Halloween Carnival
The Halloween Carnival is up at the Real Estate Tomato. Check it out and take some marshmallows.
Technorati Tags: blogging, carnival, real estate
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Brand loyalty and quality customer service
I spent yesterday afternoon at the Apple Store in Short Pump, retrieving data from my still-waiting-for-a-part PowerBook. Thankfully, I was able to retrieve most everything.
I witnessed something astonishing while sitting at the Genius Bar, something all Realtors should strive for. *Note: for this analogy, please excuse the hard drive failures of my Apple products. For the analogy to work, I need to focus on the customer service and brand loyalty.
A gentleman came in with his iPod mini. The battery would not hold a charge and he apparently depended on the thing for running. The Genius (named Eric, very helpful) told him that the unit was out of warranty and he could either have the battery replaced for about $60, look for a third party battery replacement or - if he were to purchase a new iPod, recycle the old one, and get ten percent off! The new nanos start at $149. The guy didn’t even blink. He walked out with a new iPod within 5 minutes. Now that is brand loyalty that all real estate professionals should strive for.
Consumers have choices. No doubt about it. Realtors fearful that new and emerging technologies are going to lead to their own disintermediation may in fact be threatened. Change is good. The opposite of change? Stagnation. Those who see the new technologies as tools which they may use to offer better service will be able to survive and thrive, perhaps more successfully than ever before. Better to embrace the new technologies and use them, lest they be used against you.
Keep your friends close and your enemies closer. ~ Sun Tzu
The difference between Apple and the rest is both simple and complex, but equally stark. The user experience is just better (applicable commercial here). Things “just work.” The brand loyalty, call it “blind faith” if you will, is utterly enviable. They differentiate themselves by providing innovative products, constantly evolving and improving and not following the crowd. Follow the crowd if you must, but Apple’s leadership and development is aspired to by all of their competitors. Good Realtors would do well to do the same. Call it aspiring to provide Raving Fan service; just offer the very best in your market. Simple.
(Thank you for the suspension of disbelief so that I could make a point.)
Technorati Tags: apple, customer service, macbook pro, real estate
Real estate carnival 10-30-2006
I looked for a consistent theme; the only one I could discern is that of change. The market, business models, information disemination methods. Keeping up is a job in itself! I thanked the browser Gods for tabbed browsing; and then I set about the selection process.
The competion for “best post” was fierce, but in the end I had to go with Jim Cronin’s debate on the merits of giving away “trade secrets”. Those who choose to lead have a responsibility, perhaps an obligation to share and educate others. This leadership positions them at the top, establishes them as leaders and helps those who choose to learn. You cannot educate those who choose to to participate. Besides, the competition will figure out the “secrets” eventually anyway. Sharing is a means by which to spur your own development as well. In short, thanks for sharing. To all of you.
Moving on, in no particular order other than personal preference, to the rest, making for a grand total of a lucky thirteen posts:
- Trulia wonders whether agents are in trouble. Some agents probably are.
- Nubricks shows us that there is opportunity beyond the borders of the USA, and exposes (to me) a market other than our own and ChIndia.
- Greg defines the “Divorced Commission,” writing more eloquently than most where the industry must go.
- Mike is seeking Maverick nominations.
- What can we learn from the California market? Quite a bit, in fact.
- Daniel calls foul on the MNAR. Are there too many agents? Who should tell those who are damaging the profession?
- Zestimate, Schmestimate - the agent has to bring more than MLS access to the table. (MLS)
- Finding the story beyond the numbers.
- The Difference between Good Realtors and Bad Agents.
- Pat presents his thoughts on the real estate blogging community.
- Dan Green offers a defense of interest-only mortgages.
- Finally, Brian warns us to be vigilant on behalf of our clients.
Update: I neglected to include sellsius’ great post about the Realtor.com/Zillow kerfluffle. Call it “host’s prerogative.” 
For those Halloween posts - don’t forget about the Halloween Carnival.
*Note - I placed a premium on correct grammar and spelling. As a former English major and editor in college, I just couldn’t help myself.
Thank you for the opportunity to host. I truly appreciate the chance to host a carnival featuring those from whom I learn each and every day.
