Inspired Real Estate For Today

Grand Rapids, Mi  1996. 

You could sense the tension in the classroom.  We had been informed that we were going to be discussing It after the break.  An uncomfortable atmosphere hovered over the participants in the smallish classroom in which a group of real estate agents had gathered to continue their education. 

The mandatory 3 hours of Civil Rights Instruction was the elephant in the room.  Now, why did I feel that in an oddly peculiar way that this was about me? Being the only black participant in the class, I sensed that everyone was poised to be careful, ...very, very careful in how they responded to this provocative topic.  Or perhaps, they were watching to see how I would respond.

The instructor wasn't about to make this easy.  No Way!  This was not to be a polite discussion about the history of civil right laws & all the great progress that had been made in West Michigan.  After a hilarious (if it wasn't so serious) video, sporting a fellow in yellow polyester suit demonstrated how racism works in real estate through steering & other forms of discrimination, the instructor opened up the floor for discussion. 

The first few questions were tepid, somewhat timid.  I sensed that to most of my classmates, I was one-dimensional as though my color defined all that was important to know about me.  How could I explain that there is no such thing as the "typical" black person.  This figment of their imagination that they were trying so desperately to avoid offending by airing their opinions & perceived grievances.  People are people, there is no typical anything when it comes to the business of being human!  At some point, they seemed to forget that I was in the room. Fear & vulnerability began to surface.

Several individuals admitted they felt intimidated when dealing with individuals with whom they had very little experience or contact .  Others expressed the fear of being tested...the dreaded exercise in which undercover agents employed by the government would randomly test brokers by sending out people from different ethnic backgrounds to determine if everyone received the same level of professional attention and service.  Advise designed to supposedly protect oneself from being "burned " ranged from "just treat others like you would like to be treated"  to "make sure you offer everyone a cup of coffee."  This, taken to a ridiculous degree, resulted in real estate agents offering every single solitary client they met in the office, Coffee even if it was 100 degrees & sweltering heat outside. This was considered proof positive you had treated everyone the same!

The dirty, not so secret reality in real estate, is that historically our industry has not treated everyone the same.

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"We Googled You."  This was the response to my question to out of state clients who unnerved me by how much they seemed to know about me prior to our first meeting with them six years ago. We were riding together to see homes in a mini-van.  At the  time, I didn't even know what Google was.  But my prospective clients had already scoped me out. 

"We Googled You" is also the title of a recent case study, by Diane Coutu, published in the Harvard Business Review about  a "fictional character"  Mimi Brewsterwho is being interviewed for a job with a major corporation in China.  As an exceptionally qualified candidate, Ms. Brewster finds that her Curriculum Vitae on the Google Search engine proves to be more persuasive than her paper version!

The case study enfolds to ask readers to submit their thoughts about how to handle the company's discovery,  through a Google Search inquiry,  that newspaper reports had reported that Ms. Brewster has been involved in some activities that might be considered "subversive" in intention by the Chinese government & could potentially hinder the company's ability to expand its operations overseas. 

The article highlights the fact that privacy on-line is becoming an increasingly hot issue.  Employers, concerned about minimizing risk in hiring decisions are going on-line to investigate potential employees.  This is occuring in tandem with burgeoning Internet usage. 

According to a 2006 report by the Pew Internet & American Life Project, 69% of all adult women & 71% of all adult men now use the Internet.  Almost 83% of individuals between the ages of 18 - 49are now online & 90% of households earning over $50,000 a year use the Internet.  55% of Americans between the ages of 17 - 29 are involved with social networks & 63 % of those with profiles on social networks believe that they could be identified on the basis of the profiles they had placed on-line. 

The emergence of rating services for professionals such as rateyourrealtor.com & rateyourmd.com are encouraging individuals to critique the services of the professionals with whom they interact.  On both of these services, patients & clients gave their opinions & shared their experiences on the quality of service provided complete with a Star Rating System.  As real estate professionals, it is important for us to be aware of these significant developments & to understand how they can impact us as we interview for the job of a home listing or secure a buyer's agent contract.

The Harvard Review magazine published the advise of 4 experts which included a professor of law, John G. Palfrey Jr. who authors a blog at http://blogs.law.harvard.edu/palfrey/, Jeffrey A. Joerres, the Chairman & CEO of Manpower, Danah M. Boyd a doctoral candidate at the University of California, Berkley who maintains a blog at zephoria.org and Michael Fertick, the founder and CEO of Reputation Defender, a company that finds and removes unwelcome on-line content.  Here's a brief summary of their recommendations & some thoughts about their relevance to the real estate industry in light of the new nature of on-line investigations into the backgrounds of individuals.

