TRAIN ME - REAL ESTATE COACHING TIPS

As someone who lives and breathes in a digital world, I regularly text, e-mail and use social media to communicate with friends, family and colleagues.  However, I use traditional, commonly accepted modes of communication when it comes to substantive business correspondence such as:

• Telephone Call with Confirming E-Mail
• E-Mail
• Business Letter Sent via Facsimile
• Business Letter Sent via U.S. Mail

Usually, I try to mimic the method of transmission of the message used by the other person.  If you send me an e-mail inquiry, I typically will respond via e-mail to the e-mail address that you used to send the original message to me.  However, I draw the line at texting and social media as a communication tool for agent-to-agent business communication.  Here are a few reasons:

• Papertrail:  Texting doesn't create a papertrail that can be easily accessed or easily archived.  There are programs and systems for doing so.  However, only the real tech savvy do so. Whereas a copy of e-mails and letters are placed in the file and archived on my computer, text message aren't - except I do type out a written summary of substantive texts for the file.
  
• Security:  Social media messages travel through unknown servers.  I simply don't trust that the messages will be received, that the messages won't be intentionally or inadvertently sent to the wrong location (e.g. Facebook wall versus personal message), or broadcast to unintended recipients.
• Professional Content:  Text and social media messages often have limited number of characters.  It is difficult to fully communicate a position on a substantive issue in 140 characters or less.

More importantly, although I use multiple e-mail addresses for specific purposes, I only use a single e-mail address for business communication.  I don't use a separate e-mail address for MLS, for my website, for my business card, etc.

Here are some simple examples of the poor use of technology tools to communicate with other agents:

• Example #1:  Scanned counteroffer is sent to listing agent with cover sheet via e-mail.  Telephone call is placed to listing agent to confirm receipt of offer.  No response to voicemail mesage.  No response to e-mail.  Deadline passes for counteroffer.  Additional telephone calls are placed to listing agent.  Again, no response.  After deadline has passed, listing agent sends reply to counteroffer via text message.  At this point, deal is dead.
• Example #2:  Agent sends inquiry regarding contract via e-mail.  Listing agent replies via e-mail to the e-mail address used by the first agent.  No reply.  Telephone calls are placed to agent inquiring regarding status.  Agent, after claiming that amendment wasn't received, finds the e-mail and states e-mail account where the e-mail was sent is his bulk e-mail account and he doesn't check it regularly.  E-mail address is the e-mail address listed on the local association roster and on his MLS bio or profile.
  
• Example #3:  Broker sends text message regarding dispute.  Listing agent replies "too lengthy to discuss via text... call me."  Broker doesn't respond.  Listing agent then places call and leaves voicemail message. No response.

My point is pretty simple.  Stop texting... stop using social media... and pick-up gosh darn telephone for business communication.  Send a confirming business letter or e-mail summarizing the conversation where appropriate. 

The rise in instant communication has resulted in some circumstances in poor communication and lazy transmission of important contractual responses.  While instaneous communication may have some benefits in timing, it certainly has some major drawbacks in terms of substance. If the tone of message is lost in e-mail, then it is even worse via text. 

So... stop hiding, pick up the telephone and act like a professional. By the way, if you think "LOL" and a "smiley face" make you look and sound like a professional, I suspect that you are dead wrong.

 

AUTHOR'S NOTE:  This article was written for a real estate association newsletter and is directed at newly elected association officers.  However, the concepts are the same whether it is a leader of a team, brokerage, committee or association.

Leaders aren’t born. Leaders evolve and grow over time. So, the question is: How do I become a leader?

STAGE 1 – PARTICIPATION. It is not often that someone joins an organization and is instantly recognized as a leader. It starts on a much smaller scale. It starts by attending meetings, making connections, and building relationships. It isn’t about showing up. Like effective networking, it requires a plan and active participation. It requires a commitment of both time and effort. It is all about service, making commitments, taking an action and delivering results. For example, if you attend sporadically, arrive late and leave early, and don’t participate, then you aren’t really participating and your time and effort is being wasted.

STAGE 2 – SEEK OUT A MENTOR. Depending on your experience or length of service, you may want to seek out a mentor or advisor. The mentor or advisor relationship can be a formal or informal relationship. Often, it is simply a person willing to answer questions or willing to act as a sounding board. Information and insights on the traditions of the organization and on the group dynamic are invaluable. Without such information, it would be like a child playing a game without knowing the rules. More importantly, a good mentor or advisor will assist you in identifying opportunities to take on a greater role within the organization and will encourage and challenge you to reach within and go beyond your comfort zone. Access to other leaders is also an important aspect of the mentor relationship. It opens doors and creates opportunities. More importantly, it allows you to make informed decisions on how to capitalize on opportunities.

