Honest marketing proposals get listings

5 basic expectations sellers and agents should agree on

BY ALISHA ALWAY BRAATZ, FRIDAY, NOVEMBER 16, 2012.

Inman News®

Agreement image via Shutterstock.

Journey back with me to those first few months after becoming a bona fide real estate agent: You had a desk full of brand-new file folders, a shiny name badge, and a go-get'em attitude that just wouldn't quit!

If you were anything like me, you'd also invested in a full-grain leather briefcase and some hoity-toity shoes, too. Fake it till you make it, right? Right!

Until the new excitement wears off and you find yourself shrinking in the back row of the office meeting and thinking please don't call on me!

Forms auto-populate, but can agents explain them?

As industry moves to paperless, agents must understand contract provisions

BY BERNICE ROSS, MONDAY, SEPTEMBER 17, 2012.

Inman News®

Robot wielding pen image via Shutterstock.

As the industry moves to becoming paperless, the new technologies are exacerbating a problem that has existed for years: agents failing to make sure their clients understand the contracts they are signing. Are you taking the necessary steps to protect your clients?

Your clients have found the perfect house but there are already two offers on it. They're in a hurry to submit an offer, so you take out your iPad, pop open the zipForms version of your purchase contract, and auto-fill the contract. The buyers digitally sign the contract, you obtain their deposit check, and you email the offer to the listing agent. The entire process took a little over five minutes -- isn't technology grand?

I have been interviewing managers and broker-owners regarding the major challenges they're facing with new agents. Every broker and manager I have spoken with has cited the same problem: A substantial proportion of all agents have failed to master the fundamentals of the business.

MLS granted injunction against NeighborCity.com

Insurer denies duty to pay for portal's defense against copyright lawsuits

BY ANDREA V. BRAMBILA, FRIDAY, AUGUST 31, 2012.

Inman News®

Gavel image via Shutterstock.

Five months after filing suitagainst the operator of NeighborCity.com, mid-Atlantic multiple listing service Metropolitan Regional Information Systems, Inc. (MRIS) has been granted a preliminary injunction prohibiting NeighborCity from using copyrighted content from the MRIS database without authorization.

In a complaint filed March 28, MRIS alleged NeighborCity's owner and operator, American Home Realty Network Inc., reproduced, displayed and distributed copyrighted listing content, including photographs, without the MLSs' authorization and violated copyright laws through "the creation of unauthorized derivative works incorporating the MRIS database."

St. Paul, Minn.-based Regional Multiple Listing Service of Minnesota Inc. (NorthstarMLS) filed a similar suit against AHRN on April 18. NorthstarMLS has also filed for a preliminary injunction against the company, but the court has yet to render a decision.

The lawsuits were filed not long after San Francisco-based American Home Realty Network, which is licensed as a brokerage in California, updated profile pages for 850,000 agents on NeighborCity.com that feature agent scores and performance metrics based on their transaction history.

The preliminary injunction in the MRIS case, filed Aug. 27, denied NeighborCity's motion to dismiss the MRIS case and enjoined the company "from unauthorized copying, reproduction, public display, or public distribution of copyrighted content from the MRIS database, and from preparing derivative works based upon the copyrighted content from the MRIS database."

FHFA streamlines short sale standards for Fannie Mae and Freddie Mac

By Kerri Ann Panchuk

• August 21, 2012 • 1:45pm

New short sale requirements for servicers proposed by the Federal Housing Finance Agency are giving financial firms a battle strategy for dealing with reluctant subordinate-lien holders who attempt to delay short sales on points of negotiation.

Some parties in short sales are able to delay the process by objecting to certain conditions and attempting to negotiate higher prices.

Fannie Mae and Freddie Mac launched new short-sale guidelines for servicers to speed up and streamline the process of moving distressed borrowers through a short sale. The guidelines take effect Nov. 1.

Why mortgage rates are rising

Commentary: To foster recovery, something has to give, but what?

BY LOU BARNES, FRIDAY, AUGUST 17, 2012 Inman News®

Dollar sign sinking image via Shutterstock.

Two things this week: Explain the sudden rise in Treasury and mortgage rates, and then provide a simple tool for understanding budget issues in the election. Nuthin' to it.

In the last two weeks the 10-year T-note has run up from 1.45 percent to 1.85 percent, taking many mortgages from below 3.5 percent to above 3.75 percent.

Explanations offered by sharpies: The economy has turned for the better, no longer sliding toward recession. Or because the Fed will not soon begin QE3, either because the economy is better, or because it won't do any good, or because of the election, or because of internal politics. Or rates have risen because Europe might save itself.

Using third-party AVMs to price your listings Tips for arriving at a realistic value

BY BERNICE ROSS, MONDAY, AUGUST 13, 2012 Inman News®

Magnifying glass on housing image via Shutterstock.

Let's face it, home sellers are often skeptical about prices, market conditions or the necessity to stage a property to get it sold. While they may not be willing to believe you, many younger clients are willing to believe the information they see online.

