So I will admit – I’m an Excel freak.  If there is a  project, workflow, or experiment to be made – you can bet that I have created an Excel sheet for it.  That being said – it does have it’s limitations and when I was faced with a recent predicament that even the almighty Google couldn’t accomplish I had to think outside the box and revisit my old friend Zoho.

Recently, one of  my agents and I were talking about the importance of proper pricing and what a seller actually “pays” and “nets” by overpricing their home.  That led me to create the below spreadsheet that based on a simple mortgage formula and summing up the monthly costs of ownership for a home-owner (mortgage, taxes, assessments, etc.)  Once  we have this number we can simply pull simple data using MLS info OR (my personal favorite – Agent Metrics from Terradatum) and plug in the numbers for DOM (days on market) and SP/OLP (sales price to Original List Price ratio).

So this was cool, and I have had a number of agent use this in their listing presentations to either 1. Get the price they want from the start or 2. Show what it has cost the seller already (if they have previously been listed).  It’s great info and really drives the point home – however I was stumped when an agent approached me and said, “I’d really like to embed this on my website so that I can drive traffic there from my farm.”

Take 1 = I fooled around with Excel and found that I could export it as a webpage (great) which I could then open with Notepad to see the HTML code (awesome).  However, this being a Microsoft based program – I soon found the problem in my ways when viewing this in Firefox:

Internet Explorer 5.0.1???

Take 2 = So I scrapped that idea and went the “cloud based” route and opened up a quick Google Doc.  Upload – Activate – Format – Share.  Got the code and placed it on my site.  Result = #fail  Where the sheet showed up fine, the functionality of the sheet was removed and the consumer could not take advantage of putting in their home value, taxes, assessments, etc. (NOTE – I am not saying that I didn’t overlook something, so if I mistaken – please leave my error in the comments section)

Take 3 = I have played around with the suite of solutions put together by Zoho.com off and on over the years.  I can’t tell you why i don’t use them more often other than the fact that I (like many) am a slave to Google.  So after logging into my Zoho Account – make my way over to Zoho Sheets – upload the document – and presto!  See the finished piece below.

Take a look at the functionality in this sheet – the consumer can actually fill in their information on their own and see the true value in correct pricing. Feel free to download and use with your clients – and as always, I’m open and eager for any suggestions on how I could make this better!

~ Matt

Last week I had the opportunity to attend (and speak) at the Leading Real Estate Companies of the World annual conference – held at the Encore Resort in Las Vegas.  One of the highlights of the conference was getting to sit in on a small session with Dale Ross and Marty Frame of the Realtors Property Resource (RPR).  Even though I thought that I was pretty “up to date” on the FAQ’s of RPR – I found this session both enjoyable and informative.  Find my rambling notes below:

What is the Realtors Property Resource (RPR)?

• National, parcel-centric database

• Member benefit of NAR

• Owned and controlled by NAR members

What are the Goals of RPR

• Provide all available information about residential and commercial property and ownership to NAR members

• Unique data content and analytics

• Eliminate cost for NAR members who pay for 3rd party services with limited scale

• Promote marketing efficiency among participants

• Provide this information to other 3rd party vendors (not listings) but data and analytic information

Who owns RPR?

• Not a third party vendor

• Not a publicly traded company

• Not a joint venture

Personal Question - *Said that the reports are NOT AVAILABLE TO ANY OTHER WEBSITE – but also talks about providing this information to 3rd party vendors for a fee.  What and how much is available to these 3rd party companies?

Answer from Panel – *** The only thing that will be provided to external sources will be analytic data – this will NOT be viewable by consumers AT ALL through non MLS members.  The analytic data will be used for their internal “knowledge-base”

• Mobile app – coming for beta soon

• Market Share Trends – Across MLS’s in one format

Office and company comparison by:

• Listings, sales and total – dollar and unit volume

• Market share percentage

• Ave. Sales price

• Sold vs. Original price

• DOM

Market Report

• Supply demand changes, Price Changes, and More

Target Marketing

• LTV

• ARM aging

• Delinquency or default status

• Gov. Assist. Or incentives

• RBR demand and segmentation

Add. Benefits offered by RPR

• Nationwide community cost of living comparisons and demographic enhances Relo Team svc to incoming clients and provides outbound referral opportunity.

