There’s always something to howl about.

Month: May 2008 (page 6 of 8)

#1 Myth In Real Estate: Agents Don’t Know Why They’re Failing

BHB is about excellence. Excellence in service, products we need and/or use, various marketing methods, and how we conduct ourselves during what I’ll laughingly refer to as ‘business hours’. I’ve suspected Greg’s goal of reaching the million agents is gonna be a tall order, ‘cuz 80% of the agents out there would have to move up the ‘I get it’ ladder to have a clue. More simply put, they don’t come here, and probably never will. That said, I also believe there is a relatively large grouping of agents who’ve not learned yet what it takes to become a consistently successful high volume producer. They do business, but realize they could, and should be doing much more.

High volume? Look, you don’t have to close 100 escrows, ok? But an agent who wants to, can make six figures, $100-250,000 or more in nearly any market. This morning I discovered Russ also addressed this topic, but in his own way.

Agents just don’t know what they should be doing with their time.

Or so they would have you believe.

Let’s conduct a short experiment. Think of any past endeavor for which you had more than a passing interest in succeeding. Let’s take a simple one with which most of us can identify — losing weight and/or improving our overall health. How’d ya do?

If you were successful, it’s my guess you know why. Duh. Can’t we then infer if you had failed, 99% of folks would also know exactly why? Am I being too subtle here? When I was the ‘Chubby Little Blonde Guy’ (That oughta date it for you.) I knew exactly what road I’d used to arrive at Chubsville. No self discipline when it came to diet and exercise. Go ahead, write down that Black Pearl. I’ll wait for you.

It takes an IQ of at least 150-180 minimum to understand the dynamics of calories in vs. calories out, plus the added factor of consistent exercise, both aerobic, and anaerobic. Get the right math goin’ for 120 days or so, and pretty soon you’re shoppin’ for clothes that aren’t X-rated. I Read more

Are you an investor looking for a rental home that will stay rented? Buy a home that’s worth living in

This is my column for this week from the Arizona Republic (permanent link). I wrote this last Tuesday, but it coincides nicely with Barry’s post this morning.

 
Are you an investor looking for a rental home that will stay rented? Buy a home that’s worth living in

I represented tenants for my first two years as a real estate licensee. Working with tenants didn’t pay very well, but it was a good way to get a lot of real estate experience very fast. Gradually I started working with home buyers, and then with home sellers. By now, I only work with tenants as a courtesy. It still doesn’t pay very well.

But in those two years, I saw an awful lot of rental homes. Or, more precisely, a lot of awful rental homes. Again and again, I would find myself wondering why anyone would think a particular house would be appealing to tenants. Not just the condition of the property, often atrocious, but simply the location itself. It’s astounding to me how many vacant rentals are situated nowhere near where tenants might want to live.

In the years since then, I’ve represented a huge number of investors. Market conditions haven’t been kind to them lately, but Phoenix is once again a market ripe for landlords. Prices are low and cash flows are positive. If landlords buy the right properties to use as rentals, the homes should rent quickly and stay rented.

So which homes will work best as rentals?

I’m looking for a home in a built-out suburb. Buckeye is a bargain for owner-occupants, but why would tenants move to a town with no employment base? What I want are jobs, schools, shopping and entertainment, all nearby, with decent freeway and bus access. I want a north-facing home; tenants read their power bills, too.

Am I looking for the cheapest house? No. Price matters, but what matters more is livability. Parents worry about the kids taking a header down the stairs, so I want a single-story home. There has to be at least a little grass in the back yard so toddlers can romp.

Here’s the magic bullet: If Read more

How A Realtor Can Work With A Real Estate Investor

Real Estate Radio USA | Real Estate Investors

It’s no secret to most Realtors that the housing market is in the toilet right now, but there is still a group of aggressive buyers who are still quite active. The Real Estate Investor.

While the mere thought of working with investors causes some Realtors to cringe, it’s time for the vinegar and oil relationship to end.

