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The National Association of Real Estate Professionals (NAREP) has proposed what it calls a “Syndication Bill of Rights” which aims to standardize real estate listings across major websites like Realtor.com, Trulia.com and Zillow.com, initially by ‘bypassing’ these sites altogether and posting listings to a new, national multiple listing service.

Real estate agent Ben Caballero, founder of NAREP, told Inman News that he was motivated to come up with the idea by his growing frustration with the numerous inaccuracies and often misleading price estimates published on some databases.

In order to drum up support for his idea, Caballero attended last week’s Real Estate New York City forum, meeting with agents from around the country to refine his vision of a “Syndication Bill of Rights”.

A copy of his draft proposal can be downloaded here, but the main points Caballero is calling for are as follows:

1. The right to listing attribution and a direct link to the listing owner’s website.

2. The right to bar brokers and agents from advertising on a listing they do not own.

3. The right to comprehensive reporting with audit capabilities.

4. The right to prohibit unauthorized use of listing data.

5. The right to ensure the publisher implements anti-screen scraping mechanisms.

6. The right to unbiased and comprehensive data display of all listings.

7. The right to accuracy.

8. The right to  prohibit  of automated property valuations.

9. The right to ensure ratings, titles, and superlative designations are based on accurate and objective criteria.

Caballero says that his initial draft bill of rights came about following discussions held during a National Association of Realtors meeting held in Orlando last year, and was partly based on a previous Real Estate Syndication Bill of Rights published in 2011 by Clareity Security.

According to the National Association of Realtors, as many as 97% of home buyers begin their search online by scanning listings. They spend an average of 7 seconds previewing a real estate listing online before deciding if they’ll look deeper or move on.

Too many MLS listings and photos are poorly crafted and fail to capture the buyer’s interest, meaning the opportunity with that buyer is lost forever. Studies have shown that once a buyer by-passes a listing, they don’t return to it for a second look. This does not serve your seller or your real estate business.

It benefits you to craft your listing remarks from the seven second perspective. What should you put in the “public remarks” section of your listings? Here are some ideas:

Paint a Word Picture…

…but don’t be flowery or vague. For instance, “Enjoy the large backyard and open floor plan” is a bit vague. But “Sleek mid-century 4-bedroom home on a lush 1/4 acre yard” paints a solid picture.  Weave data into the picture.

Words with Value

Choose your words carefully. Studies show that certain words help a listing get more attention. Which words should you pick? Check out this list to help you craft the best description of the properties that you represent:

Beautiful
This word has impact, so use it! All buyers want to live in a beautiful home.

Fresh, Bright, Light
Most buyers enjoy light. Emphasize these words where you can to describe the property.

Landscaping
Things like curb appeal and lovely landscaping attract attention and increase the value of the home.

Turnkey
Turnkey, means that buyers can move in without making any major renovations. This appeals to buyers who can’t or don’t want to fix up their new home.

Handyman Special
At the same time, a lot of people like to get their hands dirty. Some customers like to work with their hands and repair, renovate and remodel a house.  “Handyman special” appeals to a certain demographic, just as “turnkey” attracts another type of buyer.

Fixer
This word seems to connote real problems. If it’s not a major fixer, you’d be better off using Handyman Special.

Unusual Words
Sometimes being different gets more attention. The words “cool” and “unusual” get attention, as in “very cool backyard space for entertaining.” Too slangy for you? Is it too slangy for the kind of buyers who might want that home?

How to Address “Turn-Offs”

There’s always been a debate about how to handle problems with a property in real estate listings. Do you highlight the thing that might turn buyers off, or do you downplay those problems? You know the jokes…”Charming cottage” means small; “Easy freeway access” means right next to the on-ramp. Some agents believe this positive spin helps buyers see the bright side of the problem. Other agents believe in calling a dog a dog using humor. “Very small home, fit for gnomes and newlyweds.” Or “Right next to the freeway…how else would you get this much incredible home for so little.

Put It All Together

Check out this example of a remarks section that puts all the above advice together:

“Sleek mid-century 4-bedroom home on a lush 1/4 acre yard with a very cool backyard entertainment space. Beautiful fountains cover the hidden, but nearby street noise. Bright kitchen and fresh appliances. Turnkey property with 2 fully remodeled baths. A unique home that will pleasantly surprise you.”

Good MLS Photos Are Your Duty

One final notes about MLS listings…buyers look at photos to make a final determination. If your photos show things like the bathroom with the toilet seat up, bedrooms with piles of laundry in the corner, a kitchen with dirty dishes in the sink, the turn-off is instant! Immediately the value of that property drops. You have a duty to provide the seller with the best price and marketing possible. Tidying up the house is the easiest and first thing you should be doing so you can provide photos that attract buyers who are not predisposed to pay less before they even look at the property in person.

