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Category: General (page 9 of 23)

May 24, 2008

Lil’ ol’ social me: my name is mike and i like you

by

Real Estate Broker

Author website

(just for fun, no harm intended, i am slowly getting my groove back after years of corporate abuse and i owe it all to younger peoples )

Okay, so I’m blogging, being real, commenting like a responsible semi-adult who hates too much seriousness, heck, I’m even twittering. I belong to six or seven social groups and I make the scene from time to time, my name is Mike, but I sometimes go by mfarmer, sometimes by M, sometimes by mdfarmer so I might be mistaken for a doctor, but my middle name is David so you see the D is for real.

I’ve met swell people and smart people and people people and making new connections all the time. I’m a real estate broker by trade and my hood is Savannah, Ga — this is what I tell all the people I meet online — I’m branding.

I’m big on photos and looking into video, I learn all the time about new ways of walking and new ways of talking and I practice it on Twitter so that I might snap some jazzy lines here and there. In a sense it’s all about jazz online as I see it, cause I was raised with Kerouac and the beat thang, so it comes to me like a hungry dog. Jazz marketing sort of, a bop, a be bop, a bidddledy de dee bop and so forth. Remember me, I’m saying, when you got biz going down, when a little love’s to be shared. Social I am, my name is Mike. I sell a little here, a little there, I’m no mega, but I have fun and I like you.

I do a good job, transparently, I might add, but it’s not ALL about me, I’m working on a team concept, except I got lazy this weekend and, well, you know, I need rest, and sunshine, and i ain’t gonna be productive til Tuesday.

The people in the social connection network media transparent blogging being real thing is nicer than I imagined, so I’m getting out there and that’s all i had to say except i like U and my name is mike and if U R ever in Read more

May 21, 2008

The Secret Hunger

by

Real Estate Broker, Investor

Author website

Congratulations to Brian, Greg and Cathy, and everyone, for a successful conference. Thanks to Glenn for his presentation. And special thanks to Russell Shaw for contributing. Super special thanks to Rudy Bachraty for yesterday’s live video feed – that was awesome! And on to Orlando!

And all that brings me back to Don Reedy’s comment yesterday about how much he enjoyed Greg Swann’s opening segment that delved into history and philosophy. I wholeheartedly agreed.

I suppose I might be in the minority, but I would happily attend a conference consisting of 100% history, philosophy and linguistics. Greg Swann would be the main event, and I wonder if interesting people from local universities might be found who would enjoy presenting summaries of their particular disciplines.

Oh, and I think I would toss in a public speaking coach, since with the advent of video as a marketing medium, grace and skill in public speaking is becoming an absolute necessity.

I even have a name for this conference: “A Crash Course In Liberal Arts For the Busy Professional”. Seriously. We get so caught up in the frenzy of doing business and finding ways to prospect for more business, that we forget the foundation for all commerce lies in our ability to think, to understand, and to reason. And learning to think, understand and reason is precisely the purpose of a Liberal Arts education.

Keep in mind here the word “liberal” in this context does not relate to a contemporary political opinion, but rather the definition from classical antiquity: The education proper to a freeman (Latin: libera, “free”) as opposed to a slave.

I think the reason Greg’ words resonate so deeply is many people have passed up a Liberal Arts education, opting instead for business-intensive vocational or technical learning. And when we get a taste of that Liberal Arts mindset, we are hungry for more. We find there is a deeper and wider context with which to view our activities and our lives.

I am wondering if a one or two day conference built on that Read more

May 14, 2008

Going Postal — From The ‘You Can’t Make This Up’ File

by

Real Estate Investments Broker

Author website

Here’s a hot button for real estate agents and mortgage brokers. You’ll recognize this immediately. Your’re dealing with a problem, searching for a solution with a service provider or a vendor. The person on the other end of the phone says something which clearly and expertly outlines the solution that isn’t a solution. In fact it’s so not the solution, you begin wondering if you’ve missed something. It’s at that precise moment your mind conjures up a vivid picture of the Captain Obvious who just offered this Solomonic pearl of wisdom bursting into flames.

What possesses people to list all the ways something can’t be done? Not being a graduate of PCU (Politically Correct University), I apologize in advance for the following. My intention is not to hurt feelings, but to understand. No really — stop giggling.

