Don't Look At The Man Behind The Curtain (You May Not Like What You See!)
It's called web 2.0, and it refers to establishing relationships over the internet by the use of websites, blogs, Twitter, Facebook, and a host of other social sites.
Realtors are climbing onboard as if social networking is the key to financial salvation. And why not? A couple of years ago, business consultants told us that about 65% of all potential home buyers start their search on the internet. Now they tell us it's about 90% (some estimates are even higher, approaching 95%).
We asked a few of our clients for feedback on the changes we're making to our website. We wanted to know what they thought about its current content and give them some idea of the proposed changes that are already in the works or will be available shortly. We received several great ideas, but there was one response in particular that was so...different, that we asked if we could reprint some of it. And so with permission, here are the main points from our client's email:
"Before I talk about specifics, I want to offer a few general comments on your site, the changes you've made, and the use of the internet in general. So now you're offering more reports (on the website), and now a blog, and from what you're telling me, I'll be able to download the newsletter directly from the website. Well, whoop-dee-doo!
Over the last couple of years, I've looked at other Realtor's sites because they were representing the other side of the transaction, or I'd met them at an open house, or wanted to get more info on one of their listings. Some of the sites are absolutely incredible. There are more links than I can possibly open and read even if I took an entire day to do it. A lot of them have billboard style ads and self-serving rhetoric proclaiming their expertise, experience and personality. Promises of superior service ring out loud and clear with pictures of their family, pets and mentions of personal hobbies, clubs and service to the community rounding out the picture.
In general, I'd have to say that someone has gone to an awful lot of work to try to convince everyone of something - but I'm not exactly sure of what. Until you recently asked me to take a look at your site, I hadn't seen it in two years. Not since I saw it the first time. And at that time, I didn't read the articles or explore the links. I went there for one purpose - to read the testimonials. I was considering using you as my agent, and I wanted to know what other people thought after the deal was over. Were they happy? Satisfied? And most important, would they do business with you again?
I think in general, a Realtor's website reminds me of that old movie, The Wizard of Oz, with lots of flash and color and graphics, but what really counts is still behind the curtain. And it makes me realize how many times I've been left waiting for a response to an email or phone message I've left for another agent. Sometimes the wait is several days. Sometimes an answer never comes. And these are some of the folks who have spectacular web sites. And pages on Facebook and My Space. They send out daily tweets and blog like crazy. But when it comes to the basics of business - responding to inquiries and questions, returning phone calls and following up on requests for information...well, I guess they're too busy posting to all the social sites they belong to. (That's part of the reason we've done three transactions together, and as long as you continue with the same level of service, when I'm ready for number four, I'll call you.)
I know this isn't what you asked for, but it was what came to mind when I received your request for feedback. Hope it helps."
(end of quoted material)
He was right about one thing: his response wasn't what I expected, but I do agree with one of his points. In some cases, websites, blogs and all the other web-based flag waving have become the internet equivalent of smoke and mirrors. While it's a common assumption that an agent who has a website that just screams professional service and success will provide nothing less, it may not be a wise assumption.
Real estate is work. It's answering phones, email, and meeting clients at their convenience. It's being available - sometimes on the spur of the moment, if that is what it takes to get a potential buyer into a house they want to see.
So what's the real purpose of an internet presence? It's a pre-introduction. It lets others know a little about the agent's background, experience in real estate, and if they know how to comb their hair and dress appropriately for the job. In our case, we also try to provide additional information - for those who want it - on getting a home ready to sell, on choosing an agent, and we even have a link for other agents who are preparing to do a cross-transaction with us. It explains what we expect them to be able to do, how quickly we expect our phone calls and emails to be returned and what to do if they experience a problem. Unfortunatley, it's one of the least viewed links on our site.
There was a recent survey done to determine which factor was more important in a Realtor's website: design or content. Design won hands down. That means what makes folks respond to an agent's site is based on flash, geometry and color - and not the actual information it contains. And that's a shame. Because in most cases, the agent has very little to do with the design of the site - it's usually a template or a custom design done by professional website designers.