Be consistent. Be bold. Be smart. Linda Schneider is a real estate business coach for smart real estate agents who want to be more powerful in their business. Drop by RealEstateBusinessCoaching.com for more about selling skills and real estate marketing ideas to take your business to the next level.

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On September 20^th 2012, the Austin Board of Realtors released an MLS (Multiple Listings Service) report that had great news for those engaging in Austin real estate.  For starters, Austin had its 15^th straight month of sales volume growth. Homes are selling at a fantastic rate with the average time on the market ranging in the low 60s, a significant drop from August 2011 when homes were selling after an average of 79 days on the market.

Homes are selling particularly well in Austin because demand is very high and the inventory continues to decrease. The decrease in inventory does not mean that new homes aren’t surging onto the market. In fact, there was a 15% increase in new homes from August 2011, while at the same time there are 17% fewer active listings and 23% more pending sales. The demand is simply so high that even with the addition of new homes, the total inventory has continued to decrease.

Perhaps the most staggering of statistics can be found in the number of homes sold. In a comparison of August 2011 and August 2012, the Austin market saw an incredible jump of 21% compared to a year prior with a total of 2,400 single-family homes selling this August. Another example of the improving market can be seen in the market’s months of inventory, which as of August 2012 was at a solid 4.0.

So why all the hype about Austin homes? For starters, Austin is constantly being awarded as one of the best cities to live in across the nation. The attraction to the city starts with its low unemployment rate and low cost of living and ends with its abundance of culture and things to do. Austin boasts a favorable climate for those who can sweat it out in July and August. And the economy is more stable than most other large cities thanks to a combination of state jobs at the Texas State Capitol, the growing technology industry and, of course, plenty of annual revenue from the University of Texas, which is located in the heart of the city.

With people flocking to the “Live Music Capitol of the World,” now is a great time to participate in Austin real estate. Austin homes are hot commodities and if the current market is any indication, then now is the time to get involved.

Andrew Hill is a content developer for Reilly Realtors located in Austin Texas. He can be contact at Andrew@reillyrealtors.com

Midwest Real Estate Data, LLC is perhaps most known as the Multiple Listing Service (MLS) provider for the Chicagoland region, as well as many surrounding counties in Northwest Indiana, Northern Illinois, and Southern Wisconsin. But one thing MRED  also offers a variety of other real estate information services to agents, brokers and other industry professionals.

Midwest Real Estate’s newly designed home page

Another goal for the new website is to show clients and people in the real estate business that MRED is “more than an MLS”, with a number of advanced services such as Enhanced Property Info, Transaction Assistance & Marketing, Real Estate Statistics & Analysis, Public Service Apps, Data Licensing, plus all the latest area Real Estate News & Views. All of this added info does much to boost their reputation as a top producer in their local market. Once users click on such pages, the site will redirect them to an information-page about the products as well as a way to sign-up or login should you already be an existing MRED client.

Overall, the new website’s appearance is much cleaner and the top menu acts as the site’s main navigation tool. Along with all of MRED’s products, it’s here that users can also access market statistics, training sessions, a help desk, rules and photos from the company, and an engaging communication section that includes the Midwest Real Estate Data blog and e-newsletters.

The goal moving forward for Midwest Real Estate Data is to embrace an up-to-date, cutting edge approach in web technology and set the standard for all MLS-related websites. And with the launch of the new and improved MREDLLC.com, there’s no doubt Midwest Real Estate Data has taken a great first step.

Joe Heath is a graduate of Indiana University and also holds a Graduate Certificate in Real Estate Development from Drexel University. After working market research and authoring published Market Snapshots for Hanley Wood Market Intelligence, Joe now works as a Web Marketing Specialist and is a managing partner at  Real Estate Web Creation, LLC.

Is there only one, or more than one solution?

This latest news from Market Leader speaks of linking Internet Data Exchange (IDX) feeds that list some 1.6 million properties with selected agents within the company’s matrix (network) to take advantage of exclusive leads and customer relationship features. At least this is the report from Inman News we read. That article goes on to reflect however, a much bigger story, one of territorial end-fighting and splitting of hairs even.

The company that bought RealEstate.com versus the other side of the Internet sales aisle, and all those accustomed to MLS listings and the current online listing model on the other. At issue is basically the what the National Association of Realtors allows as far as these feeds are concerned. RealEstate.com basically forces the issue of “how” IDX listings get listed, with ads or without, with lead generation forms or without, and so on. More critically though, the fact that brokers cannot “opt out” of being listed on RealEstate.com as is the case with Trulia and Zillow, this is the real rub.

