attention. The words I, me and mine are sweet on my tongue, and I have to admonish again and again that what I am teaching and what I am doing are two different things. One of the persistent delights of my life is how well Teri Lussier understands this, and how much she is able to pull out of the things I say. Dilberts like Davison live a Read more

February 12, 2008

The Odysseus Medal competition — Voting for the People’s Choice Award is open

by

Suburban Phoenix Real Estate Broker

Author website

Late again. Sorry. I’ve had my Mac back since around Noon. Logic board this time, again no charge. In terms of replacement cost, I’ve got about 60% of a new computer for free. The back side is that I’ve never had to live with component failure — nor with the fear of data loss. Until Sunday, I had never backed up a Macintosh in my life. Today I made plans to buy a TimeCapsule.

Anyway, there are 12 entries on the short list this week, out of a long list of 78 posts.

Vote for the People’s Choice Award here. You can use the voting interface to see each nominated post, so comparison is easy.

Ahem: Please don’t spam all your friends to come and vote for you. First, what we’re interested in is what is popular among people who would have been voting anyway. And second, I’ll eliminate you for cheating. Don’t say you weren’t warned.

Voting runs through to 9 pm MST Wednesday this week. I’ll announce the winners of this week’s awards soon thereafter.

Here is this week’s short-list of Odysseus Medal nominees:

< ?PHP $AltEntries = array ( "Alex Mather -- Improving Zillow's Neighborhood Gift Improving Zillow’s Neighborhood Gift”,
“Bonnie Erickson — MGIC Runs the Gauntlet MGIC Runs the Gauntlet“,
“Carson Coots — How Local Should You Go? How Local Should You Go?“,
“Doug Quance — Proposed Solutions Worse The Proposed Solutions Are Going To Be Worse Than The Mortgage Crisis“,
“Jay Thompson — NAR and Social Media Why the NAR Needs a \”Social Media Director\”“,
“Jim Cronin — Blogging Etiquette Blogging Etiquette – The Blog Comment Policy – Do You Need One?“,
“Jim Cronin — Worrying About SEO Why Worrying About SEO Is Detrimental to Your Real Estate Blog“,
“Kris Berg — I’m too sexy for my blog. I’m too sexy for my blog.“,
“Michael Creel — The Perils of Being a Realtor The Perils of Being a Realtor“,
“Mike Farmer — Fundamental Solutions Folk Music, Blame and Fundamental Solutions“,
“Morgan Brown — Barack Obama’s Mortgage Reform Policy Barack Obama’s Mortgage Reform Policy“,
“Paul Chaney — Becoming a social media leper Becoming a social media leper… many marketers are missing the whole point!“,
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    • February 12, 2008

    Greatest real estate agent in the Who?

    by

    The Real Estate Group, Virginia Beach and Chesapeake VA

    Author website

    The Setup…

    First of all…You need to visualize my situation. I am sitting in my PJ’s at 4 in the morning. Can’t sleep. Jen (that’d be Mrs. Eric…) is preparing for her Grandmother’s funeral which will take her to Massachusetts. I am contemplating deadlines at work, and issues, and how my four kids are going to survive with me the next three days…oh yeah…and 6 inches of snow and ice fell overnight…splendid.

    So I read Geno’s post about rehabbing and negotiation. (makes me smile–thanks Geno) And then I go to REW and check out the latest. And I visit Morgan’s blog…and find this. Conjured up by our own Mr. Bramlett, no less…

    The Reality

    The reality is that I hate SEO contests. In many cases, they bring out the worst in people and things. Google is not there to be tricked. They just want relevant stuff at the top of their search engine. They are about as much fun as Greg’s having in MacWorld these days. But, I am competitive as all get out and will (out of pride) have to enter this one…

    So…how do I solve the following equation? Enter contest to preserve manhood. Build true online authority (which is what I preach), instead of simply build links. Make new REALTOR friends from around the country. This contest is especially difficult since I do not sell real estate (see bio) and don’t care for the fame or adulation associated with winning…

    Maybe that’s the answer…not caring who gets the credit and focusing on paying it forward? Hmmm…here’s the link to my entry. I will offer ANYONE who offers to help me in a meaningful way a weekly email detailing my thoughts on how things are shaping up and how to BUILD authority and communities rather than be a link scrounge. (Ever notice that the Bloodhound Blog does just fine in the search engines and yet he happily links out to others?) I will also give the top 10 contributors a permanent spot on the post.