• Company forms and population (disclosures ABA) reduces risk and liability

• Training curriculum

Additional Data Sets Available

• Delinquency and Short sale elevations vs. foreclosures

• HUD/GOV data and program eligibility

• FHA and first time assistance (low income)

• Condo master/HOA documents

Launch Schedule

• Beta testing phase (NOW)

• RPR User Advisory Council Beta testing April 2010

• First Beta Markets launched beginning in June 2010

• Additional markets to be launched beginning in June 2010 based upon contract and data mapping status

• Phased geographic launch to all NAR members via narrpr.com beginning Q3 2010

• Full informational Blog and Demo Videos located at www.Blog.narrpr.com

Open Floor Question and Answers:

• Is there going to be any branding ability for the broker to maintain brand-fluency?

o    They (RPR) are thinking about allowing the brokers to “brand” this with their information, brand logo, consistency.  This is not available at this time.

• What steps are we taking to make sure that this is not in any legal issues?

o    NAR legal council has been in review of this product since day 1 and they see no DOJ issues

• Discussions with MLS/First American

o    Fear is that we are trying to build a national MLS.  MRIS is afraid of this and has not signed the contract.  Provisions in the contract that this is a “non-compete” to protect the MLS’s in that regard.
o    Information is coming from LPS (prior Cyberhomes) and they have found that First American is less attractive.  First American has now approached the MLS systems and told them that they would “pay” the MLS systems for them feeding the information to First American.  These are two essentially “competing” with one anther and if they choose to enter with exclusivity, their data will not be available to RPR.
o    NAR is putting up $25 million.  This is the 1st rollout.  There is a business model behind it.  Revenue model below:

• Monies that NAR puts in will be paid back (1) for reinvestment
• Then monies will be paid into RPR
• Sell the analytic data (products) to mortgage, wallstreet, etc. will PAY RPR for this information so they can trend this.
• Partner with LPS (shared 50/50%) with LPS with all revenues.

• How did NAR allocate $25 million without vote

o    Money came from a reserve that NAR has created from HomeStore.

o    All leadership committees at NAR voted yes on this product

• How up to date is the REO information?

o    Delinquencies – 15 days after 1st of the month
o    Foreclosures – as soon as it is updated with the MLS

• Can you customize reports and is there a Broker/Agent Level display?

o    There will be pre-created reports, but there are ones that will be able to be customized and created.
o    Stayed away from the sales associates and recruiting
o    Company market share will be brokerage and office level

• What about feeding the API to brokerage company?

o    They will be exploring the usage of brokerages with API in the future within the restriction of their data license.
o    The build out can take years to do – and that is why we are coming to the brokers now.  This is not agent centric – it is broker centric.  We are looking for brokerage feedback.

• Concern of the amount of data and legal liability to brokers

o    Yes – there are going to be things on this site that are “sensitive” but they are an aggregate of information that all exists in the public sector and available to the general public right now.
o    There are certain liabilities that RPR will maintain (accuracy of data) and some will roll onto the providers of the data.

• What about Agent to Agent Referrals and Relocation?

o    We have pulled back on this specifically because of the relocation networks and their push back.

Dollinger’s Closing Thoughts: At the end of the day, the brokers in the room really seemed to be upset about one thing, “They weren’t asked to be more involved in the decision”.  Although, I have to admit that this was exactly how this initiative got pushed through so quickly.

I have my fears about this level of information making it into the hands of “less than stellar” agents – allowing them to poise themselves as knowledgeable.  However, where I do believe (as I indicated in an earlier post here) that this will serve as some type of “field-leveler” – I have truly come to believe that all the data in the world won’t make your clients believe you, unless you can articulate what that data means.

I’m excited to be on the beta test team for RPR and looking forward to sharing more thoughts on this along the way.   My best advice to anyone out there is simple:

• Follow the RPR official blog
• Keep up to date on any trainings that are offered
• Become skilled at data interpretation
• Be the first one in your area to become an expert on RPR

Stay tuned…

Did you put that plan into action?

This implementation is often times the number 1 failure of business plans and makes all of that wonderfully hard work for naught.  So what can you do to make sure that the goals and actions you have mapped out for yourself and/or your company get implemented?  Make yourself accountable.

In this short video below I discuss the importance of a “good” business plan, but focus much of my talk on different types of accountability tactics that have worked for myself, my agents, and others.  How do you plan on making sure your actions are carried out next year?  Share your tips in the comments below:

The You Factor – Thoughts on Business Planning from Matthew Dollinger on Vimeo.

So I’ve been having a ton of meetings as of late with agents worried about their business.  This isn’t new, and I’m sure it’s not specific to the Chicago market, but it’s something that deserves some attention.  Here’s the long and the short answer:

You cannot control a sale – your short term future is not defined by what you do today or tomorrow.  What you do in business today is going to affect your business 90 days out (or more) and should be worked into an actual business plan.  The goal, however, should be to start implementing ACTIONS that will translate into HABITS in your business going forward.

