Inside REALTORS®
About REALTORS®174, what we do and why...There are 7 articles in this category and on this page. Up to the most recent 20 are listed here.
|
|
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.
Read (0) Comments on 3 Virginia Real Estate Bloggers, 3 Perspectives
and (0) Tracking Web Links
More articles like this one filed in: Blogging
, In the News
, REALTORS®
, Real Estate
, Real Estate Technology
March 13, 2006
Hot Real Estate Commission Debate
Evidently Brad Inman of Inman News touched off a hot debate about real estate commissions last week in one of his blog entries. Quite a variety of comments and lots of them (over 200). Brad has another regular news article discussing his remarks and the comments. Very interesting to see the various reactions to what seems to be a very touchy subject.Here are my top
- Commissions are not sacred.
- Brokers and agents do not have an inherent right to anything including commissions.
- The consumer has a right to negotiate.
- Consumers have a right to understand what they are paying for.
- Innovators have a right to interject themselves into our business.
- FSBO's have a right not to pay anyone.
- Consumers are tired of the old models.
- The old models are dying.
- New models will provide enormous competition.
- Change is good for the consumer.
- Consumers generally don't want cheap, they want to understand the value delivered for the fee paid.
- All agents have a right to present themselves to consumers.
- The agents with the highest quality, professionalism and VALUE driven fee structure will be chosen by consumers.
- Transparency in fee structure will win.
- This is still a relationship business.
- Relationships are built on trust.
- Trust is attained by being trustworthy.
- Trustworthy (worthy of trust) is attained by being honest, looking after your clients best interest and not your own, and delivering on commitments.
- Prospering in this business is dependent on doing the right things and doing things right.
- Consumers will do business with people that deliver value and people they trust.
- We should not feel threatened...we need to innovate.
Published by Merv on March 13, 2006 07:50 PM | Give us your comments here.
Read (4) Comments on Hot Real Estate Commission Debate
and (0) Tracking Web Links
More articles like this one filed in: Buying and Selling Real Estate
, Opinions
, REALTORS®
, Real Estate
May 23, 2005
REALTORS® Gone Wild
With so many of us these days, a unique approach to marketing is essential! Dogs, costumes, catchy names, entire buses plastered with our ads and on and on. This one takes the (cheese)cake. And, there is a dog.
Bikini wearing real estate agent sells:
The display of one Realtor's assets draws attention in Belmont Shore.
By Don Jergler
Staff writerLONG BEACH — A blazer and slacks just don't cut it for one local real estate agent.
Realtor Wendy Heath chose to wear a bikini on a billboard she posted earlier this month on Second Street and Claremont Avenue in Belmont Shore. The advertisement is turning heads quicker than a Naples Island open house.
Entire article here.
Wait 'till you see our next ads!
(no...we don't have a bigger picture)
(test it by clicking the one above...)
Published by Merv on May 23, 2005 05:42 PM | Give us your comments here.
Read (0) Comments on REALTORS® Gone Wild
and (0) Tracking Web Links
More articles like this one filed in: Amusement
, REALTORS®
, Signs
May 10, 2005
Every seller is a FSBO?
Every seller is a FSBO? Simple answer is yes. What we need to focus on is how much the seller does vs. a real estate agent. It can be a little to all. Consumers are getting smarter and are increasingly disenchanted with agents and brokers who are collecting commissions and not having (or not willing) to do much, especially in a robust sellers market. In addition, sellers are increasingly frustrated with buyer agents (who sellers are paying by the way) making a transaction difficult or even watching one fall apart. With so many agents after so few properties, any warm body with an interest in buying is fair game even though they may not be serious, motivated or even qualified to buy. I am beginning to see a trend...
Other Revelations:
Our experience with the last few agents we have dealt with is they really don't have their act together. We end up doing much of their work.
Examples:
- At a critical time in a transaction, a buyers agent didn't know where their client was and didn't know how to contact them.
- A selling agent for a piece of land didn't understand the concept of "study period" to ensure our buyer understood all the land use issues. This same agent couldn't grasp the concept of coinciding settlements.
- A buyer's agent couldn't give us a clean purchase contract that we could read. We were asked to provide a clean contract copy to their lender to be able to underwrite their loan.
Published by Merv on May 10, 2005 07:55 PM | Give us your comments here.
Read (0) Comments on Every seller is a FSBO?
and (1) Tracking Web Links
More articles like this one filed in: REALTORS®
Realtor® Survival
Are the traditional business models changing? You bet they are and consumers are the driving force behind the transformation. I have found that most consumers really don't understand what we do to earn our fees. Buyers believe we are taxi's drivers with a special key to get into listings and sellers only see for sale signs and MLS listings. These are the familiar tangible activities. Then, at closing it hits them in the face! Why am I spending all this money? What did you really do? You are taking a big chunk of my equity...
We should not be afraid of change. Change can be good if we stay flexible and adapt. There are more new business models than can be counted...from do-it-yourself-real-estate to auctions and even websites consumers can use to have agents bid their experience and rates. Craigslist is becoming a popular place to sell homes and land. I have a prospect that had a great piece of land listed with an agent for months. He withdrew the listing, put it on Craigslist and it sold within a couple of weeks! (Our listings are going there next. I might find a buyer!)
REALTORS© are putting up all kinds of barriers to keep the discounters and limited service businesses out of the market place. And, DOJ is taking notice. There was another article in the Washington Post this morning on the anti-trust investigation of our own national association. In this case it is about who owns the listing. Here is an excerpt:
Uncle Sam Buys Online Realty
By Robert MacMillan
washingtonpost.com Staff Writer
Tuesday, May 10, 2005; 10:24 AM
Officials from the National Association of Realtors plan to meet with U.S. Justice Department officials in Washington, D.C., on Wednesday in a bid to stave off a federal lawsuit that could increase competition in the online real estate market and potentially lower the soaring cost of home prices.