Investors are willing to work with anyone that can bring them a deal. They use birddogs, postal workers, bankruptcy attorneys, court clerks and yes, they will use the services of a Realtor.

However, the breakdown in communication usually comes when the parameters of a real estate investor are not met. A real estate investor, if they are experienced, will have a very defined set of criteria that must be met if they are going to pull the trigger on a deal.

While condition and neighborhood often are irrelevant, the numbers have to absolutely make sense. Most investors that we work with will not look at any deal unless it either cash flows if it is held or provides for significant return if it is to be re-sold.

Cashflow means the property must provide for at minimum a zero balance after income and expenses are taken into account. That is to say that after the projected rental amount on the property, less expenses can not be a negative number.

Here is a calculator that you can use to determine cash flow BEFORE presenting a deal to an investor. You can obtain market rents very easily without the need of the MLS by simply going to Zilpy. The features on Zilpy are pretty accurate and we have used them to work the numbers on properties we own and properties we have purchased and it has proven to be quite accurate.

On a re-sale deal, the property has to be purchased at a price that is at minimum 60% or belowwhat is perceived to be current market value. Some more aggressive investors will take a deal at 70% below perceived current market value but the pool gets really thin at LTV levels above this number.

Where do you find properties like this to sell Read more

The Joker is Your Ace in the Hole

“Eat your peas.”

“Don’t talk to strangers.”

When we were young, we heard many admonitions.  Being of curious mind, I always had a lot of interests, so one particular admonition I heard repeatedly was: “A jack of all trades is Master of none.”  The implication being that someone with a wide array of interests but no focus will establish mastery over nothing; which is to say: will not find measureable success.  There are, of course, exceptions to every rule.  Ben Franklin is certainly one.  His insights and accomplishments exist across a wide spectrum of intellectual and physical arenas.  Quintessentially, the exception to the rule might be Leonardo Da Vinci.  Alas, they are the exceptions.  As a matter of fact, if you establish mastery over many endeavors a la Da Vinci, we have created a new category for you. You are a Renaissance Man.  The goal of becoming a renaissance man is quite laudable… and beyond comprehension for most of us.

A recent post on BloodhoundBlog asked if agents writing on blogs shouldn’t spend more time writing about real estate.  I certainly do not take issue with that inquiry, nor do I question the purpose of the suggestion.  Real estate blogging can and should benefit those who buy and sell as well as those who represent.  But I do disagree with the premise.  I suggest that somewhere between Jack of all trades, but Master of none and achieving the pinnacle of renaissance man lies a gray zone most do not understand.

Not everything we were taught at a young age is correct.  Wide ranging interests without direct focus does not necessarily lead one to become a Jack of all trades.  As a matter of fact, by measurement of trade I have not participated, as a Jack, in a great many callings.  Yet in my life, outside of a few athletic avenues, I have not gained mastery over many things either; I certainly have yet to become a renaissance man.  So what do we call the strange area where interests are many and masteries are few?  The area in between Jack of all trades and renaissance man?

There Read more

Trulia Widgets — a deeper look

Why would Eric Bramlett post something like this? Or this? The debate rolls on as to Trulia Widgets and their use as a linkbaiting scheme. They are writing these things because they matter. But it has been said that they don’t matter, that Trulia would still be climbing in the search engines **cough**Google**cough** anyway. So I have undertaken to research a bit more deeply. (Authors Note: In ALL of what I say here, please understand that (on an SEO level), I ADMIRE what Trulia has pulled off here. They have found the soft underbelly and have used it to their advantage. Props to you.)

Here is a very brief overview of my findings: (NOTE: I have more which will continue to come out as time goes on…)

Let’s look at the city of Nashville. And at the term Nashville real estate. Trulia has recently popped up onto the first page (#7 in my datacenter). How did they get there?

The page on Trulia’s site that is #7 on Google is trulia(.)com/TN/nashville/. If you look at Yahoo Site Explorer, you can see that there are 3,800 plus links to Trulia (but all links are not created equal). There are only 108 of those links that are coming to Trulia from outside of Trulia.com. Let’s take a look at two of those links, shall we?

