‘Vanity pricing’ puts spotlight on priciest listings 23 May 2013, 10:30 am

Yes, it’s located on a 50-acre lot in a locale that’s highly desirable to 1 percenters — Greenwich, Conn. And while some might worry that a 13,519-square-foot, 12-bedroom, 9-bath home might come across as slightly ostentatious, the fact that it was built in 1898 could appeal to the nouveau riche. But is any single-family home worth $190 million?

“The thing about ‘vanity pricing’ is … it does provide exposure,” observes the Los Angeles Times’ Lauren Beale. “There’s nothing quite like planting a for-sale sign at the top of the price spectrum to draw notice.”

Beale notes that many homes that are priced in the stratosphere are marketed as pocket listings, never appearing in a multiple listing service. The Greenwich mansion above that may illustrate an example of ‘vanity pricing’ is listed in the MLS — with the highest asking price of any home on realtor.com.

Beale recalls a home in Beverly Hills that was marketed a few years ago at $165 million, but did not sell. Source: latimes.com.

Condo boom transforming New York skyline 23 May 2013, 9:33 am

Developers and architects in Manhattan have found a winning formula for turning even tiny lots into piles of cash: Secure the air rights and build towering, pencil-thin condo towers with incredible views that buyers will pay equally incredible sums for.

There are currently 49 Manhattan condo buildings with units selling for more than $15 million, up from 33 in 2009, the New York Times reports, citing CityRealty. That’s partly due to rising home prices, but another 20 or so high-rise condo buildings are under construction or planned.

Developer Bruce Eichner plans to build a condo tower that will soar nearly 800 feet into the air on a lot south of Madison Square Park that’s just 50 feet wide, the Wall Street Journal reports.

“So long as the zoning in key parts of Manhattan is without height restrictions and developers can assemble the needed air rights from neighboring property owners, the building boom stands to change the New York skyline, sprinkling it with needle-like towers that reach to the skies,” the Wall Street Journal surmises. Source: therealdeal.com.

Copyright 2013 Inman News

Ellen DeGeneres and Portia de Rossi buy Santa Barbara villa as weekend getaway 23 May 2013, 9:06 am

Ellen DeGeneres and Portia de Rossi are ready to call Santa Barbara, Calif., home again, at least on the weekends when they’re not staying at one of their other California homes.

Having made about $4 million in 2008 flipping a mansion in neighboring Montecito for $20 million (Google Chairman Eric Schmidt was the buyer), the couple have reportedly purchased a 10,500-square-foot Tuscan-styled villa on a 13-acre estate in Santa Barbara that was on the market for $26.5 million.

The house sits at the end of a quarter-mile-long driveway and is not visible from the road. DeGeneres and de Rossi also purchased a 3.8-acre property next door, presumably for the additional privacy it will afford. Source: huffingtonpost.com.

New home sales up 29 percent from a year ago 23 May 2013, 8:08 am

Sales of new single-family homes were up a seasonally adjusted 2.3 percent from March to April and 29 percent from a year ago, according to estimates released today by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

There were an estimated 156,000 new homes on the market at the end of April, which represented 4.1 months of supply at April’s seasonally adjusted annual rate of sales: 454,000 per year. The median sales price of new homes sold in April 2013 was $271,600; the average was $330,800. Source: census.gov.

Mortgage rates tick up 23 May 2013, 8:01 am

Rates on 30-year fixed-rate mortgages averaged 3.59 percent with an average point of 0.7 percent for the week ending May 23, up from 3.51 percent last week but down from 3.78 percent a year ago, according to Freddie Mac’s latest Primary Mortgage Market Survey.

Rates on 15-year fixed-rate mortgages and five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) loans also ticked higher, while rates on one-year Treasury-indexed ARMs remained the same. Source: Freddie Mac

TheSweeten matches remodeling projects with specialists 23 May 2013, 7:16 am

Brokers may use site to provide project estimates and referrals to clients

Marking one of the latest attempts to introduce consumer-professional matchmaking into the real estate industry, theSweeten aims to pair people eying renovations or remodeling projects with vetted contractors who are the most qualified to execute them.

The site also may prove a resource to brokers. One already plans to partner with theSweeten in order to better serve clients who are mulling remodeling projects.

Currently, many home remodeling pairings between professionals and consumers are relatively arbitrary, often resulting in mismatches, said the company’s founder and CEO, Jean Lauer.

