There’s always something to howl about.

Tag: transparency (page 1 of 1)

Online Reputation Management for Realtors (and everyone else for that matter)

Recently I was asked to participate on a speaker’s panel at an upcoming real estate conference in Columbus. It’s always nice to be asked to participate and I even had a disturbing but fleeting Sally Fields moment. Conventional conventions are not my thing, but I got to thinking about the subject of the panel- Online Reputation Management and while in the end I demurred, I knew I had much more to say about the subject than my share of a speaker’s panel would allow. Here then, is what I might have said about ORM in 15 minutes or less:

Online Reputation Management. Interesting concept. I know what it means, I’m just not sure it gets to the root of the problem and the problem isn’t that people can post horrible and hideous things about you online, because if you spend enough time online speaking your mind, not hiding who you are, well then girlfriend, someone, somewhere is bound to say something hideous and horrible about you. The focus should not be that you cannot control what other people say, that’s reactive thinking. The focus should be on the only thing you can control- your own thoughts and actions.

It occurs to me that once upon a time a Realtor’s reputation was theirs to control through advertising alone. They wrote smarmy or vague advertisements about being the Neighborhood Expert, and who knew any better? What were you going to do- go around to each of your neighbors for verification? “You know this guy? Is he the expert?” It’d take for friggin’ ever to get a consensus on whether or not Joe, the Friendly Neighborhood Expert (FNE), was in fact, a) Friendly, or b) an Expert, but the interwebs changed all that, sort of. I mean you can still say whatever you want about yourself, but now your clients can turn to the ultimate FNE, aka Google, and in the blink of an eye, all is revealed.

This is a good thing. It’s good for us. It’s good for our industry. But most importantly it’s good for our clients because now you really do have to Read more

How we say_What we say_Is important

This is actually a post about transparency, but as you’ll see, I am not a big fan of the ‘word’ itself. The idea of belaboring a word all of you seem to take for granted came about as I was talking with Scott Schang a few days ago. We were just enjoying each other’s company, doing real work, a lender and real estate guy talking about the industry, our own ideas, sharing and laughing, scribbling notes and taking stock of the ideas that just never seemed to quit coming.

For me transparency is about saying what you want to say, showing what you want to show, sharing what you want to share, and doing it in a manner and method that is most likely to allow the reader or listener to understand. In order for that to happen the writer or creater of thoughts and ideas, facts or fictions, must decide up front HOW they will present the information.

Let me give you some examples.

Greg Swann

“I write well. I’m a tough read here, but I can be much, much more difficult to read. I understand grammar the way other people understand cars or football or cooking, and I can build perfectly valid sentences in English that almost no one can understand, much less diagram. The English language is like Jazz to me, and it ripples and rolls through my head all the time, making connections like lightning strikes that take many paragraphs to explain to other people.

Brian Brady

“I posed this question at Unchained Phoenix ‘09 and you would have thought I asked the REALTORs to walk on coals…at first. A few bright agents listened to my reasoning:”

Geno Petro

“When I awoke from my dehydrated coma and rack focused my blurry vision toward the general direction of the deactivated alarm clock on my night stand, the numbers 7:07 burned my retinas digital red. I jumped up in a virtual panic, threw on a suit and Hermes noose, splashed on a handful of Bulgari, gargled a Red Bull and Diet Coke highball and flew out the door in search of my car. Alas, God was looking Read more

An Open Letter of Apology to Chaz Berman

Ten years ago, as Director of National Accounts for MyPoints.com,  I found myself smack dab in the middle of an eerily similar boom-to-bust cycle we’re experiencing in real estate today.

Back then, MyPoints could do no wrong.   Advertisers were lining up to spend money with us. Investors were throwing millions of dollars our way.  We were partying like AIG executives – it was pretty sick.   Fun, but sick.

My boss at MyPoints was Chaz Berman.  During our meteoric rise, Chaz made promises that ultimately he couldn’t keep.  Promises of increased pay.  Increased responsibility.  I was on track for a VP Title and VP Bucks.  (Important note:  I was already very well compensated and had more responsibility than I could handle.)

Fast forward to 2009, the roles have reversed.  Instead of being the employee, I’m the employer.  Instead of taking directions, I’m giving them.  Here are the lessons I’ve learned from sitting on both sides of the table.

1)  Most employees are ungrateful whiners.

And looking back on my tenure with MyPoints, I was as whiny and ungrateful as anyone I’ve ever managed here at Top of Mind Networks.  Instead of focusing on what earned me promotions, money and praise in the past, I started letting some unrealistic promises made in a 180 degree different environment dictate my work ethic and my demeanor.  I took my job for granted.  I failed to realize that I was truly blessed – making a six-figure income, living in beautiful San Francisco, selling a killer product, etc.  As market conditions deteriorated, so did my attitude.  And for this, I owe MyPoints.com and especially Chaz Berman my sincere apologies.  Chaz, you were in a no-win situation and you were dealt a “Pai-Gow” of a hand.  I’m glad to see you still thriving today – you deserve it.

2)  Most employers stir the pot.

Nothing stokes the fire of negativity within a company more than a lack of transparency and communication.  In hindsight, I believe MyPoints did a poor job of setting expectations with employees – at every level of the company.  Perhaps the fact that we were a publicly traded Read more

Here’s Some Piss Poor Journalism For Ya

Since Greg welcomed me aboard BHB last week, ideas have been racing through my head.  What would I write about first?

CRM execution tactics? Too predictable.

