Rudy Bachraty’s Real Estate Blog

Trulia’s very own Pierre Calzadilla and Trulia Voice Luke Constantino recently appeared on NY1 talking about how home buyers, home sellers and real estate agents are using social networking sites like Trulia, Facebook, Linkedin and Twitter. Great job guys!

“What’s changed is the medium in which the consumers and the agents are connecting. And how consumers are finding information, and how agents are connecting to these consumers,” said Pierre Calzadilla of Trulia.com.”

“Facebook has become the online cocktail party. Great way to agents and consumers to connect, very light touching, not heavy selling,” said Calzadilla. “LinkedIn has become the online chamber of commerce, professional, a little more rules when you connect. Twitter is like riding the bus and hearing someone talk about real estate and can say, hey, I’m an agent and I can help you sell that home.”

“I believe less is more, it’s a social media, it’s like a lounge, they’re friends. If they want, they will contact you, they know you are in real estate,” said Constantino.”

Agents and consumers who have embraced social networking tools and sites are the ones reaping the benefits. Simply having a basic profile with you name and contact info on these sites is not enough. You need to add more details about yourself and complete your profiles as much as you can - the details matter. Most social networking sites allow you to add more details about yourself, your business, your accomplishments and your interests. Take advantage of it. Think of your profile as your resume. You wouldn’t want someone reading a blank resume now would you? On Trulia, think of your profile as your Real Estate Resume. If you’re looking to make a connection with someone, a good first impression can make all the difference in the world.

Consumers like DJ Waldow are finding their real estate agents, Michael Colvin, on Trulia Voices to help them buy and sell their homes. Some agents like Karen Fiddler, are doing extremely well on Trulia. Social networking on sites like Trulia does work!

Have you created your free Trulia Real Estate Resume yet?

Condo, short for Condominium, is a term used to describe a type of real property and home ownership a person has in an individual piece of real property. The unit is part of a multi-unit building where each individual condo owner holds title to and owns certain elements within the walls of their condo unit while sharing the rest of the common areas with other condo unit owners. As a Condo owner, you also pay a monthly homeowner association fee - commonly known as a HOA fee -  which contributes to the maintence of the community and other operating costs.

A Condo can take the form of an apartment or townhouse. Compared to other forms of home ownership, condos are typically more affordable than single family homes within the same geographic area. You get all the benefits of owning a home such as tax benefits, appreciation over a long period of time, equity and more without the usual maintenance and upkeep of single family homes.

Many homeowners enjoy the lifestyle and flexibility condo living provides. Communal living provides condo owners with a real sense of community where they can easily interact with their neighbors. The virtual maintenance free living affords condo homeowners with a piece of mind from the usual exterior wear and tear or a home. Liberal subletting policies and pet policies provide both primary residents and investor condo owners with the opportunity to generate income from their homes.

If you have lived in or currently live in a condo, we'd love to here some of your pros and cons of condo living.

LIVE from New York City

- I took to the streets of Manhattan to try to get a pulse on what people thought about the proposed $700 billion bailout and how it would effect the housing market. I spoke to well over a hundred people yet only about 10% agreed to share their thoughts and opinions on film.

The mood was somber on the streets. Lots of uncertainty. People were confused and concerned about their future. They worried about their home values, retirement acounts and job security. Some didn't even know what was going on - that was pretty scary.

We're living through some historic times. Hopefully, the right decisons will be made by the government and we'll get back on the right track.

Image via True Gotham

Have you ever heard the term House Rich and Cash Poor? If you own a McMansion, but have no furniture and eat Ramen noodles every night, you might be house rich and cash poor. Generally, it means you financially overextended yourself. Andy, a home buyer from Alpharetta, Georgia, asked this weeks top viewed question on Trulia Voices - “Our combined income is around $121k a year. Are we being unrealistic looking at homes priced close to $500k?” By asking our real estate community for advice, Andy has taken a proactive measure to assist him in making a very important home buying decision. One that will hopefully help him and his wife live comfortably within their means.

Feedback from our Trulia Voices Community

Jeff Mitchell, a real estate agent from Vero Beach, Florida, says, “A fairly conventional guideline is that your home payment costs including taxes and insurance should not exceed 30 to 33% of income. You should also have some savings in place in addition to your down payment and closing costs to be on the safe side. The recommended savings is about 6 months of living expenses. If you have been pre-approved with a reliable mortgage lender, your finances are probably in good shape.”

Joshua Jarvis, a real estate agent from Atlanta, Georgia said, “It’s about your budget. What can you afford per month… and what does that translate into a home.  Get your budget straight is only the first step. Getting a plan and strategy together is your second step. You need to plan on how long you will live there, what is your equity strategy (how much will you put down) and what is your exit strategy… i.e. Rental, resale… ect.”

Real estate agent Hank Miller from Georgia, said,”Your lender and your agent can work up what the expected monthly carrying cost of a home can be. Budget that with your other expenses; add a few percent for the unexpected and you’ll get an idea of what you can afford. Obviously at that point you need to start checking inventory, then hopefully find something that matches. Don’t buy a home to get rich, buy a home to have a rich life and enjoyTrulia Blog - Real Estate Search › Edit — WordPress the benefits that come with owning your home.”