Recently I was speaking to a young woman whose family was facing foreclosure for failure to pay their condominium association fees. They had two severely disabled kids. Even though they had medical insurance, the bills had overwhelmed them. They were under the mistaken impression that if they continued to keep up their mortgage payments they could keep their home. Sadly, the homeowners association was enforcing its right to foreclose. The question is whether they could stay in their home possibly through a loan modification?

The family's existing loan was at Chase with the initial loan amount being $290,000. The family had paid the loan down to $275,000. The question was whether Chase would agree to take a principal reduction under the Home Affordable Refinance Program (HARP).

Why Millennials don't buy in to mentoring Older generations must demonstrate their mastery

BY GAHLORD DEWALD, FRIDAY, JULY 27, 2012 Inman News®

Monks image via Shutterstock.

Last week I attended the memorial service for one of my early mentors, Dan Carr of the Golgonooza Type Foundry and Letterpress (I sometimes joke that I'm the last of the "printer's devils"). These kinds of things naturally remind me of the wealth of ideas and wisdom passed on to me from those who have gone before and how truly influential one can be.

There are all manner of things I would never have learned or thought about had I not been influenced by Dan at the time I was. Most likely entire aspects of my thinking would be significantly different, and likely poorer.

Earlier this year, at the National Association of Realtors' Midyear meetings, I was invited to participate in the pilot of a scenario planning program NAR put together. During this event, small groups were assembled to play some "what if" around different possible futures.

4 opportunities agents should cash in on Grow your real estate business in 2012

BY BERNICE ROSS, MONDAY, JULY 30, 2012 Inman News®

Sack of money image via Shutterstock.

Editor's note: This is the first of a two-part series.

At the recent AFIRE (Awesome Females in Real Estate) conference, Deborah Falcone, real estate director for the Wall Street Journal, shared the Journal's latest research on the key trends currently shaping today's real estate market as well as ways brokers and agents can capitalize on these trends to grow their business.

1. Investors move the market
According to the National Association of Realtors, the number of homes purchased in 2011 by investors jumped 65 percent to 1.2 million. Investors represented 27 percent of all home sales.

Opportunity: Working with investors will continue to be a great source to expand your business whether you are an individual agent or a brokerage. Many Gen Yers are having difficulty finding employment or are so burdened with college loans that they cannot afford to purchase a home. As a result, "Gen Rent" will continue to drive the demand for rental properties and investments.

Lenders using new credit score may approve more loans CoreLogic providing supplemental consumer credit data for new FICO Mortgage Score

BY ANDREA V. BRAMBILA, MONDAY, JULY 16, 2012 Inman News®

Credit score image via Shutterstock.

Mortgage lenders now have access to a new credit score designed to uncover potential borrowers' hidden credit histories and more accurately predict mortgage loan performance.

Last fall, Santa Ana, Calif.-based real estate and mortgage data aggregator CoreLogic signed an agreement with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

Assessor: Mansion that sold for $100 million worth half that | Silicon Valley mansion was never on the market, seller financed part of deal

BY ANDREA V. BRAMBILA, WEDNESDAY, JULY 11, 2012 Inman News®

Bubble image via Shutterstock.

A 25,500-square-foot Silicon Valley mansion that sold last year for $100 million is worth only half that much, according to the Santa Clara County assessor's office.

The home's new owner, Russian venture capitalist Yuri Milner, can take solace in the fact that his $600,000 annual property tax bill will also be about half of what it would have been, had the home been assessed at its sale price.

The French chateau-style estate, situated on 17 acres in Los Altos Hills, Calif., features 14 bathrooms, a ballroom, a formal dining room, a home theater, and a wine cellar. There's also an indoor pool, a library, a gym, staff quarters, a 4,600-square-foot guest house, and panoramic views of the San Francisco Bay.

RentJuice releases ad metrics tool Users can track ROI of rental ads

BY INMAN NEWS, WEDNESDAY, JUNE 13, 2012 Inman News®

Chart image via Shutterstock.

Online rental platform RentJuice has released a new marketing metrics dashboard that allows real estate offices, brokers and agents to analyze their marketing campaigns.

RentJuice says the new Ad Dashboard marketing metrics tools allows users to evaluate production data broken out across key metrics in order to better understand the value of ad-related strategies and marketing channels like Craigslist and RentJuice ad syndication.

Overseas buyers snatching up pricey homes | NAR: International sales volume up 24 percent

BY INMAN NEWS Inman News®

Global connections image via Shutterstock.

Though U.S. home sales to foreign buyers declined slightly in the year through March 2012, a preference for more expensive homes pushed the total sales volume of international sales up by 24 percent, according to an annual report from the National Association of Realtors.

NAR's 2012 Profile of International Home Buying Activity includes results from 1,745 member respondents surveyed in April 2012. The survey covered purchases of U.S. residential real estate by international clients in the 12 months through March 2012. International clients were divided into two groups: foreign buyers with permanent residences outside the U.S., and buyers who are recent immigrants of less than two years or temporary visa holders residing in the U.S. for more than six months.

Are third-party sites worth your marketing spend? | Rethink your syndication strategy

BY BERNICE ROSS  Inman News®

Real estate listings network image via Shutterstock.