In this short video I discuss the creation of business habits as part of a business plan moving forward, as well as offering some ideas as to what you can do to start creating these habits tomorrow.

As you’ll see at the end of this video I am kind of let down by the amount of true collaboration that we see between agents and coaches alike with regards to sharing of actual implementable actions.  If you have done something in the past that you would like to share with others, or that you know could help someone out, please leave it in the comments.

All the best – Matt

Planning and Habits for your next 90 days in Business from Matthew Dollinger on Vimeo.

I shot this video on the way to work this morning to discuss a common thought that I’m having when attending events, watching my Twitter stream, or even working with my own agents:

The constant looking and researching, “what’s next?” and over-inundating of data we consume is actually paralyzing us as individuals.  Instead of actually putting something into action (or focusing on existing efforts that bring us business/engage our clients), our constant “shiny object syndrome” is actually hindering our success in business – or as implementers of actual actions.

Some quick thoughts below on this topic.  I would love to hear thoughts and/or discussions on this with examples that you have actually “implemented” or put into place.

Paralysis by Analysis – The story of Web 2.0 from Matthew Dollinger on Vimeo.

Picture courtesy of "Not the First Noel" via Flickr

It was during the follow up to the opening Keynote at BlogWorld Expo 09 when this idea came to a head.  On the stage were big hitters of both new and old school journalism including:

Brian Solis – PR and Web 2.0 mega celebrity

Jay Rosen – journalism professor at NYU

Hugh Hewitt -  American radio talk show host

Don Lemon – CNN anchor and journalist

Joanna Drake Earl – President, New Media, Current TV

The discussion entitled, “The Death And Rebirth Of Journalism” focused much around citizen journalism, it’s benefits to media, the problems due to it, and where to go next.  It was a heated discussion (Lemon – the only “traditional” channel there – who I was incredibly impressed with) fueled on by the media-blitz of Balloon Boy the day before.

I took away three major points from this session (according to my notes):

1) Blogging and Micro-blogging allow the individual (viewer) to choose what they find is important in the world news feed.

2) Traditional media is still focused on a cost structure model – hence why they will highlight “minor or pop” news stories to gain exposure = costs.

3) Distribution issues of news – does the world view (CNN, NBC, Etc.) these major hubs of distribution as “the” most credible for news/current events?

And so – a question started brewing in my mind with regards to this:

“Why wouldn’t CNN or another traditional media player:
1. Put together a “journalism” training class (i.e. how to write, how to quote sources, etc.)
2. Encourage their most “raving fans” to take these classes
3. Turn them loose as “certified” citizen journalists
4. Reap the harvest of “on the ground” stories, well written, and sourced by sending them to editorial?

Imagine, in my case being a huge Keith Olberman fan, MSNBC taps you on the shoulder and says to you:

“Matt, we’d really like you to become a MSNBC citizen journalist, take a couple of basic classes on composition and source citing, write/film/video all the news you feel is news, and then joint publish it with our editorial staff.  It will be great exposure for you as a blogger, bring you a ton of readership, and get your local stories out to those who want to know about them.”

Sounds like everyone wins right?  Not so fast…

In the next session I actually got to pose this question to Robert Scoble who (kind of) answered it after I pushed him on it.

<Paraphrased> “We don’t need big media.  That’s the beauty of social media.  The big brands are dead in the water.  No one “watches” that anymore.  When I was with Fast Company magazine my blog readership didn’t go up at all.  I have 50K twitter followers that are reading my stuff anyway.  Why do we need to “teach” any kind of journalism?  The kid with a $1000 camera can be a video producer on his own.”

Disappointment… Not only did he trivialize the idea I suggested – he actually called a Spade a Spade.

It’s US versus THEM – New Media vs. Traditional – and be damned the idea of actually working together.

Tweet of the day on this subject – “RT @saulcolt: People keep talking about old media & new media…we need to start thinking of just “media” and make it great. #bwe09 via @erin_bury”

I don’t think it would have been so black and white if I hadn’t attended a fantastic keynote the night before by Chris Brogan.  I had never read much of paid Chris alot of attention until he brought up my all time favorite author Tim Sanders - and his book “Love is the Killer App.”  In this book Tim talks about becoming what he calls a “Lovecat” by fulfilling 3 simple tasks.

