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Teri Lussier pointed this out to me last week, and I’ve been waiting since then for someone to plumb the implications. Ah, well, when there’s constabulary work to be done…
Here’s the news: The state of California is making ZipRealty pay it agents minimum wage for their time.
That’s huge. It’s just the thin edge of the wedge, for now, but the implication is that the real estate broker’s “safe harbor” exclusion from employment laws is about to be flushed into the Pacific Ocean.
This is why brokers pile on as many hopeless, helpless, hapless idiots as they can: Virtually everyone has at least one transaction in him, and the cost to the broker for the eventual failure of 85%+ of the new “hires” is nothing.
I don’t want to seem to praise employment laws, since their sole effect is to destroy jobs. But no other business would — or even could — be as wasteful of human capital as virtually every real estate brokerage is.
Could that be changing in California? Take note of this:
“Employers who previously were not concerned with minimum wage issues are now put on notice to ensure they are providing those basic protections to workers.”
And this:
After learning of the Bakersfield cases, California State Labor Commissioner Julie Su in September filed a $17 million lawsuit in Alameda County Superior Court on behalf of hundreds of other ZipRealty employees statewide. That lawsuit is pending.
Brokerages like Zip (and Redfin, etc.) have a greater exposure, because they operate too much like real businesses. But I can’t imagine what the 25,000 or so starving California Realtors might be thinking just now.
But I think I have a fair idea what their brokers are thinking…
The National Association of Realtors is propped up on three flimsy stilts: The real estate licensing laws, the “co-broke” — the cooperating brokerage fee behind the MLS system — and the IRS-sanctioned independent contractor “safe-harbor.”
Unheralded by anyone who knows why it matters, the “safe-harbor” took the first Read more
I’ve been waiting for this for a long time. From PC World:
Forget phone numbers and e-mail addresses. The era of the Internet handle is emerging.
Instead of having to remember a phone number or an e-mail address, in a few short years we might simply find somebody remotely over the Internet via his or her handle, another word for an Internet nickname.
It would be similar to the way handles are used in instant messaging or Skype, except that the handle would apply to all modes of getting in touch, including a phone number or e-mail address (or several of each). In my case, my Skype handle, “MattaboyBoston,” could become the way you would reach me.
“People will no longer seek each other’s phone numbers or email address[es] when establishing personal or working relationships,” wrote Gartner analyst Adib Ghubril in a report on mobile predictions for 2012 and beyond. “Instead, they will ask each other, ‘What’s your handle?’ ”
Ghubril said that handles will have a huge advantage. They could remain unchanged for a long time, if not for life.
The idea is simply indirect addressing: If I depend on your physical address (or your phone number or email address), when you make a change, I am lost. But if I use an indirect addressing scheme — I address you by name, or by “handle” as this article avers — then the indirect address can always accurately reflect your current contact information, even if you change it twelve times a day.
The responsibility for maintaining accurate contact information moves from dozens or thousands of distracted and loosely motivated people to the one person most strongly motivated to make sure your messages get through — you.
As with all predictions, the ideas discussed in the PC World article are kludgy and stoopid. This all will actually happen as a beneficial side-effect of cloud-based data storage. We talked about this over the summer in discussions of a hypothetical CRM called Heidi:
An email comes in over the transom. The spambot says it’s not spam and the sender is not already in your CRM database, so let’s extract as much information as Read more
by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
I received an email, from BHB Anaheim presenter Bill Lyons, that Revestor.com is live now and will be announced to the public tomorrow. Bill knows that the Bloodhound way is to fly under the radar, sneak in the back door, and quietly win so I appreciate the chance to break the news.
Revestor.com is a new property search site. It’s unique proposition is that it allows users to search by either capitalization rate or cash flow. Revestor believes it will become a useful tool for both investors and primary residence home buyers. Bill Lyons suggested that its unique ranking display, offers data to a home buyer, which is currently unavailable. Incorporating the income potential of a property offers another valuation model for home buyers to consider.
