Inside "Press Room"
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April 07, 2006
Consumers Drive Real Estate Change
This just in from Inman News:This new study report from the National Association of REALTORS® (NAR) reinforces the A.D. Little study prepared for NAR several years ago.Client as catalyst: Consumers drive real estate change
Report focuses on consumer behavior, demands
Friday, April 07, 2006
Inman News
Consumers are demanding a range of real estate products and cost options and driving the real estate industry to a new era of specialization and segmentation, according to a work group that included real estate brokers, sales associates and consultants.
The work group, formed by a National Association of Realtors committee that is composed of Realtor association executives, also reported "conflicting consumer desires" – consumers seem to want both autonomy and personalized service in real estate transactions.
"The Consumer: Catalyst of Change," a Realtor association report released this month that is based on the work group discussions, also noted that consumers are hungry for: "convenient online services and search tools, including full information about listed properties," "immediate responses to their online or telephone communications," "personal, friendly service from both the agent and the real estate company," "a smoothly integrated transaction process with effective solutions for any hurdles along the way and no surprises at closing," "low fees and commissions or a choice of fee packages," and "a convincing sense that the agent and broker add value to the buying (and) selling experience."
National Association of REALTORS® A. D. Little Study: "Technology and the consumer will change the business model and execution of the real estate transaction. By 2005, real estate licensees will re-frame themselves from salespeople to real estate consultants".The conclusion then and now: consumers are empowered with more information from the internet, want to see real value delivered by hiring an agent and want more choice in what they pay for and how they pay for it. Enter: the "Real Estate Consulting Model". When Pam and I founded our business we concluded that consumers were ready for change and that we would do business in non-traditional ways. So far, we are very successful using this new model. It is based on the premise that "one size does not fit all" in a real estate transaction. Here is how it works:
- We show you all the services and associated costs that makeup a real estate transaction and we jointly choose those right for your situation. We call it smart planning or SmartPlan™.
- We show you the cost of the services selected compared to typical commission rates.
- Then, you choose how you want to pay. We call these financial smart choices or SmartChoice™.
- We put our joint plan into action and focus on producing the desired result. You attain your real estate goal at the right cost, in the shortest amount of time with the least hassle.
Ever wonder where our name came from: Choice3 Realty? It is intended to brand our way of doing business; giving consumers choices. You can find a complete description of our service model at OUR SERVICES: Real Estate for the 21st Century. You will even find an entry titled: Consumers Drive Real Estate Change that we created over a year ago.
We believe we are on the edges of what will be enormous change in the industry. We didn't make 2005 as A.D. Little suggested but, it is not far off. The innovators have and will continue to change the landscape. "Lead, follow or get out of the way." We choose to lead by being different.
Published by Merv on April 7, 2006 08:59 AM | Give us your comments here.
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March 22, 2006
3 Virginia Real Estate Bloggers, 3 Perspectives
The Virginia Association of REALTORS® (VAR) published the bi-monthly Commonwealth journal for March/April this week hi-lighting the use of technology in the real estate business: "
Here's to high-tech." Three REALTORS® are featured who use blogging as a new medium to reach consumers to help "grow and service" their business. The three blogs are:
- The Roanoke Real Estate Blog by broker Dolores Farmer of Roanoke (Long and Foster)
- Central Virginia Real Estate Blog by agent Jim Duncan of Charlottesville (Century 21), and
- The Northern Virginia Real Estate Guide by agents Merv and Pam Forney of Leesburg (RE/MAX)
The three blogs have three different personalities and focus on different themes. Dolores and her team (she has her agents participate as authors) use their blog as a viable way to market their sellers' homes. Dolores sees blogging appealing to the younger buyers and specialty buyers who are not reached by traditional advertising. Really Simple Syndication (RSS) and Google's blog search make it easier to find relevant content being published by bloggers of all genre. She was skeptical at first but now sees great value in the new medium. (Note: Dolores was not available for the photo shoot. I am sure she would have made the pictures much more appealing.)Jim Duncan, on the other hand tends to focus on local growth and land management issues. He frequently comments on new development in and around Charlottesville, green issues, transportation, political decisions related to real estate matters and quality of life. His readers also know he has an appreciation for wine. In addition to blogging, he is pod-casting on subjects such as Virginia wine and providing Visual/Audio property tours to promote his clients homes. (Note: Jim is the much younger one on the cover picture.)
Our blog has a major focus on real estate market trends. Why? Because about a year ago real estate bubble talk was driving conversations everywhere about the state of the real estate market. We discovered there was very little meaningful data available to consumers about the real state of the market place. We also discovered that our listing clients were uncertain about selling their properties. We needed information to be able to set realistic expectations on price and length of time to sell. We also comment about the absurdities embedded in this business (including politics) as well as a little humor and wine talk. By the way, we are honored to be included in VAR's feature article.