STAGE 3 – MAKE AN IMPACT. After participating in the organization, the next step in the evolution of a leader is often accompanied by action that makes an impact on the organization. Participation leads to access and opportunities. If opportunities aren’t presenting themselves, then you need to make your own opportunities. To do so, you must first understand the mission of the organization and the dynamics of the group. You must be willing to play a role and to make a contribution in that role. It is important to step up and fill a need of the organization. As you start to contribute, your contributions will be recognized and you will have a greater role and progressive responsibilities within the organization. However, your contributions may not be fully recognized unless you are organized and take a serious professional approach. Greater opportunities will present themselves to people who play a role, who have a niche and who are willing to contribute to the success of others – whether or not the contribution or role is recognized immediately or not.  

STAGE 4 – TAKE RISKS – DEVELOP A LEGACY. At this stage, you will need to articulate a vision for the organization. By doing so, you will necessarily need to take a risk. Your priorities and agenda may differ from other leaders in the organization. There will always be a risk of rejection and a fear of failure at this pont It is at this point that you will need to build a consensus. This doesn’t always occur at a meeting. Often, it occurs informally. It requires preparation and planning. Before you present an initiative, you need to ask:

(1) Is there a need? Or, does it solve a problem?

(2) Does it further the mission of the organization?

(3) Do we have the resources – money, time or personnel – to do it right?

(4) Will stakeholders buy into the initiative?

After you have answered these questions, then proceed by proposing and implement an initiative. It isn’t about getting it done – it is about getting it done in an exemplary manner. Every leader needs to establish a legacy to answer the question – Did I leave the organization in a better position than when I started?

STAGE 5 – PREPARE FOR LEADERSHIP POSITIONS. At some point in your development as a leader, you may have to submit an application for an appointment, meet for an interview or stand for election. Here are some tips for seeking an appointment or being elected within an organization:

• Build a strong legacy of service with quantifiable results.
  
• Maintain and continually update your resume or curriculum vitae. Keep it simple, straightforward and accurate.
• Understand the duties, responsibilities and time commitment of the position that you seek.
• Assess your skills. Seek a position that matches your skills. Be the right person for the right job, not just any job.
• Manage your time. Don’t try to be everywhere. Limit your commitments.
  
• Make sure that your family and business commitments are met or managed.
• Understand the selection process. Know the participants in the process. Understand the rules associated with the process.
  
• Seek out mentors and advisors to guide you. Ask others for assistance and advice.
  
• Develop a team to assist you. Don’t try to do it all yourself.
  
• Think strategically. Consider timing and the strengths of others seeking the same office.
  
• Delegate campaign tasks to others.
• Create a vision and professional message. Show (not tell) your qualifications for the position. Share your goals and priorities for the office that you seek.
  
• Use testimonials and endorsements, if appropriate.
  
• Prepare for the nominating interview. Review sample questions. Write out answers to possible interview questions. Anticipate and plan for questions that relate to perceived weaknesses. Role play questions and answers so you are comfortable with your responses. Pay attention to the words you use in the interview. With limited time, errant words may be misconstrued.
  
• Take a copy of your nomination application, consent to serve, resume or curriculum vitae, or other credential forms to the nominating interview.
• Prepare for your public speech. Develop a theme to your comments. Make your comments short and concise. Avoid flowery phrases and clichés. Offer tangible examples of your past accomplishments and priorities for the future.
  
• Communicate your priories to supporters, key leaders in organization and general membership. Tailor the method of communication, number of contacts and message to the targeted audience. Make sure the message is consistent.
• Be judicious in the language used.
  
• Be gracious whether you win or lose. Today’s opponents may just be tomorrow’s supporters. Be sure to thank your supporters, mentors, etc. for their advice and assistance.
  

STAGE 6 – YOU KNOW YOU HAVE MATURED AS A LEADER WHEN… Leadership styles evolve over time. You know that you have matured as a leader when you:

• Limit your commitments to manageable levels.
  
• Establish a clear agenda for your work. Are able to communicate your vision and goals to others.
  
• Set and communicate reasonable expectations for yourself and others. Require accountability of yourself and others. Track progress toward goals.
• Learn to delegate tasks and share responsibility. Are able and willing to acknowledge contributions and share praise.
  
• Build consensus without compromising core values. Are committed to decisive action.
• Focus on progress, not perfection.
  
• Pick battles in a judicious manner. Learn when and when not to speak out. Focus on issues, not people. Maintain a professional and civil tone. Think before speaking or sending e-mails. Sound a conciliatory tone to create cohesiveness.
  
• Motivate others to exceed expectations for their position.
  
• Focus on the right person with the right skills when filling positions.
• Develop a bold and aggressive vision for the organization. “Give back” to profession is sole focus.
  
• Encourage and support the development and personal growth of the next class of leaders.
  
• Act in the best interests of the organization as a whole.
• Take a long-term, strategic view on issues. Understand the big picture. In the end, leaders understand the nature and demands of leadership and service and never stop evolving as leaders.