1.  Share your Knowledge

2.  Share your Network

3.  Share your Compassion

When I sat listening to Robert speak about the question I had presented, it struck me that, “Collaboration for these guys is absolute Bullshit – although it would be in the best interest of the consumer.”  It’s not about “how do we get the BEST news to the public”, it’s about, “do them come to my site, your site, or who’s site to read my “take” on the topic.  It was truly truly disheartening.

In the Dachis Group whitepaper, “Social Business Design”, Peter Kim explains this legacy system of “Us vs. Them” excellently.

“Us” Vs. “Them.” Competitive strategy drives businesses to hunker down behind the physical walls of an office and the virtual walls of a brand. Customers are seen as “targets” whose participation is limited to handing over money. Competitors are seen as “enemies.” Suppliers are viewed as “necessary evils.” This approach to business may produce short-term results, but at the expense of true collaboration and long-term results – everyone benefits when these relationships are viewed as an ecosystem of related collaborators rather than competing interests.

It’s humbling and often-times disheartening to come to this kind of realization.  That the “Us vs. Them” mentality prevails even with supposedly forward thinking companies or people.  Could you imagine the result if someone of the stature of Robert Scoble gave “how to video worthy of the national news” seminars?  Or if an editor at CNN did webinars on “how to write copy like a NYU journalist?”  I think the PR alone would be worth any words of wisdom that your competitors might pick up.

Many will agree with Robert and say that, “the audience you’re looking for isn’t watching CNN” and I will disagree.  Especially at an event like BlogWorld it’s easy to get caught up in the whiz-bang, what’s next society and forget that 90% of Americans still turn on the television or read the Washington Post instead of the Huffington Post.

Collaboration could possibly be the cure all to what ails us – but until we dump the “Us vs. Them” mentality and start operating from a level of abundance (and strict ROI) I think we have a long way to go.

This is the first of a series of posts expressing insight into certain topics covered during my recent trip to the Blogworld Expo 2009, in Las Vegas.  You can view all my notes/thoughts and rambling by clicking here“

So, maybe I’m a little bit biased (since it is was my educational focus), but this thought was rumbling around in my head during the entire expo event.

“Engineering is the heart of everything in your business”

Here’s what I mean:

One of the most talked about buzz-words/concepts at BlogWorld this weekend has been about “strategy”.  Your social media strategy, your marketing strategy (both “new” and “old”), your engagement strategy, etc…  It was a very refreshing take since many of the events and discussions I have been apart of in as of late have been a “just do it” mentality – especially with regards to social and online media.  Many speakers and panels alike discussed the necessity to not only embrace new concepts and technologies, but to take on these challenges with a well thought out strategy.

So how do you “build” a strategy?  To me it is actually multi-phased, and rather than being “built” it is actually Engineered.

Step 1. – Understand – The questioning/fact-finding phase

Step 2. – Assess – What do we know/have at our disposal?

Step 3. – Design/Visualize – Laying out an “if this then that” map/Start with End in mind

Step 3. – Analyzation – Learn/ Assessment of collected data/engagement/results

Step 4. – Adaption Process – Using Gained knowledge to learn and improve.

Step 5. – Repeat – Using gained knowledge, reassess from Step 1

Are you an engineer?

It’s easy (and yes some even consider it sexy) to call yourself a consultant, social media expert, or marketing person.  No one ever tends to consider themselves an engineer.  But in this time of “geek ascendancy” and shrinking/disappearing budgets, I personally think it’s necessary to approach EVERYTHING from a standpoint of engineering.

Too often I see “brain storm” marketing campaigns tossed together without thought of consequence leak from individuals or companies.  I might even suggest that engineering is the “new rule” of marketing or business in general.  Since “new” media especially has given everyone a soapbox to shout from, isn’t it even more important now to fine tune your role out before launch?

The end of “Test” Markets – an example

What do you mean you're not hungry?

Back in the day, when McDonalds or any other company wanted to roll out a new product they would do geographical/regional testing.  For example – if they were looking at releasing, oh…, the McRibb Sandwich – they might do some research and find that barbecue is most popular in a particular region or market (i.e. the SouthEast).  They would then contact their franchises in that area, prep them on marketing and preparation of the item, roll it out to the public and see how it was received.

If it succeeded – great… our data shows it’s successful in BBQ market.  If not – no worries… we rolled out a crappy item to only one area and not to the whole country.

Today.  If McDonalds did that today, they are unable to confirm that poor (or good) response to the particular item would be confined to the target region (and a small trickle of Word of Mouth marketing to outside areas).  Due to the expansive reach of the social web the poor response would creep like wildfire across the country – reflecting poorly on the McDonalds brand.  The question I pose to you is – “How many leaks has your test-marketing already caused?”