I ran a search for an area with which I’m familiar; Oceanside, CA zip code 92056. I searched for properties listed from $150,000 to $250,000, by cash flow, and ten current listings were displayed. The top two listings appealed to me:
3906 Marvin – a 3BR 2BA, 1064 s.f. SFD with $902 of free cash flow, with an 80% LTV loan, listed at $169, 767
3132 Glenn – a 4BR 2BA, 1302 s.f. SFD with $533 of free cash flow, with an 80% LTV loan, listed at 249,900
Revestor offers a “launch” blog post and I’ll insert Bill’s comments from there (italicized), as I offer my ideas here.
Here is what I like about the site: I like the map display of the listings and I love the fact that it ranks the listings by investment potential. The financial data offered, on individual listings, is pretty comprehensive. It drills down on expense data and allows the user to customize it. The mortgage data is cool because it allows you to slide the down payment tool and see real-time figures. The exit strategy information is unique but I’m unclear as to how they determine the potential resale value.
Bill offered: While San Diego is just a starting point we are still very much a “work in progress“. The site is not perfect (especially for a perfectionist that is striving for simplicity). We launched Read more
Ever wondered what the most powerful factor is separating those who’re successful and those who’re constantly wondering why they’re not succeeding as planned? There are bajillions of books attempting to explain it to us. They tell us about planning, goal setting, visualizing, hard work and a dozen more ways to get what we want. We’re told the world is our oyster! Shape it as you will! YOU! Can become a goal achieving machine!
So, how’s that been workin’ out for ya?
For the sake of this discussion, let’s set aside goals we ‘must’ set, but aren’t particularly motivated to bring off. Losing weight is an example. Tony Robbins talks a lot about ‘gaining leverage’ on ourselves. ‘If I don’t lose X pounds by Y date, I hafta go to work the next day in a Speedo.’ Then you’re supposed to tell your trusted supporters, who’ll hold you to your commitment. I’m not poopooing this, as I know it works for many. Let’s just talk about what we’re naturally motivated to do, and truly want to accomplish.
Grandma was right.
She told us we could be anyone we wanted to be. If you were lucky, yours told you one more thing. You must consciously decide to make it so, to become that person. No decision = guaranteed, abject failure.
How many have a goal to ‘get into great shape’? Know the worst 3-4 weeks for serious people in a gym? The first weeks of the year. All the wannabes with their new workout ‘outfits’ show up, makin’ things tough for serious members. Almost all of ’em disappear by Super Bowl Sunday at the latest. Why? They didn’t decide to become that person. They ‘decided’ to try, to ‘work’ at it. They planned, wrote goals, bored folks with all they were ‘gonna’ do to make it a reality.
Then they disappeared.
When we decide, we become.
Those who knew me in the 70’s saw a soft, slightly pudgy guy, whose waistline was several inches too big, and whose weight was far over the line. Then one day I brought a client’s offer to a husband/wife team. They Read more
My apologies to y’all for my extended absence. I got good and sick on my way back from Anaheim, then doubled-down on dextro last weekend. I managed to put two houses into escrow, but I didn’t get a lot else accomplished.
And so I owe an even bigger apology to Rob Chipman, who joins our roster of writers today. We were talking with Rob about making this change for the past few weeks, but by the time he was ready for me, I was off the radar. In consequence, he has two posts ready to roll, and I’m just now doing the admin work to make that possible.
If you’ve been following our comments, you’ve gotten to know Rob well. He is a Vancouver real estate agent and property manager, and his brokerage, Coronet Realty, has been around longer than some of us have been alive.
Please make him feel welcome — and then go ahead and just treat him like family.
A Ramblin’ Gamblin’ Willie story
I can be counted upon to walk, after all.
When everybody’s nowhere and even the laundromats are empty. When the respectable stores are closed and the line at the 24-Hour Slurp ‘n’ Burp is 15 deep with people craving cold beer and hot salsa and high-octane unleaded. When there’s one lonely mailman in an immense empty truck delivering insanely last-minute gifts sent via God-Help-Me-If-I-Screw-It-Up-Again Express Mail. When the streets are empty and the highways are empty and the parking lots are empty and, for once, even the bars are empty — I can be counted upon to walk. You’re at home with the yule log blazing, with a glazed ham baking, with a Bordeaux breathing, with the children seething to tear into that cache of treasures parked beneath the tree. And Uncle Willie’s out walking on Christmas Eve, dragging his pencil on the pavement for no good reason at all.
