In the course of researching this month’s real estate email newsletter article I stumbled upon Diana Olick’s Realty Check column on the CNBC site, and I have to say I wish I’d found it long ago.  Each weekday she posts a short, well-researched blurb about some current real estate topic, from recently released housing reports to new legislation, and I found it to be an excellent source of up-to-the-minute real estate information.

One of the things I like about her writing is that she appears to have good insight into the issues and I think she tries to take a fair approach – she’s not out to spin the pros of real estate and at the same time she’s not someone who despises agents either – refreshing.   (I get so annoyed with people who act like they’re breaking barriers in the field of honesty, but if you read their stuff it turns out they’re as hopelessly biased as some of the industry ‘shills’ that they can’t stand.)

Anyway, are you tuning into something daily that keeps you on the frontlines of information that your clients may need you to know?  I understand that checking a bunch of blogs every morning can become onerous, but this is one little column that will take you about 90 seconds to read and will almost always impart something worth knowing.  I highly recommend that you give it a whirl.

Do you have potential repeat and referral real estate business in your contact list that you’re just not sure how to tap into?

If you’re like most real estate agents, the answer is ‘Yes!’  To make it easier for you, we just posted an article on how to EASILY reconnect with those past clients when you think a little too much time has gone by.  You can read it on this page of our ToolsForRealEstate.com website.

Here’s a good resource for agents working with homebuyers who need to know how close a property is to amenities like shops, parks and libraries.  If you’re in one of 40 major metropolitan areas in the U.S. just plug the address into Walkscore and you’ll immediately see the amenities plotted out on a map around the address.  It also creates a list of each one along with the walking distance, and rates the neighborhood for “walkability”.

Here’s an example:

With gas prices sky high and the green movement gaining ground, this is probably indicative of a trend in neighborhood review criteria that’s going to grow over time.

Have you been hearing the buzz about using video to promote your real estate business online, but found yourself nervous about trying it out?  This video offers good tips and is laugh-out-loud funny at the same time – check out the ‘Video – It’s Not For Everyone’ video from Mr. Scribble:

 VideoAd by Mixpo

Well, confession time here at The Agent Guide headquarters.  We’re in the process of a massive website makeover, including even a domain name change (so that I don’t have to spend the rest of my life explaining on the phone that no, I am not “The Agent Guy”. 

I fell into the well worn trap of stopping a consistent business practice, in this case blogging, because I felt like I was just adding to something that was about to change, and it was tempting to not deal with the old stuff and just wait until the new site was ready.

(Translation:  Until things were ‘perfect‘.)

Dumb mistake!  Not only did traffic to our website drop, but we also lost a level in our site’s Google Page Rank.  Plus, during that month there were a number of useful ideas I wanted to pass on via the blog that I never got to.

So, let’s turn this into something useful for real estate agents.  (Because, let’s face it – this is classic real estate agent behavior.)

I can’t tell you how many agents I talked to a year ago about putting a ‘subscribe’ box for their email newsletter on their site, and they decided to hold off until their new website finished.  (You know, the one being made by programming experts, that was going to have a member-only password protected client section and the dancing house waltzing across the screen when someone clicked ‘Send’ on a contact form – that one.)

A year later,  they still have the generic company site, and no subscribe box….

So please, learn from bozos like us:

• When it comes to marketing, done ‘pretty well’ is 1000 times better than ‘nearly perfect, but never completed’.
• If you put a project off until something else is perfect, expect to stumble over its dusty, uncompleted remains sometime next year.
• If you’re posting content online, make it relevant, and make it consistent – and Google will appreciate you, even if it’s not perfect.

Here’s a thought:  Take 10 minutes today and write down the good marketing ideas you had over the last year that never got executed.  Pick the simplest, least time-consuming one and schedule an hour this week to get it done.

C’mon – why not fire up Microsoft Word and give it a shot now?