Palfrey: 

• Recognize that digital information is highly malleable & can be easily manipulated.  Don't necessarily believe everything you read on-line.  Investigate further.  Palfrey thinks we are headed for a really big backlash at some point- there are going to be train wrecks as people who post too much personal information on-line begin to realize the consequences.
• As real estate professionals, most of us are just beginning to participate actively in the arena of social networking.  From reading Palfrey's summary, I would conclude that it is important for us to be aware of the far reaching consequences of our on-line behavior & also be careful to withold judgement pending further investigation about what we read about others.

Jorres: 

• According to Jorres, "Today, qualified candidates can be Googled out of the contention for a job before they even get a foot in the door for an interview"...Many new high school and college graduates don't truly understand this until they are sitting in a job interview and the HR manager opens a file that includes not only their resume but also their latest blog entries and party photos. Online content is public information, and it is fair game for employers to ask about it."
• As real estate professionals, we should understand that every listing & buyer appointment is a job interview.  Several professionals are already using the Internet very effectively to highlight their services to potential clients.  This can result in an advantage in a hiring decision if an online presence is well managed & presented. Joerres suggest that professionals invest time in building their web content online to create positive impressions.  Being proactive in this brave New World is infinitely more beneficial than not knowing what is being said or being passive.  Blogging is an excellent vehicle to build positive online content.

Boyd: 

• Ms. Boyd, a veteran of Internet blogging (10 years) has an interesting perspective.  She states "Part of living in a networked society is learning how to accessories our digital bodies, just as we learn to put on the appropriate clothes to go to the office."  She indicates that the best minds of her generation are involved in social networking & to find "creatives," employers will need to change the ways in which they evaluate potential hires.
• We have become an increasingly narcissistic society and the real estate profession certainly reflects this trend.  It's all about ME!  Witness the nature of most of our marketing materials, bill boards, personal brochures, personal CD's etc.  We seek fame in all sorts of ways, not unlike the popularity and rise of reality TV shows.  Our online websites & blogs reflect this on-going evolution in personal & professional development.  We are all still learning what it means to be human & to function in cyberspace...learning requires the making of some mistakes.  A vibrant presence on-line provides a lot of opportunity for professional interaction & growth as well as exposure to the latest trends. 

Fertik: 

• "If you Google anyone hard enough, you'll find some dirt.  This is the new reality."....Your CV is no longer what you send to your employer - it's the first ten things that show up on Google."  Fertik's firm specializes in removing the dirt from your on-line profile.  But even he is limited in terms of what he can do to expunge certain types of records.  For instance, he would not try to remove unfavorable newspaper articles because in his opinion this would be "bad constitutional practice, and in almost every case, we would fail."
• As real estate professionals we should ask ourselves...Do we know what the first 10 Things which would show up on Google if our names were searched online?  It's important to understand that our employers, including those who are seeking to employ the services of a real estate professional will increasingly use this medium to create a more comprehensive profile.   
• Fertik indicates that we need to be aware of what is being said about us online.  This is more true today as information reaches a much broader audience.  One of the easiest methods of being notified of online conversations is to create a Google Alert.  An alert can simply be your name or may incorporate titles of recent postings.  Either way, you will find that this gives you up to date information about information which you can respond to or correct as appropriate.  This is one area in which it is "risky behavior" to be taken unawares.

In the closing of the article, the fictional boss & his wife are having a conversation about why Ms. Brewster's application was denied.  "Martha was quiet for a few minutes as she tried to process the news.  She didn't think anyone was going to just forgive and forget.  "Internet postings are like tattoos," she said, ending the short silence. " They never go away."

"Beyond the Open Door"

An open door speaks of an invitation to enter, an opportunity to explore.

The expectancy of discovery always carries a risk that the adventure may entail more

than we bargained for.

A shut door on the other hand speaks of barred access, denied entry, and limited opportunity.

It may also provide a shield of safety against dangers yet unseen.

Often both options present a dilemma of sorts.

 Walking through the access and possible opportunity of the Open Door,

Or being denied welcome and access in the unyielding nature of the Closed Door

  May prove to be more than anticipated.

The journey over the threshold can make retreat difficult or impossible.

In the ancient text of Revelation, a message from Christ to the early Christian Community in the city of Philadelphia speaks of a door which "no man can shut...for thou hast a little strength and hast kept my word, and hast not denied my name". Revelation 3:8.