In all my years in the real estate business I’ve only used a handful of escrow officers, title companies, lenders, etc. What they share is the ability to look for ways to get things done, instead of replaying the video, looped to the scene explaining how it absolutely can’t be accomplished. Why do people in service industries do this? More to the point — why are they kept on the job after their bosses figure this out?

Here’s an example. I Pinky-Swear this is true. (Brian Brady will back me up.) In fact you’ll know it’s true as nobody would make up something so clearly stolen from the classic Abbot and Costello routine, Who’s On First.

I’m hoping Brian Brady posts on this, as he was the initial mortgage guy victimized by the appraiser’s laziness and incompetence. Countless times I was amazed Brian didn’t resort to asking the appraiser if he was stoopid. Looking back, it was probably ‘cuz he wasn’t sure the guy would understand the question.

A couple clients contracted to buy multiple investment properties in Texas. We began the loan process which of course necessitated appraisals. Apparently the appraiser made a mistake by checking the box stating the subject property was part of a P.U.D. — Planned Unit Development. Bottom line, this Read more

May 12, 2008

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

by

Real Estate Investments Broker

Author website

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

May 12, 2008

The Joker is Your Ace in the Hole

by

Real Estate Renaissance Man

Author website

“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

May 5, 2008

Arizona Short Sales: Who Are You Working For?

by

Realtor, Audio Engineer

Author website

I, like some of you, have just received the AAR’s May newsletter, in which Christopher A. Combs, AAR’s “legal hotline” counsel, provides a legal treatise on a contractual issue regarding short sales in Arizona.  I direct your attention to Exhibit A (page 11, dab-smack in the middle of the page). 

In this article, Mr. Combs Esq. indicates that a “short seller” can accept as many offers as they can possibly get for their home, but that only the first one is “active,” will all subsequent offers being in a “back-up” position. 

Now, to me, what this means is that the first offer I get is the “active offer,” and only that offer can be sent to the lender. Any subsequent offers will be on hold, unless, and until, something goes wrong with the first offer.  If the buyer flakes out, or the lender rejects the first offer, we then send them our “next in line,” and hope for the best.

The way I see it, this is a clear breach of my fiduciary duty to my client. My duty is to sell the client’s property. Now, because of the nature of a short sale, my client, in fact, has very little to do with the process. He could care less how much I sell his property for, as he really has no control over whether it sells or not. Is it not in the best interest of my client to “accept” any and all offers, as they come in, and submit them to the lender, and let the lender decide which one, if any, they will accept?  By dragging out the process of “oh. . .you don’t like that one? Let me send you this one. . .,” am I not doing even more damage to my client’s credit? Am I not to act in a timely manner, and get the most money for my client’s property as I can, so that we have a greater chance of getting the deal done?

This nonsense from the legal hotline seems to hamstring me while trying to perform my fiduciary duty to my client. The only remedy I can see Read more

May 5, 2008

Do You Have Faith? — Belief? — Or Do You KNOW?

by

Real Estate Investments Broker

Author website

Take it from someone who for years did what he thought would produce, but in reality experienced haphazard results. There’s a huge difference in the quality of results (read: success/failure) when the actions taken to produce said results were proceeded by an easily defined thought — followed by a slamdunk belief in said thought — which generates behaviors, followed closely by expectations of successful results. It really comes down to this: We know what we know, and we tend to act on what we know. Not what we hope. Not what we theorize. What we know. If you say you believe something to be true, and you can honestly substitute the word ‘know’ for believe, you’ll succeed.

Make sense?

I understand for most readers, it’s certainly not a new concept. Most of us have heard various versions of this since somewhere in our childhood. Years ago, I experienced a spontaneous breakthrough of clarity. I was talking one day with someone who knew me too well. She compared the difference between my behavior when I strongly believed something to when she felt I knew something to be true. I demurred with much volume and histrionics until she smiled and gave me a few recent and inarguably concrete examples. I hung my head in shame.

She then asked me one of the most important questions I’ve ever had to answer. What methods of acquiring new business was I using knowing it would produce results?