On MOST Trulia widgets there are often three links back to Trulia. Here’s an example. Here’s another. Scroll down on each page to see the Trulia Widgets and find the links. Where do they go? What ANCHOR TEXT do they use?

Typically one links goes to the local site (to compete against the very REALTOR whose site it is on, another link goes to Trulia’s home page and a third goes to their widget page. Hmmm…and if we look at the bottom of the latter two of those pages, where is Trulia pointing all of THAT link love from ALL OVER THE COUNTRY?

nashville2.png

It appears that Trulia is pretty interested in San Fran, San Jose, Phoenix, San Diego..etc etc…Those are some fairly competitive areas, so they funnel some extra strength Read more

Put Voicemail Testimonials On Your Blog Or Website: Audio Editing For SalesPeople.

Social proof.  It’s what people need to do business with you.  They may not say it consciously, but they need it.  One of my (many) websites, at Ten Day Team, I’ve put up some significant testimonials.  Realtors are always afraid that several things will happen:  The lender won’t return his calls, the lender won’t get the job done, there will be endless delays, and they won’t get paid. They had that fear since time immemorial.  I like consumer business, I love agent-referred business.  So I have to use some artillery to soften them up.  What better than a parade of agents and customers affirming that I, Chris Johnson, do a good job?

To prove that I’m an OK guy, I’ve gotten a few people to say good things about me.  I didn’t edit MUCH of the testimonial content, generally limiting myself to shortening pauses and deleting "ums" that were bookended by pauses.  Edits are easy enough to spot, people have acute BS detectors, and an edited testimonial does more harm than good.  Every website I do in the future will have customer testimonials–in this fashion, because it’s so easy. 

The entire process–start to finish–including learning how, took two hours.  Aside: One of the keys to life is to presume that you can quickly figure out how to do something because someone has had the same problem before and has posted about it.   This is posted for WordPress, but I’ve done this stuff on other blogs and sites.  Email me, and I’ll help if I can, and walk you through doing it on a non WordPress site.

Step 1: Get Some Audio.  Here is the letter I sent out to my clients:

Dear {name}

Thanks for the opportunity to serve you.  One of the things that is important to my practice is the ability to continue to win and keep the trust of my clients.  It would honor me a great deal if you could simply leave me a voicemail message at my phone number,614-839-4850 telling me how I helped you.   Read more

Unchained Interstitials: Join in all the Unchained games?

I have two Unchained games, if you’re interested in playing.

First: We say a lot of interesting things around here. In the comments, list your favorite BloodhoundBlog quotes. They can come from a post or a comment — serious, comical, whimsical or true Black Pearls. I’ll take those quotes and make a slide show for interstitial display, as it were.

Second: Pick out your favorites from the Unchained Melodies. Embed in the comments or post the YouTube link. I’ll snag a bunch of those to use also, especially on Sunday morning during registration.

And just because I’m in a Sunday morning frame of mind — and because I don’t do business that don’t make me smile — here’s a reprise of Treetop Flyer by Stephen Stills:

Number1Expert Re-Launches as Number2Expert

n2elogo.gif

In a surprise move, website template provider Number1Expert has announced plans to rebrand as Number2Expert. This decision came following their inclusion of Trulia widgets on the myhomes.asp pages of all of their client sites. Here’s an example.

When asked about the decision, a spokesman said, “To date, our clients are providing Trulia with over 11,000 links. We live in a web 2.0 World, and transparency is very important. Since we’re effectively promoting Trulia as the #1 real estate expert, we felt it important to re-brand ourselves to more consistently mesh with this strategy.” He then added, “We’re very excited about the new opportunities that will arise with our market position as the Number 2 Experts.

The widgets that Number2Experts places on their template sites have been a hot topic in the RE.net as of late. Demonized by real estate SEO’s, and heralded as powerful, free online tools by others, the real estate world cannot seem to come to a consensus.

