Here is a link to the information discussed on the "Managing for Success in a Challenging Market" success call on 10/15/2008.
Click here for the information!
Wednesday, October 15, 2008
Thursday, September 18, 2008
Survey Continues to Validate Internet-Real Estate Relationship
As reported by Inman News, a new California Association of Realtors survey called "Survey of California Home Buyers" shows ever growing relationship between real estate sales and use of the Internet compared to the 2007 survey
Excerpts from the article from Inman are included here and show the importance of having a strong Internet plan. A couple of particularly interesting points include the fact that Internet buyers spent less time looking at homes before purchasing and viewed about half as many homes with their agent before settling on a purchase than traditional home buyers reported.
Another key area to note is that of responsiveness of the agent where the expectation of the consumer has increased dramatically.
On a positive note, far more of the Internet buyers indicated that they were likely to use the same agent again in comparison to the traditional buyer, making Internet generated buyers a much more valuable repeat and referral pool.
Here are some portions of the Inman article:
Web snares more real estate buyers (subscription)
Inman News, September 15, 2008
Survey reveals growing use of Internet in home purchases
The share of home buyers who said the Web was integral to their purchase process continues to grow, according to an annual survey of home buyers by the California Association of Realtors trade group. Meanwhile, the home-search process lengthened compared to the 2007 survey.
The association's "Survey of California Home Buyers" reveals that 78 percent of buyers used the Internet "as an important part of (their) home buying and selection process," compared to 72 percent in 2007.
Buyers who stated that the Internet was an important part of the buying process spent an average 8.3 weeks searching for a home with their agent, up from 5.2 weeks in 2007 and 2.2 weeks in 2006 -- reflecting the slowing sales environment of the past two years.
"Traditional" buyers who said the Internet was not an important part of the buying and selection process took even longer -- 10.3 weeks searching for a home with their agent compared to eight weeks in 2007.
Also, the survey found that traditional buyers saw almost twice as many homes with their agent (23.3 homes) as Internet buyers (12.7 homes).
“Due to the high inventory of homes on the market, and uncertainty about the direction of home prices, buyers are more cautious and are moving at a slower pace during the home buying process than in previous years,” said William E. Brown, CAR president, in a statement.
The sample of buyers in the survey included 1,249 home buyers who used the Internet and 351 who had not to purchase homes during the last half of 2007.
The survey found that affordability for first-time buyers has improved with home-price declines and relatively low mortgage interest rates.
"However, problems in the area of real estate finance continue to limit access to capital on the part of all buyers, including first-timers," and has shrunk the pool of first-time buyers. Also, because of the credit crunch, "there is no guarantee that the loan will actually be funded," according to the report.
Participants expressed a need "to better understand the direction of the market" and for escrow to close on time, citing concerns about "market conditions" and "agent responsiveness," the report states.
Specifically, participants asked for better negotiating and faster response times from their agents. "Both assessments reflect the uncertainty of the market in recent months and frustration with that uncertainty," the report concludes from those survey findings.
The share of first-time buyers in the "Internet" group participating in the survey dropped from 31 percent in the 2007 survey to 22 percent in the 2008 survey and is down from 41 percent in 2006.
"With lenders tightening their underwriting standards and requiring a larger down payment from borrowers, many first-time buyers who had already been facing affordability constraint due to high home prices in California found it insurmountable to qualify for a home loan."
About 77 percent of first-time buyers reported that they were motivated to buy by falling home prices, compared to 64 percent of repeat buyers.
Other motivators included: low mortgage interest rates enabled the buyer to move to a better location, the likelihood that sales will increase, mortgage rates enabled the buyer to move to a bigger home, and the desire to move to a more affordable area, in that order.
Satisfaction with the home-buyer process dropped in ever category in 2008 compared to the prior year -- the average rating among the nine categories was 3.4 in the latest survey (five is "most satisfied" and one is "most dissatisfied). In last year's survey, the average rating was 4.1.
Overall satisfaction with agent averaged 3.3 in the 2008 survey compared to 4.1 in the 2007 survey.
About 80 percent of those who were not satisfied said the agent "did not negotiate aggressively on their behalf," according to the survey report.
And the report suggests, "Although home buyers did not mention it, failure to close escrow on time probably contributed to the level of dissatisfaction buyers had with their agent," as 57 percent of Internet buyers participating in the 2008 survey reported that they did not close escrows on time.
