BloodhoundBlog

There’s always something to howl about.

Archives (page 295 of 372)

April 9, 2007

Advances, none remarkable.

by

Rust Belt Realtor

Author website

The blog is coming together. Our homework was to find a theme and artwork that represent our markets. Sounds like fun, huh? Well it was and it wasn’t.

I love to paint, but I work differently than many artisits. I work with 6 colors maximum: red, yellow, blue, black, white, and brown. From that limited palette, I can create any color I want. This means I create nearly every color that is put on the canvas as I rarely use paint straight from the tube. Much of my time is spent creating color and mixing paints, but I love the process and it gives my work color like no other artist. The only reason I bring this up is to confess that when I went searching for a theme, I kept finding the “feel” of computer generated color and art entirely too flat and cold and sterile and unnatural for my taste. Oh well, sorry about your luck, Lussier. It is 2007, so time to buck up and deal with it. There are thousands of themes available, and while I found them oddly similar due to the medium, I did find one that I could live with.

I had nothing whatsoever to do with the downloading and uploading and whatever else is involved in getting a theme up and running. I picked a theme, gave Greg the url, and he took care of the rest. Why? Because he can do that stuff in 15 minutes and I cannot. Greg is a great coach and I’m not only learning about blogging, I’m also learning about real estate, and here’s what I’m learning: if your time is put to better use elsewhere, then farm out the stuff you can’t/ won’t/ don’t do and let yourself do the voodoo that you do so well. So, thanks to Greg the theme is up.

But the default banner wasn’t up to snuff. Hmm. I thought this was going to be even more difficult than finding a theme. I spent a good bit of time looking at other successful real estate blogs. There are skylines or archtecture or buildings or Read more

April 9, 2007

More random notes on Zillow.com: Conquering fear, uncertainty and doubt to become the neighborhood superhero

by

Suburban Phoenix Real Estate Broker

Author website

Michael Wurzer and others are tying themselves up in knots trying to prove that they understand what Zillow is doing wrong. My take is that they don’t even understand what Zillow is doing, so, necessarily, it’s going to look wrong to them from their frame of reference.

I said this the other day, and I thought I did a nice job, twenty-five words on the nose:

Web 2.0 creates an ongoing community of active users by integrating a user-modifiable database through an interactive, as opposed to static, web-based interface.

The important word is “community.” Wikipedia.org is not building a database of encyclopedia articles. Ebay.com is not building a database of merchandise.

Criticizing — or praising — Zillow about its databases is all but completely beside the point. They’re not building databases. They’re using databases — and incentives to user-initiated database maintenance — to create a self-sustaining community of users.

Ebay.com is not a reproducible phenomenon. Wikipedia.org is not a reproducible phenomenon. The technology is easy. Venture capital abounds. But the niches are already occupied, and neither of those two communities can be replaced as long as they are serving the needs of their members. It does not matter how much money you throw at the problem, they cannot be supplanted.

This is what Zillow.com is aiming for, in my opinion. The listing.bot traffic is nothing. It doesn’t amount to a fart in a gale of wind. Zillow’s own very impressive traffic is nothing, as we’ll see in a moment. What they want is a community of users as loyal as the Wikipedians, and potentially as profitable to its professional users as Ebay is.

Let’s look at the numbers: Zillow is getting four million hits a month, it says — with others saying otherwise. If each of those four million users is visiting three pages on average — which seems like a lot to me — then we’re looking at twelve million pageviews a month. It’s possible they do better than this, but it doesn’t much matter, as we’ll see. Assume three EZ Ads per page — where the average for now is probably closer to one. That boils Read more

April 9, 2007

The New Bait and Switch

by

Mortgage Banker

Author website

The term “bait and switch” is a favorite amongst consumers when dealing with mortgages. It’s a refrain heard every day in our industry. Somehow uttering this term gives consumers personal strength and a sense of confidence. “I’m not going to fall for any ‘bait and switch'” is a chant designed to ward off the specter of the deed made famous by unsavory mortgage brokers and loan officers. I can’t blame consumers for doing it either, I do the same thing to car salesmen by saying “I’m not going to want the dealer warranty” before I even take two steps on the lot. Even if it isn’t the perfect elixir, it feels empowering, which is something. What most mortgage borrowers don’t realize however is that their old foe the ‘bait and switch’ has morphed, like any terrible virus, in to a new strain of deceit which is being exacerbated by the current market.

