Jennifer Kinzle, Realtor, E-Pro

Anytime an Elgin investor asks me about the market and short sales, I always try to mention REO's. Why? Well, because short sales take forever, they can be messy, the offer can get lost in the shuffle and another offer can come along and trump yours in the middle of it all. Nothing worse than waiting 11 weeks for an answer only to get a NO with a higher offer on the table ousting my patient buyers. But the REO's, now that is a sweet spot. Of course, only for the strong stomachs and serious investor, because if you want a deal to be a steal, the property is going to have problems. Don't they all?? But that being said, REO's always come with a clean title and no liens attached. Nothing is lurking in the dark after you close and gain title. Plus you already know the BPO is done, and is usually listed below market value, so instant value is created for a buyer. With a short sale, maybe a lien will pop up later on or other title issues. I've had far fewer problems getting deals done with banks on REO's than on short sales. REO's are usually more aggressively priced and more willing to counteroffer than any short sale.

Like many Realtors, I use technology in my business for a wide range of things. Social media just started this past year for me, although I am addicted to my Sprint Mogul and all things email. I get frustrated when I am given an email address that goes to neverland and usually will pick up the phone only as a last resort when I can't get someone on email. Unless it's urgent, then the phone is quicker, more insistent and much more intrusive. But I've found that Twitter is unique and has features on top of features that one could write multiple books on. From the Search features, to the Tweep in your ZIP code, to posting video, to posting photos and of course, following those interesting Tweets, I find Twitter an amazing opportunity. I've seen Twitters on all sorts of things, from a huge range of people. I'm following college students, truck drivers, a logger, a business man, a journalist, a world traveler, an artist, a kids' party business owner, CNN, a celebrity, a model and a lot more. It's fascinating to see simiarities and differences in such a wide range of personalities. But the best thing is I've learned to see how others see, find out what others think is cool or interesting or neat and that helps me understand my own clients better. It can give insight into people's motives and keeps me outside my comfort zone of what I know by challenging it when I compare it to other's Tweets. It also helps to build a following of people that like your posts (in case you need to build an organic search for your new website in a hurry). One guy I'm following has a list of people that will give him 400 clicks if he posts one link. How's that for marketing? If you can email, you can Twitter. Just keep it G rated and remember, just like you can't undo an email, you can't undo a Twitter.

I just Zillowed my own house and it was off by about $35,000 today. Good thing I can check my numbers, since I'm a licensed Realtor! It's a good idea for all home sellers to get a reality check and dig a little deeper for a list price. Your neighborhood Realtor can help streamline the pricing process by helping you get the "bad eggs" out of the analysis. Not only will they give you an objective price, they have the ability to filter out the foreclosures, short sales and other "dings" in your market to show what a bank or appraiser will see. Unless your bank or appraiser uses Google or Zillow as well (let's hope not!) But, when used correctly in a CMA, the filters will eliminate REO's, Short sales, distress sales, etc to reveal a true market value instead of a $40K-$60K off market price guess. And that puts more money in a home seller's pocket!

I've had more success with regular print ads than I have with e-marketing leads. HouseValues buyer leads never turn out and for $200/month for 3 leads, it was not worth it. So what's your favorite? I'm looking for new ideas and feedback on what does and doesn't work! I've had great success with online tools and would like to know if there is anything new I'm missing. thx

Looking for ideas/feedback! I love the short form some realtors can use to present offers to banks for short sales/REO's/foreclosures. I also love seeing the real time, online bid statistics for HUD properties in Illinois. Now, what about combining the two elements in such a way as to reduce steps, eliminate forms and streamline the buying process? Would it be so bad to have "open door pricing" on a property? Could this force listing agents to be honest about # of offers currently in? How about knowing the price you need to come up to to get a home or at least the minimum others are bidding? It may not work for every house, but in certain markets, why not? Younger buyers are aggravated by the wait and see, old school 3rd party negotiations, but an online bid statistics feature would help provide the instant feedback they crave. I know my investors would love to see what they are getting involved in and either will continue to bid up or backout faster, thus saving time either way. And you'd still need a buyer's agent to put in the bids. Would also be great to get an automatic "House Reactivated, deal fell through" on those previously bid on. Anybody else see a new way to do business?