NEED TRAINING MATERIALS FOR NEW OFFICER ORIENTATION?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or via e-mail to Ryan@PREASignatureRealty.com for more information.

 

AUTHOR'S NOTE:  This article was written for a real estate association newsletter and is directed at newly elected association officers.  However, the concepts are the same whether it is a team meeting, meeting with clients, or an association or committee.  The article describe how to draft good meeting minutes and how to use meeting minutes as a tool for creating accountability and action after meetings.

THE ROLE OF MEETING MINUTES

Minutes of a meeting are invaluable to chapter leaders and members. Minutes serve a number of purposes and uses beyond simply recording events and decisions – such as:

• REVIEW OF PAST ACTIVITIES: Minutes record past stances and positions taken by individual members as well as the board as a whole.
• SUMMARIZING PROCEEDINGS: Minutes creates a summary of the board session for use at future meeting and for use by board members who were unable to attend the board meeting.
• COMMUNICATION: Minutes act as a communication to convey to chapter members the substance of issues addressed at the board meeting as well as decisions made by the board.
• LEADERSHIP TOOL: Minutes serve as a roadmap for future action – including a reminder of who committed to doing what.
• INDIVIDUAL RECOGNITION:  Minutes are a simple way to recognize individual contributions to the chapter.

PREPARING TO TAKE MINUTES

To create good minutes, the Secretary should prepare for the meeting. Good preparation results in greater organization and more accurate minutes. Here are some tips for preparing to take minutes:

• ATTENDANCE LIST. Create an attendance list of all board members for meetings including title and voting rights. Simple circle or make a check against the each person in attendance at the meeting.  Include a space on the list for noting guest or non-board members in attendance.  In addition, include a box to indicate whether the board member submitted a written report at or before the meeting.

Name of Organization: Place of Meeting: Date/Time:
Quorum Present:
Guests in Attendance:
Board Member/Title	Voting Rights	Written Report Submitted	Meeting Attendance

• AGENDA OUTLINE. Obtain a copy of the meeting agenda. Create an outline for the meeting.  The outline should follow the items on the meeting agenda and should include sufficient space for taking notes on the discussion as well as recording the acts taken or decisions made.

Name of Organization: Purpose of Meeting: Place of Meeting: Date/Time: Meeting Chair:
Topic	Discussion	Action	Person Responsible

• ABBREVIATIONS. Create a standardized set of abbreviations for people and actions. Use of abbreviations will allow you to focus on the discussions at the meeting.

• MOTIONS/RESOLUTIONS LOG. Create a log for resolutions or motions taken recording the name of the moving party, the name of the person who seconded the motion, the nature or substance of the motion or resolution, and the roll call record of the vote indicating whether the resolution or motion passed or not.

Motions and Resolutions:
Number	Introduced/Seconded by	Nature of Motion/Resolution	Vote

• ACTION ITEMS. Create a list of action items from the meeting. This item should be separate from the minutes for use of the Executive Committee to track commitments made by individual board members and to create accountability so that actions required to move issues forward are taken between meetings.

Action Items:
Items	Actions to Be Taken	Person Responsible	Deadline

• RECORDING/NOTES. Use a recording device to record the meeting (if appropriate). Use handwritten notes or computer at the meeting to take the notes necessary to later prepare the minutes. Don’t try to make notes of every comment. Focus on the issues discussed, major points raised and decisions made.

• PROMPT PREPARATION. Set aside time after each meeting to prepare the minutes. Minutes tend to be more accurate when prepared immediately after a meeting. Too often, the Secretary waits to prepare the meeting minutes until immediately before the next meeting. As a result, memory of the meeting fades, important information is missed or omitted from the minutes and inaccuracies in the minutes develop.

• PROOFREAD. Before issuing the minutes, proofread the draft of the minutes to confirm the correct spelling of all names, titles, etc.

• LIMITED DISSEMINATION FOR REVIEW. Before finalizing the minutes, circulate a copy of a draft of the minutes to the Executive Committee for their review and comment.

DRAFTING MINUTES

Here are some simples steps to drafting the minutes for your chapter’s board meetings:

• STEP 1 – MEETING TITLE. Start with the title. Set for the name of the organization, type of meeting and the time, date, and location of the meeting.

• STEP 2 – ATTENDANCE. List the names of board members in attendance and absent. Include the names of non-board members as guest. Note whether a quorum is present or not.

Board Members: Present: Absent: Quorum present? Yes Others Present:

• STEP 3 – PRELMINARY ITEMS. Set forth who called the meeting to order and when and who presided over the meeting. Note any preliminary items such as the approval of past minutes. State whether the minutes were approved or amended.

Proceedings: · Board Meeting called to order at 9:00 a.m. by Chair xxx xxxxx · Meeting minutes from xxxxx xx, 2010, were amended and approved

• STEP 4 – REPORTS. Identify and summarize any reports given to the board, such as the President’s Report, Treasurer’s Report, etc. After the title of each report, write the name of the person delivering the report. In summarizing the important points of each report, the Secretary can write the summary as a prose paragraph or make each item a bullet point. Be sure to include any actions taken as a result of the reports, such as motions made and seconded and the voting results on the motions.