Skinned cats? I’ll leave that to my favorite cat skinner.

Then it occurred to me last night:  why not dive right in with an example of why BHB and blogs like it are putting the traditional fish rag out of business.

I’m a sports fan(atic).  I find it to be the ultimate in reality television.

But whether your remote is hard-coded to ESPN or not,  you’re surely aware of the ongoing steroid crisis in professional sports.

This week’s Sports Illustrated features an article about a former football player named Tony Mandarich, commonly known as the biggest bust in NFL history.  However, two decades ago, SI ran a story proclaiming Mandarich as “The Greatest Offensive Line Prospect in the History of Football”.  This story was written by a journalist named Rick Telander.

Now, twenty years later, Tony Mandarich Book Deal is ready to say he’s sorry for using steroids.  So he looks up good old Rick Telander Spineless Jellyfish and lands himself a feature article advertisement.

Here’s the article, please keep a barf bag nearby:  “Tony Mandarich is Very, Very Sorry”.

And here’s my favorite paragraph from said article (via Telander):

“… He lied to me.  Lied to everybody… I knew he was using steroids… but all I could do was hint at my suspicions…”

Um, Ricky baby… you knew he was taking illegal steroids, cheating and gaming the system but you, a Senior Writer for the most respected publication in sports were POWERLESS to do more than “hint at your suspicions”?

Telander’s article goes on to reveal that

  • Mandarich was known at his local gym as the “Doctor”

So what Telander’s telling us here is that he could have easily broken arguably the biggest sports-related story of the decade if he simply noses around the gym a little bit to explain how/why…

  • Mandarich magically transforms from a 6′ 3″ HS kid who rode the bench on his JV team into a behemoth that bench presses 585 pounds and “runs like a deer” in college

Wait a second.  This blog is supposed Read more

A Bourse is a Bourse and Zillow Mortgage is a Marketplace and Never the Twain Shall Meet

Bourse is a funny word isn’t it?  What exactly does it mean and why do people keep referring to the Zillow Mortgage Marketplace as a Bourse?

Bourse: \ˈburs\ Function: noun
Etymology: Middle French, literally, purse, from Medieval Latin bursa — more at purse
Date: 1597
1: exchange 5a; specifically : a European stock exchange
2: a sale of numismatic or philatelic items on tables (as at a convention)

Wikipedia equates a bourse more generally to a stock exchange.  This seems to be the connotation meant when Zillow Mortgage Marketplace is referred to as a Bourse: an open marketplace where pricing is transparent.

Hogwash… or more accurately: Pork Bellies.

I was an options trader on the floor of the Chicago Board Options Exchange.  That means I stood in a pit with other traders and made the market for various options on various stocks.  (I reiterate this to make clear my bona fides).  When a broker (representing “the public”) came into the pit and yelled out an option strike, my job was to have the best bid/ask and be FIRST.  If I accomplished both goals, I got to do the trade.  If someone else was tighter or faster… he/she got to do the trade.  This is the most transparent, open market type of bourse that exists.  How does Zillow Mortgage Marketplace compare to this?  Not even close.

There are more than a few discrepancies, but let me cut to the chase: In a transparent exchange, whether it be a pure “open market”, “open out-cry” system like in Chicago or the “license to steal” that goes on at the New York Stock Exchange, one thing remains true: the underlying commodity is fungible.  One share of IBM stock is interchangeable with another share of IBM stock.  One call option is interchangeable with its mirror strike and expiration date call option for the same underlying equity.  Its nature does not change based on who buys them or who sells them.  This is a bourse.

MORTGAGE IS MORE FUNGUS THAN FUNGIBLE
Now you might say that all 30 year fixed rate loans are fungible, but they are not.  A lot more information must be presented before claiming two such loans interchangeable.  Read more

Zillow Mortgage: I’m Still Looking for the Yellow Brick Road

There sure have been a lot of posts recently regarding Zillow Mortgage Marketplace.  Greg Swann gave us a pre-opening preview here, the advertising aspect here, and the capitalist and cookie aspects here and here.  Brian Brady takes a “the last shall be first” attitude here and presents Zillow Mortgage as online dating here (this is the Great and Powerful Oz so, trust me, he ties it together).  I have been following this closely and am, in fact, one of the “approved” lenders on Zillow (I still pay many of the bills originating).  But, in my search for the Emerald City of Transparency, I am still looking for the yellow brick road.

Before commenting on transparency and the great Zillow experiment, let’s quickly dispense with the true purpose of Zillow Mortgage; it was made clear two days ago by Greg Swann when he wrote:

What this means is that Zillow will be able to deliver highly-targeted advertising to its users, zeroing in on products and services that would be most appealing to that user’s sex, age, income and other demographic characteristics. This by itself will make Zillow extremely profitable to advertisers, who seek assurance that their promotional efforts are aimed at the right prospects.

Despite the conclusion one reaches when we “follow the money”, there is still an important tool being implemented here and I hoped it would be a step down the yellow brick road, but it is instead only a blueprint.   I am talking about the consumer’s ability to rank the originator.  The most common comparison made is to Ebay, but here is the problem with that comparison.  Ebay works because both parties have a horse in the race.  They are both interested in performing some transaction and can be judged for their behavior.  Not so with Zillow Mortgage.  The originator has an interest, she, in fact, has a couple of interests: creating business, protecting reputation, creating a raving fan for future referrals and even, possibly, the noble interest of helping others.  How much of that can be said for the potential borrower?  If these leads are anything like the standard internet lead, you are Read more