OK, here’s an example of why I believe Zillow’s home value estimates should be used primarily for recreational purposes:

A few days ago a friend called me because his kids are selling their home in one of the cities near Seattle.  It’s been listed in the high $200′s for over a month, down $20K from where it started a few months ago, but it still hasn’t gotten any offers.

Bad Real Estate Decisions are Expensive

Now some serious questions are coming up:  With divorce looming, should they keep it on the market?  Re-list with another agent?  Have one person buy the other out, and if so, what’s a fair price?

If they keep it on, they’ll need to sell quickly.  Should they drop the price and risk coming up short?

Or are they leaving money on the table?  According to Zillow, the property’s worth $21,000 more than the current list price!

Big decisions.  Potentially expensive decisions.

Realistic Comps Are Not Optional

My friend sent me the Zestimate page, and that’s when I found myself fuming.

The property was 3 bedrooms, 2 baths, 1300 square feet and built in the 1960′s.

Of the four main “comps” (comparable homes, supposedly) listed on the primary page,

- One was 2 bedroom, 1 bath
- One was 3 bedrooms, 2.50 baths, 1500 sq. ft. and built in 1990
- One was 4 bedrooms, 2.75 baths, over 1600 sq. ft and built in 1997

And the fourth one was even bigger.

What is going on?

I did a multiple listing service search and there were six or seven really similar comps from the last three months in that immediate area.  Those showed that the home was not worth $311K, and in fact was much better priced where it was at.

(I realize the fact that it wasn’t selling indicated it still might be high at the current price, but the photos of this home were really sub-par and missed a lot of the desirable features.)

It’s Nothing Personal - It’s the Algorithm

OK, I’m not a programmer - I think it’s the algorithm.

Here’s the thing – I have nothing against Zillow personally.  (In fact, the more I learn about online-based home valuation, the more I’m convinced of the job security of a good real estate agent.)

But it does really bother me that people make important decisions based on this kind of information.

My friend, who’s a smart, computer-savvy person, was enthused about the higher valuation and pointed out to me that the comps supported the Zestimate.  I had to point out to him that of course they did, since the Zestimate was a product of the comps.

(It’s like taking the average of a bunch of numbers, and then saying that the numbers support the average.)

After all this time, why can’t Zillow at least exclude homes that are clearly so different in age and size that they’ll never provide an accurate reflection on price?

Bottom line:  Crummy comps = crummy numbers = crummy market valuation.

(That holds true for Zillow and agents alike, of course!)

OK, not all of my business photos have turned out as sketchy as the one above.  (Trust me though – I’ve had some close runner-ups.)

In any case, I ran across some excellent photo tips in Christopher Knight of EzineArticle.com’s blog post on how to take a great business photo.

It’s a short article, but he tells you which direction you should face for a Western audience (something I’d never even considered), and explains exactly how to look at the camera in order to ‘grab’ the viewer.

So enjoy!  (Just click on the hyperlink above to go straight to the article.)

It’s true, there’s a new man in my life.

OK, just kidding.  But meet Jackson, one of my nephew’s miniature donkeys – just one of many cute reasons why instead of getting extra work done while I visited family in Pennsylvania over the holidays, I ended up sticking with the basics.  (And also didn’t post on here for nearly 3 weeks!)

I know that’s the sign of a good vacation.  But my goal for this year is to post much more regularly.  I’m constantly thinking of useful tips for agents that I could add on here quickly, then getting caught up in other things and not getting around to it.

(And in the blink of an eye, weeks go by…)

Do You Have Leftover Goals From 2007?

Part of the reason I mention this is to ask you – can you look back at 2007 and see some big plans you had in mind for your real estate business that are still waiting in the wings?  Maybe it was a new client appreciation program, a real estate blog, or an upgrade to your website.

We tend to think that we need to implement massive changes in order to move forward (a new website!  hand-delivered complimentary market analyses for every client!) but the truth is that small increments of improvement made consistently over time generate stronger results, and build better work habits.

Just Do It - Even Just a Little.

