Luxury Insights

Where's the green?

2008 Median Household Income by County

Download the full graphic from the Census Bureau here (PDF 574k)

A Model Website

Back before the holidays Matt Dollinger, the performance coach at @properties in Chicago invited me to preview the new website they were about to launch.   It was impressive. 

There are lots of mediocre broker sites out there, so sometimes it is nice to see something good or even great.  I'd say the new @properties site qualifies. 

 

Here are some of the things that I like about the site:

• Homepage
• • Simple, clean layout. 
  • Key functions front-and-center
  • • Property Search
    • Neighborhood Search
    • Market Reports (great market reports, at a granular neighborhood level)
  • Calls to action
  • • Property search form is right there to begin your search.  No need to choose it in a menu first.  Ditto with Neighborhoods and Market Reports.
    • List with us call out links to concise but powerful benefits page with testimonials (so many sites forget about sellers)
  • Showcase of luxury properties featured prominently in scrolling band in the middle of the homepage.

The folks at @properties understand that buyers aren't just buying a house, they are buying a lifestyle.  In a big city like Chicago that often means that the neighborhood and the location are as important, sometimes more important, than the amenities of the home or apartment (you can always renovate!).  So, in addition to the typical property info they have integrated some pretty rich neighborhood information on the details page for each property.  Coming from NYC, I appreciate seeing the 6 closest restaurants listed with ratings!

• Property Details Pages feature rich neighborhood info
• • Reviews of the closest restaurants, and shopping from Yelp!
  • School reviews from Education.com
  • Neighborhood news from OutsideIn and other sources
  • Google map with the location of the property and boundaries of the neighborhood
  • Summary market statistics for that specific neighborhood (with the full neighborhood report one click away)
  • • Average Sale Price + Trend
    • Average Days on Market + Trend

We know the critical importance to affluent buyers of good market information...

There is a nice, simple layout and great functionality on the Neighborhood Search pages too:

• Big photos for the property listings (good, well-presented photos really help sell homes)
• Easy to switch between views (Gallery, Map, List)
• Clean map view that shows property locations and neighborhood boundaries, with the option to also view locations of local businesses (restaurants, schools, banks...).
• Ability to easily modify the search without have to go back
• Links to save the search or quickly set up an email alert based on the search.

Once users register, they are immediately assigned an agent who acts as a "concierge."  Users can save favorite properties and even define multiple lists (e.g. Husband's Favorites, Wife's Favorites, etc.).  Searches can be saved and automatic email updates configured.

As I understand it, the site also offers some nice functionality for agents.  Among other things agents can:

• Register existing clients on the site
• Generate property fliers
• Set up custom searches and reports for clients which update automatically and can be delivered online or via email
• • Custom property searches (multiple areas and property types)
  • Custom neighborhood updates (including new listings, solds, price changes, pendings, etc.)
  • Market reports
  • Seller reports-custom comps and market conditions,  hits, searches, views, syndication reach, etc.

All-in-all it is a really nice site that features good presentation, functionality, and usability.   If you are looking for examples of good broker sites, I recommend you check it out.

In developing the site, @properties worked with Terabitz and the brainiacs at 1000 Watt Consulting. 

In the interest of full disclosure, we have no relationship with Terabitz or 1000 Watt.  @properties has hosted our CLHMS training courses, and we have trained a number of their agents.

Custom Branded Market Reports from Altos Research

It is no secret that we are nuts about market data.  You should be too.

True market knowledge and expertise is often a key differentiator for luxury agents, and detailed market updates can be tools for success in the luxury market.  

Since so many of our members use custom market reports and other marketing tools from Altos Research, we thought we do a quick post to highlight one of the new tools available to Altos users.

One-Off Custom Branded Market Reports

As Ricky at Altos notes in a recent blog post:

Altos Research now offers you a quick and cost effective solution to generating personally branded reports for your prospects and clients. With our Pay-Per-Report Feature, you can easily brand the report for your particular client or prospect.

Upload a picture of the home, call it the "Jim & Tammy Stevens Market Update" to really impress your prospects. You can even enter the a property address in the report name field and use this report for your CMA's. You asked, we listened and now your in control. The reports are delivered within minutes as a PDF attachment to your email.

Here's a quick demostration.

If you are not an Altos client, you can find more information on discounts for ILHM Members here.

Global Listing and Referral Platform

As you know, Members of the Institute receive free accounts on ProxioPro, an international MLS and referral platform.  It is about to get even better...

Proxio has some BIG NEWS.  They have announced a partnership with ICREA, the International Consortium of Real Estate Associations to roll out the Proxio Platform to associations around the world and integrate the Proxio platform with the www.worldproperties.com website. 

This will create great opportunities for you to market yourself and your properties to even more agents around the world.

