Figure 1: Construction signs in Austin alerted residents to the presence of LG1Z1 infected zombies. **

Austin, TX – Austin-area REALTORS expressed shock and dismay when it was discovered that many of their coworkers were infected with the noxiously virulent and business-threatening strain of the LG1Z1 virus, commonly called the “lead generation zombie syndrome.” One local real estate board executive who spoke with us on the condition of anonymity reported, “This is a problem of pandemic proportions, not just in Austin, but throughout the industry – infected agents simply won’t ask for business.”

News of the zombie virus outbreak broke after the local Multiple Listings Service (MLS) hosted a series of meetings for agents and brokers to exchange old for new datakeys or “dkeys”, the electronic keypads that provide access to listed houses. One MLS employee—recently relocated from Colorado and in need of a real estate professional—facilitated exchange and met thousands of real estate agents without being asked if she needed an agent or even for a referral.

“This was the last day to exchange your equipment,” said KW agent Colin Platt. “I know for sure she had seen thousands of REALTORs over the previous few days.” Platt engaged her in conversation, established rapport and discovered she was new to town and thinking of buying. Platt asked for her contact information and got her commitment to meet about buying a home. “I really believe now that if you don’t ask, you don’t get,” he summed up.

Continue reading ‘Local Real Estate Board Overrun by LG1Z1 Virus’

In the early days of the World Wide Web, legal experts compared this new electronic frontier to the Wild Wild West because there were so many unknown dangers. Well, with Web 2.0 technologies and social media proliferating at break-neck speed, it’s like the Wild Wild West all over again.

You’ll find virtual shoot outs on blogs among people who don’t agree, brand wars between modern-day Hatfield and McCoys on social networking sites, and a few love stories featuring consumers following their favorite company’s updates on Twitter.

As you launch your social media strategy—and even after you begin executing it on your favorite platforms—you need to keep all that in mind. But you also need to be sure you abide by the laws of the land. Indeed, if you aren’t careful, you could be breaking the law with your social media marketing efforts.

For starters, the Federal Trade Commission (FTC) recently announced final revisions to advertiser guidelines. The rules aim to keep endorsement and testimonial ads in line with the Federal Trade Commission Act.

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In The Millionaire Real Estate Agent, we declared you could be just three exceptional hires away from having the organization of a Millionaire Real Estate Agent. That’s still absolutely true. However, our ongoing research for both MREA and SHIFT has given us new insight into how these key positions evolve. Some of you got a sneak peak at Mega Camp 2009. For the rest, here’s a quick look at hiring and compensating a Showing Assistant.

Leverage is ultimately about focus. You hire talent to keep you focused on your most dollar-productive activities and they focus on everything else. After entrusting your admin and marketing chores to another person, you look for help on the buyer sales side of the business. Successfully showing homes can be extremely time intensive and help here should keep you focused on leads and listings. So who do you hire?

In the past, research pointed us to a licensed buyer specialist paid on a 50/50 commission split. Today, some successful agents are first hiring an unlicensed Showing Assistant to keep their costs of sale low and their productivity high.

Continue reading ‘Focus on Leverage – the Buyer Side’