I am not a marketing expert

I am sure that some will disagree with the things that I have written above, and many are more insightful/creative than me when it comes to marketing.  My strength isn’t in writing passionate copy or Adobe Illustrator.  I’m a process guy.  In my mind there is a Beginning – a Process – an Outcome – and Analysis.  And where I might have traded my pocket protector for a laptop, the core of an engineer will always revolve around problem solving.

This is the first of a series of post both on what I learned while at BlogWorld Expo 2009, but on a larger level to help those in my network to start approaching their business from an “engineer’s mindset”.  Who knows… maybe you’ll even start to feel that engineers are sexy.  Intel does!

Matt Dollinger
The You Factor

Image courtesy of themiddleway.net

Recently I had  an incredibly meaningful conversation on Twitter involving Jeff Turner (@respres) and  Ines Hegedus-Garcia (@ines) where we discussed Social Capital versus Social Karma. The conversation was actually started by Kim Wood (@kimwood) with a simple tweet stating, “Whuffie or Building your Social Capital should not be done with the intention of “building your social capital”. I’m jussayin.” She rocked my world with this and the discussion began.

For me, this hit the nail on the head because I have always been a little leery of how people were using the term of “social capital”.  I’ll disclose that I have read “The Whuffie Factor” as well as the predecessor of this with regards to Social Capital, “”Down and out in the Magic Kingdom”. But this isn’t a book review, this is simply my take on Social Capital, what I will refer to as Social Karma, how they affect one another and more importantly that they two are not mutually exclusive.

Ines has written a brilliant post on our conversation over at Agent Genius entitled, “Social Media Politics can Suck You Dry” which sparked a wonderful conversation of comments.  It’s written from her point of view and perfectly honest.  As she says in her post:

“There is so much talk about being genuine and doing things for a greater good without expecting anything in return, but to tell you the truth, most of us are here to make money and to improve our business.  This doesn’t mean we can’t have fun in the process and show our personalities, but I’m not Ghandi or Mother Theresa – I volunteer my time, I raise money for charities and truly believe in the Universal Law and Power of Intention – but my time here has a goal and I have strategies for business as should you.”

God bless you Ines – you are totally on point and have spoken the truth about your intentions on social media.  She succinctly puts the difference between Social Capital and Social Karma into a beautiful one word (and very Zen) sentence.

Social Capital is a way to quantify your presence and the depth of your involvement whereas Social Karma goes so much deeper than that.

Karma and Capital

Social Capital has many different definitions and has been around for years prior to the best seller “Whuffie Factor”.  It has not always been positive, however, and its negatives are discussed in depth in the book “Down and out in the Magic Kingdom”.  In it (and other books) the negative elements of secular Social Capital are explored in the terms of Bridging vs. Bonding Social Capital.  This, however is another post for another day… (but can be referenced here)

Quantifying or calculating your Social Capital is a huge discussion with regards to Social Media/Networking today.  It is often times discussed as a piggy bank where deposits are made (by a means) for future withdrawal (i.e. asking for something in return).  What often times is NOT discussed is your potential Social Debt (or Karma) when operating in this social capital marketplace. Where this is the means to the end, I believe that what affects these deposits and debt is where my idea of Social Karma comes into play.

But what is Social Karma?

First of all, Social and Karma are kind of redundant (as pointed out by @repres) since Karma already has to do with society as a whole. But I want to use Social Karma to indicate that I am discussing Karma with regards to “Online Social” interactions.  To understand, (and these are my opinions only), I think we need to understand what the principles of Karma really are.

“Karma is the universal principle of cause and effect. Our actions, both good and bad, come back to us in the future, helping us to learn from life’s lessons and become better people.” – Wikipedia

Social Karma is then, in essence, the overall world in which all things reside with regards to a society.  Social Capital; respect, influence, and all of the other benefits and negatives actually reside within the world of Social Karma.  Karma is basically energy. One person throws out energy through thoughts, words and actions, and it comes back, in time, through other people.

The process of action and reaction on all levels—physical, mental and spiritual—is karma. One must pay attention to thoughts, because thought can make karmas—good, bad and mixed.

A big part that is often overlooked in this is that Karma is both good and bad.  It’s not ALWAYS your positive actions and rewards associated…  your karma can also be something selfish or negative that adds to your overall cosmic debt.  So with this being said, Social Karma (in speaking about Social Networks/Networking) is actually the MEANS, or one way, in which one can actually affect their Social Capital (or make deposits into said piggy bank).

