BloodhoundBlog

There’s always something to howl about.

Author: Doug Quance (page 2 of 4)

Associate Broker

July 11, 2008

Agent Shot By Angry 73-Year-Old Former Client

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Associate Broker

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As If This Crappy Real Estate Market Wasn’t Bad Enough

One of the potential hazards of working with the public – is that you have to work with the public.  Most of the time, it’s a great social experience – and you’ll find most agents to be outgoing and friendly. But working with the public can bring some unexpected – and unwelcome – surprises.

July 1st started out as any other day for Troy VanderStelt, a real estate agent with Nexes Realty in Muskegon, Michigan.  Robert Johnson, a former client whom VanderStelt represented in the purchase of his home, came to the Nexes Realty office where he was asked to wait for VanderStelt in a conference room. When VanderStelt arrived at the conference room, Johnson allegedly distracted VanderStelt with a portfolio of papers – then shot him point blank in the temple.

Apparently Johnson was getting ready to sell his home – and was advised by another agent that his home was not worth what he paid for it… so instead of considering the current real estate market conditions – Johnson decided he was going to take matters into his own hands.

Troy VanderStelt, 33, leaves behind a loving wife and four children… and a damaged community that feels the loss. This is the first murder this year in the county – and the first murder in 20 years in the town.

If you have a few extra dollars that you can spare, an educational trust has been set up for Troy’s children where you help this family in their time of need.

http://troyvanderstelt.com

If you would like to read more about this tragic story, try here:

http://www.zimbio.com/Troy+VanderStelt

June 26, 2008

Elections Really DO Have Consequences

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Associate Broker

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When All Else Fails – Pay Attention To The High Court

In a 5-4 decision handed down by the U.S. Supreme Court today, the court has struck down the 32 year-old ban on handguns in Washington D. C. – and elsewhere, for that matter.

I find it less interesting that the court ruled against the gun ban. After all, the ban was an obvious encroachment on a citizen’s constitutional rights. What is interesting to me is that four of the Justices Supreme reasoned that the ban was constitutional.

How is it that these four dissenting Justices fail to understand the Founding Fathers? Were the Founders unclear about their belief that the citizens should not only have the right to bear arms – they should take up arms against a tyrannical government?

Bill of Rights – First Amendment – free speech – check.

Second Amendment – right to bear arms – check.

I’m no legal scholar, but it seems that gun rights were high on their list of priorities.

A 5-4 decision is no slam dunk. Yes, it’s a ruling… but without the kind of consensus I would like to see. Look at some of the recent rulings, like bestowing habeus corpus rights upon enemy combatants captured on the battlefield. Wow… so now the terrorists can make a mockery of our legal system.

A recent decision (Kelo vs City of New London) regarding eminent domain – another 5-4 decision – further eroded property rights by allowing governments to seize property to be conveyed to a developer for private redevelopment.

You might be coming to the conclusion that – once again – we have been given another election cycle of less-than-perfect choices. Seriously flawed candidates on all sides. Yep – suck it up. We’re hosed.

May I ask that you consider the high court in your decision this year?

Our rights and freedoms are constantly under attack, and since the Supreme Court is the ultimate ‘check and balance’ in our system of governance – it is increasingly important that you consider the kind of jurists that a President will nominate.

June 18, 2008

Missing The Opportunity To Achieve Excellence

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Associate Broker

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When Going The Extra Mile Simply Makes Good Economic Sense

When my best friend asked his mother what she wanted for her 70th birthday, she instantly said, “To be with my family.” He offered her a European cruise or other similar possibilities… but she stood firm. Family is what she wanted.

So he began the process of planning the event.

We talked about some different scenarios, as he requested that I photograph the event – and I wanted a venue with some decent locations to use as a background.

Since many family members would be coming in from out-of-town, a nice hotel needed to be selected… and when he told me he was considering the Hilton in Charlotte – I laughed and said, “I stayed there last week… nice place, for sure.”

After researching his options, my friend realized that the Hilton could be a one-stop shop, as they had all the facilities he needed right there at the hotel. The family could come to town, enjoy a nice dinner, enjoy the family, propose a few toasts and hear a speech or two… then do a little dancing – and never have to leave the hotel.

One of the items on the agenda was a multimedia powerpoint presentation featuring images taken throughout his mother’s life… complete with music that she loves. He had worked hard to put this presentation together – and looked forward to his entire family being able to enjoy it.

When we arrived at the hotel, we began to inspect the facility as well as the grounds. We were a little disappointed with the landscaping, as outdoor watering restrictions were literally killing the grass and plants – but it is what it is.