    Finally…it looks like Morgan is throwing in a pretty cool prize. A website? Like I said, I don’t need another Read more

    February 11, 2008

    She tried to make me buy a rehab…

    by

    Chicago Broker Owner Realtor | RE 2.0 Blogger

    Author website

    But I said, “no, no, no…”

    Truth is; I can barely swing a hammer….Let me rephrase that; I can swing the hell out of a hammer but just not in a constructive way. I am not the fixer-upper type, in case we haven’t met. (See mug shot above for clarity.) I probably err to the side of demolition, if anything.

    That being said, my lovely wife (and occasional muse) found a possible second home that in theory, could fulfill our retirement needs during those forthcoming platinum years that Dennis Hopper pitches on the Ameriprise commercials during prime time every night. All things equal, he’s my favorite corporate sell out so far this century, that Dennis Hopper.  Cool, quirky and rich beyond words, for sure.

    “60 is the new 40,” exclaims my man, sharply dressed in black, The Spencer Davis Group blaring in the background, and looking unlike like any beshaded 72 year old cat I’ve ever met.  And I’m all over it. According to DH, I’ve got 40 more good ones ahead of me. According to his math and blueprint for living, I’m barely 34.  When he comes on the plasma in high def I get a sudden urge to run out and invest in something spectacular before I lose another precious second. I yearn to  join the expedition, or at the very least, embark on the journey to financial freedom.  After all, one man’s destination is another man’s starting point. Ask any truly wealthy person (9 figures+ by my definition) and I’m certain he will tell you as much. “It’s the journey, not the…” whatever.

    But the ‘hidden gem’ my wife came across this past weekend, a shack on the Tennessee River, needs some serious attention; more attention than I’m prepared to pay for, quite frankly. She found it on the Film Location site our own house is registered with (unbeknownst to me until a few months ago). And in case you didn’t know, there is a market for short term property rentals (upwards of $30,000 a month–the first 14 days tax-free) ‘wherever motion pictures are regularly filmed near you.’  And guess what? We qualify!  Hell, everybody who pays the $199 enrollment fee qualifies, come to find out.  It’s the Barbazon School of Modeling for overly proud Read more

    February 9, 2008

    Who is vulnerable to Zillow.com? How about TopProducer.com?

    by

    Suburban Phoenix Real Estate Broker

    Author website

    I’m thinking the lending product, whatever it turns out to be, is going to involve some kind of Customer Relationship Management/Transaction Management component anyway. And what does everyone say made it worthwhile to drink the HouseValues.com KoolAde? Yep — CRM/TM.

    Here’s my big-picture take: If you’re in any sort of business where the added-cost per additional increment approaches zero — all of TP’s costs are accounted for by customer #1, transaction #1; after that, they’re storing and swapping electrons — watch out. Anyone who is willing to eat your front-loaded costs can eat your lunch.

    What’s the counter-measure? Price your product at zero. The plausible alternative to free is not-only-free-but-WAY-better. Otherwise, your installed-base should stay put, with all the new converts up for grabs. That’s a first-mover advantage, provided the first-mover stays nimble. Welcome to the Web 2.0 world…

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    February 9, 2008

    Los Angeles City Rent Control: Read it and REAP.

    by

    Real Estate Broker, Investor

    Author website

    I notice my sidebar title is “Investor”.  OK, I can run with that.  But please don’t expect fun and easy tips on how to get rich quick.  I haven’t quite mastered that yet. 

    However, as the owner, operator and manager of a few residential rental units within the City of Los Angeles,  I can speak with a little authority on understanding and coping with rent control regulations.

    Like any bureaucracy, Los Angeles Housing Dept is alphabet soup of departments, divisions, and special programs.

