Local real estate insights — from the people who know
View video of some of the world’s newest luxury resortsTake a look at our latest Intero Resorts video, a collage of just a few of the luxury resorts and new home developments around the world with whom we’ve partnered. For more information on any of these properties, go to Intero Resorts / Intero New Homes & Developments.
Realtors provide services that can never be replaced by technology
With so many real estate–related sites popping up today, the media seems laser-focused on one question: are REALTORS still relevant? Last week, as mentioned in Bob Moles’ blog, KQED Radio’s Forum (KQED is a Northern California’s NPR station) Forum, aired an episode on this very topic. Read Bob’s blog post on the program by clicking here.
The landscape of real estate has definitely changed, and where once the service that REALTORS® provided was mostly information-based (i.e. giving consumers access to listings and CMAs), today our role is primarily knowledge, experience and relationship based. Meaning, it’s our professional expertise and qualifications, in-depth knowledge of the market, relationships we have with industry professionals and partnerships with listing syndications companies and affiliates that is of real value to consumers. With that in mind, I thought I’d articulate the key “services” REALTORS® offer consumers today that simply cannot be replaced by technology.
Also, NAR has created 12 touch points that cover why consumers should continue to use a REALTOR® today. You can read them by clicking here.
Good Morning MOJO,
Disconnected…
Your gut, heart and soul say one thing…your voice, body and mind say something different. You say…”life is great”…”I’m happy”…”I’m healthy”…”I love my life”…”I am dependable”…”I’m disciplined”…”you can count on me”, but down deep inside you know its BS…your not connected…your not in alignment. When your voice, mind, body, soul, heart and gut are not in alignment is when life sucks and has drag…and like an airplane that has too much drag, if you don’t watch it you will crash!!!!! Drag creates anxiety and stress…it creates a feeling of being disconnected…of not being in alignment…a feeling of just getting through life, not taking from it. Trust me, I know how it feels…I think in life no matter how much we try to live our life connected…in alignment and balance, we all have times when we struggle with this…when we are not honest with ourselves. Unfortunately, I think most are disconnected.
I was one of those who was mostly disconnected until about 10 years ago, until enough was enough and I just got fed up. Quite frankly, because of changing from someone disconnected and not honest with myself for so long to someone who I think is pretty honest with himself, and mostly connected today is one of the main motivators for me to write Monday Morning MOJO. I know the sense of relief and freedom that comes with being honest with myself…with being in alignment. If you are ready to make a radical breakthrough in your life and really “have a great life”…”be happy”…”be healthy”…and “just plain love your life”, you need be honest with yourself about who you are today, who you want to be, and the discipline, accountability and changes you are going to need to make to get there. When you make the commitment to do this, unlike New Years resolutions which never last, if you stick with it you will get connected. It won’t happen over night and quite frankly I think it is something we all have to work at for the rest of our lives. In the beginning, it will take months or perhaps years before you feel it…before you start to feel your soul, voice, body, mind…and your gut connected. Once you do, you will notice everything in your life start to get better. Your health, your relationships, you business, your life…
One of the books which had a huge impact on me years ago was The Power of Full Engagement written by Jim Loehr. Another one of his books which we all should be checking out is “The Power of Story”. What stories are we telling ourselves about ourselves? Check out this short clip then order the book: http://youtube.com/watch?v=LCxlORhwg80.
Make it a GREAT week!!!!!!
Happy New Year,
“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.” Lance Armstrong
COO, Founder
Intero Real Estate Services
Direct: 650.622.1225 or 408.342.3001
Email: TTognoli@InteroRealEstate.com
Website: www.InteroRealEstate.com
Intero Story Video: http://youtube.com/watch?v=yFK3cLS7U1g
Intero Foundation Video: http://youtube.com/watch?v=o6q8B-MZSHw
Intero Resorts Video: http://youtube.com/watch?v=81xC-sE65Ho
Intero Locations: http://www.interoagent.com/accessible/viewDocument.aspx?documentID=905
Public Radio Discussion: Will real estate agents go the way of travel agents?
