Andrea Geller

According to latest reports, social media has became bigger than email. That got me to thinking about where we are as an industry. As usual, miles behind. I think many agents and some brokers missed the webinar that explained to effectively use email as a means of marketing you listings or as a recruiting tool it is called drip campaigns not spam campaigns.

I did an an informal survey on Twitter and Facebook. The majority of responses where no to reading the emails sent out about listings. Several said they unsubscribe, a few said they read them if based on the address and only one person said an unqualifying yes.

I have used emails on occasion. I try and follow the guidelines suggested by the pros. Don't send listing emails often and only if it is "newsworthy". Huge price reductions, something out of the ordinary new listing or a special brokers open event.

When I receive eflyers on listings I usually ignore them unless something catches my eye in the headline. If I see a sender email to much out then I unsubscribe. I am not sure what unsubscribe means because it stops for a while and then I start to get them again from the same agents. I think someone told these agents Tuesday is a good day to spam out other agents with all their listings. I kind of understand the Fridays for open houses. What I don't get that if your office is emailing out a list to the broker community, why you have send an individual one on each listing.

What I find interesting, is that the agents who are spamming listings are not engaged in the social networking community which has surpassed email as our means of communicating. This only goes to prove the point you spammers are still not effectively marketing yourself or your listings so you are probably not seeing this blog post!

Originall posted on the Chicago 77 Real Estate Blog June 24, 2009

Freddie Mac and Fannie Mae Issue Clarifications to HVCC

As a result of the efforts of Charles McMillan, the 2009 President of National Association of Realtors (NAR) and its members, Freddie Mac and Fannie Mae this week issued new guidance to all lenders on the Home Valuation Code of Conduct (HVCC). The letter issued on July 22, 2009 by the Federal Housing Finance Agency (FHFA) clarifies two very important points that we raised by the Realtors® in recent meetings with officials. First, it states that lenders should use appraisers who have clear experience in the geographic area. Second, it clarifies that appraisers are not prohibited from talking to real estate agents. In a statement released by Charles McMillian, he stated "NAR has asked Congress and the FHFA to immediately implement an 18-month moratorium on the new HVCC rules to further address unintended consequences of this new rule. We will continue to push for this, but are pleased that this first step was taken today."

Affordability is driving more buyers back into the market according to a survey conducted by Realtor.com. As reported today on Rismedia, bargains are motivating millions of buyers to engage in the market and at the same time delaying homeowners to sell. For 14.6% of first time home buyers, the federal $8,000 tax credit is a factor in the home purchase. The housing industry, including the National Association of Realtors, has been working hard at trying to educate professionals and home buyers about this first-time buyer tax credit. The Chicago Tribune is reporting today that with the December 1st, 2009 date looming, buyers who are not under contract soon will lose out on the opportunity. Another interesting point in the Realtor.com survey is with almost half of transactions being short sales or foreclosures, two-thirds of buyers would not consider purchasing a financially distressed property.

Originally posted on The Chicago 77 Real Estate Blog

As I have time to reflect as we go into this holiday weekend, I think back to all that happened in the month of June.

My Personal Market Activity: Buyers re-engaged in the marketplace resulting in sold properties. Sellers who want to sell are listing at prices to sell not just to list. Communication between the Realtors, lenders, buyers, sellers and attorneys is key in keeping the deals together and getting them closed.

I have received negative comments responding to my positive outlook on the market, the first signs we are seeing of stabilization from the numbers that are being published. I have run into agents I know amazed when I say I am busy. They are thinking of getting out of the business. I am not "wearing rose colored glasses" as commented on one of my blog postings. Rather than walk away in frustration, I decided I have to continually educate myself to the dynamics of the ever changing market. Learn from my most current experiences. Most importantly, work to solve the problems that arise from each of the challenges that come with every transaction.

Americans deserve the opportunity to achieve and sustain the American Dream of homeownership. It is still recognized as one of their most important assets. I am a Realtor®. This is what I do.

Happy Birthday America!

Originally Posted on Chicago's Real Estate Blog, The Chicago 77, June 29 2009

This week's Crain's Chicago Business (PDF) is reporting that the relative cost of owning vs. renting is swinging back in favor of home ownership across the U.S. and in Chicago. The Chicago real estate market is already seeing signs of this with an increase in pending home sales. There are great expectations that June's sales numbers will finish off what should be a strong second quarter. Realtors® see this trend continuing as many of their buyers have reengaged and are actively looking at properties and going forward with offers. Tire kickers have become purchasers. As sellers have been adjusting their prices, buyers have making repositioning themselves regarding financing. Borrowers are expanding their lending options, taking advantage of the $8000 tax credit and creating greater equity in their purchase with larger down payments.