· Finance Committee report provided by Treasurer xxxxx xxxxx: - xxxxxxx explained that consultant, Susan Johns, reviewed the organization's bookkeeping procedures and found them to be satisfactory, in preparation for the upcoming yearly financial audit. xxxxxx recommends that our company ensure the auditor provides a management letter along with the audit financial report. - xxxxxxx  reviewed highlights, trends and issues from the balance sheet, income statement and cash flow statement. Issues include that high accounts receivables requiring Finance Committee attention to policies and procedures to ensure our organization receives more payments on time.

• STEP 5 – OLD/NEW BUSINESS. Record any discussion and decisions on old and new business. Record important points in a discussion, the wording of any motion made and the voting results.

· Other business: - xxxxxx noted that he was working with staff member xxxxx to help develop an information management systems plan. xxxxxxx asked members for their opinions to help select a consultant. The majority of members agreed on retaining xxxx Company. MOTION to retain and employ xxxx Company for IT consulting service at a rate not to exceed amount specified in proposal, made, seconded and approved/passed.

• STEP 6 – ADJOURNMENT. End the minutes with the adjournment, including the time the meeting ended, who called for adjournment and the vote. The secretary should sign the minutes below a final phrase, such as "Respectfully submitted by" including the time/date prepared and the time/date approved.

Meeting adjourned at 11 a.m. Minutes submitted by Secretary, xxxx xxxx Minutes Prepared:  August 11, 2010 Minutes Approved: September __, 201

MISCELLANEOUS ISSUES IN DRAFTING MINUTES

SHOULD MOVERS AND SECONDERS BE RECORDED IN MINUTES? Generally, No.

The answer will vary based on your chapter’s bylaws, standing rules and customs and practices. However, absent contrary authority, the name of a person making a motion or seconding a motion should not be recorded in the minutes. This rule is based on the comments contained in Rule 60 of the Robert's Rules of Order (10^th Edition) which states as follows:

The mover's name is recorded only "in the case of important motions."

The name of the seconder of a motion should not be entered in the minutes unless ordered by the assembly…

WHAT IS THE PROCEDURE FOR HANDLING CONFIDENTIAL MATTERS? Executive Session or Redacted Minutes.

When a board of directors discusses confidential matters such as legal, tax or personnel matters, the board of directors should meet in executive session. Here is the typical procedure to be followed:

• A board member moves that the board go into executive session. If the motion is adopted, the meeting proceeds with non-board members excluded. The Secretary records in the minutes only that the motion was made, seconded and passed.
• The board conducts its confidential business. Non-board members may be invited by the board to attend. The Secretary records minutes from the executive session. However, the minutes of the executive session are not included in the general meeting minutes and are kept separately in a confidential manner.
• When the executive session is adjourned, the public or general minutes should record that the executive session has concluded. The board may elect to announce the decisions made in executive session for inclusion in the general meeting minutes.

NEED TRAINING MATERIALS FOR NEW OFFICER ORIENTATION?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381 or via e-mail to Ryan@PREASignatureRealty.com for more information.

The following recent court decisions may be relevant to your real estate practice in Missouri:

• City's real estate "for sale" restriction requiring a certificate of code compliance prior to marketing a home for sale declared invalid.  City of Bellefontaine Neighbors v. Scatizzi, Appeal No. 92965 (Missouri Court of Appeal Eastern District)
• Attorney's fees incurred to clear title due to filing of invalid mechanic's lien claim recoverable as special damages in slander of title case.  Lau v. Pugh, Appeal No. 29289 (Missouri Court of Appeals for the Southern District)
• Lender may sue original owner for fraud and negligent representation for non-disclosure of flooding problems - even though there was no privity of contract between lender for purchaser and original owner/seller.  White v. Bowman, Appeals No. 29631 (Missouri Court of Appeals for the Southern District)
• Assignment by original purchaser of misrepresentation claim against original seller held valid even though assignment occurred after original purchaser sold home to third party.  Adams v. Cossa, Appeal No. 92601 (Missouri Court of Appeals for the Eastern District)

NEED A SPEAKER TO PROVIDE AN OVERVIEW OF CURRENT CASES AND LIABILITY TRENDS OF INTEREST TO ST. LOUIS REALTORS?  Contact Ryan Shaughnessy at PREA Signature Realty at 314-971-4381.

 

Enjoyed it so much - I decided to reblog it.  As always, Anne Marie is right on the money.

 

 

Enjoyed it so much - I decided to reblog it.  As always, Anne Marie is right on the money.

