Every Tuesday, here at the CMG Escrow Blog,  we post Technology Tips designed to help you, the Realtor, grow your business, keep up to date on the latest technologies, and move you forward into the new era of Real Estate.

A few weeks ago, I had a post that addressed Social Media for Realtors, which introduced Realtors to the concept of social media, and provided a case for why Realtors should care about it.

In today’s post, we are going to address a related concept:  Social Networking.  Realtors know the importance of networking.  It is the basis for many successful real estate careers.  And for the Realtor who is looking to evolve their business, or find new networking opportunities, the online world provides ample opportunities.  You just need to get started!

As a first step, here is a quick video from Common Craft that explains the concept behind online social networking:

As this video points out, there “are hidden opportunities” out there within your network and social networking sites make these opportunities more visible.  Think this just might have some positive implications for a Realtor?

I certainly believe so.  There are great social farming opportunities for Realtors today who embrace the popular social networking sites.  There is a great white paper on Social Media Statistics available at the New Media Lab which summarizes the explosive growth of social networking sites over the past year.  If you are ready to get started and participate in this new wave of networking, I suggest creating an account on two of the most popular social networking sites out there:

1.  LinkedIn:  This social networking site is probably the most professional and formal of all the sites out there.  Once you have an account, you are able to search for people you know based on your current and prior jobs, as well as classmates from your educational past.  There are many Realtors on Linked In, and a great way to get started is to connect with others from your brokerage.  The New Media Lab white paper reports that LinkedIn has 30.1 million users and site traffic grew 153% in 2008 and 319% since 2007.

2.  Facebook:  This social network has exploded in popularity, especially in the age ranges that are homebuyers.  Facebook currently has 200 million users and the fastest growing user segment is those over the age of 35, with women aged 55-65 the most rapidly growing population.  Facebook is less formal than Linked In and one of the most powerful features is the ability to share photographs with those you are connected to.  You are likely to find some of your past clients on Facebook.  If you find someone you want to connect with on Facebook, you send them a “friend request” and they will approve or deny the request.  If they approve the request, you will then be “Facebook Friends” and you will have access to their profile.

One thing to keep in mind in social networking, a “friend” is not the same definition of a friend in the offline world.  Friend is a very loose term in social networking.  You may have never met your online friend in person before.  But, you may share something in common that makes it worthwhile for you to connect together online.  For example, maybe you both are golf fanatics and belong to the same golf club.  You might reach out and connect with this person by sending a friend request (in Facebook terms).  If accepted, you would be connected to this person and now you are “friends” in the online social networking world.  You will need to pick your strategy to decide if you want to friend people who you know or not.  For a few perspectives on this and some “online netiquette tips” take a look here, here, and here.

There is no time like the present to get started.  Your next client could be just a friend request away!

Interested in what you are reading?  To automatically receive these Tuesday Technology Tip posts in your email box, subscribe to these articles at the top right corner of this site (www.cmgescrowblog.com) in the box titled “Subscribe via Email”.

Within 48 hours of receiving a contract, CMG Escrow mails out an opening package to both the buyer and seller. These packages contain “homework”, i.e. paperwork that escrow needs back promptly in order to move forward and ensure that a transaction closes on schedule. It is integral to all deals that the buyers and sellers expect to receive these packages and understand the importance of returning them to escrow as quickly as possible.

Some of the information that the packet requests from the buyer includes:

• the vesting form describing how title to the new property will be held
• contact information for the lender or mortgage broker
• insurance details

From the seller, our opening package forms prompt for details such as:

• contact information for the HOA
• contact information for the lender on the first and, if applicable, second loan
• any applicable tax withholding details like the 1099 form
• directions on how to distribute the proceeds from the sale

Much of our work at CMG Escrow can’t begin until we have these documents completed, so in order to ensure an on-time escrow process, return your opening package documents within 3-4 days of receipt. For sellers who want their proceeds promptly at the close of escrow, and for buyers who want the keys to their new property, completing the opening package promptly is the best way to ensure that everyone gets what they want, when they want it.

Interested in what you are reading? To automatically receive these Escrow Tips in your email box, subscribe to these articles at the top right corner of this site (www.cmgescrowblog.com) in the box titled “Subscribe via Email”.

Every Tuesday, here at the CMG Escrow Blog,  we post Technology Tips designed to help you, the Realtor, grow your business, keep up to date on the latest technologies, and move you forward into the new era of real estate.

Last year at the Inman News Real Estate Connect Conference in New York City, I heard Greg Robertson of Dwellicious state “Buying real estate is an inherently social process”.  So true.  Realtors know this.  Social farming has been a foundation of the successful real estate career since the beginning.  But, the day of networking at the PTA is evolving, and the world of technology has introduced a multitude of new social communities where many clients of today, and definitely the client of tomorrow, gather.  Adult social media usage is rapidly growing – from 8% in 2005 to 35% now with more participating every day.  In order to reach these clients, Realtors are well served to participate in social media.  And, there are many options.  My goal is to introduce you to several of them in the hope that you will find the ones that work for you.

Let’s start with a definition of social media.  I define it as this:  Technologies and digital platforms that foster social interaction, relationships, and feedback between people.  Social media is the use of electronic and internet tools for the purpose of sharing and discussing information and experiences with other people.   Here is a great video by Common Craft titled “Social Media In Plain English”:

There are many social media websites but a few lead the pack – current leading social media sites that Realtors should be interested in include Facebook, LinkedIn, YouTube, ActiveRain and Twitter.  Each will be discussed in more depth in future posts.

The National Association of Realtors has posted a great Field Guide to Social Networking for Realtors.  This is a great place to start learning more.   It covers the benefits of social networking through social media, has a social media basics section, and has a great overview of the leading social media sites that Realtors should be interested in.  Start there.  Ask questions.  Try things out.

You are already participating in social media by reading this post which is part of the CMG Escrow blog.  But social media goes farther than simply reading a blog.  A conversation can occur if you simply type a comment on this post at the bottom of the page.  Interactivity.  This is the basic concept.  And a great place to start.

There will be much more to come in the weeks ahead.  I look forward to the conversation with you!

Interested in what you are reading?  To automatically receive these Tuesday Technology Tip posts in your email box, subscribe to these articles at the top right corner of this site (www.cmgescrowblog.com) in the box titled “Subscribe via Email”.

According to Merriam-Webster, escrow is defined as: a deed, a bond, money, or a piece of property held in trust by a third party to be turned over to the grantee only upon fulfillment of a condition.

Whether it is the buying and selling of a home, or the transfer of a business, the amount of legal documentation and financial liabilities can easily create confusion or differences of opinion amongst the buyer, seller and/or their representatives. This is why an impartial, third-party representative becomes essential to focusing on the facts and responsibilities that must be fulfilled.

With so many parties obligated to fulfill so many responsibilities in any given real estate transaction, it quickly becomes apparent why a neutral third party (escrow) is essential to a smooth process.

Escrow is the one who facilitates (just to name a few):

• drawing of escrow instructions which reflect the negotiated points of the contract and act as basis for execution of the property transfer.
• confirmation of clear title from the Title Company
• the recording the deed with the County Office
• filing paperwork with the proper municipalities
• the receiving of wires and funds to be disbursed

In addition to the above responsibilities, CMG Escrow views our most valuable function as acting as a personal liaison and resource for Realtors, buyers and sellers as they tread through the complicated and often technical world of buying and selling real estate.

Interested in what you are reading? To automatically receive these Escrow Tips in your email box, subscribe to these articles at the top right corner of this site (www.cmgescrowblog.com) in the box titled “Subscribe via Email”.