First, let’s recap what the “old,” unsophisticated bait and switch schemes consist of. The “bait and switch” consists of promising loan terms that are good enough to get the borrower committed (“off the street” in industry parlance) and then, after they put their time and energy in to the process, delivering significantly different terms on their loan documents at the signing table. The hope being that the customer is too exasperated or desperate to put up much of a fight, and they accept the new terms. This can take the form of any of the following (and more based on loan officers’ personal proclivities):

  • A low rate that is suddenly higher
  • Loan type is suddenly different (i.e. from a fixed rate to an ARM)
  • Loan fees are suddenly significantly higher, much higher
  • Prepayment penalties suddenly arise
  • Significantly less cash returned to the borrower than anticipated

Luckily consumers can be vocal, and were in complaining about these unsavory practices; hence the “bait and switch” buzzword arose to describe this industry practice. However, while the “old” way of bait and switch was outed; a new, more subtle form has quietly arisen. The worst part? It is completely legitimate under existing laws; and very hard to prove.

The new Read more

April 8, 2007

I Want To Be a Lister – The Listing Presentation

by

Mega-Producing Realtor

Author website

A couple of important questions:

Chris writes;

Here is a question, I have never been on a listing presentation, I have not yet taken a listing, and I’m a brand new agent. But I want to be an excellent lister, and I don’t care what amount of effort that takes.Where is a good place to start with a listing presentation? I have Tom Hopkins book, but is there a good up to date one online somewhere? IE “this is an ideal listing presentation from start to finish, these are all the points you need to hit”. I think if I get the bones, I can probably expand on it, change it a bit for me and make it work.The top agent in my city sold 150 houses last year. Figure an average house is $400k around here. She is the top dog, so that’s who I am aiming for lol!

__
and Scott Cowan writes;

Thank you for the reply. I am looking forward to seeing the videos if you are able to post them online.

I do have a request for a bit more detail about a topic. Currently on BloodhoundBlog you have posted that it is vital to have a really good listing presentation. Currently my listing presentation is nothing more than the research I have completed on the house and the area. I have some local and national statistics that I share. Much to my disappointment (although now that I have been doing much more reading not to my surprise) my success rate is perfect. A perfect 0 for……… Would you be willing to point me in the direction of resources for putting together the really good listing presentation that you have been talking about? I have been reading online and everyone says that theirs is the best etc. I am overwhelmed with the amount of fluff and hype that I am seeing.

Your advice that I have listened to and read has been the most practical of the information available online. I am curious what your thoughts are on a rock solid listing presentation.

Thanks again for being such a valuable resource to the Read more

April 8, 2007

Easter reading: BloodhoundBlog’s Top 50 posts

by

Suburban Phoenix Real Estate Broker

Author website

I have a tough time with major holidays like Easter. Say the Mass, do the eggs and candy with the kids, choke down some desiccated ham — then what? It would be a relief to run to the net to read, but, of course, everyone else is doing the same damn things — some more graciously than others. You crave new content, but there won’t be any new content until Monday.

The same goes for us, too, I expect. I have some numbers I may want to post about later, but I doubt that there will be a lot of other new stuff.

But: How about a lot of old stuff? Friday night I ran our stats, and Saturday Cathy built an Excel tool to combine them into something meaningful. Not canonically meaningful, mind you. What we can calculate are hard clicks on specific posts. Most people read BloodhoundBlog by RSS feed. Many more read from the front page, seeing some or all of the most-recent 15 posts at any given time. Hard clicks, clicks into specific posts, denote a special interest from feed readers, an off-site or on-site link, a desire to comment or to read comments, a Google search, etc.