 

This month's WCR LIVE - BROKER CONFERENCE CALL featured an interview by hosts Klaus Bank and Ryan Shaughnessy with sales and marketing strategist Steve Hoffacker. In this segment, Steve Hoffacker discussed the importance of "scoring" your customers and working smarter. Topics discussed on the show included:

• Qualifying the Customer
  
• Using Objective Criteria to Rate your Customers
• Rate, Score and Rank your Customers
• Prioritizing Customers Based on Likelihood of Purchase
• Structuring Work Based Customer Score

If you haven't read Steve Hoffacker's books "Making the Grade" and "Knowing the Score", this month's show gave a brief introduction to the sales training concepts discussed in these books and how these concepts can be used to grow your business by closing more sales in less time and with less effort. The central premise is that "all customers are not created equal" and you need to focus your sales activities on prospects that are most likely to purchase. The show can be heard at www.BlogTalkRadio.com/WCRLive.  Steve Hoffacker's books are available for purchase from his website at www.SteveHoffacker.com.

Again, thanks Steve for appearing on the show and sharing your wisdom collected over your more than 30 years in the new construction home industry.

 

 

The Federal Reserve Bank offers a wealth of information on the housing market, financial markets and the economy generally.  By visiting its website, you can view current and past issues of their publications to track tends and spot business opportunities. Here are some publications available from the Federal Reserve Bank of St. Louis:

PERIODICALS

Annual Report:  current issue | subscribe | past issues - Preserving the independence of the Federal Reserve is as important today as it was when Congress created the Fed in 1913.  Read about why a well-designed central bank needs to be independent, credible, accountable and transparent in The St. Louis Fed's 2009 Annual Report.

Bridges:  current issue | e-mail alert | subscribe | RSS | past issues - Is a quarterly review of regional community development issues, projects and regulatory changes for lenders and community groups.

Burgundy Books: These reports provide anecdotal information along with formal data for each of the regions (or zones) in the St. Louis Fed's Eighth District. Released four times per year.  Example – St. Louis Economic Data:  http://research.stlouisfed.org/regecon/burgundybooks/10/03/BB0310StL.pdf.

Central Banker: A quarterly overview of Fed policies, initiatives and news affecting financial institutions in the Eight District.  Example:  In-Depth: Look Near and Far To Cover CRA Assessment Lending Areas

Liber8 Newsletter: A newsletter written for librarians, students and the general public on current economic topics. Includes links to relevant data and articles. Published nine times a year, August - November, and January - May.  Example:  What Does Foreclosure Entail? or What Does Foreclosure Entail?,

Regional Economic Development: A journal of local and regional economic development, with particular focus on the Eighth Federal Reserve District.

The Regional Economist: A quarterly publication that addresses national and regional economic issues and their impact on the Eighth District.  Example:  District Overview: Decline in House Prices Slows Down; District Still Faring Better than Nation or Why HARM the Subprime Borrower?.

Review:  A journal of articles about the national and international economic developments -- particularly their monetary aspects.  Example:  Nonlinear Effects of School Quality on House Prices.

WORKING PAPERS

Economic Research Working Papers: Federal Reserve Bank of St. Louis working papers are preliminary materials circulated to stimulate discussion and critical comment. Papers appear in Acrobat PDF format

Supervisory Policy Analysis Working Papers: Federal Reserve Bank of St. Louis working papers are preliminary materials circulated to stimulate discussion and critical comment. Papers appear in Acrobat PDF format.

RESEARCH REPORTS

Casino Gambling in America and Its Economic Impacts - PDF 656 KB - Will a casino be a boon or bust for your community? Fed senior economist Thomas A. Garrett explores the effects of casino gambling on local employment, tax revenue and retail business in this research study.

The Impact of Local Predatory Laws on the Flow of Subprime Credit - PDF 717 KB - Starting in 1999 with North Carolina, 24 states and other local governments have enacted laws to curb predatory lending in the subprime mortgage market. How do these laws affect the flow of subprime credit in those areas? A new report from Anthony Pennington-Cross, a research economist with the Federal Reserve Bank of St. Louis, suggests that the typical law has little impact, as measured by loan origination and application.

Light-Rail Transit in America: Policy Issues and Prospects for Economic Development - PDF 1489 KB - Over the past several decades, cities across America have constructed light-rail systems as a means of reducing traffic congestion and promoting economic development. In this research report, Fed senior economist Tom Garrett discusses whether light rail has lived up to these expectations.

Local Crime and Local Business Cycles - PDF 956 KB - Do business cycles affect crime rates? A report from the Federal Reserve Bank of St. Louis provides some answers to that question by presenting information on local business cycles and crime rates in 23 major cities. Written by Fed economist Thomas A. Garrett and senior research associate Lesli S. Ott, the report includes data for four cities in the Bank’s District: St. Louis, Little Rock, Louisville and Memphis.

Neighborhood Characteristics Matter... When Businesses Look for a Location - PDF 2470 KB

What is it about a neighborhood that attracts businesses? Economist Christopher Wheeler studies the issue in this study that looks at the data from a neighborhood level. The report looks at ZIP codes across the country and then focuses on the St. Louis Fed’s District, with data from St. Louis, Little Rock, Louisville and Memphis.