“The market is really inefficient. Often firms get inquiries for projects that they’re not really interested in,” she said. “There’s no marketplace … this is where you hear all the horror stories.”

There are already referral sites like Angie’s List and HomeAdvisor (formerly ServiceMagic) that steer consumers to contractors listed in their directories. But those sites still don’t provide sufficient guidance, sometimes connecting consumers with contractors who aren’t really equipped to handle their projects, Lauer argues.

TheSweeten, however, holds a consumer’s hand throughout the entire search process, and even up until a project’s completion, she said.

To use the service, a consumer submits a project description that includes a timeline, budget and photos. Then it selects three contractors from its Rollodex of contractors that it determines are most qualified to take on the project, and invites them to offer bids based on the project description. The consumer then reviews the bids and picks a contractor.

“It’s really about understanding who’s the right fit for the $5,000 bathroom,” she said. “We only get compensated if we make the right match … our focus is making sure we get the right firms in front of the right projects.”

In addition to providing a source of business for contractors, theSweeten also may enable brokers to offer more value to clients. Last month, the company said it was in talks with a major New York City brokerage about a partnership.

In such partnerships, agents could tap theSweeten for estimates of potential remodeling projects that clients ask about, as well as its network of remodeling specialists, said theSweeten co-founder Preeti Sriratana.

“Even though they may have a couple names, they don’t have the resources and depth that we have,” said Sriratana, speaking of brokers who advise clients on remodeling projects. “We would be able to say, ‘Oh, we’ve done projects in that building before … we can tell you average price per square foot.’”

Currently, theSweeten serves only New York City and  has an active contractor membership of around 120 that it has selected from more than 2,000 applicants since launching in July 2011, Lauer said. To apply for membership, contractors ranging from “tile guys” and landscapers to architects and interior designers must undergo an hourlong interview, submit four references and later meet for an in-person interview, Lauer said.

A survey the company conducted showed that, on average, 75 to 80 percent of inquiries that contractors receive through theSweeten’s network translate into work, Lauer said. She said that, in comparison, the typical conversion rate in the industry is about 50 percent. The same survey also found that the network appeared to boost a member’s revenue by 15 percent.

The site earns money by charging members a commission ranging from about 1 to 3 percent on projects that they receive through it .

Contact people and companies mentioned in this story: Jean Lauer, theSweeten

Do you think theSweeten could be a useful resource in serving clients? 

A-Rod sells Miami Beach mansion at giant profit 23 May 2013, 6:37 am

When it came to selling his Miami Beach, Fla., mansion, New York Yankees star Alex Rodriguez really stepped up to the plate. And then, you could say, he hit a grand slam.

The baseball star just cut loose the 20,000-square-foot home for $30 million, earning him a $15 million gain, TMZ reported. Source: TMZ

5 steps to tame your daily to-do list 23 May 2013, 4:07 am

Working on toughest tasks first can boost productivity, reduce stress

Is your to-do list out of control? It is if you’re working at full capacity and can never complete everything on it.

Taming your to-do-list can be easier than you realize provided that you know what to do, and it’s also one of the most important steps you can take to avoid stress-related illnesses, including heart disease and cancer. Here are five easy-to-implement tips that can help you rein in your unruly to-do list.

1. Confront the beast

When you confront your beastly to-do list, you must be willing to face the truth about what is really going on in your business and personal life. The following exercise will take some effort, but the results are worth it. Here’s what to do:

For the next three days (a week would be even better), keep track of each activity in which you engage. This includes how many times you send text messages, how much time you spend on social media, how much time is devoted to phone communication, as well as how much time you spend in the various parts of your business. For example, track how long you spend prospecting, working on existing transactions and troubleshooting transaction problems.

Also be sure to note how much time you spend with your family or loved ones and how much time you spend engaging in self-care — this includes exercise, getting ready for work, preparing meals, etc. You should also track time spent in the car, as well as how much time you spend playing games, watching TV, gossiping at the office, or engaging in other activities that are not related to your business or self-care.

2. How many billable hours did you really have?

Once you complete your tracking for three days, calculate how many hours you actually spent delivering real estate-related services to your clients. Some people call these “billable hours.” In other words, if you billed for your services and had to assign that activity to a specific client you are working with, how many hours would you have logged over the three-day period? If you logged 18 actual billable hours over the three-day period (that’s 30 hours per week), your business should be doing well. (Please note that billable hours do include prospecting time.)