Be sure to keep an ear open, and an RSS reader ready for more news to come regarding this intriguing topic.

trulia-awareness-ribbon-180.jpg

Updates From the Ivory Tower

This week all the elected and paid leaders of the REALTOR® organization will be headed to Washington DC for organizational meetings and visits with Congress.  For all of you NAR malcontents, this would be a perfect time to carry out the hostile take-over of your local and state association of REALTORS®. 

White House

The agenda for the NAR Mid-Year Meeting features two items that I have written about in the past – the announced Upgrade to REALTOR.com’s standard services and the project formerly known as “the gateway.”  Here are a couple of quick updates:

Last week, REALTOR.com released a beta site (http://beta.realtor.com) and the following statement:

The new “Beta” REALTOR.com® website will continue to be enhanced over the next several months.  Early this summer, the new site will replace the current site and will include many new free benefits for your members.  One important FREE benefit on the new REALTOR.com® site is the ability to display up to 4 photos on all basic listings.  Since we already receive multiple photos in the data that you currently provide to REALTOR.com®, there is no action required on your part to provide this new and exciting benefit for your members.  Property photos will continue to be updated as long as the listing remains on the market and is on REALTOR.com®. 

The Gateway…Real Estate Channel…or Library/Archive

The project that is so big and far reaching that NAR is having trouble finding a name to fit will be a major topic of discussion in DC.  For those who have not heard of this, the project originally used the working title “Gateway” and was basically a mash-up all property data in the country.  Then, just a little over a month ago, the name was changed to the “Real Estate Channel” and now it is being referred to as a library or archive of data.  More importantly, NAR has issued a white paper on the..ah…whatchamacallit program that clearly outlines the intent.  A few key points for those who do not wish to click thru to read the white paper: 1) it is NOT an MLS and there will be no offer of compensation or Read more

Sometimes Ticking People Off Is Exactly The Intent

Real Estate Radio USA | Contrarian Marketing

Established in 1965, Benetton is present in 120 countries around the world. It presently has global sales in excess of $2 Billion dollars annually. Yet many in the mainstream find their advertising and marketing strategies downright offensive.

The aim of United Colors of Benetton corporate communication is to create the image of a global enterprise that is modern and projects towards the future and uses distinct imagery and messaging to promote its principal and most important characteristic: uniqueness.

“If your brand is clearly defined enough to have the power to attract enemies, it also has the power to attract raving fans. And the raving fans of your brand are the ones who return again and again. They’re the ones who will tell their friends about you. They’re the ones who will wear your logo. They’re the ones that almost enjoy the annoyance of your brand-haters and will keep coming back for more.”

“So don’t fear the hate. Embrace it. Maybe in your next brainstorming meeting, don’t ask how you can appeal to X. Ask how you can annoy the hell out of Y.” …………………Rick Nobles president of Two West Inc

In marketing conventional wisdom is not always the chosen path. The delivery of a message and its ability to reach the intended audience need not be communicated the same way as your competitors. In fact sometimes it makes sense to completely differentiate yourself. If most of your competitors are turning left, then turn right. If those products or services you seek to overcome are painting there portrait in white, paint yours in black.

There are, as we have been told, two sides to every story and in marketing this could not be more true.

Are you afraid to offend someone with what you marketing materials? Do you shy away from making tough statements in your marketing messages on your collateral media pieces or on your blog or website? Have you received some angry comments or emails from people vehemently opposing or denouncing what you have said? Have you heard from some people that they will absolutely not buy from you or will not use your service or Read more

Three Words Speak Volumes About The Power Of Social Media Marketing

THIS is the brave new world.

Greg Swann and I gave two presentations as a little warm-up for UNCHAINED. Lisa Capes of Chicago Title of Arizona and Juan Chaves of Mortgage Solutions of Arizona sponsored the event. These folks did a first class job and packed the room; both are worthy of your consideration if you sell real estate in Phoenix.

