June 9, 2006

I can’t Get No Respect

 

"Are you my mommy?"

I just watched a spooky science fiction show where this odd, ghostly child keeps going up to different adults and asking them that, over and over. "Are you my mommy?"

And it’s creepy because the kid is creepy, and it’s creepy because of the insistence of the request, and it’s creepy because of the repetition. Yet I feel like that’s exactly what I’m doing with message boards.


Only instead of "Are you my mommy?" it’s "Are you my audience?"

I have a listing (actually, if you count the power of my firm, many listings) so now I face the marketing step of trying to figure out where my customers are. And gosh, where are they?

The Internet seems like a logical place to start. We know from the National Association of Realtors that home buyers use the Net, and we know from our own experience that the Web is full of information and fun. I personally have reaped the rewards of the medium’s power to connect people to each other – I met my husband on a dating site.

But man, are those chat boards cold.

I post on Craigslist around once a day – that I do for "free," as it were. I feel like I have knowledge that many posters don’t have, and to me, sharing it is the equivalent of pro bono lawyering.

But that’s all I can do – any attempts at conversion are met with cold, cold snubs.

The guy moving to Long Beach who doesn’t have a broker? He loved my tip about asking the seller to produce heating bills, but disappeared when I offered a referral to the agent who sold me my house there (I’m not even promoting myself, for Pete’s sake!)

I told a Texan who asked about 3- to 4-bedroom rentals in NYC about price ranges, offered him a Web site where he could go directly to a luxury developer (and not pay me), and also explained to him what brokers did to justify our commission. I headlined my post "From an Agent."

I got this in reply, from a new poster, under the headline "Total Crap (Broker Crapola)":

"[Y]ou sell the aura of "ideal and perfect". And this person wants a 3-4 bedroom in Manhattan. I don’t care who they are, the ‘perfect unit’ for 3 bedrooms in Manhattan at minimum is going to cost $8K/Mo."

The original poster thanked this guy for warning him about my incredibly deceptive "Broker BS." And the punch line is . . . I had given a price range of up to $9,000/mo.

The vituperation I’ve found on Web message boards is just incredible.

I have a couple of clients relocating to New York with their toddler; I don’t know anything about toddlers, so I spent a couple of days on urbanbaby.com.

This is a great site for moms to get advice from other moms about schools and breast feeding. Yet when it comes to real estate, I keep seeing one thread: "I’m a buyer and I just saw the perfect house, but I hate the agent who found it for me. Do I have to pay her?"

It would never occur to me, if I broke my wrist and the doctor was brusque, that I would withhold payment after he set it.

Now I understand that not everybody feels this way. But there’s something about an Internet post that unleashes the id: I HATE YOU HAH HAH HAH.

That said, is there a place on the Web to meet good customers? I have a very strong media background, so I just wrote a local newspaper piece with lots of helpful advice for buyers and sellers. If people are helped by it, great. If they e-mail me and I meet them, better.

But it’s unlikely that anyone will take the trouble to e-mail me and point out that I’m a scourge on the skin of humanity.

The most interesting subset of this problem is how to meet rich clients. My firm has some rentals so high-end that they will be taken only by Wall Streeters – you figure someone has to be pulling down $400,000 a year to throw down $10,000 a month in rent. There are certainly print outlets for reaching those people. Those luxury properties can be marketed to other brokers who are known for that kind of clientele. And there are personal relationships that can be worked – suddenly I’m rediscovering my Harvard classmates.

But electronically? I can’t find anything. The great real estate blogs and communities here are populated by industry people, not the millionaire consultants of my dreams. The New York media with good print demographics have electronic communities with very little traffic — or no traffic whatsoever. The publisher who creates a Web product that somehow really only lets rich people onto its message boards will make a fortune from me in advertising alone.

Unless his product is totally full of crap.

Inman News


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Friday’s bond market

Friday’s bond market has opened in negative territory following early modest stock gains. The Dow and Nasdaq are both up a few points while the bond market is currently down 3/32. This will likely improve this morning’s mortgage rates slightly.

Today’s only semi-relevant economic news was April’s Goods and Services Trade Balance data, which gave us the s ize of the U.S. trade deficit. It was expected to show a deficit of $65.0 billion but revealed that it stood at $63.4 billion. This was lower than expected, but this data is not considered to be of high importance to the bond market or mortgage rates. Therefore, it has had little influence on bond trading and this morning’s pricing.

Yesterday’s Treasury Note sale was met with a decent interest from investors, but non-dealer interest was lower than average. The strong demand is a positive for bonds, but limiting the enthusiasm was the fact most bids came from the bond dealers.

Next week is busy with economic releases for the markets to digest. There is no relevant news scheduled for release Monday. The first important report is a big one with the Producer Price Index (PPI) Tuesday morning. Other key releases on tap for next week are the Consumer Price Index (CPI), Industrial Production and Fed Beige Book reports. Look for more details in Sunday’s weekly preview.

If I were considering financing/refinancing a home, I would…. Lock if my closing was taking place within 7 days… Lock if my closing was taking place between 8 and 20 days… Lock if my closing was taking place between 21 and 60 days… Float if my closing was taking place over 60 days from now… This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.


a la mde


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WAMU Sued For Minimum Wage



Washington Mutual, the biggest U.S. savings and loan, was sued by former loan officers who claim the bank violated overtime and minimum wage laws.

Three former loan officers in California, Illinois and New York claim they worked more than 40 hours per week without overtime pay, according to a lawsuit filed today in Brooklyn federal court. The employees, paid on commission, said they received no pay at all if loans they worked on weren’t approved.

"Defendant has operated under a scheme to deprive these employees of minimum wage and overtime compensation by failing to properly compensate them," lawyers for the employees said in the complaint.

The suit claims Washington Mutual violated California wage laws, as well as federal labor law and New York and Illinois state wage laws. Hundreds of suits have been filed in California against banks, insurers and other companies seeking overtime and other pay for salaried and commissioned workers.

The former Washington Mutual employees are seeking to proceed on behalf of all the bank’s loan officers who worked under similar conditions. The suit seeks back pay and damages.

"We believe our compensation practices are fair and ethical, and we will vigorously defend our company against the allegations made," Alan Gulick, a spokesman for Seattle-based Washington Mutual, said in an e-mailed statement.

The lawsuit is another in a series of overtime suits against financial companies. Bank of America Corp. paid $9 million in September to settle an overtime suit brought by employees who sold home mortgages and personal loans on commission. UBS AG, Morgan Stanley and Merrill Lynch & Co. have all reached multimillion-dollar settlements of overtime suits in the past year. All four settled without admitting wrongdoing.

Managers and administrative workers are generally exempt from overtime under state and federal labor laws. According to federal labor regulations, "an employee whose primary duty is selling financial products does not qualify for the administrative exemption."


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