technology & real estate brokerage june 2005

Technology & Real Technology & Real Estate Brokerage June Estate Brokerage June

20052005

With Sandy CarrollWith Sandy Carroll

CEO Berkshire County CEO Berkshire County Board of Realtors®, Inc. & Board of Realtors®, Inc. & Multiple Listing Service, Inc.Multiple Listing Service, Inc.

Special ThanksSpecial Thanks

David Staebler, Trend MLS for lots David Staebler, Trend MLS for lots of this material. He was the of this material. He was the pioneer of the “Shock ‘n’ Awe pioneer of the “Shock ‘n’ Awe Realtor® Technology program.Realtor® Technology program.

AnnouncementsAnnouncements

Cell Phone PolicyCell Phone Policy Coffee BreaksCoffee Breaks Lunch BreakLunch Break Credit SlipsCredit Slips

Topics for DiscussionTopics for Discussion

Not ProMatch - Not Tech HintsNot ProMatch - Not Tech Hints

Define RegulationsDefine Regulations Show the REALTORS ImportanceShow the REALTORS Importance Uncover the Tools of the Online Uncover the Tools of the Online

TradeTrade Present an Ounce of PreventionPresent an Ounce of Prevention Tap into the Government Online Tap into the Government Online

(in a very legal, above-board kind of way)(in a very legal, above-board kind of way)

Know Thyself Know Thyself (and the guy sitting next to (and the guy sitting next to you)you) Have E-mail?Have E-mail?

– Check at least once a week?Check at least once a week?– Check at least once a day?Check at least once a day?– Several times a day?Several times a day?

Have a branded Email Address?Have a branded Email Address?

Know Thyself Know Thyself (and the guy sitting next to (and the guy sitting next to you)you) # 1 Want of the Consumers online???# 1 Want of the Consumers online???

- Properties to viewProperties to view

# 2 ….# 2 ….- A Response!!A Response!!

Guess how many do????Guess how many do????

– 10%10%

Who Cares? Who Cares? I’m doing just fine, I’m doing just fine,

thank you very thank you very muchmuch

Lions & Tigers & Bears, Oh Lions & Tigers & Bears, Oh My!My!

The ConsumersThe Consumers The Local MathThe Local Math The Wolf at the DoorThe Wolf at the Door

The LionsThe Lions

The ConsumersThe Consumers

–74% Searched Online74% Searched Online–72% Viewed a home 72% Viewed a home found onlinefound online

Awfully cute, but when they are hungry for something - Awfully cute, but when they are hungry for something - watch outwatch out

TigersTigers

The Local MathThe Local Math

–2143 Sold in 20042143 Sold in 2004–1543 Listings = 72%1543 Listings = 72%–As does $ 365 millionAs does $ 365 million

And Wolves??And Wolves??

The Wolf at the DoorThe Wolf at the Door

– Is it the Realtor® Is it the Realtor®

to your left or right?to your left or right?– 105 New this year, 105 New this year,

79 New Last Year79 New Last Year

Banks, Newspapers, Referral Agencies, Web Banks, Newspapers, Referral Agencies, Web Providers, Government, Other IndustriesProviders, Government, Other Industries

Oh MY!Oh MY!

The Big Picture – We’re Rich!The Big Picture – We’re Rich!

– GDPGDPReal estate related business activity employs 8.4 million Real estate related business activity employs 8.4 million people people 14.5 % of the GDP, fourth largest industry after manufacturing, 14.5 % of the GDP, fourth largest industry after manufacturing, services and government. services and government.

– Ebay Ebay 147 Million Users, 11th Largest Retailer in the World147 Million Users, 11th Largest Retailer in the World

600 BILLION Projected in Goods Sold in 2007 – 21 Billion 1stQ600 BILLION Projected in Goods Sold in 2007 – 21 Billion 1stQ

Can’t sell a house on e-bay? 3000 currently listed in US alone.Can’t sell a house on e-bay? 3000 currently listed in US alone.

– National WorriesNational WorriesInnovation in lead generation, data protection & piracy and Innovation in lead generation, data protection & piracy and inability to keep up. inability to keep up.