The events of September 11, the day of 9-1-1 opened a doorway in our hearts.

I remember exactly where I was when I first heard the horrific events begin to unfold.

So do you.

It seemed as though that week lasted an eternity, a bizarre pause in a lifestyle stuck on

 fast-forward.

The wounds struck at the heart of a nation totally unprepared for the horror and evil that unraveled itself within the framework of our "normal routine".

One Doorway Opened...And Another Door Shut.

Nothing will ever be quite the same as it was before America stepped into the threshold of September 11.

And perhaps nothing should be.

In an instant, the doorway of eternity was opened for thousands of unsuspecting individuals,

And we were all reminded that the grace of life is not guaranteed, even through one more day.

A door of Compassion also opened that day.

As one after another selflessly gave hope, help and some ultimately their lives...

And a Door Also Slammed Shut!

The people of New York shut the Door of Cynicism with a sound as loud as a clap of thunder,

A sound so loud, the entire world paused to look, listen, weep and then

Began to regain hope,

As bravery and courage rose and walked the streets of the devastated city.

For in the midst of the torment and despair, the Door of Love Opened to reveal a force that cannot Fail

From the piles of ashes and debris, smoke and torment,

A cry of prayer ascended from our nation and unity and heroism emerged resplendent and undamaged by the ruins.

This is a door that no man can shut.

 I have an anticipation and expectation that these trials and emergent challenges will strengthen weak knees.

My hope arises not merely on the basis of optimism, but on the sure knowledge that God is not willing that anyone should perish.

For whatever is purified through fire has only two options, either to burn to ashes or be refined.

Although her ruins continue to smolder, America did not burn on 9-1-1.

 We are in the process of being refined.

This composition was written shortly after September 11, 2001.  I sent it as a letter to my clients.  It expressed what was in my heart.  As our nation commemorates Memorial Day, I remain deeply grateful for the sacrifices of so many individuals & families who serve & defend our country. 

copyright  2007 audu real estate

Serious chocolate lovers have a way of finding each other.  Until I met Kathy, I thought I was a serious chocolate lover, but as she began to describe a velvet, delectable, svelte quality of a brand of chocolates that I had no familiarity with, I knew that her love affair was in an entirely different league.  But I was fascinated. 

Fresh out of college, my idea of a splurge was a Snickers bar a day, a 40 cent habit which was the limit of what I could afford.  My desire was fueled by the tantalizing enticement of sampling the best!

Kathy was describing chocolate bars that were the epitome of luxury and on which she spent a couple of dollars.  She said the name of the company was Godiva and if I was serious about tasting some really good chocolate, I had to try them. 

Well, once I started making some money, I did.  I think Kathy's description was more delicious than my tasting experience, but I'll  never forget the association that she enmeshed into my psyche.

Many factors contribute to creating a quality box of chocolates & this is not entirely unlike what creates the fascination and enchantment in a real estate transaction.  Texture, taste, aesthetics & stylish presentation are all elements that mold themselves into a ravishing display when a box of chocolates sheds its wrapping to reveal its contents.  I anticipate the intriguing design elements that make each piece an epicurean delight.  Quality is not necessarily quantifiable, but I know when I've tasted it even if I have difficulty in adequately describing it.

Like the sequestered selections in an elegant box of chocolates, each client interaction is a succinct opportunity to uncover differences in personality, needs & desires.  I approach each transaction with  a lot of curiosity & a little trepidation.  My endless fascination is fueled by the fact that this will be a unique opportunity; not unlike the dissimilarities in two different pieces of chocolate within an assortment. 

Will my choice deliver what I am anticipating?  Will the unveiling of dreams & hopes surpass our suppressed expectations? Every interaction reveals a little more of what's hidden in the interior.  It's the process of tasting that unearths the exquisite riches of a creamy milky core or succeeds in revealing the unexpected jarring of a hard core nut.  This is not completely unlike the peculiar verities of  a real estate transaction, is it?

Earlier this year, Grand Rapids, Mi was in the national spotlight.  A native son, the former President of the United States, Gerald Ford came home to rest.  The harsh cold wintry conditions were no deterrent for thousands who waited patiently in line for up to 8 hours to pay their respects.  The next morning, the crowds had thinned out & our real estate team headed downtown.  The line for the viewing extended out the Gerald Ford Presidential Museum, across the bridge over the Grand River & snaked through the DeVos Hall several times before exiting at the door.  When we arrived at at DeVos Hall at 10:30, a secret service agent informed us that the viewing was concluding at 11:15 a.m. and the line was now a 2 hour wait.  He suggested we simply sign the guest book & make our departure.  I decided that we would stay in line. 