Three blogs, three personalities and three passions. The attribute we all share is that we turn our professional interests into marketing tools. Technology has and will continue to shape the way people access the information they want and need. All three of us embrace the notion that we are either leaders or followers. We choose to be leaders.
A final comment about blogging to be an effective tool: it is hard work, requires great stamina, often stretches personal creative boundaries, demands free expression, must be honest and first and foremost must come from within. The single most gratifying result is not in any new business that may emanate; it is to know that we are providing valuable information to our readers and following. How do we know? In our case, 0 to over 25,000 page views per month in just one year.
Published by Merv on March 22, 2006 04:20 AM | Give us your comments here.
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February 26, 2006
The Assessor Strikes
I haven't talked to anyone that isn't in assessment shock. Loudoun County mailed tax assessments to property owners last week and it seems there may be a storm gathering. According to the County Assessor half the county's residential property owners assessments rose more than 28%! That is after double digit increases the last three years. Even our Board of Supervisors are experiencing "shock and awe." The Leesburg Today reported these figures for our nine supervisors:
To keep the average tax bill from increasing, the board would have to lower the tax rate from $1.04 per $100 to $0.81, according to the news article. The County Administrator has proposed $0.97 with many new school and transportation projects.
Supervisor Jan 2005 Jan 2006 % Increase Jim Burton (Blue Ridge) $644,000 $991,900 54% Jim Clem (Leesburg) $420,000 $530,500 26% Eugene Delgaudio (Sterling) $236,100 $346,700 47% Sally Kurtz (Catoctin) $466,380 $619,600 33% Stephen Snow (Dulles) $540,700 $683,800 26% Mick Stanton (Sugarland Run) $381,400 $510,600 34% Bruce Tulloch (Potomac) $541,800 $689,000 27% Lori Waters (Broad Run) $483,900 $642,300 33% Scott York (At Large) $418,200 $560,400 34%
There are reports of heavy phone traffic to the assessor's office. Surprised? Not me. Appeals may reach a record this year. It will be interesting to see if any of our board members appeal their assessments.
Published by Merv on February 26, 2006 05:39 AM | Give us your comments here.
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December 05, 2005
Featured Daughter
Moments like these......makes mom and dad very proud!PHOTO JOURNAL
Photo by: Martha Rial / Pittsburgh Post-Gazette (12/5/2005)
(click photo for larger view)
Carnegie Mellon University junior Karen Forney adjusts a costume she designed for fellow student Pauline Law, who was playing the role of Charles Darwin yesterday in Forney's art project titled "The Temple of Science" on the steps of Mellon Institute in Oakland. Ms. Forney, a sculpture major, was assigned to make art in a public space for an Art in Context class. Ms. Forney chose historical scientific figures to explore the relationship between science and religion. Also helping Forney were, from left, CMU students Hetal Choxi as Galileo, Anne Catalano as Albert Einstein and Sarah Crosskey as Louis Pasteur.
Pittsburgh Post Gazette
Published by Merv on December 5, 2005 02:23 PM | Give us your comments here.
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September 15, 2005
Northern Virginia Disaster Plan?
This just in from the Northern Virginia Transportation Alliance:September 15, 2005
An unprecedented and immensely costly effort is underway to rebuild infrastructure and lives in New Orleans.
9/11...Hurricane Katrina...What’s It Going To Take?
Years of warnings about the inadequacies of the City’s levees went unheeded.
Four years after 9/11 no effort has been made to address the Washington area’s transportation network inadequacies, despite the fact it has long been identified as the nation’s third most congested and the region is now generally acknowledged to be a major international terrorist target.
Our road and bridge network routinely fails twice a day and the type of disaster most likely to impact our area is unlikely to have a five-day advanced warning.
Will still more catastrophes and the loss of thousands of additional lives be required for federal, state, regional and local officials to work together to address this region’s obvious transportation deficiencies?
Let’s hope not.
David M. Guernsey, Chairman Northern Virginia Transportation Alliance
The Alliance Alert is a free online update on regional transportation issues and public involvement opportunities provided by the Northern Virginia Transportation Alliance. For more information on regional transportation issues and NVTA, please visit our website at www.nvta.org.
Contact Info
Northern Virginia Transportation Alliance
P.O. Box 6149
McLean, Virginia 22106-6149
tel 703-883-1830
fax 703-883-1850
http://www.nvta.org
Published by Merv on September 15, 2005 07:36 PM | Give us your comments here.
