Google Maps Mania

You can also use Google Maps to create your own maps of your local community, the sky is the limit for content.

Many of the maps are very local specific.  Here a are a few of the more interesting ones:

• New York City Live Music Map
• New Orleans Murder Map
• DC’s Snow Plow Response to Snowmaggedon
• Black Collar Crime (committed by someone affiliated with a religious institution)
• Historical San Francisco
• Chicago Wine Shops
• Celebrity Sightings in Toronto
• Wreck of the Edmund Fitzgerald (one of my favorite songs, song inlcuded)
• Phoenix Food Map
• Coral Gables Coffee and Cupcakes (this one is by me)

Bonus: Lord of the Rings Map (for geeks like me)

I bet with a little searching, you will find more than one map for your blog readers.  If you create maps, submit them to GoogleMapsMania for added exposure.

Have a favorite Google Map? Post it in the comments below….

I’ve seen some interesting blog posts over the last few days that discuss how mortgage lenders participating in short sales determine the value of a property.

First off, so that it doesn’t seem like I am speaking a foreign tongue, I am going to provide a little dictionary definition for novice short sale agents. The bank determines the value of the property using something called a “B.P.O.” which stands for Broker Price Opinion.

To determine this value, the mortgage lender hires a licensed real estate agent. Agents are paid anywhere from $50 to $100 for this service. The service usually requires the agent to visit the property and to provide the lien holder with three ACTIVE and three SOLD listings (within the last 60-90 days) in order to determine the value of the subject property.

In contrast with the BPO, a buyer—when purchasing a property—obtains an appraisal from a licensed appraiser who does a significantly more complete and thorough analysis of the property and the comparable sold properties in the area. Because the appraisal is more thorough than the BPO and because it is completed by a licensed appraiser, the cost for this is greater—usually beginning at over $300.00.

In determining whether the short sale transaction will be approved, the results of the BPO are one of the most significant components of the short sale package—and the one over which the listing agent has the least control. After all, a listing agent can control what items are sent to the bank, when they are sent, and where they are sent. However, the listing agent cannot control the price determination made in the BPO.

If an agent comes from another area of the city in order to prepare the BPO, he or she may not have all the latest information about problems and issues that may be occurring with the subject property or in the subject neighborhood. Additionally, agents who make an appointment to view the property in order to prepare the BPO and are unable to obtain access probably get pretty darn frustrated. After all, if you drove 20 miles to view a property and the key was not in the lockbox or there was no one at the property to open the door, you would be frustrated as well!

Here’s what you need to do.

As short sale listing agents, I always say that our role is to be available to open the door for the BPO and to be available to answer any questions and provide any information as needed. This is a vital component of the short sale transaction. The BPO is ultimately returned to the bank and whether or not the short sale offer is accepted is based (in large part) on the results of that BPO.

So, if you are a lazy listing agent who has little interest in your deal closing successfully, that’s cool. Don’t go to meet the agent preparing the BPO. But, if you want to be a super successful short sale listing agent and see more closings than ever before, get out of bed and go meet the agent at the door!

It may be a little harder to get up early this week (because the time just changed), but if you attend the BPO, it’ll make your short sale transaction go sailing along quite smoothly.

Letting Go

REALTORS like to be in control. Letting go and trusting people to perform and treat your clients the way you do is not easy.However, it is possible. You can not be everywhere and do everything if your business is going to continue to grow. Something will suffer, your marriage, your family, your health, or your clients.

Knowing your strengths and weaknesses and what you love to do is important when you begin to realize you need help. I am not a detailed person but more of a “big picture” person.  So I hire to my weakness which is a person who enjoys all the little details.

When I hear agents complain they are over-whelmed, I encourage them to hire someone to help them even if it is part time.

What I often hear is, “I can do it faster myself.”

Yes, you probably can do it faster but all those little ‘faster myself’ tasks add up.

Trust & Training

When you first hire your new assistant you have high expectations the person will do a good job.  However they can only fulfill your expectations if you invest in training.

Training a new person takes a tremendous amount of work. You cannot expect a new team member to automatically know how to do what you do according to your standards and objectives without training them.

Some agents in my offices over the years, played Russian Roulette with all the assistants they keep going through. What I saw after observing this for years was the problem was not the new person but the REALTOR not spending the time in the beginning to train them.

The Right Fit

I got lucky when I hired my first assistant, as Gary Keller had yet to write The Millionaire Real Estate Agent and I went with a “gut” feeling.  We worked together for the next 16 years. The next assistant I hired was very competent, and had previously been a assistant on a local real estate team, so I “assumed” very little training would be necessary.

Boy was I wrong.

Over the years, I have learned to use the online DISC test before hiring any team members, but because of this persons prior experience I neglected this.  The DISC is a diagnostic test that reveals insights into a person’s personality.

If and when there is something wrong on a team, everyone knows on the team knows it. If you as the team leader put off dealing with it, you will risk loosing the respect of the whole team.

Letting someone go, is not easy for me. It is not in my nature to hurt people but I had to step up and do it for the benefit of the whole team.

Immediately, the joy and synergy of the team came back.

Empowering Them

Every person on a team needs to feel valued. If you are micro-managing  (note the operative word here is micro and not managing) a team member and not allowing them to excel in their strengths they feel insecure, unsure and unfulfilled.