Last week, KQED’s Forum (a Bay Area public radio program), ran a segment on the role of REALTORS® in today’s changing real estate environment—are full service REALTORS® a dying breed; with the advent of the internet, will they go the way of travel agents?
The discussion centered around the fact that consumers today can go online and access comprehensive, in-depth information to help them in the buying or selling of their home—data that was once held exclusively by the REALTORS® themselves. Several questions were raised: with all this information available to consumers, are REALTORS® really necessary today , do full service agents do as much work for their clients as they did 10 years ago, and do they deserve the 5-6% commission they get?
Though we in the industry may think that our clients see value in working with a REALTOR®, the media keeps pushing these issues to the forefront again and again, which indicates that these questions are definitely on the minds of consumers.
Guests on the show were:
The panel agreed that REALTORS® serve a role to the consumer, and that it’s ridiculous to make a comparison between the services a real estate agent provides and those given by a travel agent. The buying or selling of your home is a vastly different transaction from buying a plane ticket—in terms of the size, significance (both financial and emotional) to the consumer and consequence of the transaction. REALTORS® are people you develop long-term relationships with, unlike a travel agent, who an individual typically deals with on single transactions.
There was, however, a question hanging in the air about whether or not REALTORS® should continue to receive the traditional 6 percent commission. With so much information widely available online, is that investment for the buyer/seller a sound one? Perhaps it should be lowered?
Turley (Coldwell Banker), Miller (Windermere) and even Van der Meulen (Zillow.com) did a fairly good job of addressing that question by talking about the supporting role REALTORS® serve to consumers on several levels (marketing and advertising homes, acting as professional consultants, assisting in ancillary areas like financing) but there didn’t seemed to be a clear, concise argument in their discussions that really articulated the value of the comprehensive services we provide.
This is troublesome. We in the real estate industry need to start doing a better job of defining and communicating that argument as a whole. As the internet becomes a bigger and better resource for consumers, our clients are going to continue to question our value. Now is the time to clearly define that value before it’s too late—perhaps even in the form of a written customer service value proposition. And, we need to consistently communicate that message industry–wide, to our clients and the market. The questions are already arising in people’s minds. If we don’t speak clearly about how are role as REALTORS® may be changing, but is still as valuable as it was 10 years ago, we are leaving ourselves vulnerable to others defining it for us.
To listen to the Forum discussion, click here.
Casual island living meets luxury in the newest Kauai resort
Now that we’re deep into January, we’ve started thinking about some of the great retreats that offer up a break from the cold—sun, sand, luxury and a whole lot of relaxation. 
And one of our partners at Intero Resorts, Koloa Landing at Poipu Beach, is just what we’re looking for: an ocean side resort community on the south side of Kauai that brings together casual island living with upscale luxury and design.
We ask: what better way to escape from winter than to head to the Hawaiian islands?
Koloa Landing is another S&P Destination Properties partner. If you have clients who are looking to buy a second home or investment property in Hawaii, this is definitaly one to consider. Mark Murrell is the property specialist for Koloa Landing. Intero Resorts can put you in contact with Mark. Email Derek Overbey at doverbey@interorealestate.com or 866.334.7356.
The first step in working with Koloa Landing is learning about S&P’s Exclusive Priority Reservation Program, whereby your clients acquire a priority reservation (with $10,000 refundable deposit that is held in escrow and a signed reservation agreement). For more on that, contact Intero Resorts.
Koloa Landing is nestled in the sunny coastline of Kauai’s south shore and is the namesake of one of Kauai’s most historic landmarks. The Landing, located on the 25-acre resort, was once a main port for whaling and sugar cane exportation. It’s now one of the most popular places on the islands for snorkeling, whale watching, viewing sea turtles, scuba diving and kayaking. And, you just can’t beat the views—we’re talking fabulous sunsets and sunrises over the sea.