Here's their Press Release:

INTERNATIONAL CONSORTIUM OF REAL ESTATE ASSOCIATIONS PARTNERS TO DELIVER
MULTILANGUAGE TECHNOLOGY SOLUTIONS TO AGENTS

ICREA selects Proxio to provide cross-border client referral and property listing exchange support in 11 languages for real estate brokers and agents in 40+ countries.

CHICAGO, IL, / CUPERTINO, CA, (Nov. 19, 2009) - ICREA, a consortium of the world’s leading real estate associations, and Proxio, Inc., the international marketing and networking platform for real estate, today announced a partnership to provide the “Global Listing and Referral Platform” a transnational referral platform and world listing exchange application on ICREA’s website Worldproperties.com.  The platform application will serve for 1.7 million ICREA agent/broker members throughout the world affiliated with one of more than 40 leading national and regional real estate associations affiliated with ICREA.

The partnership was presented to the annual Plenary of ICREA, held in San Diego, CA, last Friday, where ICREA association representatives viewed a prototype for a new design of WorldProperties.com, which includes the introduction of the Global Listing and Referral Platform. The site will be re-launched to take advantage of the Proxio technology and to better showcase to agents/brokers and to consumers over 4 million properties from ICREA member associations.

Property listings and agent/broker profiles will be searchable in 11 languages: English, Spanish, Italian, French, German, Portuguese, Russian, Japanese, traditional Chinese, simplified Chinese and Korean. Additional languages will be added as the project develops.

“We chose Proxio as our technology partner because they offer a unique set of networking services for real estate professionals, and because they provide all of their services in multiple languages and customizable formats,” said ICREA CEO Thijs Stoffer. “In today’s industry, agents who market themselves and their listings on a global scale are much more likely to do business. ICREA agents and brokers participating in ICREA’s Global Referral and Listing Platform can work in their own languages, and have the option of easily building personal referral networks and promoting listings to other agents worldwide, which helps them grow their businesses.“

ICREA member associations see the Proxio partnership as the foundation of an important member service. “During down markets, agents must be creative in marketing themselves and their listings,” said Stoffer. “While the market may slow in one part of the world, there are buyers elsewhere around the globe looking for distinctive properties for both personal and investment use and WorldProperties.com is the place to find these properties.”

“ICREA is an outstanding organization, promoting professional standards for international real estate transactions and working to provide the best possible information and services to international agents and consumers,” said Janet Case, Proxio’s CEO. “Our technology couldn’t have found a more appropriate application, and we are delighted to have been chosen to be ICREA’s partner.”

ICREA Board Chair Peter Bolton King agrees. “What is unique about WorldProperties.com is that 100 percent of the properties displayed are represented by a professional who abides by a national code of conduct. This gives consumers as well as other agents the assurance they are dealing with a professional,” said Bolton King, CEO of the UK’s National Association of Estate Agents. “The partnership with Proxio will provide enhanced services to our members, allowing them to easily connect with each other and initiate referral transactions—across borders and across languages.”

The newly designed WorldProperties.com site is expected to go live by the end of 1Q 2010.

About ICREA:
The International Consortium of Real Estate Associations (ICREA) is an alliance of the world’s leading real estate associations. The only organization of its kind, ICREA has dedicated itself to the international promotion of its members’ businesses and has had great success in building a partnership that is improving in the way real property is transacted across national borders and in advocating for industry on global issues. ICREA and its member associations are committed to high standards of professional conduct for member brokers. ICREA members include national real estate associations in Argentina, Brazil, Canada, China, Costa Rica, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, India, Italy, Latvia, Mexico, Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Russia, South Africa, Spain, Sweden, Thailand, Turkey, Ukraine, United Kingdom, United States, and Venezuela, and also countries organized in regional associations representing Central America (El Salvador, Nicaragua, Dominican Republic, Honduras, Costa Rica and Guatemala) and the Arab Region including Egypt, the UAE, Saudi Arabia and Jordan. Learn more about ICREA at www.worldproperties.com or contact ICREA at icrea@worldproperties.com.

About Proxio, Inc.
Proxio internationalizes real estate professionals worldwide by providing property display technology and networking solutions in multiple languages. Proxio’s platform delivers white label marketing and networking applications under license to real estate organizations and enterprises. MLSs, associations, and brokerages use Proxio’s technology and services to extend their reach internationally—to enable their members to transact business across the globe, and to provide a greater value proposition for the clients they serve. Located in Silicon Valley, Proxio’s team of experienced real estate technology professionals is dedicated to creating borderless real estate markets and serving the needs of agents and their multicultural clients. For more information visit
www.proxio.com and follow us on twitter.com/ProxioPro or join our community on Facebook.