So if you haven’t gotten the perfect client perk together yet, keep it on the drawing board – but call or email them today just to say hi, or to give them the scoop on a listing in their neighborhood.  They might just surprise you by saying they’ve been meaning to contact you because they’re thinking of selling, or they have a friend moving into town.

(And even if they don’t, a friendly ‘hello’ from you beats deafening silence – as long as you give them plenty of opportunity to get off the phone when they want to.)

By the way, this is the kind of thing I have to remind myself of all the time.  Putting consistency into practice is the big challenge for me, as it is for most entrepreneurs.

But the fact remains:  A little, done occasionally, will build your business faster than those big projects that are so daunting they rarely get completed.

So that’s one of areas I’m working to improve on in 2008.  (I encourage you, if you’re reading this post and see that I waited 3 weeks before posting again, to send me a snipey comment reminding me to stop yakking and to lead by example.)

Recently I was researching an article for Home Expert Tips (The Agent Guide’s real estate newsletter service) and found the most amazing website.  Of all things, it belongs to the University of Oklahoma Police Department. 

Here’s why it’s a great resource for you and your real estate clients:

Tons of pertinent, well-researched information.

This site is full of really good tips on things like crime prevention, fire safety, first-aid, personal and vehicle safety – you name it.   I found myself bookmarking pages right and left (always the sign of a solid, no-fluff website).

Each section drills down to spot-on information.

For example, the first-aid section links to ‘Perilous Partners”, a guide to dealing with 26 common house and yard pests, and ‘Plant Smarts’, a guide to over 30 poisonous plants found in homes and yards.

(Handy guides to have, and a pain to find on your own – especially if you’re simultaneously trying to pry a brown recluse spider off of your arm.)

A wide variety of topics.

I also found a list of Highway Emergency Assistance Cell Numbers I didn’t even know existed, as well as a state-by-state cell phone driving law list – always a good one for real estate agents to have on hand.

A little bit of fun.

For a few laughs, don’t miss the Citizen’s Self-Arrest Form.  (For when you commit a crime yourself and want to turn yourself in.)

 P.S.  You may just find yourself forwarding that on to a few of your colleagues after the office Christmas party….

Want to add thousands of dollars to your real estate income next year? 

And add loyal clients to that bank vault of contacts you need for long term success?  Then follow these tips.  (After 8 years of running a now-thriving real estate business, I honestly think I would have at least $100,000 more in the bank if I had read a list like this earlier on.)

New agents, this goes double for you.

Here they are:

1.  Stay in touch with past clients.

I can’t believe how often I ask people who their real estate agent was when they bought or sold their house, and they can’t remember – even when they liked that person enough to use them again!  (Yes, that clinking noise you hear is the sound of money down the toilet.)

Next time you walk into your house, glance at the foundation and wonder how your home would look without it.

Past clients are the foundation of any successful real estate business.  Contact your current and past clients at least once a month.

2.  Automate your marketing.

Unless you have an assistant, at some point you’re going to be too busy to get your marketing out the door.  Plus, your time is too valuable (or will be too valuable) to spend doing everything it takes to churn out quality marketing consistently.  Start looking now, and find something that will go out regardless of how busy you are.

3.  Be yourself.

The best advice I ever got in my real estate career was from my now-gone Harley-riding agent friend, Rick Bakke.  It’s simply,  “If you can’t be yourself in this business, hang it up.”  (More on how to tell if you’re just leaving your comfort zone or becoming someone you’re not, in my other post on Rick’s advice.)

4.  Get your own domain name.

It doesn’t matter if you think you’re not ready for a website, or even if you’re not techie at all.  Just do this:  Go to Godaddy, search for your first and last name with .com after the end, and buy it if it’s available.  (It’s a measly $9/year investment, it’s easy, and you don’t need a website first because you’re just buying the name.)

If you’re feeling creative, search for some other good website names too – but at least buy that one.  Go ahead.  I dare you.

