Frank's Blog

Focusing on Multi Facetted Marketing Events will help to jump start or slingshot your real estate career into the success zone.

John L. Scott Real Estate — Tue, 27 Oct 2009 23:07:23 -0500

Focusing on Multi Facetted Marketing Events will help to jump start or slingshot your real estate career into the success zone.

A diamond has its brilliance and sparkle because of the facets that have been cut into it.

Add brilliance your real estate business by adding facets to it. A Multi Facetted Marketing Event (MFME) is taking something that you may already be doing on a daily basis within your business, and adding more dimension or facets to it. A facet is added anytime you take your original activity and spin it off allowing you to make more impressions or talk with more people.

This is a concept that I developed some years ago while teaching agents how to effectively market themselves and their listing to the public and I feel that it will allow you to do more business with seemingly less effort.

I realized the power of a MFME the other day when I bought flowers for my wife for our 27^th wedding anniversary. I could have just gone down to the store to buy her a bunch of daisies, but, that would have only had 1 real facet, (albeit the most important one....her) more on this later.

So, lets take a look at how not to do it so that we can discuss the contrasts:

Cut the Fat in your real estate business

John L. Scott Real Estate — Thu, 16 Apr 2009 23:42:33 -0500

The first rule of business…..is to stay in business.

Cut the fat out of your real estate business

As real estate agents, offices and companies struggle to figure out this market it is important to stay focused on what is working and what is not. “Working” means money spent that earns a return in the form of phone calls, appointments, revenue units, or direct business support items. Examples of “not working” would be money spent on; things that feed your ego, post cards bought and put under your desk, educational CDs purchased and never listened to, print advertising that never makes the phone ring.

Spend one day a month working on your business, not in your business. What this means is setting aside one day per month in which you work on the big picture; finances, marketing plans, business plan review and the like. During this time do not engage in working with buyers, sellers or ongoing contracts, don’t answer the phone and if you need to, hold this meeting with yourself outside of the office.

One of the things to look at each month are your expenses. As revenues slow with fewer closings you may be wondering where to cut expenses. This is a good discussion to have with yourself…..in good times as well as in bad. Determine a base line of what you need to support your business and what that base line costs. Consistency is important here. You don’t want to have the lights on when things are good and go dark when things slow down.

Go to the rest of the post

Website Attempts Without the Marketing Discussion

John L. Scott Real Estate — Wed, 25 Mar 2009 01:25:44 -0500

Now that I'm with GraphicalData I am having more focused discussions with real estate agents and their brokers about websites. One of the things I've quickly learned is that you can not have a "website" discussion without having a "marketing" discussion.

Too often agents want to jump in and order up a website so they can check that task off some list they have in hand. Later, when the going gets rough financially they jettison the website because it is not meeting their needs.

Before getting the website ask yourself some questions, this may require a bit of introspection:
1) What kind of business do I want to do. Am I focusing on residential resale, commercial, new construction, condos.......etc

2) Write a paragraph describing your perfect buyer

3) Write a paragraph describing your perfect seller
(in both cases be specific to type of home, geographic location, qualifications of the buyer or seller)

4) What are your goals for the website?
Be realistic here. Come up with a number that you can logically work toward.

5) How much am I willing to spend?
This has to be a realistic number that will not change with the market. Too often agents and companies spend lots of money when the market is good and pull it all back when things get tough. The key word here has to be "consistency". Granted, you may invest more as you have more to invest...but you should always have a core marketing effort going on. Note...I use the word "invest" on purpose. Dollars you spend are either to improve your business, have a goal and measurement attached or it is a charity. Too often business people mistake the two.

6) How am I going to track my success?

With this information you will be able to tailor your site to meet the needs of the people you are trying to attract and keep as customers. Don't try to make one site do too much. If you do residential sales and property management you may want to consider two separate websites, otherwise you dilute your message and will make it harder for your site to show up on the first page or two of search engine rankings.

Now that you are sitting down to actually start planning the website looks are important but only go skin deep as the old saying goes. Content is king. I'm running across good, hard working agents who have invested a lot of money into a website that looks good but has no real content. Make sure your website developer can and does provide the IDX feed for your site. Without it you will not be able to provide interactive home searches for your clients, nor will you be able to use many of the tools that make a great site like flyer makers, CMA tools or automatic e-mail notification services.