In the banquet hall, the Hilton staff was setting up the tables. The projection screen was up – but no projector could be found. We wanted to get the projector set up early to avoid any problems with the presentation… so we asked the staff to find our projector.

The manager came to our banquet room to inform us that if we wanted a projector – he would be happy to rent us Read more

May 20, 2008

So How Does Your Lender View You As A Customer?

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Associate Broker

Author website

If Your Lender Is Countrywide – This Telling Email Might Give You An Idea

This email is being circulated on the web… I cannot verify its authenticity or content, so until it can be confirmed, take it with a grain of proverbial salt.

A Real Countrywide Email From the Office of Angelo Mozilo – Email Below Calls Homeowner Disgusting
By Moe Bedard on May 20th, 2008

It isn’t every day that you get to see behind the scenes of the housing and mortgage crisis. Mainstream media usually tells the same homeowner story of pain and suffering and then the “made up” stories from the lenders and servicers who are masters of deception and lip service.

Here is an email that was forwarded to me by a Countrywide Home Loans borrower named Don Bailey. Don joined my forum to get free foreclosure help and assisitance in obtaining a loan modification from Countrywide and that is just what he got. He followed or advice to a “t”, wrote his hardship letter (we provide free samples here and on the forum) and then proceeded to email and fax his information to the email list we provided him.

Email from Don to Countrywide after he received the disturbing email from the Office of Angelo Mozilo sent to him by accident:

Hello,

I took the advice on this forum, and e-mailed my hardship letter to the list of e-mail addresses posted in the threads. Two minutes later, I received a reply……a mistaken reply by Angelo Mozilo to the rest of the people on the list. Here it is. Nothing like this to kick a person while they are down. What hope do I have …

“removed@yahoo.com
CC: Steve_Bailey@Countrywide.Com
Subject: Re: bailey acct# xxxxxxxxxx
From: Angelo_Mozilo@countrywide.com Add Mobile Alert
Date: Mon, 19 May 2008 06:41:34 -0700

This has already been sent on to our senior manager who will determine the facts behind your request and he will take the appropriate actions.

Dan Bailey
05/19/2008 06:37 AM
To Angelo_Mozilo@countrywide.com
Cc
Subject Re: bailey acct# xxxxxxxxxx

Interesting to find that you think my letter is disgusting. I will send Read more

May 14, 2008

Are You So Successful And Busy That You Are Pushing Business Away?

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Associate Broker

Author website

If You’re That Busy – Then Move Along – There’s Nothing To See Here

One thing is for sure – no matter how good your marketing or your prospecting might be… if you don’t strike while the iron is hot, you’re probably going to shoot yourself in the foot.

I have a friend who lives in another state. She has a good job, and earns a good salary – and is currently renting month-to-month. She found a home near her place of employment that seems to meet all of her needs – so she told me that she sent the listing agent an email inquiring about it… as she is interested in taking a look.

Of course, I told her NOT to go see the property – as she might have a difficult time obtaining representation after-the-fact as a result of procuring cause. I encouraged her to get a buyer’s agent to assist her. I also explained what could happen when someone buys a home without representation.

Well she didn’t know where to find an agent, so I told her I would make a few calls and see what I could do. I wanted to find her an experienced agent – preferably a broker – who could demonstrate their ability to be a shrewd negotiator in this market.

I was able to find a couple of brokers to consider, and a few minutes ago I picked up the phone to call the one I felt might be the best one to represent her.

The agent told me she was getting ready to leave, and didn’t have much time to talk. I told her that I had a referral that I wanted to talk to her about – to which she replied, “Well, you can always send me an email.”

Of course, I was shocked. She is a broker with over thirty years of experience – with seven current listings ( I didn’t want an agent with too many listings). She has her husband and daughter working with her, both licensed ( I checked). I am trying to hand her a ready, willing and able buyer who Read more

May 1, 2008

Is The Growth Of Media Good For Realtors?

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Associate Broker

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New Avenues Of Marketing Exposure Are Exploding In Growth And Cost

Remember when there were only three broadcast television channels? Well, I know some of you – like me – remember. It was a simpler time, back then.

If you wanted to bring a product or service to market, there were limited channels to advertise – and because of this dynamic, the costs to exposure a large part of your audience to your ad was relatively cheap.

Not so, anymore.

Now, when a product or service is brought to market, it almost always has to be targeted to a specific audience – as few entities can afford the blanket coverage of yesteryear. Just take a look at what it costs to market a presidential candidate.

We see this happening in real estate, as well. The avenues where listings can be shown has grown to a visual cacophony. There are virtually thousands of places where buyers can find listings.