5.  Get your own blog

At least 70% of the agents I talk to either don’t have a website, hate their website or are re-doing their website (and spending plenty in the process.)  But these days it’s easy to be online, even if you have no web experience.  Get your own real estate blog - Active Rain is real estate-focused and is a great place to start for free.  (Blogger is another easy option.)

6.  Learn basic Search Engine Optimization.

If you read even just Day 2 of this great SEO Power Strategies course by Brad Callen (it’s free), you’ll be light years ahead of 50% of the people who are online.

7.  Learn basic copywriting.

Real estate is actually a marketing business – but 90% of us jump in without ever having learned how to make someone want to buy something!

Here’s a cheat sheet:  It’s about them, not you.  Talk about benefits, not features.  People buy on emotion first, then justify with logic.  (Thus, starting a home description with “$2,000 carpet credit”, like I just read yesterday, is a bad idea.)

For the best advice, start with Copyblogger.  (Brian, I would have said that anyway.

8.  Ask for a referral at the end of your voice mail greeting.

Just say, “And if you were referred to me by friend or family member, please let me know who that was so that I can tell them ‘thank you’.”  This reminds people that you expect and appreciate referrals.

9.  Ask for referrals, period.

Most people find this painful.  But what I learned is, it works.  No matter how much people love you, sometimes they will forget to refer you unless they’re reminded.  And, no matter how badly you botch the asking, they’re more likely to refer you afterwards.

And speaking of botching….

10.  Get the referral spiel down.

If asking for referrals feels awkward, you’ll subconsciously try to avoid it.  But by not asking you’re guaranteed to lose out on thousands of dollars in future business.

So make it not awkward.  I don’t care if it means locking yourself away in a hotel room with a week’s supply of Crunch Berries, do what it takes to come up with a spiel that sounds like you and that slips nonchalantly off your tongue.  (That tip alone will pay for years of high-end coaching – which now you may not need!)

11.  Beware of time-wasters.

If you work in a social office, this can be a challenge.  But the next time someone pauses at your office door in a well-meaning attempt to talk about their Schnauzer’s last toenail operation (or worse, to commiserate with you about how real estate sucks), remember that there are always more of them than there are of you.

Beware, and find ways to politely guard your productive time.

12.  Don’t ask “How much can you afford?”

Ask, “What price range would like to stay within?”

13.  Learn the basics of home staging

This is key to getting listings in the future.  You don’t have to get a certification (although that’s not a bad idea), but learn what it takes to prepare a home for sale.  Over 80% of agents don’t do this, or if they do they flub up the photos.

And speaking of photos….

14.  Always take “Before” photos of your home staging.

Why?  Because a “Before and After” home staging photo gallery is one of the most powerful marketing techniques you can use to get home listings. 

(But take it from me – you’ll be tempted to skip the “Before” part, so just make yourself do it.)

 15.  Learn how to take good real estate photos.

Or, hire out.  But the current level of quality for real estate photos online is abysmal, and clients are getting tired of it.  Be on the crest of that wave, not behind it.  Start by using a 24 mm camera, or wider angle for interior shots (not the usual 35 mm.)

16.  Ask for testimonials, and use them in your marketing.

The power that other people have when it comes to selling your services is far greater than your own.  Yet most real estate agents have a string of happy clients and no written testimonials they can quote.  There’s an easy way to ask for and get testimonials that I only learned a year of so ago, and it’s in my post “How to Get Better Testimonials”.

17.  Hang in there.

At the end of my fifth year of real estate (and having done pretty well during the third and fourth years), pretty much all it took for me to burst into tears was for someone to say something incredibly poignant along the lines of, for example, ”Hi Irene, how are you?”

I went five straight months without a paycheck – working like a horse the whole time – and by the end I seriously was wondering if the jig was up.  Was this going to be, in hindsight, the part in the story when I would say “And that’s when I got out of real estate?”

I went from November through March without a paycheck.  But by December I had made twice what I made the year before.

Often we’re tempted to give up when we’re 80% of the way to reaching our goal.  And nearly always, the last 20% of your effort will produce 80% of your results.

So, hang in there.