Friday, February 25, 2011
New FTC rule requires short sale disclosures
Be advised that the Federal Trade Commission (FTC) has issued new rules that might impact real estate practitioners who represent clients involved in short sale transactions.
Depending on certain factors, the so-called MARS rules (Mortgage Assistance Relief Services) could require members to make certain disclosures to consumers if they negotiate a short sale with a lender or advertise their short sale services as a means to prevent foreclosure.
Further, the regulations contain specific and itemized record keeping and office policy requirements. Florida Realtors attorneys recommend members review this information to ensure compliance.
The final portion of the MARS rules took effect on Jan. 31, 2011.
Florida Realtors has created a MARS Information Center on floridarealtors.org where you’ll find four disclosure forms. Florida Realtors attorneys advise you begin using these immediately if you are involved in short sale transactions.
You’ll also find a primer on the new disclosures (document titled Roadmap to the new FTC disclosures for Short Sale transactions), a link to the actual FTC rules and an interpretation of the rules by the National Association of Realtor’s (NAR). NAR attorneys are reviewing the rules and have an ongoing dialogue with the FTC about them.
Please keep checking the MARS Information Center for updates.
Depending on certain factors, the so-called MARS rules (Mortgage Assistance Relief Services) could require members to make certain disclosures to consumers if they negotiate a short sale with a lender or advertise their short sale services as a means to prevent foreclosure.
Further, the regulations contain specific and itemized record keeping and office policy requirements. Florida Realtors attorneys recommend members review this information to ensure compliance.
The final portion of the MARS rules took effect on Jan. 31, 2011.
Florida Realtors has created a MARS Information Center on floridarealtors.org where you’ll find four disclosure forms. Florida Realtors attorneys advise you begin using these immediately if you are involved in short sale transactions.
You’ll also find a primer on the new disclosures (document titled Roadmap to the new FTC disclosures for Short Sale transactions), a link to the actual FTC rules and an interpretation of the rules by the National Association of Realtor’s (NAR). NAR attorneys are reviewing the rules and have an ongoing dialogue with the FTC about them.
Please keep checking the MARS Information Center for updates.
Wednesday, February 23, 2011
Watch before you e-mail, court says
E-mails are just as binding in real estate negotiations as traditional ink-on-paper contracts, according to a state court ruling in New York regarding a real estate dispute.
“Given the vast growth in the last decade and a half in the number of people and entities regularly using e-mail,” handwriting and e-mail should now basically be considered one and the same, ruled the Appellate Division, First Department of State Supreme Court in Manhattan, N.Y. The court handed down its ruling on Oct. 5, but it mostly went unnoticed by the public. The ruling was appealed this week to New York’s highest court, the Court of Appeals.
The case – Naldi v. Grunberg – stems from accusations of a breach of contract in a commercial real estate transaction. The court’s ruling, which also applies to residential transactions, is expected to bring some clarity to how legally binding e-mail is in real estate.
“As much as communication originally written or typed on paper, an e-mail retrievable from computer storage” is proof of a deal, the court said.
Robert J. Braverman, a Manhattan real estate lawyer, told The New York Times, “You need to be mindful of what it is you are saying in electronic communications.” For example, a broker or seller who uses a phrase such as “$700,000 was more of what I had in mind” in an e-mail “might have a problem,” Braverman says.
Mario J. Suarez, a lawyer at Thompson Hine, says adding a disclaimer on e-mails may help. The e-mail disclaimer may read something like the communications “shall not be deemed an offer, as no documents are binding unless and until executed.”
Source: INFORMATION, INC. Bethesda, MD
“Given the vast growth in the last decade and a half in the number of people and entities regularly using e-mail,” handwriting and e-mail should now basically be considered one and the same, ruled the Appellate Division, First Department of State Supreme Court in Manhattan, N.Y. The court handed down its ruling on Oct. 5, but it mostly went unnoticed by the public. The ruling was appealed this week to New York’s highest court, the Court of Appeals.
The case – Naldi v. Grunberg – stems from accusations of a breach of contract in a commercial real estate transaction. The court’s ruling, which also applies to residential transactions, is expected to bring some clarity to how legally binding e-mail is in real estate.
“As much as communication originally written or typed on paper, an e-mail retrievable from computer storage” is proof of a deal, the court said.
Robert J. Braverman, a Manhattan real estate lawyer, told The New York Times, “You need to be mindful of what it is you are saying in electronic communications.” For example, a broker or seller who uses a phrase such as “$700,000 was more of what I had in mind” in an e-mail “might have a problem,” Braverman says.
Mario J. Suarez, a lawyer at Thompson Hine, says adding a disclaimer on e-mails may help. The e-mail disclaimer may read something like the communications “shall not be deemed an offer, as no documents are binding unless and until executed.”
Source: INFORMATION, INC. Bethesda, MD
Tuesday, February 22, 2011
Real estate agent reinvents herself as tech diva
A nice story I want to share with you
In 2010, after owning what she describes as a "fairly traditional" real estate brokerage in Stockton, Calif., for 15 years, Nicole Truszkowski decided to reinvent herself.She chose to become a technology and social media diva.
She figured she might as well. The recession had whacked the luxury-home niche that was her specialty at the brokerage she owned, so she decided to relocate to California's Monterey Coast -- her "favorite place in the world" -- and affiliate with Sotheby's International Realty in Carmel.
Sensing a relative dearth of tech-savvy agents who cater to international buyers in her new market, she leapt into Facebook, Twitter, blogging, texting, online lead-management, and an avalanche of apps that she said make her job easier -- yet nonetheless absorb hours of her workday.
"I'm doing everything that anyone would tell you to do if you're starting a business -- that this is how it should be done," she said. "I use all my technology and apps to manage it, to work it. But it's incredibly intensive."
These days, Truszkowski said, "I live and die by mobile technology."
She regards herself as her own lab rat.
In Stockton, "I was very successful as an old-fashioned Realtor, in terms of print ads and other stuff," Truszkowski said. "I had a website but I didn't maximize it and I didn't create a strong Internet presence.
"But I had kept up with technology, and I had all that knowledge, so I said, 'Let's put it to the test' " in Carmel, she said. "I consider myself a test study."
One measure of success: Five months after launching her website, EstatesofCarmel.com, it scores high in keyword searches, she said.
"In the short time that I've done it, I've gotten and generated numerous leads from my website and blogging," she said. "I've been working with clients who have come solely from the website, but it will be a better test study of absorption in another 12 months."
Carmel is a luxury second-home market, she said, and seems to encompass two extremes: buyers, many of them coming from hundreds or even thousands of miles away, who insist on a tech-driven homebuying process. And many sellers who -- well, not to be unkind -- haven't a clue.
"The majority of the people who come here (to buy) now are from out of the area," she said. "It's important that you capture the international market. The people who are buying from another country or another state are pretty tech-savvy, pretty experienced and sophisticated buyers.
"I've sold properties here to people I've never met in person," she said. "They've seen homes through live-streaming virtual tours, through online photography, through my website. Literally, they had never seen the property themselves, though they had a friend, a local person, come to see it, and then they bought it." The entire closing process, she said, was handled virtually.
On the other hand, she said, she finds many sellers in the Carmel area to be older, and are either inexperienced with Web technology or uninterested in it.
"They would never read my blog, so I'm not going to attract those locals with the brand I'm creating," she said. So she still engages in some traditional print marketing and what she calls "good old networking."
"In the case of this (older) community," she said, "the tech stuff isn't going to work 100 percent."
And that "tech stuff," she said, is time-intensive. Her workday begins, unless she's booked with clients, with a two-hour perusal of RSS feeds of blogs, Twitter postings, industry news and other content she follows regularly.
"I need to do that for my blogs, for my social media, and stuff that I need to stay current with the market," she said. "It's a ton of work."
She's convinced that her blogging must have constant replenishment, so although she writes 10 to 15 posts a month herself, she pays a "ghost blogger" to create 10 a month.
Among her most relied-upon tools for managing her businesses -- she also still owns the Stockton brokerage, Professional Realty Inc., 146 miles away -- is a cloud-based content management system. She manages her website and WordPress blog through it; more important, perhaps, is how she uses it for contact management with clients.
Whenever someone registers at her website, the system sends her a text and keeps track of what they looked at on her site. She said that contact is invaluable for cultivating new clients.
"Every minute I turn on my cell phone, I know if somebody has been there and what they're doing -- the time, the IP address," she said.
"If it's a brand-new contact, it's just going to go into the system," she said. "I don't ring them back immediately -- that would be kind of invasive. I will check in later and leave them a message, thanking them."
Though she has found many uses for her iPad, she's been slightly disappointed in it in one respect, she said.
"I was so excited when the iPad came out," Truszkowski said. "I thought it would replace my laptop, to a certain extent, but it's just not the same speed level. If I pull up my website, which is a fairly intricate site, or if I want to do property searches, it's slow for me."
Nonetheless, it's good for listing presentations, she said.
"I do all my presentations virtually and I e-mail that in advance to my client," she said. "I put it on my iPad and when we're at the meeting it's all there. I can pull up my website and a lot of the Internet stuff that I do -- it's slick and it's awesome.
"I also use it when I show property," she said. "All the homes that are going to be on tour, I (e-mail) them to myself. The client can look at the pictures as we're driving."
The iPad also breaks down barriers with those older clients and others who may be technophobic, she said.
"They love it," she said. "It's very touchy-feely, very easy for them to use. You don't have to be plugged into anything -- you're in their backyard or at their kitchen table."
But the critical tool, she said, is her phone.
"I'm addicted to my iPhone," she said. "I can conduct my business from my iPhone, I can do pretty much anything. I literally have my computer with my phone."
Truszkowski is a creature of apps. Ask her about her favorites, and the list rolls on and on. (See the accompanying list, below.)
She uses the Evernote app as a way to share information, which is particularly useful with her support staff and vendors spread literally across the country, she said. It's synched with her phone, laptop, iPad and three desktops, she said.
"In my Evernote file, I have a file for my ghost bloggers -- I put in content and they know what I want used. I have an assistant in another city, and everything she does is in her file," she said.
She manages social media contacts with an app by Gist, a company that has been purchased by BlackBerry parent Research In Motion (RIM). "It stores records of each contact for Twitter, LinkedIn, Facebook, and RSS feeds," she said.
The AroundMe app identifies nearby services and amenities -- banks, hospitals, etc. -- that clients might ask about during showings, and Truszkowski said she finds it particularly helpful if she's in unfamiliar neighborhoods.
The TitleNow app allows users to download property profiles, transfer histories, and comparable-sales reports.
And SnagIt is "a new one I'm trying right now," she said. "It's a screen capture you can incorporate into your blogs."
Though she does relatively little hard-copy traditional marketing, she's found that one old standby has retained favor.
"I do a really nice, magnetic calendar because people have told me they love it," she said. "It has my contact information on it. Who would think that, when there's a calendar on our iPhone?"