What we end up with is a list of our 50 most popular posts as expressed by people who pulled the trigger on their mice. This is a reasonably reliable if not perfect measure of popularity. In any case, it’s what we have, so it will have to do.

Many of these posts were written by me. I write a lot, and I’ve been writing on BloodhoundBlog longer than anyone else. As you’ll see, many of these entries have enduring appeal, so our other contributors will account for more and more of our Top 50 as we go along.

Anyway, if you’re as bored as I am on Easter, divert yourself onto the paths of our past. Just remember, it’s not an escape from tedium, it’s professional development.

April 7, 2007

TheBrickRanch.com: As warm and fuzzy as an Easter Bunny

by

Suburban Phoenix Real Estate Broker

Author website

We finally settled on the WordPress theme and look-and-feel for TheBrickRanch.com. There’s more work to come, particularly the sidebar, but the site is ready for Monday’s official start of the Project Blogger competition.

Not to put too fine a point on it, but this is a reasonable example of what I’ve been talking about. We’re selling real estate, yes. But we’re selling to people, and I think it is important to connect with people immediately on an emotional — even visceral — level. Not: I am a good Realtor. Rather: I am like you. I share your values. I want for you what you want. Yes, I want for your family to be safe, protected from the weather, financially secure. But much more than that, I want for all of you to live the life of quiet, undoubted serenity you see in that child’s face. I want your children to feel that safe in our chaotic and sometimes hostile world. And I want to communicate every bit of that in a glance, without saying a word. I’m not selling houses. I’m selling the idea of a better life — because that is what you’re buying.

Can we do all that with warm colors and one photograph? Probably not. But the first close is to keep them from clicking away, and I think our theme can do that job. If we can keep them for ten seconds, we can keep them for ten minutes. If we can get them to come back once, we can get them to come back twenty times. If we can get them to agree that Teri Lussier is the Realtor to help them find that better life, we’re done. The playing field is cleared of competitors.

Can we do all that? Sufficient unto the day. For now we have a visual theme. Take a look at what we’ve done so far. The weblog is as warm and inviting as a dozen pastel Easter eggs — without all the indigestible hard-boiled chicken embryos inside…
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April 7, 2007

Caveat lector: BloodhoundBlog’s Amazon Affiliates earnings might someday fund a war of global conquest

by

Suburban Phoenix Real Estate Broker

Author website

I had a snippy comment, clipped for flame-baiting, that in part complained that our participation in the Amazon Affiliates program is not disclosed. The beef is stoopid, but it’s nevertheless accurate, so I have added this text to our About page:

Amazon Affiliates information: When Greg Swann set up this weblog, he joined the Amazon Affiliates program for what seemed like good reasons at the time. Amazon Affiliates is a promotional program whereby websites are paid commissions in the forms of cash or same-as-cash Amazon merchandise credit in exchange for promoting and brokering the sale of Amazon.com products. Does this affiliation produce income for BloodhoundBlog? Yes. How much? A little over $5.25 a month, on average (much of which is occasioned by our own personal purchases). Our pro-rated hosting cost, excluding domain costs, is around $37.50 a month, so our Amazon.com windfall has us on the dot.com path to profitability. It seems absurd to make this disclosure, but we heard from a rancorous busy-body who wanted to make a big deal about it, so there it is. So far, we have used our vast Amazon.com earnings to buy a book about Robert Moses for a young real-estate-tycoon-to-be whom we know and admire. God alone can guess what nefarious ends we will finance with future earnings. So: Don’t say you weren’t warned.