Technorati Tags: blog, blogging, carnival, real estate
Albemarle is Number 10
Out of the whole U-S of A, Albemarle County is ranked number 10 with regards to the percentage of folks with higher education degrees. (Permanent, subscription link)
Heck, of the Top 10, Virginia had four - Arlington, Alexandria, Fairfax … and Albemarle. (No Charlottesville?)
PowerBook update 10-27-2006
I am losing my patience with Apple. My PowerBook is still in repair in Short Pump, they have no idea when it might be ready, and I am losing efficiency and profitability every day. Also, due to my dependence on my laptop, my clients suffer.
The good news is that my new MacBook Pro is on its way to Cville from Shanghai.
Two hard drive failures in 13 months does not make me feel warm and fuzzy. Frankly, it makes me think I may be insane.
The definition of insanity is doing the same thing over and over and expecting different results. ~
Benjamin Franklinblockquote>
If it goes on past Monday or Tuesday, I might have to call Steve Job’s VP of Customer Care. (thanks, Gizmodo!)
Housing numbers are down
And inventory is up.
Rates are low.
Home price appreciation is slowing.
Inventory is up. Significantly.
note: as soon as I figure out how to upload an image via coding, rather than depending on my normal program, I will.
Regarding NAR’s press release: They have an obligation to present the facts, and their best opinions. Everybody has opinions and interpretation of data. Assumptions and conclusions may (and usually do) differ.
Take this for example:
Total existing-home sales – including single-family, townhomes, condominiums and co-ops – dipped 1.9 percent to a seasonally adjusted annual rate of 6.18 million units in September from a level of 6.30 million in August, and were 14.2 percent below the 7.20 million-unit pace in September 2005, which was the third strongest month on record.
“The good news is that fewer new listings are coming online. A stable sales pace is expected to draw down the number of listings to a supply balance that will support positive price growth within a few months. Taking the long view is always the best way to approach housing decisions, and right now, buyers are in a very favorable market.”
With the Calculated Risk’s “alternate” take on the report:
Sales plummeted 16.3% from September 2005. This is a record YoY (Year over Year) Sales decline.
Median Prices dropped 2.2% from September 2005. Bloomberg: “… the biggest year- over-year decline since record-keeping began in 1969.”
Locally in the Charlottesville region (inclusive of Charlottesville/Albemarle/Fluvanna/Greene/Louisa/Nelson), the market has slowed. Using a quick YoY analysis, in September of 2005, 333 residential properties closed. In September 2006, 211 closed - quite a drop year over year.
Listings under contract - September 2005 - 305 listings went under contract. In September 2006 - 214. Sit down. Take a breath. It will be ok.
And here you have the Virginia roundup from The Housing Bubble Blog, while Dewita’s calling NoVa a Buyers’ Market. A different one, but a Buyers’ Market all the same.
Prices fall because home size is falling
Now, to do a similar analysis on the CharlAlbemarle regional market … If only I had the data interpretation skills and tools …
3 Oceans does a brilliant analysis that shows the current trend toward smaller houses with better space (not just more and the impact on home prices. I’ve talked about this before, and will say it again. More and more, people are realizing that not only does one have to clean the 12 foot foyer, they have to heat it as well - neither of which is cheap.
A market in Transition
Some Realtors should find a new profession - so says the Minnesota Association of Realtors (thanks, Inman). So far this year, in the Charlottesville Area Association of Realtors, (most of the top 10 agents are either new construction or condo conversion agents) as of today, 382 agents have had at least 5 “sides” and 201 have had at least 10 (out of ~1300 Realtors). In the Charlottesville regional market, to make a living, I think that one has to have at least 15 sides to make a living.
This is going to be a constant theme for the next six to eighteen months. Think, for instance, about this - in a conversation today with another experienced (~7 years) agent, she said “I still don’t know what it means to be in a Buyers’ Market.” She’s a great agent, and like me, neither of us have known first hand anything other than a strong Sellers’ market. I pull from my parents’ (both Realtors) and other “seasoned” agents, but even that peripheral knowledge cannot replace living and working through the ups and downs. We shall see …
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