As the line inched forward & then began to move a little more rapidly, we anxiously looked at our watches...11:15 was rapidly approaching.  Although all seemed lost, I kept on repeating to my team..."We are on the viewing line!  I don't know what those who are turning around came to do, but we came for a Viewing & we will remain on the Viewing Line." 

11:15 came & went.  We remained in line, crossing the bridge & finally had clear sites of the museum door.  Although no more people were joining the line, those who were in line were allowed to continue to move forward.  When we reached the door, to our surprise, we were greeted by the children of President Ford.  Steven Ford shook my hand & when I told him that I was praying for him, he said, "You don't know how much that means to us."

We payed our respects that day in tremendous gratitude for the life of a great leader & Our President.  We later heard that the line had remained OPEN at the Special Request of the Ford Family.  This experience really showed me the power of perservering & not giving up!   We also learned another important lesson that has stuck with our team to this day.  Whenever anyone repeats dire statistics about the real estate market in Grand Rapids, Michigan, we recall the lesson we learned from being on the Viewing Line. We've decided that we are on the Selling Team.  We've decided that the houses we represent will be in the Homes Sold Statistics.  Yes, this is our choice & it's a Quality Decision.  Regardless of how long the line looks or how slim the chance, we know that all things are possible to those who believe & work hard.  So if you're a home owner who has determined to SELL your home, call us...We're the Selling Team.  In preparation for your impending success, here are a few tips to Get You Started.

Remember LESS is Sometimes MORE

Obtain a well researched Market Analysis (10-15 pages) from Audu Real Estate.  This invaluable guide to pricing your home is an Excellent Starting Point.  We will advise you on strategically positioning your home to create optimum interest & generate showings.  Over-pricing NEVER works in this type of market.  Rather, let us tell you  about a tactic has brought many sellers multiple offers THIS year.  One happy seller went to the bank with $14,000 ABOVE asking price & paid NO Concessions.  Contact us to learn about our comprehensive strategy for marketing your home.

Set the Stage for Success!

Get your house ready & then Stay in Ready Mode!  Audu Real Estate offers FREE staging consultations to our clients to make your home look & show it's best.  Most of the items we'll use...you already own.  We also provide a written list of all our recommendations.  Our website & our Blogs generate thousands of hits every month & multiple pictures of your home will highlight it's best features. Selling your home demands that you give yourself every advantage.  Audu Real Estate specializes in Selling homes & Presenting them well. Several homes in our inventory have recently closed or received offers.  We're ready to help you be the Next Home to Sell in Grand Rapids, Michigan!

Promote Profusely!

Times have changed, you've got to mix it up! Today's buyer is looking in places on-line that you may not have considered.  Most of them start looking 6-12 months before they buy.  Real estate blogging has become on of the most important new promotional tools in the emerging marketplace.  I say emerging because we frankly cannot accurately determine the enormity of the impact of Web 2.0...but we know that some of these developments are going to change business as we know it forever. 

Along with blogs have come a number of important New sites to be aware of when promoting your home.  You may want to consider utilizing these to enhance a traditional MLS listing.  At Audu Real Estate, we have experienced results & leads through our Blogs and can also discuss the pros & cons of supplementing your listing with other listing portals like trulia.com or Craigslist.  You don't have to be the expert when you can simply call one!  Call Audu Real Estate...We're the Selling Team!

So we say, Down Market...No Problem,  Lots of Houses for Sale...No Problem,  Home Expired...No Problem,  Home Needing a Short Sale...No Problem.  We believe that when Life throws you a Lemon, the very best thing you can do is Determine to Squeeze Out the  Lemonade!

Copyright 2007 Audu Real Estate  All rights reserved

You know what, I really, really, really miss my former travel agent!   My favorite travel agency had to close down many years ago. My last visit to the shopping center where the travel office was located is now the setting for  a specialty food & party store. Barely anyone remembers that a travel agency occupied that space for many years.

But, I will never forget my first experience of Christmas away from home; a young 18 year old college student, separated by thousands of miles.  That winter in the early 80's was especially harsh...cold wet snow pelted me whenever I ventured outside.  I was desperately homesick. I longed for the balmy breeze of the warm harmatan wind and the noisy gaiety that marks the holiday season in Africa.  Although I had been invited to spend the Christmas holiday with my suite-mates family in Freemont, MI, the pain of being apart from my family felt like a cutting emotional shredder.  Then my miracle happened...a phone call came from a friend informed me that I'd been given a gift.  My ticket would be paid for if I could find a flight out of the country. 