Lee Adkins, a real estate agent from Alpharetta, Georgia said, “If you are not working with an agent yet, you should talk to the guys here on Trulia (you can click on their pictures for direct contact info) and/or ask for referrals from friends who have had good, direct experiences with particular agents. I would recommend interviewing more than one agent to find the one who best suits you and understands your goals.”

Ty Davis, a home buyer in Atlanta, Georgia said,”Although many people will probably disagree with this, most people who know a thing or two about finance will say that you should spend between 2-3x your annual income on a home. Actually, one person said you should spend about 30% of your net monthly income on a payment, which ends up being in the 2.75x range. I personally believe this to be a wee high, but that’s just my opinion.”

Jenifer Bowman, a real estate agent from Atlanta, Georgia said, “Personally, I always tell my clients to go for a house that is less than they were approved for. Approved numbers are in a perfect world.”

Andy followed up in the thread and said, “Wow what a bunch of great responses!!! Definitely some things for my wife and I to think about. We already have an excellent Realtor that we’re working with. Unfortunately, we keep seeing the same houses for sale week after week with very few new ones coming onto the market.”

My Thoughts

As a home buyer, Andy is doing his homework. Our voices community is providing some valuable answers. It’s another healthy conversation.

Today’s unique local market conditions dictate that home buyers complete their due diligence about the local housing market, their own financial standing and their purchasing power. A knowledgeable local real estate agent and mortgage broker can help home buyers make the best informed home buying decisions. As you can see, we have some great ones right here on Trulia Voices.

You Only Get What You Give

Have you been caught up in the Social Media frenzy? Overwhelmed about all the national websites and social networks out there? Not sure where you should be participating and spending your Time besides your “Home Base” blog or website? You’re not alone. There are many places online that you can strategically spend your time. Depending on your participation levels and engagement, your time spent there could really help you establish your Social Media presence while building your sphere of influence.

Back in June, I wrote a post on the Trulia Blog called, “The Top Three Non-Real Estate Social Media Sites for Realtors®”. Besides Facebook, Linkedin and Meetup.com, there are many other non-real estate social media sites real estate agents can take advantage of. Creating a profile on these sites is just the first step - and a very important one at that. You profile page provides consumers with an overview of who you are and what you do. It’s important to make a good first impression when networking online - your detailed profile helps you do that.

Just Having a Profile is Not Enough

If all you do is create a profile you will never reap the benefits some of these communities can provide. It’s called social networking for a reason - you have to be present and active to benefit. Otherwise, were just being anti-social and social notworking. Don’t get me wrong, you can still get a tremendous amount of value by just observing and reading. In fact, it’s best to be an observer first. Each community is different and the vibe and culture is unique in each. Understanding the culture will help you become a better participant.

From a Fly on the Wall to a Participant

After you create your profile and learn the culture, it’s time to engage and join the conversation.  Besides being active on our popular Trulia Voices Q&A and Blog platform, I participate on and test numerous national sites and social networks. I frequent some more than others and learn new ways to use them all the time. It’s pretty obvious how to use some sites, e.g. Trulia Voices - it’s a great place to engage local home buyers and home sellers. It may take a little longer to figure out how some other sites, e.g. Plurk, can help you grow your business and sphere. Nonetheless, the best part is connecting with people and building solid relationships.

Here’s a non-real estate specific real life example of how I went from being a fly on the wall on Yelp.com to participant. I have been using Yelp for over a year now as an observer to search for local restaurants. Recently, I started getting a little more active there by adding some restaurant reviews myself. Just this week, I participated on a really interesting thread. I complimented one of the commentors and as a result, he sent me a private message. We had a nice back and forth and I’m meeting with him next week for something pretty cool which I can’t talk about - yet. The point is, that I was proactive. I engaged in a conversation with someone I didn’t know and something positive has come out of it for Trulia. Ultimately, your level of engagement will determine the results you receive. You only get what you give.

Where’s my Yardstick?

As agents, it is vital that we understand which types of networking and marketing works and doesn’t work. It’s important that we measure everything we can. On social networks, gauge how many people you have communicated with whether it be via chat, email, private message or phone. Were they meaningful conversations? Did they help you or your business in any way? Did it just make you feel good? There is no wrong answer here. You will quickly learn what you want to get out of each site and how to do it. Measure your results.

For your Home Base blog or site, using tools like Google Analytics or Clicky to track your traffic will help you decide where to actively participate online. There are even services that allow you to track and measure phone calls to specific phone numbers you create on your advertisements. Use these tools to help you decide where to spend your time and money – free is always good.

Social Networking Karma Challenge

Try different things before you let others convince you what works and what doesn’t. No one can walk in your shoes. Take the steps necessary to find out what works for you and your company YOURSELF!

Good luck and please let us know what works for you.

What’s the Forecast?