Somehow, I don’t see this as a great benefit to Realtors – or the public, in general.

Don’t get me wrong – I do believe that competition is good… and that having more than one way to market listings is good – but at what point does it become more of a hassle than it’s worth?

Would online auctions be better if there were a few dozen Ebay-like sites to buy and sell on? And if so, how would it benefit the people who were trying to buy or sell?

For some reason, I think not.

April 25, 2008

We First Warned You About LendingTree A Year Ago

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Associate Broker

Author website

As If The Mortgage Lending World Didn’t Have Enough Bad News…

I wrote about LendingTree’s practice of giving their customers information out to multiple lenders back in March of 2007. Now we find out that their nefarious plot went much further than just that.

LendingTree has told its customers that former employees helped unauthorized mortgage lenders hack into its systems and steal customer information from 2006 to 2008.

The incident reveals just how aggressive the mortgage loan business was during the height of the housing boom, and also raises fears for consumers who share their information with companies that help them shop around for the best deal. And it highlights what experts say is an often overlooked source of data theft — the inside job.

According to a letter sent to customers recently, former LendingTree LLC employees shared “confidential passwords” with lenders, who in turn used the login information to “access LendingTree’s customer loan request forms.”

The forms contained critical personal data, including names, addresses, Social Security numbers, income and employment information. The company said the lenders did not use the information to commit identity theft or fraud, but simply to “market their own mortgage loans to … customers.” (read the rest of the story here)

Hat tip to Bob Sullivan over at the Red Tape Chronicles.

I can’t say that I am surprised at all, really.

April 16, 2008

Sometimes The Listing You Don’t Get Is The Best Listing Of All

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Associate Broker

Author website

Looking For That Silver Lining – And Then Finding It

Around the beginning of this year, my favorite loan officer called me up to ask if I would list one of her clients homes for sale. He had fallen on hard times, and needed to sell quickly. He had only been in the property for a year, but had adequate equity to get him out.

The home was a fairly long drive (outside of my normal area) but I agreed to go and talk to him. I spent a few hours with him – including walking him through many low-cost steps to bring the home up to a more marketable condition.

I also educated him on the current market conditions – including the status in his subdivision. This education included a drive to inspect a couple of active listings (featuring a HUD foreclosure) so that he could see firsthand what he was up against.

The sad reality of paying too much for the house when he bought it (he was an unrepresented buyer); the current market conditions; combined with some damage from teenagers and dogs – meant he wasn’t likely going to get much out of the property when sold – especially since he couldn’t continue making payments.

So we pretty much agreed on the listing price, and that I would come back in a week after he had the chance to knock off the items on his punch list – as he needed to leave and take his kids to a special event.

I spoke with him a few times during the week to check in on his progress (which wasn’t going too well) but he assured me that he would be ready by the following week for me to come out and get the listing signed and the pictures taken.

Meanwhile, I ordered his website domain and sign for his single property website.

The day before going out to take his listing, I called him up to confirm our appointment… but didn’t reach him – so I left a voicemail.

He never called back.

So the day of the appointment, I called him… and again – no success. Normally, Read more

March 24, 2008

While The National Real Estate Market Is Soft – Google Pay-Per-Click Real Estate Advertising Still Going Strong

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Associate Broker

Author website

Is Your Online Marketing Costing You Too Much?

As one of those with an online presence, I am always interested in how others attract “eyeballs”. Back in the early days of Google, I proudly staked my claim on some choice keywords in their pay-per-click program – which brought me a great deal of traffic at a relatively low cost.

But that was then – and this is now.

The pay-per-click rates for the major cities are now – in some cases – astronomical.

Currently, the rate for Atlanta Real Estate is between $0.80 – $3.17… which is what is was a few years back when I quit advertising there. Three bucks a click is too rich for my blood. Average daily clicks on that search term is between 38 and 48… not that much, really.

For Houston Real Estate, the rates are between $0.86 – $3.76… with between 89 and 113 daily clicks for that term. A little more expensive – but there is more activity.

For New York Real Estate, the rates are between $0.65 and $2.18… with between 32 and 41 daily clicks. I thought that was odd, so when I researched New York City Real Estate, I see that rates are $0.69 – $2.44… and only 7 to 11 clicks daily on that search term. Unbelievable.

Manhattan Real Estate, on the other hand, has rates of $0.67 – $2.32… with daily clicks of between 10 and 13. You would think that in the Manhattan market, there would be more online competition for that Google space… but the truth is in the numbers – the searches just aren’t there.