Passive Policies for Entrepreneurs - PDF 1477 KB - A study by St. Louis Fed economists Thomas A. Garrett and Howard J. Wall finds that the absence of government intervention creates a better climate for entrepreneurship. Although policymakers often pursue active policies when recruiting businesses, such as targeted tax breaks or other incentives, more passive policies lower the general cost of running or starting a business and increase rates of entrepreneurship.

Urban Sprawl, Urban Promise: A Case Study of Memphis, Tennessee - PDF 1352 KB - Prepared by David Ciscel, a professor of economics at the University of Memphis. Related to the economy of Memphis and the Delta region.

GUIDES

Coming Up with the Money - view online - Published in 2002, this self-study guide explains the basics of launching a community development project. Available as an easy-to-use online tool or in a series of printable PDFs:

• Introduction (PDF 138 KB)
• Unit 1: Core Principles (PDF 206 KB)
• Unit 2: Go/No Go (PDF 226 KB)
• Unit 3: Case Study No. 1 / Case Study No. 2 (PDF 365 KB)
• Glossary (PDF 193 KB)
• Web Sites (PDF 106 KB)

Credit Scoring - The Federal Reserve System's Mortgage Credit Partnership Credit Scoring Committee has produced a series on this increasingly popular underwriting tool. The series was published in installments in 2001 and 2002 by the St. Louis Fed as a project of the Federal Reserve Bank of Boston, Chicago, Cleveland, San Francisco and St. Louis, as well as the Board of Governors.   The series examines many of the controversial elements of credit scoring. Each part is available as a separate PDF.

• Introduction (PDF 552KB)
• Part 1 — Credit Scoring Overview (PDF 1.09MB)
• Part 2 — Credit Scoring Model Development and Maintenance (PDF 232KB)
• Part 3 — Third-Party Brokers (PDF 506KB)
• Part 3 — Supplement (PDF 400KB)
• Part 4 — Staff Training, Loan Pricing and Data Accuracy (PDF 535KB)
• Part 5 — Overrides and Second-Review Process (PDF 816KB)

Foreclosure Survival Guide - PDF 433 KB | order copies - This publication from the Federal Reserve Bank of St. Louis is intended for homeowners who are having difficulty paying their mortgage. The guide provides basic information on when to worry about a loan, how to get help from a housing counselor and pitfalls to avoid in choosing a counselor. The free publication also includes a national hotline number (1-888-995-HOPE) and a list of local counseling agencies.

Innovative Ideas for Revitalizing the LIHTC Market - PDF 636 KB - In the current economy, with homeownership more difficult to attain, the need for rental housing has become increasingly important. However, the market for Low Income Housing Tax Credits (LIHTCs), a major source of capital for the development of rental housing, has experienced a serious downturn. This publication, produced by the Board of Governors’ and the Federal Reserve Bank of St. Louis’ Community Affairs functions, features six short articles by experts with their ideas for bolstering the LIHTC program.

Learn Before You Leap - The Federal Reserve Bank of St. Louis' Learn Before You Leap brochures list counseling agencies, customized by Eighth District Branch, that provide advice on every step of the home-buying process, from budgeting income to negotiating a contract to closing on a loan. Available as printable PDFs in both English and Spanish. Multiple hard copies can also be ordered from each District Branch contact:  St. Louis (call Cynthia Davis, 314-444-8761) English (PDF 292 KB) Spanish (PDF 238 KB).

The Resource Guide for Small Businesses: Where To Go for Money and Advice - PDF 258 KB - Business assistance and alternative capital resources available in the St. Louis metropolitan region are listed in this booklet. Designed for owners of small businesses and microenterprises, the guide is intended to be a starting point for those opening a new business or wishing to expand an existing business. The Resource Guide is a project of the St. Louis County Economic Council, US Bank and the Federal Reserve Bank of St. Louis. The booklet is available online and can also be ordered free of charge from Cynthia Davis at the Federal Reserve, 314-444-8761.

 

The next Business Resource Meeting is set for March 4, 2010 at 11:00 a.m. at the Sheraton Westport Chalet.  This Business Resource Meeting will feature a technology panel covering such topics as video marketing, photo blogs, blogging for business, Internet radio, Google tools and other tech gadgets and WCR tech resources such as the WCR toolbar and WCR Live streaming audio and podcast.

