Redfin says that its new program will include such details as the property’s current ‘status’, for example if there have been any offers on it, whether or not this has been accepted, or if it’s subject to multiple offers. Other details will include an offer-to-list ratio, and a list of competing offers, if applicable. In addition to this, Redfin will also begin noting buyer’s down payment size according to various ranges. Once a deal has been closed upon, the offer-to-list price will be displayed as an exact number, rather than an approximate figure that’s given before any deal has been processed. Information regarding down payments will remain broadly based however.

Further insights will be given into how the negotiations proceeded on any completed deal, such as whether the buyer or the seller had the most favorable outcome, and the reasons as to why an offer was accepted or rejected, reports Inman News. These insights will remain online for 90 after the deal has been closed, and can be found via a search on Redfin. Buyers will be allowed to opt out of the program however, but sellers apparently do not have the same option.

As of now, Redfin is already offering 8,000 insights on properties in its listings.

Glenn Kelman, Redfin CEO, told Inman News that the new insights were meant to aid buyers and sellers equally:

“Our long-term strategy is to combine the expertise of local agents on the ground with powerful technology running in the Internet cloud,” explained Kelman.

The insights will only be made available via Redfin’s search function and will not identify specific properties to ensure their client’s privacy. Rather, the insights will be made available for a random batch of properties within a specified neighborhood, or failing that, Zip Code area, so that buyers and sellers can understand local market conditions.

This is an unusual new feature that is sure to spark some debate over its usefulness to buyers, especially given the rather ‘turbulent’ conditions seen in some markets right now. Let us know what you think of Redfin’s move in the comments section below.

© Cheryl Casey – Fotolia.com

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.

This figure certainly has an impact on the real estate industry, and in an effort to make sense of where the industry should expect to be, the Strategic Issues Work Group Association Executives Committee with the National Association of Realtors (NAR) put together a study entitled, “Simplify! Real Estate Trends in a Time of Uncertainty”.

The report attempts to answer the question, “What forces and trends will be shaping the industry in the next few years?”

The committee consulted with real estate professionals – brokers, consultants, economists and technology experts, asking them to identify industry trends which they believe will shape the future of real estate in the coming years.

Specifically, the committee asked the questions:

1. What do you see as the future of real estate in the next few years?
2. What are the major changes in the real estate business ahead?

Those real estate pros who were polled agreed on many issues, however opinions varied strongly among them as well.

One of the “common themes” arising as a result of the committee’s questions includes the idea that “more is not always better”.

Consumers often suffer from “information overload” – so much so that it leads to what some term “analysis paralysis”, meaning that the potential buyer does nothing towards buying a home, because they are too confused to understand the process.

NAR’s report indicates that when brokers make the buying process much simpler for potential clients – providing clear information across all of their marketing channels, utilizing technologies to their utmost and being responsive to the needs of customers, they will stand out above the rest.

The following analogy from the report spells out an opportunity that realtors should really take note of:

“Thirty-somethings Susan and her partner are trying to buy their first home, but feeling frustrated by the process. They’ve picked out five condos in their neighborhood that looked promising, but found the websites gave conflicting information. The first agent they contacted didn’t know how to send text messages. The second agent didn’t know as much about the buildings as they did. But Matt, the third sales associate, made it simple for them. He advised on their approach, validated the information, helped negotiate the contract, and made sure everything was in place for a smooth closing. Now, Susan is sending Matt a steady stream of referrals – by text.”

As you can see from the example, brokers who meet buyers where they are at – simplifying the buying process for their clients, have the potential to stand out from the crowd, ultimately leading to even more business.

NAR’s report covered much more than we’ve discussed here, and it is a good resource for brokers who are concerned about the impact that the current economic client will have on their business. Why not check it out now? Tell us what you think about the future of real estate!

The ListHub Syndication Network is the largest online syndicator of real estate listings in the country. In addition to listings, the Network provides performance reports for brokers, Multiple Listing Services and franchises.

What does this mean for Trulia.com users? It means access to additional listings available from over 47,000 brokers, as well as listing data derived from 400 participating MLS services.

Matt Dollinger, Head of Industry Relations at Trulia, Inc. said, “Trulia is committed to ensuring the highest standards of data quality and integrity for the real estate industry. We look forward to working with Listhub as a trusted partner for syndication and communicating Trulia’s metrics through their reporting products.”