Among the tools Nicole Truszkowski said she uses regularly:
Apps (list provided by Nicole Truszkowski):
eKey: Allows iPhone to open and close real estate lock boxes, read lockbox activity, and track inventory of lockboxes.
ChicagoAgent-CA: Chicago Title app for calculating buyer, seller and lending fees; comparing rent vs. buy costs, PITI ratios, and lending formulas; also available on laptop and iPad.
TitleNow: Download property profiles, transfer histories, comparable sales reports (also on iPad, laptop).
Property I.D.: Order natural-hazard disclosure reports; also on iPad and laptop.
Dragon: Dictate a message and send it out as text or e-mail; on iPad and iPhone.
mSecure: Store e-mail account information, combinations, birthdays, bank accounts, and credit-card information in one location; on iPad and in iTunes.
Realtor.com app: See all nearby homes for sale, open houses, rentals; it maps directions to properties and shows photos; (on iPad and iPhone).
Zillow app: Lists homes for sale on a map; iPhone, iPad.
Trulia app: Lists homes for sale, open houses, rentals and sold properties; iPad and iPhone.
Evernote: Cloud-based app for storing notes, photos and voice messages. "This application syncs with my iPhone, iPad, laptop and three desktop computers," Truszkowski said. "Via Evernote, I can share selected files with my support team."
Dropbox: Cloud-based app for storing files, PDF documents, photos; syncs with her iPad, iPhone, laptop, and three desktop computers.
LinkedIn app: Keeps contacts for Truszkowski's 615-person professional network; laptop, desktop, iPhone and iPad.
Facebook app: For updating her personal Facebook profile, EstatesofCarmel fan page, and following social networks and staying current on the fan pages she follows; for iPhone, iPad, laptop and desktop.
Twitter app: For managing her EstatesofCarmel Twitter page; iPhone, iPad, laptop, desktop.
WordPress app: Post directly to her website; iPhone, iPad, laptop and desktop.
Gist: For managing social media contacts, it tracks/ranks social media activity of all contacts in her database; iPhone, iPad, laptop and desktop.
Google Earth: Previews a property when clients have questions about an area she's unfamiliar with; iPhone, iPad, desktop, laptop.
AroundMe: Answers questions about proximity of businesses and services; iPhone, iPad.
YouTube app: Preview video and virtual tours of homes; iPhone, iPad, desktop, laptop.
iPhone camera: For quick photos and videos to post to a blog, Facebook and Twitter.
Flickr: Web-based program for photo management and sharing; iPhone, laptop, iPad.
Google Voice: All phone lines ring to one phone.
Google Apps: Gmail, Google Calendar, Google Docs, Google Talk, Google Reader, Google Maps, etc.
Genius Scan: Scan documents and convert to PDFs.
Bump: Share contact info with multiple iPhones.
Laptop software apps, tech tools and resources (list provided by Nicole Truszkowski):
BOSS: A contact-rating management system for back-office management of her website, through 1ParkPlace, an Internet marketing services provider. It tracks all individuals and clients that register at her website and text-messages her when they've registered and each time they're live on the site. The program ranks each visitor and lists hottest leads likely to convert to buyers or sellers. BOSS has a campaign-management system to stay in contact with Internet leads; it works like Google Analytics to track where all the activity is coming from to her website.
Cirrus Home Search, powered by 1Park Place: the home-search engine Truszkowski uses for her website.
IDX Central: Truszkowski's website design team and provider of technical support for social media.
Top Producer 8i: Contact-management system, e-mail and listing presentations.
zipForms: Software program for real estate documents; can be e-mailed to clients and can collect electronic signatures; documents can be saved in Dropbox and Evernote.
GoToMeeting: Conduct meetings and presentations remotely.
Skype: Free phone and instant-message system over the Internet; laptop and iPhone.
Mozilla's Firefox search engine for laptop.
HootSuite: Post/blog to all social media sites in one location.
SureClose: Web-based escrow data-management system to track and store documents.
ToolkitCMA: Web-based designed software program to create listing presentations with detailed comparative market analyses.
Scrib: Web-based program for importing documents for public and private use; documents can be embedded and shared on Twitter, Facebook or WordPress sites.
Source: Inman News™
Saturday, February 19, 2011
Real Estate Marketing Strategies – 7 Tips to Motivate Your Sphere of Influence to Refer to You
Tip 1: Have a script so you know what to say.
What you decide to say may vary from person to person. The way you talk to a close friend may be quite different from the way you talk to a distant acquaintance.
There is no one formula of what to say. However, it is very helpful to have something to offer when you call. One idea that many of my clients have found helpful is to call your sphere of influence and offer to be a referral source for them.
In other words, let them know that you have plenty of connections to people who could help them. For example, you know many painters, electricians, plumbers, etc. and your sphere of influence should know that if they need any names and phone numbers they should call you and you will be happy to provide a referral source for them.
Tip 2: Think of yourself as being “the giver.”
Most of us love to be the giver. We know we will be well received and people will like us. We also know that “giving” leads to more business.
Before you pick up the phone to call your sphere of influence ask yourself, “what can I give to them?” One way that you could be of service to them is to offer to be a cross referral partner.
If they have their own business, ask them how their business is doing. Ask them how you could help them at their business. Ask them what kind of referrals they would like to receive. Let them know that you will do your best to send referrals to them. At the end of the conversation, you can say something like, “when you hear of anyone who’s interested in buying or selling a home, please call me with their name and number. If it’s okay with them, I will call them and make sure that their real estate needs are being taken care of.”
Tip 3: Send an “valuable item” each month.
What kind of valuable item should you send? It used to be that sending newsletters was a hot item. However, most people have gotten too busy to read a newsletter.
The item that works best is a colorful postcard that gives the events happening in their area. Your sphere of influence is likely to put that postcard on the refrigerator and refer to it often.
Of course, next to the list of events happening in the area is your photo, your phone number, and your tag line such as “relax and let me run the extra mile to fulfill your real estate needs.”
You start to enter their stream of consciousness. They start to associate positive ideas with you:
-You are associated with happy events in their area,
-You are associated with brilliant bright, happy colors in the postcard,
-Your face smiles at them every time they go to the refrigerator.
Do you think they will be more likely to remember you the next time they have a real estate need or a real estate question?
Tip 4: Don’t be afraid to call them too often.
As long as you have a good reason to call, they will be happy to hear from you. Trust your own gut instinct about how often you should call. Many real estate gurus suggest calling people in your sphere of influence about once a month. You may choose that to do that with your “A list,” the people most likely to refer to you.
Since you are sending an item of value each month, you can always ask them “did you receive the postcard?” You can follow that with, “so what event are you going to go to?”
Tip 5: Assume the positive.
Simply assume that they will be happy to hear from you. Why wouldn’t they be? They are receiving a wonderful colorful, informative postcard from you each month, then you are calling and offering them something, and you are conditioning them to want to hear from you.
Assume that you have something valuable to offer, your friendship and your real estate expertise, and people want to hear from you.
Tip 6: Be excited about your business.
Remember, desperation does not sell, but excitement does. No matter what the current condition of your business, always say something like, “I am so excited about my business. I get to meet such wonderful people and I’m really in an expansion phase of my business. If you want to help out, just send people my way if they have a real estate question or issue, and I will be happy to help them.”
Tip 7: Use the law of attraction.
To successfully use the law of attraction, you need to be clear about what you want. Do you want your sphere of influence to send you several clients a month? If so, then set your intention, “I am now in the process of attracting several new clients from my sphere of influence each month.”
Do you have any opposing beliefs that you need to clear? The law of attraction cannot give you what you want if you have any beliefs that would oppose your desired outcome.
For example, if you want to attract an abundance of prosperity, the following opposing beliefs may keep you from attaining what you desire.
-I don’t deserve to have a lot of money
-It’s selfish to want more than I have
-Money is the root of all evil
-Money can’t buy me happiness
-Rich people are usually not honest
Can you see that you could be doing all the right activities with your sphere of influence, but if you had opposing beliefs like these, you would not be attracting the clients and the income you want?
To get the law of attraction to work for you, you need to identify these old self limiting beliefs, release them and install empowered beliefs.
Here are some examples of empowered beliefs that will help you create the income you want:
-I do deserve an abundance of prosperity
-It’s okay for me to be grateful for what I have and still want more
-Money is neutral and can be used for good or evil
-Money can’t buy me happiness, but I can create a better life for myself and people around me by being prosperous
-Some people are honest and some are not. It has no relationship to whether or not they have money
Practice repeating your empowered beliefs frequently and train your mind to focus on what you “want,” not on what you “don’t want.” If you find yourself dwelling on thoughts of scarcity, like “not enough money,” switch your focus and ask yourself, “what do I want?” Start to notice yourself becoming more positive and attracting more of what you want.
Source: RISMedia
What you decide to say may vary from person to person. The way you talk to a close friend may be quite different from the way you talk to a distant acquaintance.
There is no one formula of what to say. However, it is very helpful to have something to offer when you call. One idea that many of my clients have found helpful is to call your sphere of influence and offer to be a referral source for them.
In other words, let them know that you have plenty of connections to people who could help them. For example, you know many painters, electricians, plumbers, etc. and your sphere of influence should know that if they need any names and phone numbers they should call you and you will be happy to provide a referral source for them.
Tip 2: Think of yourself as being “the giver.”
Most of us love to be the giver. We know we will be well received and people will like us. We also know that “giving” leads to more business.
Before you pick up the phone to call your sphere of influence ask yourself, “what can I give to them?” One way that you could be of service to them is to offer to be a cross referral partner.
If they have their own business, ask them how their business is doing. Ask them how you could help them at their business. Ask them what kind of referrals they would like to receive. Let them know that you will do your best to send referrals to them. At the end of the conversation, you can say something like, “when you hear of anyone who’s interested in buying or selling a home, please call me with their name and number. If it’s okay with them, I will call them and make sure that their real estate needs are being taken care of.”
Tip 3: Send an “valuable item” each month.
What kind of valuable item should you send? It used to be that sending newsletters was a hot item. However, most people have gotten too busy to read a newsletter.
The item that works best is a colorful postcard that gives the events happening in their area. Your sphere of influence is likely to put that postcard on the refrigerator and refer to it often.
Of course, next to the list of events happening in the area is your photo, your phone number, and your tag line such as “relax and let me run the extra mile to fulfill your real estate needs.”
You start to enter their stream of consciousness. They start to associate positive ideas with you:
-You are associated with happy events in their area,
-You are associated with brilliant bright, happy colors in the postcard,
-Your face smiles at them every time they go to the refrigerator.
Do you think they will be more likely to remember you the next time they have a real estate need or a real estate question?
Tip 4: Don’t be afraid to call them too often.
As long as you have a good reason to call, they will be happy to hear from you. Trust your own gut instinct about how often you should call. Many real estate gurus suggest calling people in your sphere of influence about once a month. You may choose that to do that with your “A list,” the people most likely to refer to you.