Well, it turned out that, unfortunately for me, many people preferred tropical paradise to a harsh winter. Although I spent hours frantically dialing every major airline to try to get a seat....any seat...the answer was always the same.  Sorry Ma'am, ALL the flights out of the States have been fully booked for months! 

Finally in desperation, I called a travel agent.  Fighting tears, I explained how much I missed my family .  I now had the money to afford a plane ticket but could not locate any flight.  She promised to call me back. 

I don't know how she pulled off the miracle, but late that evening, I got the call...she said, "Lola, I've managed to find you the last ticket out of the country!"  Even a severe winter snow storm was not going to stop me from being home for Christmas.  My joy was boundless.  My family didn't even know that I had managed to get a flight out until I arrived home.  Talk about a joyous reunion.  Now that was priceless!

So how do you place a price tag to Evaluate the gift of that level of commitment to service?  The travel agent spent hours searching & calling in favors through her professional network to create a Christmas gift that I remember to this day. I have never forgotten her extraordinary work! 

Over the years, travel agents (many of whom are no longer in business) have helped me figure out where to take overseas guests to enjoy Michigan at its best. When we vacationed, I relied on their knowledge & expertise to recommend hotels & activities out of state.  When specials became available that they thought we might enjoy, I was given a friendly call. 

I couldn't believe it when they informed me that they had to close their doors...they could no longer be competitive.  It didn't make sense. What I didn't understand then was the forces at play that convinced millions of us into thinking that machines and computers could accomplish far more efficiently the task of getting you from here to there. The new utopia premised that cost cutting was the only thing that mattered. These same entrepreneurial architects have the same business schematic in mind to overhaul the underpinnings of the real estate industry.

Click here to continue...

I've been reading this challenging & provocative book on the recommendation of my sister.  During her last visit, she kept on commenting that she thought she had bought the book to recommend as reading for her mangers...but found herself reading it more & more for herself. 

Well, I'm having the same interesting & sometimes painfully honest experience.  Goldsmith, who as a corporate trainer has evaluated and coached many of the nation's leaders and captains of industry writes about 25 habits that will prevent Successful people from reaching their highest potential. 

With surprising insight & clarity he pinpoints annoying & destructive habits & character traits that we tend to ignore or minimize as problems when they apply to us.  Habit #9  "Withholding Information" is the Subject of this post.

"Intentionally withholding information is the opposite of adding value.  We are deleting value.  Yet is has the same purpose:  To gain power.  It's the same old need to win, only more devious."  Quote from "What Got you Here Won't Get You There"

The methods by which power can  wielded like a weapon often show up in personal  & professional life & real estate is no exception.

So, Let's Talk About Keeping Secrets:

Keeping Secrets is less about information than it is about obtaining & retaining or regaining control & power.  Agents are tempted to withhold information that should be forwarded to their trainers or brokers particularly when the news might jeopardize their ability to earn the commission. Sellers are tempted to withhold information on Seller's Disclosure forms and even lie when presented with the evidence to the contrary.  Buyers can be tempted to withhold information from the agent who is trying to assist them while moonlighting with other agents to see homes on the side.  People applying for loans "forget" pertinent information about their finances.  The list of ways in which we withhold information is endless. 

Withholding information is a means of protecting ourselves from further scrutiny.   Sometimes, when a deal is going sour, the agent, or client suddenly disappears...they are unreachable in spite of all the modern conveniences of phone, e-mail and fax.  They simply stop responding to human beings...at least if you're the individual they don't want to talk to. This is keeping secrets passive aggressively by defaulting to Mute! 

The problem is this never solves the problem.  The mantra I repeat to agents who I train is this: "When you see an issue developing...Run Towards it, Not Away from it! " There is the temptation to believe the lie that convinces you that what you ignore will disappear or that one is gaining the upper hand by keeping things "secret."  Actually the exact opposite is the case.

Keeping secrets can be very costly in a real estate transaction.  It can cost a lot of money.  When seller's are presented with a Seller's Disclosure during a listing presentation, I strongly advise them to be brutally honest.  "You cannot be faulted for telling what you know.  Yes, someone may not buy a house because of what is revealed on a seller's disclosure...but they won't be suing you for lying either.  I won't even fill out the address on a Seller's Disclosure for the seller...this is their chance to let go and come clean of any potential damage that keeping secrets can create.

