BloodhoundBlog

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Archives (page 189 of 372)

June 17, 2008

BloodhoundBlog evangelism: How, by working together, we are going to reinvent real estate representation, convert the best real estate professionals to the wired life and put the bums out of the business

by

Suburban Phoenix Real Estate Broker

Author website

First, this is important: The easiest way to get someone to BloodhoundBlog is to type “BloodhoundBlog” into any web browser. The “.com” will be assumed by default, and BloodhoundBlog.com redirects to the full address of the weblog. If there is someone you work with whom you would like to see get involved in our world, all that person has to remember is that one word: BloodhoundBlog.

Why is that important? Because you are the most important factor in BloodhoundBlog’s growth. We don’t even have Google working for us right now, but it doesn’t matter. We have always grown on the strength of the content and on the strength of very bright people like you reading, commenting on, subscribing to, linking to and recommending that content.

Last night I looked in on Cheryl Johnson talking about the coffee-table books we build for high-end listings. One of the comments was an eye-opener for me:

Thanks for the BLOODHOUND link, I had not run across them yet and man what a good read, blew my 30 min quick.

Of the weblogs written by actual working real estate professionals — Realtors, lenders, investors, technologists, vendors — BloodhoundBlog has the deepest penetration: Most pages, most Technorati links, etc. It’s easy for me to forget that new people are coming on line every day — and that they have no automatic way of knowing about BloodhoundBlog.

So far, we have depended on viral effects to be found by those folks. But I want for people like Cheryl’s commenter to find us. You want it, too: It’s the people who care about doing their very best who will matter most to the world of real estate, going forward. We are each of us here for our own reasons, but, at the same time, we are all of us here out of a shared commitment to excellence. When you run across someone like the person who posted that comment, you need to send him or her here like a BloodhoundBlog evangelist. Not for our sakes, but for your own.

There’s more. After weeks of phone tag, it seems all but certain that we will not Read more

June 17, 2008

Ultra Basic GTD (Getting Things Done) for Solo Warriors.

by

Instigator, anthill kicker.

Author website

I’m a big fan of GTD.  More than any of the dozens of books I’ve read on goals and time management, Getting Things Done by David Allen enriched my life and changed my outcomes.   Most of the sentences in Getting Things Done can be followed by “no shit.” But, as my friend Julie Harris says, sometimes the “no shit” points are the most important.

All of us 2.0/3.0 agents here can do well to follow Jeff Brown’s stellar advice.  But execution is the key, Just…do it.

Kludges are very helpful when we’re trying to get something finished.  Worrying about if this is the ‘latest,’ productivity tool is usually a waste of time.   Having dead simple tools like dry erase boards and index executed zealously is WAY more useful than having a half ass implementation of the worlds most perfect solution.  I rock a Hipster PDA because there’s something unignorable about index cards.  You can turn a Palm/Iphone off, but if you have things to do, they will be reflected in the stack of cards you’re carrying. Is it as slick as an Iphone?  No, but since I made the damn thing it works.

Instead of having calendared reminders, I took a sheet of paper, and made a basic table: 

Monday Tuesday Wednesday
Blog Post

Call 20 Past Clients

 Post to Facebook Groups

5 LinkedIn Questions answered.

Blog Post

contact 10 financial planners

contact 10 attorneys
send e-zine

…and so on.  Click for a full version. Both 1.0 and 2.0 activities are on the list.  If you’ve got a solid plan, it’s one of the easiest ways to force yourself to execute.  If I’m behind, I have a VISUAL reminder.  What’s hard is setting a realistic schedule and trusting it…that’s another post altogether.  (And yes, I have a monthly version and a quarterly version, too…this has kept me from needing an assistant because I have my tasks laid out in a linear fashion.)

My page It’s laminated #70 card stock so it has some weight. I use a  Vis a Vis wet erase marker to mark things Read more

June 16, 2008

Zillow Mortgage Must Verify Consumers To Become A Marketplace

by

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

Author website

Mike Mueller is leaving the Zillow Mortgage Marketplace. A poor consumer performance review drove him to do just that.

