Every Tuesday, here at the American Trust 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.
Which image is more interesting?
The image on the left is reflective of the default look for a Twitter profile. It’s not unattractive, but it is also overused, and not customized to the personality or brand of the Twitter user. The image on the right is the exact same Twitter profile – the only difference is that it has a custom background applied to it. This is a very simple, and free process that any Twitter user can do.
When you are utilizing Twitter for your business, you want to make sure that you project a persona reflective of who you are. And, when using social media for real estate business purposes, your presence in social communities should reinforce your status as a trusted adviser. How your Twitter profile looks is an element in that.
I’m going to assume that if you are utilizing Twitter, you have already made sure that your profile is filled out and includes you location, links to a business URL, and you have a bio that mentions your profession and gives some personality insight as to who you are. Realtor Elaine Hanson (@ElaineHanson on Twitter) provides a great example of this:
With these details in place, the next step is to make sure that your background is also reflective of your professionalism and personality. There are several great resources out there designed to do just that. Here are two of my favorite:
- Twitrounds: This site offers hundreds of free, beautiful and creative Twitter backgrounds and has a 1 click, automated process for installing your selected background on your twitter profile. It doesn’t get easier than that!
- TwitterImage: Fantastic photographic images as well as creative professional backgrounds can be found here (also for free). This site does not have an automated installation script like Twitrounds does, so you have to go through the manual process of uplaoding the Twitter background to your profile. This is a fairly easy process and the site offers a 4 minute video and step by step directions on how to do this here.
In addition to the free Twitter backgrounds that these sites offer, they also both have the option to pay for a customized Twitter background (between $79-$99 per background). If you want to have a background that is unique to you, this is a very affordable option and a great marketing investment for the Realtor interested in representing their brand on Twitter.
If you install a custom background on your Twitter profile tell us about it by putting a link to your profile in the comments!
If you are unfamiliar with why you might want to use Twitter for real estate, these earlier posts will help to introduce you to Twitter for Realtors:
- Mobile Twitter Tools for Realtors
- An Explanation of This Twitter Thing for Realtors
- What ARE the Values of Twitter for Real Estate?
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Do you have a foreign investor or buyer looking to purchase a home in California? Our experience has been that 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:
- 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.
- 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
- 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.
Our experience has been that there has been little resistance from the buyer to following these suggestions. We have seen that if 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
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Every Tuesday, here at the American Trust 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:
An Explanation of This Twitter Thing for Realtors
What ARE the Benefits and Values of Twitter for Real Estate?
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 are you doing?”. 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,is 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 suddenly 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.
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Concurrent closings are a common escrow situation where a client is conducting two real estate deals, and wants them both to close on the same day. It sounds like a simple, straightforward matter of timing; in reality, the request for a concurrent close can be a difficult and stressful affair for all concerned. It’s like trying to line up two flocks of ducks at the same time.
Reasons For Concurrent Closings
A client may ask for concurrent closings for several reasons. Perhaps they are buying a new house, and using the proceeds from selling their current house to pay for it. Perhaps it’s a business deal with a need for close timing. Perhaps they are involved in a 1031 exchange, and the timing of the closings has strong financial implications. For whatever reason, the less time between the closing of the two deals, the more the client benefits.
The challenge in executing a concurrent closing arises because any real estate transaction involves a multitude of agencies and stakeholders. Title agencies must work through the process of transferring title; spouses, business partners, or other parties with an interest in the property need to be consulted; lenders have approval processes that depend on other paperwork being completed in a timely manner. In short, the escrow officer works an impressive feat of organization and coordination in a concurrent close.
It May Be Out Of Escrow’s Hands
The escrow officer is the director of the two transactions. The escrow officer makes sure people have the right information and forms at the right times, follows up to ensure timely completion of the paperwork, and does whatever is necessary to keep things on track. The plain fact is, however, that a concurrent close runs across many desks besides the escrow officer.
There are ways that a buyer can streamline the process, and help bring the timing of two concurrent transactions closer together. The two biggest considerations would be to have the same title company and the same escrow agency handling both transactions. This opens the possibility for workers in the same office to coordinate their efforts, to the buyer’s benefit. Having the same lender will help, too. Keeping the sale and escrow considerations as simple as possible give the transactions a better chance of coming to a concurrent close.
These are some ways to help make two related transactions close on the same day, or close together. However, because of a real estate sale’s inherent complexity and the number of agencies involved, no timing of a concurrent closing can be totally guaranteed. Dealing with a professional, experienced and skilled escrow company can however help to effectively manage the transaction and meet the closing goals of all involved.
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.ateblog.com) in the box titled “Subscribe via Email”.
Every Tuesday, here at the American Trust 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.
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