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For Tech-Savvy Consumers, Real Estate Agents are Still the Experts

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Commentary by Lloyd Frink

RISMEDIA, Feb. 18, 2008-Despite the number of websites that now offer consumers never-ending information, traditionally only available through agents, most consumers still-and should-prefer to bring in a professional if they’re serious about transacting. Buying and selling real estate are complicated processes, and most consumers prefer to have the wisdom and guidance of a professional. The advance of information online allows consumers to better understand the process and have more meaningful and productive conversations with their agents.

Consumers have an incredible hunger for knowledge, and many of the real estate sites that have launched in recent years aim to satisfy that hunger.

It’s also important to point out that consumers who use the Internet as a significant portion of their home-buying experience tend to spend less time looking at homes with their agents when they’ve been able to gather research online first-perhaps because they have a better grasp on local market conditions and a more clear idea of what they want and can afford.

A recent study by the California Association of Realtors reported that home buyers who used the Internet as a significant portion of their home-buying experience spent an average of two weeks with a Realtor looking at homes, compared to those who did not use the Internet, who spent an average of seven weeks looking for their home. The wealth of tools and information available online takes away a lot of the “hand holding” traditionally expected of real estate agents, which allows them to take on a higher volume of clients, and ultimately, make more money.

In addition, many online real estate sites-such as Zillow.com-offer ways for real estate professionals to market themselves to their consumers, many of whom are a ripe audience for real estate agents. Zillow.com, for example, attracts approximately 4 million users per month, 90% of whom own a home and two-thirds of whom are actively buying or selling-or plan to soon.

What’s more, Zillow allows agents to post their listings for free, complete with contact information and links to their website. Because Zillow includes information on all homes-not just those currently on the market-agents and brokers can also sign up for a unique “Virtual Sold Sign” program, which allows the broker’s logo and the agent’s contact information to become a permanent part of that home’s history. This provides free marketing exposure to the agent and brokerage long after the home has sold.

Lloyd Frink is the president of Zillow.com.

RISMEDIA, Feb. 13, 2008-(MCT)-Valentine’s Day is a time for roses, chocolate and sparkly dinners. But if you want to ensure your relationship with your partner endures through less-romantic times, be sure to talk about finances. Being on the same page about all of your financial data is a long-lasting way to show each other your commitment.

To help you broach the subject of finances and make sure they are in alignment, consider these tips from Marvin Feldman, president and CEO of the nonprofit Life and Health Insurance Foundation for Education (LIFE):

- Have ‘the talk.’ If you haven’t done so yet, tell each other where your key financial information (checking, savings and investment accounts, mortgages, and insurance policies), as well as valuables (birth and marriage certificates, jewelry, safe deposit key) are located. It’s important to understand each other’s financial dreams and plans, as well as final wishes, so that you know exactly what to do in an unforeseen situation.

- Boost your life insurance. This is of paramount importance if you have dependents. According to the Life Insurance Marketing and Research Association, today’s average married couple has less than half the amount of life insurance coverage experts recommend. For husbands, it’s barely enough to replace their income for 4.2 years, and for wives 4.9 years.

- Evaluate disability insurance needs. According to LIFE research, 70% of working adults say they could only afford to take off one month or less of unpaid vacation before everyday expenses would force them to return to work. Yet, nearly one out of every three workers over the age of 30 will suffer a disability lasting at least three months at some point in their career. To ensure that financial strain doesn’t fall on your household and figure out how much disability insurance you need, visit www.lifehappens.org/disabilitycalculator.

- Where there’s a will, there’s a way. If you are married, now is as good a time as any other to put in place a will that names executors, guardians and trustees. This is especially relevant if you have small children, to ensure their well-being in the rare event that something happens to both you and your spouse. When choosing a guardian for your kids, don’t hesitate to look outside the family; it is more important to find someone with values similar to yours rather than entrusting an aunt or an uncle you’re not comfortable with.

- Meld your financial responsibilities. While your chemistry may be great in the beginning of a relationship, make sure it lasts by determining upfront your spending and saving habits, whether you want a joint checking account, and whose responsibility it is to handle the bills.

- Rest in peace. This is always a tough topic, but discussing your final wishes and arrangements will ensure neither of you will be burdened with those decisions later on. Write down and tell your spouse, as well as other family members, where you want to be buried, funeral arrangements and even whether or not you wish to be an organ donor.

© 2008, MarketWatch.com Inc.
Distributed by McClatchy-Tribune Information Services.

By Beth McGuire

RISMEDIA, Feb. 8, 2008–”It’s a good time to buy real estate.” That’s the message Realogy, the nation’s largest real estate franchisor, wants agents to broadcast to buyers across the country.

The company is spreading the word through a national advertising campaign in USA Today, which began this past Wednesday and will run again on Feb. 13th and 20th. This is Realogy’s second national push in as many years to take a strong stance against the barrage of negative press directed toward the real estate industry over what is reported as the declining condition of the housing market.

The Parsippany, New Jersey-based parent of the Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby’s International Realty® brands, ran a full-page advertisement in the front section of USA Today and expects to reach more than 3.9 million consumers with its message. The ad lets consumers know that recently-cut mortgage rates and a wealth of available properties, make today a “great time” to purchase a home.

The timing of the ad, titled, “Think You Can’t Get a Home Loan? Well Think Again. You May Be Pleasantly Surprised.,” aligns with the recent Federal Reserve interest rate cuts, and lets consumers know that: money is available for those who meet basic requirements; affordability has improved; rates are attractive; and inventory is plentiful.

In an exclusive interview with Alex Perriello, president & CEO of the Realogy Franchise Group, he said the ads aim to educate consumers who might be at the positive tipping point on buying a home.

“We want to educate the consumer with relevant facts about today’s real estate market,” he said. “There are a lot of positives, and we feel that reinforcing the positives will help clarify things for consumers who are on the fence what to do in today’s market. I travel a lot to real estate offices and I hear from a lot of our agents that buyers are out there, but that they are not sure what to do. We felt that talking openly about the opportunities may help people to see that it is a good time to get into the market, and we believe it is.”

Perriello said there are three common misconceptions consumers have about the real estate market right now :people can’t get a loan: affordability is out of reach: and consumers should wait for rates to go lower.

“I was watching a news show last week after the Federal Reserve made its second rate cut on Tuesday, and the host of the program said, ‘I don’t know if it will help because you can’t get a mortgage.’ You hear this over and over again. We want to set the record straight on that. If you meet very basic requirements - you have a job for the past two years, you can make the payments, you plan to live in the property and you have a credit score that suggests you are responsible, you can get a mortgage. These are all reasonable requirements.”

He added that affordability today is better than it has been in almost three years, and that interest rates are now at 40-year historic lows, so people shouldn’t wait to buy.

In the national scope of the economy, Perriello said that the Federal Reserve is doing a good job of doing what it can to avert a recession, but stopped short on any market predictions for the remainder of 2008.

“It’s too early to know how it will go,” he said. ‘We’ll see what the impact of the rate cut brings. Another wild card is [President Bush’s economic] stimulus package, which has gotten through the House but is now stalled in the Senate.”

To combat negative press, Perriello believes that all real estate professionals need to take a very proactive position in the marketplace. “We recommend they absolutely follow our lead,” he said. “We are providing to our franchisees the ad template so they can customize it with their branding and information in their local markets. There are some great talking points in these ads.”

For more information, visit www.realogy.com.

RISMedia welcomes your questions and comments. Send your e-mail to:
realestatemagazinefeedback@rismedia.com.

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