Let’s Talk about the WebLet’s Talk about the Web

So Here So Here

We Are…We Are…

In the BeginningIn the Beginning

Early Broker WebsitesEarly Broker Websites

Realtor.com Realtor.com

Broker Sites Framing Broker Sites Framing Realtor.comRealtor.com

DisclaimerDisclaimer

Real websites are shown in this Real websites are shown in this presentationpresentation

Not intended to single out Not intended to single out individuals for ridiculeindividuals for ridicule

Intended to raise awarenessIntended to raise awareness

Brokers Advertised Their Own Listings on Their Websites

REALTOR.COM: AggregatedBroker Listings In One Place

Brokers Framed Realtor.com On Their Websites

What Came NextWhat Came Next

IInternet nternet DData eata eXXchange change

(IDX)(IDX)

VVirtual irtual OOffice ffice WWebsites ebsites (VOW) (VOW)

Auto RespondersAuto Responders

An MLS service mandated by NAR An MLS service mandated by NAR policypolicy

A marketing innovation in response A marketing innovation in response to increasing consumer use of the to increasing consumer use of the Internet to research and make Internet to research and make purchasespurchases

IDXIDX(Internet Data Exchange)(Internet Data Exchange)

IDXIDX(Internet Data Exchange) (Internet Data Exchange)

MLS cannot force brokers to MLS cannot force brokers to participate in IDXparticipate in IDX

Sellers may direct their listing Sellers may direct their listing broker not to allow their home to broker not to allow their home to be advertised on the internetbe advertised on the internet

An MLS facilitated service in which An MLS facilitated service in which a a voluntaryvoluntary group of licensed real group of licensed real estate brokers mutually grant each estate brokers mutually grant each other permission to other permission to advertiseadvertise each others listings on their each others listings on their Internet websitesInternet websites

Interactive, electronic newspaper Interactive, electronic newspaper ads with “stickiness”ads with “stickiness”

IDXIDX(Internet Data Exchange)(Internet Data Exchange)

What Does IDX Look LikeWhat Does IDX Look Like(Internet Data (Internet Data Exchange) Exchange)

IDX is not MLS

What Does IDX Look LikeWhat Does IDX Look Like(Internet Data Exchange)(Internet Data Exchange)

TWO GOALS:

Get seller’s house sold

Influence the way consumers do business

What Does IDX Look LikeWhat Does IDX Look Like(Internet Data (Internet Data Exchange) Exchange)

New IDX Service New IDX Service ComingComing Berkshire to Have Agent / Office Berkshire to Have Agent / Office

Enhanced Website that you can Enhanced Website that you can use for your own listings… use for your own listings… searchable by officesearchable by office

Standard IDX with brokerage Standard IDX with brokerage name and phone only for all other name and phone only for all other listings.listings.

QuestionsQuestions

VOWsVOWs

VOW - In TheoryVOW - In Theory(Virtual Office Website)(Virtual Office Website)

An Internet websiteAn Internet website– through which through which brokerage servicesbrokerage services are provided are provided

– to consumersto consumers

– who have established a who have established a broker – consumerbroker – consumer relationshiprelationship (as defined by state law) with the (as defined by state law) with the broker broker

– beforebefore they are allowed the opportunity to search they are allowed the opportunity to search through listings of properties for sale on the through listings of properties for sale on the websitewebsite

– subject to the broker/website operator’s subject to the broker/website operator’s oversightoversight, , supervisionsupervision and and accountabilityaccountability

VOW - In TheoryVOW - In Theory(Virtual Office Website)(Virtual Office Website)

a a privateprivate website operated by a website operated by a broker, orbroker, or

a a private areaprivate area within a broker’s within a broker’s public websitepublic website

exclusively for the broker’s exclusively for the broker’s established customersestablished customers

VOW - In PracticeVOW - In Practice(Virtual Office Website)(Virtual Office Website)

Operate similarly to IDX websites Operate similarly to IDX websites (can you tell the difference?)(can you tell the difference?)

Can You Tell the Difference?Can You Tell the Difference?