That notwithstanding, we’ve sold some cool books, some genuine make-a-difference tomes of self-improvement. Among them:

  • Broker to Broker: Management Lessons From America’s Most Successful Real Estate Companies
  • Everybody Wins: The Story and Lessons Behind RE/MAX
  • Naked Conversations: How Blogs are Changing the Way Businesses Talk with Customers
  • Purple Cow: Transform Your Business by Being Remarkable
  • Real Estate Agent’s Business Planning Guide
  • Real Estate Rainmaker: Guide to Online Marketing
  • Realty Blogging
  • Small Is the New Big: and 193 Other Riffs, Rants, and Remarkable Business Ideas
  • The Cluetrain Manifesto: The End of Business as Usual
  • The Long Tail: Why the Future of Business Is Selling Less of More
  • The Millionaire Real Estate Agent: It’s Not About the Money…It’s About Being the Best You Can Be!
  • The Millionaire Real Estate Investor
  • Unleashing the Ideavirus
  • What No One Ever Tells You About Blogging and Podcasting: Real-Life Advice from 101 People Read more
April 7, 2007

Are Glenn Kelman & Dave Barry Soulmates?

by

Mega-Producing Realtor

Author website

Dave Barry sues Realtor associations. He has been suing Realtor associations for years. I don’t know that anyone could say that he sues Realtor associations for a living because he almost always loses. And it is hard to imagine that any lawyer who had a pot to piss in would keep doing the same stupid thing year after year after year – even though it was obvious to any rational person that it could not succeed. If Dave would like to send me a threatening letter or sue me for what I am writing here, this is my contact information. Dave Barry is behind Trust MLS. This is his “Open MLS” program that he tried (and failed) to get on the ballot in California in 2005. Now he is trying it in Maine. A much smaller state where it would require a LOT less money to try and shove this down everyone’s throat. I believe (Dave, please notice I said I BELIEVE, not “IS“‘) Dave to be a charter member of the “What’s Yours Is Mine Club”. This is also sometimes referred to as “something for nothing” or simply “criminal”. I don’t know if it would actually be libel to characterize him as a litigious lunatic, so we won’t do that here. Certainly, the NAR lawyers and the various state association lawyers aren’t going to come out and physically say that. Almost all lawyers (at least in the U.S.) have a “lawyer to lawyer respect” rule that they follow. It just isn’t right to say something unkind or inflammatory about someone who finished law school and was admitted to the bar – not if you finished law school and were admitted to the bar.

The following was reported yesterday on Inman News:

He is also a part of Trust MLS, a group that is supporting the Maine ballot initiative and encourages supporters in other states to pursue similar measures. This group, along with real estate companies Redfin, Catalist Homes and Voyager 360, among others, had offered financial support to the institute, and Trust MLS plans to submit a bid to operate the proposed Read more

April 6, 2007

Web site builds community of real estate consumers, vendors

by

Suburban Phoenix Real Estate Broker

Author website

This is me in today’s Arizona Republic (permanent link).

This is adapted from my main post Tuesday night, of course. I get 350 words in the paper. They cut me today to 330, so I used my own version of the text for the permanent link.

But here’s the sad part: This is breaking news in the Republic. This is the first word of Zillow’s new release to appear in the newspaper. Aren’t you glad you have a choice about where to get your news?

 
Web site builds community of real estate consumers, vendors

Zillow.com, the national Realty.bot growing out of the popular automated home valuation service, released a new version of its popular web-based software Tuesday night. The system’s new functionality comes in three broad categories:

  • Any user of the system — not just homeowners or their real estate agents — will be able to report that a particular home is for sale and at what price. Only owners and/or listing agents will be able to create more elaborate listings for homes for sale.
  • Any user of the site will be able to ask or answer a specific question about a home, whether or not it is listed for sale. The questions and answers will be stored with the record for that home, and each user’s questions, answers and Zillow Wiki contributions will be recorded on that user’s personal profile page on the system.
  • Agents or other users wishing to promote either themselves or their homes listed for sale will be able to do so through a new “EZ Ads” system. The ads will be sold by the zip-code at a cost of one-penny per impression.

“With this release, Zillow becomes a community,” said David Gibbons, the company’s Director of Community Relations. Zillow’s home value “Zestimates” have been very popular with home sellers. Zillow.com is giving buyers and Realtors incentives to join its community.