Tool #3 Presentation : 4 tools of a successful real estate agent:

John L. Scott Real Estate — Fri, 03 Oct 2008 00:06:18 -0500

This is part of the ongoing series "Finding Success in the Basics"

If you are out prospecting and marketing you will be bound to run into someone personally or virtually who has an interest in real estate. This is where your skills and knowledge will come into play.

Being a real estate professional is really all about presentation, presentation of you, your company, the process, buyers choices and sellers choices. The better you are at presenting or, telling the story, the more successful you will be.

When you meet someone for the first time:

How do you look...are you dressed the part? What do you say? Are you ready with a 20 second commercial or sound bite about what you do or offer? Do you have a hand out, take away or brochure? When you hand someone a thing....do you just shove it their way or do you present it?

At open houses:

How do you present the home? What information do you have at the ready? What questions do you ask?

On Floor:

Are you ready to answer a question and immediately follow up the answer with a question of your own? Do you convey confidence in your voice? Be sure to lead them in a direction. If you like what you are hearing you might say, "sounds like the next logical step is for us to get together, is this afternoon good for you or would tomorrow morning be better?" These are not sales techniques rather business tools to help them take the next step to achieving their goals.

To continue this article http://www.MyRealEstateCareerBlog.com

Let's make this easy, the governement should gurantee 4.5% home loans, no smoke and mirrors

John L. Scott Real Estate — Fri, 26 Sep 2008 13:43:39 -0500

This whole discussion of "the Bail Out" is very frustrating. Not only do most people not understand it but it is so convoluted that it may never get done? How much will it really cost? Who does it benefit? Will it really help the family who is in hardship?.....all are questions being asked, not answered.

I'm a pretty simple guy...which leads to pretty simple solutions. I get supply and demand...I get the family who purchased a house a few years ago who bought into an ARM product and now can not afford the increased payments. I get most people thought the housing market would go on forever.....

Though I'm typically not in favor of government involvement here is where I think they can help. (I understand the "they" is really "us")

Provide a fixed rate 4.5%, 30 year home loan program. The borrower does have to qualify for it. Allow some leniency for those that are in an ARM situation, give priority to those that are in danger of loosing their homes. Also provide a 5.5% loan for investors who want to buy properties in the county that they live and a 6.5% loan to investors who want to buy homes in areas they do not live.

This will accomplish:

1) Allowing people to stay in their homes, now they can afford the payment.

2) Encourage buyers who have been on the side lines to jump in.

3) Encourage investors to invest in their communities.

4) Reduce inventory which will allow home values to stabilize.

5) Provide banks some stability because they are not getting as many houses back or having to write off bad debt.

Simple, most of us can understand it, we can see who the beneficiaries are.

Are there other issues at hand...certainly, but this is a program that could be easily put into place and would begin to have an effect in weeks and months not years.

Tool #2 Prospecting : 4 tools of a successful real estate agent:

John L. Scott Real Estate — Tue, 09 Sep 2008 23:59:04 -0500

This is part of the ongoing series “Finding Success in the Basics”

Since you can’t talk someone into buying or selling a home (Unless you are Tommy Hopkins) the best you can hope for is to be in the right place at the right time. This often makes you feel like you are trying to be everywhere at once.

Prospecting is the basic tool that can make you or break you in this business. In short, it is your ability to go into the world and create business. You might not be real organized, you might not have the best presentation in town, you might not be the most polished…but if you have the ability to bring in large numbers of leads, much can be forgiven, learned or hired out.

I used to tell my daughter that she had to eat some vegetables. She could pick one that was always off limits, she chose broccoli, but she had to eat some. Prospecting is a lot like that. You don’t have to do it all, but you do have to have your recommended daily allowance to succeed in real estate. The good news is prospecting does come in a lot of flavors: MORE>>>>

Asking too much of one website

John L. Scott Real Estate — Sat, 30 Aug 2008 03:57:52 -0500

Over two years ago I developed a website www.FranklyRealEstate.com which led to a blog www.FranklyRealEstate.Blogspot.com. Even then Ozzie, the guy at Graphical Data who helps me with all things web, cautioned me that the site was too broad.