VOW - In PracticeVOW - In Practice(Virtual Office Website)(Virtual Office Website)

Sometimes used to avoid IDX Sometimes used to avoid IDX requirements and restrictionsrequirements and restrictions

Often provide more complete data than Often provide more complete data than IDXIDX (especially in low participation IDX markets)(especially in low participation IDX markets)

Consumers typically have little or no Consumers typically have little or no relationship or other contact with the relationship or other contact with the broker/website operatorbroker/website operator

Consumers typically disregard the terms of Consumers typically disregard the terms of use and requirements “agreed to” when use and requirements “agreed to” when they registerthey register

VOW - VOW - As Defined by NARAs Defined by NAR

(Virtual Office Website)(Virtual Office Website)

NAR adopted policies governing NAR adopted policies governing the use of MLS data in the use of MLS data in connection with Internet connection with Internet brokerage services:brokerage services:

VOW - As Defined by NARVOW - As Defined by NAR(Virtual Office Website)(Virtual Office Website)

• Makes VOW very much like IDXMakes VOW very much like IDX

• Attempts to stop the actual and perceived Attempts to stop the actual and perceived end runs around IDX rules end runs around IDX rules

• Might make “VOW in Theory” not possibleMight make “VOW in Theory” not possible

• Has resulted in a DoJ Anti-Trust Division Has resulted in a DoJ Anti-Trust Division InvestigationInvestigation

• At NAR’s urging, adoption of VOW policies At NAR’s urging, adoption of VOW policies by MLSs are on hold pending outcome of by MLSs are on hold pending outcome of the DoJ Investigation the DoJ Investigation

Questions Questions

Auto Auto RespondersResponders

Auto RespondersAuto Responders

Listing data sent (pushed) automatically to Listing data sent (pushed) automatically to recipients recipients

Search criteria established by either Search criteria established by either – the recipient (consumer)the recipient (consumer)– the sender (broker, agent)the sender (broker, agent)

Typical delivery methods: Typical delivery methods: – e-maile-mail– faxfax

Consumers do not search the listing databaseConsumers do not search the listing database

Auto Responders Auto Responders

How Auto How Auto Responders Responders WorkWork

used to used to capture capture contact contact informationinformation

turn a turn a “Lookie Lou” “Lookie Lou” into a “Pen into a “Pen Pal”Pal”

Become their Become their broker during broker during incubationincubation

Auto Responders Auto Responders

How Auto How Auto Responders Responders WorkWork

consumer consumer signs-up for signs-up for the servicethe service

Auto Responders Auto Responders

How Auto How Auto Responders Responders WorkWork

Consumer Consumer enters search enters search criteriacriteria

Results are not Results are not displayed on the displayed on the broker’s websitebroker’s website

Auto Responders Auto Responders

How Auto How Auto Responders Responders WorkWork

E-mail messages are E-mail messages are sent to consumers sent to consumers on on a regular schedulea regular schedule

Not a websiteNot a website

Helps capture an Helps capture an “incubating” “incubating” customercustomer

Auto RespondersAuto Responders

An old idea – adapted for Internet useAn old idea – adapted for Internet use

Doesn’t have to be operated through a Doesn’t have to be operated through a websitewebsite

Automated MLS prospecting functionAutomated MLS prospecting function

Currently MLSs have no authority from NAR Currently MLSs have no authority from NAR to make specific Auto Responders policiesto make specific Auto Responders policies

Use of MLS data through Auto Responders is Use of MLS data through Auto Responders is subject to MLS rulessubject to MLS rules

QuestionsQuestions

33rdrd Party Players Party Players

AggregatorsAggregators

Search EnginesSearch Engines

PortalsPortals

What’s Out What’s Out There?There?

Data Aggregating by 3Data Aggregating by 3rdrd PartiesParties

– MLS & Association Public MLS & Association Public WebsitesWebsites

– Realtor.comRealtor.com– Newspaper websitesNewspaper websites– Other Non-Brokerage Company Other Non-Brokerage Company

WebsitesWebsites

What’s Out What’s Out There?There? Data Framing, Portals & Data Framing, Portals &

Search Engines of 3Search Engines of 3rdrd Parties Parties

– FramingFraming– LinkingLinking– Search Engine PositioningSearch Engine Positioning– Traffic Selling & BuyingTraffic Selling & Buying

Data AggregatingData Aggregating

Association/Association/MLS SitesMLS Sites

Local Local Realtor.comRealtor.com

Usually no Usually no advertisingadvertising

Data AggregatingData Aggregating

REALTOR.COMREALTOR.COM

No charge to No charge to get your listings get your listings therethere

All sorts of All sorts of ways to spend ways to spend money to make money to make them more them more visiblevisible