    The acronym that most strikes fear into the heart of Los Angeles property owners is REAP: Rent Escrow Account Program.    Which basically means that if the City determines your property is “unsafe” or “untenantable”, the city collects your rent and places your money in a city escrow account, after first reducing the amount due based on a sliding scale of whether the conditions are “nuisance” or “hazardous”.   You don’t have access to the money.   Administration fees are charged, the City pockets any interest earned.  

    But then, the City makes the needed repairs with the money, right?  Hmm, no, not automatically.  The tenants or the property owner must petition for a release of escrowed funds, with the burden on the property owner to show “financial hardship preventing payment of such services beyond a mere negative cash flow for the property.”

    “Mere”?

    Back in 2001, city controller Laura Chick admitted that the REAP program was “broken“.  To me “broken” implies something that no longer works, but did in fact work at some point in time. 

    Speaking as a pragmatist, REAP never worked.  It takes money to make repairs.  Reducing a property owner’s cash flow reduces his or her ability to make the needed repairs.

    What would work?  Speaking again as a pragmatist, make low-cost/no-cost funds available to rental property owners for the sole purpose of repairing their properties.

    February 9, 2008

    Best Efforts

    by

    Commercial Real Estate Broker

    Author website

    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 8, 2008

    Clients are people, too.

    by

    Realtor, Associate Broker

    Author website

    Indulge a father to make a point:

    My youngest daughter is spending the next six weeks at a tiny hospital in northern Malawi, not far from the Zambian border. She’s there in one of her last rotations as a fourth year med student: The University of Washington recognizes that one of the biggest pitfalls for students is coming into a program with a passion for people and graduating with somewhat less passion for the cardiovascular system. The entire curriculum is centered on remembering the humanity of the patients, and encouraging students to get out of their comfort zones is of a piece to help drive that home. It’s a fabulous program, and she’s going to come back a changed person.

    We – the real estate industry – have the same problem. We don’t have friends and family, we have a sphere. Clients are to be harvested from our farms. People aren’t people, they’re leads.  Buyers, of course, are liars.

    I just got back from a listing appointment; wonderful couple, I’d sold them their home a year and a half ago. For a number of reasons they’re now in foreclosure. The tension, the anxiety, the fear, the anger were all palpable: She was in tears, he was stoic and blaming her. I was part real estate agent, part marriage counselor. I tried to mitigate some of their grief by absorbing some of the blame myself, and pointing to one of the worst loan originators I’ve ever dealt with, but they wouldn’t hear it. They’d made the decisions, they’d signed the papers, they’d failed to meet obligations, they were the ones to blame. And it hurt. Deeply.

    I can quote John Galt verbatim, but that doesn’t obviate empathy.

    Before I left for our meeting I watched an on-demand training video on short sales, hoping for a little more insight on how I might help. The star was an overly made up realtor stereotype that each year manages to make it to the bottom of the Harris Interactive poll of respected professions, animated and delightfully giddy in the good news she had to deliver:

    I can tell you very frankly that, Read more

    February 8, 2008

    The Great Debates – Monday, Feb 11

    by

    Mega-Producing Realtor

    Author website

    Dustin asks if Brian Wilson is really going to argue .. .. that Realtor.com is an agent’s friend with me taking the other side? Yes, is the answer. I met Brian in wilsonshawHawaii just a little over a week ago. We were both there for CRS Sell-a-bration.
    I was a speaker (on how to correctly price listings in this market) and when I wasn’t actually teaching made it a point to either be out at the beach or doing something very non-productive. This time it was sitting in a hot tub. Brian greeted me by saying something about my posts on BloodhoundBlog. No one else in the tub knew what BHB was, but I wasn’t surprised, three of the other people were either fron Ireland or England and weren’t Realtors. Chatting briefly with Brian was all it took for me to instantly like him.

    When he first sent me a list of ten different topics to debate I had to reject a couple of them just because I don’t know a damn thing about them. I don’t feel that way about Realtor.com. I do know about them and there are several things I really wish were different. Having seen Brian’s response to my first writing on the subject I have to say that I doubt anyone from Realtor.com could have done any better job defending them.

    This isn’t to say that I won’t ultimately win the “debate” – as the “pro” position isn’t very defensible. You can see for yourself here.