Since you are sending an item of value each month, you can always ask them “did you receive the postcard?” You can follow that with, “so what event are you going to go to?”
Tip 5: Assume the positive.
Simply assume that they will be happy to hear from you. Why wouldn’t they be? They are receiving a wonderful colorful, informative postcard from you each month, then you are calling and offering them something, and you are conditioning them to want to hear from you.
Assume that you have something valuable to offer, your friendship and your real estate expertise, and people want to hear from you.
Tip 6: Be excited about your business.
Remember, desperation does not sell, but excitement does. No matter what the current condition of your business, always say something like, “I am so excited about my business. I get to meet such wonderful people and I’m really in an expansion phase of my business. If you want to help out, just send people my way if they have a real estate question or issue, and I will be happy to help them.”
Tip 7: Use the law of attraction.
To successfully use the law of attraction, you need to be clear about what you want. Do you want your sphere of influence to send you several clients a month? If so, then set your intention, “I am now in the process of attracting several new clients from my sphere of influence each month.”
Do you have any opposing beliefs that you need to clear? The law of attraction cannot give you what you want if you have any beliefs that would oppose your desired outcome.
For example, if you want to attract an abundance of prosperity, the following opposing beliefs may keep you from attaining what you desire.
-I don’t deserve to have a lot of money
-It’s selfish to want more than I have
-Money is the root of all evil
-Money can’t buy me happiness
-Rich people are usually not honest
Can you see that you could be doing all the right activities with your sphere of influence, but if you had opposing beliefs like these, you would not be attracting the clients and the income you want?
To get the law of attraction to work for you, you need to identify these old self limiting beliefs, release them and install empowered beliefs.
Here are some examples of empowered beliefs that will help you create the income you want:
-I do deserve an abundance of prosperity
-It’s okay for me to be grateful for what I have and still want more
-Money is neutral and can be used for good or evil
-Money can’t buy me happiness, but I can create a better life for myself and people around me by being prosperous
-Some people are honest and some are not. It has no relationship to whether or not they have money
Practice repeating your empowered beliefs frequently and train your mind to focus on what you “want,” not on what you “don’t want.” If you find yourself dwelling on thoughts of scarcity, like “not enough money,” switch your focus and ask yourself, “what do I want?” Start to notice yourself becoming more positive and attracting more of what you want.
Source: RISMedia
Friday, February 18, 2011
A tax deductions checklist for real estate professionals
Checklist of deductions
Here's a checklist of common expenses for real estate agents and brokers that you can use to make sure you don't miss any deductions this year:
Here's a checklist of common expenses for real estate agents and brokers that you can use to make sure you don't miss any deductions this year:
- advertising expenses, including websites, mailing lists, newspaper advertising, fliers, online advertising, postcards, promotional materials, logo clothing, and anything else you pay for to market your real estate business;
- bookkeeping, accounting and legal fees;
- business gifts (up to $25);
- business meals and entertainment (only 50 percent deductible);
- cab fares for business travel;
- car and truck expenses, including business mileage, depreciation, insurance, interest on car loans, lease payments, license plate fees, parking expenses, and tolls;
- cell phones;
- computer software;
- computers;
- desk fees;
- education to maintain or improve required skills (but not courses you take to pass the real estate licensing exam);
- home office expenses (if you qualify);
- insurance, including health insurance, errors and omissions insurance, business liability insurance, and business equipment insurance;
- interest, such as interest for business loans, interest paid on business credit cards;
- Internet access fees;
- map books;
- office equipment (cost may be deducted in one year using bonus depreciation or IRC Section 179);
- office expenses, including rent, cleaning and maintenance, and utilities;
- office supplies;
- postage;
- professional dues and fees -- for example, multiple listing service dues and dues paid to the local Chamber of Commerce, Realtor associations, and real estate license renewal fees;
- referral fees and commission rebates;
- retirement plan contributions;
- subscriptions to professional journals;
- real estate franchise fees;
- taxes, including payroll taxes for employees, state and local business taxes;
- telephone service fees;
- travel to business conventions, including transportation, lodging and food;
- wages and benefits paid to employees.
10 Tips to Successfully Build Relationships with Prospects
1. Your core group, or your advisors, are those you are closest to who you’ve built strong bonds with and in whom you have ultimate confidence and trust. You communicate frequently with this group on a variety of topics. Most people have somewhere between five and 12 people who fit into this category.
2. The second group is your advocates or raving fans. These are people who have a connection with you and who have an already-established list of experience. Perhaps you share responsibility with them in a social environment or through your kids’ activities. You are proactive through the connection process with this group, but not as frequently as with your core group.
3. Friends or allies are people who you know, like and trust. You have a feeling they are also knowledgeable, but you are less inclined to go to them. There’s always a little bit of reluctance because you’re not sure they’d be anxious to help you and you don’t want to overstep your boundary—you don’t want to be too pushy. By spending more time with this group, however, they could easily become raving fans.
4. Acquaintances or neighbors are people we recognize, may or may not know their first name, but we do know their last name. We see them once or twice a year at certain functions but we are not seeking them out as an opportunity or to help them with a need or concern.
5. The last group would be acquaintances we think we know. We may not know them by name, but we know who they are. You might recognize them at the salon when they’re getting their nails done, but you wouldn’t sit down next to them and start chatting.
Once you’ve segmented your Whos, the key is to come up with a system and a strategy to leverage those relationships in Whoville, thereby getting more people to be proactive advocates, which will then lead us to some of the upper levels of their Whovilles. As a consequence, we can end up with more business than we can handle. Where we fall down is not having systematized the people who live in our Whoville.
That said, here are the 10 Rs of taking care of your Whoville:
1. Research. Constantly stay in tune with what’s happening on a local level. You are the local ambassador for your community and neighborhood.
2. Recognize and prioritize the people in Whoville. Know what is important to them; what are their areas of significance? If they have children in elementary school, then know what’s going on in the school system. If they’re retired, then know about tax issues or who to call if a streetlight needs to be fixed.
3. Reach out. Elevate their level of awareness of you by reaching out to them with something that reminds them that you are available.
4. Remind them that you are able to assist them.
5. Review again what their needs are to see if their passions have migrated into an area you can offer help on. Maybe they’re planning a trip to Greece and you just came across an article you can send them.
6. Respond. Make sure you are proactive in responding to them and make sure you are reminding them that you are happy to help other friends, relatives and neighbors with any questions they may have.
7. Reward them by being a good listener and providing them with information that is relevant to their needs.
8. Refer them to people that you are highly confident will be able to take care of their needs.
9. Rework them to make sure that after you have handed them off to a referral, that individual has succeeded and your Who is satisfied.
10. If not, do what needs to be done to rectify the situation. Reconnect with them by reaching out with relevant information.
Source: RISMedia
2. The second group is your advocates or raving fans. These are people who have a connection with you and who have an already-established list of experience. Perhaps you share responsibility with them in a social environment or through your kids’ activities. You are proactive through the connection process with this group, but not as frequently as with your core group.
3. Friends or allies are people who you know, like and trust. You have a feeling they are also knowledgeable, but you are less inclined to go to them. There’s always a little bit of reluctance because you’re not sure they’d be anxious to help you and you don’t want to overstep your boundary—you don’t want to be too pushy. By spending more time with this group, however, they could easily become raving fans.
4. Acquaintances or neighbors are people we recognize, may or may not know their first name, but we do know their last name. We see them once or twice a year at certain functions but we are not seeking them out as an opportunity or to help them with a need or concern.
5. The last group would be acquaintances we think we know. We may not know them by name, but we know who they are. You might recognize them at the salon when they’re getting their nails done, but you wouldn’t sit down next to them and start chatting.
Once you’ve segmented your Whos, the key is to come up with a system and a strategy to leverage those relationships in Whoville, thereby getting more people to be proactive advocates, which will then lead us to some of the upper levels of their Whovilles. As a consequence, we can end up with more business than we can handle. Where we fall down is not having systematized the people who live in our Whoville.
That said, here are the 10 Rs of taking care of your Whoville:
1. Research. Constantly stay in tune with what’s happening on a local level. You are the local ambassador for your community and neighborhood.
2. Recognize and prioritize the people in Whoville. Know what is important to them; what are their areas of significance? If they have children in elementary school, then know what’s going on in the school system. If they’re retired, then know about tax issues or who to call if a streetlight needs to be fixed.
3. Reach out. Elevate their level of awareness of you by reaching out to them with something that reminds them that you are available.
4. Remind them that you are able to assist them.
5. Review again what their needs are to see if their passions have migrated into an area you can offer help on. Maybe they’re planning a trip to Greece and you just came across an article you can send them.
6. Respond. Make sure you are proactive in responding to them and make sure you are reminding them that you are happy to help other friends, relatives and neighbors with any questions they may have.
7. Reward them by being a good listener and providing them with information that is relevant to their needs.
8. Refer them to people that you are highly confident will be able to take care of their needs.
9. Rework them to make sure that after you have handed them off to a referral, that individual has succeeded and your Who is satisfied.
10. If not, do what needs to be done to rectify the situation. Reconnect with them by reaching out with relevant information.
Source: RISMedia
Thursday, February 17, 2011
Cash in on real estate consulting
A good Article that I want to share with you "AS IS"
Would you like to open up a whole new income stream for your business? If so, offering real estate consulting in addition to your normal commissioned real estate business just might be the perfect ticket.I recently interviewed authors Julie Garton-Good ("Real Estate a la Carte: Selecting the Services You Need and Paying What They're Worth") and Mollie Wasserman ("The End of Six Percent: How to Get the Expertise You Want without Paying A Commission Unless You Want To") on the issue of real estate consulting.
At first glance, it seems as if real estate consulting is at odds with the commission model. The truth of the matter is that real estate consulting can help you convert more leads at a full commission.
First, it's extremely important to note that like regular commissions, there is no fixed rate on consulting. Commissions and consulting fees are negotiable. Each agent has to determine the best fit for his or her business.
To understand how real estate consulting works, it's important to differentiate between consulting and the normal commission sales model.
According to Garton-Good, a salesperson "tells and sells" as opposed to a consultant who "guides but not decides." Her premise is that consumers want someone who is on their side and who is hired to represent their interests. She also believes that too many agents are working for free. She was one of the first experts to argue for the unbundling of real estate services.
Back in 1999, when Garton-Good created the first real estate consulting designation (the Consumer Certified Real Estate Consultant), she pioneered the "trusted adviser" approach.
Today, Gen X and Gen Y prefer to research information online or through their friends. As a result, a better approach is to be the "trusted resource" that supplies clients with the informational resources they need to make the best possible decision.
According to Garton-Good, most agents spend way too much time providing service and not being paid for it. "Free" doesn't exist. In fact, her experience is that the typical real estate agent is worth between $75 and $150 per hour. Consequently, if your hourly rate is $100 per hour and you spent three hours doing an open house or any other activity that doesn't generate any leads, you just cost your business $300.