Substitute the word ‘know’ for ‘believe’ and tell me what you think about your goals for this year, if you have them. Do you believe the methods you’re employing to attain them will work, or do you know? And for the record? This isn’t some Kumbaya, rah-rah, ‘ya gotta believe’ crappola for the soft headed out there who need to feel good for an hour or so.

The Point?

What we think of most of the time is what we become. (Paraphrased — hat tip to King Solomon)

If we’re consistently wondering if what we’re doing will produce the results we’re pursuing, we’re on the doubt train headed to who knows where. It’s Read more

April 12, 2008

Big News on Data Standards

by

CEO, PA Association of Realtors

Author website

Creative Commons License photo credit: wfyurasko


I’m guessing that the main purpose of BHB is not to spread the news – especially NAR news.  Being the resident NAR insider on BHB, I promise I will not use this site to spread NAR propaganda…er…news.  But this quiet piece of information is actually VERY big and I doubt it will get much attention outside the hallowed halls (or ivory towers, if you prefer) of the REALTOR® organization.  

On Friday, April 11th, NAR announced that the Real Estate Standards Organization (RESO) had unanimously approved a “draft standardized data format for distributing real estate listing information.”  Okay, I expect that most of you NAR skeptics are not particularly impressed by that bit of news, but let me try to explain why I think this is important.

First, you should understand this was not a group of NAR leaders in a back room filled with cigar smoke that agreed to this draft.  Yes, NAR helped organize this group, but check out this list of organizations/companies that UNANIMOUSLY agreed to a set standard:

The standard was drafted and unanimously approved by a RESO working group composed of NAR’s Center for REALTOR® Technology and many of the real estate industry’s leading publishers and consumers of real estate listing data. They include MLS Assistant, MLS Listings Inc., MLSPIN, New Jersey MLS, TREND MLS, Move Inc. (operator of Realtor.com®), Bridge Interactive, Bainbridge, Cevado Technologies, CLRsearch, eNeighborhoods, eShowings, FBS Data Systems, Google, Homescape, Marketlinx, Oodle, Point2, PropBot, Prudential Preferred CRE, RealEstate.com, Realtracs, ThreeWide, Trulia, Vast, Yahoo! and Zillow.

Now approving a “draft” means there is likely more work to do, but this is an important first step in making listing data seamless on the Internet and between MLS systems.  What’s the next step?  According to the news release:

The draft standard will be implemented immediately by several of the partner organizations. Following their feedback, a final draft will be presented and voted on during a meeting of the partners in August.

This agreement has far-reaching and mind-boggling implications for listing data on the Internet, but there is more to the story.  This whole process was in danger of imploding recently Read more

March 31, 2008

NAR Will Channel Data

by

CEO, PA Association of Realtors

Author website

I’m thirsty, but not drinking the Kool-aid just yet 

The NAR project formally known as the Gateway, a mash-up of all real estate data in the country, has now been relabeled The Real Estate Channel (TREC).  There has been a new “interim” report issued by the Presidential Advisory Group (PAG), but still there is very little detailed information about NAR’s plan.

The new report makes it clear that the intent of TREC is NOT to be a national MLS or have a public access point (other than REALTORS®).  These two clarifications will ease the fears of many local MLS systems and REALTORS® who were worried about the Gateway project.  For others, the idea of a national MLS is appealing and they are still thinking that eventually TREC will become a national MLS, but they are keeping quiet about the prospect for now.

Not making the data publicly accessible is a similar situation.  If you are against public access to data (read: still haven’t made the shift to reality), you will feel good about the new clarification.  If you don’t worry about your clients having access to data, you will be happy with the report because you know that eventually such a massive mash-up will become available to the public. 

So, what the current report says is that NAR will set aside the controversial aspects of the project for now.  This seems like a good compromise to keep things moving forward although is does not feel particularly honest.  So I find myself struggling between integrity and progress – between trust and fear – between belief and skepticism.  Someone referred to the issue in terms of the Wizard of Oz – is there really anything behind the curtain?