This is an oceanside resort community of 323 luxury suites that are steps from Poipu Beach. The resort boasts 25 acres of tropical gardens with tiki torch–lit pathways, streams and waterfalls. Owners have access to four lagoon pools with hot tubs, sand–bottom areas, waterslides and swim through grottos. There’s a day spa, fitness pavilion, poolside bar 7 grill (of course) and 24-hour lobby staff with concierge services.
Two to four bedroom, furnished residences start from $900,000. Square footage ranges from 1,057 to 3,000 square feet. The developer began their First Sales Release last October. Opening day saw 51 of the 85 units going into contract for $76 million in real estate sold.
As of December, there were approximately 18 units still available with phase one pricing and developer incentives. The Second Phase Release will take place this April 2008 (approximately).
Good Morning MOJO,
Change or Die?!?!
What if a well-informed, trusted authority figure said you had to make difficult and enduring changes in the way you think and act? If you didn
Yes, you say?
Try again…you wouldn
Don
Do you realize a SMALL % of the population consumes the VAST majority of the health care budget for diseases that are very well known and by in large behavioral? That is, we are sick because of how we choose to live our lives, not because of any environmental or genetic factors beyond our control. They say it could be as much as 80% of our health care budget is consumed by these behavioral issues…smoking, eating, drinking, stress and lack of exercise.
Could it be the same way in other areas of our life? If other areas in our life are sick, could it be in large part due to behavioral issues that are in our control as opposed to conditions that are outside our control?
You want some more proof of the challenge we all face in change? There was a study done back in 1995 of people who went through bypass surgery…open heart surgery. Of those studied, within 2 years from surgery 90% went right back to their old unhealthy lifestyle. So, if the fear of DEATH doesn’t initiate change…where do we go from here? More importantly how do we get our stubborn brain to stop resisting change so tenaciously. Why do we fight it even when we KNOW if we don’t it will kill us?
Well, knowing that motivating people with the fear of death wasn’t the right approach because 90% went right back to where they were before, they tried a different approach. They changed their focus…have any idea to what? The joy of LIVING.
They took 300 patients and put a 100% daily effort into focusing their minds on all the daily things that make life great…and coached them on their mindset, their attitude, their daily habits, and surrounded them continually with the RIGHT influences. It was this change of focus…taking it away the fear of death and into the joy of living, that allowed 77% of the patients to sustain the lifestyle changes.
What changes do we need to make? Where is our focus…in fear or in joy?
It’s a New Year and its time to make some changes now!!!!!!!
Attached is the complete Change or Die Article…it is definitely worth taking the time to read.
Make is a GREAT week and a GREAT life!!!!!!
Happy New Year,
“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.” Lance Armstrong
Tom Tognoli
COO, Founder
Intero Real Estate Services
Direct: 650.622.1225 or 408.342.3001
Email: TTognoli@InteroRealEstate.com
Website: www.InteroRealEstate.com
Advice to agents on how to make 2008 a good year, regardless of market conditions
Intero’s company-wide annual meeting is just around the corner (Wednesday, February 6th). I’ve invited Leslie Appleton-Young, Vice President and Chief Economist for the California Association of REALTORS® (C.A.R.), to speak. She’ll be talking about the California market in 2008 and trends we can expect to see.
Leslie oversees the analysis of housing market and brokerage industry trends, member communications, and membership development activities at C.A.R. She is also closely involved in the Association’s strategic planning efforts and is a well-known speaker about California real estate. She joined C.A.R. in 1984.
At our annual Intero luncheon, I introduce the Intero theme for the coming year. I’d like to give a preview here of that theme, PERSEVERANCE, as I think it speaks to the industry as a whole.
The real estate market across the country has shifted, and agents, brokers, mortgage lenders—just about anyone in the industry—are all facing some big challenges this year. I believe those who will succeed in 2008 will do so because we persevere—if we simply do our job, we will thrive.