Garton-Good says that agents who shift to the real estate consulting approach have a strong understanding of how much their time is worth. Tracking your return on various activities is critical. You must also determine which activities pay you your hourly rate or more. For the activities that are not generating a return, you have two choices: dump them or delegate them.
Both Garton-Good and Wasserman argue that providing real estate consulting can be an important part of your real estate offerings.
According to Wasserman, "Real estate consulting opens up new avenues to negotiate on behalf of clients as well as to troubleshoot problems for a fee." For example, you may know of someone who wants to know whether they should remodel or buy a new property. You can charge for putting together the information necessary for them to make that decision.
Wasserman's company offers a designation called ACRE, or Accredited Consultant in Real Estate. She sees no conflict with agents charging commissions. Instead, consultants have the option of working with both models. Like Garton-Good, she believes most agents are working for less than minimum wage or free, when they're worth much more per hour.
Wasserman draws the distinction between two types of real estate activity. "Functionary" activities include those activities that technology can handle, such as providing information about local areas, schools, and crime statistics. It also includes activities, such as holding open house events, that do not require a high level of expertise.
In contrast, technology cannot replace "fiduciary" activities. This includes counseling, negotiating and other activities that require knowledge as opposed to just disseminating information.
For example, a seller might go online to view the comparable sales for their area. Without having seen the other properties, they still will have a hard time establishing the price. That's where the Realtor's ability to evaluate the seller's property in light of all the other data makes pricing a fiduciary rather than a functional activity.
According to Wasserman, real estate consultants generally bill for fiduciary activities at twice the rate of functional activities. For example, negotiating for a seller in a multiple-offer situation might be $100 per hour while meeting with the appraiser to let him into the house might be $50 per hour.
Wasserman also argues that the real estate consulting model is your best defense against commission-cutting. To illustrate, for-sale-by-owner sellers normally do not want to pay a listing commission. They may, however, be willing to pay an agent to provide them with comparable sales and to help them with staging their home.
Given that only 5 percent of all sellers successfully sell their own property to a buyer they do not know, there's a high probability that the FSBO will ultimately list with an agent.
Wasserman trains the agents in her courses to allow their consulting clients to credit their real estate consulting fees towards a listing commission if they decide to use the traditional commission model at a later date. As she points out in her training: "Consulting is the antidote to commissionectomies!" Once they have already paid you a consulting fee, they're highly unlikely to list with another agent.
Source: Inman News™
Cash in on real estate consulting
A good Article that I want to share with you "AS IS"
Would you like to open up a whole new income stream for your business? If so, offering real estate consulting in addition to your normal commissioned real estate business just might be the perfect ticket.I recently interviewed authors Julie Garton-Good ("Real Estate a la Carte: Selecting the Services You Need and Paying What They're Worth") and Mollie Wasserman ("The End of Six Percent: How to Get the Expertise You Want without Paying A Commission Unless You Want To") on the issue of real estate consulting.
At first glance, it seems as if real estate consulting is at odds with the commission model. The truth of the matter is that real estate consulting can help you convert more leads at a full commission.
First, it's extremely important to note that like regular commissions, there is no fixed rate on consulting. Commissions and consulting fees are negotiable. Each agent has to determine the best fit for his or her business.
To understand how real estate consulting works, it's important to differentiate between consulting and the normal commission sales model.
According to Garton-Good, a salesperson "tells and sells" as opposed to a consultant who "guides but not decides." Her premise is that consumers want someone who is on their side and who is hired to represent their interests. She also believes that too many agents are working for free. She was one of the first experts to argue for the unbundling of real estate services.
Back in 1999, when Garton-Good created the first real estate consulting designation (the Consumer Certified Real Estate Consultant), she pioneered the "trusted adviser" approach.
Today, Gen X and Gen Y prefer to research information online or through their friends. As a result, a better approach is to be the "trusted resource" that supplies clients with the informational resources they need to make the best possible decision.
According to Garton-Good, most agents spend way too much time providing service and not being paid for it. "Free" doesn't exist. In fact, her experience is that the typical real estate agent is worth between $75 and $150 per hour. Consequently, if your hourly rate is $100 per hour and you spent three hours doing an open house or any other activity that doesn't generate any leads, you just cost your business $300.
Garton-Good says that agents who shift to the real estate consulting approach have a strong understanding of how much their time is worth. Tracking your return on various activities is critical. You must also determine which activities pay you your hourly rate or more. For the activities that are not generating a return, you have two choices: dump them or delegate them.
Both Garton-Good and Wasserman argue that providing real estate consulting can be an important part of your real estate offerings.
According to Wasserman, "Real estate consulting opens up new avenues to negotiate on behalf of clients as well as to troubleshoot problems for a fee." For example, you may know of someone who wants to know whether they should remodel or buy a new property. You can charge for putting together the information necessary for them to make that decision.
Wasserman's company offers a designation called ACRE, or Accredited Consultant in Real Estate. She sees no conflict with agents charging commissions. Instead, consultants have the option of working with both models. Like Garton-Good, she believes most agents are working for less than minimum wage or free, when they're worth much more per hour.
Wasserman draws the distinction between two types of real estate activity. "Functionary" activities include those activities that technology can handle, such as providing information about local areas, schools, and crime statistics. It also includes activities, such as holding open house events, that do not require a high level of expertise.
In contrast, technology cannot replace "fiduciary" activities. This includes counseling, negotiating and other activities that require knowledge as opposed to just disseminating information.
For example, a seller might go online to view the comparable sales for their area. Without having seen the other properties, they still will have a hard time establishing the price. That's where the Realtor's ability to evaluate the seller's property in light of all the other data makes pricing a fiduciary rather than a functional activity.
According to Wasserman, real estate consultants generally bill for fiduciary activities at twice the rate of functional activities. For example, negotiating for a seller in a multiple-offer situation might be $100 per hour while meeting with the appraiser to let him into the house might be $50 per hour.
Wasserman also argues that the real estate consulting model is your best defense against commission-cutting. To illustrate, for-sale-by-owner sellers normally do not want to pay a listing commission. They may, however, be willing to pay an agent to provide them with comparable sales and to help them with staging their home.
Given that only 5 percent of all sellers successfully sell their own property to a buyer they do not know, there's a high probability that the FSBO will ultimately list with an agent.
Wasserman trains the agents in her courses to allow their consulting clients to credit their real estate consulting fees towards a listing commission if they decide to use the traditional commission model at a later date. As she points out in her training: "Consulting is the antidote to commissionectomies!" Once they have already paid you a consulting fee, they're highly unlikely to list with another agent.
Source: Inman News™
Marketers rush to add interactive, phone-scannable codes
They’re popping up on merchandise, price labels, business cards and newspaper ads.
Black-and-white barcodes the size of a postage stamp are connecting people with smart phones to Internet sites, delivering immediate information and marking another advance in the world of the mobile web.
Anyone with a smart phone can download a free QR reader application and scan the codes using the phone’s camera. The code then takes the user to a site with videos, coupons, special promotions, sweepstakes, surveys or whatever else the code holder is promising.
Real estate agents, auto dealers, property managers and nonprofits are among the early adopters of QR codes.
At Keller Williams Realty in Boise, associate brokers Dawn Templeton and Janet Parsons have used QR codes in their advertisements in the agency’s real estate magazine. The codes linked to their websites.
“My head started spinning when I thought of all the cool ways I could use it,” Parsons said.
Both women said they plan to place QR codes on fliers and signs at properties for sale so potential buyers can scan them and take a virtual tour while they’re standing in front of a home.
“This is fast. This is easy. This is hip,” Parsons said. “It’s leading edge.”
Businesses often begin using QR codes by putting them on business cards. The codes connect to contact information or a company website, said Cahill Jones, president of BizPrint, a printing/marketing company in Boise that designs and manages QR codes for clients.
The next step typically is to get more specific with a QR that goes to a survey, a coupon or a page where customers can order items, he said.
“You’re catching consumers at the exact moment when they are interested in the product,” Jones said. “The uses are just unlimited.”
St. Luke’s Women’s Fitness Celebration, a BizPrint client, experimented last year with a QR code displayed at an event booth and linked to its website. This year the organization plans to expand its use of the codes, said Lorene Oates, coordinator of sponsor services.
“We’re all pretty excited about it,” she said.
Jim Reimer, president of Boise-based property manager Management One Inc., has asked BizPrint to build a QR code that links to a map and directions to his office so that would-be renters and tenants dropping off applications or checks can find it easily.
“It’s a conversation piece, which is what I like,” he said.
Reimer manages 123 Valley homes and apartments, plus some homeowners associations and condos. He said many of his renters are younger people who want to be able to access information easily on their phones.
“If we want to reach the younger generation, we have to provide information the way they want it,” he said.
One QR code costs about $20 at BizPrint. Jones said QR management websites allow companies to track the number of people who scan them. As smart phone use grows, the codes will become more effective in raising awareness, increasing sales and promoting interaction, he said.
At the Idaho Statesman in Boise, Travis Quast, vice president of sales and marketing, said the advertising department is working with auto dealers and real estate professionals to provide QRs that will take consumers from a print ad to a website with information about the car or home in the ad.
For the print-edition newspaper, “it is the way to get people interacting with our pages,” Quast said. For advertisers, “it’s not about just taking them to the website; it’s about getting them involved with the product. It’s like a 24-hour salesperson.”
Source: The Idaho Statesman (Boise, Idaho), Sandra Forester. Distributed by McClatchy-Tribune News Service.
Black-and-white barcodes the size of a postage stamp are connecting people with smart phones to Internet sites, delivering immediate information and marking another advance in the world of the mobile web.
Anyone with a smart phone can download a free QR reader application and scan the codes using the phone’s camera. The code then takes the user to a site with videos, coupons, special promotions, sweepstakes, surveys or whatever else the code holder is promising.
Real estate agents, auto dealers, property managers and nonprofits are among the early adopters of QR codes.
At Keller Williams Realty in Boise, associate brokers Dawn Templeton and Janet Parsons have used QR codes in their advertisements in the agency’s real estate magazine. The codes linked to their websites.
“My head started spinning when I thought of all the cool ways I could use it,” Parsons said.
Both women said they plan to place QR codes on fliers and signs at properties for sale so potential buyers can scan them and take a virtual tour while they’re standing in front of a home.
“This is fast. This is easy. This is hip,” Parsons said. “It’s leading edge.”
Businesses often begin using QR codes by putting them on business cards. The codes connect to contact information or a company website, said Cahill Jones, president of BizPrint, a printing/marketing company in Boise that designs and manages QR codes for clients.
The next step typically is to get more specific with a QR that goes to a survey, a coupon or a page where customers can order items, he said.
“You’re catching consumers at the exact moment when they are interested in the product,” Jones said. “The uses are just unlimited.”