Next, note how many hours you spent in nonbillable activity. You may have been away from your house for 12 hours, but how many hours did you spend in activities that did nothing to build your business? Most agents are surprised to discover that a big part of their busy day had nothing to do with helping them grow their business.

3. What are your priorities?

The next step in taming your to-do list is to go through your activities for each day and place them in either the business or personal category. Divide your list into two different areas: business and personal.

Next, place your “billable hours” at the top of your business list and then rank-order these. Repeat the process with any remaining “nonbillable” activities.

Once you finish your business list, go on to your personal activities. Make sure that your personal self-care activities are ranked at or near the top of your list. You can’t nourish and care for others if you don’t nourish and care for yourself. Make eating well, exercising, and taking time off to relax and unwind a priority.

4. Your three daily “big rocks”

You now have a concrete description about which activities are most important in your business and personal life. As you begin each day, the first thing you must do is to identify the top three most important things you must complete in order to have a successful business and a satisfying personal life. Some people call these your “big rocks.” Here’s where the term originates:

Assume you have an empty bucket. You fill it with three large rocks. Is the bucket full? The answer is “no,” because you can add pebbles to the bucket. Now is it full? The answer is “no” again, because you can add sand. Is it full now? Again, the answer is “no,” because you can still add water.

The point here is that if you start with pebbles, sand or water, there will be no room for the big rocks. The same is true for your business. By completing the most important tasks at the beginning of the day, you keep your business focused and on target.

Motivational speaker Brian Tracy, in his book, “Eat That Frog,” references a similar approach. Take the biggest, nastiest task you have to do (the “frog”) and complete it (“eat it”) first.

5. Eliminate the bottom 20 percent of activities on both lists

The 80-20 rule describes how 80 percent of your results come from engaging in the top 20 percent of your activities. What this means is that the bottom 20 percent of your activities requires 20 percent of your time, but yields only about a 1 percent return in terms of your overall effectiveness. In other words, you normally devote a full day each week to activities that give you a return of 1 percent or less.

So here’s the bottom line: To tame your to-do-list, focus on the three big rocks you must do each day. Those three rocks can be summed up in six words: “Generate leads, convert leads, close transactions.” Next, stop engaging in the bottom 20 percent of your current activities that are providing little, if any, return. Wouldn’t your to-do list be a lot easier with a full day extra per week every week? Use this approach and you’ll be truly amazed at the results.

Bernice Ross, CEO of RealEstateCoach.com, is a national speaker, trainer and author of the National Association of Realtors’ No. 1 best-seller, “Real Estate Dough: Your Recipe for Real Estate Success.” Hear Bernice’s five-minute daily real estate show, just named “new and notable” by iTunes, at www.RealEstateCoachRadio.com.

Nearly half of all US homeowners with a mortgage still ‘underwater’ in Q1 22 May 2013, 10:01 pm

Zillow: Homeowners with 'effective' negative equity helped keep inventory low

Despite rising home prices early in the year, a significant portion of U.S. homeowners with a mortgage — about 44 percent — still owed more on their home than it was worth or didn’t have enough equity to move at the end of the first quarter, according to Zillow’s first-quarter Negative Equity Report.

Zillow’s analysis showed that 25.4 percent of homeowners with a mortgage were underwater on their homes, while another 18.2 percent more were “effectively” underwater, with less than 20 percent equity in their homes.

Taken together, about 22.3 million U.S. homeowners likely don’t have enough equity in their homes to afford a down payment on another home, Zillow said, keeping them in their homes and preventing new inventory from hitting the market.

“Reaching positive equity, even barely, is an important milestone,” said Zillow Chief Economist Stan Humphries in a statement. “But things like real estate agents’ fees and a down payment for the next home traditionally come out of the proceeds from the prior home’s sale. Without enough equity, these costs will instead have to come out of a homeowner’s pocket, leaving many still stuck,” he said.

“Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale,” Humphries added. “The only cure is patience, as rising home values continue to build equity to the point where more homeowners can realistically sell.”

Among the 30 largest metro areas covered by Zillow, those with the highest effective negative equity rate, including homeowners with 20 percent equity or less, include Las Vegas (71.5 percent), Atlanta (64.1 percent), and Riverside, Calif. (59.7 percent).

Zillow predicts that the negative equity rate among all homeowners with a mortgage will fall to 23.5 percent by the first quarter of 2014. Of the 30 largest metro areas, the majority of these newly freed homeowners are anticipated to come from: Los Angeles (94,642 homeowners), Riverside (74,693 homeowners), and Phoenix (51,580 homeowners).

