The Wave of Un-Syndication

January 28, 2012 Leave a Comment

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A couple of days ago, I posted four real estate predictions for 2012 that I thought would ‘Rock’ the industry this year.  I’ve heard from a couple of my colleagues that told me that my observations on listing syndication were not an accurate reflection of how the industry feels.  Well – - – it didn’t take long for the first prediction to start manifesting itself right before our very eyes.

Abbott Realty Group (ARG), a well-respected, residential brokerage company in San Diego, CA posted the following video on its YouTube channel.  Take a look:

 

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Still think that brokers across the country will never pull out of REALTOR.com, Trulia, Zillow, et. al.?  Jim Abbott, the President of ARG, outlines some compelling points in favor of yanking a firm’s listings from these aggregators.  As the year unfolds, it will be interesting to see how many other brokers follow ARG’s lead.  Stay tuned.

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Four Trends That Will Rock the Real Estate Industry in 2012

January 23, 2012 Leave a Comment

If there is one thing that I’ve learned in the real estate business over the years it’s that change is constant.  New tools, programs, regulations and innovators make this an industry that doesn’t stand still.

From computerization of Multiple Listing Service data to smart phones to mortgage preapprovals to digital signatures; innovation waits for no one.  You either embrace it or get out of the way.

So without further ado, here are my predictions for the upcoming year and some of the things that I believe will rock our industry (again):

1.  Listing Syndication and Internet Data Exchange (IDX) Will Come Under Fire

It has been commonplace over the last couple of years for companies and agents to syndicate their listings to as many real estate web sites as possible to increase the chance that their properties will get noticed by home buyers who will in turn contact an agent to buy a home.  Sounds like a plan – right?

Enter Edina Realty.  Edina is a mega broker with 60 real estate offices and over $5 billion in sales located in Minnesota, Wisconsin and North Dakota.  In late 2011, Edina stopped syndicating their listings to national websites.  Why would one of the top ten real estate companies in the US decide to shun syndication?  If you listen to them, there are three reasons: Read more of this post

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Branding – Keep It Simple Stupid (KISS)

January 4, 2012 2 Comments

Are you keeping your promises?

As many of my business associates know, I love to watch, read and follow Seth Godin.  I think the guy is brilliant!  He has a unique way of taking really complicated issues and breaking them down into something that’s simple while putting his own unique, humorous twist on them.  Here is another classic entitled “The Simple First Rule of Branding Anything (Even Yourself).”

Not a secret, often overlooked:  “Keep your promises.”

If you say you’ll show up every day at 8:00 AM, do so.  Every day.

If you say your service is excellent, make it so.

If circumstances or priorities change, well then, invest to change them back.  Or tell the truth, and mean it.

If traffic might be bad, plan for it.

Want a bigger brand?  Make bigger promises.  And keep them.

I think too many times companies, teams, schools, businesses and real estate agents try to create an image or brand by trying to spend big money on advertising and cute gimmicks that they hope will get them noticed.  I don’t know about you, but what gets my attention and causes me to return to do business with someone is when I’ve had a good experience in the past and know what to expect from them in the future.  That only occurs by delivering day in and day out on your promises.
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Source:  Godin, Seth. “The Simple First Rule of Branding and Marketing Anything (even Yourself).” Web log post. Seth’s Blog. 17 Dec. 2011. Web. <http://sethgodin.typepad.com/seths_blog/2011/12/the-simple-first-rule-of-branding-and-marketing-anything-even-yourself.html>.

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Happy New Year

January 2, 2012 Leave a Comment

Best wishes for a healthy and prosperous new year!

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Seven Habits of Highly Successful Real Estate Agents

December 31, 2011 Leave a Comment

In 1989, Stephen Covey wrote a book that has since sold over 15 million copies worldwide called Seven Habits of Highly Successful People.  The book should be required reading for anyone thinking about getting into business for themselves.

Jay Thompson, a respected real estate broker and blogger in Arizona, recently wrote a post entitled ‘Seven Habits of Highly Successful Real Estate Agents.’  Good stuff – - – here are his seven habits with my accompanying comments:

Habit #1 – Understand the Real Estate Contract and Supporting Documents.  Real estate agents in our state can use standard contracts supplied by the Pennsylvania Association of REALTORS® that have been written and reviewed by the legal profession.  In other words, the verbiage is used over and over again in virtually all transactions.  There is no excuse for not knowing what is contained within these documents.  Read them.

Habit #2 – Patience.  Our business is becoming more and more complex by the minute.  We deal with other agents, title companies, mortgage reps, appraisers, inspectors and our clients for sometimes months in the same transaction.  The valuable real estate agent knows how to navigate the choppy waters to get the transaction to the settlement table.

Read more of this post

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‘Tis the Season to Add to Your Database

December 18, 2011 Leave a Comment

The holidays are upon us, and chances are you will be attending a number of holiday-related business or social events.  From your spouse’s office party to a Super Bowl extravaganza, maintaining a balance between having fun and seizing a networking opportunity as a real estate agent is critical.

How you approach these gatherings may mean the difference between making a lasting and positive first impression that could drive new buyers and sellers in your direction, or turning off future, present or past clients.

Here are some simple ways in which you can convey a friendly, polite professionalism while you’re networking during holiday events:

Dress the Part.  This may sound trite, but people will judge you by your appearance.  Let your personality and what you say at these events be the things that people remember; not your inappropriate attire.  If you’re going to err, make sure you do it on the side of overdressing.

Be Punctual.  I know many people make it a habit of showing up “fashionably late” at these get-togethers; however, showing up on time to events demonstrates that you are responsible and reliable.  Moreover, it communicates that you respect the person who is hosting the event and the people attending it enough to make it a priority. Read more of this post

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What Season Should I List My Home?

December 9, 2011 Leave a Comment

I love to visit the website Freakonomics.com and read posts about common events that we all believe and assume are factual but are actually myths that have never been examined to determine if they are true.  The authors of the blog (and books), Steven D. Levitt and Stephen J. Dubner are brilliant guys who do research on these common events to disprove the myths then present their findings in such a way that are both interesting and understandable.  (Check out this post on why ‘icing’ a kicker in the waning seconds of an NFL game accomplishes nothing and in fact may even have the exact opposite effect.)

While the following infographic didn’t come from Freakonomics, it has the same look and feel as one of their posts.  It comes from Redfin and shows facts that debunk the theory that, “Homes listed in the Spring sell best.”  The bottom line – - – if you want or need to sell your home, put it on the market now.

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US Won’t be Nation of Renters

November 24, 2011 1 Comment

I read an article last week from Carla Hill, M.A., who works as the Managing Editor at the online publication, Realty Times, that describes the advantages of homeownership.  Her points were well presented so I thought I would share them here – - -

According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.

Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960s.  It’s no wonder why most Americans seek out a home of their own.

Homeownership has both financial and social benefits.  According to the most recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s.

“We knew that homeowners, on average, accumulate more wealth than renters,” said Ken Johnson, editor, Journal of Housing Research at Florida International University.  Johnson spoke at the session and conducted the analysis with Eli Beracha.  “These findings indicate that homeownership is a self-imposed savings plan.  Not everyone should own a home, but from a financial perspective, people who are planning to stay in a property over the long term can benefit from buying.”

This is no wonder why.  Despite recent declines in home prices, historically prices do rise over the long-term.  This means an owner is paying towards an asset.  They are building equity.  A renter, on the other hand, is paying for a living space for that month.  It is not money invested. Read more of this post

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