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Letters to the Editor

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"The $6,000 Needle in the Haystack: Three Reasons Why Agents Don't Maximize Internet Leads"

RISMedia's Real Estate magazine,
February, 2007

In your recent article about agents not responding and converting Internet leads, I noticed some very disturbing statistics. We, as a team, recognized this same problem last year when I found an article stating the following:

• 20% of Web site visitors expect a response immediately
• 25% of Web site visitors expect a response within 30 minutes
• The average response time from an agent was over 16 hours and 48% are ignored completely

We have a very inexpensive Web site, www.jaykinder.com, that we bought through a company by the name of Web Agent Solutions. We have a cell phone dedicated to text messages that are sent immediately once a client submits a form on our site. This allows my agents to respond within minutes to leads on the site instead of hours.

We are also using video to direct the potential home buyer or seller to specific pages on the site that have what they want such as "Search MLS" or automated e-mail programs that send a buyer prospect new listings that match their criteria on a daily basis. This, too, increases conversion dramatically.

We have found this site to be the best online investment for our team and many of the top agents in the world are using it. It also has some great automated follow-up features as well. It helped me sell 520 homes in 2006 and we should get to 650 this year.

Jay Kinder
Broker Associate
Lawton, Oklahoma

"How Do You Handle Pricing Expectations?"
February 21, 2007

The Laws of Supply and Demand

Our problems go much deeper than just the seller's mental attitude [about pricing expectations]. I do agree with all three brokers in their approaches to educating prospective sellers (and the same should go for buyers and probably even more so).

What I don't agree with is that they are not stating that we are in a market that is reversing course from the rampant appreciation seen in many areas from 2002-2006.

Our biggest problems in the accelerated appreciation seen in many areas go back to the law of supply and demand. The smorgasbord of new loans, with fraud rampant by both buyers (lying about their income on stated loans), real estate agents and mortgage lenders, is slowly hitting the fan, but before doing so, will increase in momentum like an out-of-control train coming down the mountain, eventually wrecking in a massive mess of financial chaos and turmoil.

Sellers have great misconceptions now, and if Realtors don't start going the extra mile-giving service with hospitality to the prospective client-then the Realtor will be out of business, and those sellers not fortunate enough to have a realist working for them will watch their net worth go down.

I urge you to spend more time investigating and writing on the subject at hand, that is on almost everybody's mind, lenders, borrowers, owners, agents, sellers, and the secondary market players as well as the large insurance companies, who are hoping and praying that this highly probable scenario does not play out the way I have spelled it out here.

Larry Patrick
Investor and Broker
Author of Getting To Free & Clear

The Worm Will Always Turn

There is always a silver lining.

The listing agents here in Columbus, Ohio, are singing the blues just like the rest of the country, but our buyers are reaping the benefits of large inventories and sellers competing with each other to get their homes sold.

There are always people out there who want last year's price, but there are also people who need to get their home sold. We are finding those who need to get their homes sold and doing aggressive evaluation and negotiation. Our buyers are doing very well.
One constant in this business is the worm will always turn.

Tom Early
Past President
National Association of Exclusive
Buyer Agents

Price Tight and Price Right

In a market where prices may not be going up, and you have too much inventory, price tight, price right and take the time to explain it to the seller. Use the "absorption" market rate and simply ask them if they want to be in the group that sells or would they prefer to be in the group that helps the others sell.

For example, if there are 100 homes on the market that compare to the one they have, and last month only 10 homes sold, then they need to be priced where those 10 homes were, because 10 new homes will come on the market this month. It is up to them if they want to be in the 10 that sell or the 90 that do not.

Yes, this is simple. But with proper CMAs and careful adjustments, it does become just that easy.

David Kropp
RE/MAX Excalibur
Scottsdale, Arizona

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