St. Luke’s Women’s Fitness Celebration, a BizPrint client, experimented last year with a QR code displayed at an event booth and linked to its website. This year the organization plans to expand its use of the codes, said Lorene Oates, coordinator of sponsor services.
“We’re all pretty excited about it,” she said.
Jim Reimer, president of Boise-based property manager Management One Inc., has asked BizPrint to build a QR code that links to a map and directions to his office so that would-be renters and tenants dropping off applications or checks can find it easily.
“It’s a conversation piece, which is what I like,” he said.
Reimer manages 123 Valley homes and apartments, plus some homeowners associations and condos. He said many of his renters are younger people who want to be able to access information easily on their phones.
“If we want to reach the younger generation, we have to provide information the way they want it,” he said.
One QR code costs about $20 at BizPrint. Jones said QR management websites allow companies to track the number of people who scan them. As smart phone use grows, the codes will become more effective in raising awareness, increasing sales and promoting interaction, he said.
At the Idaho Statesman in Boise, Travis Quast, vice president of sales and marketing, said the advertising department is working with auto dealers and real estate professionals to provide QRs that will take consumers from a print ad to a website with information about the car or home in the ad.
For the print-edition newspaper, “it is the way to get people interacting with our pages,” Quast said. For advertisers, “it’s not about just taking them to the website; it’s about getting them involved with the product. It’s like a 24-hour salesperson.”
Source: The Idaho Statesman (Boise, Idaho), Sandra Forester. Distributed by McClatchy-Tribune News Service.
Tuesday, February 15, 2011
The World's First 3D Smartphone Debuts
The LG Optimus 3D marks a milestone as the world’s first 3D smartphone, in which images appear to pop out of the screen and extra depth is added in images on the phone.
The Android smartphone features a 3D lentiucular screen, which generates a 3D effect without the need for special 3D glasses.
The phone also comes with dual 5 megapixel cameras so you can record and view 3D images and video on the phone. You can also adjust the depth of the 3D, too. A YouTube application is also available in 3D.
Besides the 3D features, the phone also boasts a 2GHz dual-core processor.
“3D aside, the Optimus 3D will be one of the more powerful Android smartphones for the first half of 2011,” according to a recent article in CNET announcing the new phone. “Whether you buy this phone for the 3D or not seems almost irrelevant as it has the power and design to stand on its own regardless of whether you appreciate this adventure into new territory.”
The phone has a summer release date, which is expected to coincide with the release of Apple’s latest iPhone.
Source: “LG Announces World’s First 3D Smartphone,” Bit-Tech.net (Feb. 15, 2011) and “LG Optimus 3D,” CNET (Feb. 15, 2011)
The Android smartphone features a 3D lentiucular screen, which generates a 3D effect without the need for special 3D glasses.
The phone also comes with dual 5 megapixel cameras so you can record and view 3D images and video on the phone. You can also adjust the depth of the 3D, too. A YouTube application is also available in 3D.
Besides the 3D features, the phone also boasts a 2GHz dual-core processor.
“3D aside, the Optimus 3D will be one of the more powerful Android smartphones for the first half of 2011,” according to a recent article in CNET announcing the new phone. “Whether you buy this phone for the 3D or not seems almost irrelevant as it has the power and design to stand on its own regardless of whether you appreciate this adventure into new territory.”
The phone has a summer release date, which is expected to coincide with the release of Apple’s latest iPhone.
Source: “LG Announces World’s First 3D Smartphone,” Bit-Tech.net (Feb. 15, 2011) and “LG Optimus 3D,” CNET (Feb. 15, 2011)
Monday, February 14, 2011
8 Critical Steps to an Interfusion Marketing Strategy
Step 1 – Understand your vision and who you want to attract
Work certain towns, the first-time home buyer market or short sales? Hone in on where you want your business to come from. What does that type of consumer want? Where do they look for information? And how do they go about getting it? Tailor to their mind.
Step 2 – Have main website buttons with content and MLS searches
Once they land on your site, you have only seconds to prove they have come to the right place. They should click on the button and go to a page about the area with photos and even a video that allows them to gather information from your perspective.
Step 3 – Give them what they want…listings
Include an interactive MLS search on your homepage and have creative searches on your content pages that interfuse specific MLS searches by price or property type. Once they click on the listing details, romance them and gain their trust to engage with you.
Step 4 – Have “Calls To Action” – compel them to click through
Engagement points (i.e., calls to action) should be sprinkled strategically throughout your site. Get into their head, so they think things like: “That’s what I am dying to know” or “I think I should look into that.” Tailor the message like:
-Facing foreclosure?
-Has the market stabilized?
-Foreclosure/bank-owned buys – click here!
Step 5 – Incubate the lead with automated e-mail follow up
Calls to action must be partnered with an automated e-mail drip campaign. Make sure it’s on branded e-mail stationary with links back to your site and be on schedule for at least a year. Be positioned so when they are ready to move forward they think of you.
Step 6 – Match the calls to action with specific landing pages and domain names.
Remember the consumer can be at different phases of the process and many times they aren’t ready to talk to you just yet. Non-branded pages like www.FortMillForeclosureList.com allow them to get information on their own terms, which in turn, gets them into the e-mail follow up.
Step 7 – Social? Offline? Preach your message everywhere.
If your marketing and advertising doesn’t have a call to action…it’s pointless. Whether it’s postcards, listing flyers, magazine ads, Facebook ads, Craigslist or even your Facebook business page wall, you need to remember it’s about lead generation!
Step 8 – Manage the leads and track the results.
What advertising gets the most leads? Which calls to action get the most traffic? How many buyers are in incubation and at what point do they seem to convert? Profile and track your business so you know where to cut and where to spend.
Source: RISMedia
Work certain towns, the first-time home buyer market or short sales? Hone in on where you want your business to come from. What does that type of consumer want? Where do they look for information? And how do they go about getting it? Tailor to their mind.
Step 2 – Have main website buttons with content and MLS searches
Once they land on your site, you have only seconds to prove they have come to the right place. They should click on the button and go to a page about the area with photos and even a video that allows them to gather information from your perspective.
Step 3 – Give them what they want…listings
Include an interactive MLS search on your homepage and have creative searches on your content pages that interfuse specific MLS searches by price or property type. Once they click on the listing details, romance them and gain their trust to engage with you.
Step 4 – Have “Calls To Action” – compel them to click through
Engagement points (i.e., calls to action) should be sprinkled strategically throughout your site. Get into their head, so they think things like: “That’s what I am dying to know” or “I think I should look into that.” Tailor the message like:
-Facing foreclosure?
-Has the market stabilized?
-Foreclosure/bank-owned buys – click here!
Step 5 – Incubate the lead with automated e-mail follow up
Calls to action must be partnered with an automated e-mail drip campaign. Make sure it’s on branded e-mail stationary with links back to your site and be on schedule for at least a year. Be positioned so when they are ready to move forward they think of you.
Step 6 – Match the calls to action with specific landing pages and domain names.
Remember the consumer can be at different phases of the process and many times they aren’t ready to talk to you just yet. Non-branded pages like www.FortMillForeclosureList.com allow them to get information on their own terms, which in turn, gets them into the e-mail follow up.
Step 7 – Social? Offline? Preach your message everywhere.
If your marketing and advertising doesn’t have a call to action…it’s pointless. Whether it’s postcards, listing flyers, magazine ads, Facebook ads, Craigslist or even your Facebook business page wall, you need to remember it’s about lead generation!
Step 8 – Manage the leads and track the results.
What advertising gets the most leads? Which calls to action get the most traffic? How many buyers are in incubation and at what point do they seem to convert? Profile and track your business so you know where to cut and where to spend.
Source: RISMedia
Saturday, February 12, 2011
Thursday, February 10, 2011
5 Tips to Reel in Renters with Social Media
1. Emphasize any features that promote a healthier, happier lifestyle. Rather than just rattling off features of the apartment, go one step further and connect to people who want to live a better life. For instance, if your building has a gym with state-of-the-art equipment, link on Facebook to a fitness story about staying fit, or do a fitness-based Twitter post. If the rooms are particularly light-filled with floor-to-ceiling windows, link to a story about the importance of light to a healthy lifestyle. This will allow folks to associate your property with a high quality of life.
2. Connect to the community. Show your property’s connection with the world outside. If it’s in an urban area with lots of younger professionals, do a post on five great coffee bars to visit before work, or wine bars to check out after quitting time. If a standout new vintage shop opens nearby, do a post on that. Remember, people will be renting not just an apartment, but a neighborhood. Highlighting the best and brightest places in that neighborhood will enhance your value proposition big-time.
3. Show that inventory. Is an apartment available? Show it via a quick link on your wall or social media page. The statement can be simple: “Check out the view from a sunny one-bedroom that just opened up on the 20th floor.” But don’t opt for one of those spinning 360-degree views with a fixed camera and no sound, where it looks like the walls are caving in. In those types of videos, a large bedroom is virtually indistinguishable from a closet-sized one. Instead, consider a video featuring a quick tour, with well-focused zooms on all the important details, from a marble shower to a well-lit breakfast nook. It doesn’t have to be dramatic and Broadway-lit, but it should look professional. You don’t need multi-thousand-dollar equipment—the new Flip video camera is a good pick.
4. Appeal to the tech-savvy crowd. If a potential renter is accessing your content on Facebook and Twitter, chances are he or she does a lot online, both business and personal—including paying bills, ordering lunch and joining a variety of communities and interest groups. It’s a given that you should emphasize tech-savvy features in the rentals, from free Wi-Fi to high-security intercoms. But, more importantly, consider using social media to organize social meet-ups for residents, and even issue friendly reminders to residents like “Don’t forget, you can pay your rent online!”—even offering to enter those who do in a competition. You might ask: How does this benefit those who haven’t rented there yet? The answer is simple: They can see that there’s a community there, and if it looks enticing enough, they’ll want to join.
5. Keep your messaging true to your brand. Entertaining is one thing, “cutesy” is another. Avoid the need to be excessively jokey or colloquial; don’t fall into the trap that some marketers do, thinking all renters are twenty-something’s who are all about partying. And don’t abandon your larger marketing strategy: Though social media posts should obviously be more conversational than the tone of the building’s website or other marketing materials, they shouldn’t sound as though they’re written by an entirely different entity. If it’s an affordable property, it’s silly to mention a just-opened store nearby that sells $2,000 handbags or a great nearby restaurant that offers $28 eggs Benedict at brunch. And finally, don’t overpost. Less is more. Five weather updates a day are best left to the weatherman.
Source: RISMedia
2. Connect to the community. Show your property’s connection with the world outside. If it’s in an urban area with lots of younger professionals, do a post on five great coffee bars to visit before work, or wine bars to check out after quitting time. If a standout new vintage shop opens nearby, do a post on that. Remember, people will be renting not just an apartment, but a neighborhood. Highlighting the best and brightest places in that neighborhood will enhance your value proposition big-time.