I was trying to make it be all things to all people. Last week I met with Ozzie and we developed a new plan. Essentially I'm breaking down my one website into two, which in turn will roll out a second blog as well. The goal is to focus the information and tools to a smaller group.

www.FranklyRealEstate.com will focus on home buyers and sellers. It will address questions and concerns a typical home buyer or seller might have in today's real estate market. Search for homes, learn about neighborhoods and schools and pick up a little education about the process along the way. FranklyRealEstate.Blogspot.com will be restructured to pick up the day to day conversations that goes on and refer readers to the website just as you would refer to a reference book.

The new website will be www.MyRealEstateCareerBuilder.com and the new blog will be www.MyRealEstateCareerBlog.com. These will address concerns that real estate practitioners might have. Getting started in real estate, classes to take, technology to use, interesting changes in the market and the like.

Needless to say there is a lot of work ahead to string up my new portion of the net. Fortunately I'm passionate about the topic and eager to share what is happening in our neck of the woods.

Feel free to check out these new sites and learn along with me. I'm setting up the blog first. This gave me a chance to try out a new platform....wordpress. Because I've settled on a specific template I had to have my blog hosted for me, not hosted within wordpress, Active Rain or Blogger. As I go I'll try to share all of the things I learn....Let me bump my shins as I work through this unfamiliar room called wordpress and hosting. I'll give links as well so you can check out the choices I've made.

Wordpress

Dreamhost (Put the word "Frankly" in the coupon code for a free domain and save $10)

Thesis (template for blog)

GraphicalData (designs real estate websites for agents and companies)

It is a good idea to at least annually review your web marketing plan and make the approprate changes to keep you on track to success. It is all about the basics...who are you talking to? What do they want to know about? What is the best way to communictate?

Stay tuned and please feel free to give input. The new sites are rolling out slowly as they get built and I learn the tools.

Change to RCW 18.85, Real Estate License Law in Washington State

John L. Scott Real Estate — Mon, 10 Mar 2008 14:55:37 -0500

For those of us who were involved in these changes a few years ago....this comes as a bit of a surprise. It appears that the revisions to WA States real estate license law has now been brought before our state legislators and is now ready for the Governors signature.

Though this was a hot topic 2 or 3 years ago many of us thought this had been stalled and set aside. It is time to start letting our agents know that this is now our future. Like many changes of this nature there will be some who are happy about the change and some....not so much. This has been a long time coming. Our industry has changed a lot since RCW 18.85 was last addressed.

Below are "Just the facts Mam" I'm sure there will be a lot of discussion about how this will affect our industry, our agents and the consumer.

Three levels of Broker:

Designated Broker
Managing Broker
Broker

New Licensees for Broker:
90 clock hours to sit for the Brokers exam
First renewal additional 90 clock hours

Managing Broker:
3 years as a Broker
90 clock hours of instruction (specialized classes)
Pass an examination

Designated Broker:
Licensed as a Managing Broker
Registered by DOL as a Designated Broker
Designated Broker may act as such for more than one firm

Renewals:
30 hours for each 2 year renewal
15 hours may be carried over from previous 2 years

Non licensed people may provide referrals to licensees provided their compensation is not contingent upon receipt of compensation of the licensee.

Licensees (all three flavors) must be fingerprinted and have a background check conducted. The Director may institute a schedule by which this information is renewed on a regular basis.

If a Broker is in a position to supervise or exercise control over other Brokers they must be licensed as a Managing Broker.

During the first two years a new Broker must have a “heightened level of supervision” provided by a Managing Broker.

Licensees must now provide a copy of singed documents to their principles “within a reasonable time after signing”. (instead of at the signing of those documents)

A salesperson will now be considered a Broker and must take a transitional course prior to their first renewal after this goes into effect.

A real estate update.....getting used to the pain.

John L. Scott Real Estate — Fri, 07 Mar 2008 14:36:47 -0600

Well here we are, almost through the first quarter of 2008. By now many thought we would be through the tough times. I think realization began to set in towards the end of 2007 or certainly by mid February as more and more sub-prime woes spilled out.

So...where are we now? I actually think we are better off this year than last. Even if it is a psychological factor of once you get past the shock you begin to acclimate. Sellers are becoming more realistic about their homes value. Agents are focusing more on sold data. Buyers are asking more questions about their loans and are actually much more informed than I think in the past.

Where we are is not all that bad, at least in this neck of the woods. I'll hear agents indicate it will be another year before we are done with this......do they think someone will through a switch at 12:53 pm on April 18, 2009 and the market will return to what it was 3 years ago??? What we will be seeing is a slow increase in market health. None of us want it to shoot upwards, just a nice slow improvement.

