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.

The picture below is a screen shot of multiple comments that were left on a blog post that was promoting a happy hour gathering at a social media conference that happened earlier this year.

Quick, take a look at the image and tell me at first glance which of the people commenting:

1. Did you look at first?
2. Do you think is the most professional?
3. Do you think is the most technically proficient?
4. Seems the most like a real person?
5. Are you most drawn to?

I’m willing to bet that the people who have images next to their comment (me, CWaterhouse, and Colleen Truax) were the answers you gave. If I ask you which people appear to be the least professional and least technically proficient, which would you answer? The one’s without a photo? Probably so. Which camp would you rather be in?

In an earlier post, I explained what an Avatar is (your visual image of yourself online – usually your photo), and how it is an essential consideration of the brand image for any modern Realtor. This post expands upon that and introduces you to Gravatar.com, a service that will make including your avatar in your blog comments, simple and easy. Here is a brief video which clearly explains the service:

As the video mentions, once you sign up for a gravatar account, you can associate ALL the email addresses that you have with your account (your brokerage email, your gmail account, your home account, your college alumni account, etc). And, then when you go to comment on a blog or forum, no matter what email address you use, your photo is automatically included when you make a comment (assuming the site supports gravatars…which many blogs and forums do).

A gravatar is a great way for a Realtor who participates in blog commenting to be positioned with a professional, consistent brand image across many sites. It also centralizes and automates the posting of your photo when you comment on the web. By using a gravatar, you are more effectively branding yourself with the image you choose and you are more likely to be perceived as more professional and technically proficient. So why not continue the brand image you have created off-line to on-line and sign up with Gravatar.com?

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.

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Do you have a foreign investor or buyer looking to purchase a home in California? If the client writes a personal check drawn on a foreign bank, it may take several weeks to be able to verify that the check has actually cleared. On the other hand, deposit checks we take from a customer drawn on a U.S. bank typically clear within 3-4 days.

Wire Transfers Expedite Process

There are steps you can take to ensure the escrow closes on time by working with your buyer to understand the need for a wire transfer to expedite the closing process. When you write an offer and are presented with a check drawn on a foreign bank, write on the first page of the purchase agreement that the buyer will arrange to wire transfer the deposit to the escrow company upon acceptance of the offer. Sometimes Realtors will go so far as to actually take the check to present with the offer, but state that the check will be replaced with a wire transfer upon acceptance. Either way works. Please keep in mind, that some escrow companies may require a wire from a foreign buyer (and not accept a check at all) due to the possibilities of delay. Contact the escrow company directly to inquire what the required procedures are.

There are problems that could arise if a check drawn on a foreign bank IS deposited into escrow:

1. Buyer could call his bank to put a stop-payment order on the check and escrow may not even be notified of this for 6 to 8 weeks. Our escrow officers have experienced buyers who decided against the purchase of the property and placed a stop payment on the check and then were unaware the stop-payment had been done.
2. Costs are being incurred on the strength of the buyers’ earnest money deposit. If the Sellers are holding their property off the market, they deserve to be assured that the buyer has “good funds” in escrow to back up the offer they have made to purchase
3. If the escrow is scheduled to close rather quickly, for example 14 days, and the initial deposit check drawn on a foreign bank is deposited into escrow, the escrow company may not be able to verify clearance of the check as a way of guaranteeing that there are “good funds” in the escrow and allowing the escrow to close.

Generally there is little resistance from the buyer to following these suggestions when the implications are explained. When a buyer is told up-front by the Realtor that any funds coming into escrow must be made by wire transfer, it conveys to the client that we are all on the same page and have the same goal: closing the escrow successfully.

Here is an example of a wire transfer request form.

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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.

In two previous posts (Why Twitter and 10 Ways a Realtor Can Use It and What is this Twitter Thing Everyone is Talking About?) we explained to you the power of Twitter and some direct applications to the field of real estate.

However, one of the most powerful ways to interact on Twitter is through mobile applications on your cell phone.  Twitter even asks you right in the main line “What’s Happening?”.  Why not answer that question from the field, when you are away from your computer?   Below we cover some tools that allow you to do that and their application to real estate.

Twitter Clients

A mobile Twitter client is a program that runs on your phone which allows you to send and receive Twitter messages.  Some offer the ability to search twitter for terms.  However, you can use Twitter on any phone with a data plan without a client by simply visiting http://m.Twitter.com on your mobile phone internet browser.

