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REinventing MLS
Category Archives: Agent “Doing Business” Discussions
Is Homeownership a Good FINANCIAL Decision?
Many have reported on Robert Shiller’s recent comments on the investment aspect of home-ownership. Shiller, a Yale professor and co-founder of the Case-Shiller Home Price Index, is famous for making provocative comments on house prices and the financial benefits of owning a home. In a recent Bloomberg Television interview, Shiller responded to a question about home-ownership as an investment this way:
“So, why was it considered an investment? That was a fad. That was an idea that took hold in the early 2000′s. And I don’t expect it to come back. Not with the same force. So people might just decide, ‘Yeah, I’ll diversify my portfolio. I’ll live in a rental.’ That is a very sensible thing for many people to do.”
To read the three FINANCIAL reasons to purchase a home by the KCM Blog, click HERE.
Short Sales – 10 Common Myths Busted
It’s likely you’ve heard the term “short sale” thrown around quite a bit. What exactly is a short sale?
A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for years. Only recently, due to the current state of the housing market and economy, has this process become a part of the public consciousness.
To be eligible for a short sale you first have to qualify!
To qualify for a short sale:
- Your house must be worth less than you owe on it.
- You must be able to prove that you are the victim of a true financial hardship, such as a decrease in wages, job loss, or medical condition that has altered your ability to make the same income as when the loan was originated. Divorce, estate situations, etc… also qualify. There are some exceptions to hardship now, but for the most part the bank or investor will need to verify some type of hardship.
Now that you have a basic understanding of what a short sale is, there are some huge misconceptions when it comes to a short sale vs. a foreclosure. We take the most common myths surrounding both short sales and foreclosures and give a brief explanation. LET’S BUST SOME MYTHS!!
To read the 10 Common Short Sale Myths Busted by the KCM Blog, read the full article HERE
What Facebook’s New Graph Search Means for Real Estate
Ever since Facebook announced their new Graph Search on January 15, we’ve seen a lot of advice on how to optimize your real estate business page. And with good reason–Graph Search is a different kind of search that requires a different kind of strategy. Instead of searching the web and returning links, Graph Search searches the tags and likes of its users and returns photos, liked pages, statuses and beyond.
This means that Facebook members can search for (for example) “Italian restaurants my friends like” and see a list of Facebook pages for Italian restaurants that those in their network have liked. It’s instant social proof of what restaurants are best, according to the searcher’s unique social circle.
Think of what this means for real estate. If someone wanting to buy or sell a home is looking for a real estate agent, they can use Graph Search to search “real estate agents my friends like.” Those agents who turn up in the results may very well be considered more trustworthy and worth contacting than those found in a simple web search. Why? Because the searcher’s friends are providing a recommendation, of sorts, for those agents by having liked those agents’ pages.
Because Graph Search is a whole new ball game, meta tags and keywords won’t help you here. Here are a few tips to “optimize” your Facebook page:
- Make sure your page is categorized correctly. Be sure your page is tagged as a “real estate agent” so you can be found in searches for agents.
- Update your location. Graph Search lets users narrow searches geographically, e.g., “real estate agents in Miami that my friends like.” Be sure the area you serve is noted on your profile.
- Build an engaged fan base. Keep putting out great content that your fans will like, share, and interact with. Every action they take is another chance for your page, statuses, photos, videos, etc. to appear in search results.
Identify Leads With Precision
Graph Search not only gives potential clients a way to find you, it can also help agents pinpoint leads.
Let’s say you have a townhouse for sale in an upscale urban area. You can identify potential leads by searching the Graph for pages they like. What attractions are near the property? If you’re looking for young families who may be interested in the area, try searching for “people who like the Ann Arbor Hands On Children’s Museum,” for example.
Have a rural listing you’d like to find buyers for? Search interests like hunting, snow mobiling, or other outdoor interests. Leads for waterfront property can be found with similar searches for boating, water skiing, fishing, etc.
Looking Ahead
The possibilities of Graph Search are endless. You can search any combination you can dream up, including pages liked, photos liked, photos shot in a certain location, videos and statuses that individuals are tagged in, and much, much more. You’ll be able to see results from friends, friends of friends, and the public, depending on each individual’s privacy settings.