Keeping secrets gives birth to two ugly twins...fear & suspicion.  When secrets are kept, it becomes very important to remember who knows what.  This can be an exhausting mental hyperactivity.  In addition to all the stresses of a real estate transaction, parties who keep secrets have to contend with the fact having the secret revealed is a distinct possibility at any moment.  They live with the dread that the moment of revelation will not be pleasant.

There's a much easier way to live...It's called full disclosure.  Amongst other benefits ,such as a sound nights sleep, and the ability to look another clearly in the eye, here are some that come readily to mind within the context of a real estate transaction.

• You can't be convicted when you tell the Whole, Entire truth about what you know about the home you are selling.

• Returning a phone call, even to deliver unpleasant news is better than hanging onto it for several more days...hours..minutes..

• Telling your manager that you've botched up a transaction is always better than someone else telling her/him

• Being honest about who you're working with in a real estate transaction saves you Money...You won't be Paying 2 Commissions.

There are many benefits to Not Keeping Secret, but even these limited few are proof positive that a truly empowered Life is a Transparent one.  True power does not come from withholding information, it comes from building loyalty and trust!

Copyright 2007 Audu Real Estate  All rights reserved

One of my favorite locations as a little girl, was a lumpy couch beneath the bookshelf . I loved this spot, set in an obscure portion of the living room for a couple of reasons.  I discovered that if one lay down on the couch ,which had no arm rest, and let one's head dangle over the edge,  for a period of time, while looking at the ceiling, you could actually begin to imagine yourself walking on the ceiling! 

It was an oddly invigorating  and imaginative pasttime especially when it staved off the hunger pangs while waiting for lunch prepartions to be completed.  The beauty of childlike play & mental wandering is the openess to developing a different perspective on things.  You see, everything looks very different in the real world when you can mentally walk on the ceiling! 

In some ways the discussion that will be covered in this series reminds me of those years when I developed the capacity to imagine life upside down & see opportunties in a very unique way. How would the real estate industry change if we developed a broader capacty for RE-Imagining?

When TIVO took the television industry for a rapid ride in Re-Imaging TV without commercials, networks had to make some critical decisions.  They had to choose to admit the truth that...their world had changed & would never be the same again.  They could have ignored the consumer...but they choose to do something very different. 

The major networks responded with some innovative thinking...they chose to mine the pearl from their own oyster...putting their HIT TV shows on websites like myspace.com.  This allowed consumers to watch TV at will & for the networks to reap the benefit of advertising to very focused TV viewers who wanted more of their favorite shows!   It occurred to me that it might be interesting to turn things on their head so to speak, & RE-imagine what  the real estate industry would look like if....the MLS systems responded to their clients with the rules that govern TIVO, Amazon & E-Bay.

This is Part 1 of a 3 Part Series...

What Would Happen if America Cast the Vote?

What would happen if suddenly everyone could rate a listing on-line?  For instance, give it a two thumbs up or down based on criteria such as the following: how the home showed, pricing, marketing?  We do this all the time on Amazon.com and E-Bay and it has been remarkably successful in revealing gems & duds. 

Would homeowners have an incentive to price their homes correctly because they knew that good RATINGS would bring them a faster sale at a higher price?  How would this affect the "buzz" around a well priced & effectively marketed listing? Can you imagine home sellers contacting others to advertise their home's "Great Listing" rating on-line?  Talk about viral marketing at a whole new level!

What if a real estate agents performance was also available for everyone to see?  Comments would be a source by which consumers could evaluate the real experiences with various agents.  Could this be abused.  Absolutely.  But agents would also have a direct opportunity to counteract negativity & falsehoods.  Agents would have the ability to monitor in real time and respond in ways that could turn even negative sitations into "teachable moments"  Competent agents do this type of thing all the time!  Remember we're still talking about an MLS...so comments in dispute could be deleted...just like on a blog!

What Would Happen if Consumers  Received ALL Market Data?

Since we're still in the world of "immagination" How would most MLS systems change if we stopped pretending that the good old days of "being guardians of information" may still somehow magically reappear & accepted the fact that there will not be re-runs anytime soon? What if MLS systems took control of defining how Sold data was dessiminated rather than allowing 3rd party providers to cull the information & display it; sometimes failing to  re-constitute it accurately?  What if MLS systems delivered "Live Feed" for all their data?   This might succeed in enabling the following:

• Re-Imagine:  the Creation of a much better educated & therefore more Realistic Consumer.  A home seller could now see all the comprables, not just the ones selected in advance by the real estate agent.  There would be more Value in the disussion with the real estate agent because consumers would see much more clearly why it was important to have a correct evalution to determine which data was pertinent to their transaction and which was not.