So the next time you visit a website or blog, take it for what it's worth. It's a advertisement. A piece of marketing. It might have been done by the agent's son or daughter, or perhaps a commercial webmaster who is paid to keep all those web pages current.
Here's the point: The best source from which to choose an agent is from someone's referral. It's always been that way, and internet 2.0 hasn't changed it. If an agent does a great job for past clients, it's a pretty good bet they will do a great job for you. Enough said.
Posted at 11:10PM Aug 31, 2009 by Jill Reid in Real Estate |
Behind On Your Mortgage? Your Bank Accounts Could Be Tapped For Back Payments!
Let's talk about banks, and more importantly, what you need to do to protect yourself against some of the current policies and actions that many banks are taking to reduce their risk against default. It's best summed up in the following little story:
We have a client who fell behind in their house payments. He was a homebuilder who simply lost his source of income due to the economic downturn. Although his wife was able to keep her job, the single paycheck was not enough to pay all the bills. They listed their home with us, but based on the amount of the mortgage, they were upside down, owing about two hundred thousand dollars more than the home was worth in today's market.
Our client made repeated attempts to contact the first and second mortgage holders, asking for their assistance in evaluating the home for a short sale. While the first mortgage holder was receptive to considering a short sale option, the second mortgage holder, Wells Fargo, was not. We also tried to contact Wells Fargo in our client's behalf, but the appointed bank representative would not take or return our calls.
Here is where things go from bad to worse: About a month ago, our clients mother, a 73 year old widow whose main income is social security, received a notice from her bank (yep, you guessed it, Wells Fargo) that her checking account was overdrawn and several checks had bounced. At first, the local bank employees would not tell her what had happened to the approximately $2000 that had been mysteriously withdrawn from her account. But after she threatened the branch manager with arrest for theft, he reluctantly admitted that Wells Fargo had , without permission and without prior notice, withdrawn the money and applied it to her son's delinquent account.
How could they do it? Because several years prior, she had added her son's name to her account as part of her estate planning to give her son access to the account at the time of her death. Even after repeated explanations by her son - citing that the money in this account belonged to his mother and he had never deposited any of his funds into the account – the bank refused to return the money, saying that because his name had been added to the account, the money was equally his - and subject to confiscation by the bank.
The process is called "offsetting", and it allows the bank holding a delinquent mortgage to search for assets under their management or in some cases, the management of financial partners, and simply take the money owned to them without notice.
Is it legal? I don't know. I'm not a lawyer. Is it ethical? Not in my opinion. The withdrawal of funds from the mother's account created financial hardship. It also affected her health, requiring a doctor's visit and medication for stress and insomnia. Even though the son's name had been added to the account years prior, the money it contained was not his, and accordingly, should not have been subject to confiscation for his debts.
So have banks become this ruthless? Obviously, some have. The lesson? If you anticipate falling behind in any of your financial obligations, make sure you remove any money you have in banks and other financial institutions under the same name or financial family umbrella. The loss of a job and income is difficult enough without the added stress of having your remaining cash stripped away without notice. Preserve your right to manage your money, especially during times of hardship, by reviewing loan documents, moving and/or closing bank accounts if necessary to eliminate unauthorized access to your funds by creditors, and finally, spend the money to have an attorney make a review of your situation, it can save you thousands in the long run. (Obviously, set a time/cost limit on any lawyer's services, making sure he/she can accomplish what you need within an affordable limit.)
There's more about the banking situation and how it is affecting the real estate market in the current issue of our newsletter, scheduled to be mailed on Friday the 10th. If you're not currently receiving our newsletter and would like to, drop us an e-mail at jillreid@jillreid.com and tell us where to send it.
Posted at 02:16PM Jul 08, 2009 by Jill Reid in Real Estate |
Welcome!
Welcome to our new blog!
Here we'll provide expanded content from articles that were originally published in the newsletter, as well as new and updated information about the market. And when it's appropriate, we'll also include our opinion and advice. We want to keep you informed and ready to take advantage of changes in our real estate market - whether you're a buyer or a seller!
Posted at 04:31PM Jul 05, 2009 by Jill Reid in Real Estate |
