In looking at the general approach to the real estate business, it has become clear to me that there are numerous models that aim to discount the services of real estate professionals throughout the country. Although I have only been in the real estate business for 7 years, I have seen more and more discount brokerages and models pop up. I have experimented with some of these models myself and it has really helped to frame my perspective.

So are listing agents replaceable with technology? Overall I have found that majority of do it yourselfers who experiment with FSBO services are experienced sellers who have previously purchased real estate. These consumers come with varying degrees of understanding about the process and the market, but they fail to realize they may be making the most important financial decision of their lives without consulting an expert in the field. The best analogy I can think of is self representation in a legal case involving a lawsuit. I know many sellers may not look at it this way but selling a home comes with inherent liability, especially if you don't know what you're doing. The point is, FSBO sellers are not playing on a level playing field with real estate professionals. 

The thing that gets lost in a lot of these FSBO services is the fact that real estate agents exist because we are the experts in the field and have been through the process hundreds of times. Statistics show that FSBO listings sell for less on average and take longer to sell. You would think that this would be all the proof home sellers would need but the FSBO model lives on. Although the Internet and technology have made it easier for sellers to sell their homes, the need for listing agents is still robust.

There is no doubt technology has transformed the industry but I believe it has had more positive effects than negative. The most significant impact I see is the ease of listing syndication on the internet and to mobile wireless devices.  These types of advances have made it even easier for listing agents to stand out from the crowd and showcase listings like never before. Technological advances are rapidly changing our industry but the onus is on all of us, to utilize these advances and increase the level of service we provide to our customers.

Happy Selling!

The Median Sales Price of Brooklyn Homes for the three month period of May - July 2010 was $525,000. This represents an increase of 1.4% over the same period in 2009. The total sales volume was 1,612 in 2010 which represents a 33% increase over the same period in 2009, and the average price per square foot was $334 in 2010 an increase of 13.2% over 2009.  Based on This data it appears that the Brooklyn Real Estate Market is beginning to see signs of a turn around. If you were waiting for the bottom of the market then you may want to consider purchasing soon. If this trend continues many buyers may miss out on an opportunity to take advantage of historically low interest rates and lower home values.

The Boston Real Estate Market may have seen a decline in sales volume but values are on the rise. The above data shows how August 2009 sales compare to August 2010. The numbers reflect the sale of Single family Homes, Multifamily Homes and Boston Condominiums. Sales volume was down by 24%. However, the average list price rose by 10% and the average sales price rose by 10% as well. These Numbers indicate that the market is on the rise, as a result we may have already seen the bottom of the Boston Real Estate Market, making this an ideal time to buy. With historically low rates and fair home values, buyers who are on the fence should seriously consider making a move before its too late.

As the real estate brokerage world becomes more and more dependent on the web, it has never been more critical to understand how the game has changed.  The most recent NAR (National Association of Realtors) stat shows that 90% of consumers are using the internet as apart of their home search (See NAR Statistics). So what are these consumers looking for. Are they looking for a broker or listings? I'm sure you know the answer as this is not a trick question. It's pretty obvious that the far majority of them are LOOKING FOR LISTINGS. 

In today's market if a seller is looking to sell a home and start their broker search on the Internet, they'll probably end up on sites like Zillow, Realtor.com and Truilia to find someone they deem to be a local pro. And in order to become a local pro you would have had to sell a decent amount of homes in a given area or at least make that appear to be the case. Regardless, the seller is looking for someone who has experience listing properties in their neighborhood. Still, I feel the majority of consumers looking to sell their homes rely on the word of month approach, usually from Neighbors, friends and family.

In the case of home buyers, I would argue that more than 90% of buyers use the Internet to search for listings. When a buyer starts their home search they usually start by browsing the Internet looking for listings in their desired neighborhood. Their first stop is most likely Google or another search engine. Their next stop is a real estate website that showed up on the first page of their search.  From there they start browsing listings and begin to get a general understanding of the value of homes in a given area. Once they are ready to start looking they call the listing agent to set up a showing. As a listing agent in today's market you are able to increase your exposure to home buyers in your area and not only sell your listings but also generate buyer leads for your business.