If you Google the word , you’ll find national sites like the Weather.com and Wunderground.com. Both sites start with a national forecast. Then, you can narrow down to the local area you are interested in and find what the weather will be for that day or week. You’ll see a 5 day forecast and all the local data about current weather conditions. Google and Wunderground.com, NYTimes Weather and Intellicast.com appear. They are all national sites that allow you to focus in on your specific area and get hyper-local weather related information.

So What’s All this Talk that Real Estate is Local?

We all know that just like the weather, real estate is local. Unique micro-climates exist in each of our Cities and towns we live and work in. You won’t hear the weatherman say the average national temperature in the United States is 65 degrees. Nor would you hear him say that it will be 82 degrees in California today.

Real estate is a very local and relationship driven people business. As agents, we live in the markets we serve. We know our neighbors. We know the people who work in the local businesses we frequent. Over time, they become our friends. They become our clients. But we can only be in so many places at once. We can only meet so many people each day. Wouldn’t it be great if we could expand our reach and grow our sphere of influence? Yes it would. And yes you can.

Have a Home Base

Having a local blog or website about your business is essential. You need a “Home Base”. You need a place to add your listings and create local content that consumers could use. You need a place share your expertise. Your blog and website are great for this. But is this all you should be doing? Some would have you believe that it is in your best interest to just contribute your knowledge and listings on your own site or blog. I believe otherwise.

In addition to your “Home Base”,  there are numerous national and local websites, social networking sites and micro-blogging sites where you can establish a valuable local presence. Consumers are frequenting these national sites and are actively participating on them. You should too. They are sharing information about themselves, their home buying and home selling wants and needs and are asking questions. You should be there to engage them. Say it ain’t so Rudy? Really? Yes. But most of you reading this already know this. I am talking to those who might be confused, on the fence or just unaware about how YOU can be sharing your knowledge by marketing yourself and your businesses and networking outside of your own blog or website.

Were you hoping for more details? Great, for those of you who are interested in being more proactive in the Social Media space, my answer is coming up in a follow up blog post…….later today.

 Note: Hurricane IKE is bearing down on the Gulf coast of Texas. Our thoughts are with everyone. Stay safe.

Mike Price from MLBroadcast has written a fantastic post which I think every real estate company should read called - Scouts of the New Frontier: Social Stewards & Custodians of Community. It’s a type of post I have been wanting to write for some time now -the reason every company should have a spokesperson. Ok, so maybe the word “spokesperson” is a little old school or web 1.0 but the point still stands. Your company should have an easily identifiable and accessible face and voice both online and offline that your fans and critics can interact and communicate with.

The Front Lines of Conversation

The reality is that the new frontier is most certainly upon us. Conversation is what drives relationships. And when building and maintaining the reputation of a brand, it is absolutely essential to build trusting relationships everywhere you can. This includes on your own site, blogs and the most popular social networking sites like Twitter, facebook and Linkedin. People are talking about you and your company whether you like it or not. If you do not have a dedicated person to participate in these conversations, your are missing the boat.

Those Who Get it

By being proactive and engaging others you are being real. Now your company no matter how small or large has a voice and face that the consumer can identify with. In addition to the companies Mike Price mentioned, here are some companies who have people on the front lines. Just look at Active Rain who has 3 Community managers - Rich Jacobson, Brad Andersohn and Bob Stewart - they all do a fantastic job. Let’s not forget Glenn Kelman of Redfin who has two official hats - President & CEO and one unofficial hat as the Social Media Maverick for his growing company. Then there is a new wave of social media brand management on the Brokerage level evolving being led by Sherry Chris and her outstanding team at Better Homes and Gardens. On the hybrid blog/brokerage level, Greg Swann of Bloodhound Blog and Lani - first name only required - of Agent Genius successfully serve as the voice and face of their companies/brands. Last but not least, on the blog/mortgage level, we have Brian Brady of World Wide Wealth Advisors, America’s self professed #1 Mortgage Broker getting sh%$ done everywhere you look and Todd Carpenter of Lenderama who is now getting into the real estate trade show business. They all get it. They all do it. When it comes to representing your company and brand, first impressions matter. Make them count.

Represent, Represent!

I represent Trulia and everything we stand for. It’s quite an honor and I love it. We are all about creating the best user experience for both consumers and real estate brokers and agents. We strive to help you connect with each other in an efficient way. Our entire team is passionate about what we do. We are here for you.

It’s all about relationships!

Building and maintaining relationships with agents, brokers and consumers is part of what I do on a daily basis. Whether I do it via email, phone - yes, I still use the phone, text, IM, blog comments, in person or by smoke signal, at the end of the day, I hope to have answered your questions, informed you more about who we are and how we can help you and your business and ultimately, made a meaningful connection. Being the social butterfly that I am, I crave people’s opinions and and always look forward to getting to know people I meet. So if you have any questions or comments about Trulia and what we’re all about, just google me or follow me here.

So what do you think,  should every real estate company and brokerage have a dedicated Social Media “spokesperson” to represent their company? Does yours?

I originally posted this post on our Trulia Corporate Blog where we had a some great comments and Poll.