3. Show that inventory. Is an apartment available? Show it via a quick link on your wall or social media page. The statement can be simple: “Check out the view from a sunny one-bedroom that just opened up on the 20th floor.” But don’t opt for one of those spinning 360-degree views with a fixed camera and no sound, where it looks like the walls are caving in. In those types of videos, a large bedroom is virtually indistinguishable from a closet-sized one. Instead, consider a video featuring a quick tour, with well-focused zooms on all the important details, from a marble shower to a well-lit breakfast nook. It doesn’t have to be dramatic and Broadway-lit, but it should look professional. You don’t need multi-thousand-dollar equipment—the new Flip video camera is a good pick.
4. Appeal to the tech-savvy crowd. If a potential renter is accessing your content on Facebook and Twitter, chances are he or she does a lot online, both business and personal—including paying bills, ordering lunch and joining a variety of communities and interest groups. It’s a given that you should emphasize tech-savvy features in the rentals, from free Wi-Fi to high-security intercoms. But, more importantly, consider using social media to organize social meet-ups for residents, and even issue friendly reminders to residents like “Don’t forget, you can pay your rent online!”—even offering to enter those who do in a competition. You might ask: How does this benefit those who haven’t rented there yet? The answer is simple: They can see that there’s a community there, and if it looks enticing enough, they’ll want to join.
5. Keep your messaging true to your brand. Entertaining is one thing, “cutesy” is another. Avoid the need to be excessively jokey or colloquial; don’t fall into the trap that some marketers do, thinking all renters are twenty-something’s who are all about partying. And don’t abandon your larger marketing strategy: Though social media posts should obviously be more conversational than the tone of the building’s website or other marketing materials, they shouldn’t sound as though they’re written by an entirely different entity. If it’s an affordable property, it’s silly to mention a just-opened store nearby that sells $2,000 handbags or a great nearby restaurant that offers $28 eggs Benedict at brunch. And finally, don’t overpost. Less is more. Five weather updates a day are best left to the weatherman.
Source: RISMedia
5 Tips to Reel in Renters with Social Media
1. Emphasize any features that promote a healthier, happier lifestyle. Rather than just rattling off features of the apartment, go one step further and connect to people who want to live a better life. For instance, if your building has a gym with state-of-the-art equipment, link on Facebook to a fitness story about staying fit, or do a fitness-based Twitter post. If the rooms are particularly light-filled with floor-to-ceiling windows, link to a story about the importance of light to a healthy lifestyle. This will allow folks to associate your property with a high quality of life.
2. Connect to the community. Show your property’s connection with the world outside. If it’s in an urban area with lots of younger professionals, do a post on five great coffee bars to visit before work, or wine bars to check out after quitting time. If a standout new vintage shop opens nearby, do a post on that. Remember, people will be renting not just an apartment, but a neighborhood. Highlighting the best and brightest places in that neighborhood will enhance your value proposition big-time.
3. Show that inventory. Is an apartment available? Show it via a quick link on your wall or social media page. The statement can be simple: “Check out the view from a sunny one-bedroom that just opened up on the 20th floor.” But don’t opt for one of those spinning 360-degree views with a fixed camera and no sound, where it looks like the walls are caving in. In those types of videos, a large bedroom is virtually indistinguishable from a closet-sized one. Instead, consider a video featuring a quick tour, with well-focused zooms on all the important details, from a marble shower to a well-lit breakfast nook. It doesn’t have to be dramatic and Broadway-lit, but it should look professional. You don’t need multi-thousand-dollar equipment—the new Flip video camera is a good pick.
4. Appeal to the tech-savvy crowd. If a potential renter is accessing your content on Facebook and Twitter, chances are he or she does a lot online, both business and personal—including paying bills, ordering lunch and joining a variety of communities and interest groups. It’s a given that you should emphasize tech-savvy features in the rentals, from free Wi-Fi to high-security intercoms. But, more importantly, consider using social media to organize social meet-ups for residents, and even issue friendly reminders to residents like “Don’t forget, you can pay your rent online!”—even offering to enter those who do in a competition. You might ask: How does this benefit those who haven’t rented there yet? The answer is simple: They can see that there’s a community there, and if it looks enticing enough, they’ll want to join.
5. Keep your messaging true to your brand. Entertaining is one thing, “cutesy” is another. Avoid the need to be excessively jokey or colloquial; don’t fall into the trap that some marketers do, thinking all renters are twenty-something’s who are all about partying. And don’t abandon your larger marketing strategy: Though social media posts should obviously be more conversational than the tone of the building’s website or other marketing materials, they shouldn’t sound as though they’re written by an entirely different entity. If it’s an affordable property, it’s silly to mention a just-opened store nearby that sells $2,000 handbags or a great nearby restaurant that offers $28 eggs Benedict at brunch. And finally, don’t overpost. Less is more. Five weather updates a day are best left to the weatherman.
Source: RISMedia
2. Connect to the community. Show your property’s connection with the world outside. If it’s in an urban area with lots of younger professionals, do a post on five great coffee bars to visit before work, or wine bars to check out after quitting time. If a standout new vintage shop opens nearby, do a post on that. Remember, people will be renting not just an apartment, but a neighborhood. Highlighting the best and brightest places in that neighborhood will enhance your value proposition big-time.
3. Show that inventory. Is an apartment available? Show it via a quick link on your wall or social media page. The statement can be simple: “Check out the view from a sunny one-bedroom that just opened up on the 20th floor.” But don’t opt for one of those spinning 360-degree views with a fixed camera and no sound, where it looks like the walls are caving in. In those types of videos, a large bedroom is virtually indistinguishable from a closet-sized one. Instead, consider a video featuring a quick tour, with well-focused zooms on all the important details, from a marble shower to a well-lit breakfast nook. It doesn’t have to be dramatic and Broadway-lit, but it should look professional. You don’t need multi-thousand-dollar equipment—the new Flip video camera is a good pick.
4. Appeal to the tech-savvy crowd. If a potential renter is accessing your content on Facebook and Twitter, chances are he or she does a lot online, both business and personal—including paying bills, ordering lunch and joining a variety of communities and interest groups. It’s a given that you should emphasize tech-savvy features in the rentals, from free Wi-Fi to high-security intercoms. But, more importantly, consider using social media to organize social meet-ups for residents, and even issue friendly reminders to residents like “Don’t forget, you can pay your rent online!”—even offering to enter those who do in a competition. You might ask: How does this benefit those who haven’t rented there yet? The answer is simple: They can see that there’s a community there, and if it looks enticing enough, they’ll want to join.
5. Keep your messaging true to your brand. Entertaining is one thing, “cutesy” is another. Avoid the need to be excessively jokey or colloquial; don’t fall into the trap that some marketers do, thinking all renters are twenty-something’s who are all about partying. And don’t abandon your larger marketing strategy: Though social media posts should obviously be more conversational than the tone of the building’s website or other marketing materials, they shouldn’t sound as though they’re written by an entirely different entity. If it’s an affordable property, it’s silly to mention a just-opened store nearby that sells $2,000 handbags or a great nearby restaurant that offers $28 eggs Benedict at brunch. And finally, don’t overpost. Less is more. Five weather updates a day are best left to the weatherman.
Source: RISMedia
Tuesday, February 8, 2011
Winning with WordPress
Rather than pay hundreds of dollars per month to a web developer and rely on that provider every time a change is needed, real estate agents should consider managing their own web sites using WordPress.
By switching to the platform, Michelle Silverman – a sales associate with Prudential California Realty in La Jolla, Calif. – saves over $2,000 per year and only spends $10 per month on hosting. Those who own their own domains can use a web host to install WordPress in a matter of minutes – but those who host their site on a personal server should seek out a developer to install it using files that can be downloaded from WordPress.org.
After downloading WordPress, users can search through more than 1,000 customizable design themes. While most are free, WordPress also offers access to real estate-specific themes from AgentPress and iReal Estate that cost under $100.
Finally, agents should add plug-ins, which give a website additional capabilities. Plug-ins range from WordPress Database Backup and Feed Statistics to event calendars and MLS data feeds.
Source: INFORMATION, INC. Bethesda,
 |
By switching to the platform, Michelle Silverman – a sales associate with Prudential California Realty in La Jolla, Calif. – saves over $2,000 per year and only spends $10 per month on hosting. Those who own their own domains can use a web host to install WordPress in a matter of minutes – but those who host their site on a personal server should seek out a developer to install it using files that can be downloaded from WordPress.org.
After downloading WordPress, users can search through more than 1,000 customizable design themes. While most are free, WordPress also offers access to real estate-specific themes from AgentPress and iReal Estate that cost under $100.
Finally, agents should add plug-ins, which give a website additional capabilities. Plug-ins range from WordPress Database Backup and Feed Statistics to event calendars and MLS data feeds.
Source: INFORMATION, INC. Bethesda,
Get a social media game plan
A consistent challenge with using social networks to market is managing the number of profiles, posts and so on. Logging in and checking for messages on Facebook, Twitter, LinkedIn and your own blog takes up time and is annoying.
A number of different software platforms have emerged to deal with this. They're called "social media dashboards" and you might even be using one now.
Social Made Simple is a social dashboard that differs a bit from some of the others, like Hootsuite, because it is focused on helping you locate and distribute real estate content and has tools to help you develop a specific plan for using social media to publish that content.
The basics
Social Made Simple connects to the "big three" social networking sites: Facebook, Twitter and LinkedIn. Also, you can connect a blog to the service.
Once you've granted Social Made Simple access to these sites, you can perform a few useful tasks from your Social Made Simple account:
•Review a unified inbox that shows all messages to you from each of the sites you've linked.
•Review a unified stream of all messages posted by people in each of the networks.
•Post responses to any of these messages to the networks.
•Post new messages to LinkedIn, Twitter, Facebook or a blog.
These basics are nice enough -- cutting down a lot of logging in and checking different streams in different places. But these things aren't what make Social Made Simple a truly useful social dashboarding tool.
Grouping your contacts
Once you've given access to your social media accounts over to Social Made Simple, your contacts will be pulled in. The next thing you'll want to do is create groups of your contacts.
Creating groups is just as much of a chore in Social Made Simple as it is in any of the other systems I've encountered. Set up a group, go through every contact on every network and find the people you want to add to the group.
But the end result is that you can have a few useful streams of content. For example, all social content posted by your current clients or your past clients or prospective clients.
Using groups is a way for your to filter out the chatter of all your friends who also work in real estate from potential buyers and sellers. It's a hassle to set up, but if you keep your groups limited to business-focus then you can get it done.
Some of your customers may be using LinkedIn more often than Facebook, for example. Having grouped contacts in Social Made Simple lets you focus on customers instead of social media channels. This is a good thing.
Make a plan for social media
One of the unique features of Social Made Simple is how it incorporates building a plan into using the system. The system has several activity-based plans available by default or you can create your own.