As a result of having listings I have been able to convert numerous buyers to exclusive clients by educating them about buyer agency and being the first agent they make contact with via the Internet.

As real estate professionals listings are the key to the future. The top producers of tomorrow are the listing agents of today. A listing is the most powerful marketing tool we have a real estate professionals. My goal is to use MungoList.com  (Coming Soon)to empower realtors with listings and help connect sellers to quality real estate professionals.

Below are the YTD Boston Foreclosure Statistics for 2010 VS the past 3 years.

Not so long ago, I remember a time when mentioning a Short Sale was like saying a four-letter word. Reflecting on my first short sale listing in the summer of 2007 I can recall numerous telephone conversations that began with "I'd like to schedule a Showing" and ending in "Oh it's a Short Sale...Let me call you back". Needless to say I never received a call back and I wasn't holding my breath either .  I remember conversations with other brokers I know at the time and the disgust they had for short sales. Many refused to show them to their clients and thought I was crazy for listing them.

Fast Forward 3 years later to 2010. Short Sales are now a staple of our industry. It is very difficult to find an agent in today's market that wouldn't take a short sale listing. I had a Short Sale listing that expired about two months ago and the seller told me she received over 10 phone calls from agents looking to re-list the property. I was floored. I knew that there was a general tolerance for short sales, but multiple agents competing for one Short Sale Listing? Short Sales where once looked at like a plague and now this condo listing of mine created a frenzy overnight. 

How did this happen you ask?

When the real estate market started its steep decline, it was the result of many buyers who had purchased properties with interest only ARMs (Adjustable Rate Mortgages). As their interests rates adjusted upward and a portion of the principle became due as part of the monthly payment, they could no longer afford to pay their mortgages. In many instances their payments doubled and thus began the wave of foreclosures that we are still feeling today. When I listed my first Short Sale in 2007, the process was very different. Many banks did not have systems or departments set up to handle short sales. The ones that did, were extremely inefficient, making unrealistic counters or taking so long to respond that buyers would find homes elsewhere. My very first short sale didn't sell because the bank wanted almost $100,000.00 more than the best offer that came in. As we all know a property is only worth what a buyer is willing to pay for it.  The bank eventually foreclosed on the property.

Over the past two years most banks have become significantly better at handling short sales. The process has become efficient as they have set up departments to handle the influx of short sales. They now assign a negotiator to each file to streamline where the information is sent, they send out BPO agents to perform third party appraisals to ensure the offer price is realistic, and they provide written Short Sale approvals in a timely fashion. In addition to banks getting better, buyer's and broker's attitudes have changed as well. Now that the process is more efficient, brokers and agents have become more tolerant and patient with regards to the short sale process. Due to the high percentage of short sales on the market, it would be foolish not to list or show a short sale in today's market. Buyers have grown more tolerant as well. As property values have fallen, may buyers in the market see short sales as a great opportunity to purchase great properties at a discount relative to the values years ago.

All in all short sales can still be a pain at times but they have helped keep the industry afloat and will continue to do so for quite some time to come. I look forward to the days when we can despise short sales again, but for now I am taking as many as I can get.

Robert Nichols

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Real Estate investment company, Rigid Capital Investors launches short sale purchase program. Rigid Capital Investors is a Boston Based real estate investment company. In addition to renovation projects and real estate development, they are now looking to purchase short sales as well. As a significant number of home owners are facing foreclosure, many do not know their options and do not understand the process of a short sale. For those of you that don't know, a short sale is the process of selling real estate for less than what is owed on the mortgage(s). Rigid Capital will negotiate the purchase price directly with the bank and work to get the seller's debt forgiven. They also petition the bank to provide a relocation allowance to the seller. Once a short sale is purchased it is added to their investmentportfolio or renovated to be sold. If you are interested in finding out more information please visit www.RigidCapitalInvestors.com or call 617-674-2077.

As SharpBuyers.com continues to grow, we have recently entered into the Colorado market, specifically Boulder. We have successfully connected a buyer to one of our local brokers in the Boulder Market. The buyer stands to receive up to $6750.00 from their commission rebate. Real estate rebates are a great way for buyers to save money during the process of purchasing a home. I look forward to working with more Colorado home buyers in Boulder and beyond.