What does improvement look like? 1)Reduced inventory, we currently have 2259 listings on the market in Kitsap County. Getting below 2000 will indicate we are headed in the right direction. I've seen a low of 700 or so. 2) Slight increase in sales. Last week we had 45 homes go into a pending state. This means we currently have 50 weeks of inventory, certainly a buyers market. Both of these items will help to bring down our "days on market" which is currently 98...which is not bad compared to other parts of the country that are well into the triple digits. It will also allow homes to begin a more sustainable value growth. A 3% to 5% increase in your homes value each year is a nice place to be.

2007....End of Year Reveiw for Kitsap County Washington

John L. Scott Real Estate — Wed, 26 Dec 2007 22:02:54 -0600

I hope this annual letter and calendar find you and yours doing well. Please note that your calendar starts on December 1^st so go ahead and start planning next year today.

2007 has been an interesting year in real estate. The good news is the northwest has done very well in these turbulent times (except Tacoma Pierce). Even though we have seen our value increases flatten, our inventory grow and our market times lengthen we are still far better off than many other areas.

Some Stats comparing 2007 to 2004-2006 in Kitsap County (through Nov. 1 2007)

2004 2005 2006 2007

# of New Listings: 5038 5237 5634 6007

# of transactions: 3823 3871 3406 2836

Avg. Days on Market: 65 58 63 89

Avg. Sale Price $254,809 $307,235 $336,299 $367,730

You have heard a lot of talk about our real estate market. Much of the discussion has been framed by the media in a very negative light. When you add to it new highs for the price of oil, a lot of discussion about subprime lending and a falling stock market there is some room for jittery nerves. Real estate is a very local discussion. Sweeping generalizations of the real estate market cannot do it justice, you have to talk with local Realtors to get the straight scoop about their area.

Some facts about our area that make it a great place to live, buy and own a home. Our economy seems to be stable, unemployment is at 4.2%. Though subprime loans in the US accounted for upwards of 20% of the loans made in 2006, in our area only 8% of them were subprime. Money Magazine has listed Silverdale in their top 100 list of best places to live. We are close to the amenities of a large city without having to live with the drawbacks. The increase of population in Washington state for the foreseeable future will continue to outstrip construction.

As promised in last year’s letter, our market has shifted from a seller’s market to a buyer’s market. Though sellers are having to be a bit more patient than years past, and cannot afford to be as aggressive with their pricing, homes are still selling. Buyers are in the best position right now. There is plenty to choose from, sellers are being a bit more negotiable and interest rates continue to stay low.

I believe this trend will hold through the first half of 2008, we should begin to see a shift next summer or early fall. If you are thinking of investing in real estate I would recommend doing so before the end of the first quarter 2008. As this cycle works through, the fed will feel pressure to increase interest rates.

I’ve included with this year’s letter a graph showing how our inventory has grown. Should you have any questions about the graph or other market statistics let me know.

Please have a wonderful holiday season and a safe, healthy and prosperous new year. Should you know of anyone thinking about buying or selling real estate in 2008 please let me know or if you just want a market update please feel free to call or check out one of my web resources. Web Page: www.FranklyRealEstate.com or my Blog: www.FranklyRealEstate.Blogspot.com.

New tools of the trade.....

John L. Scott Real Estate — Fri, 01 Jun 2007 18:13:08 -0500

Well I finally made the move to a smart phone. I had been lugging around a MotoRazor, a Palm T-5 and gasp....a pager. I'd been putting it off as communications is not as intense for me as a broker as it might be for an active real estate agent. What pushed me to the next level is remembering basic leadership......lead by example. If I think consistent communication is important for my agents with their clients....if I feel technology is a tool to help buyers and seller feel more involved in the transaction and if I want my agents to use more of the tools that are available to them......you've got it...I better use it as well.

Two weeks ago I picked up my BlackBerry 8703e. So far so good!! I like it a lot better than my Palm and I'm finding I can respond to e-mail questions from my agents a lot quicker.

I added a couple of software items that have made it even better:

Google Maps

Google Search

Google News

Web Messanger (allows for Instant Messaging)

One of the reasons I chose BlackBerry is because e-mail arrives so quickly. It is based on push technology instead of having a device like a Treo which has to go out on a scheduled time and pull the information.

