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With 40 percent of clients finding their Realtor® through referrals, social media and a Realtor’s® sphere of  influence become more important ways to build relationships with potential new clients, according to real estate expert Matthew Ferrara. He said this means search engine optimization is less important when research shows that only 3 percent of clients find their Realtors® through a website. Ferrara joins PAR’s Real Property to discuss current Internet trends and real estate.

Social media offers an opportunity for Realtors® to grow their business, according to real estate expert Matthew Ferrara. He bases his opinion on information revealed in NAR’s Profile of the Home Buyer and Seller. He said the survey showed that about 95 percent of home buyers are using social media while only about 51 percent of agents are. “Consumers are ahead of us in using social media every day and that’s an opportunity space for real estate agents to grow,” he said. Ferrara joins PAR Real Property to discuss other helpful trends in the profile.

The Uniform Appraisal Dataset (UAD), setting new standards for appraisals, is set to take effect September 1. Michelle Bradley, PAR chair of Specialized Practice Issues Subcommittee, explains these new standards set by the Federal Housing Finance Agency (FHFA). She said the goal is to improve the quality and consistency of appraisals on Fannie Mae and Freddie Mac mortgages. “The new program will require more detailed data to be provided in a consistent method in appraisal reports.”

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The Pennsylvania Housing Finance Agency (PHFA), which is administering HUD’s Emergency Homeowners’ Loan Program (EHLP), has approved nearly $10 million in loans, according to Daryl Rotz, a director with PHFA. “People who are three payments behind on their mortgage loan due to involuntary unemployment, underemployment or medical issues could be eligible for EHLP,” said Rotz. Currently there is $86 million available for those facing foreclosure who qualify. The deadline for the program is September, Rotz said.

Take care of yourself and your business will increase, according to Bernice Ross, national speaker and coach. “You need to make your productivity engine purr,” said Ross. “Focus on taking advantage of the peak times when you’re more productive, by doing this you will be more effective.”  Ross suggests eating five to six small meals a day and getting enough sleep and relaxation so you can work more efficiently.

Austin Jaffe, Ph.D.

“One shouldn’t get too nervous that we have negative numbers in the first quarter,” said Dr. Austin Jaffe, PAR’s consulting economist.  According to Jaffe, you really can’t tell the state of the housing market in Pennsylvania by just one set of numbers. Seasonality and the rough winter the state has endured are also factors, he said. “Despite the weak first quarter, the numbers could bottom out and we could see modest appreciation by 2012,” Jaffe added.

David Bleicken

The PA Department of Banking, which protects consumers from financial abuse, also deals with fraudulent companies that claim to help Pennsylvanian’s going through foreclosure. Deputy Secretary David Bleicken said there are two signs to look for when helping a consumer dealing with a fraudulent company. “The company shouldn’t be asking for money up-front and if it sounds too good to be true, it probably is,” Bleicken added.

Note: A video on  fraudulent foreclosure companies is also available.

Short sales can help some consumers avoid foreclosures “but a short sale is not for everyone,” according to Courtney Franklin, Realtor® and short sales instructor. Franklin said Realtors® should review the entire transaction. “Realtors® need to know that when the value of the property doesn’t equal pay off, a client may qualify for a short sale but it’s not guaranteed,” Franklin added.

Note: A more in-depth video presentation on short sales is available.

“An email signature should be succinct,” said Amy Chorew, Realtor® and national speaker. “A cluttered email signature could deter clients from working with you.” According to Chorew, an email signature should contain information a consumer would need to get in touch with you.

Because emails are often used as advertising, Chorew recommends that your email signature be compliant with the state advertising rules. These rules require Realtors® to include their broker’s name and phone number. Realtors® should also adhere to the Federal CAN-SPAM law requiring a street address be included in any advertising email.