Reality checkReality check

Data AggregatingData Aggregating

REALTOR.COMREALTOR.COM

Two Featured Two Featured HomesHomes

Ads to the rightAds to the right

NAR’s NAR’s influence: influence: some some advertising advertising interests not interests not welcomewelcome

Data Data AggregatingAggregating

NEWSPAPERSNEWSPAPERS

Ads left, right, Ads left, right, top and bottomtop and bottom

NAR has NAR has influenced who influenced who can advertise on can advertise on Realtor.comRealtor.com

That influence That influence does not reach does not reach newspapersnewspapers

Data AggregatingData Aggregating

OTHER OTHER AGGREGATORAGGREGATORSS

Homes.comHomes.com

RealEstate.comRealEstate.com

HouseValues.coHouseValues.comm

and more . . . .and more . . . .

DATA DATA ISSUESISSUES

source of source of datadata

completenescompletenesss

freshnessfreshness

requirementrequirementss

Data IssuesData Issues

Non-Aggregator Non-Aggregator FramingFraming

FRAMINGFRAMING

Realtor.com Realtor.com appears on AOLappears on AOL

Realtor.com also Realtor.com also appears on appears on MSN.comMSN.com

Not all framing is Not all framing is in your best in your best interestsinterests

VALLEY HOMESVALLEY HOMES Search entered Search entered

on Regional on Regional Newspaper Newspaper WebsiteWebsite

Results display Results display on Broker’s IDX on Broker’s IDX websitewebsite

PortalsPortals

VALLEY HOMESVALLEY HOMES Search entered Search entered

on Regional on Regional Newspaper Newspaper WebsiteWebsite

Results display Results display on Broker’s IDX on Broker’s IDX websitewebsite

This is not This is not framingframing

PortalsPortals

PortalsPortals

YAHOO!YAHOO!

Link to broker Link to broker websitewebsite

Yahoo has Yahoo has traffictraffic

Broker Broker bought bought the traffic for the traffic for a geographic a geographic areaarea

PortalsPortals

HOME GAINHOME GAIN

Sells Sells geography by geography by county, city, county, city, zipcodezipcode

Links go to Links go to broker and broker and agent websitesagent websites

QuestionsQuestions

It’s a Good Thing It’s a Good Thing

Most Most

Real Estate Real Estate

Commissions Don’t Commissions Don’t

Know AboutKnow About

the Internetthe Internet

Website Website Compliance Compliance

RequirementsRequirements

What do you think a What do you think a website………..website………..

MUSTMUST HAVE HAVE SHOULDSHOULD HAVE HAVE DOESN’T NEEDDOESN’T NEED TO HAVE TO HAVE

??????????????????????66

Trick Question.. A bitTrick Question.. A bit

Agent & Firm Websites are Agent & Firm Websites are different!different!

Agents & Brokers Beware!!Agents & Brokers Beware!!

Just ask Lisa Nickerson of Brockton. Just ask Lisa Nickerson of Brockton. Her RE license was suspended this Her RE license was suspended this year for advertising property for sale year for advertising property for sale in her own namein her own name

And three other sales agents lost And three other sales agents lost their license for acting as a their license for acting as a broker… broker…

–In MassachusettsIn Massachusetts–In 2005In 2005

Page 6 in HandoutsPage 6 in Handouts

Compliance on The WebCompliance on The Web

Firm NameFirm Name City & State firms Office is locatedCity & State firms Office is located Where License(s) are HeldWhere License(s) are Held Licensee Name (if applicable)Licensee Name (if applicable) Privacy Policy Privacy Policy

Compliance on The Compliance on The WebWeb This includes advertising on a This includes advertising on a

website, in on-line classifieds, website, in on-line classifieds, newsgroups, list serves, newsgroups, list serves, discussion groups, BLOGS, and discussion groups, BLOGS, and any passive method of any passive method of advertising a brokerage, advertising a brokerage, brokerage services or properties brokerage services or properties for sale or lease.for sale or lease.

Reminder!!Reminder!!

Agents must get the Agents must get the APPROVAL of the BROKER.. APPROVAL of the BROKER..