Some drawbacks:

This device does not have a camera or an SD slot which an active agent may find helpful.

A caution:

Spending time with your family does not mean sitting at the same table or in the same room while you cruise your smart phone. It is very tempting to pull it out and respond to messages but resist the temptation. When you are at your kids next ball game, take a look around. Many of the parents that are there have their noses buried in their laptop or smart phone......are they really there??? What experiences are they missing and what messages are they sending in the most wireless of ways to their kids who are looking up to them for encouragement and support.

A new mantra...."It is just a tool.....It is just a tool"

Consider a home warranty when buying OR selling a home.

John L. Scott Real Estate — Mon, 30 Apr 2007 18:48:48 -0500

Home warranties come in as many packages as any other insurance you might have used. In this case we are discussing an insurance policy that might cover various systems in the house that you are buying or selling. Depending on the policy, this could include electrical, plumbing, appliances, furnace, hot water tank, septic, well, pool or spa.

Some policies will cover the house while it is listed and will continue to cover it for a period of time after closing. In many cases if there is a problem the home owner pays only a small fee to have the work done. The policy I use requires a $55 fee which is paid by the home owner at the time of the breakdown. The rest is covered.

A few months back I purchased as a closing gift for one of my buyers a standard policy and added the well rider. Turns out that a few months after closing the well pump burned out. My client simply called the phone number provided, paid the $55 fee and a new pump was installed.

Policies can be paid for by the buyer, the seller or the agent. If you are in a negotiating type of market as a buyer you could ask that the seller provide one. If you are an agent this might be something you offer as a "value added" item.

Regardless of who pays for it, this is something that you would want to at least consider while working through the process of buying or selling a home. Ask your agent for their opinion and recommendation. Like any other insurance policy or product make sure you read and understand all of the documents before signing them.........yes....even the fine print.

To list or not to list....listing information in Realtor.com

John L. Scott Real Estate — Mon, 26 Feb 2007 19:59:02 -0600

A friend of mine by the name of Karen used to work with me here in our real estate office in Silverdale, WA. She had been both an agent and an assistant manager. Some years ago (they fly by way to fast to count) she moved to the east coast and eventually to Florida where she practices real estate.

Karen e-mailed me this morning asking for my take on this article; http://realtytimes.com/rtapages/20061130_seattlepullout.htm

Here are some of my thoughts:

This article comes from an interesting angle….”why are brokers choosing not to put their listings with Realtor.com”. I would come from the other side…why would brokers want to???

The Realtor organization is a fantastic organization for providing services to its’ members like; education, a consistent code of ethics, cost savings from third party vendors and for acting as a political watch dog regarding property rights, land use and legislation that affects our business.

They were not used for marketing or promoting our listing inventory. That has always been the broker’s job. In some areas there may be a crossover. Some Multiple Listing Services (MLS) are owned by the local Realtor organization.

So lets break this discussion into a two pieces; context and reasoning:

Context:

Some years ago, National Association of Realtors decided to start Realtor.com. They hired a third party to put this whole thing together and it is now operated solely by this third party as NAR has distanced themselves from it. The third party was Homestore, but is now known as Move Inc. and trades on the NASDAQ as Move.

The reason NAR felt there was a need for Realtor.com is because real estate firms in the midwest and on the east coast did not share their listing information in a way that the public could access it on line. The consumer would have to access each broker’s webpage, one company at a time to see what was on the market.

This is very different than those of us in the northwest. From the beginning we felt it was a benefit for the public to get their listing knowledge and market information right from the horse’s mouth. So each of us share with the other all of our listings. We would rather have the consumer go to our competitors website and get accurate up to the minuet information then to a third party vendor.

So now we have a for profit company, who looks and feels like NAR but really isn’t and they want to collect, distribute and profit from the listings that our agents have worked so hard to get.