###

Download Full Press Release (PDF 119k)

Luxury Expert Agent Panel at NAR 2009

The real estate market may be down, but interest in the luxury market is still high, as evidenced by attendance at the Luxury Expert Agent Panel presentation at NAR.   Three of our Institute members  packed the room!  All 400 chairs in the room were full and a few people managed to squeeze in to stand at the back before the room monitors closed the door and began to turn people away. 

Those who made it in were taking notes as Bruce Kink of The Kink Team /Keller Williams, Houston (TX); Carole Smith from Esslinger, Wooten, Maxwell, Inc. in Miami (FL); and Anita Rich from the Rich Group/Keller Williams, Los Angeles shared information and ideas about how they have continued to prosper in today’s market. 

If you missed the session, their three presentations are available for you to download below.
As panel moderator, Institute Founder Laurie Moore-Moore pulled six “keeper ideas” from each presentation as a quick summary of some of the key points for attendees.

From Bruce Kink

1. As wealth goes up, so does Internet use – so have an Internet strategy which includes a property website for each listing. Include complete descriptions, photos, floor plans, site plans, inspections, and more!  Then drive prospects to the websites.
2. Know the luxury market.  Statistics = Credibility.
3. Remember you are selling the lifestyle of the community as well as the home’s lifestyle.
4. Great photos add marketing power.
5. VIP invitation-only events are good marketing tools at the luxury level.
6. Network with top luxury agents locally and nationally.

Bruce's Presentation (PDF 1.6 MB)

From Carole Smith

1. Carole did a case study of a marketing plan for a home which was designed to house and display an art collection.
2. Discover your listings “Unique Selling Proposition (USP)” – every home has a story, it’s your job to tell it.  The USP is what you use to differentiate your home in the marketplace.
3. To discover a home’s uniqueness start by asking what the seller liked about the home, list the features, amenities, and negatives. 
4. Name your luxury listings (Carole’s listing was named after the sculpture at the entrance).
5. Market jointly with others who are trying to reach the same clientele you are targeting (in Carole’s case she built some of her marketing around an art show and local art galleries).
6. Involve the sellers, make them proactive in the marketing of their home.
7. Use public relations to create buzz.  It is inexpensive, affordable marketing.

Carole's Presentation (PDF 600k)

From Anita Rich

1. We don’t need a “real job,” we are in the best profession!  It is important to continue to build skills as real estate professionals – education is a key to success.
2. There is power in remembering to ask for the business
3. Take the time to educate yourself about your luxury market by price range. Know the stats for each price range and know the inventory.
4. Do something creative to establish rapport.  Anita share photographs of the LA area from the 1900s.  This gets the conversation going and breaks the ice with a seller prospect.
5. Get involved in local arts, civic, or non-profit organizations.  Give back to the community and build relationships.
6. Network, network, network with other luxury agents in your market.

Anita's Presentation (PDF 1 MB)

A big "thank you" to all of them for sharing their expertise and insights!

Annual Gathering: Special Short Sale Summit

Members have been asking us,“Can you help? We’re losing luxury listings to short sale agents who don’t understand how to market luxury homes.” 

So… although Leaders in Luxury will be back in 2010, this year (in response to member requests) we’ll host a special meeting through our new ILHM Center for Asset Preservation division: 

Short Sale Summit 2009
October 7 - 8
Houston, Texas
Hilton Post Oak Hotel

Even if you are experienced with short sales or have already earned a short sale or distressed property designation, you'll want to attend this event.  This is the industry’s first Short Sale training covering government’s new Making Home Affordable Program, which totally changes the rules for short sales (and the whole foreclosure/foreclosure avoidance process).

With jumbo loans defaulting at twice the rate of conforming loans and almost half of residential sales falling into the distressed category, understanding how to make short sales successful at all price points is more important than ever.

Just to give you an idea how different the new standard MHA process is:

• There is now only ONE point between default and foreclosure when a short sale will even be considered.
• The loss mitigator approves the short sale attempt in advance.
• The loss mitigator sets the list price. 
• Whoa!  Those are big change and that's just the start!  There's good news about the commission...

This two day meeting will:

• Provide the Institute’s usual great networking.
• Give you the information you must have about the government’s New Making Home Affordable program which covers 9 out of 10 loans, totally reinvents short sales, and is mandatory.
• Arm you with the checklists, forms, web links and other required tools for successful short sales, regardless of price (there will be special info on luxury short sales).
• Provide you with first hand advice from servicers’ loss mitigators.
• Give you essential information on luxury short sales, to help ensure that you don’t lose luxury listings to “short sale" agents!
• Reward you with a Short Sale Achievement Certificate
• Texas agents receive 15 hours of continuing education credit

On both days, you'll hear from speakers and panels of officials, loss mitigators, and other agents.  You'll have the opportunity to network and will leave having earned a Short Sale Achievement Certificate from the ILHM Center for Asset Preservation, indicating you have received Making Home Affordable training.

This event is open to both Members and non-Members, so bring your whole team.