“Storm windows,” John Prine sings. “Gee, but I’m getting old. Storm windows, keep away the cold.” And that’s a silly enough thought in the great outdoors. I was cutting through an apartment complex and the closed-for-the-holidays supermarket next door had left its parking lot speakers blaring. And the radio station was playing a song they’d never play if they thought anyone was listening.
I can hear the wheels of automobiles
so far away, just moving along through the drifting snow.
It’s times like these, when the temperatures freeze
I sit alone, looking at the world through a storm window.
Down on the beach, the sandman sleeps.
Time don’t fly, it bounds and leaps.
The country band, it plays for keeps.
They play it so slow…
I was about twenty feet away from a big blue dumpster and I heard a rustle. You can take the boy out of the city, but you can’t take away the boy’s revulsion for rats, and I was suddenly in the mood to be walking elsewhere. But then there was a big tumble-rumble-boom, something big knocking into the steel walls of the dumpster, and I knew it wasn’t a rat.
And I knew what it was, too, and so do you. We call them Read more
by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
N.B: On the day before I published this, HR 674 passed, reverting the funding fee amounts to the “old” levels. It was updated in VA Circular 26-11-19, published November 22, 2011. The “new” lower funding fee schedule was in effect for three days, from Nov 18-21. Sorry for the confusion.
Home buying became a bunch cheaper for eligible veterans. On November 18, 2011, the VA lowered the amount it charges veteran borrowers, for the VA loan guaranty. Rather than charge private mortgage insurance (PMI), like conventional loans do, or a combination of an upfront mortgage insurance premium (UFMIP) and a monthly insurance premium (MIP), like the FHA does, the VA relies on a one-time charge, which can be financed, called a funding fee.
The VA looks at a service member’s life cycle and tailors the funding fee to meet his/her expected abilities to finance a home. For example, a first-time home buyer pays a funding fee of 1.4% of the loan amount, for a zero-down loan. The VA expects that service member to have some equity for his/her second home purchase so, should the veteran choose to buy “no-money-down”, on a subsequent purchase, the VA funding fee is double, or 2.8% of the loan amount.
Veterans who put down 5% of the purchase price are only charged .75% of the loan amount. Veterans who put down 10% of the purchase price are only charged .5% of the purchase price. All refinance transactions, including the no-income qualification and no appraisal needed, refinance transaction, otherwise known as the VA Interest Rate Reduction Loan (IRRL), are charged .5% of the refinanced loan.
A full table, of the new VA funding fee amounts, can be found on Mortgage Rates Report.
I’d be criminally remiss if I didn’t first comment on how massively cool it was spending an entire day and night with the level of expertise, knowledge, experience, and plain old results present at this Unchained event. This was not a room for posers — possibly the understatement of 2011. I was in nosebleed country all day. I felt pretty much all day like I was merely an insignificant fly in the room with these guys.
Got nothin’ to say about all the GeekSpeak that went on. It was when each speaker began to elucidate their strategy(s) that I perked up and began takin’ notes. I did notice one thing that made it more than just a great day of learning. Something that had me feelin’ all warm ‘n fuzzy.
Nothing’s changed.
• Scott Schang, and later on Mark Madsen with Tony Sena, pounded home the point that measuring results is mission critical — period, shut up. More on that principle later.
• All of ’em, directly or indirectly paid homage, due tribute, to the end game of all that was taught: Gettin’ belly to belly with those seeking the aforementioned expertise, knowledge, experience, and yes, that pesky concept — results. Any outcome short of that is akin to a coffeehouse conversation with two broke ‘artists’. In other words, you’ll never get that time back, sans results.
• Mark Madsen literally humbled me with his prodigious work ethic — which when combined with his ‘do it now’ attitude reminded me so much of Dad when he was making plans for his company, back in the day. For reasons I choose not to divulge here, I’ve been unable to follow up with Mark, but that’s passed, and he’ll be hearing from me. Remember his name, cuz he’s the real deal. I don’t often get impressed, mostly cuz I’m a cynical OldSchool bastard. But believe me about Mark. It’s a shame he doesn’t write more here.