Although the website is one way to access Twitter from you phone, for Blackberry, iPhone, Palm Pre, and Windows Mobile users, there are also application options which make Twitter easier to use from your pda.

For Blackberry Users:  TwitterBerry and UberTwitter

While TwitterBerry is currently the dominant player and has a clean interface, UberTwitter is gaining traction.  The service offers an interesting auto update feature that always keeps your Twitter stream up to date without waiting for it to load.

For iPhone Users: TweetDeck, TwitterFon and Tweetie (search for these in the app store)

TweetDeck, one of the most dominant desktop Twitter applications, has recently become available on the iPhone.  The service now offers the ability to synchronize your columns.  (Be careful about leaving this application open on your phone it’s a big battery drain.)  TwitterFon and Tweetie each offer fairly similar features with the ability to see your @Replies, DMs, and Twitter Stream.  My personal choice is TwitterFon.  The software comes in a free version and a Pro (paid) version.  The free version is excellent but if you want to have an ad free experience and manage more than one twitter account, you’ll want to upgrade to the paid version.

For Palm Pre Users: Tweed (search in PreApps)

The new Palm Pre phone has a slick interface and Tweed doesn’t dissapoint.  The service will keep your stream updated and allow you with just a few clicks to share photos on Twitter as well as posting to Flickr at the same time.

For Windows Mobile: TwitToday

There aren’t many choices yet for Twitter on Windows Mobile, but one of the better options available is TwitToday.  It offers basic Twitter interaction potential right from your Windows Mobile home screen.

Other Tools

Posterous – Sign up for a Posterous account and you suddently have the ability to post photos, video, music file, or most other types of documents to your Twitter stream by simply emailing Posterous from your phone or computer.  Imagine doing a video walk through of a great new listing and within seconds sharing it with your followers or taking a photo of your community and showing potential buyers why it’s such a great place to live. Or perhaps you have an document you’ve created on market stats for your area.  Now everyone can have access in seconds.

TwitPic and YFrog – Specific to just photos, TwitPic and YFrog allow you to email any photo from your phone and have it post to your Twitter stream automatically.

Using Twitter when out and about really opens up your ability to interact with the public.  You can take a few moments while waiting in line or sitting idly to just catch up with those you follow.  You can also check to see if anyone is Twittering about real estate topics in your area offering you that first contact ability.

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.

What day should you negotiate to close escrow in order to meet the needs of the buyer and seller?  When negotiating a contract, the actual day of the week that the close is on is not often considered.  More typically, contracts call for 30 or 45 or “x” day escrows.  But, considering that:

1. Most buyers prefer to move into their new home on the weekend.
2. Most sellers want to get their funds as soon as their sale closes.

We at CMG Escrow suggest taking a look at the specific day that you are projecting to close with your “x” day escrow, and attempt to avoid a Friday close.  Thursday or earlier is often best.  This is because you allow for a day from the recording of the sale for a seller to receive their money and a day of wiggle room for the buyer in case any part of the process encounters a snag.  In the case that a hiccup with any part of the closing process does occur, this leaves at least an extra business day to close before the weekend.

Other considerations:

Should we close at the end of the month?

Some people are concerned with closing at the end of the month. The benefit of closing at the end of the month is that the buyer does not have to come in with as much money to pay for outstanding interest that may be due. Closing at the end of the month is generally not a problem if all the documents are turned in on time. However, buyers and sellers should be aware that generally the county recorder’s office has more volume on the last day of the month.  Confirmations of recording tend to come later in the day as a result, and the risk of delays in proceed disbursements can increase as a result.  Of more common concern to most buyers and sellers is to avoid closing on a Friday and perhaps facing a delay that would force the buyer and seller to wait until after the weekend to close.

Holidays

Be sure to take holidays into account when negotiating a closing date as well.  The county recorders office, banks, and often escrow are closed for all public holidays and this can impact your closing date.  If for example, you plan to close on a Thursday, but the next day is a holiday, you might prefer to target a Wednesday close in order to best plan for the property closing before the long holiday weekend.

The escrow agent will present all the details of your closing to you and explain the process step by step. Keeping in mind the best day to close however will help your escrow go more seamlessly.

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.