Perseverance is the test of your commitment to your goals, and it’s our core purpose, the things that really mean something to us, that help us to persevere. That purpose drives us through difficulties and past obstacles that are put in our way. That’s why we’ve always emphasized at Intero the need for purpose in work and life. Without it, it’s just too easy to wander off your path and get lost.
Here’s a good book, Unstoppable by Cynthia Kersey, that speaks to this point. Kersey gives 45 stories of perseverance and triumph, and shows how purposes “ignites the spirit” and drives people forward.
Here at Intero, I’m encouraging all our agents to take several hours and review and complete a 2008 Business Plan, including their goals and objectives. This will help to define your purpose for the year. With your business plan complete, set a schedule for the entirety of 2008. This may seem strange but I have done it for years and it works.
Have faith and remember: if it is not in your schedule, it doesn’t exist. Things don’t happen by a specific time, things happen at a specific time. Here are some scheduling tips for agents:
My recommendation to agents is that you should hold at least 50 OPEN HOUSES IN 2008—and schedule these into your calendar. Use the downtime during your open house to review your business plan. This way, you are looking at it at least once per week.
And remember:
Good Morning MOJO,
Today’s MOJO is written by a good friend of mine and the manager of our Intero Silver Creek office, Chris Hawkins. Tomorrow he starts chemotherapy and his fight to beat stage 3 cancer. Attached is a link to the same video I sent last week in the event you did not get a chance to see it. I think’s appropriate again. LiveSTRONG!!!!!! http://www.youtube.com/watch?v=Hi7sPSOTErY
By: CHRIS HAWKINS
In a couple of days I will start my first cycle of chemotherapy. I am a little nervous, dreading perhaps the idea of possibly being sick for four to six straight months. It bothers me also that I may not be able to give my all to those in my life who have given, and continue to give, their all for me. I want to wrestle with my kids and I’m not sure if I will be able to.
I had major surgery to remove a tumor in November. After my chemotherapy treatments, according to 2 different doctors, the chances of beating my cancer and surviving to live a “normal” life is somewhere between 60% and 70%, encouraging on the upside and, as you can imagine, a bit disheartening on the downside.
I remember the first two or three days after learning I had cancer in late October. It was hard to escape the notion I may not be around to grow up with my kids (4 and 2 ½ years old, plus a third due in March) and teach them how to live. I remember one tearful conversation with my wife Leah as I, barely able to speak, expressed my desire to one day walk my beautiful, four year old daughter Mia down the aisle on her wedding day. Occasionally, I would wonder, as if I wasn’t there, if my son Joe and his soon-to-be little brother would be good athletes and play on the school teams like I did. The mind is amazing.
Then it struck me. My chances for a long, relatively painless, life weren’t that much (if at all) different from anyone else’s. No one is 100% no matter who you are. Like the commercial says, “Life comes at you hard!”
Gaining this perspective hit me two ways. First, I could stop obsessing over myself because EVERYONE has challenges in their lives. It was liberating to focus on other people I care about, to help them bridge their gaps, to make them laugh.
Second, it became clear that I, all of us, ought to live life the way we want TODAY.
We live in a three bedroom home in a wonderful neighborhood. The house is not small, but by no means large. Recovering from surgery meant being at home for two straight weeks. I had never done that before. I looked around at what we had accumulated as the family grew (and continues to grow). It was piled around us. We viewed the situation as temporary. It would all go away after we made more money, remodeled the house, and/or when the kids got a little older and we could discard the “baby stuff”.
I came to the troubling realization that this was really how we live. “Someday” is not going to get here…for any of us.
In the past three weeks I emptied a big truckload of junk at the dump, dropped off two carloads of donations to the Goodwill, filled our garbage can beyond capacity every week, and helped my wife package up items she sold on E-bay and Craig’s List. I created more storage space in the kitchen. I added extra shelves in the garage cabinets and even swept out the entire garage to the point where you could practically eat off the floor. Two cars are parked comfortably in there as I write this. There is still a bit to do yet but the house is organized and uncluttered. This is how I want my home to be. This has brought me good health and energy.