• Ever been to a concert where the first several acts knocked your socks off? One time in the 70s I went to a concert where the freakin’ opening act was Linda Read more
Each day of the past week, I featured one of the amazing speakers from the Unchained Conference 2011. It was your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it could be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…
There were many great speakers, and lots of great ideas this year. There always are. But at every conference – Unchained or other – there is one Keynote Speaker. One presenter that no one will miss. The Superstar, if you will. The expert who turns the fire hydrant on full force and dares you to step up. At Unchained, there is no doubt who that speaker is…
Eric Blackwell is an SEO expert, and he has helped countless real estate agents generate countless new clients through their online presence. When he gets going on what works and what doesn’t, you can almost feel the absolute truth of his words. Why? Could be all the sites he runs, or the totalality of hours he has spent doing SEO work, but it really comes down to this: Eric Blackwell does SEO for a living – he’s down in the trenches every day testing, trying and correcting. He knows what it takes to build your online presence, and we know he’s a star.
Greg posted a photo of snow, showing it as a great closing argument for Phoenix. As usual, he’s right! We had our first snow of the year at Lake Chelan and I just have to share it! While Greg has a great point about the snow, take a look at these beautiful scenes. For many, snow doesn’t mean being indoors at all. Some of us like the snow!
The first snow means no lawn mowing for months! People were out all over town enjoying the beauty of the day. With the right equipment, it is hardly a hassle at all to deal with a little snow. I have a big driveway, but a snow blower on the front of a tractor clears it quickly.
Arizona is a popular spot this time of year, even for folks from our area. The snow does make walking more challenging. This is not Seattle, and we have efficient plows that clear the roads, although they too are more of a challenge than dry pavement. But, it is beautiful and we could not do our skiing, snowmobiling, snow shoeing or just playing around in all the white without it. I just had to put up a few pictures for the other side of the story when it comes to snow! With that, enjoy the warm Phoenix weather!
Each day this week, I’ve featured one of the amazing speakers from the Unchained Conference 2011. This is your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it will be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…
Whether “I told you so,” or not… remember this for next time: when you hear about an Unchained Conference being scheduled, get online, get out your wallet, and get yourself there. You will leave dead tired, overwhelmed, and so filled with ideas you’ll find yourself clicking your heels and saying “There’s no place like Unchained. There’s no place like Unchained…” Leading that chant will be none other than today’s speaker:
Brian Brady is called America’s #1 Mortgage Broker by Google; but he’s got a lot more to teach than finance. He’s been generating clients AND closed transactions from online and social media venues since way before most in the industry had even heard the terms. At Unchained 2011, Mr. Brady took us on a wild tour of email marketing, Hollywood movies and secrets to converting prospects into clients. Want to know how The Wizard of Ahhhs does it? Join him on the Yellow Brick Road at the next Unchained.
A: Ahem.
I swear I’m not making this shit up. Witness:
“It’s time to do something different.”
Jeesh…
(H/T Linda Davis.)
As promised, here’s another amazing speaker from the Unchained Conference 2011. This is your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it will be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…
Today, instead of repeating the: “I told you so,” mantra… I’ll just get right to the point: the next time there’s an Unchained Conference scheduled, do everything you can to be there. You’ll leave dead tired and overwhelmed, but overflowing with ideas you can implement immediately. Which brings me to…
Mark Madsen’s real estate site and an in depth discussion on how he creates web sites that not only attract a lot of traffic, but convert that traffic into clients. Sounds difficult? You bet, but just to make his numbers all the more startling, I’ll remind you of this fact: he’s doing business in Las Vegas… otherwise known as “Ground Zero” of the housing crisis. How does he not only survive but thrive in that environment? The same way he wowed all of us who were there: he creates TRUST.
As promised, each day this week I’ll post a few moments from some of the speakers at the Unchained Conference 2011. It’s your chance to spend a little time with some of the most creative, innovative minds in real estate online marketing… unfortunately, that’s all it will be: a few moments. For those of us in attendance, on the other hand, we had over 10 uninterrupted hours of access…
I know that yesterday I did the whole: “I told you so,” thing, but it bears repeating: the next time there’s an Unchained Conference scheduled, make it a point to get yourself there. You’ll leave dead tired, overwhelmed, and full of ideas you can implement immediately. Speaking of which…
Scott Schang’s amazing loan site and online marketing campaign started as an idea at the first Unchained conference, and now he’s back telling us how to do it. Oh, and reminding us that when it comes to generating prospective clients, we all get what we deserve…