Facebook plans to roll out Graph Search very gradually. While it’s only available to a limited number of users at the moment, you can prepare now for the Search’s debut by using the tips above.
Negative Equity: The Latest Statistics [Infographic]
MRED CEO Bergeron Retains Spot on Inman News Honor Roll
LISLE (January 22, 2013) – At last week’s Inman Real Estate Connect® in New York City, it was announced that Russ Bergeron, Chief Executive Officer of Midwest Real Estate Data LLC (MRED), has again been selected as one of the top 100 most influential real estate leaders.
The Inman 100 is an annual list of individuals whose actions have helped change the real estate industry in the last year through their leadership, innovation, ingenuity, power and persistence. The complete list of honorees is available on www.inman.com/Inman100. Mr. Bergeron has been selected for the Inman 100 every year from 2009 through 2013.
“Russ Bergeron was brought on board because of his national profile and the influence he wields across the country,” said Rob Schaid, President of MRED. “On behalf of our leadership, we congratulate Russ and could not be more pleased that he continues to be recognized as a force in our industry.”
“I am honored to once again be recognized by Inman News,” said Mr. Bergeron. “It is gratifying that the hard work done by everyone here at MRED results in recognition from such a respected organization. I look forward to the continuation of our efforts to lead our industry forward; and to creating opportunities for all the real estate professionals served by MRED in what appears to be a recovering and dynamic real estate market.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. For more information please visit www.mredllc.com
About Russ Bergeron
Please click HERE for the biography of Russ Bergeron.
MRED’s Inventory of Homes Half That of Two Years Ago
Good News for Chicagoland Home Sellers in 2013?
LISLE, ILLINOIS (January 22, 2013) – Midwest Real Estate Data (MRED), Chicagoland’s multiple listing service (MLS), announced that December 2012 figures indicate the volume of properties for sale on December 31, 2012 was at about fifty percent (50%) of that for 2010.
A reduction this significant is indicative of a couple of things. The recent real estate market was extremely active to incur this reduction in this relatively short period of time. That was good news for the 2012 real estate practitioners, many of whom experienced record years. For sellers now in the market, having to compete against fewer homes than they would have previously is an advantage. It also suggests the return of more multiple-offer situations, where several competing offers are made on a home from different potential buyers.
“We anticipate the inventory will grow slowly in the coming year,” said Russ Bergeron, MRED CEO. “In some locations, and because current pricing has been established during a high-demand time frame with a lower supply of homes, we can anticipate some price appreciation in 2013. This has been experienced in other parts of the country, but not here.”
“Because some pockets of the Chicagoland have higher numbers of distressed properties – foreclosures and short sales – one cannot make a blanket statement to cover every location,” Bergeron added. “In these hard-hit areas the distressed market will keep the prices down for another year or more until such time that they can be processed through the system. Overall, the recovery will show a steady improvement – but there will be some neighborhoods that significantly outshine others.”
While the number of distressed property sales has remained relatively steady throughout 2012, the percentage of “traditional” sales as compared to the overall market was up, providing some good news for those sellers who have been on the fence. Because of the local nature of real estate markets, it is always a great rule of thumb to consult a real estate professional familiar with your neighborhood when thinking of entering the market.
“Due to the internet, real estate has become one of this country’s most popular spectator sports,” said Bergeron. “However one feels things might be going, it’s definitely worth watching. We’re seeing year-around real estate markets and very busy agents and brokerages. While we probably won’t return to the craziness of the last decade, the industry appears to be back on solid footing with the ‘arrow’ pointing up.”
About MRED
Midwest Real Estate Data (MRED) is the real estate data aggregator and distributor providing the Chicagoland multiple listing service (MLS) to nearly 40,000 brokers, agents and appraisers and 8,000 offices. MRED serves Chicago and the surrounding “collar” counties and provides property information encompassing northern Illinois, southern Wisconsin and northwest Indiana. For more information, visit www.MREDLLC.com.
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