Salespeople love referrals. They’re the sincerest form of compliment and a remarkably cost-effective route to new business. The idea of attracting referrals is so popular that sales trainers who bill themselves as referral gurus make fortunes promoting magical systems that supposedly deliver more referrals than an agent can handle, all in return for tuition at a three-day seminar. What they talk about for three days is a mystery to me.  Referrals are really pretty simple stuff.  A lot of it you can only acquire through perfect practice of your scripts, over and over, of referral-generating and referral-cultivation tactics.  

Referral Truths and Consequences

Can you explain to a distressed homeowner what their options are before they get to a point of receiving the notice of foreclosure sale? 

It seems not an evening goes by nowadays without a TV interview showing an anxious homeowner sharing the confusion they experienced about the mortgage rate and terms at the time they bought the house that's now upside-down. Three to five years later, when the rates have adjusted, higher mortgage payments have become a reality and the specter of foreclosure looms on the horizon,  it's not a stretch to imagine many distressed homeowners similarly confused about their options.

A previous post here on RealBlogging offered an excerpt from an article at Broker Agent News authored by Michael Parker. (Ref. "What Every Agent Needs to Know about Blogging, Social Networking, RSS Feeds and SEO.")

I read Michael's article. I'd say his position on social networking seems evident given the four times he used the word "hoopla" to describe it.  I respect Michael's thoughts on the matter, but I have a different take.

New real estate wiki for real estate industry is launched. 

History of wikis in real estate
BiggerPockets (launched in 2006) claims to be the first real estate wiki but it unfortunately closed down in May 2007 due to lack of sufficient content.  Introduced shortly therafter, and still going strong, is InmanWiki (part of InmanNews, InmanTV and InmanBlog).  

Interesting New York Times article sent to me by a friend.

By DAVID STREITFELD
Published: January 22, 2008

CARLSBAD, Calif. — Marty Ummel feels she paid too much for her house. So do millions of other people who bought at the peak of the housing boom.
What makes Ms. Ummel different is that she is suing her agent, saying it was all his fault.
Ms. Ummel claims that the agent hid the information that similar homes in the neighborhood were selling for less because he feared she would back out and he would lose his $30,000 commission.   Read the entire article>

Once you decide on the basic structure for your team, you will need to establish a few rules for the hiring process.  I believe it’s best to create some ground rules before you start interviewing and deciding whom to hire.  You can get so excited about the prospect of a new person or a specific person you want to hire that all logic goes out the window.

I would love your input on this.

Not so long ago, real estate was a favorite landing spot for all kinds of people who had no other place to go.

When corporate downsizing created thousands of displaced managers and executives, many enrolled in the many real estate courses offered by agencies in virtually every city. For the agencies offering the courses, it’s a “can’t lose” proposition. The courses generate some revenue, and some of the graduates will become successful professionals for the company.

Rhonda Hamilton is one of our bloggers. She is also national lecturer and instructor co-owner of AllStar Academy of Real Estate, a RealtyU Affiliate in Dallas. Next week at the National Association of Realtors annual convention in Las Vegas on November 14, 2007, she will be honored by REBAC (Real Estate Buyer’s Agent Council) with her induction into the REBAC Hall of Fame. 

Rhonda is recognized as one the leading Buyer Agency, Seller Agency and Luxury Homes instructors. In 2003 she was Hamilton was honored as RealtyU’s Rookie of Year Instructor. She hold the ABR, ASR, ALHS, GRI, C-CREC, LTG, PMN, New Home Sales Specialist, and At Home With Diversity designations and certifications.

One of our readers, Mike Riley, who works with the author of the article below asked if I could post it here for you. I think Robert Ringer's Nantucket story is a great reminder about buyer representation and its challenges. "Buyer/broker agreement" came to mind as I was reading it. But "walking away" came to mind, too, as I read more. I'd love to hear your thoughts on it. Would you have walked? Would you have helped make the offer?

Mel