A plan in Social Made Simple is defined by the number and type of posts you want to commit to over time. For example, its "beginner" plan suggests you complete four short posts (like Twitter or Facebook updates), one long post, and comment four times each week.
The plan becomes a sort of to-do list. As you're using Social Made Simple, your progress against your plan is often prominently displayed on a chalkboard graphic with a letter grade. This keeps everything pretty straightforward.
To help keep you on track, Social Made Simple will e-mail you every day (or less if you'd like) to let you know where you stand on following your plan. While none of us needs one more reason to feel guilty about not posting to a Facebook page, it is good to have a reminder.
The default settings all looked solid to me. Even if someone hasn't ever participated in social media stuff before, if they start with the "beginner" plan it won't be overwhelming.
There is a progression implied, and an increase in workload as other plans are selected. The "plans" section of Social Made Simple will probably put a few social media consultants out of work.
Finding relevant content
What I really like the most about Social Made Simple is the content suggestion feature. When you go to make a new post, the system has a selection of content suggestions that are mostly relevant to real estate.
So if you're not sure what to write about, Social Made Simple pretty much gets you started with a headline and a link to a source article. If you give your thoughts on the source article and hit publish button, you're done.
It's a nice way to get regular, relevant real estate content into your site -- while avoiding the "duplicate content" issues inherent in most "we publish your blog for you" services.
The content comes from a variety of solid sources and, of course, you can preview the link before publishing.
In addition, you can add any content source to the system via RSS feeds. If there is a publication or blog that you like to link to or comment about, you can add the RSS feed to your Social Made Simple content library and speed up the process of publishing your commentary and links to your site.
The real trick here, in terms of practical use, is to add your own commentary to the link -- sharing your own experiences with your audience and letting them know why you think the content you're linking to is relevant to them.
The content library also pulls in local news content from Fwix.com and contains some tips and ideas for real estate-focused blog posts. Social Made Simple has done just about all it can to eliminate the "blank page" problem for you, short of writing the content for you.
Groups
The remaining feature that I'm really liking about Social Made Simple is the group feature. If you're a broker or organization with a lot of agents or other individuals working with you, you can set up a group.
From a group account you can make posts for your members' content library.
This is a good way for organizations to get out information that's common for all of their members. It provides for some consistent messaging via social media networks. It also gives individuals some control by letting them customize the posts for their specific audience, and to choose which posts to publish.
Combined with the plan and content functionality feature, the groups feature is a very solid tool to get beginners in social media up and running with a minimum of effort.
Room for improvement
As with all software tools, there's room for improvement with Social Made Simple. The system wasn't able to pull in all of my LinkedIn connections, but that was probably due to an API issue. Maybe they'll show up by the time this column gets published.
Also, while many of the mentions and messages include a link to respond, some don't (when people "like" a comment in Facebook, for example). It would be nice to be able to respond to any action taken with your content in a social network.
And as much as I love the content library, I'd like to see the source of the content listed, along with the headline, so I know whether I want to use it before clicking to edit. This would help speed things up and avoid backtracking.
Aside from the LinkedIn issue, the others are somewhat minor issues that should be easily addressable. Overall, Social Made Simple looks like an excellent social platform for individuals and groups in the real estate industry to take control of social media marketing.
Source: Gahlord Dewald is the president and janitor of Thoughtfaucet, a strategic creative services company in Burlington, Vt.
A number of different software platforms have emerged to deal with this. They're called "social media dashboards" and you might even be using one now.
Social Made Simple is a social dashboard that differs a bit from some of the others, like Hootsuite, because it is focused on helping you locate and distribute real estate content and has tools to help you develop a specific plan for using social media to publish that content.
The basics
Social Made Simple connects to the "big three" social networking sites: Facebook, Twitter and LinkedIn. Also, you can connect a blog to the service.
Once you've granted Social Made Simple access to these sites, you can perform a few useful tasks from your Social Made Simple account:
•Review a unified inbox that shows all messages to you from each of the sites you've linked.
•Review a unified stream of all messages posted by people in each of the networks.
•Post responses to any of these messages to the networks.
•Post new messages to LinkedIn, Twitter, Facebook or a blog.
These basics are nice enough -- cutting down a lot of logging in and checking different streams in different places. But these things aren't what make Social Made Simple a truly useful social dashboarding tool.
Grouping your contacts
Once you've given access to your social media accounts over to Social Made Simple, your contacts will be pulled in. The next thing you'll want to do is create groups of your contacts.
Creating groups is just as much of a chore in Social Made Simple as it is in any of the other systems I've encountered. Set up a group, go through every contact on every network and find the people you want to add to the group.
But the end result is that you can have a few useful streams of content. For example, all social content posted by your current clients or your past clients or prospective clients.
Using groups is a way for your to filter out the chatter of all your friends who also work in real estate from potential buyers and sellers. It's a hassle to set up, but if you keep your groups limited to business-focus then you can get it done.
Some of your customers may be using LinkedIn more often than Facebook, for example. Having grouped contacts in Social Made Simple lets you focus on customers instead of social media channels. This is a good thing.
Make a plan for social media
One of the unique features of Social Made Simple is how it incorporates building a plan into using the system. The system has several activity-based plans available by default or you can create your own.
A plan in Social Made Simple is defined by the number and type of posts you want to commit to over time. For example, its "beginner" plan suggests you complete four short posts (like Twitter or Facebook updates), one long post, and comment four times each week.
The plan becomes a sort of to-do list. As you're using Social Made Simple, your progress against your plan is often prominently displayed on a chalkboard graphic with a letter grade. This keeps everything pretty straightforward.
To help keep you on track, Social Made Simple will e-mail you every day (or less if you'd like) to let you know where you stand on following your plan. While none of us needs one more reason to feel guilty about not posting to a Facebook page, it is good to have a reminder.
The default settings all looked solid to me. Even if someone hasn't ever participated in social media stuff before, if they start with the "beginner" plan it won't be overwhelming.
There is a progression implied, and an increase in workload as other plans are selected. The "plans" section of Social Made Simple will probably put a few social media consultants out of work.
Finding relevant content
What I really like the most about Social Made Simple is the content suggestion feature. When you go to make a new post, the system has a selection of content suggestions that are mostly relevant to real estate.
So if you're not sure what to write about, Social Made Simple pretty much gets you started with a headline and a link to a source article. If you give your thoughts on the source article and hit publish button, you're done.
It's a nice way to get regular, relevant real estate content into your site -- while avoiding the "duplicate content" issues inherent in most "we publish your blog for you" services.
The content comes from a variety of solid sources and, of course, you can preview the link before publishing.
In addition, you can add any content source to the system via RSS feeds. If there is a publication or blog that you like to link to or comment about, you can add the RSS feed to your Social Made Simple content library and speed up the process of publishing your commentary and links to your site.
The real trick here, in terms of practical use, is to add your own commentary to the link -- sharing your own experiences with your audience and letting them know why you think the content you're linking to is relevant to them.
The content library also pulls in local news content from Fwix.com and contains some tips and ideas for real estate-focused blog posts. Social Made Simple has done just about all it can to eliminate the "blank page" problem for you, short of writing the content for you.
Groups
The remaining feature that I'm really liking about Social Made Simple is the group feature. If you're a broker or organization with a lot of agents or other individuals working with you, you can set up a group.
From a group account you can make posts for your members' content library.
This is a good way for organizations to get out information that's common for all of their members. It provides for some consistent messaging via social media networks. It also gives individuals some control by letting them customize the posts for their specific audience, and to choose which posts to publish.
Combined with the plan and content functionality feature, the groups feature is a very solid tool to get beginners in social media up and running with a minimum of effort.
Room for improvement
As with all software tools, there's room for improvement with Social Made Simple. The system wasn't able to pull in all of my LinkedIn connections, but that was probably due to an API issue. Maybe they'll show up by the time this column gets published.
Also, while many of the mentions and messages include a link to respond, some don't (when people "like" a comment in Facebook, for example). It would be nice to be able to respond to any action taken with your content in a social network.
And as much as I love the content library, I'd like to see the source of the content listed, along with the headline, so I know whether I want to use it before clicking to edit. This would help speed things up and avoid backtracking.
Aside from the LinkedIn issue, the others are somewhat minor issues that should be easily addressable. Overall, Social Made Simple looks like an excellent social platform for individuals and groups in the real estate industry to take control of social media marketing.
Source: Gahlord Dewald is the president and janitor of Thoughtfaucet, a strategic creative services company in Burlington, Vt.
Monday, February 7, 2011
Imagine the possibilities with a little help
There is debate among real estate agents about whether homes being shown to buyers should be vacant or if they should have a lived-in appearance, even if they are empty.
While some agents believe vacant homes appeal to buyers because they look bigger and enable house-hunters to better visualize their own belongings in the space, others say that adding strategically placed items can make rooms that are a little dated look more appealing.
Agents often do not leave even unoccupied homes empty, either rearranging some of the seller’s belongings or hiring a professional stager to bring in furnishings that showcase the property’s best features. A consultation with a stager can cost a few hundred dollars, and full-out staging can require an investment of a few thousand dollars per month.
Some stagers offer more affordable plans in which living rooms, dining rooms and kitchens are staged, while bedrooms are left empty. Staged properties often sell more quickly, and pictures of staged homes are more appealing than empty rooms to buyers conducting online searches.
Some agents include staging consultations in their basic commission and require sellers to cover staging costs, while others will increase their commission rates based on how much they spend on staging.
Source: INFORMATION, INC. Bethesda, MD
While some agents believe vacant homes appeal to buyers because they look bigger and enable house-hunters to better visualize their own belongings in the space, others say that adding strategically placed items can make rooms that are a little dated look more appealing.
Agents often do not leave even unoccupied homes empty, either rearranging some of the seller’s belongings or hiring a professional stager to bring in furnishings that showcase the property’s best features. A consultation with a stager can cost a few hundred dollars, and full-out staging can require an investment of a few thousand dollars per month.
Some stagers offer more affordable plans in which living rooms, dining rooms and kitchens are staged, while bedrooms are left empty. Staged properties often sell more quickly, and pictures of staged homes are more appealing than empty rooms to buyers conducting online searches.
Some agents include staging consultations in their basic commission and require sellers to cover staging costs, while others will increase their commission rates based on how much they spend on staging.
Source: INFORMATION, INC. Bethesda, MD
Fla. law clear on use of escrow funds
In January, escrow violations made up nearly 25 percent of the cases heard by the Florida Real Estate Commission (FREC), and all resulted in license suspension or revocation.
“Be aware of your duties when escrow funds are entrusted to you,” says Rania Soliman, Florida Realtors® manager of Member Legal Communication. “In the normal course of doing business, real estate brokers and salespersons receive trust funds on behalf of others, creating a fiduciary responsibility to the funds’ owners. Every licensee in the State of Florida must handle, control and account for all funds entrusted to him or her.”