If you hire the right person, and train them properly, let them go and empower them they will take pride in their work and know they are a valuable asset to the team.  You will be free to do the activities in real estate you love and will have more time for your family and personal life.

Building a team takes a tremendous amount of work.  The key things to remember out of this post:
1)    Hire the right person
2)    Train them properly
3)    Let them do their jobs, manage but don’t micr0-manage

Flickr Photo Credit

A while ago I decided that I wanted a web site that was just for my videos.

I have video embedded in blog posts on my main real estate site, but I wanted a clean looking page where people could go and just watch my content. A video-blog, or vlog, as the cool kids call it.

As of yesterday, I have one:

a screengrab of my Video Site

I decided it wasn’t worth the trouble.  We both know the truth.  I don’t need to share charts, survey percentages or statistical bona fides, do I?  The truth is plentifully self-evident.

The average and ordinary majority of selling agents, DO NOT stay in touch with buyer clients after closing.  The deal is done, it’s time to run.  Fresh leads needs chasing and an uncertain future needs feeding.

At first blush, closing and running seems logical, maybe even smart.  After all, gleefully settled buyers won’t be moving for years, why waste your finite attention on a years-distant possibility.  Bills need to be paid now.  Right?

Dead Wrong!  Closing and Running is abandonment and financially unwise.

Why?  Because of this - The Three People Principle.

The buyers who chose you and now know and trust you, they know three people at work, at worship, in Katie’s Girl Scout Troop, at BUNCO, or wherever, they know three people who are going to move in the next year.  Invest attention in these fans friends people and you’ll earn referrals, accompanied by recommendations.  These are the best leads, are they not. And they’re free. Well almost free, you have to invest some emotional labor to remain relevant and remarkable and therefore, recommendable, but that’s easy.  It’s what you do.

So, staying close and relevant is smart and profitable. Agreed?

But wait, there’s even a higher level of business cultivation.  Wise ones capitalize by monetizing the mistakes of  the average and ordinary majority.  Some might consider this business-getting tactic – stealing.  I call it smart.

Listing Agents, Listen Up – Are You Adopting Abandoned Buyers

Pretty straight forward.  The average and ordinary majority of selling agents abandon their buyers after closing. When you’re the listing agent, grow your success by cultivating a relationship of relevancy and trust with the abandoned buyer of your listing. Yes, you heard right.  I believe you should adopt the abandoned buyer and become their Go-To-Girl for all things home, community, lifestyle and real estate.

The How-To varies from person to person.  I wouldn’t presume to tell you what you should do or say.  But, I will share a few directionally-correct ideas.

1. After closing, mail a handwritten note card.  Wish them well, welcome, etc.  Of course, include two business cards.
2. Thirteen days after closing, between 2:37pm and 7:57pm, stop by in person and see how things are going.  Follow-up your visit by mailing a handwritten note card (nice talking to you, blah, blah, etc.). Use purple ink, a hot-pink envelope and a real postage stamp.  Just kidding.  Doesn’t matter what time you stop by or the ink and envelope color. I’m not kidding about the stopping by or sending the note.
3. While you’re visiting (in person) ask for permission to stay in touch.  I’d say something like this, “Hey, would it be ok if I touched base from time to time to see if your need anything real estate related?” or “Hey, I send monthly market report updates to my friends, I’d like to include you, would you be offended if I shared my market report with you?”
4. If you’re granted permission, include these fine folks in your thoughtfully created Top Of Mind Awareness campaign.

Smart or Stealing

I believe it’s smart for listing agents to adopt abandoned buyers.  Some might think it’s stealing.  I don’t.  If they’re abandoned, you’re not stealing.  If they aren’t abandoned, and you ask for permission to stay in touch and the say, “No-Thank You”, then don’t.   Some will, some won’t, so what, next.

Pretty simple, but uncommon.  Are your actions uncommon?

Thanks for reading. Cheers.

If you’re in your feed reader, you may need to visit the site to see the below video.

Imagine my utter delight to see the housing policy and tech policy worlds collide this week when HUD Secretary Shaun Donovan spoke of the importance of broadband access for all and how HUD is working to make it happen. In these brief remarks Secretary Donovan describes HUD’s initiative to bring broadband to federally assisted housing.

Do you agree that broadband should be made available to all Americans including access in federally assisted housing? Do you think HUD’s approach, namely public/private partnerships is the best way to accomplish this goal?

In the spirit of fellow AG columnist Fred Glick, this will be a short one.

It seems from my last post (and I may be wrong) that there are a lot of people who think that the best type of Government is No Government at all or one so limited as to be close to No Government.

So, class, this week’s assignment is to think about what No Government looks like (footnotes, bibliography and index are optional).

To all the folks out there shouting for the Government to stay out of the way and get off our backs, I ask:

Who would:

• take care of those born with profound physical or mental challenges
• care for the aged
• care for those involved in catastrophic accidents
• those maimed by war or crime

Would we:

• have police and fire fighters
• trash collection and snow removal
• public hospitals for the very poor

What happens with:

• roads and bridges
• schools and libraries

Does the check out clerk at Wal-Mart or the barista at Starbucks negotiate wages for themselves without regard for a “minimum wage”?

In short, what does a society look like when all the Government does is maintain a standing army to defend itself against direct attack? What does every man for himself look like?