For Los Angeles Real Estate, we find rates of $0.96 – $4.85… with daily clicks between 105 and 133.

For San Francisco Real Estate, the rates are $0.93 – $.43… with daily clicks between 43 and 55.

For Chicago Real Estate, the rates are $1.03 – $5.97… with daily clicks betwteen 122 and 154.

For Las Vegas Real Estate, the rates are $1.07 – $9.92… with daily clicks between 76 and 97. Getting kinda pricey, eh?

For Phoenix Real Estate, the rates are $0.77 – $3.01… with daily clicks between 29 to Read more

March 12, 2008

Appraisers – The Latest Target In The Circular Firing Squad

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Associate Broker

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The Blame Game – Go Find A Scapegoat And Pin The Tail On Their Donkey

Pundits pontificate about the reasons that the real estate market is in a shamble, and the latest target in their crosshairs is appraisers.

“Those crooked appraisers jacked up the values of the properties!” they scream.

Last night, Jonathan Miller, CEO of Miller Samuel Real Estate Appraisers and Consultants, was on the Glenn Beck show. Miller agreed that there are fundamental problems regarding how some banks award appraisals to appraisers… and that roughly 80% of appraisers are “in the tank” for the banks.

While I have the greatest respect for Mr. Miller, I don’t believe that the problem with appraisers is so wide-spread. Perhaps in Manhattan – where Mr. Miller specializes – but I don’t believe that 80% of the appraisers nationwide have been corrupted. I do, however, agree that the process could use reform.

Let’s look at the role of the appraiser. S/he is in the business of providing an opinion of value… not a guarantee of value. Their services are NOT required by real estate law – but rather as a requisite of most lenders. Their job is to safeguard the lender from fraud by assuring the lender that the collateral for the loan is sufficient.

In a rising market, an appraiser takes recent sales into consideration… but must also allow for a free market causing the values to rise. After all, what is a better indicator of market value than a willing, ready and able buyer who places an offer on the table? Is that not the true definition of market value?

I have seen many transactions that are questionable, but the vast majority of them have been well within the acceptable range of value, IMHO.

While there have been – and still are – instances of fraud involving appraisers, these instances have been the exception and not the rule… and certainly not the reason for an over-exuberant run-up in real estate prices.

In reality – there is no single factor that you can attribute to this mess.

No, ladies and gentlemen, the fault does not lie with the appraiser. In Read more

March 9, 2008

When Times Are Hard – Nothing Beats A Free Peep Show

by

Associate Broker

Author website

Right Now – More Than Ever – You Need To Make Every Dollar Count

One of the services that agents should provide to their clients is photography. Some perform this service, themselves; others hire professional photographers; while most perform this service, themselves – but should hire professionals, instead.

I enjoy photography, and joined a photography group last year here in Atlanta. They use Flickr as a means to communicate the groups conversations and show off their member’s works. Flickr (now owned by Yahoo!) is a huge group of photo enthusiasts where you can find pretty much any kind of like-minded photographers and their works imaginable.

One of the groups on Flickr is the Photography For Real Estate group of which I am a member. The group focuses on the challenges of real estate photography. Although most of the members are photographers who contract their services to agents – many are agents, themselves, learning to improve their skills.

You can set up an account on Flickr for free, which will allow you to upload and share photos with the world. That’s free – as in no cost. Nada. The big goose egg. There are some limitations to a free account, such as only being able to create three groups of photos… but a pro membership is just $30/year, should you desire.

As many of you are progressing into setting up your own blogs, you might be looking at different ways to insert images into a blog post. While Flickr does have the capability to compose code that you can use to insert images into your blog, a Swedish company called Admarket created an application called FlickrSLiDR, which takes a group of your Flickr photos and creates a slideshow for your blog.

It is easy to use… and the application delivers the goods. The viewer can mouse around to set the speed of the slideshow, pause it, or go to a particular image.

To help demonstrate this cool application, I have solicited the talents of famed photographer Scott Hargis, who is based in the Oakland California area. Scott is the most admired photographer in the Flickr Photography For Real Read more

March 7, 2008

When The Dog Bites The Hand That Feeds It

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Associate Broker

Author website

The Race To The Bottom Is Getting Really Crowded

Some twenty-odd years ago I worked in the petrochemical engineering industry as an electrical designer – but we quit building oil refineries, so thousands of engineers, designers and draftsmen like myself were put out of work. Hey – that’s the breaks.

So I started a landscaping company and became a licensed irrigation system designer… which worked out okay until the oil bust in Houston caught up with the residential construction market… but I digress.