I went through my presentation about how to use social media in your marketing efforts. After a complete discussion about the merits of LinkedIn, I announced that I would be moving onto Twitter. I clicked over to my Twitter stream, and saw this.

I had never met the man but I knew who he was. Nick Bastian was the guy with huge grin on his face.

Now THAT is an example of all how to use all five pillars in 20 characters. Thanks, Nick. You nailed it!

So…You’re Coming to Phoenix

All presentations to be held in the Steele Auditorium at the Heard Museum. This schedule for Unchained is subject to change:

Sunday, May 18, 2008:

8-10AM Registration. The conference starts at 10AM and ends at 4PM.

Zillow Workshop

The Power of E-mail Marketing by Ron Cates

Hyper Local Blogging UNPLUGGED by Laurie Manny

Sunday is “Bonus Day” so food will not be served. The Museum Coffee Shop will be open at 9:30AM- 3PM. The Heard Museum will be open until 5PM and admission is complimentary for conference attendees. Presentations on Sunday will not be included in the DVD set.

No evening events planned.

Monday, May 19, 2008

The conference starts at 8:30 AM and ends at 4PM:

Unchained Epiphany- Greg Swann

The Way of the Hunter Brian Brady

Working Lunch- Twitter- @BradCoy & @AndyKaufman

The Way of the Farmer- Greg Swann

Real Estate Website Makeover- Mary McKnight

6PM- No Host Happy Hour at the Radisson  Light Hors D’Oeuvres Complimentary

A Continental breakfast will be available at 8AM; coffee and water are complimetary throughout the day.   Lunch will be complimetary.The Museum Coffee Shop will be open at 9:30AM- 3PM. The Heard Museum will be open until 5PM and admission is complimentary for conference attendees.

Tuesday, May 20, 2008

The Conference Starts at 8:30 AM and concludes at 4PM

Traditional Marketing For A Web 2.0 World- Steve Hundley, Louis Cammarosano, Jeff Brown

Blogging For Dollars- Laurie Manny, Theresa Lussier

Working Lunch- Zillow Mortgage MarketPlace for Real Estate Agents- David Gibbons

Keynote Presentation- Glenn Kelman

Online Reputation Management- David Gibbons

Black Pearls and Commencement

A Continental breakfast will be available at 8AM; coffee and water throughout the day. Lunch is complimentary. The Museum Coffee Shop will be open at 9:30AM- 3PM. The Heard Museum will be open until 5PM and admission is complimentary for conference attendees.

There is a morning and afternoon break for personal phone calls. This schedule is subject to change.

Our UNCHAINED Faculty include:

Brian Brady

Jeff Brown

Louis Cammarosano

Ron Cates

Brad Coy

David Gibbons

Steve Hundley

Andy Kaufman

Theresa Lussier

Glenn Kelman

Laurie Manny

Mary McKnight

Greg Swann

At last, a use for video in real estate that I don’t hate: Using the Flip video camera to collect and post video testimonials

One of the the things I like about working with Brian Brady is that, when we’re together, or even when we’re just talking by phone, marketing magic happens. We spark ideas in each other, and marketing strategies emerge that neither one of us had foreseen.

Last week, Brian suggested that I buy a Flip video camera for us to use at Unchained. Fast, easy, fun YouTube videos, like a Polaroid Swinger for the new millennium.

I don’t remember who came up with what, but we worked out a strategy for using the camera to make unique, viral content at the conference. You’ll have to wait until next week to see what we have in mind.

But I got on the net — take note of how real people shop, if you would — and researched cameras and prices. The best instant availability I found was the Flip Ultra with 60 minutes of flash video memory for $135 with tax at Sam’s Club. I bought one for Unchained, set it up and learned how to use it.

The video I showed of Brian last night was shot with the Flip camera, but it’s not as good as a camcorder for mid-range or distant shots. Up close, though, it’s the cat’s pajamas.