To break this all down, an agency that has listings in a particular MLS, Multiple Listing Service Property Information Network Inc. (MLSPIN) is the Inman use case, is forced to show their listing via RealEstate.com by virtue of being in the MLS basically. In a very real way what Market Leader accomplishes here is a sort of game changing control dynamic, one that actually polarizes the real estate pro market too.

It all boils down to a somewhat controversial bout between real estate franchisers, who won a bid to the NAR to display the IDX listings of affiliated brokerages that was later rescinded when complaints flourished, and brokerages like HomeServices of America Inc.  When all is said and done Market Leader, or any online real estate player, is in the game to push product. In the case of Market Leader, services like their websites for brokers, positioning and feedback from and on key sites like RealEstate.com, PPC campaigns, and other marketing offerings. Ian Morris’s (video above) company has just about every end covered when it comes to sales leads.

Whether or not agents, buyers, and sellers find Market Leader’s tactics with favor or not is not at issue for the moment, what seems more important is the pulling at straws that takes place within the industry. A technicality here, an uncrossed “t” there, when the housing market is still suffering its most crippling blow ever. One has to marvel at the big game being played for position. But then, that’s what business is about, right? One thing you have to give Market Leader a lot of credit for is bringing RealEstate.com down to the local level. Not many big time players have done this well.

More on real visibility as the story grows. Oh, and Market Leader, if you really want more solutions for leads… mail me.

RealEstate.com Atlanta site – Market Leader has done this right

Oh. One hint too, don’t profess Pinterest, G+, Twitter, Facebook or any expertise you are not entrenched in. Now Inman News? They have Pinterest down.

Your real estate business needs a solid foundation © Andres Rodriguez – Fotolia.com

Get To Know Your “Farm Area”

One of the first things you need to decide on, are the areas where you want to invest. These will be your “farm areas”; the neighborhoods where you will concentrate your marketing efforts. It’s important that you get to know the home values in your farm areas, and there are a number of ways you can do this.

If you have access to the MLS (Multiple Listing Service) or know someone that cam pull comps for you, this is a good place to start. You can get a wealth of information from the MLS by doing a search of all the homes that have sold in that area during a specific time period. This will give you a good idea of the property values, the average number of days it takes for a property to sell, and many other things. Another good way is to work with real estate agents.

Learn How to Work With Real Estate Agents

There is another thing that I personally recommend that you do. And that is to get in your car every Sunday and hit all of the open houses in your farm area. This is a great way to find out the values of homes in a particular area.

When I first opened my home inspection company many years ago, that is exactly what I did. I took a nice coffee mug full of “goodies” and gave it to the agent. My mug would typically have a pen and pad of paper with my company name and logo, some chocolate and mints and a couple of tea bags to make a cup of tea. Be sure to tuck your business card in the mug. It doesn’t have to be fancy or expensive, just memorable.

The agents were always willing to spend a few minutes telling me about the neighborhood. Taking this small gift to them made my visit memorable, and it really helped to build my business when I was brand new. Agents that work in your farm area can give you a wealth of information about the neighborhood. And don’t forget to return the favor if you hear about someone in your area that wants to list their house.

Developing a good working relationship with Realtors that work in your target area gives you a leg up on other real estate investors. It often puts you at the top of their buyers list when they have an “ugly” house to sell.

Open House Etiquette

When you are using this same open house strategy when buying investment property, it’s important that you are upfront with the agent. Introduce yourself and hand out your business card when you arrive. Let the agent know that you are a real estate investor and that you are doing research in your target area. Ask if they are open to working with investors (and most will be) then ask them to add you to their list of investor buyers. Let them know that you are a cash buyer and would appreciate a call when they have a house that might meet your specifications. Real estate agents should always be part of your team.

Networking with agents has also opened the door to talk about one of my favorite subjects – “pocket listings”.

Pocket Listings

Pocket listings are brand new listings that haven’t yet been put into the MLS. In my area, agents have about 24 hours to get them into the system.

Realtors get stuck with houses all the time that are in need of a lot of repairs or are just plain “Junkers”. When one of their repeat customers calls to say that they have a run-down rental in a bad part of town that they have to unload, that agent just can’t say no to this person. They have to take the listing or risk losing their future “good business”.

What this agent wants is to just get the house sold quickly without investing a lot of time and without having to do any advertising. If they have a list of investor buyers that they can sell this house to quickly, they look good to the seller and someone gets a great deal! Often times these “pocket listings” will be sold with one phone call before they even hit the MLS. It’s a win-win for everyone. Position yourself so that you are the first person they think of!

There are a lot of different things you can do to grow your business and in many cases, all you have to do is invest your time. You just have to get a little creative.

Sharon Vornholt has been investing in real estate since 1998. She is an experienced rehabber, landlord and is now a full time wholesaler and internet marketer. She also has a popular blog for real estate investors that you can find at: LouisvilleGalsRealEstateBlog.com.