    February 8, 2008

    Higher Loan Limits OK-ed by Senate

    by

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

    Author website

    We talked about the foregone conclusion of higher loan limits for conforming and HUD loans two weeks ago:

    The word inside the Beltway is that the deal has been fast-tracked for approval (by The Senate and President) under the following terms:

    1- GSE (conforming) loan limits will be temporarily increased to $650,000 and remain in place until 12/31/2008. That means that states like California, Illinois, New York, Massachusetts, and New Jersey will get some much needed relief.

    2- FHA loan limits, currently locked at $362,790, will be recalculated to 125% of the county’s median price, with a limit of $729,000. This is useful for states like California where the conforming loans are subject to LTV decreases due to declining market conditions. FHA loans aren’t subject to those blanket LTV guidelines. This loan limit hike is expected to be permanent, unlike the temporary GSE hike.

    Nothing is rock-solid; it’s all rumor at this point. The Senate will play with the numbers but the Beltway Crowd says that President Bush has signaled the loan limits he will support, today. Expect this to be a reality sometime between Valentine’s Day and St. Patrick’s Day.

    The Senate played some politics, then promptly passed the bill:

    Congress on Thursday passed a $152 billion economic stimulus package designed to provide a timely, targeted and temporary boost to the flagging U.S. economy.

    One day after Republicans successfully filibustered a broader plan favored by the Senate Finance Committee, the Senate approved the Republican-backed measure, nearly identical to one passed by the House last week, on an 81-16 vote.

    The House approved the measure hours later on a 380-34 vote.
    President Bush is expected to sign the legislation quickly.

    President Bush telegraphed his likely approval:

    “This plan is robust, broad-based, timely, and it will be effective,” Bush said in a statement released by the White House. “This bill will help to stimulate consumer spending and accelerate needed business investment.”

    Just in time for Valentine’s Day. Get those loan applications in now; the herd will be stampeding in March.

    February 8, 2008

    What will the NAR do with this?

    by

    Realtor, Real Estate Ethicist

    Author website

    It would be too easy to pile on the NAR, what with their recent tempests in respective teapots.  But here is a hypothetical –

    What’s the NAR going to do in this scenario as described at SearchEngineWatch?

    Adding more confusion to the case law surrounding trademark issues and search advertising, a Sixth Circuit federal court in Kentucky found that keyword advertising is a “trademark use in commerce” under the Lanham Act.
    …
    If buying an ad triggered by a trademarked keyword is eventually found to be a trademark use in commerce, that would essentially prevent advertisers from doing so legally. Goldman has written quite extensively about online trademark law, and he agrees with the Second Circuit courts.

    The Lanham Act defines “use in commerce” as using a trademark on physical packaging or displays, or “in the sale and advertising of services,” an ambiguous definition when it comes to the Internet and search engine marketing, says Goldman. He expects the matter to remain unresolved until Congress passes a new law or the Supreme Court makes a ruling.

    Google’s current trademark policy allows advertisers in the U.S. and Canada to trigger an ad from another party’s trademarked keyword, but not to use the trademarked term in the ad text. In all other countries, advertisers are not allowed to do either.

    If a Realtor advertises with Google for “Charlottesville Realtor,” or “Phoenix Realtor” would they be met with a Cease and Desist from NAR? While “Realtor” is trademarked, wouldn’t Realtors benefit more by having the word officially enter the vernacular akin to Doctor, Lawyer, Mechanic?

    February 7, 2008

    Help raise funds for tornado relief and reconstruction: Post one of these buttons on your weblog

    by

    Suburban Phoenix Real Estate Broker

    Author website

    Help raise funds for tornado relief: Post one of these buttons on your weblog

    Agent Genius is puttng together a fund-raising effort to provided money for relief and reconstruction for those hardest hit by this week’s tornadoes.

    Below you will find code that you can use to post a button or banner on your weblog to encourage donations. All three incorporate Jay Thompson’s PayPal donation interface, so your readers can make donations online by credit card. Copy everything inside the text box and paste that into your sidebar or header file:

    225 pixels wide:

    125 pixels wide:

    Banner — 750 x 90 pixels — not shown:

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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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