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July 29, 2005
Lovettsville Town Center Approved
The innovative Lovettsville Town Center received approval and all are elated! The development will cover 85 acres at the heart of Virginia's northern most towm. Central is the Town Center, perhaps the only "Town Square" in the state of Virginia. About 160 homes will be developed on 58 acres in a neighborhood design that includes tree lined streets, sidewalks, walking paths and rear property garages.
The development is expected to be completed in 2006. It is a neo-traditional design and is a unique approach to a neighborhood built around a Town Center. There will be 120,000 square feet of retail space and 25% of the plan is for open space. This might be the cornerstone of future development designs for Loudoun! More information can be found at the Lovettsville town offices.
Published by Merv on July 29, 2005 06:45 PM | Give us your comments here.
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July 18, 2005
Industry bad rap!
Geeeeeez! I get Inman News alerts emailed to me at least twice a day. Inman is a recognized Real Estate information provider. Here are the top three headlines this afternoon:
Title insurers slapped with regulator questions
Colorado investigation of 50 companies continuesNew Jersey man charged in $30 million real estate fraud
New charges in existing caseTitle insurance executive pleads guilty in $70 million scam
Looting operation caused company's collapse
And, this is just today. I read these kind of headlines daily! We all talk about complete honesty and integrity. Who can you really trust?
This is making my head spin!
Published by Merv on July 18, 2005 05:39 PM | Give us your comments here.
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May 23, 2005
This Just In
Just in from the Inman News Blog:
Get a gripGo Brad!
Why the National Association of Realtors, state associations and local boards should stop fretting about discounters and limited-service companies:
1. Your franchise is not that vulnerable. Get a grip on your self-esteem.
2. You look silly.
3. You make the wrong people mad: DOJ and FTC.
4. You give weird chuckleheads on the Internet a forum.
5. It is bad PR.
6. You've must have more important things to do.
Published by Merv on May 23, 2005 05:27 PM | Give us your comments here.
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May 10, 2005
Transportation Solutions Now!
Do we need the Tri-County Parkway? YES! After publishing the last post, "Tri-County Parkway Needs Your Support", I got the morning edition of the Post and this article appears on the front page:
D.C. Traffic Creeps Toward Nation's Worst
Area Drivers Spend Almost 69 Hours in Gridlock a Year
By Steven Ginsberg and Timothy Dwyer
Washington Post Staff Writers
Tuesday, May 10, 2005; Page A01
Bottom line: we experience the third worst traffic congestion in the nation behind Los Angeles and San Fancisco! Data from a recent study shows Los Angeles and San Francisco drivers spending less time year over year and D.C. Metro area drivers spending more time. We will soon become the second worst if this trend continues.
We need to send a strong message to our politicians: Put transportation back on the priority map!
Read the full article here--> GRIDLOCK
Published by Merv on May 10, 2005 07:20 AM | Give us your comments here.
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Parkway Needs Support
As reported by the Northern Virginia Transportation Alliance, May 9, 2005:
Tri-County Parkway Draft Environmental Impact Statement, March 2005
"The Comprehensive Plan CBA (Candidate Build Alternative) is the best of the CBA’s in meeting (transportation) system and community linkage needs and satisfying social and economic demands, as well as reducing peak deficient VMT (vehicle miles of travel) and minimizing increases in overall VMT. It is also among the top ranked CBA’s in addressing safety needs."
View the map of alternatives here: VDOT Map
Northern Virginia’s transportation crisis is a direct result of state and local officials systematically rejecting the best transportation solutions in favor of less effective solutions or taking projects off maps entirely...
The Virginia Department of Transportation is seeking input on the best route for the Tri-County Parkway. Public meetings are scheduled May 9th, 10th and 11th in Prince William, Fairfax and Loudoun Counties. Click here for details.
The Public Comment Deadline Is May 23, 2005.
The Tri-County Parkway is the only facility planned to link Northern Virginia’s three most populous jurisdictions.
Despite the fact historical consensus on what’s called the Comprehensive Plan route has existed among all three counties for years, federal law requires alternatives be studied.
A Draft Environmental Impact Statement (DEIS) presents compelling findings that the Comp Plan CBA is the best transportation solution.
Nevertheless, pressure will be placed on state and local governments to either build nothing or ignore the fact the Comp Plan is the best transportation solution and select another alternative because it is less expensive.
Northern Virginia is fast running out of time and options to address transportation needs.
To register your support for protecting and selecting the Comp Plan option as the locally preferred option click the following email link:
Mailto: tricountyparkway@virginiadot.org
Cut and paste the sample message below or insert your own commentary into the message box.