Read the entire article at Post Article.
It is understandable that those steeped in the business for many years don't want change. I believe it is here whether we want it or not. I say "LEAD, FOLLOW OR GET OUT OF THE WAY." The more protective and arrogant we get, the quicker we will fail and, maybe that's OK.
My personal thoughts are:
- I work for a broker. My listings are his listings. We own them. Period.
- I have the flexibility to negotiate my own rates and firmly believe in the "unbundled" service approach.
- If my selling clients want to lower the standard buyer broker coop rate, I will firmly support them. (See my recent post on agents getting arrogant).
- Our business is an open book to our clients. They always see our costs no matter what business model they choose.
- State real estate boards (and brokers) need to tighten the requirements for getting a license (and a desk). It's almost a joke how easy it is. The school I attended taught us how to pass the state test...very little about the practical world.
- Limited service brokerage is a lawsuit waiting to happen. We don't give up the most critical part of the transaction; disclosures, negotiating, ratifying and getting to close. If we are the listing agent of record, no amount of indemnification agreements will keep us from being named as a party to the transaction that turns ugly. We may ultimately be held harmless but, who wants that kind of headache? And, we would feel as if we didn't exercise our full responsibility to our client.
- This is still a relationship business. It's just as important as what we ultimately charge. Keep the relationship. Stay competitive.
We hope we are provoking some thought, emotion and change action.
Published by Merv on May 10, 2005 06:25 PM | Give us your comments here.
Read (0) Comments on Realtor® Survival
and (0) Tracking Web Links
More articles like this one filed in: REALTORS®
April 17, 2005
Danger! REALTOR® Ahead
If you don't know a REALTOR®, you don't have a lot of friends. In my area of the country, it is a raging seller's market. There are more agents than listings by a large factor. The local real estate association has nearly tripled membership in the last few years. It's a hot market and getting a piece of the action looks easy (getting a real estate license is quick and cheap). The result: there is an abundance of clueless people in this business that don't understand the business, are unprofessional and/or unethical. To highlight the point, The National Associations of REALTORS® (NAR) required all members complete an ethics course before the end of 2004. It's no wonder consumers are running away and fast...
Have you ever wondered what "cheap, full service realty" is all about? It's an oxymoron! Consumers are seeing how little work agents are doing and concluding that they are just as smart and can do it themselves. Many can and maybe should.
It appears many agents are over selling home values to secure a listing and then think an MLS listing, an open house and ad in the paper is all it takes and the buyers will come. And, we all know that open houses and print advertising is about getting more leads, not selling the house. Is our business really a commodity?
Here's a quote by Blanche Evans who is a noted columnist and writes for Realty Times: "With the real estate industry concentrating on liability instead of service, gradually dumbing down the actions that are necessary to warrant a license, more challenges are coming from brokers who want to provide as little service as an MLS-listing-only for the consumer, with no other support. Some new business models are providing advertising services with no need for licensure at all." Find the entire article "Why Commissions Are Falling" under our Real Estate, Favorites directory.
That's why we are taking a compromising approach: Our clients only pay for the services they need and they get experienced, superior, executive level services and representation. It's beginning to work as many of our clients want and need expert representation and a good understanding of what they really get for their money. We are an open book.
I had a cold call from a person a few weeks ago who asked about our SmartPlan™ programs. She simply wanted an MLS listing, yard sign, lock box and some fliers. I politely recommended that she seek out a firm that would provide only those services. They are all over the internet and for as little as $395. A little more if you want to talk to a genuine real estate agent by telephone. I explained that we would never give up our duty to any client to see a transaction to its successful conclusion. If it ever gets ugly, we will be named in the lawsuit as the listing agent regardless of any waiver or release of liability that a client might sign. We simply won't do business that way.
This is a relationship business. One built on trust by being competent and delivering on promises. I hope it stays that way.
Published by Merv on April 17, 2005 06:13 AM | Give us your comments here.
Read (1) Comments on Danger! REALTOR® Ahead
and (0) Tracking Web Links
More articles like this one filed in: REALTORS®
, Real Estate
March 30, 2005
Dare To Be Different
The real estate industry is changing. Consumers are empowered with information from the internet, are demanding more and want to know what they are paying for. The old models are breaking. Can we provide the services consumers want and need and get paid what they are worth? I think we can.
New business models are emerging almost daily. Many tend to believe our services can be turned into a commodity. And, in many cases, our professional image is threatened. We just haven't done a good job educating the public. Consumers are attracted to these cut rate models because they simply don't understand what we really do to earn our fees. If Wal Mart and Saks Fifth Avenue are the extremes, is there a Nordtroms model that makes more sense? I firmly believe there is and we have bet our entire business on it...
Consider:
| 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 reframe themselves from salespeople to real estate consultants". |
| National Association of Real Estate Consultants® Consumer Study: "Most consumers still want expert representation...but are less willing to pay the traditional cost". |
Join the revolution and get ahead of the curve. The National Association of Real Estate Consultants® offers programs that teach a different way of doing business. As C-CREC® ceritfied agents, Pam and I have first hand knowledge and experience that can help. We are building our entire business around delivering high quality, best in class real estate consulting services delivering significant value to our clients.
To learn more, request the C-CREC® brochure and flyer (both in PDF format) and the A. D. Little study presentation (PowerPoint). Just contact us with your request, comment or question (Comments form below).
Published by Merv on March 30, 2005 06:50 AM | Give us your comments here.
Read (0) Comments on Dare To Be Different
and (0) Tracking Web Links
More articles like this one filed in: REALTORS®