Realtors often ask about IDX, the method and rules that allows for Realtors and brokerages to display the MLS inventory on their websites.  It’s one of the more complex terms in real estate technology and probably one of the least understood.  Why?  First, to most Realtors, the terminology is foreign and vague.  Then each MLS has their own IDX rules that can range from archaic to progressive.  Finally, there are hundreds of choices for IDX vendors whose offerings vary as wildly as their prices.  These variables make it a complex and confusing topic.

However, giving  potential clients access to IDX listing search on your website is an absolute must for any modern brokerage or agent.  So, wading through the waters of the process is a necessity.  This post is designed to make it easier to understand.

What does IDX mean?

IDX stands for Internet Data Exchange.  It’s the rules and procedures that allow real estate brokers and agents to display listings from other companies on their website.  Most IDX rules require the broker or agent displaying the listing on their site to display the name of the listing brokerage with the listing.

A key point to remember is that IDX and the underlying rules only apply to brokerages and agent websites.  For example, Zillow does not fall under IDX rules since Zillow is not a brokerage.  Therefore, on non-brokerage and non-agent sites, such as Zillow, only the listing agent would be able to advertise their property (vs. all listings appearing on Zillow as part of an IDX feed if they were a brokerage).

Vendor Selection:

As an agent, there are options on how to present listings on your site, and there are a variety of vendors who offer different IDX solutions.  The different options yield different benefits.  If you listen to real estate search engine consultants speak, you’ll hear terms like Drop-in vs. Built-in.

Drop-In vs. Built-in IDX:

A drop-in IDX solution means that the code to run the search and display any of the listings actually occurs on a different website.  In other words, the code does not live on your site.  The benefits of a drop-in IDX solution include that they are readily available, generally affordable, easy to implement, and can display listing data in a way that is appealing and easy for the consumer to use.  However, this solution offers no search engine optimization benefit for your site.  However, for many agents, drop-in IDX solutions can be suitable solutions to displaying listings for the benefits listed above (and search engine benefits can be gained from other web strategies – blogging, for example).  Examples of a drop-in IDX providers are Diverse Solutions and iHomeFinder.

With Built-In IDX, all the listings display right on the agent or brokerage website.  This means that if a search engine finds the page, it will see all the listings and potentially make them searchable.  The more pages that a search engine finds on your site, the easier it is for potential clients to find you on the web.   Very few practical options currently exist for agents right now in regards to built-in IDX (the current leading option is a custom coded website built by a vendor which requires a coder with a specific skill set, and a large sum of money on your part).  However, if you have a Wordpress based blog or website, Listing Press is a new option to consider and more options are in the works.

Map Based Search:

An important question to ask a potential IDX vendor is whether they offer map-based search.  Up until recently most vendors offered IDX search that was based upon the user making selections such as 3 beds, 2 baths, $500,000-$600,000 and a list of options would display.  Now that list can be used in correlation with a map.  So when a potential client sees their options they can also get a good idea of where the home is located, how close it is to parks, schools, the freeway, etc.

Lead Capture System:

The most important item to look at when considering an IDX vendor is their lead capture system.  What’s the point of running a website and paying money to have all the listings on there if you don’t get clients from it?  A good lead capture system will allow a potential client to request information or schedule a showing on every listing.   Also check to see if the vendor offers the ability for users to save listings, receive listing email alerts, and track what has been viewed.

Pricing

IDX pricing can run from $20 / month to more than $100 depending on which solution you choose. Also, make sure to ask your MLS if they charge any fees for gaining access to the IDX data.

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.

There are many implications of loans that are either “Assumptive,” or “Subject To.” Here is a general overview of some of the definitional differences between the two and how the differences affect the escrow process.

Assumption Loans:

The term “assumption” is used when a buyer incurs personal liability for an existing deed of trust. If the buyer were to default on their future mortgage payments, the seller would no longer have any responsibility as the buyer has “assumed” the loan.

When a buyer “assumes” a loan it is with the lender’s knowledge and approval. An assumption agreement is prepared by the existing lender of record and signed by the buyer as part of the escrow process. The seller may also be required to sign the assumption agreement and the terms may release the seller from responsibility. The lender usually requires a credit history from the buyer before approving the assumption and the payment of assumption fee(s). The loan will be brought current (if it is delinquent) and interest will be pro-rated through escrow and charged to the seller.