Here is the line-up for the 2010 WCR Technology Panel:

Video – How to Effectively Use Video to Market and Sell Homes

Speaker: Darin Wood - Film That House

Website: www.FilmThatHouse.com

Topics will include:

- Tips on How-to Shoot a Good Video

- Sites for Editing Videos

- Sites for Hosting Videos

- Suggestions on How-to Integrate Video into one’s Marketing Plan

- Creation and Use of YouTube Channel

- Common Mistakes Made by Realtors in Shooting Video

- Benefits of Using a Professional Videographer

Photo Blogs – How to Set Up a Photo Blog and Drive Traffic and Business Leads to Your Website

Speaker: Michael Allen - Preservation Research Office

Website: www.preservationresearch.com

Blog: www.ecoabsence.blogspot.com

Topics will include:

- Tips on How-to Shoot a Good Photographs

- Sites for Editing Photos

- Sites for Hosting Photos

- Suggestions on Set Up a Photo Blog

- Tips on Blogging

Blogging for Business – A Realtors Perspective

Speaker: Don Rogers - RE/MAX Gold

Website: www.DRogersHomes.com

Blog: www.activerain.com/blogs/donrogers

Topics will include:

- Developing Your Blogging Voice

- Topics that Drive Traffic

- Common Mistakes Made by Realtors when Blogging

- Blogging Tools

 

Google Tools and Other Tech Gadgets

Speaker: Ryan Shaughnessy

Website:  www.PREASignatureRealty.com

Blog:  www.LafayetteReport.com

Topics will include:

- Google Tools

– Google Talk/Google Wave/Google Calendar/Google Analytics

- Box.net

- JotForm

- SlideShare

 

WCR Live on www.BlogTalkRadio.com

Speaker: Michelle Silies – PREA Signature Realty and/or Klaus Bank – Keller Williams St. Louis Realty

Website: www.BlogTalkRadio.com/WCRLive

Topics will include:

- Show Schedule

- Upcoming Topics

- How to Participate

 

The WCR Toolbar will also be unveiled.  All of the websites and tools that St. Louis real estate professionals need on a single Google search toolbar.

For more information on the 2010 WCR Technology Panel program, visit:  www.WCRSTL.org.  Reservation are required for this event.  Cost:  $25 for WCR Members / $30 for Guests.  For reservations, contact Shelly Clark at Shelly@CardinalSurveying.com.

GOOGLE TOOLS FOR REALTORS SERIES

In this Google Tools for Realtors Series, we will cover, review and provide how-to tips and strategies for Google's suite of productivity tools including such tools as:

• Google Calendar
• Google Alerts
• Google Wave
• Google Base
• Google Documents
  
• Google Maps
  
• Google Earth
  
• Google Local Business Center
  
• Google Adwords / G-Mail Ads
  
• Google Blogger
  
• FeedBurner
  
• Google Analytics
  
• Google Groups
  
• Google Sites
  
• G-Mail
  
• Picassa
  
• YouTube
  
• Google Talk
  
• Google Voice
  
• Google Search
  
• Google Toolbar
  

GOOGLE BASE

In the third installment of the Google Tools for Realtors Series, we will take a look at how Realtors can effectively use Google Base in their real estate practice including such topics as:

• What is Google Base
• Google Base Offers Competitive Advantages
• Why Use Google Base
• How to Feed Your Listings to Google Base
• How to Create Your Google Base Listing Feed
• How to Manage Your Google Base Listing Feed
• Conflicting Feeds
• How Google Base Displays Your Listings
• Google Base Strategies

WHAT IS GOOGLE BASE

Google Base is an easy way to upload your online and offline content to the Internet.  For Realtors, the importance of Google Base is to get your listings displayed on Google Maps with the most current information and to drive traffic to your website or blog. Google Base can be searched directly.  More importantly, listings entered into or fed to Google Base are more easily found in Google Maps and Google search results. 

GOOGLE BASE OFFERS COMPETITIVE ADVANTAGES

Here is an example of the power of Google Base.  Using the local MLS, a search of Lafayette Square shows 31 condominiums listed for sale.  However, when you search Google Maps using the same search parameters, there are only 4 highlighted map pins.  Google Base gives you a competitive advantage to agents who take the time to directly feed their listings into Google Base. 

Here is the map from the MLS Search and from the Goolge Maps Search:

 

MLS Search - 31 Listings for Condos for Sale

Google Maps - 4 Listings for Condos for Sale

WHY USE GOOGLE BASE

Google Base offer the following benefits:

• EXPOSURE:  As shown above, Google Base provide increased exposure to your listings on Google and Google Maps.
• CONTROL OF LISTING DATA:  By uploading directly to Google Base, you control your listing content and data.  It will preempt duplicate feeds from other services.
• DIRECT CONSUMERS TO YOUR WEBSITE OR BLOG:  Although there are several other services that feed or allegedly feed to Google Base (e.g. Trulia, Hotpads, Point2Agent, Postlets, Real Estate Book, etc.), these feeds often direct consumers to sites that include other competing listings.  With Google Base, you can direct consumers to your website or to your blog, not to third party sources of the feed.
• DATA ACCURACY:  By uploading directly to Google Base, you control the accuracy of the data.  That is, price changes, open houses, etc. appear in hours as opposed to days or weeks.
• MLS RESTRICTIONS:  Some multiple listing services feed listing to Google Base.  However, the feeds are limited by the MLS regulations.  For example, some multiple listing services prohibit self-promotion in the marketing comments or place restrictions on photographs or on branding of video and virtual tours.  By uploading directly to Google Base, you can better brand your listing and can avoid MLS restrictions on content.