And that was something I realized while I was talking: The Flip camera is the absolute most perfect tool for collecting testimonials. Testimonials are credible because they’re not written by you. Video is credible because of its verisimilitude. By asking questions, you can direct a video testimonial to bring out the information you want to convey to other viewers.

You can use Richard Riccelli’s testimonial plot line, for instance: “If you want to get to heaven you have to go through hell” — or — “Given my past negative experiences, I was stunned and amazed by the incredible service I received.”

So I’m standing there in front of a room full of people, realizing that I had just hit upon something new and really cool. The Flip camera is as small as my everyday digital still camera. I can easily wear it on my belt along with the Read more

Glenn Kelman Is Speaking at Bloodhound Blog Unchained Social Media Marketing Conference Brought to You By Zillow.com

Let’s keep our eye on the ball, folks.

Glenn Kelman is coming to Phoenix. Mind you, he has every reason not to come, now. This accomplished young man could be in Seattle, San Francisco, Los Angeles, Orange County, San Diego, Boston, or our nation’s capitol. He could be fighting for scraps, during a difficult real estate market…yet…

Glenn Kelman will be at The Heard Museum, in Phoenix, on May 20, 2008. I’ll speculate as to why; Glenn Kelman is truly UNCHAINED. What exactly does that mean?

If you were at the Mesquite library, yesterday, you already know what that means. It means you don’t have to take crap from a boss, a company, or anybody. In fact, the only crap you’ll have to take is from customers- if you do it right, you won’t have to take crap from them, either. You’ll be marketing your craft so well that you’ll interview your customers; not them you. It means you have the right to thrive and the right to fail in this new brave world. It means you are responsible for your destiny. It means that in a sea of chaos, you find order and take action to benefit your business.

Successful people are action based. Why do you think I goaded Greg Swann into this conference? I wanted to bring together action-based people who recognize the real power of social media marketing. I wanted to mobilize the army of individuals to take responsibility for their future and thrive, not just survive, in the future of real estate and mortgage brokerage.

You wanna get ready for the tesseract? Be counted among the ranks of the guerrillas. Action-based people always get results. Think we’re”disrespectful of tradition”? Head over to the bar and take a poke at us. That’ll make you feel better.

Does Greg Swann’s comment about “kicking Inman’s ass” offend you? Head back to the bar and sing “Glory Days“. We want steely-eyed competitors at UNCHAINED. Competitors who saw the Read more

Are There More Than 50 People Blogging In Real Estate?

Real Estate Radio USA

Yes, I know that there are blogs everywhere in this so called RE.net, Web 2.0 world, but lately it seems like I am walking down the halls of my high school. There’s the cool kids over by Mr. Hannah’s homeroom. Over there in the smoking lounge can be found the punks who always seem to just be hanging out. In the middle of the cafeteria is where the jocks can be found laughing it up.

By the theater lurking in the dark you’ll find the goths and the freaks, and over there, with the saddle shoes and pony tails next to the gummy floor are the gum-clacking gluehead Heathers all talking at the same time with nobody really saying anything.

Lately I have noticed that the cliques in the real estate blogosphere have become much more pronounced and apparently the Web 2.0 Realtor superdelegates seem to think they are speaking for the rest of the common folk. How sad!

Excuse me if I am wrong, but I thought that blogging in real estate was about buying and selling real estate. When did it become the muse of soda jerks who haven’t any real business and spend night and day writing and finger pointing about all that is not real estate?

Do I care, or for that matter, does anybody really care what this blogger is doing or what that blogger said about this guy or that guy…except if it is regarding a technique or strategy to help one another actually sell real estate?

Think about it for a second…the reason each of us took finger to keyboard to dive into this new world was because we thought it would enhance our business? I for one, call it selfish if you want, only intended to blog to attract eyeballs because eyeballs are important to advertisers and advertisers spend money.

Additionally, in learning how to efficiently blog and write, we created a radio show to help promote it. Now we have progressed to the point that we have taken what we have learned and are beginning our foray into a real estate blog to buy and sell houses.

Never did Read more