• This Value Added benefit would be available on an opt-in basis to consumers .  It would not simply be available when they were in the selling process but at the time when this education is MOST CRUCIAL...the 6-12 months prior to making a decision to buy or sell property.

• Consumers might be willing to pay a subscription Fee for this service, which could be tailored to reflect the quality & the frequency of the updates desired by the consumer.  For instance, data which could be incorporated in a full blown appraisal would be charged differently than for instance notification that the home on ABC street sold for X amount.

Click to continue reading Part 2...."What if we Re-Imagined the Value Inputed to a Transaction?"

Copyright 2007 Audu Real Estate  All rights reserved

Part 2 of 3 parts...

I just finished watching an exciting episode of 24 on-line...a day late, but uninterrupted by commercials!  Now, that's TV worth watching.  The pleasure of watching the program with my specifications...no commercials had real value to me. This is part 2 of a Series in which we are exploring an industry RE-Imagined! 

What if the real estate industry's leaders Re-Imagined the role of MLS systems in light of some of the kinds of changes that TV networks & other media/Internet related industries initiated to respond to the Value deficit perceived by the viewing experience of the network's  audience? So let's continue Re-Imagining by asking the Question...What IF?

What if Bidding for the SALE of Properties was held Open on-line for a Period pre-determined by the Seller?

• What if Visitors to the MLS system website were notified that once an offer was received on a property, bidding would remain Open for X amount of days?  Would this serve to increase interest in the listing?  Would this be perceived as a Value Added Benefit by a home owner? 
• Seller's would have the option to release the amount offered in the bids or have them remain sealed.  The government already does this with the sale of it's HUD properties. What if home Sellers also had the option to reveal certain elements of the bid ?  For instance it might be advantageous to the home seller to alert potential bidders on-line that a home had 3 approved buyers already in the Buying cue? 

What if Real Estate Services Were Evaluated based on Public's Perception of Value?

Let's face it, we all know that not everything a real estate agent does to market a home packs the same type of punch.  When only 3-4% of homes sell due to Open House activity, is this service on par with a powerful  and effective marketing effort or the added momentum that is quickly gained when a home is staged effectively?  The answer is NO!  What if in addition to traditional listing services, real estate agents could market & charge for Value Added Services which had a proven ablility to truly impact in a significant way the outcome of the transaction from the consumers perspective? Not every part of the real estate selling process is "created equal." 

• A CMA should not really be judged in the same way holding a house Open is if we think of the way it impacts the bottom line of a transaction.  Most folks in the real estate community know that a properly researched pricing analysis is "worth it's weight in gold"...and as the market is continually shifting, the ability to master the skill of "on target pricing" is priceless!

What if Revenue for the Services Provided Through the MLS System Were Re-couped from the Commercial Sector?

Real estate is business...big business.  There is NO sector of the economy which is not impacted by the sale of a home.  Think stores, schools, entertainment complexes, home improvement, community organizations, politics....When people move, their money moves with them & that is one of the reasons why real estate is such a big deal...it feeds the economy one home at a time.  Sooooo instead of trying to get revenue from real estate agents, many of whom are barely earning a minimum wage, what if MLS systems began to collect revenue from those who benefited from the services of their members?

• If advertisers knew that they had a HOT SALE Prospect in a Great Listing, they might be persuaded of the value in accessing  millions of eyeballs which are hungry for the national obsession & past time of  house ogling.  This would not necessarily be limited to current listing data.  Sold data for successful sales or pending sales would be a natural for all sorts of commercial endeavors because a SOLD property is a SUCCESS story! Think about it...aren't we subjected to this kind of thinking in every other area of life, & aren't those who are repackaging MLS data not already doing this in some limited fashion by "clicks per view" programs & the likes?

• Why should MLS systems, the originators of the data not benefit?  For starters, there might be a means by which sellers could be compensated for the clicks generated by their home.  Not only would this be an incentive to price a home correctly, but it could also off-set the cost of the commission.  Seller's earning more money on the sale of their home are usually very happy individuals! 

• The bonus inherent in this novel approach would be a WIN WIN...More options for sellers to earn money & More opportunities for real estate agents to add value and therefore sell More homes!  Since the market would itself be voting about what homes were truly worth seeing, commercial advertisers would have a valid data pool to judge the results of their investment thereby generating More reasons to Advertise & Give More Exposure to the home for sale!