In this changing market, are we so pre-occupied with our own (potentially unhealthy) business that we stopped supporting those around us? Have we tabled our ambitions to buy an investment property or accumulate wealth “until the market gets better”? How much “clutter” is in our minds, bodies, offices, homes, cars, etc.?
If there is one thing that sticks out from my experience these past three months, it’s this: The world is full of good people who care and wish to support you. My spirits are lifted daily by an amazing number of people. Evidently, I had to contract a life-threatening disease to fully recognize this.
So I will leave you with this while you are healthy: Dream big TODAY. Reach out and support each other TODAY. Have the life you want TODAY!
There is no “someday”.
Happy New Year,
“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.” Lance Armstrong
Tom Tognoli
COO, Founder
Intero Real Estate Services
Direct: 650.622.1225 or 408.342.3001
Email: TTognoli@InteroRealEstate.com
Website: www.InteroRealEstate.com
Intero partners with industry leaders to market listings on the web 
There’s a race to control the online real estate space with Zillow, Trulia, Realtor.com and Yahoo! Real Estate taking the lead. These companies are quickly transforming the industry with listing syndication and information rich, consumer-friendly web sites that are offer buyers and sellers a whole lot of bells and whistles.
Some big announcements were made this week by Zillow, Trulia and Yahoo!, individually and collectively. For one, all three announced they’re adopting common data standards for listing feeds:
And then . . .
Trulia announced its Trulia Publisher Platform (TPP), which will give Web publishers the ability, free of charge, to create co-branded online real estate sections powered by Trulia’s search technology. (This is said to be in response to Zillow’s partnerships with many of the major newspapers.)
Yahoo! Real Estate announced they’re now taking direct listings from franchisors and brokers.
Zillow announced they are coming out of beta, have improved their “Zestimates,” and have expanded their database to cover nearly 90 percent of US homes. They’re also saying that more homeowners are claiming and contributing to the information about their homes on the Zillow site, which is making the “Zestimates” more accurate, which in the past has been controversial.
These announcements are a sign of the times. With more than 81 percent of today’s consumers going online to search for real estate, we at Intero are in line with these companies in thinking that online listing syndication is the future real estate.
In fact, long before many brokerages were even thinking about syndication, we were working on our online strategy, i.e. marketing Intero’s property listings to as large an audience as possible using search engines and syndication, ensuring our offices are at the top of specific regional searches, driving traffic to Intero’s web site through partnerships with companies like Zillow, Trulia, Yahoo! Real Estate and Realtor.com, and increasing the exposure of our agents in the marketplace.
Real estate is changing, and 2008 could prove to be the watershed year for the transition from offline to online marketing for listings. It will be interesting to see what happens in the next 12 months . . . new technologies, a changing landscape and a real estate market that is trying to stablize. Sounds like all the mixings for a big upheaval to me.
Intero Broker/Owner Rishi Bakshi tells how he went from 15 to 140 agents in just two years
Rishi Bakshi joined Intero as a broker/owner in December 2005 with his seminal office in Fremont. Within two years, he has grown from 15 agents to more than 140 and has expanded to a second East Bay location in Union City. We asked Rishi to give us insight into his recruitment strategy and what he feels are the selling points for agents when it comes to the Intero brand.
When did you officially become Intero? Were you with another brand before that?
We joined Intero December of 2005. Before that, we owned a small Realty World franchise in Fremont—actually, we were the number one Realty World franchise in Northern California in regards to sales volume/units closed in the year 2005. At that time we only had 15 agents on the roster. We did this without much support from Realty World. We interviewed many franchisors at the tail end of 2005 when we decided to make a change. Intero really stood out in all areas:
You’ve been very successful with your recruitment. We’ll get to that, but right now, can you talk about some of the other things you feel have been instrumental in the growth of your office?
The power of Intero’s brand and the culture of the office and company have been very important to us. We have made the brand and our office and exciting part of our local market in Fremont/Union City/Newark.