Here is some of the information from their web page, italicized:

Stock Quote

Top of Form Bottom of Form MOVE (Common Stock)
Exchange	NASDAQ GS (US Dollar)
Price	$6.29
Change (%)	<!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" spt="75" preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:formulas> <v:path extrusionok="f" gradientshapeok="t" connecttype="rect"> <o:lock ext="edit" aspectratio="t"> </v:shapetype><v:shape id="Picture_x0020_1" spid="_x0000_i1026" type="#_x0000_t75" alt="Stock is Up"> <v:imagedata src="file:///C:\DOCUME~1\FRANKW~1\LOCALS~1\Temp\msohtmlclip1\01\clip_image001.gif" title="Stock is Up"> </v:shape><![endif]--><!--[if !vml]--><!--[endif]--> 0.03 (0.48%)
Volume	1,403,481
Data as of 02/26/07 4:47 p.m. ET Minimum 20 minute delay Move, Inc. provides consumers with the real estate content, decision support tools and professional connections they need before, during and after a move. For the last ten years, MoveT, the new Homestore®, has been providing information and decision support tools for consumers looking for home and real estate-related information on the Internet. Visitors to Move's Web sites, including operates REALTOR.com®, Move.com™, (formerly Homestore.com®, RENTNET® and HomeBuilder.com®) and SeniorHousingNet™ have access to the most comprehensive selection of existing homes for sale, new homes, apartments for rent and senior housing. Consumers also have access to home plans and construction-ready floor plans through Move's Homeplans Company . This information is provided so that you may put Realtor.com in context. Realtor .com is not the “Mother ship” as the author of the referenced article would have you believe. In fact it is just like many of the marketing vehicles currently available to brokers such as newspapers, home magazines and other third party website vendors. Some reasoning: Now that we know what Realtor.com is, or isn’t, let’s talk about the reasoning behind the decision not to turn listing information loose. In an earlier blog I addressed “whose listing is it?” If you’ve taken a moment to peruse past articles you’ll see that I firmly believe that the listing is the property of the listing broker. It is their privilege to be able to help sellers sell their home but it is also the broker’s responsibility to ensure the information is true, accurate and up to date. It is also the broker’s responsibility to market the property in a way that reflects positively back on the seller and the brokerage. In its simplest form, a website is much like a flyer. If done correctly it can illuminate the high points and features of a home as well as carry an image of the broker. They can also look pretty poor if not done well. We have all seen a flyer that is a third generation copy that does not carry the image the broker or the seller would be proud of. So why turn this responsibility over to a third party web designer whose goal is to sell banner ads? In essence they increase the value of their site by publishing our listings. This drives more traffic to the site which means their electronic real estate becomes more valuable to advertisers. While I appreciate the importance of earning a profit and running a business, it is important to keep in mind our goals. A third party internet web companies goal is to attract traffic to their site so that they can sell advertising and or spin a lead off to an agent to earn a referral fee back. The goal of a real estate firm is to promote a listing, provide accurate and timely information, provide a searchable data base, allow the public to meet our agents and promote the image of the company. Lets take a moment to talk about accuracy. Currently the Department of Licensing in Washington state (I’m sure other states as well) requires a broker to promote a listing with accurate information. If we were running a listing in the paper that was already sold, or contained incorrect information we could be called to task. This same standard is carried out to the internet as well. While I’ve not heard of DOL prosecuting agencies for improper internet advertising their light will be shining in that corner soon. No one will be as responsive as the broker to make appropriate changes. Before we had our listings removed from a local home magazine website we had a lot of calls on listings that had long ago closed but had not yet been removed by this third party vendor. The same has been reported about Realtor.com. Different solutions for different companies: If you are a small company who has just surfed in on this latest real estate market then Realtor.com may be a good solution. You need to employ every tool possible to make yourself appear larger than you are. If you are a larger company who has successfully invested marketing money into a website, then there is no better tool for providing the consumer with the best experience. That is the benefit of running a business or being an independent contractor….you get to make these decisions. Don’t forget to read the fine print……”all decisions are subject to change.”

Who owns listing data?

John L. Scott Real Estate — Thu, 18 Jan 2007 16:38:38 -0600

I just finished reading and responding to a discussion in the INMAN blog

http://www.inman.com/hstory.aspx?ID=61445

The reason I think this is an important issue is because it comes down to, who is responsible for the way your home is marketed?

In my opinion that should be your real estate professional.

Many websites are building traffic to their site by using other peoples information. The challenge with this is that information becomes dated or is entered on the third party site incorrectly or incompletely. By ensuring the chain of ownership and responsibility you can be sure your property is marketed in it's best light.

Here is my response or comment in that blog:

To answer who owns the listing information you need only follow the chain of responsibility.

The real estate broker/agent enters into a contract with a seller, which allows the real estate broker/agent to offer and market the seller’s property for sale.