Would-be commerce secretary was pioneer in subprime lending 22 May 2013, 4:58 pm

Will Penny Pritzker — the chairman, president and chief executive officer of Pritzker Realty Group LLC –  be the next secretary of commerce?

That she led fundraising efforts that helped President Barack Obama win the 2008 election undoubtedly helped the Chicago billionaire secure the nomination.

But at her Senate confirmation hearing Thursday, Pritzker can expect to face some tough questions about her role in one of the nation’s largest bank failures  (Superior Bank, which went under in 2001 after becoming an early pioneer in subprime mortgage lending), and a “clerical error“  in a disclosure form required for her nomination that understated at least $80 million in income. Source: bloomberg.com.

Mortgage rates may spike on Fed uncertainty 22 May 2013, 4:32 pm

Uncertainty about the future of the Federal Reserve’s massive program to keep interest rates low could spook investors and send mortgage rates higher.

Testifying before lawmakers today, Fed Chairman Ben Bernanke said he couldn’t rule out cutting back on the Fed’s “quantitative easing” — purchases of Treasurys and mortgage-backed securities (MBS) — in the months ahead. That sent prices of MBS backed by Fannie Mae and Freddie Mac into a tailspin, the Wall Street Journal reports.

Since MBS prices and yields move in the opposite direction — and since changes in MBS yields are eventually reflected in mortgage rates paid by consumers –  the cost of taking out a home loan could rise in the days, weeks and months ahead. Source: wsj.com.

Zoocasa moving to referral model 22 May 2013, 4:09 pm

Listings portal intends to obtain brokerage licenses across Canada

Canadian property search portal Zoocasa is obtaining brokerage licenses in order to secure listings data, but instead of hiring its own agents the company will provide referrals to other brokers.

Zoocasa relaunched today with listings in the Greater Toronto area and a directory of “prequalified, experienced real estate agents” from top franchise brands and brokerages including Century21, RE/MAX, Royal LePage, Harvey Kalles and Coldwell Banker.

Buyers and sellers who close transactions using Zoocasa partner agents will receive rebates including cash and gift cards from retailers including Best Buy, Home Depot, Sears and Canadian Tire, totaling about $2,000 on a typical $550,000 transaction, the company said. Zoocasa will earn a referral fee of roughly one-third of the commission, the Toronto Globe and Mail reports.

“Consumers have indicated that they want to be able to research online. Not just to find their next home, but also to find the right agent to help them,” said Zoocasa President Carolyn Beatty in a statement. “We see improving the way homebuyers and sellers connect with today’s experienced real estate agents as a natural evolution of what we do.”

Zoocasa now has information on listings in the Greater Toronto area, and a directory of 200 hand-picked agents, the the Toronto Star reports. The company said it plans to roll out its new home and agent search platform to all major Canadian markets.

Beatty told The Globe and Mail in March that Zoocasa was seeking a brokerage license in Ontario in order to obtain listings data, and would seek licenses across Canada. Although Zoocasa does not plan to employ agents, obtaining brokerage licenses would allow it to operate a virtual office website (VOW), the paper said.

The Toronto Real Estate Board (TREB), under pressure from Canadian regulators, adopted rules allowing virtual office websites in 2011. The legal battle between TREB and the Competition Bureau of Canada is ongoing, with the Competition Bureau recently announcing it would appeal last month’s dismissal of a complaint alleging TREB has engaged in anti-competitive practices.

Before adopting its new business model, Zoocasa, which is a subsidiary of Canadian cell phone company and cable TV operator Rogers Communications Inc., was sued by Century 21 Canada Ltd. for allegedly scraping listing data from Century21.ca from late 2008 through early 2010.

In a Sept. 2, 2011, decision, the Supreme Court of British Columbia awarded Century 21 Canada $33,000 in damages, but concluded that Zoocasa did not act “dishonestly, unreasonably or unfairly,” but instead “apparently entered into the market without due consideration of the legal issues surrounding copyright and intellectual property.”

Corcoran Group shows how Tumblr is done 22 May 2013, 1:16 pm

On its “10 a.m. Special” Tumblr page, The Corcoran Group showcases one jaw-dropping listing every day.

The posts are bursting with a colorful mixture of new media that includes clickable photos and graphics, embedded videos, and invitations to follow Corcoran on Pinterest, YouTube and Foursquare.