The difficulty with this issue is that NAR does not have the details/answers to the questions because this is still a work in progress.  This lack of answers causes fear because it is human nature to fill in information voids with negative beliefs.  There is so much still unknown about TREC, that there is a lot of negative stuff being made up or inserted into the general thinking on Read more

March 30, 2008

Are you a Marketer, Advertiser or a Salesperson?

by

Real Estate Broadcaster and Investor

Author website

When you see a commercial on television, are you being sold to or being marketed to? When you’re at a sporting event and you see the Goodyear blimp, are you being sold to or being marketed to? When you see a billboard on the highway…well you see where this is going.Successful businesses are able to definitively understand and integrate these components while being able to discern the differences in each of these valuable areas.

Marketing is typically the creative source of ideas to be implemented to feature a product or service to the consumer. Think of marketing as a large umbrella under which all demographic, psychographic and segmentation analysis takes place. It also covers market quantification, determination of who may be competition and what reaction competitors may have. It serves as a catch bin for all of the ancillary components such as promotional marketing, event marketing, integrated marketing, branding, distribution and positioning.

Realtor Marketing example: I have a house that I need to sell.

  • It is located in an upper-scale neighborhood (75% of the homeowners have a household income exceeding $100,000)
  • mainly white (82% white 12% black, 4% Hispanic, and 2% other),
  • predominantly occupied by homeowners (94% owner occupied, 6% tenant occupied
  • there is substantial product saturation and competition as there are 22 homes for sale in a half mile radius of this home
  • competitive homes all have pools and 80% are represented by Realtors and the others are FSBO’s
  • my idea is to position this home as an “executive’s dream home”
  • I want to brand this home as an “oasis from the hustle and bustle of work”.
  • I plan to implement a promotion featuring an online component, participation at a local event and utilizing the surrounding community to convey the message stated above

Marketing is the development and design of a cohesive plan to deliver a message to the consumer regarding the product or service you wish to promote and sell.

Advertising is the actual delivery and communication of your marketing message. Advertising provides you, the marketer, with an opportunity to pronounce your marketing message by the utilization of selected mediums.

That message can be delivered in a myriad of ways. You have Read more

March 28, 2008

Arizona Short Sales Not For The Faint of Heart

by

Realtor, Audio Engineer

Author website

 

I’ve commented before about short sales on this blog, but not to much extent, and I haven’t seen many of the other contributers do it either. I wonder why? Does everyone abhor them? Are they afraid of them?

I have taken a lot of advice around here, and one of the best pieces of advise I have gleened is to write about something that interests me, and build a long tail. Well, the long tail has actually been working. I have written on my home blog about The Ins & Outs of Arizona Short Sales,  and lo and behold, people started coming out of the woodwork. And I don’t mean a few. Let us just say it’s been a fabulous return on investment.

I have agents calling me from around the country asking for short sale help. I have homeowners calling me (from around the country, no less) about the possibility of doing a short sale on their home. I refer them out. (Incidentally, if you are from some other state than AZ, and you are familiar with short sales, send your contact information to me, I may have clients for you.)

I would like to first give a shout out to the new Barry. His Real Estate Radio USA  has been very cool and helpful for me professionally, and is entertaining to boot.

When I say that short sales are not for the faint of heart, I mean that in two distinct ways: for realtors, and for sellers.

 

Realtors are running up against brick walls with “The Gate Keepers.” That’s what I call the people who protect the actual “loss mitigators” like the Swiss Guard protects the Pope. Loss mitigators are behind bullet-proof glass, tucked away somewhere in a bunker under the Potomac river, without email, without phone lines, without fax machines; they are completely incommunicado. They send messages between the bunker and the outside world by carrier pigeon. The particular brand of pigeon they use is not one of the kind where you separate it from its home turf by a thousand miles, thow it up in the air, where it circles a few times and Read more

March 28, 2008

What’s Your Six Month Plan?

by

Real Estate Renaissance Man

Author website

Every now and then I get to talk to someone just coming into the real estate business or contemplating the move.  My initial response is often a surprise to them but I bet many of you would agree with me when I tell them, “Great!  This is the best time to get into real estate.  If you come in with a good plan, establish the right habits and market consistently you will become a producer while times are tough and a star when times are good.”  They usually look at me a little crooked and then smile.  I guess they have a lot of people telling them they should have their head examined for going in when so many are getting out.  Maybe they should, but I always found the party a lot more fun after the wanna-be’s and coulda-beens were done posing and said their good-byes.