Zillow wants agents to submit at least limited-data listings, which will in turn bring it buyers, which will in turn reward sellers and listing agents for inputting full-data listings and other information, which will in turn provide a stickier and more satisfying experience for buyers. Read more

April 5, 2007

Loan Officers – Don’t Just Sit There!

by

Mortgage Banker

Author website

Russell Shaw’s great post “I want a LOT of money — would you tell me how to get it?” got me thinking about loan officers who constantly ask me about how they can make “a lot of money,” especially in a tough mortgage market. They lament the current market situation, tell me that people are scared to refinance, that underwriting guidelines are more difficult, that property values are falling. They complain that these factors are squeezing their customer base and making it harder to win business. “What can I do? It’s soooo hard out there right now” is a common refrain I hear constantly. I keep looking for a way to disable the “repeat button.” After having this talk ad nauseum I’ve found that I can ask 6 questions to help loan officers refocus on capturing success. Those 6 questions tend to generate between 4 and 5 AHA!s per person. This realization is rather scary to me as many of these loan officers achieved high levels of success during the “boom” years. It makes me want to ask “How much more could you have made back then if you were actually trying?”

Today I’ll cover questions 1 & 2, and then get to the other three in my next post.

The first question is somewhat rhetorical; “How hard are you working; and, how smart is the work you’re doing?” That usually gives the inquiring loan officer pause. They look at me like a deer in the headlights, frozen by the realization that they’ve been working half-speed for as long as they can remember, stammer a bit, and then finally go quiet. Sometimes you see a little light bulb go on over their heads. That light bulb is the first step in an important process. Question one is my warning shot, to let them know that I have no time for their pity parties and that if they want advice they are going to get it — served cold.

I have found that the average loan officer spends too much time placing responsibility for their success on external factors instead of taking the responsibility to Read more

April 5, 2007

Why doesn’t Zillow.com act like Trulia.com? Because life is short but art is long . . .

by

Suburban Phoenix Real Estate Broker

Author website

Cathy had lunch today with a friend and ex-colleague. Cathy was talking about Zillow.com as a Web 2.0 phenomenon, and her friend was having trouble wrapping her mind around the idea of Web 2.0.

I sent her mail when I heard about this, summarizing and quoting from the seminal Tim O’Reilly article:

In an elevator speech: Web 2.0 creates an ongoing community of active users by integrating a user-modifiable database through an interactive, as opposed to static, web-based interface.

This is O’Reilly’s summary:

Web 2.0 Design Patterns

In his book, A Pattern Language, Christopher Alexander prescribes a format for the concise description of the solution to architectural problems. He writes: “Each pattern describes a problem that occurs over and over again in our environment, and then describes the core of the solution to that problem, in such a way that you can use this solution a million times over, without ever doing it the same way twice.”

  1. The Long Tail
    Small sites make up the bulk of the internet’s content; narrow niches make up the bulk of internet’s the possible applications. Therefore: Leverage customer-self service and algorithmic data management to reach out to the entire web, to the edges and not just the center, to the long tail and not just the head.
  2. Data is the Next Intel Inside
    Applications are increasingly data-driven. Therefore: For competitive advantage, seek to own a unique, hard-to-recreate source of data.
  3. Users Add Value
    The key to competitive advantage in internet applications is the extent to which users add their own data to that which you provide. Therefore: Don’t restrict your “architecture of participation” to software development. Involve your users both implicitly and explicitly in adding value to your application.
  4. Network Effects by Default
    Only a small percentage of users will go to the trouble of adding value to your application. Therefore: Set inclusive defaults for aggregating user data as a side-effect of their use of the application.
  5. Some Rights Reserved. Intellectual property protection limits re-use and prevents experimentation. Therefore: When benefits come from collective adoption, not private restriction, make sure that barriers to adoption are low. Follow existing standards, and use licenses with as few restrictions as possible. Design Read more
April 5, 2007

Zynergy: They searched for a house, but they found you

by

Suburban Phoenix Real Estate Broker

Author website

This ad:

Appeared this morning next to Cathy’s listing in the FQ Story Historic District of Phoenix.

As I said last night, I think all this kvetching and caviling is beside the point. You have a chance to put your marketing message in front of your share of four million visitors a month for free. If you do nothing more than create a profile page, your web site will gain an inbound link from a site with a Page Rank of seven, a fulsome offering to the Church of Googolatry. I had 37 page views on my profile yesterday, which is amazing considering that I have added almost nothing to the site.