Highlighting the full range of content and social platforms made possible by the Internet, Corcoran’s “10 a.m. Special” Tumblr page paints a picture of how brokers and agents may use the blogging site to market themselves and their properties.

The acquisition of Tumblr by ailing Internet giant Yahoo could attract more business professionals to the platform, by raising awareness of a site that simplifies blogging and potentially providing them with a means to target millennial homebuyers and sellers, according to social media consultant Katie Lance and other experts.

Tumblr, a social media blogging site known for its spirit of millennial irreverence, resembles something of a cross between Facebook and Twitter. On Monday, Yahoo confirmed that it plans to purchase the site for about $1.1 billion in cash, with its CEO promising “not to screw up” the site.

The purchase has drawn comparisons to Facebook’s acquisition of photo-sharing site Instagram in April 2012. That acquisition, Lance said, initially raised fears that the site would shed some of its hip allure. But instead, Lance said, it seemed to raise awareness of the site and attract additional users.

Indeed, Instagram’s users, engagement and reach for brands have increased substantially since Facebook bought the site, TechCrunch reported.

“A year ago, many people were skeptical about Facebook’s acquisition of Instagram and whether it would hinder the network’s growth,” Adam Schoenfeld, CEO of Simply Measured, recently told BusinessNewsDaily. “However, today it’s very clear that the synergies are not only bringing new users on board, but also creating incredible opportunities for brands to connect with consumers.”

Lance said that Yahoo’s purchase of Tumblr could run a similar course.

“All of a sudden you hear Yahoo is behind it, and I think for a lot of people, sometimes that older generation, it’s like giving a company validity,” she said.

And if it does, that could potentially spark a resurgence in blogging among business professionals, including real estate agents, who have largely exited the blogosphere following a “big push” there about five years ago, she said.

That’s because Tumblr is much easier to use than other blogging platforms like WordPress, Lance said. Perhaps Tumblr’s “biggest differentiator” is its “reblog” feature, which allows users to share content produced by others, she added.

But whether Tumblr really makes blogging more manageable than other platforms is still a matter of debate. Facebook page “Living in Ann Arbor,” which is sponsored by broker Ann Arbor Real Estate, said on Inman News’ Facebook page that Tumblr is actually more challenging to use than platforms like WordPress and Blogger.

“The Tumblr editor interface isn’t as good as WordPress.com or even Blogger.com if you are going the free route” and “want to gain a social following and share your posts freely,” Living in Ann Arbor said.

Living in Ann Arbor added that WordPress.com and Blogger have features that perform the same function as Tumblr’s reblogging tool. “If one was to use a platform for content curating — I still don’t think that Tumblr is the best option.”

Living in Ann Arbor said the GIF to the left conveys its view of the Tumblr acquisition

Regardless, with the site now in the limelight, many business professionals may also begin to gravitate towards Tumblr in order to fish for millennial buyers and sellers, since the site “tends to skew a lot younger” than other social media sites, Lance said.

In addition to potentially shedding light on a new avenue for agents to intersect with younger homebuyers and sellers, Tumblr could open up promising paid-advertising opportunities.

One of Yahoo’s main objectives is to milk Tumblr for advertising revenue. Yahoo CEO Marissa Mayer said Yahoo would initiate that process by putting ads in the Tumblr “dashboard,” a content stream much like Facebook’s News Feed, The Los Angeles Times reported. Later, Yahoo might allow users to post ads on their blogs themselves, and share revenue earned through the ads with Yahoo.

“If an agent is really trying to focus on millennials or first-time homebuyers, specially in a specific geographic area, I think that could definitely be an opportunity,” Mayer said, according to the Los Angeles Times.

What do you think about Yahoo’s acquisition of Tumblr? Leave your comment below.

Taking a cue from Apple, brokerage builds real estate ‘store’ 22 May 2013, 12:57 pm

Zilbert International Realty selling luxury condos out of South Beach retail center

In a time when some brokers question the value of brick-and-mortar offices as technology allows their agents to work in the “cloud,”  one brokerage has decided to go big, and build a real estate retail space at its office.

Zilbert International Realty, a luxury boutique real estate firm in the South Beach neighborhood of Miami Beach, Fla., has flipped the new conventional wisdom on its head by building a 4,000-square-foot flagship office in a tony South Beach retail center.