From the consumer review on Zillow Mortgage:

Rating: 1 / 5
Comment: I asked for conforming quote, got sent jumbo quote with huge fees. I even specifically noted the request in the ‘notes’ section due to the newly raised conforming loan limits. If a lender cannot start off paying attention to the customer’s needs there’s no reason to go further.
Reviewer: srg418

Is Mike a crybaby? Hardly. Mike Mueller’s one of the real pros out here and that’s what has me worried about Zillow’s mortgage offering. In their effort to be consumer-centric, they are forgetting that the the “truth” lies in a lender’s opinion of the borrower. If the truth (in this case) is the loan terms, then why are we letting consumers wreck lender’s reputations for delivering it?

Mike delivered the unpalatable news that the “new” jumbo conforming rates were different from the conforming rates. I did that about two months ago to a customer and was equally admonished for my “deceitful tricks”…until the customer started applying for loans. Fortunately, the customer was fair-minded enough to tell me that he funded his conforming-jumbo loan with another lender…at a higher rate than I quoted him. Nobody won- he paid more and I lost money because of his inability to deal with the reality of mortgage guidelines.

The problem lies with the one-way mirror used on Zillow Mortgage Marketplace. Like a perp in an interview room, mortgage professionals are criticized by consumers with predetermined bias. It is the bias of “needing to be correct” that stems from an inadequacy to deal with the truth. That sort of bias convicted Ruben Carter and I’m afraid that it hung Mike Mueller as well. Now, Mike won his case on appeal and fortunately it didn’t take 22 years for the truth to come out. From David G, in the comments thread:

I’ve deleted the review. Borrowers on Zillow can only rate lenders that they’ve worked with but I must Read more

June 14, 2008

Don’t hang Vlad Zablotskyy out to dry: Making a donation to his legal defense fund is what matters most right now

by

Suburban Phoenix Real Estate Broker

Author website

Here’s what doesn’t matter:

Here’s what matters:

Of the money Vlad Zablotskyy has had to spend so far on legal fees, three-fourths of every dollar has come out of his own pocket.

It doesn’t matter who says what about whom. It doesn’t matter if this issue draws more attention up the food chain. It doesn’t matter if people write posts or post the donation button.

But it does matter if you hang Vlad Zablotskyy out to dry.

I don’t know if the cause is cowardliness or cliquishness or simply cluelessness, but I have been all but completely dismayed by the response of the RE.net to this vicious attack on one of our own. A few principled people stepped up to the plate right away — last week, but also in the months leading up to last week. A far greater number have ignored the issue, with the result that Vlad has found more vocal champions outside the real estate weblogging world.

How sad for us that Vlad is willing to stand as a martyr for our right to speak as we choose, and we can’t even be bothered to make a donation in his defense — much less stand up on our own two legs and cry havoc — not even when we’re offered choice bribes for doing so!

We’re alone right now, you and I, just words on phosphors silently invading your mind. I don’t care if you’re a coward, or if you’re clique-ridden or clueless. It suits me fine to think that you’ve been distracted, and you’ve been meaning all week to make a donation. That’s perfectly wonderful. Read more

June 14, 2008

Buzz Bissinger Blasts Bloggers

by

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

Author website

In the ultimate irony, sportswriter Buzz Bissinger blasts Will Leitch of Deadspin.com for his sports blog with language more appropriate for a blog than television.

See the 15 minute video here.

TWO COOL FACTS CAME OUT:

1- The average age of a newspaper reader is 55 years old.

2- Only 19% of the 18-34 age group reads newspapers.

BISSINGER: ” This guy, whether we like it or not, is the future. The writing on blogs is despicable. ”

LEITCH: ” Deadspin is large enough to get credentialed but as soon as I start doing that, I write for the other members of the press box. ”

BISSINGER: “If you are the future, the future is going to dumb us down”

My opinion? Start a weblog, Bissinger. You’re a Pulitzer Prize winner so you’ll have access. Write daily and sell advertising. If quality is what the market demands, then let them vote with their eyeballs. Of course, life in the entrepreneurial lane is difficult; ask the folks at Curbed or Ariana Huffington. I could start a baseball weblog with Jeff Brown, Dan Green, Morgan Brown, Toby Boyce, and 15-20 other webloggers and be credentialed in two years. I dare say that the writing would pretty damned good.