It is their business / license on the It is their business / license on the line (and your’s too)line (and your’s too)

Identify Identify Brokerage Brokerage on Every Pageon Every Page

Missing Missing ▪▪ ▪▪ ▪▪ ▪▪ ▪▪

brokerage namebrokerage name

office locationoffice location

office main phone office main phone ##

agents’ last namesagents’ last names

Simple StuffSimple Stuff

Simple StuffSimple Stuff

Office / Agent Co-Office / Agent Co-BrandingBranding

– most states require most states require brokerage name at least brokerage name at least equal in sizeequal in size

– some require it larger or some require it larger or

more prominentmore prominent

– REALTORS® hold REALTORS® hold themselves to a higher themselves to a higher standardstandard

– Best PracticesBest Practices

Even Realtor.comEven Realtor.comOffice / Office / Agent Agent Co-BrandingCo-Branding

Missing Missing ▪▪ ▪▪ ▪▪ ▪▪ ▪▪

– brokerage brokerage namename

– office locationoffice location– office main office main

phone #phone #

Use of Use of “REALTOR®” in “REALTOR®” in website website addressaddress

Simple StuffSimple Stuff

TEAMS:TEAMS:Don’t give the Don’t give the impression you impression you are a brokerage are a brokerage if you are notif you are not

Michael Wilson & Michael Wilson & Company Company is not a brokerageis not a brokerage

Simple StuffSimple Stuff

Give a “True Picture”Give a “True Picture”

Is a “true Is a “true picture” given picture” given on this website?on this website?

– Hot Properties !Hot Properties !

– 19 Feature Homes19 Feature Homes

19 Properties19 Properties 17 appeared in the 17 appeared in the

MLSMLS All listed by agent’s All listed by agent’s

brokeragebrokerage 7 listed by other 7 listed by other

agentsagents 1 Active1 Active 1 Active Under 1 Active Under

ContractContract 2 Pending2 Pending 5 Settled5 Settled 5 Withdrawn5 Withdrawn 3 Expired3 Expired

Give a “True Picture”Give a “True Picture”

A Fairy TaleA Fairy Tale

That Really HappenedThat Really Happened

The Story of a ListingThe Story of a ListingYahoo! Real Yahoo! Real

EstateEstate

33rdrd party aggregator party aggregator

MLS had no MLS had no involvement involvement in placing this listing in placing this listing on Yahoo!on Yahoo!

MLS did not MLS did not authorize the use of authorize the use of its © photoits © photo

How did Yahoo! get this?How did Yahoo! get this?

How Did Yahoo! Get How Did Yahoo! Get ThisThis

Listing first Listing first appeared onappeared onthis agent’s this agent’s websitewebsite Agent copied Agent copied the data and the data and photo from photo from Realtor.com Realtor.com with a website with a website utilityutility

How did Yahoo! get How did Yahoo! get this listing?this listing?

Web Web Distribution Distribution

ArrangementsArrangements

Third parties Third parties sharing sharing content they content they acquire with acquire with other third other third partiesparties

How Did Yahoo! Get How Did Yahoo! Get This?This?

How Did Yahoo! Get How Did Yahoo! Get This?This?

Here’s how it Here’s how it happenedhappened

Loaded to agent’s Loaded to agent’s websitewebsite

Agent’s vendor Agent’s vendor distributed distributed it to Yahoo!it to Yahoo!

The agent knewThe agent knew

Agent’s broker didn’tAgent’s broker didn’t

but, it gets better . . .but, it gets better . . .

It Was Listed by Another It Was Listed by Another FirmFirm

Subject to an Subject to an agreement of agreement of sale for over sale for over one month one month when when discovereddiscovered

Advertising on the Advertising on the Internet Is Like Internet Is Like Advertising in PrintAdvertising in Print

REALTOR® ethics applyREALTOR® ethics apply

Advertising laws applyAdvertising laws apply

Identify brokerage Identify brokerage OOPSOOPS

Give a “true picture” Give a “true picture” OOPSOOPS

Don’t advertise another Don’t advertise another broker’sbroker’s listing without listing without permission permission OOPSOOPS

The Hometown The Hometown JournalJournalReal Estate Section

Uncontrolled Web Uncontrolled Web DistributionDistribution

Vendor’s National Vendor’s National WebsiteWebsite

unauthorized unauthorized distribution distribution of a copyrighted photoof a copyrighted photo

office and agent office and agent identifiedidentified

listing appears with ads listing appears with ads sold by vendorsold by vendor

HomeGain.comHomeGain.com

Broker / Agent not Broker / Agent not listedlisted

Attribution says, Attribution says, “Homes.com”“Homes.com”

HomeGain will help HomeGain will help you you find a REALTOR®find a REALTOR®

The agent who The agent who provided the listing is provided the listing is NOT one of themNOT one of them

and there’s a 2and there’s a 2ndnd punch line . . . punch line . . .