The brokerage, which primarily represents condo buyers and sellers, is looking to turn real estate into a retail experience.

Walking into Zilbert International Realty’s new 1-year-old office is open to the public from 10 a.m. to 5 p.m., seven days a week. Visitors step into a simple, streamlined space with recessed LED track lighting, terrazzo floors, and Herman Miller furniture.

Zilbert Realty International’s store. Photo courtesy of Zilbert International Realty.

Backlit photographs of active listings line the walls, and several kiosks in the open space hold listing pamphlets. One of Zilbert International Realty’s 30 agents mans a podium, ready to engage walk-in visitors — a role similar to that played by the tech geeks who man the “Genius Bar” at any Apple Store.

The iconic Apple Stores, with their buzzing activity and experts on hand, were actually part of the inspiration for this real estate anomaly, said Mark Zilbert, founder and CEO of Zilbert International Realty. The company “fell into” the setup, and has grown the concept organically, Zilbert said.

“I didn’t want to do a storefront,” Zilbert said, of his mindset two years ago when he was looking to transition out of his 400-square-foot office into a larger, new space for his growing brokerage business, which was 7 years old at the time.

But when Zilbert saw that the last spot in a new retail center in a prime South Beach location was available, he started to mull over an idea.

Looking at the empty, 4,000-square-foot concrete shell — located in a retail center that’s at the end of a bridge that carries traffic from Miami into South Beach — Zilbert saw an opportunity to use it not only as an office, but to take advantage of the retail center location.

“Drivers have to pass the storefront to get to the beach,” Zilbert said. At night, “the entire store glows from the inside out.”

Zilbert said he drew inspiration for the retail store not only from Apple, but from his own company’s website.

The “store” is a physical manifestation of zilbert.com, its walls dominated by images from the website’s listing detail pages.

“We wanted to make (the store) as visual as possible,” Zilbert said.

The store — which is Zilbert International Realty’s only location at the moment –  takes up a little less than half of the 4,000 square feet of available space. The other half is working office space for the firm’s agents.

The office’s prominent location and its accessible, customer-friendly vibe is helping the boutique firm claim its place among more well-known luxury brands like Sotheby’s International Realty, said Jim Hitchcock, chief operating officer at Zilbert International Realty.

So far, the office has been a net positive on the firm’s bottom line, Zilbert said. Net profits have increased from the year before, he said, which is the bottom-line measure Zilbert uses to check if his business is on track or not.

Since the store opened on May 1, 2012, Zilbert International Realty has won every listing presentation it has given in the space — about 30 or 40, Zilbert said. To facilitate listing presentations, the store features two glass-enclosed conference rooms outfitted with 55-inch flat-screen TVs, which agents can hook their iPads up to.

Zilbert said the space creates an experience for clients that allows them to “get the best of who we are and what we do.”

Agents are rewarded for manning the store in three-hour shifts with all of the walk-in, website and phone leads the brokerage receives during that time period. As a result, agents are eager to work in the store, Zilbert said.

Zilbert says he has plans to open similar stores in other locations where the brokerage expands.

“We’ll always do this operation wherever we go,” he said.

Last year, Zilbert International Realty’s agents represented buyers and sellers involved in 200 to 250 deals involving homes valued at $250 million.

In the next 24 to 48 months, Zilbert said, the firm is looking to open stores in downtown Miami and possibly Coral Gables and Fort Lauderdale, among other locations.

Would you do a similar store at your brokerage?

Condo.com fingers ‘top 5 smartphones for real estate agents’ 22 May 2013, 12:50 pm

Real estate professionals are looking for “large screens, zippy processing speeds, and high-resolution cameras and video” from their smartphones, according to Condo.com, which has compiled a list of the top 5 smartphones for real estate agents.

The top 5 smartphones for real estate agents, according to Condo.com:

1. iPhone 5 (fast processor, large screen, good camera for taking listing photos).

2. HTC One (high-resolution,4.7-inch screen, quad-core processor, 2 gigabytes (GB) of RAM and up to 64 GB internal storage capacity “for agents who snap a lot of photos”).

3. Samsung Galaxy S4 (Two cameras “take great photos,” and 2 GB of RAM provides “decent speed.” Up to 64 GB of internal storage with microSD card)

4. LG Optimus G Pro (“Real estate agents looking to scale down from a tablet and have just one device for phone, camera and work space should take a look at this large-screen ‘phablet.’”)