Brokers will also have a valuable way to track the ROI of their marketing efforts because Trulia will provide ListHub with performance data which it will use to create their ListHub Channel Scorecard – a marketing report which offers a comparison of 126 real estate websites – truly empowering brokers to create the best possible marketing plan for their business.

Trulia will also be included in the listing of publishers on ListHub’s syndication dashboard. This application allows users to rate and choose publishers according to criteria such as “no re-syndication”, “timely removal of inactive listings”, or “shows broker contact information”.

Luke Glass, general manager and vice president of Listhub stated that, “ListHub is focused on helping brokers reach large audiences of buyers through an easy to use managed syndication platform that respects their rights as owners of the content. By adding performance metrics from Trulia, brokers have even greater insights into the effectiveness of their online advertising, while clearly understanding how their content will be used on publishing sites. We’re very pleased to offer the convenience brokers and MLSs want when syndicating within a controlled and transparent platform.”

Source: http://media.prnewswire.com/en/jsp/latest.jsp?resourceid=5355232&access=EH

CREA

According to figures just released by the Canadian Real Estate Association (CREA), the average selling price of Canadian real estate increased slightly in February compared to a year earlier. The average price of a home sold in Canada last month was $372,763, which is 2% more than February 2011.

The number of real estate sales increased by 1.4% on January, and sales activity rose in more than half of all local markets. The top performing markets were Calgary, Toronto, Barrie, Montréal, Québec City and St John. All in all, 61,772 homes have been sold through the first two months of this year, which is 6.7% more than during the first two months of 2011.

According to the president of the CREA the increase in sales activity and the number of homes for sale shows Canadians still have confidence in the housing market. In spite of the fact that house prices are still increasing, the market has definitely softened over the last few months, as for much of last year annual house price rises were in double digits. However a lot of this was due to the real estate market being skewed by activity in Vancouver, but this hasn’t had so much of an effect recently. The CREA now thinks other factors are keeping national house prices up, in particular the market in Toronto which is being driven by the balance between supply and demand. Toronto is now seeing some of the largest price gains in the country, and single, detached family homes are proving to be particularly popular.

In spite of continued mutterings about a housing bubble forming in the country, it looks more likely that the real estate market will have a soft landing. During the next couple of years new home construction is predicted to slow down slightly, especially as there is still an oversupply of condominiums in some markets, most notably Vancouver and Toronto. The CREA is already anticipating that housing prices and sales will be flat over the next couple of years.

What if there was a way to dramatically improve your odds of success, easily and without any hassles? Wouldn’t it be worth a shot?

PropertyTube is the realtor’s “YouTube” – designed exclusively for the unique needs of agents. When you upload your listings to PropertyTube, individuals across the globe will be able to not only see your properties, but listen to you as you describe the attributes of the homes and/or land you are selling.

PropertyTube home page

With PropertyTube you can:

• Set up a free realtor or real estate office channel where all your videos will be located
• Upload videos of all of your properties, those listed for sale and/or rent
• Upload a video about your company – explaining why you’re the “go to” agent in your area
• Customize the appearance of your channel, add contact information, change the colors, link to your website, etc.
• Embed your videos to your own website driving traffic across your social channels

And the benefits are:

• Easy to use – with two simple steps you can upload the video, give it an attention grabbing headline, give the details of the property, put a link back to your website or blog and even create a map directing individuals to the property
• All of your videos are centrally located, making it easier to maintain your listings
• When individuals search Google or even YouTube, your listings will show up
• PropertyTube offers customized banners and button packs, and our marketing strategies and partnerships will help drive traffic to your site
• Less time spent with wasted viewings – individuals who contact you after seeing your video(s) will be genuinely interested – saving you time and money
• If you’re not confident in your shooting abilities, or just want to add a professional “edge” to your videos, PropertyTube can link you with a local videographer who can help

PropertyTube in action

Michael Connolly with Triumph Mountain Properties shares his experience with PropertyTube: “Our association with Property Tube has been a tremendous success for us.  The ability to use video to sell our high-end vacation rental properties in Vail and Beaver Creek has, without a doubt, contributed directly to more bookings and an easier sales process.  We have also appreciated the very professional interactions with everyone we have worked with at Property Tube, and we look forward to continuing this successful relationship.”

Videos add a level of trust to a website that is difficult to do with simply words and photographs. When a potential buyer comes across your website and feels a connection with you through your videos, especially ones which let your personality shine, you can be assured that when he or she contacts you, they’re ready to hear what you’ve got to say.