So which is it readers? Are “real” journalists the guardians of quality or just another chokepoint?

PS- I’m biased. I haven’t read a newspaper box score in 10 years. While I love Rick Reilly, Sports Illustrated better slap some ads around his online articles and get rid of the gated-access or he will become…irrelevant.

June 14, 2008

Short Sale Trouble: How To Avoid It!

by

Realtor, Audio Engineer

Author website

So,

As the short sales go rumbling along in our various real estate markets, a question has arisen, and the answers are varied and contradictory. The question is: how do I, as the listing agent, handle a multiple offer situation on a short sale?

Make no mistake, however you decide to handle it, people are going to be upset. It’s just like any multiple offer situation. There are winners, and losers. There are essentially two views of how to handle this scenario with short sales. We’ll assume for the sake of clarity, that these multiple offers come in, not all at once, but successively, over a period of a few weeks. If they all come in at once, it’s a no-brainer. Your seller chooses the highest and best offer, with the most likelihood of passing lender scrutiny. However, even if a bunch of offers come in, and you pick the best one, another one is probably going to come in after this initial flurry, and what are you going to do with that one? Suppose it’s higher than the highest and best you have in hand?

 One group of agents will simply take the next offer that comes in, and submit it to the lender also. If any offers come in, each offer is simply passed along for the lender for consideration. Some agents will not even take the highest and best of the bunch of initial offers; they’ll just submit them all. As justification, they say that they are “serving the interests of their client”.

I personally believe that not only is this operating unethically, I also believe it is damaging to the interests of your selling client. Let me explain:

First, when your seller and a buyer sign a contract for purchase, it is LEGALLY BINDING. Just because there is a caviat that indicates the contract is subject to the ultimate purview of the lender does not make it any less valid as a contract. Remember in real estate school when your professors talked about “VOID vs VOIDABLE?” This contract, because it is subject to lender approval is voidable. And, it is not VOID Read more

June 14, 2008

Speaking in tongues: A very simple A/B switch for testing the pull-power of landing-page variations

by

Suburban Phoenix Real Estate Broker

Author website

We talked about landing pages at Unchained: When someone who is interested in relocating to Phoenix lands on our brokerage weblog, I want for that party to land on my relocation page, rather than just at the top of the blog. Why? Because if I provide the exact information my visitor is looking for, I have a much better chance of converting that person into a client.

This is important: Social media marketing is direct marketing — target marketing, not viral marketing. WordPress sells itself by viral marketing. You sell your business on a WordPress weblog by direct marketing, by focusing your attentions on particular, identifiable prospects. Of all the people writing on BloodhoundBlog, the on who has the most to teach us about this is Richard Riccelli, Delphic and sphinx-like but overflowing with brilliant direct marketing ideas.

So what’s better than a landing page? Richard can beat me up, if he wants, for getting this all wrong, but the direct marketer’s answer is simple: Better than a landing page are two landing pages — pitted against each other.

Advertising is a prayer to the heavens, but direct marketing is testable. Is long copy more effective that than a shorter appeal? Test it. Will a question or a promise work better as the headline? Test it. Do brief forms produce more leads? Do more rigorous forms produce stronger leads? These are testable propositions.

But: There is a caveat: You have to be getting enough traffic to make testing worthwhile. If your long copy beats your short copy two-to-one, it means nothing if you only have three instances to judge from. A Google Adwords campaign is eminently testable, as is a Zillow EZ Ads promotion. On your hyperlocal real estate weblog, you may have to let your tests run for a while before you draw any conclusions.

And what should you do when you do prove that one way works better than another? Test two variations of the winning strategy against each other. And test everything else while you’re at it.

Okayfine. There is no limit to what you can learn about direct marketing, and Brian and I Read more

June 14, 2008

Price matters — but so does everything else: When buyers come to see your home, they’re looking for reasons to reject it, not to buy it

by

Suburban Phoenix Real Estate Broker

Author website

This is my column for this week from the Arizona Republic (permanent link). Incidentally, as tough as it might be to take, this same principle applies to consumers shopping for Realtors or lenders: They’re not looking for reasons to accept and embrace you, they’re looking for reasons to reject you and move on to the next candidate. If you want the business, you have to take away their objections before they think to raise them.