Subject To Loans:

In contrast to an Assumption Loan, the term “taking subject to” is when the buyer incurs no liability to repay the loan. The loan stays in the seller’s name, but the buyer gets the deed and therefore controls the property. Although the buyer makes the mortgage payments, the seller remains responsible for the loan.

When a buyer takes title to property “Subject To” the loan of record, the lender is not notified of the transaction or asked for their approval. The Lender has not approved the transfer of title; therefore the seller is not released from responsibility. In this case, the buyer is simply making the payments instead of the seller. The seller will be asked to provide escrow with their last payment record which will be used to calculate the exact principal balance at close of escrow. The lender may have the right to accelerate their due date or call the loan all due and payable when (and if) they receive notification of a transfer of ownership.

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.

Earlier, I did a post called “What is This Twitter Thing Everyone is Talking About? which defined Twitter and explained what it is.  This post is designed to express the value of twitter, and explore some of the potential uses for twitter for the real estate professional.

I’m often asked, why Twitter?  What is the benefit? Furthermore, how is this relevant to the Realtor?

Let’s start with the benefits of Twitter that I see and experience:

• Twitter is real time.  Twitter provides the opportunity for me to get an immediate pulse on news and events, often before the mainstream media can report on it.  For example, last month, there was an earthquake in Southern California.  The twitter conversation about the earthquake occurred within seconds of the earthquake.  It took several minutes before it appeared on the internet, and about a ½ hour before I could find the news reporting on it.
• I learn from Twitter...a lot.  People I choose to follow on Twitter often send out links to things that I’m interested in (blog posts, news stories, photos).  When they  send out a link, it is a basically a referral from them, and I’m often interested.  It helps me to stay current and informed.
• Trend watching:  By watching Twitter conversations, I stay current on the pulse of what is hot…current events, technology, public opinion, rates, weather, etc.
• Exposes me to a larger community: Realtors reach with traditional media is generally restricted by geographic distribution.  Because anyone can follow you on Twitter (it doesn’t require mutual agreement to “connect” as Facebook does), who you connect with is not limited by geography.
• I keep up with a geographically dispersed group of people, easily, and in real time.
• Twitter is easy to use and it doesn’t have to take a lot of time. 140 characters (the maximum allowable length of a tweet) is a pretty low commitment.  With the right technology, you can tweet from almost anywhere.  Real estate is a business of hurry up and wait.  If you have a client that is running late for a showing, why not send a tweet from your cell phone. It can be an efficient use of downtime.
• Twitter is fun. There are some funny things on Twitter.  I’m constantly amused.  It is a great way to be entertained and connect with others through humor.
• It’s a new communication channel I didn’t know I needed.  I suggest that Twitter is akin to email in this regard.  We were all living quite happily without email at one time.  Clearly, email is now a mainstream communication channel.  Twitter has the potential to be the same.  As a note, I’ve also noticed that as my twitter usage goes up, my email usage has gone down (not a scientific study, but a personal observation).

So then, given these benefits, how can the Realtor can use Twitter?  Here are 10 potential uses I see that, properly executed, could lead to expanded business for a Realtor.

1. Network & Make New Friends: Use 3^rd party sites and applications such as Twitter Search to find and watch for conversations related to things you are interested in.  Add active users that are saying things that are interesting to you.  Engage with them.  A Twitter acquaintance can be developed into a long lasting friendship.  And, in the immensely social business of real estate, where the adage “its all who you know” certainly holds true, we know that the more friends you have, the better.
2. Read News:  Keep up with the industry in real time.  Follow industry news sources such as Inman News as well as lenders who tweet about mortgage rates.  Learn about events industry events designed to teach you about social media and real estate like REBarCamp Orange County.
3. Attend, or Organize, Face-to-Face Meetings (aka Tweetups):  Use Twtvite to find or organize events with like minded individuals, or those who are interested in what you have to share (for example, you could host a first time homebuyers seminar and promote it via Twitter). Use Twitter as a catalyst to meet people in real life.
4. Build Your Referral Network.  One of the key benefits of twitter is the ease at which you can keep in touch with a geographical dispersed group of people.  There are LOTS of Realtors from all over the United States and the world on Twitter.  Connect and engage with them.  Think about the possible referrals!
5. Prospecting: I see twitter as the new-media equivalent of cold calling.  Because you don’t have to have mutual agreement to connect with people on Twitter, it is easy to make connections with complete strangers.  Unlike Facebook, where interacting with people you don’t know can be perceived as creepy, Twitter is set up to engage with anyone.  It is culturally acceptable.  And, there ARE clients to be found on twitter.  Take this example from Gary McNich, a Realtor in the Seattle, WA area:



6. Follow Local Discussions: Use 3^rd party sites like TwitterLocal to search out discussions about your area and watch those discussions.  Gain a pulse on what the hot topics are in your area.  Use this as an information source for blog posts or general conversations with clients.
7. Get Feedback: Twitter is a great medium for asking a question, and getting answers.  Want to know what people think about why buyers are sitting on the fence, or what they think of the new website you just put up for you listing?  Maybe you want some feedback about a vendor you are considering hiring.  Ask the twitter-sphere and you will get all kinds of answers.
8. Direct Traffic to Your Blog or Website:  A very powerful part of twitter is in the links that you can include in your tweets. When you send out a link, it is a referral to somewhere.  And, if you have built a network of people on twitter who trust you, you have a great chance that your followers will view your link, which will effectively drive traffic to your website and/or your blog.
9. Extend Your Personal Brand: Your profile page, and the content you tweet, says something about you.  Twitter provides a great opportunity to extend the brand that you have built in off-line marketing materials onto the web and into a social network.  If done properly, you will position yourself as a trusted advisor and have an easier time utilizing twitter to enhance your business opportunities.
10. To Broadcast: This is my least favorite Twitter usage suggestion, but if done in moderation, after building a following that trusts you, Twitter can be a way to promote your services or your listings. However, WORD OF CAUTION, if not done properly, using Twitter as a strictly broadcast medium will be perceived as spam and you will not only loose followers, but damage your credibility and reputation in this social network. It is really about tone and frequency and this strategy is not the first you should embark upon when joining Twitter.  I’ll discuss more about this in a future post.

Curious enough to give Twitter a try?  If so, start by following me (@staceyharmon).  Watch how we use Twitter and start interacting with us.  We look forward to the Twitter 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”.

Wishing you Seasons Greetings and good wishes.  Thank you for your continued readership of our blog.

May your holidays and New Year be filled with Hope, Joy, and Peace!

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.

If one of your New Year’s resolutions is to jump on an opportunity to learn more about how social media can grow your business in 2010, then save the date for January 4th to get started on your goal.  Virtual Real Estate Barcamp is back and all you need to attend is a computer and an internet connection.  This webinar is free for you to participate in and is pulling some of the best national trainers on the real estate social media scene.  Pango Group, the parent brand of CMG Escrow, is a sponsor of Virtual REBarCamp and I have been invited to present during the webinar.  I’ll be available after my webinar session to field questions in the live chat room.  Hope to “see” you there!

Event Details are as follows:

• When:  Monday, January 4th, 2010, 9:00 am – 4:00 pm PST
• Where:  Online Webinar
• How to Attend:  Information Here
• Cost:  Free
• Registration: Participate by registering here
• Schedule:  Calendar of Sessions
• Presenter Bios

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”.

In a recent post, Details Matter in the REO process, the differences between REO (Real Estate Owned) escrows and standard escrows were discussed.  This post is designed to highlight a significant psychological difference that can help you and your clients successfully navigate the REO terrain:  patience.

For a number of reasons, the process for an REO escrow can take longer than a standard escrow:

• The Seller of an REO is a Bank or Lending Institution who may have many properties in escrow at once. This means that what may seem like a simple response to a question can take days to be considered, much less answered.

• An accepted offer or contract may take several days to be uploaded onto the Seller’s online system where it will only then be listed as a “task” to open escrow.

• Banks must follow specific, strict procedures that can take longer than a standard escrow.

• Finally, the HUD process takes approximately five days after the Buyer has signed the loan.

Realtors: Realizing these differences and delays can help you keep your Buyer calm and confident while working through an REO escrow.

Buyers: Knowing it can take longer to work through an REO escrow can help make the process much less stressful.

When all parties understand how these differences add time to the process, they can sit tight and allow the escrow officers to focus their time on processing the transaction. Ultimately, your patience can lead to a successful (and less stressful) transaction for everyone.

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”.