Uncontrolled Web DistributionUncontrolled Web Distribution

It Wasn’t His ListingIt Wasn’t His Listing

Listed by agent’s Listed by agent’s firmfirm

Agent’s broker Agent’s broker didn’t know until I didn’t know until I told himtold him

Under contract & Under contract & off the market off the market over over 5050 days days when discoveredwhen discovered

REALTOR Beware!REALTOR Beware!

Uncontrolled Web Distribution is Uncontrolled Web Distribution is happening happening

Even in Even in Berkshire Berkshire

CountyCounty

Lesson LearnedLesson Learned

Whether you are operating a full Whether you are operating a full blown website & marketing campaignblown website & marketing campaign

Or you are taking advantage of IDX Or you are taking advantage of IDX and Realtor®.com…..and Realtor®.com…..

FOLLOW THE LEADS! Respond to FOLLOW THE LEADS! Respond to inquiries! Stay Central to the inquiries! Stay Central to the Transaction!Transaction!

Don’t let you Seller’s police your Don’t let you Seller’s police your data for you.data for you.

Make sure to can explain to the Make sure to can explain to the Seller exactly where, when and Seller exactly where, when and how their data goes out to the how their data goes out to the public.public.

Take advantage of this new Take advantage of this new marketplace!marketplace!

Lesson LearnedLesson Learned

QuestionsQuestions

Electronic Electronic Portfolio Portfolio

ManagementManagement

Electronic Portfolio Electronic Portfolio ManagementManagement Record keeping includes on-line Record keeping includes on-line

communications now. Email, communications now. Email, efax, IM (Instant Messaging).efax, IM (Instant Messaging).

Same obligations to provide Same obligations to provide electronic communication electronic communication copies to clients.copies to clients.

Sending documents on-line to Sending documents on-line to clientsclients

Return Receipt VerifiedReturn Receipt VerifiedTransaction Transaction

Management SystemsManagement SystemsFinal Record Retention Final Record Retention

tipstips

Electronic Portfolio Electronic Portfolio ManagementManagement

QuestionsQuestions

Same requirements as web, Same requirements as web,

(page 6 of handouts)(page 6 of handouts)

Electronic SignaturesElectronic Signatures

E-mail Court Case E-mail Court Case (in full on page 8)(in full on page 8)

Email CommunicationsEmail Communications

Shattuck v. KlozbachShattuck v. Klozbach

Negotiations and promises Negotiations and promises made between a Seller and made between a Seller and Prospective Purchaser via Prospective Purchaser via email were deemed an email were deemed an enforceable agreement.enforceable agreement.

Shattuck v. KlozbachShattuck v. Klozbach

Several weeks of back and forth Several weeks of back and forth negotiations occurred.negotiations occurred.

Seller indicated his preference to Seller indicated his preference to communicate via e-mailcommunicate via e-mail

Both parties agreed on a price and Both parties agreed on a price and contingency terms and referenced a contingency terms and referenced a purchase and sale agreement to be purchase and sale agreement to be drawn according to those termsdrawn according to those terms

Shattuck v. KlozbachShattuck v. Klozbach

Each communication was signed with Each communication was signed with the typewritten name of the partiesthe typewritten name of the parties

Telegram PrecedentTelegram Precedent All writings, read together, contained All writings, read together, contained

all necessary elements needed for all necessary elements needed for transfer of property according to transfer of property according to Statue of Frauds.Statue of Frauds.

QuestionsQuestions

Sharing of FeesSharing of Fees

Sharing of FeesSharing of Fees No fee, commission or other No fee, commission or other

valuable consideration shall be paid valuable consideration shall be paid to or shared by an owner's to or shared by an owner's managing agent or its employees as managing agent or its employees as the result of the sale of real estate the result of the sale of real estate for the owner unless such agent and for the owner unless such agent and its employees are licensed brokers its employees are licensed brokers or salespersons, except as provided or salespersons, except as provided for in M.G.L.c. 112, § 87QQ.for in M.G.L.c. 112, § 87QQ.