The real estate broker/agent is responsible for entering the information into their local MLS, print media as well as any internet marketing that is done. If the information is incorrect or incomplete the broker and agent are held responsible.

If it were not for the listing agreement the information would not be made available. The listing information provided is usually above and beyond what is public record through county records.

The photos added, the descriptions used and the pricing strategy are all services brought to bear by the real estate firm and its agents.

Since real estate agents can not practice real estate unless they are a broker or work for a brokerage firm, ownership of the listing, the data and the responsibility lands squarely at the broker’s feet.

Annual Real Estate Update for Kitsap County WA

John L. Scott Real Estate — Fri, 01 Dec 2006 18:40:22 -0600

Each year I send out an update letter to my clients to wrap up the current year and perhaps give a hint of the year to come. Below is this years letter:

I hope this annual letter and calendar find you and yours doing well. Please note that your calendar starts on December 1^st so go ahead and start planning next year today.

2006 has been a good year in real estate despite the doom and gloom you might have heard earlier in the year. The markets throughout the US that had the highest run up in value are the ones that had the biggest decline. Our area has done quite well. Though inventory and market time are up so is the value of your home. In general the value of your home has increased about 9% this year, a much more sustainable increase over the 20% increase of 2005.

Some Stats comparing 2006 to 2004 & 05 for Kitsap County (through Nov. 1 2006)

2004 2005 2006

# of New Listings: 5038 5237 5634

# of transactions: 3823 3871 3406

Avg. Days on Market: 65 58 63

Avg. Sale Price $254,809 $307,235 $336,299 (+9%)

If you were a seller in 2006 you had to be a bit more patient than you’ve had to have been over the past few years. You were not able to choose a list price as aggressive as in the past. Bottom line though is houses are still selling and sellers continue to see appreciation.

If you were a buyer in 2006 you’ve actually had the best of both worlds. Interest rates continue to stay low and you have more houses to choose from. The icing on the cake is that sellers have had to be a little more flexible in their sale price and have been more open to paying some of your closing costs.

I’ve developed two web resources to help you keep up with our market:

Website: http://www.franklyrealestate.com

Blogsite: http://franklyrealestate.blogspot.com (see what is in store for 2007)

Politics/Taxes – This last election cycle has brought in a new County Commissioner. Since there are only 3 Commissioners involved in making decisions for us at the County level the change out of 1 can have a large impact. This last change brings with it an increased risk to your property rights and increases the likely hood of increased taxes. Now, more than ever you need to be prepared to speak out if you see something going on that you disagree with. Letters to your local and state representatives as well as letters to the editor are great tools to get your point across.

Around Town – Bremerton continues to flourish, its skyline almost unrecognizable from a few years ago. We have real, on purpose condominiums being built where in the past Kitsap has seen apartment looking condos or converted condos. The Tacoma Narrows Bridge continues its construction. Stay tuned to http://www.wsdot.wa.gov/goodtogo/ to sign up for your “good to go” sticker that will allow easy passage on the bridge without having to stop and pay a toll

Please have a wonderful holiday season and a safe, healthy and prosperous new year. Should you know of anyone thinking about buying or selling real estate in 2007 please let me know or if you just want a market update please feel free to call or check out one of my web resources mentioned above.

What is in store for Kitsap County real estate in 2007.

John L. Scott Real Estate — Wed, 22 Nov 2006 17:11:57 -0600

What is in store for Kitsap County real estate in 2007.

2006 is wrapping up nicely. Homes have continued to appreciate on the average of 9% this year. Though homes are on the market a little longer and sellers are having to be a bit more flexible it is still a very good time to own a home and an even better time to be buying one. Buyers have the best of all worlds right now, interest rates are low and home choices are up.

2007 will see much of the same. It appears interest rates will continue to be low or lower than the historical average. Home values should continue to appreciate between 4 and 7%. There will be an increase in new construction over the next few years. From a consumers stand point it will be important to be able to compare homes on their attributes and not just compare cost per square foot. We are seeing builders build smaller garages, use vinyl siding, employ manmade products for molding, countertops and flooring and use various grades of lighting, linoleum and carpets. Granted, these are all attempts to build an affordable home but just be sure you can compare one home to another from an informed prospective. It is also worth a moment of time to consider having your own real estate agent represent you as your “buyers agent” instead of settling with the agent who is on site and represents the builder.