5. Samsung Galaxy Note 2: (“Another phablet for real estate agents who like a lot of workspace … They will also find the S pen handy … to send a quick note about a home they just found, they simply take a photo and use the S pen to jot some information directly on the photo.”)

Source: prweb.com.

At least 10 Realtors lost homes in Oklahoma tornado 22 May 2013, 11:38 am

At least 10 Realtors lost their homes in the deadly tornado that hit Oklahoma on Monday, and the Oklahoma Association of Realtors is providing relief to members through the Oklahoma Housing Foundation Realtor Disaster Relief Fund.

“We have received many offers of supplies from all over the country. The Realtor Family is truly coming together to help our folks in Moore,” OAR says on a website set up to accept contributions to the fund.

OAR is using a Facebook group to compile a list of Realtors affected by the tornado, and to put together a list of rental properties that may be offered to displaced residents. Source: realtor.org.

Realogy picks 15 companies as finalists for innovation summit 22 May 2013, 11:18 am

Emerging real estate tech companies competing for $25,000 prize

Real estate brokerage and franchise giant Realogy Holdings Corp. has selected 15 emerging technology companies from about 100 that applied to compete for a $25,000 cash prize at the Realogy FWD Innovation Summit. The companies selected to present their most innovative new real estate technology products or services on Tuesday, June 18, at Realogy’s Madison, N.J., headquarters are:

• BuyerMLS: a real-time buyer marketplace for agents.
• Floored: interactive 3-D models of all types of real estate.
• HomeLight: a new way for consumers to find a real estate agent.
• HomeZada: software that helps homeowners organize and manage their home.
• Keyzio: a consumer marketplace where every house is for sale.
• Lumentus Social: makes social media easy and effective for brokers and agents.
• MyCityWay: a consumer app that provides a live view into more than 100 cities.
• Onvedeo: powers videos for real estate listings.
• Planwise: technology that allows people to visualize and understand financial decisions.
• Relocality: a neighborhood discovery tool that uses social data to provide recommendations.
• RealScout: a full-featured search portal for homebuyers and agents.
• Realty Mogul: a marketplace for investors to pool money and buy shares of property.
• Storefront: an online marketplace for short-term retail space.
• StreetAdvisor: a content creation and social engagement platform for real estate companies.
• Updater: helps buyers seamlessly update all of their accounts with the new address.

The Realogy FWD Innovation Summit is one of several opportunities for startups and emerging technology companies in real estate.

Last year, the National Association of Realtors announced a “tech accelerator” program, REach, overseen by Second Century Ventures, NAR’s strategic investment arm. The seven companies selected for the program’s first year — BombBomb, Lumentus, Planwise, Reach150, Treater, Updater and Workface — will reportedly pay up to $25,000 to participate, gaining exposure and guidance from a group of more than 140 mentors and feedback from about 500 Realtor product testers.

Inman News has launched an initiative, the Inman Incubator, that’s intended to serve as a launchpad for innovative real estate companies including technology startups, brokerages, agents, service providers and mortgage lenders.  The Inman Incubator program will provide yearlong mentoring, $100,000 of in-kind promotion, and valuable connections and resources for up to 25 promising companies.

What do you think of real estate-focused technology incubators and accelerators? Leave your comments below.

Most @properties listings will feature interactive floor plans 22 May 2013, 9:53 am

VHT Studios will photograph, take room measurements on site

Real estate brokerage @properties will use interactive floor plans and high-resolution photos to market listings online at no additional charge to sellers on all homes listed at $500,000 or more.

The Chicago-based brokerage said it plans to extend the service to sellers of homes priced at more than $300,000.

The service will be provided by Rosemont, Ill.-based VHT Studios, which photographs and takes room measurements on site, delivering photos and floor plans within two to three business days.

VHT’s interactive floor plans show all walls, partitions, doors, windows, staircases, columns, recesses, chimneys, major appliances, floor levels and room dimensions.

VHT also offers a floor plan reconstruction service when architectural blueprints are available.

“It’s almost irresponsible not to make floor plans available when it’s so easy to do with VHT’s new service,” said @properties co-owner Thaddeus Wong in a statement. “Properties can be equivalent in location, and number of bedrooms and bathrooms, but that doesn’t mean they’re all the same. You need to have a full grasp of how all the rooms relate to one another to help you determine a property’s value and if it fits a buyer’s needs.”

Wong said the majority of @properties listings will soon have floor plans included.

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