Editor's note: This is the first of a three-part series.

An issue that is becoming increasingly more contentious is the role of third-party publisher (syndication) websites such as Realtor.com, Trulia and Zillow. Do these sites really serve the industry well or are they actually harming the consumer experience?

The answer depends upon who is answering the question.

On May 21, 2012, I attended the Hear It Direct conference in Dallas, Texas. Sue Adler and Rob Hahn provided us with a firsthand look at how buyers and sellers actually experience the listing and sales process. One of the most fascinating surprises was that the buyers and sellers interviewed had never heard of Trulia or Zillow. However, several of the buyers did mention Realtor.com as a site they had visited.

Portland, Ore., market is warming up Real Estate Market Q-and-A

BY INMAN NEWS, THURSDAY, MAY 31, 2012 Inman News®

Portland, Ore., image via Shutterstock.

Dropping inventory, stabilizing prices and a steady availability of distressed properties demonstrate that the metro Portland, Ore., area housing market is stabilizing, according to three leading real estate professionals who shared their perspectives with Inman News.

In Portland, lower-priced homes in good condition, especially those under $150,000, are going fast, said Portland-based brokers Brian Houston and Mike Rohrig. Houston, a broker withColdwell Banker Seal in Portland, noted that investors and flippers are prominent homebuyers at the moment.

How long will you be underwater? Timeline to reach desired equity position depends on 3 factors

BY JACK GUTTENTAG, TUESDAY, MAY 29, 2012 Inman News®

Underwater house image via Shutterstock.

About 16 million homeowners owe more on their mortgage than their homes are worth, which means they are "underwater." So long as that condition continues, they have no equity that can be used to help finance the purchase of another house.

On the contrary, they can't sell the house without digging into their pockets to pay the difference between what they owe and what they can realize from the sale net of expenses.

But time heals most wounds, and negative equity is no exception. The principal component of the monthly mortgage payment reduces the loan balance by the same amount.

4 traits of unhappy homeowners Mood of the Market

BY TARA-NICHOLLE NELSON, MONDAY, Inman News®

Stressed woman image via Shutterstock.

As the parent of a newly-minted adult, I can reflect on how much of my advice thus far has been delivered in the negative. "Son," I've said, time and time again, "I've been there and I've done that and here's what NOT to do."

I suspect this might be a theme of any great advice in any realm of life: it's critical to know from those who have gone before what you should do, and just as critical -- sometimes more so -- to know what not to do. In the interest of ensuring that the advice I gave last week on how to be a happy homeowner is comprehensive, then, it behooves me to share some insights on how to be an unhappy one -- in the hopes it will help you avoid this fate.

Where did all the lease-to-own deals go? Despite huge demand, purchase obstacles are plenty

BY JACK GUTTENTAG, MONDAY,  Inman News®

House and keys image via Shutterstock.

Of the 700 or so articles on my website, the article accessed most frequently over the last year has been one I wrote in 2004 on lease-to-own home purchases. This is a combination lease and purchase where the renter/buyer occupies the home as a tenant but has an option to purchase it within a specified period at a specified price. I will call these "LTO" deals.

The intense interest in LTO deals today partly reflects the more restrictive and rigid mortgage qualification requirements that emerged after the financial crisis. This has created a large body of wannabe homebuyers who can't qualify for the mortgage they need to make it happen. An LTO gives them a shot.

How not to get rid of a time share Sellers: Beware of scam artists, upfront fees

BY BENNY KASS, TUESDAY, MAY 22, 2012 Inman News®

Time-share apartments image via Shutterstock.

DEAR READERS: I frequently receive questions about how to get rid of a time share. I must admit that my response thus far has been less than satisfactory. I once suggested that the time share be donated to a church or a synagogue, but several priests wrote and asked that I stop making that recommendation, because the religious groups don't want the expense or the headaches of ownership.

Other readers asked if they could just walk away, and while I reluctantly indicated that was a possibility, I warned that the time-share management could file suit to collect the moneys that were due. This obviously would impact credit ratings.

Resolving dispute over home repair estimates Buyers think sellers' contractor choices are inadequate

BY BARRY STONE, TUESDAY, MAY 22, 2012 Inman News®

Tools and money image via Shutterstock.

DEAR BARRY: We are in contract to purchase a house, and our home inspector found problems with the old steam heating system. A follow-up inspection by a heating contractor revealed a cracked boiler.

The sellers got three estimates for the work, but the expertise of these contractors is questionable, and their bids say very little about the scope of the work.

Turn clients into real estate evangelists How high standards, post-closing survey can grow your business

BY BERNICE ROSS, THURSDAY, MAY 24, 2012 Inman News®

Excited new homeowners image via Shutterstock.

Everyone wants their clients to say good things about them and their business. So what does it take to create an evangelist, as opposed to a vigilante?

In today's Web-based world, the best way to market your business is still through word of mouth. There's nothing better than having someone who loves your services singing your praises to everyone he or she meets.

There are various levels of positive word-of-mouth testimonials in the real estate industry. The most basic level includes those who like your services and will use you again. These people, however, don't actively share information about you with others.