 
Price matters — but so does everything else: When buyers come to see your home, they’re looking for reasons to reject it, not to buy it

If price matters more than anything else in the sale of a home, why bother to clean, repair, stage and market the property for sale?

In a buyer’s market, if a home is priced above its market value, it probably will not show. If it doesn’t show, it can’t sell, and this by itself is all the argument anyone should need to price a home to the current market.

The corollary proposition is that, if your home is properly priced, it should get frequent showings.

So the battle is won, right? All you had to do was price your home to the current market, and you attracted the attention of buyers. Victory is at hand.

Not quite.

Your home is showing, and that’s good. But if it is dirty, if there are obvious repair issues, if the space is cluttered and confusing, if no one has worked to point out why it’s such a good buy — other houses will sell and yours will languish on the market.

As long as you’re priced right — and price can be a moving target in this market — you’ll get showings. But if your home is not a better value than the other houses your buyers are seeing, they’ll buy those homes instead.

That’s exactly what you would do in their place, isn’t it? When you’re picking through the melons at the grocery, you aren’t looking for the ones that are bruised and shopped over, unsightly and unappetizing. Why would you expect buyers to buy a property that you would pass Read more

June 13, 2008

Rainmakers Everywhere But Not A Drop Of Water In Sight

by

Real Estate Investments Broker

Author website

I’ve started and deleted this post three times now. It’s galling. I know what I wanna say, but can’t say it the way I wanna. It’s important though, at least in my thinking. So here’s hoping the fourth time is a charm.

Back in the ’60’s I was the janitor for Dad’s real estate offices — all seven. Once a week, there I was, a high schooler arriving in my ’59 Morris Minor, later a Datsun pickup, cleanin’ up, and printing the new listings for the week. I soaked up immeasurable amounts of data, completely unconsciously, while listening to agents BS, or just shootin’ the breeze with them while emptying their trash, or waxing their desks. (when I could actually see their desks, that is)

His first ever office, located in East San Diego, is now a Mobil station. For those in SD it’s at 39th & El Cajon Blvd. The agents in that office turned out to be his version of the ’27 Yankees. Eight of them opened up their own companies, and the office only held 10. They were hard workers, kept their noses clean, and with one glaring exception, really cool guys.

They were Rainmakers. What passes as a Rainmaker today isn’t what it was then.

Let’s all agree what a Rainmaker really is, and what they do.

In real estate, a Rainmaker is one who consistently produces leads resulting in closed escrows. These leads are often handed over to those working under said Rainmaker. There are also circumstances in which a Rainmaker will create ‘rain’ for other businesses, creating a storm of synergistic dollars raining on all those who have strategically situated themselves directly in the path of the anticipated storm.

To be fair, and this is a subjective personal definition, Rainmakers produce business. Whether it’s used to benefit the Rainmaker’s team or not, it’s business produced by their efforts. The fact they may only be raining on their own personal fields is a false issue. I also maintain producing less than a deal a week, give or take, doesn’t make the agent a Rainmaker. 30 deals is Read more

June 13, 2008

Sun Tzu takes the art of war to Mr Roger’s Neighborhood while the RE.net creates pablum pimps who deal in warm fuzzies

by

Rust Belt Realtor

Author website

I’m a fifteen year cancer survivor- does that make you feel pity? Don’t you dare- not even for a moment! I am not telling you this to manipulate your feelings or thoughts, and I don’t want or need your warm fuzzies. I’m telling you this because surviving cancer makes you a believer in the power of truth. When I was told I had cancer, it came on the heels of a 3 year stretch where my husband Jamie and I changed jobs, had 2 kids, and lost 5 close friends and family members to various diseases and sudden or accidental deaths. Jamie had just finished fighting a serious health problem of his own and at that point in our lives, we were in full battle mode. Hearing the diagnosis of cancer is immediately clarifying. If there is any doubt about what is important in your life, cancer will instantly put those priorities in order. There is extraordinary power in that truth. You are told the truth about the disease, the truth about your options, the truth about your prognosis. A cancer diagnosis is not an easy thing to hear, but once you hear all the facts, and only once you hear the facts, can you begin to fight.

