Social Media Tips

5 Steps to Social Media Success

Social media can do a great deal for your business. Just be sure not to waste your time or efforts.

AUGUST 2010 | BY JOHN D. MAYFIELD

Consumers are piling on to online social networks in droves. According to Arbitron/Edison Research, 48 percent of Americans have a profile on a social networking site today, a figure that has doubled since 2008. Social networking has developed a strong presence in many people’s everyday lives and will not be going away in the near future.

The number of real estate pros active on social media sites corresponds with that of the general population. According to the NATIONAL ASSOCIATION OF REALTORS^® 2010 Member Profile, 51 percent of all REALTORS^® actively use social or professional Web sites. When the responses are limited to members 29 years of age and younger, that figure jumps to 79 percent.

However, when REALTORS^® who aren’t using these tools now were asked if they would use them in the future, only 12 percent indicated they would. Given the rate that potential customers and clients are signing up and logging on, that number seems low.

If you’re just getting started in social networking, are still considering whether or not to jump in, or are skeptical of its value, here are five tips to keep in mind that can help you get business from these technologies without sacrificing a great deal of time and energy.

1. Have a Game Plan

Determine how many times you will post items on your status and what meaningful information you will post. Determine if you plan to host a blog and how often you'll add new posts to your blog, or if you’ll add videos and other important information.

Initiating a game plan on how you approach social media will help keep you on the tasks involved while keeping in mind why you are ultimately using it — to constantly remind your sphere of influence that you’re an experienced real estate professional.

2. Remember: A Touch Is a Touch

One of the best prospecting techniques you have is working your sphere. When it comes to social media, you should search for people in your sphere and invite them to become part of your network. It’s also worthwhile to create a group or list labeled “Sphere” or something similar for people in this group.

Once you have finished this, send a private message with a note of friendship to the people on this list. Occasionally, you may want to send them an important real estate news item, but you may want to limit these kinds of correspondences depending on the social network you’re using. This entire process should only take five minutes or less, and it will pay big dividends over the long run.

3. Be Creative and Showcase Your Knowledge

A lot of real estate professionals believe that social media is strictly about promoting your listings and yourself, when in reality it should be about what you know and where you work. One good way to position yourself as an expert in your market is to write blogs or produce videos on interesting information about your hometown or area. Share your knowledge with people in your network, especially in your marketplace.

Also, don’t be afraid to share your passions outside of real estate. If you’re good at making quilts, let people know. Do you like to ballroom dance? Write a blog or produce a video to help others in this specialty area. People like to do business with those they share an interest with, and when you can interweave your passion with your knowledge of the real estate market, you will find new clients in your market area that you can bond with for many years to come.

4. Pre-Post All Your Updates Once a Week

There are several software applications that will allow you to post your “tweets” or status updates to be broadcast at a later date and time. By using this type of service, you can go online just once or twice a week and add all your updates about real estate trends, statistics, and more in a short five- or 10-minute time span. This will show your network of friends that you have an interest in providing good quality information, but it won’t take away important time during the day.

Instead, use your day tending to your clients and customers and not sitting in front of your monitor lost in a mass of information. I regularly plug in my social media updates for the week at www.Twaitter.com, so I don’t have to worry about that while I’m busy working on other areas of my business.

5. Access Your Entire Social Network in One Click

Rather than logging into each social network and posting several versions of the same update, you can go to one site and make one post, and multiple social networks will be updated at once. Two of these services are www.Ping.FM and www.HellotTxT.com. Both of these Web sites allow you to set up all your social media accounts, post videos or status updates at one location, and push your information out to the other social networks you’re on. You can also upload a single video to numerous portals you subscribe to at www.TubeMogul.com.

Remember: Social media can do a lot for you, but you should avoid spending countless hours using it in ways that will not profit your business. Have a plan, touch your sphere, show your expertise, and organize and pre-post your ideas. If you can do this, you’ll find social media is a cost-effective, efficient, and even fun way to connect with consumers.

Realtor.com Article

Why Use a REALTOR^®?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Awesome article on Short Sales!

The basics you need to know about a short sale. Top 10 questions.

Great article from: http://www.shortsales101.com/basics.htm

Top 10 Frequently Asked Short Sale Questions

1. What is a real estate short sale

A real estate short sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction.

2. How late in the pre-foreclosure process can you start a short sale?

Depending on individual state law and regulations, a foreclosure can proceed as quickly as 35 days from the date the notice to the borrower is filed. For that reason, time is of the essence and you should allow a window of no more than 60 days to effectuate a lender approved short sale.

3. Will a lender allow a real estate short sale when the seller has some a good amount of equity?

If the home has some considerable amount of equity, the lender may choose to continue with a traditional foreclosure proceeding to regain title to the property and dispose of it at a market price. Given the current state of affairs with the real estate market, the home will most likely be over encumbered, hence the reason for the short sale in the first place. A glut of homes for sale in the market area of the home may make the lender think twice about taking title to the property.

4. What documents are necessary to proceed with a short sale?

The individual documents necessary to proceed with the short sale will depend on the lender. Typically the lender will require hardship letter detailing the circumstances behind the short sale. A signed, valid purchase and sales contract, preliminary HUD-1 settlement statement and a preliminary estimate of proceeds to the lender. There may be additional requests for more detailed information on the financial condition of the seller, ie; pay check stubs, bank statements, a personal financial statement and monthly budget assessment, amongst other things.

5. Will the seller’s credit rating be affected if they allow a short sale on their property to occur?

While it is up to the individual lender to decide what to report, what often happens is the loan will report as "paid" on their credit report. While that good news the bad news is that there will likely be a reference that says "settled for less than originally owed" or something similar. It is certainly more advantageous to have the short sale referenced than to have a foreclosure on their credit report.

6. Will a lender allow the seller to make a profit on a short sale?

By the nature of the transaction, the seller is not going to make a profit on the short sale. They may have extracted equity from a previous refinance of the home, but their current loan balance will be higher than the selling price of the home.

7. If a seller is in bankruptcy, will that affect the short sale of the property?

Absolutely, as most lender would not consider a short sale if the homeowner is in the middle of a bankruptcy proceeding. Negotiating a short sale between the parties is considered a collection activity and such a negotiation is prohibited in bankruptcy.

8. Will the bank or lender require an appraisal on the home in a short sale?

Most lenders will require that a full appraisal be submitted in the short sale package. Some may only require a BPO or brokers price opinion. The lender will need some formal assessment of the value of the home in order to make a decision as to accept or reject the short sale offer.

9. Are there tax implications in the short of real estate.

Much like the issue of credit reporting, the circumstances are individual to the lender. As a short sale represents a loss for the lender, they can report the amount lost a debt forgiveness to the seller. If a formal tax form 1099 is filed, the seller may be responsible for paying taxes on the amount of debt forgiveness.

10.Why would a lender allow a short sale to occur.

Quite simply, it may benefit all the parties involved in the transaction. The seller is relieved of the home they cannot afford. A costly foreclosure proceeding by the lender is avoided and the buyer purchases the home at an attractive price.
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