One of the local irrigation supply houses – the one that I used – decided to start installing irrigation systems… in direct competition with companies like mine.

I couldn’t compete with them on installation bids, as they bought equipment and supplies at much lower prices. So I stopped giving them my business.

Fast forward to today.

I was listening to talk radio and heard an ad for another flat-fee broker offering a listing in both of our listing services for $295. I went online to take a look – then logged into the Georgia Real Estate Commission’s website to research this broker.

Interesting enough, this broker has been licensed for a long time… but only became a broker less than a year ago. I noticed that he had failed to renew his license from April 2001 to November 2004… which made me wonder what he was doing for a living during that period.

Digging a little deeper I discover that this broker is a REAL ESTATE ATTORNEY. Admitted to the Bar back in 1997. Member of one of the big real estate law firms.

How interesting.

Virtually ALL of our real estate transactions in Georgia are conducted by attorneys, so it was unsettling to see one of them setting up shop to compete with the agents who bring him work – kind of like the irrigation supply house I mentioned above.

To top it off… the name of his website is ListingDog.com. What a coincidence.

The idea that an attorney – who is probably earning more than 98.9% of the agents in this town – is now horning on what few dollars are being spread around so thin that Read more

February 18, 2008

The Light At The End Of The Tunnel Is Really An Oncoming Train

by

Associate Broker

Author website

Snowball Effect Continues To Negatively Affect The Housing Market

We might be in for a bumpier ride than previously thought. I believe in optimism – but I am a realist, first. As I look closer at the stats, talk to other brokers and agents, and peruse the news and blogs – it’s getting downright scary.

Last week here in Atlanta, Century 21 Dwellings closed five of its six offices. Dwellings President Chris Ballard said, “It was a financial decision. I was losing money at every location.” With red ink flowing at the rate of $75K a month – you can appreciate his decision.

I recently discovered that a few of Atlanta’s top agents were getting killed, as well. Agents that had done hundreds of sales per year no longer able to hit a hundred sales in the last 12 months.

Speaking with a few builders has been interesting, too. My first inclination is that the availability of labor must be plentiful and cheap – but that’s not necessarily the case. Many of the illegal aliens have returned to Mexico. One Mexican contractor – with six trucks – now only has one in service at any given time… and even that one isn’t always in service.

The dirty little secret is that many of these illegal aliens were able to purchase homes – but with no work, they are simply leaving the house behind as they go back to Mexico. It’s not like they are out a lot of money, either. Many of them were financed with “no money down” mortgage products, including option ARM’s.

Atlanta has seen an average of 3000+ foreclosures per month for several years now – but last month we had just under 7000 foreclosures… and the storm is still coming.

Foreclosures are the lion’s share of the Atlanta resale residential market right now, and with the onslaught that is coming – that fact won’t be changing anytime soon in this writer’s mind.

So I am into the bunker mentality right now. I haven’t taken on any clients that I am not convinced that I have a better than 50-50 chance of earning my Read more

February 2, 2008

If Suddenly Your Phone Is Ringing Off The Hook…

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Associate Broker

Author website

Then You Must Live In A Super-Duper Tuesday State

With the advent of the “Do Not Call” lists and associated laws, most of us have enjoyed some level of peace from the cacophony of telemarketers.

That is, until recently.

There were loopholes left in the “Do Not Call” bill. Particularly noticeable is the loophole for political candidates and political parties – as well as other so-called “non-profit” organizations.

Isn’t it funny how once again, those who “rule” over the dumb-masses are exempt from the laws they pass on the rest of us? How many of us, as Realtors, have wanted to call a FSBO – only to realize that they are on the Do Not Call list?

Is our livelihood less important than theirs?

And now, in this Presidential election year, we have before us a set of choices that do not inspire me at all. Oh sure, we have the first woman or African-American that has a chance of winning… but neither in my estimation is qualified for the job. I just don’t view a few years in the U.S. Senate – with no substantial legislative accomplishments – as a qualification.

On the other side of the aisle, I don’t see any great choices, either. We’ve got one guy who has helped pass laws that are outright unconstitutional – and positions that are at odds with what I feel are in the best interests of the country… and another who lifts his political finger in the air to decide what his core values are – and picks up his checkbook to bludgeon his opponents.

On top of everything else, our system is set up in such a way that most of the field has been eliminated before most of us get to cast our first ballot. Think about it – only three million ballots have been cast, yet we’re down to four or five candidates.

So for most of us – we won’t be casting a vote FOR anyone… because many of us have watched our first choice get eliminated in the first few rounds. Instead, we’ll be choosing between the lesser of two evils. Or at least Read more

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