At the time of diagnosis, your first thought might be that your life is completely out of your control- but it isn’t. Once you understand that you do have some control, now you can map out a battle plan. There were times when it was tempting to boo hoo to people, and I’m sure I gave that a try. Who doesn’t want some strokes when they are feeling sorry for themself? I was fortunate enough to have family and friends around me that refused to hear it.

Chris Johnson’s post made me think. I’ve never been entirely comfortable spending much time in the RE.net, but lately it seems that a big reason for being online for many of us is simply to get validation from other real estate professionals. Have we become addicted to posting pablum for the warm fuzzies? Have Realtors, not one of Read more

June 13, 2008

Social Media, Facebook, Identity and Complex Relationships

by

Real Estate Broker

Author website

hamlet.jpgThe advent of social media has changed the way we communicate, do business and relate to the internet. Now everyone has the opportunity and means to create their own hamlet in the kingdom of the web. In the kingdom of the web countries are being formed and the good news is that the New Country is the country that should be — free, prosperous and open to those with the ambition to create.

Facebook has become a platform (free country) whereby applications and features can be added outside central control. In my opinion, Facebook has created the standard. The mistake many social media efforts made was creating centrally controlled sites not open to the many possible applications from outside. Facebook is creating something endlessly fascinating, chockful of possibilities for individuals to create their worlds and establish their identities.

Furthermore, Facebook is creating an information stream that will most likely become more and more powerful as time goes on and more applications are added, and as more and more people use it to share their links, offerings, wisdom and news. The great thing about it is that the information is user-generated and not controlled by Facebook’s idea of what is valuable.

This combination of open-source and open-use whereby the user can create a hamlet of personalized space to create identity and share with friends and associates is incredibly attractive to those who want to establish presence and a base of operation. An operating system where the user has control to develop their own information network is changing the way the internet is used. I have only begun to see the possibilities for my system — not only business-wise as a real estate broker, but as a person utilizing the internet to create social space that gives me identity and enables me to connect to streams of useful and enriching information — and to create complex relationships that form a diverse network.

Perhaps “complex” is not the best word, but what I mean is the operating system builds a diverse network of relationships that are connected in more and more far-reaching ways — from friends, to consumers, to colleagues, to Read more

June 12, 2008

Why National Real Estate Listing Sites Suck….Reason #1

by

The Real Estate Group, Virginia Beach and Chesapeake VA

Author website

They don’t ALWAYS provide national level exposure to our listings, (and that is above and beyond the fact that most will not disclose the actual traffic figures of their local property searches so we can see ACTUALLY how much exposure we are getting for the listings that we are GIVING.

For this example, I am going to use REALTOR.com, but the example is by no means limited to them. Same scenario applies across many of the bots.

Let’s say you are looking on our site for a home around $500,000 in Louisville. One of the current active listings is this one. Great right? and exactly what you were looking for on the east side of Louisville in one of the MANY quiet suburbs…

Fast forward a day or so…

So now you go to LIST a similar property (same suburb) for a potential client. PROUDLY, you proclaim that you provide ENHANCED Listings via REALTOR.com. (At a cost of hundreds or even thousands of dollars a year to you, the REALTOR). The client thinks, “GREAT. My REALTOR is getting me EXPOSURE…” Isn’t that SWELL…

HERE’S the rub:

Type in REALTOR.com (as a typical relocation person or anyone else would…).

Type in LOUISVILLE, then choose Kentucky and then search for $500,000 homes…

ALL you see are homes with the CITY field in IDX that says LOUISVILLE!!! This means that ANY listing that does not have the city LOUISVILLE in its address is getting little to NO exposure in REALTOR.com and HAS NOT BEEN. Nice job guys…REALTORS pay for enhanced listings that are seen by NOONE (err…except the very few who a) understand this and b) are prescient enough to know that La Grange is a city in Kentucky and not just a cool song by ZZ Top. and c) type that individual city in the advanced search.) How many do you think THAT is…ummm…Next to NONE, in my opinion.