Agent binds broker to Agent binds broker to arrangementarrangement

Lead generation services can be Lead generation services can be ongoingongoing

Referral fees are limited to Referral fees are limited to licensed real estate agents (with licensed real estate agents (with exceptions)exceptions)

Non-exclusive vs. exclusiveNon-exclusive vs. exclusive

Sharing of FeesSharing of Fees

QuestionsQuestions

Company & Internet Company & Internet PolicyPolicy Handouts begin shaping the itemsHandouts begin shaping the items Realtor®.orgRealtor®.org Distribute PolicyDistribute Policy Explain PolicyExplain Policy ACTUALLY Check agent use. ACTUALLY Check agent use.

Optional thoughts for consideration Optional thoughts for consideration (pg.11)(pg.11)

QuestionsQuestions

Finding & Using State Finding & Using State and Federal Websites and Federal Websites to your Advantageto your Advantage

See final page See final page in handouts for in handouts for a full list of a full list of URLS…URLS…

What is a URL, What is a URL, by the way?by the way?

QuestionsQuestions

SPAM, SPAM, SPAM, SPAM, SPAM,SPAM,CAN SPAM, CAN CAN SPAM, CAN SPAM, EGGS & SPAM, EGGS & SPAMSPAM

SPAMSPAM

You are excited about a new You are excited about a new property you just listed and property you just listed and want to alert all of your current want to alert all of your current clients, past clients and clients, past clients and business contacts to the listing. business contacts to the listing. So you send a friendly e-mail So you send a friendly e-mail describing the property to describing the property to everyone in your address book.everyone in your address book.

SPAMSPAM

Congratulations, Congratulations, you may have just you may have just broken the law.broken the law.

SPAMSPAM

On January 1, 2004, commercial On January 1, 2004, commercial e-mail became a federally e-mail became a federally regulated activity, thanks to the regulated activity, thanks to the CAN-SPAM Act of 2003. CAN-SPAM Act of 2003.

1. Understand commercial versus 1. Understand commercial versus transactional e-mail. transactional e-mail.

SPAMSPAM

2. Never send e-mail blasts from 2. Never send e-mail blasts from a computer you’re not authorized a computer you’re not authorized to use or an e-mail address that to use or an e-mail address that doesn’t belong to you or your doesn’t belong to you or your company company

SPAMSPAM

3. Don’t use a misleading 3. Don’t use a misleading subject headingsubject heading

SPAMSPAM

4. If you’re promoting your 4. If you’re promoting your services, you must say so.services, you must say so.

SPAMSPAM

SPAMSPAM

5. Allow your reply address to 5. Allow your reply address to serve as an “unsubscribe” serve as an “unsubscribe” functionfunction

SPAMSPAM

6. Centralize your 6. Centralize your lead/contact databaselead/contact database

SPAMSPAM

7. List your company’s street 7. List your company’s street address at the end of the e-address at the end of the e-mailmail

SPAMSPAM

A violation of the CAN-SPAM Act A violation of the CAN-SPAM Act can result in, among other things, can result in, among other things, monetary fines of $250 for each monetary fines of $250 for each unlawful e-mail sent, up to $2 unlawful e-mail sent, up to $2 million (more for aggravating million (more for aggravating violations), and even a prison violations), and even a prison sentence.sentence.

SPAMSPAM

Be on the safe side and simply Be on the safe side and simply demonstrate a high level of demonstrate a high level of professionalism. professionalism.

It really is just good business It really is just good business practice.practice.

QuestionsQuestions

TidbitsTidbits Year after year, when do # visitors on Year after year, when do # visitors on

Realtor®.com jump from 4 – 7 million?Realtor®.com jump from 4 – 7 million?

NAR Is working on a new product that NAR Is working on a new product that delivers your website leads to your cell delivers your website leads to your cell phone! See you packet for information.phone! See you packet for information.

There is a company called REVA (Real There is a company called REVA (Real Estate Virtual Assistants that helps Estate Virtual Assistants that helps Realtors® with the Tech / Marketing part Realtors® with the Tech / Marketing part of the job so that they have free time to of the job so that they have free time to SELL!SELL!

Thank youThank you

Members Website: Members Website: www.BerkshireREALTORS.orgwww.BerkshireREALTORS.org

Public Website: Public Website: www. www. BerkshireREALTORS.comBerkshireREALTORS.com