The Three Questions 
Following my response the potential new agent will inevitably tell me about their past experience and how it gives them a great sphere of influence in which to market.  They share with me their personal motto about discipline and the pledge they gave their cousin – the copier salesman – to never stop marketing.  I applaud all of this.  Mottos and pledges and enthusiasm are all important, maybe even indispensible.  But the first admonition about coming in with a good plan, the one they missed, is the most important.  Where is your business plan?  I have yet to hear: “I agree with you Sean.  I have a business plan written out and I am excited to begin.”

So here are the three questions I pose to all new agents:

  1. Why do you want to become a real estate agent?
  2. Do you have a written business plan?
  3. What is your six month plan?

The first question is really just a leading question designed to get people to open up and talk about their passion.  If you do not have a passion for some aspect of this business it is going to be awfully tough to work through the rejections.  The second question is meat and potatoes.  I call it Read more

March 26, 2008

The NAR Is A Sex Offender’s Best Friend

by

Real Estate Broadcaster and Investor

Author website

“Hello Mr. Agent, I like this house. I could see my family living here. Just one question, are there any sex offenders nearby”? A simple question that based on information from the National Association of Realtors does not have to be answered by the agent.

The answer the NAR wants agents to proffer is, “Well Mr. homebuyer you’re just going to go look that up yourself”.

Ralph Holman, associate general counsel for the NAR says “What agents should do is tell buyers about their states’ registries.”

Go look it up yourself! That’s the answer that the NAR wants agents to give. An individual who is held out in NAR advertising and lobbying as a professional on par with doctors and lawyers wants their rank and file members to dodge this question as much as possible.

This certainly bestows credibility and trust with the American consumer doesn’t it? This surely will make the public more sympathetic to the plight of Realtors shouldn’t it? You would not expect a “professional” who is being paid upwards of 6-8% to facilitate the sale of a housing purchase to actually tell the truth would you?

If not for information and said coordination of the sale what exactly is the agent being paid such a hefty commission for? Why would any agent or the NAR encourage a culture of deceit? If not deceit, then call it ignorance and unprofessional. In any event, if you are selling a product as important as where someone wants to house their wife and children, then is it not too much to expect that the consumer is relying on the agent to inform and disclose all defects, not the ones they choose to disclose?

Has the NAR declined in credibility so far as to instruct their agents to actually feign ignorance or have there agents slid so far as to actually buy into degrading their “profession” by bamboozling the consumer?

A professional should not have to question whether such information is pertinent. A professional should deliver the information willingly and should openly and freely desire to offer full disclosure.

USA Today recently ran a story wherein a spokesman for the National Association Read more

March 19, 2008

Rhymes With Ferry

by

Mega-Producing Realtor

Author website

A couple of things. First, the largest real estate company in Arizona (based on number of agents) is now Homesmart. Homesmart was already pretty damn big but on Tuesday it was finalized – they bought Dan Schwartz Realty. Dan Schwartz Realty was, itself, was already one of the top 3 companies in the state for number of agents. So was Homesmart. It is my understanding that – at least for now – both companies will continue to operate with their current names.

A Little Bird Told Me

And now for the “big” news. I’ve just received a report that Mike Ferry’s coaching business is falling off. Big time. I have long considered him a predator, so I am happy to hear this. His company has had a pattern of high pressuring agents (who attend his free seminars) to sign up for coaching. Coaching is pretty much all he really sells – his events being a giant sales pitch for getting coached by his organization. For those who don’t follow the Mike Ferry coaching advice or who find it unworkable they are in for an additional shock, besides not having all that additional income they were sure to get. If they attempt to cancel their relationship they discover – as they have signed a contract – their account will be turned over to a collection agency.

It now happens that the state of California (EDD) recently ruled that all the coaches (I think he has averaged about 60 coaches at any given time since 1999) he has been paying as independent contractors are legally employees. Mike appealed and lost. Prediction: a big fine will soon be levied by California and I’m guessing the IRS will soon do the same. Also, from the very same little bird: a lawsuit from ex-coaches will soon be filed and made public to recover any money not recovered via the taxing agencies. My prediction: he will be out of money before any of them can collect anything.

Mike, once you see this you can have one of your attorneys send me a nice threatening letter. Here is my contact information.

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Inventing Real Estate 2.0

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