And before any of the other National sites (bots, franchise chain sites, scrapers or others) start bragging about how much better THEIR presentation of listing data is than REALTOR.com, be forewarned – This is the FIRST of multiple posts on the subject… Read more

June 10, 2008

How are you gonna keep ’em up in your vertical real estate search portal when the future of home search is horizontal — and Google’s?

by

Suburban Phoenix Real Estate Broker

Author website

Do this: Go to Google and search for Phoenix, AZ real estate. We don’t compete for that term — we’re coming in like 34th place — but a lot of people do — like 3.5 million hits for the keyword without quotes.

Here’s what’s interesting:

Out of those 3.5 million search results, Google Base’s Housing Search comes first. That would be true for any other City, ST real estate search you might want to run. You don’t need the state if the search is unambiguous.

Yes, Google Base doesn’t have a lot of listings so far — only about 4.7 million. That’s twice as many as Zillow.com has right now, but it’s still not very many. The data sources are many and disparate, so it’s plausible that there are some duplicates in there, too.

And, yes, the search interface is horrible. It hasn’t changed much, if at all, in the past year. But who is willing to bet it won’t change in the next year?

For plain vanilla horizontal search — of practically anything — Google is god — omniscient, omnipresent, omnibenevolent. If you need more than plain vanilla horizontal search, you have to go vertical — but google wants your vertical real estate search to go vertical with them, too.

There’s more. The upshot of the DOJ/NAR settlement is that the IDX level of real estate search is likely to become ubiquitous. Right now, Google Base is limping along like Trulia.com and Zillow.com — partnering relationships with a few MLS systems, a few big brokerage chains, a few listings remarkers like flyer and virtual tour vendors, and direct entry by home-sellers and their real estate agents. That’s about to change as MLS systems, either directly or through IDX vendors or VOWs, make every MLS listing available to all takers.

If you’re Realtor.com, how are you going to hang onto an audience that can get essentially the same results from the same place they get all their other results — from Google.com?

If you’re Trulia.com — Realtor.com in pastels — what do you have to offer end-users that will be so much more valuable — a year from now Read more

June 10, 2008

The fall and rise of a real estate titan: “Tony has the most valuable asset known to man: unwavering spirit and confidence in himself”

by

Suburban Phoenix Real Estate Broker

Author website

In line with Chris Johnson’s post this morning, a charming real estate story from The American Spectator:

Recently, I was contacted about a hot deal in Buckeye (the fast-growth, west side of Phoenix) by a very bright, young Phoenix wheeler-dealer.

We’ll call him Tony (not his real name). Tony was, and still is, one of the smartest guys I have ever met. I first met him as super-charged go-getter sitting in one of the thousands of real estate cubicles on Camelback Road. At that time, he brought me a deal that turned out very well, and he was pleasant and honest throughout the whole process. Over the years, as I predicted at the time, Tony would quickly move out of the cubicle and into something bigger and better. History proved me correct and by 2004, Tony had a fancy office on the Camelback Miracle Mile with a secretary that looked like she just stepped out of Vogue.

Sitting in his plush office, Tony was still Tony, going 1,000 miles per hour and talking up deals, but in a nice and pleasant way. He had picked up a few nice souvenirs of the ongoing boom, including a fancy spread in the 85253 zip code where he entertained lavishly, a sleek new private jet, and a very cool yacht in Marina Del Rey. At Tony’s 2005 Christmas Party, I could have sworn that half the Dallas Cowboys cheerleaders were there at Tony’s Paradise Valley house.

Anyway, Tony was calling me after a long absence. I had missed the ’06 and ’07 Christmas parties, but I can only imagine their lavish scale. Tony was now on the phone saying he had a great deal that I should look at “right away…this one you’re gonna love.” I have heard that line a million times, but in Tony’s case, I trusted his judgment and agreed to meet that day at my office. Tony arrived, pitched the deal (I was already fairly familiar with the location and the dynamics of the site), and indeed, it was a deal. It was exactly right for one of my clients in Read more

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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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