Proper escrow handling is required whether a licensee represents a client/customer as a single agent, as a transaction broker or no brokerage relationship. The escrow rules apply to every broker who receives any fund, deposit, money, check or item of value from sales associates, principals, prospects or other people involved in a real estate transaction.
Once received, funds must be deposited by the end of the third business day into an escrow or trust account. Escrow accounts include sales escrow and property management escrow accounts.
“Remember that rents collected monthly and made out to the broker must also be in an escrow account,” says Soliman. “Brokers must also reconcile sales escrow and property management escrow accounts monthly.
Penalties
Improper handling of escrow funds can lead to revocation or suspension of a real estate license – and the licensee could be held financially liable for damages incurred by clients.
“An escrow violation has consistently resulted in suspension or revocation of a real estate license by the Florida Real Estate Commission,” says Soliman. “Escrow violations range from misappropriating funds entrusted to the licensee, to misrepresenting on the sale and purchase contract that the buyer has placed escrow funds with the designated escrow agent when, in fact, the buyer has not.”
FREC’s usual sanction for misrepresentation of escrow funds is suspending a real estate license plus fines and costs. However, if a licensee takes escrow funds for personal use, FREC usually revokes the real estate license.
“Handle escrow funds carefully,” says Soliman.
Source: Florida Realtors®
“Be aware of your duties when escrow funds are entrusted to you,” says Rania Soliman, Florida Realtors® manager of Member Legal Communication. “In the normal course of doing business, real estate brokers and salespersons receive trust funds on behalf of others, creating a fiduciary responsibility to the funds’ owners. Every licensee in the State of Florida must handle, control and account for all funds entrusted to him or her.”
Proper escrow handling is required whether a licensee represents a client/customer as a single agent, as a transaction broker or no brokerage relationship. The escrow rules apply to every broker who receives any fund, deposit, money, check or item of value from sales associates, principals, prospects or other people involved in a real estate transaction.
Once received, funds must be deposited by the end of the third business day into an escrow or trust account. Escrow accounts include sales escrow and property management escrow accounts.
“Remember that rents collected monthly and made out to the broker must also be in an escrow account,” says Soliman. “Brokers must also reconcile sales escrow and property management escrow accounts monthly.
Penalties
Improper handling of escrow funds can lead to revocation or suspension of a real estate license – and the licensee could be held financially liable for damages incurred by clients.
“An escrow violation has consistently resulted in suspension or revocation of a real estate license by the Florida Real Estate Commission,” says Soliman. “Escrow violations range from misappropriating funds entrusted to the licensee, to misrepresenting on the sale and purchase contract that the buyer has placed escrow funds with the designated escrow agent when, in fact, the buyer has not.”
FREC’s usual sanction for misrepresentation of escrow funds is suspending a real estate license plus fines and costs. However, if a licensee takes escrow funds for personal use, FREC usually revokes the real estate license.
“Handle escrow funds carefully,” says Soliman.
Source: Florida Realtors®
Thursday, February 3, 2011
Top 5 Free Android Real Estate Apps
Google unveiled on Wednesday a Web-based version of its Android Market app store. The Android Market used to only be available on Android smart phones but can now be accessed through any Web browser for installing apps and setting it to automatically download to your Android phone, without wires or synching to computers.
Here are the top five ranked Android apps in the “real estate” category at the Android Market (all are free):
1. Zillow Real Estate: Search for homes for sale and rentals, and recently sold homes through typing or voice entry. Also, access "Zestimate” home values for 95 million homes.
2. Realtor.com Real Estate Search: Search for homes near your current location or by address and filter searches by various property characteristics. Also, view property and surrounding area via Google Street View.
3. Homes.com: Search for nearby homes for sale or rent and view property details and photos.
4. Real Estate 114: View apartment price trends and floor plans, and use QR codes to contact a real estate agent.
5. HuizenZoeker: Search for real estate in the Netherlands.
Source: “Top 10 Free Real Estate Apps for Android,” Inman News (Feb. 3, 2011)
Here are the top five ranked Android apps in the “real estate” category at the Android Market (all are free):
1. Zillow Real Estate: Search for homes for sale and rentals, and recently sold homes through typing or voice entry. Also, access "Zestimate” home values for 95 million homes.
2. Realtor.com Real Estate Search: Search for homes near your current location or by address and filter searches by various property characteristics. Also, view property and surrounding area via Google Street View.
3. Homes.com: Search for nearby homes for sale or rent and view property details and photos.
4. Real Estate 114: View apartment price trends and floor plans, and use QR codes to contact a real estate agent.
5. HuizenZoeker: Search for real estate in the Netherlands.
Source: “Top 10 Free Real Estate Apps for Android,” Inman News (Feb. 3, 2011)
Tuesday, February 1, 2011
Your Facebook Fans May Now Show Up in Ads
Facebook users may think twice about clicking a “like” button to a business or company page soon. Those who press the “like” button on your business page may then have those actions appearing on their friends’ pages as a “Sponsored Story” paid for by advertisers.
Using the new feature, companies and individuals can buy the right to republish those “like” actions and have them displayed in ads on the person’s page, including that person’s name and photo. The ad would only be displayed to that person’s network of friends on Facebook. This could mean greater word-of-mouth recommendations for companies by having those who "like" their pages promote them.
The “Sponsored Story” appears on the right side of the person’s profile page where regular ads, friend requests, or other content is usually located. It will not appear in the person’s main news feed.
"It's another way for friends to tell friends what they recommend," says Facebook spokesman Brandon McCormick.
But privacy advocates don’t like the added feature, particularly since there’s no opt-out option for those who “like” your page. Marc Rotenberg, executive director of the Electronic Privacy Information Center, has concerns that a company is making money off a person’s name or likeness without their consent.
Twitter offers a similar feature, called “promoted tweets,” which feature Twitter posts paid by advertisers that show up in search results and popular topic lists. However, unlike Twitter, Facebook’s sponsored stories will be generated by a user’s actions and not written by companies.
The sponsored stories feature will be rolled out on Facebook over the next few weeks. View a video with more information about it.
Source: “Privacy Advocates Don’t ‘Like’ Facebook’s Ad Plans,” USA Today (Jan. 31, 2011) and “Facebook to Let Advertisers Republish User Posts,” The Associated Press (Jan. 27, 2011)
Using the new feature, companies and individuals can buy the right to republish those “like” actions and have them displayed in ads on the person’s page, including that person’s name and photo. The ad would only be displayed to that person’s network of friends on Facebook. This could mean greater word-of-mouth recommendations for companies by having those who "like" their pages promote them.
The “Sponsored Story” appears on the right side of the person’s profile page where regular ads, friend requests, or other content is usually located. It will not appear in the person’s main news feed.
"It's another way for friends to tell friends what they recommend," says Facebook spokesman Brandon McCormick.
But privacy advocates don’t like the added feature, particularly since there’s no opt-out option for those who “like” your page. Marc Rotenberg, executive director of the Electronic Privacy Information Center, has concerns that a company is making money off a person’s name or likeness without their consent.
Twitter offers a similar feature, called “promoted tweets,” which feature Twitter posts paid by advertisers that show up in search results and popular topic lists. However, unlike Twitter, Facebook’s sponsored stories will be generated by a user’s actions and not written by companies.
The sponsored stories feature will be rolled out on Facebook over the next few weeks. View a video with more information about it.
Source: “Privacy Advocates Don’t ‘Like’ Facebook’s Ad Plans,” USA Today (Jan. 31, 2011) and “Facebook to Let Advertisers Republish User Posts,” The Associated Press (Jan. 27, 2011)
DBPR improves online licensing process
The Florida Department of Business and Professional Regulation (DBPR) rolled out a four-phase website improvement project to make licensing and renewals faster and more efficient.
While the change impacts all licensees that fall under DBPR, the upgraded real estate licensing system – part of Phase 4 – was rolled out in January. However, it had some problems, causing DBPR Secretary Charlie Liem to email each Florida real estate licensee in the DBPR system to explain what happened and how it has been fixed.
The improved process allows new and renewing applicants to submit all documentation online. DBPR says the online system reduces the amount of time it takes to review and approve applications compared to the old registration system. Liem called the upgrade “very necessary.”
According to Liem’s letter, the licensing system is not a problem, but DBPR’s online instructions failed to clearly explain the changes. The biggest problem: Real estate licensees already registered with the Internet site are no longer recognized. As a new system under a different vendor, all new and existing Florida licensees are considered first-time visitors and must register as such.
Part of the reason for the change, says Liem, is that the system replaces an old numeric value with an email address. And, using that email address, multiple accounts that manage multiple licensees can now be accessed through a single profile.
In his letter, however, Liem apologizes for any confusion, saying since the steps associated with creating a new account were not clearly explained on the web page, many real estate licensees were confused. He says more information, including “step-by-step tutorials on how to create your new account and how to link your license to your account” have been added.
According to Liem, benefits under the new system include:
• Registration confirmation via e-mail
• Ability to retrieve a forgotten password
• Answers eligibility questions that help applicants use the correct application
• Ability to save an application and complete it later
• Check an application’s status and get summaries
• Make payments and receive payment summaries
• Receive same-day service in many cases for new applications and changes to existing licenses
For more information, visit MyFloridaLicense.com. Liem invites licensees to call, but also warns that wait times have increased following rollout of the new system.
Source: Florida Realtors®
While the change impacts all licensees that fall under DBPR, the upgraded real estate licensing system – part of Phase 4 – was rolled out in January. However, it had some problems, causing DBPR Secretary Charlie Liem to email each Florida real estate licensee in the DBPR system to explain what happened and how it has been fixed.
The improved process allows new and renewing applicants to submit all documentation online. DBPR says the online system reduces the amount of time it takes to review and approve applications compared to the old registration system. Liem called the upgrade “very necessary.”
According to Liem’s letter, the licensing system is not a problem, but DBPR’s online instructions failed to clearly explain the changes. The biggest problem: Real estate licensees already registered with the Internet site are no longer recognized. As a new system under a different vendor, all new and existing Florida licensees are considered first-time visitors and must register as such.
Part of the reason for the change, says Liem, is that the system replaces an old numeric value with an email address. And, using that email address, multiple accounts that manage multiple licensees can now be accessed through a single profile.
In his letter, however, Liem apologizes for any confusion, saying since the steps associated with creating a new account were not clearly explained on the web page, many real estate licensees were confused. He says more information, including “step-by-step tutorials on how to create your new account and how to link your license to your account” have been added.
According to Liem, benefits under the new system include:
• Registration confirmation via e-mail
• Ability to retrieve a forgotten password
• Answers eligibility questions that help applicants use the correct application
• Ability to save an application and complete it later
• Check an application’s status and get summaries
• Make payments and receive payment summaries
• Receive same-day service in many cases for new applications and changes to existing licenses
For more information, visit MyFloridaLicense.com. Liem invites licensees to call, but also warns that wait times have increased following rollout of the new system.
Source: Florida Realtors®
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