Random thoughts on art, technology, stuff, and occasionally Real Estate: October 2006

Here's the first thing I like about Zillow.  And I like this part A LOT.  Zillow is NOT a lead-reseller.  if my client goes to Zillow, they'll print out the Zestimate and bring it our our office, and we'll talk about it. 

If that client went to a site such as HouseValues.com, they would be required to fill out a personal contact form, they would then be sold as a "lead" to a member agent, and that "local" agent would start bombarding them with emails and phone calls (I think HouseValues calls it a "Drip campaign")

The Zillow model is obviously better for me, as a broker, since my client can go to Zillow, search around all they like, and Zillow does NOT in any way interfere with my relationship with that client.

Here's the next thing I like:  We make the Zillow Zestimate report part of the data we review with buyers and sellers.  We'll print out the zestimate in addition to pages from RealEstateABC, Property Shark, and HouseAmerica.  Then we include  these with data from Dataquick's Data Express, title company comps, and the three MLSs that over lap in our area.  We'll sit down with the client, review all that data, add a dash of our own brand of "Street Smarts" and there you are.

What Zillow does need:  A big fat CYA disclaimer on their initial entry page.  Maybe this will be a requirement of any settlement reached.   You have to dig a little to find the current disclaimers.

Whoever thought there'd come a day I'd be agreeing with Glenn Kelman?!?!!  "Glenn Kelman, the chief executive of Redfin, a Seattle online real estate service that utilizes data from Zillow, said he thinks the complaint is a "publicity stunt" motivated by appraisers who have a financial interest at heart. He has no plans to remove Zillow data from his Web site."  (Quoted from a Seattle PI article)  Who'da thunk it!!

A Google Blogsearch on Zillow NCRC serves up a whole platter full of interesting reading.

Galen over at Rain City Guide, posted this link in a comment to  Ardell. I thought it was interesting enough to pass on here.

This is a rather lengthy article in the New York Times that asks What is Donald Trump really worth?

Might it be that there are some "acounting irregularities" in the Donald's balance sheet?

Build It (A Blog) and They (Customers) Will Come.....

I enjoyed Christine Forgione's interview with Joseph G. Ferrara and Rudolph D. Bachraty III, The Founders of Sellsius°.

Conspicuous by its absence is any real information on Sellisus' mysterious new web product, and when it will finally be unveiled.

And I think, intentionally or not, Sellsius has created a great new marketing technique: 

1.  Announce a new product. 

2.  Delay delivery of the new product, but in the meantime, create a brilliant blog that ends up on everyone's "must read" list. 

3.  By the time you finally deliver your product, all your faithful blog readers will be lined up around the virtual block, eager to buy your new product, now matter what is is.

Well, it appears a Canadian real estate marketing company is now going to try that very same technique: 

Check out http://www.livium.com/blog/  No product yet, no description of exactly what the product is, but a good-lookin' blog.

Anyone remember that old real estate cartoon?  The agent in the carton is praying "Dear God, please send one more real estate boom, and I promise not to p*ss it away this time."

I wondering, when the market turns up again, where will our industry be?  Will we all be doing flat fee deals, and buyer rebates?   Following Redfin's example?  Mesmerized by Bloodhound's Swann Song?

If so, I probably should have made some better investment decisions with the checks from the last boom.  'Cause everyone might be bringing much sharper pencils to the next one.

I would imagine at least a few other agents here on Active Rain own or handle rental properties?  What rental management software do you like? 

My humble opinion is this:  A lot of the rental management software I've looked at is heavy on the eye candy.  You can upload lots of photos of the property, and photos of the tenants (like, wow) when what I really want is just simply the financial stuff:  Automatic posting of rent due at the first of the month.  Automatic posting of late fees if a balance is still due by the 7th.  One step creation of a report showing past due accounts.

The vendor/repair expense extras are OK and interesting and all that - but all I really care about is WHO OWES ME MONEY! 

Does anyone remember the old DOS version of the software "Tenant File"?  That's what I want, only in windows.  But when "Tenant File" created a windows version, they had to jump on the puff-and-fluff bandwagon and they added all that extra stuff that I don't give a horse's toot about.

I have been using Quick Books, but I don't really like that either, since some of the work-arounds to adapt it for use as a Rental Management System are, to my mind at any rate, inelegant.

Anyone have any recommendations, given the above perimeters?

N Y Mets: 3 games, L A Dodgers: 0 games

 Hey, Brian Brady:  Padres Are Lookin' Good!!!

   http://activerain.com/blogsview/World-Series-California-Dreamin-?11427

   http://activerain.com/blogsview/MLB-Pennant-Race-Update?11014

Back in the 1980s, I can remember that we usually wrote contracts stating "14 days from opening escrow", or "21 days from opening escrow".  Then somewhere along the line, the California Association of Realtors changed the phrasing in the standard contract to read "___ days from acceptance of offer"

Often two or three days can pass between the acceptance of the offer, and the opening of escrow.

Recently, we had a selller - a long time, experienced, real estate broker selling his own property - opt for the old fashioned way, counting time periods from "opening of escrow".  And you know what?  It made for a more sensible, less pressured transaction.  Those two or three extra days can make a big difference to the loan agents,  title officers, escrow officers, and all the other folks that have to get on the same page in order for an escrow to close.  If anyone asked me, I would most certainly vote for a return to the "old ways".

Agents:  If you are in a "escrow state",  does your standard form say ... "from date of acceptance"  or "from date of opening escrow"?

Escrow officers:  Let's say an offer is accepted on a Friday late afternoon.   The agents bring you the escrow first thing Monday morning.  It's a 30 day escrow.  But because our contracts state that the time period is figured from "date of acceptance", you now only have 28 days to do your job.

Does anyone else think this is not such a good thing?

"Transparency" has become a popular buzz word in our business. 

A high level of intregity is expected.  A real estate agent cannot tell the seller one version of the facts, and tell the buyer, or the other agent, a different version of the facts.  Everybody is in the same loop.

Okey-dokey.  Along comes the IRS, and the IRS says they like transparency a whole bunch, too.  Homebuyers should not be claiming a "stated income" of $xxx,xxx when dealing with their lender, and stating an income of $xx,xxx when dealing with the IRS.

Here's a link to the story in the Washington Post.

Classic?  No, don't worry, I don't mean "War and Peace".

This is a You-Tube video that made the rounds a few months ago.  My original link to it was broken, but I can be relentless, and I managed to locate it again.  It still makes me chuckle.

The intent seems to be to teach Japanese-speaking people some useful English phrases.  And the phrases are repeated to a bouncy aerobic workout rhythm.   Don't ask any questions, just watch it.  It's a treat.

Don't forget to turn on your speakers.

Learn English Workout Video