national association of realtors

Realtors Property Resource update

On the Realtors’ Property Resource blog by National Association of Realtors (NAR) you can now view the latest RPR product – a U.S. map that shows you which MLS, and how many Realtors, now belong to RPR. The numbers are far from all-encompassing, but they are making progress.  The 49,000 members of SoCal MLS out of Anaheim have joined RPR, as has every Realtor in Rhode Island. Continue reading

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 NAR Midyear meeting live: Part one, Realtor obstacles

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NAR’s HouseLogic launches; DIY, watch your back

The National Association of Realtors just launched HouseLogic, a social and highly-engaging real estate site. Designed to help homeowners make smart decisions to maintain, protect and increase the value of their homes, we registered and set up our profile and found it to be easy to navigate, highly informative as well as entertaining. Clearly, it rivals Scripps’ DIY, and in some ways even takes on helpful sites such as Lowe’s and Home Depot.

In fact, if they haven’t thought of it already, this almost cries for a Lowe’s collaboration. The HouseLogic site was designed to follow people through the entire cycle of their homeownership, and has really, at first short glance, done a bang up job of pulling people in long term. In the last conversation we had with NAR they were still thinking about how to monetize. We’re thinking that a revenue share for Lowe’s or Home Depot products sold through the HouseLogic site or linked from there might well kickstart this revenue.

While an NAR spokesperson has just told us that such a collaboration is something they may think of for the future to “offset the costs” of the site, she also said that “right now the value of the site is in creating relationships with consumers and creating grass roots support for public policies.”

I registered for the site, and opted to let HouseLogic have the address of my new home. (Homeowners can keep this to themselves, if they wish.) The site recognized my house, and some features like square footage. I answered some questions – how long had I owned my home, how handy I was, how ambitious I am to complete my own DIY projects, and what I would like to learn about. Learning options included fixing home problems, finding better maintenance methods, increasing my home’s value, conserving energy, finding tax credits, improving my neighborhood (nice touch), making the most of my home finances, and lowering the cost of my home ownership. I checked everything – why not?

Then I found the badges – psychic rewards for completing DIY tasks, saving money, sharing my ideas and things I learned with my HouseLogic community, and so forth. In fact, once I completed my profile I had already earned two badges for doing so. I now have a binder to keep all my HouseLogic lessons and activities in one place, complete with deadlines and e-mail alerts as those deadlines approach. My binder landing page offers several lessons already – on the costs and benefits of professional energy audits, replacement of old windows, “green” remodeling of my bathroom, and conducting my own energy audit. For each I earn a badge just for reading it. For each there is a quiz as well.

Since I’m new to the neighborhood I really enjoyed looking at all the local community ideas available as a featured project on the How To page. Ideas included a neighborhood pot luck monthly or quarterly, and a guys or gals night out. There’s even an article about creating an online community of neighbors.

This is really the tip of the iceberg on this voluminously-informative site. I’ll be attending a HouseLogic online press conference soon, which will show me more about it. I’ll share with AIM Group clients what I learned.

Here’s the offical NAR press release of the launch.

 

 

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Google going up against NAR for real estate search?

If you’re looking at properties by way of Google Maps, you’ll now find a broker place page that has all sorts of information on that listing, and while some conjecture that this could rival National Association of Realtors’ (NAR) upcoming Realtors Property Resource site, we don’t see that unless it’s much improved somewhere down the road.

It’s nice but its probably more an enhancement to what’s out there already, not a rival. We see real estate agents and brokers adding this to their branding and listing repertoire, but not replacing another online listing resources with this new Google Maps product.

Google now offers details on the property (though still not as detailed as some real estate verticals or realtor sites), photos, placement on the local map, and a Street View. You can also determine what public transportation options are nearby. While it might not rival all real estate verticals it does offers links to those that offer the listing, and consumers can send the listings to their own or friends’ e-mails. No longer must users get this Google info by pop-up, a nice user-friendly feature.

 We looked at one property for sale in Phoenix AZ, for example. We clicked on the Google Maps icon, where we saw that the property was a foreclosure with an asking price of $39,900. A 2 bedroom, 1 bath home, Realty Store was the seller agent. (The broker’s name was hyperlinked). The property is 840 square feet, we learned. From the broker’s place page we learned that about the neighborhood, where the average house value is $151, 200.

There are nearly 11,000 homes in this area, whose average income is $57,519.  The neighborhood is home to 30,436 people, with a median age of 33.  Of these, 87.28 percent are white, 2.28 percent are black. Interesting that statistics break down by Indian, Asian and Hawaiian, all with fewer than 2 percent, but the other nearly 8 percent are listed as Other, in a neighborhood, city and state with a hefty Hispanic population. That would seem a “local” look by someone without any “local” understanding.  Nearly 41 percent of the neighbors are college graduates, its crime index is 244, and the turnover in residents is moderate.

There’s another major flaw to this, though a flaw not unique to Google. This listing was posted Nov. 30, days after the property was actually sold. The listing remains live today.

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More details emerge on NAR’s ‘Gateway’ project

More details have emerged about the National Association of Realtor’s “Gateway” project, now renamed for the third time as the “Realtors Property Resource.” The project, which we initially speculated might pose direct competition to Realtor.com – which operates the NAR’s official consumer-facing site – is now being billed as “the largest database in the country of tax and assessment information,” with data on virtually every property in the U.S. “including residential and commercial properties and vacant land.”

The Realtor’s Property Resource may also include information about for-sale-by-owner properties, something that has long been anathema to NAR, as well as insurance claim and loss history data.

Will the project eventually morph into a national MLS? No, said Dale Ross, chairman of the project’s advisory board, but then added, “I believe there probably will be a national MLS (but) this is not going to be (it). This is not the intent.”

As a database, the project doesn’t have the same business model as Realtor.com. Rather, the advisory board is looking at ways to monetize the system by potentially reselling data to the MLS’s or by charging MLS’s for access.

The project’s advisory board – which has 22 members – met for the first time in Chicago. Recommendations for a proof of concept will be given during the NAR’s next big meet-up in May 2009.

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Foreclosures continue to rise

U.S. foreclosures have hit another high. According to RealtyTrac, foreclosures increased in the third quarter by 71 percent from the same period in 2007. The fall in the housing market is the biggest in 17 years.

That’s not all. The price of property fell by 5.9 percent from the previous year – the biggest fall since 1991 – according to the Federal Housing Finance Agency which started collecting data from that year. The National Association of Realtors put the price drop average at 9.5 percent in August..

A potential silver lining: foreclosure filing actually dropped by 12 percent in September compared to August. But this was largely because a number of states enacted laws to contain the flood. For example, in North Carolina, a law was passed making it mandatory for lenders to give 45 days notice before proceeding with foreclosures. A similar law in California makes it compulsory for lenders to meet borrowers before resorting to foreclosure.

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