Sample Message of Support for Comp Plan Corridor:
I urge the Commonwealth and local governments to select the Comprehensive Plan CBA as the locally preferred option for the Tri-County Parkway.
The Draft Environmental Impact Statement finds the Comprehensive Plan route best meets the region’s transportation, economic and social demands and makes the existing network safer.
Too many Northern Virginia transportation options already have been lost.
The Comprehensive Plan corridor is an important north-south link that must be protected and built.
Name:
Address:
Key Tri-County Comp Plan Points
- Tri-County Parkway Comp Plan route has been on Prince William County’s Comprehensive Plan since 1964, Fairfax County’s since 1994 and Loudoun County’s since 1995.
- The EIS shows that Comp Plan alignment
- Moves the highest volume of traffic.
- Is the only alternative tested that provides new capacity south of I-66.
- Takes cut-through traffic out of Fairfax, Loudoun and Prince William neighborhoods.
- Provides a new access point and interchange with I-66 east of Route 234 Bypass.
- Overall does the most to reduce travel times between regional activity centers.
- Provides significant safety benefits to the region’s road network.
- Provides new direct links between Southeastern Loudoun County and greater Manassas communities to I-66 and Dulles area activity centers.
To read a recent Alliance Tri-County Parkway column in the Washington Post click on this link: Post Article
Contact Info
The Alliance Alert is a free online update on regional transportation issues and public involvement opportunities provided by the Northern Virginia Transportation Alliance. For more information on regional transportation issues and NVTA, please visit our website at www.nvta.org.
Northern Virginia Transportation Alliance
P.O. Box 6149
McLean, Virginia 22106-6149
tel 703-883-1830
fax 703-883-1850
info@nvta.org
Published by Merv on May 10, 2005 05:44 AM | Give us your comments here.
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April 04, 2005
Virginia Home Sales
VIRGINIA HOME SALES CONTINUE STRONG START
Richmond, Va.
March 25, 2005
Virginia home sales are on a strong track for the beginning of the year, with an increase of nearly 10% in pending transactions for February compared to one year ago, according to the VIRGINIA HOME SALES SURVEY, published by the Virginia Association of REALTORS®. In February, 10,703 homes were placed on the market, compared to 9,733 for the same period last year, an increase of 9.97%...
There is no question that housing is one of the soundest investments you can make,” said VAR President Tom Jewell of Leesburg. “We look for this year to continue to be strong, moving from a sellers' market to a more balanced marketplace toward the latter part of the year. Pricing a home correctly for sale continues to be the most important aspect of selling, and for that, you need to help of a professional. And with the relative scarcity of homes on the market, a buyer's agent can help search out the right home at the right price.”Year to date, 20,212 homes have been placed on the market, nearly 6% more last year's 18,897. In February, 7,739 closings were reported, an 8.80% increase over last year's 7,113. Year to date, 15,558 transactions have closed, compared to 14,187 for 2004, a 9.66% increase.
The average time for homes on the market was 97 days, and the median sales price was $146,750, up 9% over last year's $134,238. Nationally, the median single-family home price was $188,200 in February, up 9.4 percent from a year earlier. The median is the midpoint, which is a typical market price where half of the homes sold for more and half sold for less. The average price of a single-family home in Virginia in January was $238,906, up 25% over last year's average of $190,768.
Of the 22 areas of the state reporting, all but five reported increases in closed contracts for the month, with the largest increases seen in Charlottesville, Chesapeake Bay & Rivers, the Northern Neck, and Williamsburg.
With over 31,000 members, the Virginia Association of REALTORS® is the state's largest individual membership trade association. REALTOR® is a registered collective membership mark which may only be used by those real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics, and who are members of the National, State and Local REALTOR® organization.
Download February Sold Data for Virginia.(pdf)
Download February Pending Data for Virginia. (pdf)
Published by Merv on April 4, 2005 12:28 PM | Give us your comments here.
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April 02, 2005
Realty Industry Pressured
Highlights form an article originally published in the Milwaukee Journal Sentinel. More indications of change in our industry.
2/5/2005 | The Washington Post: "Realty Industry Feels Pressure"
"Home Buyers Demand Lower Commissions, Better Service"
As reported by Michele Derus, Milwaukee Journal Sentinel
"...the $60 billion question: Can consumers force the residential real estate industry to be cheaper, faster and more transparent?"
"We've got a more focused consumer, and there's more focus on the consumer by alternative business models," Steve Ozonian, executive for Bank of America, said.
"Alternative business models will grow from 1% to as much as 14% by the end of the decade," said Steve Murray, editor of Real Trends."
Published by Merv on April 2, 2005 10:08 AM | Give us your comments here.
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