“Karma is the best teacher, forcing people to face the consequences of their actions and thus improve and refine their behavior, or suffer if they do not. Even harsh karma, when faced in wisdom, can be the greatest spark for personal growth.”- Wikipedia

So here’s my thoughts on this:

Social Capital is what you seek
(influence, reach, positive or not)

Social Karma is HOW you get there
(consider them guiding principles, ethics, beliefs, or your energy)

There are three types of karma in Hinduism:

1. Sanchita karma -  the sum total of past karmas yet to be resolved;
2. Prarabdha karma – that portion of sanchita karma that is to be experienced in this life; and
3. Kriyamana karma -  the karma that humans are currently creating, which will bear fruit in future.

Sanchita Karma (Sum Total Karma or “Accumulated actions” or the Arrows in the Quiver)

*This is your total cosmic debt. Every moment of your every day, you are either adding to it or you are reducing this cosmic debt.

Praarabdha Karma (Fructifying Karma or “Actions began; set in motion” or Arrows in Flight)

*This is Karmic Template of that portion of Sanchita Karma that is ripe enough to be experienced by you and allotted for this lifetime for you to work on.

Kriyamana Karma (Instant, Current Karma or “Being made” or Arrows in Hand)

*This is the daily, instant Karma created in this lifetime and that we create in our life because of our free actions. These are debts that are created and worked off – i.e. for example, you park your vehicle in a ‘No Parking Space’, you get caught and you are fined (punished) immediately.

What the hell does this all mean?

An 800lb gorillas in the room that no one usually discusses, (except Ines!),  is what you seek through gaining social capital, or what is your intention for growing it?  Whether it be business, respect, more readers to your blog, speaking engagement opportunities, or simply ego-driven popularity – I would venture to say that everyone has some kind of reason for building social capital.

This isn’t necessarily a bad thing, but as @joespake said the other day “there seems to be alot of posturing and less actual genuine participation”.  As a business coach, I would even venture to suggest that you make sure you have some kind of strategy for building this.  But does it have to be your defining ultimate task?

I think this is the million dollar question.

The idea of “Whuffie” is based on the idea of a “post-scarcity” economy as described in “Down and Out in the Magic Kingdom” and we are far from that in today’s society of  real life.  People still need to make a living and close deals to pay the mortgage, (regardless of social capital I’m not thinking that your bank is going to accept it to pay off your mortgage).  Also, we are all human beings and often times think about ourselves first (which isn’t always bad… as Ines says we are not Ghandi or Mother Theresa).

I think that this is all about balance (and yes this is me trying to bring it full circle).  Personally, I’m not looking for any kind of financial gain through my online contributions, but like anyone else I enjoy being quoted, tweeted, asked to speak at an event, etc.  It benefits my self-esteem, my self-worth, and makes me feel good by doing it.  But at the same time these actions benefits others because I focus on providing value to them through my thoughts, words, presentations, teachings and research.

Some might take a look at this sentence above and say, “wow – that’s egotistical or self serving.” But this is me being honest and open about the goals of my Karmic Actions and truth – is me being genuine and authentic through transparancy.

In closing and through much thought on this topic, I think that Social Karma and Social Capital are intertwined regardless of your take on my post.  Whether your are a “Whuffie” fan or not, Social Capital and Karma are just revisits to the Golden Rule of which we were raised on as a child, “Treat others as you would want to be treated.” I think that by approaching Social Karma as “the defining principles” as to how you build Social Capital, it allows us all to formulate (one again) guiding principles or guidelines for your online campaign.

It's gotta be the shoes...

This year I decided it was going to be THE year for golf improvement. I had never really considered myself an “avid golfer” in the past although I have chased a ball around since I was 12. It’s simply been a pleasant way to get outside with friends and enjoy the day.

At the beginning of the season I was invited to play at an outing at probably the nicest course I have ever played. I was partnered with the club champion (who was an absolute saint) and proceeded to shoot the worst game of my life. So on the way home I pledged to myself and the golf gods above that I would get better this year.

To do this I did what most golfers do – I headed directly to GolfSmith (the golf mega store) and dropped a couple hundred bucks on a new club that I was sure would “change my game”. Next weekend, with savior club in hand, I headed out with friends and proceeded to shoot an even worse round.

What happened? I spent a good chunk of change on the latest and greatest technology to improve my game and still nothing? Was the club defective?

The next day I was on the GolfSmith website AGAIN and saw and offer for their golf school. It was an hour lesson discounted where they would analyze your swing. “This was it!”, I told myself. The cure all and all it would take was another hundred bucks, and I would be a pro! Awesome! They promised the latest in technology, whiz bang and other stuff. I couldn’t fail.