My pet theme for the year is: Control your own marketing. It becomes ever more clear that various types of lead vendors want to soak up as much as half of your commissions — even before your broker stuffs his bear-like paw in your pocket. The more you can do to make your own rain as cheaply as possible, the better your chances of earning at least a starvation wage in our “overpaid” profession.

Take a chance and play with Zillow’s new toys. I don’t know that this will work. If it doesn’t, you’ve lost nothing but your time. But if it does, you will gain control of a whole new marketing channel.

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April 5, 2007

Saved searches, available by RSS feed, at ShackPrices.com

by

Suburban Phoenix Real Estate Broker

Author website

Via Dustin at RCG, new features at ShackPrices.com:

When you save a shack, you can keep track of price changes, status changes (if they’ve accepted an offer or the house has sold), and if the shack is removed from market or if it sells. The complete history of each saved shack, starting the day you saved it, is under the saved shacks tab. You can sign up for daily or weekly emails of changes OR you can subscribe to an RSS feed. We’ve even set it up so that you can subscribe directly to your Google Homepage, My Yahoo or to a few other online RSS readers (I use Google Homepage for my top 15 feeds, Google Reader for the other 50 or so). It’s easy to save a shack – just click the little star next to it.

These were announced yesterday, in the shadow of the big boot, and, of course, these are features people are bugging Zillow.com to provide. ShackPrices is vastly more innovative than anyone else doing map-based home search, so it will be interesting to see how they hold up in the fray.

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April 4, 2007

Zillow 5 is here, and, whether or not you seize upon its opportunities, it isn’t going away

by

Suburban Phoenix Real Estate Broker

Author website

A day later, I think it’s all over but the shouting. There have been a small few objections, some earnest, some spurious, but, in the end, none of it matters. Zillow 5 is here, and it isn’t going away. Brian Brady and I have talked about how you might take advantage of the new functionality in Zillow. But take advantage or don’t, Zillow 5 is here.

Last night I explicitly addressed the conjecture that publicizing a home for sale is, colorably, advertising. I argue that it’s a material fact, not a solicitation to buy. But even if MLS systems or the NAR should rule otherwise, this would impact only Realtors. Anyone else could report these facts, picking them off of any one of dozens of Realtors’ IDX systems — to put exactly the right point on the candor behind the complaints. When little vendors see the sole of a big boot right overhead, we expect them to shriek. But their caviling will come to nothing. Zillow 5 is here.

In the same way, worrying about bad behavior that might but so far has not happened seems unlikely to move Zillow.com off its position. There may well be acts of malice, and Zillow will have to respond in a quick and measured way or risk losing all the decent people it is trying to attract. If it fails at this, it fails, but I doubt it’s going to quit the arena in response to so-far unfounded worries. Zillow 5 is here.

If there is a peril to feared from Zillow.com, it is here: This company has gone from a world-shaking AVM to a radical listings platform to a national residential real estate marketplace in fourteen months. This last round of revisions — adding many new pages and vast new capacity — took four months. If this advertising play does not pay off, could it turn itself into a national semi-automated real estate brokerage? You bet. In six months at the outside.

Will that happen? Hide and watch. Would it be a moral wrong if it did? We know exactly what we say to the crybaby union Read more

April 4, 2007

Going Fishing? Try to Land the Whales

by

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

Author website

If you are a Boiler Room movie fan, you’ll remember when Ben Affleck’s character said,

ACT…AS IF

“Act as if...” meant that you got on the telephone and asked people who were loaded to invest money. You didn’t worry about your youthful appearance, inexperience, or immaturity because they would never see you.
Can a new or underemployed Realtor who has sold 4 houses with a median price point of $200,000 effectively compete against a seasoned veteran of the real estate brokerage game in the tony zip code of 92657 ?

Use Zillow EZ Ads to “Act as if”

Your chances of landing the whale on Zillow are much better than farming for minnows.

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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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