More info on the CAP Short Sale Summit 2009

Register now and save!  "Early Bird" discounts end the 17th.

• Registration for Institute Members
• Public Registration
  

Great new benefits for Members from UNIQUE HOMES Magazine

Our friends at UNIQUE HOMES MAGAZINE have always been a great resource for and supportive of our members.  

We're happy to announce that they are extending some great new benefits to Institute Members.  You can find all the details here in the Members Only section of our website (login required, members only).

Institute Launches Center for Asset Preservation (CAP)

Everything you need to know about the Making Home Affordable Program and the mandatory process, rules and paperwork for Short Sales...

The ILHM Center for Asset Preservation (CAP) announces new training specific to the Making Home Affordable Program (MHA).  The central focus of our CAP training is doing Short Sales using the new mandatory process, guidelines, and required paperwork.  The training also provides an overview of other MHA foreclosure avoidance options, as well as key information on the Mortgage Debt Forgiveness Act -- all of the key things agents must know for successful short sales under the new rules. 

We created CAP and began developing this Short Sale training for our ILHM members, but when we discovered that no one was offering training covering Making Home Affordable, we decided to open the training to all agents. 

This information is ‘must have’ information for agents hoping to help homeowners avoid foreclosure and, it is essential for completing successful short sales for borrowers who must sell. 

Be sure to watch the “MHA Myths” video above if you’re hearing that Making Home Affordable isn’t important!

At ILHM, we believe strongly that all of America’s REALTORS® must get involved, get trained and get to work to help homeowners in their battle to avoid foreclosure and minimize the negative credit and tax consequences they are facing.  As an industry, Realtors are key to helping get American households back on their feet and the economy back to good health.  

CAP training will soon be available online.

A live event, the Short Sale Success Summit 2009 is scheduled for October 7 and 8 in Houston (TX).

For agents who have taken short sale training in the past or even earned a distressed property designation, the CAP course is ongoing Making Home Affordable resource your must have.

Making Home Affordable covers almost nine out of ten home loans and changes almost everything about how Short Sales are done.  CAP’s new up-to-date training reflects the new processes, rules, guidelines and standardized paperwork which are now required. In fact, we challenge agents to take the quick quiz about Short Sales on our CAP website.  We think most agents will be surprised by the correct answers.

Agents completing CAP training online or at live events will earn a CAP Short Sale Achievement Certificate.  Texas agents will earn 15 hours of continuing education credit for the live CAP training event in Houston which will be held at the Hilton Post Oak Hotel near the Galleria Shopping complex.

In addition to the Making Home Affordable training, The Short Sale Success Summit 2009 will include panels and presentations featuring government officials, loss mitigators, and real estate agents specializing in Short Sales. 

A special module on the impact of MHA and the Debt Forgiveness act on luxury properties will be included. There will also be special networking opportunities.  Call or email us with your questions. 

We’ll hope to see YOU in Houston at The Short Sale Success Summit 2009.

CAP Website

CAP Blog

Virtual Home Staging

Staging a home is so important, but not always possible. 

In homes with unfortunate furnishings that can't be replaced or rearranged, one option is to have an interior designer or decorator do a "decorator board" which is a presentation board featuring renderings of the space with the ideal decor and arrangement -- hopefully designed to appeal to the lifestyle and sensibilities of your carefully targeted buyers.  This would also be an option for an empty home when the marketing budget does not allow for staging.  

There is another option...

  

Over at the Zillow blog, Sarah Greenleaf has an interesting post about virtual staging.  As she notes,

"You no longer need a warehouse full of art or access to a furniture rental store to stage your home....Instead, just send in photos of your empty room and see them come back digitally staged."

High quality digital rendering of interiors are now commonly used by developers, but are less commonly employed by agents.  Have you done this with any of your listings? 

Friends and Family

From The Savoy in London to The Plaza in New York, Fairmont Hotels & Resorts has some really beautiful--even iconic--properties in great cities and destinations around the world. 

We all know that one of the perks of working for a company like Fairmont is that employees and their families get to stay at all these great hotels at incredibly low rates. 

Wouldn't it be great if you could pick any of their hotels or resorts and stay at the "Employee Family Rate"?

Well, Institute member and friend Laura Duggan has a real treat for you.  Laura's daughter Kerry Duggan works for Fairmont Hotels and they are sharing the love. 

Now through the end of the year you can enjoy HUGE savings off their best published rates by using the Friends and Family discounts they are sharing with us. 

Laura's always said that being part of the Institute feels like being part of a big family.  It sure feels good to get treated like family.  Thanks Laura!

(Disclaimer: We don't work for Fairmont or have any affiliation or relationship with them.  Nor do we profit from this offer.  We simply thought it was a really great deal and a wonderful thing for Laura to share.  If you have questions about it, or just want to say "Thanks!" email Kerry.)