I met my instructor the next day and hooked me up to a mutli-camera-angle computer with all kinds of elaborate graphs and monitors. This was going to do it – Golf 2.0! At the end of my lesson Chad, my instructor, provided me a number of tips, tricks, and fixes for my game. I was astounded by the insight provided and could almost visualize myself hitting consistent 300 yard drives straight down the fairway. Then the truth came in…

“If you can do some of these things your game will probably improve”, said Chad, “but to truly get BETTER and consistent with your game we need to start from scratch. You have really bad habits from your grip through your follow through that are hindering your game. You need lessons focusing on the fundamentals of golf to really become a good golfer.”

What? No quick fix? No computer aided harness that I can wear on the course? Can’t I just throw money at the problem?

“No”, Chad replied. “It doesn’t work like that. It all comes down to educating you on the proper swing and core fundamentals, learning the advancements of the game and practice, practice, practice. That’s why there are so many bad golfers out there, because people don’t want to work at the issues that are there. They want to buy the latest club, putter, DVD or single lesson to get better.”

Fast forward three months to this weekend. On Saturday I shot the best round of my life, an 86, at Foss Park in North Chicago. What lead up to this?
* 12 one on one lessons with my instructor Chad
* 20 practice sessions at the bay
* 40 large buckets of balls at driving range
* Countless hours at the park with the dogs practicing

My point with all of this, (insert Real Estate Analogy FINALLY!) is that Social Media and any other “quick fix” that’s promised to you by a Facebook or magazine ad isn’t going to cure an ailing real estate career any more than my $200 driver did my golf game. In fact, COACHING isn’t going to fix your career either unless you are willing to do the work OUTSIDE of coaching to advance your career.

There has been exponential growth in the “Social Media Coaching” sector across all industries. Former agents and others have been popping up with “Expert” and “Guru” in their title/job description promising, “Increased leads and ready-buyers/seller tomorrow!” As a coach this makes me sick, because many of them are preying on desperate agents that are watching traditional marketing avenues dry up, their bills pile up, and closings completely evaporate. But it’s the quick fix. It’s the magic bullet to many. And some will look to this as the Dexedrine of the Real Estate industry.

The long and short of it is that, you cannot afford to be a “good” agent any longer – and being a “GREAT” agent doesn’t start with your Facebook or Twitter prowess. It starts with you knowing each and every nuance that has developed in your industry as of late. It includes knowing market statistics, financing questions, hyperlocal neighborhood information, school district boundaries/test scores, and killer negotiation and contract skills (for a start). It’s going to take you just as much time (and possibly more) as it took me at the driving range and practice bay to REALLY differentiate yourself as an agent.

The difference is that much of what you need to learn and know is free. Free educational classes through your association, free knowledge sessions from your preferred lender, free webinars from people like Reggie and Nicole Nicolay on how to use Social Media, and free resources like I put on my blog here under the “LEARN” section. There are people out there that might not spend the money to advertise in “Realtor Magazine” or pay for Google Keywords, but are closer to experts than many that do – (although they will probably NEVER call themselves an expert!)

So if I could give you a dollar’s worth of advice:
* Get off Twitter/Facebook and go to your association’s training
* Go out to coffee with your lender to hear about financing
* Read industry publications that discuss changes
* Shadow an excellent agent on a listing presentation
* Ask your broker for help
* Go on broker open tour and pull stats for that area
* Commit to becoming a GREAT agent

It all begins, continues and ends with the mentality that the career you have chosen is hard work and you need to continually evolve with it. You deserve to be a great agent, and more importantly your CLIENTS deserve you to be a great agent. Make a commitment today to learn how.

“Are you a real estate salesperson or a real estate advisor?”

I have asked this question hundreds of times to hundreds of agents across the Nation. And where the answer is variably different, in many cases it is still the same.

“I am here to advise my clients to make an informed, educated and advised decision that suits their budget, current and future needs.”

I take this answer at face value…  call me a cynic, call me jaded, but there’s a 600 lb gorilla in the room called “commission” that contradicts this statement for many.

As a RealtorR:

- I am compensated on the volume of transactions that “close”

- My “split”, or % of the gross commission awarded to me is determined by my production, or closed volume (i.e. the more I close the higher the % of gross commission I keep).

- So in order to pay MY mortgage, car payment, grocery bills, etc. I must actually CLOSE transactions.

The quagmire that is presented here:

1.  To be a true “advisor” and recommend AGAINST buying a home if it does not fit their budget, lifestyle, or current situation means that I am not going to make any money.