Click on this Link to Read Part 3 ...Re-Imagining the Real Estate Transaction

Copyright 2007 Audu Real Estate  All rights reserved

Part 3 &  of the Series...

Click here to Read Part 1

Click here to Read part 2

What if Transparency Didn't just describe Cellophane?

What if it was possible to readily distinguish between "fluff " and substance. What if MLS systems allowed the people subscribed to them through the use of their members to indicate or grade their experience with a certain real estate agent or company? 

It makes little sense that real estate agents who do a fabulous job traditionally earn the same fee for a transaction as agents who do the job poorly.  In NO other profession is this the case.  Specialists, be they doctors, lawyers, researchers or accountants are recognized for their superior skills & knowledge and are compensated accordingly. 

What if consumers clearly understood that certain real estate designations can have a significant impact on the way a real estate transaction is handled or mishandled.  Less than 5% of agents nationwide hold the CRS designation & while they do earn more,  it is currently more a function of doing more transactions, not for doing them in a superb fashion.  Real estate agents who have taken the time to gain more knowledge & skill, which is at least in part evidenced by a variety of courses and designation, should reap the benefits of this investment. 

What if consumers who wanted superior service could request the skills of a specialist as a Value Added Service through their local MLS provider?  What if agents who choose, as their business model, to provide minimal services could not charge for what they did not deliver...what if transparency in the real estate transaction allowed consumers to clearly know what they were paying for? Perhaps this would  encourage agents with a low level of skill to upgrade their service levels so they could increase their earning power. This would also enhance the perception  of professionalism in the real estate industry.

What if consumers were able to pre-view a company or a real estate agent's sales record by subscribing & paying for this service through the MLS? What if consumers could judge their hiring decisions based on real time statistics? They might discover the real truth about how much time it truly takes to sell a home!  They might make different decisions about an agent who indicated they have a 95% success rate but sold most of their listings at 20-25% below market value.  Consumers might be willing to pay more for companies which provided value added benefits like staging, foreclosure counsel or investment consultations. Consumers might be willing to pay more for agents who demonstrated and could document a successful history or significant improvement.

What if Transparency would also allow real estate agents to showcase their areas of expertise? What if MLS systems provided opportunities for agents to up-load their resumes on-line  & created or linked to member's blog as well as website?  This would provide a vehicle for agents to talk about the full range of their knowledge to consumers who need much so much more than simply the data of information.  Real estate blogs can highlight specialized skill sets or connections such as community/local knowledge, special financing programs & insight into the real estate process.

What if Keywords...Not Just Price Re-Defined Property Searches?

What if MLS searches were conducted the way people search on-line? Today, most MLS systems insist on searches that don't adequately support how the real estate consumer uses the Internet.  Most buyers don't look for a home on ABC street, they search for a homes with a variety of  keywords in mind or at least in the back of their mind. 

Buyer's don't simply want a certain price range...they want homes with certain characteristics in certain price ranges.  For instance..."I'm looking for a good deal," or "I am first-time home buyer so I'd like an AFFORDABLE home."  While some of these searches can be customized behind the scenes if a real estate agent initiates the search, most systems offered to the public are very, very basic.  The more options the MLS offers for consumers to search for data & get what they want, the more they'll come back.  It's called Relevance.  That's what fuels Google...why can't it fuel our MLS systems too?

What if Delayed Gratification made the MLS System a Deli cious Visit?

What if consumers could create a Wish List of the type of information they were interested in subscribing to BEFORE they entered the real estate market?  I'm talking way before...you know the 6-12 month period in which most people think about the real estate process before they actually venture into it.  What if the largest aggregate of real estate information, MLS systems, catered to this desire and allowed consumers to subscribe to a variety of real estate related services for FREE?  

What if real estate consumers through the portal of the MLS could link to professionals in the home building, remodeling industry or the home staging industry therby cross-linking related service industries and cross marketing services?  What if these industries saw Value in this service & paid a fee for this access to the MLS system? 

I wonder if any of the following would occur as a result of these RE-Imaginations...

RE-Imagine... Would our MLS systems provide more Value to the consumer?

RE-Imagine...Would this increase in Value translate into Potential for Increased Generation of Revenue?

RE-Imagine...Would there be a better capture & integration of consumer needs and desires?

RE-Imagine...Would there be a Cost Savings to the Consumer in paying less for Services which do not impact the transaction significantly & allow them to have the option to Determine if they are willing to Pay More for Services that have a Proven & Superior Track Record?  Would this make Sense?

Copyright 2007 Audu Real Estate  All rights reserved