Intero is well known as a reputable brokerage in other parts of the Bay Area, but that wasn’t necessarily the case here. We leveraged off of what corporate was doing elsewhere and tried to bring that exact model to our market when we opened our franchise. I made a commitment to myself and to our team that we would be the #1 brokerage in town in every single aspect: market share, ethics, training and education, consistency in our branding, etc.
When we interview agents, we know that we can offer them the best experience of any brokerage around. I think our enthusiasm for the real estate business sells itself, whether it is the staff, our agents or me.
How many new agents have you brought on since your opening?
We started with 1 Fremont location and about 15 agents. We were in a 4,000 sqare foot office. Two years later, we have 140 agents: 70 were brought in through traditional recruiting efforts and 70 through an acquisition we did of an ERA franchise that had two locations in our local market.
Furthermore, we had a 95 percent retention rate from the merger. We sold the agents on the brand by talking about the value of our culture and our commitment to becoming better. We now have two locations, Fremont and Union City. We went from being completely off the radar to being in of the top 3-5 brokerages in the tri-city area in terms of market share and presence.
What has been your strategy for recruiting?
I just recently (one month ago), hired a director of business development to help me recruit. I also get a lot of help from our leadership at the corporate level. The leadership team holds some great recruiting calls weekly to help us focus and be accountable in the process of recruiting. I love the fact that I can call our CEO or any of the founders/managers and they will pick up the phone and call recruits on our behalf.
We have a hit list of around 50 experienced agents that we try to contact at least 2-3 times a month. We do this through email blasts, phone calls, visits to open homes, and having our other agents calling on our behalf. I also ask agents in our office who they think the perfect Intero REALTOR® would be, and they refer me to their friends in the business.
I personally tour our local marketing meeting/broker open every Thursday to meet agents one-on-one. I also tour open homes most weekends to connect with them. Honestly, though, we have been lucky to have many agents directly call me or walk in.
Here’s our approximate recruiting breakdown for agents:
How much do you think the personality/environment of the individual office and its management influences recruitment vs. the Intero brand itself?
We make an effort to be completely seamless with the corporate culture and standards of Intero as a whole. However, though the brand can help you bring in an appointment, it’s the manager, staff and office culture that make all the difference in recruiting and especially retaining. We leverage tremendously on what Intero as a brand offers agents and sell them on it: great training, leadership, culture, etc.
In your recruitment efforts, what tactics have been most successful and least successful?
Most Effective: Agent Referrals.
Our agents will basically sell the agent before they even sit down with me. I need to leverage even more on our agents helping us out.
Least Effective: Advertising.
I think in recruiting, agents really need to get to know you on a personal level. Advertising in the newspaper or on the internet has been useless for us in terms of pulling agents in for an appointment.
What do you find are the most attractive/appealing things about the Intero brand that makes agents want to join your team, i.e. is it culture, commission splits, people, or other?
We never sell the “high commission splits,” unlike most companies. We sell the Intero values: professionalism, fun, integrity, enthusiasm, competency, and all the rest.
We focus on selling our culture and values when we recruit because we know that is our differentiator. We are lucky to have a great roster of diverse agents and very professional, seasoned agents who help us attract similar types of agents—it’s power of association.
When we get a prospective REALTOR® in to our office for an appointment, we emphasize four main things:
What the biggest mistake someone can make when it comes to recruitment?
NEVER downplay the competition. I know many brokers that will talk more about their competitor’s weaknesses than their own company’s strengths.
Also, I would recommend that you do not make “commission splits” your selling point. Most agents do not change companies to get higher splits. They do it because they’re searching for something more, such as a better office environment, more support, better people, more opportunity or improved training and education.
Intero Union City
Contact: Greg Nasol, VP/Sales Manager
www.interorealestate.com/UnionCity
32145 Alvarado-Niles Road
Suite 101
Union City, CA 94587
Phone: (510) 489-8989
Fax: (510) 489-6821
A weekly e-newsletter with fresh market data and candid insights from Intero CEO Gino Blefari
By 