2.  To be a true “advisor” and recommend that someone spend less money than more money on a home means that I, in turn, make less money from the transaction.

3.  To be a true “advisor” and recommend that someone “hold off” on selling a home at the moment due to market conditions, net return/loss, etc. means that I am not going to make any money.

4.  To be a true “advisor” and recommend someone not purchase/sell a home at this time means that I have less volume “closed” working towards an advancement in commission split.

I believe that this is one of the glaring contradictions in the current real estate brokerage model, and one that I don’t have a concrete opinion on how to fix.  But that’s not what this post is about… There is raging online commentary on the commission/brokerage model of the future across the web, and this post isn’t intended to enter this arena.

Too many times have I heard the following:

“I’ve shown them 40 houses and they still won’t write a contract!  I just want them to buy something!”

“I don’t know what their problem is… we’ve seen everything and they still won’t write an offer!”

“I wish they would just buy something”

You are a real estate professional.  You have taken an oath to serve your clients and advise them to the best of your ability.  This “advising” is not limited to the negotiation of the property and searching of the MLS, you are in the truest form, a financial planner for their current and future home situation.   I apologize in advance for what is to follow, but the situation at hand absolutely sickens me.

Dan’s Story

In this video we meet Dan and his family that were lied to about the mortgage “teaser” rate that was applied to the purchase of their home.  Where 98% of the agents that I know would never partake in this type of scam, the emotion is real.  Dan is simply a voice and face of the American Home Buyer who had done everything right, budgeted, and saved to purchase a home for his family.

A Day in the Life

Most have dealt with or seen the aftermath of the Foreclosure process.  An empty house with boarded windows, appliances, basic fixtures, and even copper piping stripped from the house.  But put yourself in the above situation and think about “the day of”.  Then… think about the last client you worked with.  Would you wish this upon them?  After the countless hours of family talk, time together in the car, discussion of kids, pets and dreams, this could be their “next step”.

Wanda’s Story

Rather than vacate her foreclosed upon home, Ms. Wanda Dunn set fire to her family home before turning a gun upon herself and committing suicide.  Extreme… yes.  Commonplace… no.  But have you ever really wondered what someone faces for the future after foreclosure?  Aside from the emotional, personal and embarrassment factor of losing their home, they face the following to their credit score (courtesy of About.com)

Let’s make it a Party…

And how do some deal with the grim element of this problem?  What empathy and understanding do some brokerages employ to rectify an issue that out industry “to some level – let’s be clear…  SOME LEVEL” helped to create?  That’s right… we hire a bus, paint it accordingly, dish out some cocktails and make it a party.

Many reading this will respond with, “Those aren’t my clients”.  They might not be.  But they are the stories of middle/working class families of ranging ethnicity’s that we have turned a camera on.  But please don’t fool yourself as  it is happening.  Middle class or upper class, it is happening daily to clients just like yours.

There are exceptions to the rule just like anything else.  There are those that went to developers directly without direction from an agent.  There are those that took out huge lumps of equity to spend on cars, plasma TV’s and other luxuries.  But there are many stories, maybe one on your block, that haven’t made it to YouTube.

All points to what infuriates me more than anything else… the blind eye of our industry and our focus on the “expendable” client base.

In a post on Agent Genius the other day, a contributor wrote about the “11 Things A New Agent Should Know”.  It wasn’t necessarily a bad post, or the first that struck me in such a way, but it was timely and set me off.

Of the “11 Things a New Agent Should Know” there was not one mention, not an inkling, to market knowledge and further education.  “Stay Positive”, “Be Yourself”, “Don’t be Afraid to be Wrong”, were the major points to be made.  Not one, “Get to Every Training you Can”, “Learn about REO Properties or How to Avoid Foreclosure”, “Educate Yourself on Current Financing” or “Budgeting for Home Purchase”.  Stay positive and don’t be afraid to be wrong… everything else will work itself out.

There is a group within the industry that I believe should be allowed to call themselves a Real Estate Advisor, and I am proud to say that I know many of them.  They represent a group that is both educated and empathetic… a group that puts their clients’ needs above their own.  These are the future of the industry in my uptopian-style rosy-glass future.

The two things I will end with are below:

1.  To Consumers – you deserve the best.  You deserve an advisor.  This is the largest purchase you will probably ever make and $250,000 is still a quarter of a million dollars.  Take your time and make an educated desicion.

2.  To Agents – strive to be or become a real estate advisor.  Take your job as serious as it truly is and understand that you are in charge of their financial future.  Don’t be good be great.

Matt Dollinger

The You Factor

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