HOW TO FEED YOUR LISTINGS TO GOOGLE BASE

You can submit listings to Google Base in three ways:

• Upload via File Transfer Protocol
• Upload via Third Party Service (e.g. Postlets, Point2Agent, Hotpads, etc.) using the Google Base API
  
• Directly Upload to Google Base

As discuss above, this post only addresses how to upload your listings directly to Google Base.

HOW TO CREATE YOUR GOOGLE BASE LISTING FEED

Step 1 - Create a Microsoft Excel file.

Step 2 - Create spreadsheet headers across the top of the spreadsheet matching the attributes used by Google Base:

• title
• agent
  
• area
  
• bathrooms
  
• bedrooms
  
• broker
  
• description
  
• expiration_date
  
• feature
  
• hoa_dues
  
• id
  
• image_link
• link
  
• listing_status
  
• listing_type
  
• location
  
• lot_size
  
• mls_listing_id
  
• mls_name
  
• open_house_date_range
  
• price
  
• price_type
  
• property_type
  
• provider_class
  
• publish_date
  
• school
  
• school_district
  
• year
  
• zoning

You can also create custom fields for other information like:

• links to video
• blog site
• brochure download

Step 3 - Under each header, fill in your information.  Note:  Where a URL is specified, you have to use the actual URL as opposed to a hyperlink.  If there is missing information or information in an incorrect format, you will receive a Google Base summarizing all required changes.

Step 4 - Save the file as a tab delimited text file (.txt).

Step 5 - Register your data feed.  Go to http://base.google.com/base/bulkuploads.  Click on New Data Feed.  Select the target country (United States) and type of feed (Housing) and type in the name of the file created above (PREAHousingFeed.txt).  Click on Save Changes.

Step 6 - Go to your Google Base Dashboard.  Locate the feed you just registered and click on Manual Upload.  Click on Browse to locate the file.  Click on Upload and Process this File.

Step 7 - Google Base will process your listing feed.  Depending on the size of the file, it will take between 30 minutes and 2 hours.  If there are errors in the file content, you will receive an errors or exception report via e-mail.  Simply, correct the errors and reload the file using the steps above.

Step 8 - Go to Google Maps.  Search for your listings.  Click on your files to verify that the information is correct.

Step 9 - Repeat by uploading new file every 14 days (preferred is to upload daily).

HOW TO MANAGE YOUR GOOGLE BASE LISTING FEED

From the Google Base Dashboard, you can see each of the feeds submitted to Google Base.

You can also click on Active Items to see each item by title included in the feed.  You can also see the expiration date for each item and can track the # of impressions and clicks.

By clicking on the item, you can also see the individual item as displayed on Google Base.

CONFLICTING FEEDS

The first step for eliminating conflicting feeds is to control where you send your information.  For example, the MLS often allows you to opt-out of their feed (not advisable).  However, even if there are more than one feed sent to Google Base, Google Base manages the conflicts process.  When it receives the same listing from two or more sources, it automatically groups the separate listings into a single search result and then orders the search result by recency (ie. latest update has higher priority) and completeness (ie. update with the most data gets priority).

HOW GOOGLE BASE DISPLAYS YOUR LISTINGS

By creating a listing base feed, you expose your listings to consumers in four primary ways:

• Google Search Results
• Google Base Search Results
• Google Map Results
• Third Party Sites (e.g. RealBird.com)

However, it is important when creating your Google Base listing feed that you remember what will be seen on sites like Google Maps.  Often, it is only the lead image and the first part of your marketing comments so plan out your comments and photos with this in mind.

GOOGLE BASE STRATEGIES

Google Base gets you on Google Maps.  Now, the key is to then drive consumers to your website or blog.  One strategy is to use the link in Google Base to direct people to a blog post on your ActiveRain blog.  In the blog post, you can integrate such information as:

• General Listing Information
• Embedded Photo Slideshow
• Embedded Video
• Mortgage Information (including monthly payment information)
• Tax/HOA Fee Information
• Insurance/Utility/Service Information
• Downloadable Brochures and Other Forms
• Request for Showing Button
• Lead Capture Forms 
• Google Call Me Button
• Links to Your Other Listings in Area
• Links to Your Market Reports
• Links to Your Local Neighborhood Reports
• Embeddable Real Estate Search Engine

INTERESTED IN LEARNING MORE ABOUT HOW TO USE GOOGLE TOOLS IN THE MARKETING AND SALE OF REAL ESTATE? Contact Ryan Shaughnessy at 314-971-4381 or send an e-mail to Ryan@PREASignatureRealty.com.