TREB

The Toronto Real Estate Board (TREB) has launched a campaign against Canada’s Competition Bureau against its plan to release more personal information online. This information would include the names and addresses of home sellers, and TREB says it is an invasion of privacy that could result in more cases of fraud.

The Canadian Competition Bureau is demanding this extra information for online listings as it believes it would even out the competition between online real estate agents websites. According to the article in CTV Toronto.ca Federal Competition Commissioner, Melanie Aitkin, fought a successful battle in 2010 to give private home seller’s access to the Multiple Listing Service (MLS), which is the main service for buying and selling homes in Canada.

The real estate agents industry’s main site is Realtor.ca, and this allows people to browse the homes online, but at the moment certain information is restricted, and a Realtor has to be granted access. According to the Competition Bureau, this is an unfair to independent real estate agency sites, and the information should be publicly available to everyone.

It’s expected the case will be decided by a competition tribunal in the fall. If the tribunal finds in favor of the Competition Bureau, then everyone will be able to see the name and address of real estate sellers online. They’d also be able to see negotiated sales prices and details of mortgages taken out by the buyers. TREB is concerned this information could increase the number of cases of fraud in the Toronto area, and claims that most Ontarians do not want details of their home purchases made public.

TREB has an online campaign against the Competition Bureau which includes a website protectyourprivacy.ca

Great blogging ideas © coramax - Fotolia.com

Depending on where you’re located and the size of your marketplace, there can actually be thousands of blog topics right at your fingertips. MLS listings, whether your own personal listings or a unique home that happened to spring onto the market, are the perfect subject matter from both a marketing standpoint, as well as for search engine optimization purposes.

Of course, it’s always more beneficial to blog about a home you personally have listed for a client that’s counting on you to close the deal in a timely and efficient manner. Not only will this will demonstrate to the buyer that you’re going the extra mile towards generating more exposure for his home, but it will also give Google and the other major search engines just one more web page to index when coming up with a quality result during a web search-query for that specific address.

However, should you not have many listings of your own, my advice would be to scan the MLS and look for a great deal, a unique home, or something you normally wouldn’t see in your local real estate market. Luxury homes also make excellent blog articles because there is always so much information to include and describe.

Obviously, once you’ve found that unusual home for sale or the deal of the century, not only does it give something to write about, but it will also give potential homebuyers the perception that you truly do know your local real estate market and are just the expert they’re looking for when it’s time for them to start a serious home search!

© raven - Fotolia.com

What with so many different MLS systems being used in the US, it’s little surprise that the descriptions, data and terminology used can vary wildly from listing to listing. Some of the most common differences we seen in MLS listings include discrepancies regarding the amount of square footage a property encompasses, the number of bathrooms, bedrooms, and even how long a property has been listed.

So home buyers and real estate professionals will no doubt welcome a new initiative by the Real Estate Standards Organization (RESO) to try and make things more consistent on a nationwide scale. Inman News reports that the organization plans to introduce a new “Data Dictionary” which will introduce common vocabulary that can be used for MLS descriptions.

RESO is planning a meeting in April of this year, when it hopes to be able to adopt the new initiative, although the organization is the first to admit that unifying more than 900 MLS’s data fields will pose a few challenges.

The goal of the Data Dictionary is to provide standard definitions which can be used in the different fields on MLS entries, so that we can see more consistency nationwide.

Rebecca Jensen, of UtahRealEstate.com, and the current chairperson for RESO’s board, explained that the problem is “there are more than 900 MLSs, all describing the same data in a slightly different way.” Jensen told Inman News that RESO’s goal was to try and find a common way to describe things so buyers and agents using different MLSs would find things less confusing.

In October, single family home sales reached 493,140, and in November, they topped 503,570 units, an annual high, and the fifth consecutive month of home sales increases. Moreover, the median price for single-family detached homes in California rose to $280,960 in November, a one-percent increase from October but 5 percent lower than the price in November of 2010.

What does all of this mean for prospective buyers, homeowners looking to sell, and the real estate agents who represent them? According to LeFrancis Arnold, President of C.A.R., it means that the housing market may be getting stronger, which is “encouraging.”

“Despite the challenges the housing market has faced, sales are maintaining a pace that is just shy of normal levels, enabling both distressed and non-distressed properties to move and providing a tremendous opportunity for those who are looking to buy a home,” explained Arnold.

Some of the other interesting facts from the report are that interest rates averaged 3.99 percent in November of 2011, down from 4.3 percent in November 2010, and the average amount of time it took to sell a home in 2010 was 54.8 days, while that number increased to 56.6 days in November of 2011.

C.A.R. collected the data for its report from over 90 Realtor associations and multiple listing services (MLS) throughout the state of California. The California Association of Realtors is the largest of its kind in the United States, with a membership of over 155,000.