Tips for taking great real estate photos. © olly - Fotolia.com

In a recent interview with AOL Real Estate, David Rezendes, voted as the “Top Real Estate Photographer for 2011”, offered his advice on how to shoot a great photo. Real estate professionals are encouraged to pay attention:

Wider isn’t always better. While wide shots are great for capturing the entire room and showing off the space available, sometimes it’s best to focus on a particular architectural detail or vignette, says Daniel. Doing so “will convey the feeling of a home” and has a much more powerful effect, Rezendes explained to AOL Real Estate.

Sometimes it's best to focus on the features. Image courtesy IndiepoprockJesse via Flickr.com

Always keep perspective in mind. Sometimes it will be necessary to move things around to get a better shot. This can help to keep things realistic, says Daniel, and can compensate for lens distortion.

Take care with verticals. When shooting an photo from an upward or downward angle, it’s easy to skew the vertical lines of the image. Try to keep the lines parallel, or edit the images afterwards.

Take time to get the staging just perfect. Image courtesy Ani-Bee via Flickr.com

Careful staging saves time. Crumpled sheets, an out of place pillow or unsightly power cables only take a second to put right, but fixing them with Photoshop can take hours.

Avoid the midday sun when photographing exterior views. It’s best to cover these shots in the morning or late afternoon to get the best natural light.

Exterior shots are best done in the morning or late afternoon for best effect. Image courtesy haglundc via Flickr.com

Watch out for reflections. Before taking a photo, ensure that neither the photographer nor any camera equipment is visible in reflections on mirrors, windows or any other shiny surfaces.

By following Daniel’s tips, real estate professionals will get closer to the kind of high quality images that can give any property listing a boost.

For more information, read the full interview at AOL Real Estate.

Zillow get off to a flyer on their first day of trading on the NASDAQ stock market. Image courtesy of Xconomy

Zillow, which has yet to turn over a profit in its seven years of operation, is nevertheless benefiting hugely from an incredible demand from investors eager to get their hands on the latest batch of internet stocks available on the market. The company’s real estate listings service has however become the most popular in the country, with more than 100 million homes listed on its site available to either buy or rent.

This is probably the most significant advantage that Zillow has over other newly available offerings – while the vast majority of other sites floating shares for the first time provide search, gaming or social networking services, they are the only one geared towards real estate. Perhaps this has something to do with why their shares tripled in value from their initial $20 starting price during the first day’s trading on the Nasdaq stock exchange.

Zillow’s IPO comes on the back of flotation’s by a number of other high profile websites, including the LinkedIn professional networking service, Zynga Inc., who are best known for their popular Facebook games Farmville and Caféville et al, and also the Groupon daily deals website.

Zillow's share price rose from $20 to $60 on their first day of trading. Image courtesy of Russiablog

But while a huge amount of excitement has been generated by these companies and their IPOs, there is no guarantee that the overwhelming attention received on the first day’s trading is going to equal eventual success.

One example is Pandora Inc., who provide online radio services. Since they first went public last month they have seen their share prices fluctuate wildly from one day to the next. Currently they are trading at $17.60, which is just 10% above their original IPO.

Errors reported include incorrect prices listed. Courtesy of Doma Realty

Troy Deierling, who works in the Sedona, Arizona, real estate industry, is just one example. Recently he remembers one client of his asking to make appointments to view three homes in the area, having found them online.

However, Deierling had to disappoint his client when he found out that all three of the homes his client was interested in were already sold. Unfortunately for the client, the real estate agent who listed them simply hadn’t gotten around to de-listing those properties.

Some homes have even been located in the wrong place! Courtesy of RW Acclaim

And it seems that Deierling is not the only one who has experienced these problems. Other problems noted besides the above include listings not being kept up to date with the latest information, such as not indicating when a home’s price has been cut.

It’s estimated that altogether, around 25% of the information that real estate agents submit to online portals is never updated – such as when the property’s price changes or when the property has been sold, says Trulia.

Real estate agents need to do more to keep their listings accurate. Courtesy of Active Rain

Many real estate listing websites like Trulia say that they lookout for inaccurate data as a matter of course, but in order to do so, they need to rely on information from MLS feeds.

The onus is on real estate agents to keep their online property listings on the MLS up to date, say industry leaders.