About 31 percent of the Internet group in the survey expected an instant response from their agent, up from 22 percent in 2007. And 96 percent of Internet buyers expected a response within four hours or less, according to the latest survey. That compares to 94 percent in the 2007 survey.
Also, about 84 percent of participants said they considered the agent's response time to be either a "very important" or "extremely important" factor in their decision-making process, the survey report states.
About 71 percent of the Internet buyers in the survey said they would use the same agent again, down from 92 percent in 2007.
Among the "traditional" buyers, 27 percent reported they would use the same agent again, down from 47 percent in 2007 and 79 percent in 2005.
Multiple pictures and a slide show were named by survey participants as "extremely important" Web site features by buyers (61 percent), followed by maps and directions, agent contact options, virtual tours and neighborhood profiles.
About 88 percent of survey participants hired an agent to assist them in the home-sale transaction. About 90 percent of buyers in the Internet group found their real estate agent using the Internet, while 9 percent found their agent through a for-sale sign and 1 percent through an agent's marketing materials.
Meanwhile, about 32 percent in the traditional buyers' group reported that they had a previous transaction with the real estate agent, 28 percent found the agent through marketing materials, 27 percent through a for-sale sign and 14 percent through a referral, according to the survey.
Excerpts from the article from Inman are included here and show the importance of having a strong Internet plan. A couple of particularly interesting points include the fact that Internet buyers spent less time looking at homes before purchasing and viewed about half as many homes with their agent before settling on a purchase than traditional home buyers reported.
Another key area to note is that of responsiveness of the agent where the expectation of the consumer has increased dramatically.
On a positive note, far more of the Internet buyers indicated that they were likely to use the same agent again in comparison to the traditional buyer, making Internet generated buyers a much more valuable repeat and referral pool.
Here are some portions of the Inman article:
Web snares more real estate buyers (subscription)
Inman News, September 15, 2008
Survey reveals growing use of Internet in home purchases
The share of home buyers who said the Web was integral to their purchase process continues to grow, according to an annual survey of home buyers by the California Association of Realtors trade group. Meanwhile, the home-search process lengthened compared to the 2007 survey.
The association's "Survey of California Home Buyers" reveals that 78 percent of buyers used the Internet "as an important part of (their) home buying and selection process," compared to 72 percent in 2007.
Buyers who stated that the Internet was an important part of the buying process spent an average 8.3 weeks searching for a home with their agent, up from 5.2 weeks in 2007 and 2.2 weeks in 2006 -- reflecting the slowing sales environment of the past two years.
"Traditional" buyers who said the Internet was not an important part of the buying and selection process took even longer -- 10.3 weeks searching for a home with their agent compared to eight weeks in 2007.
Also, the survey found that traditional buyers saw almost twice as many homes with their agent (23.3 homes) as Internet buyers (12.7 homes).
“Due to the high inventory of homes on the market, and uncertainty about the direction of home prices, buyers are more cautious and are moving at a slower pace during the home buying process than in previous years,” said William E. Brown, CAR president, in a statement.
The sample of buyers in the survey included 1,249 home buyers who used the Internet and 351 who had not to purchase homes during the last half of 2007.
The survey found that affordability for first-time buyers has improved with home-price declines and relatively low mortgage interest rates.
"However, problems in the area of real estate finance continue to limit access to capital on the part of all buyers, including first-timers," and has shrunk the pool of first-time buyers. Also, because of the credit crunch, "there is no guarantee that the loan will actually be funded," according to the report.
Participants expressed a need "to better understand the direction of the market" and for escrow to close on time, citing concerns about "market conditions" and "agent responsiveness," the report states.
Specifically, participants asked for better negotiating and faster response times from their agents. "Both assessments reflect the uncertainty of the market in recent months and frustration with that uncertainty," the report concludes from those survey findings.
The share of first-time buyers in the "Internet" group participating in the survey dropped from 31 percent in the 2007 survey to 22 percent in the 2008 survey and is down from 41 percent in 2006.
"With lenders tightening their underwriting standards and requiring a larger down payment from borrowers, many first-time buyers who had already been facing affordability constraint due to high home prices in California found it insurmountable to qualify for a home loan."
About 77 percent of first-time buyers reported that they were motivated to buy by falling home prices, compared to 64 percent of repeat buyers.
Other motivators included: low mortgage interest rates enabled the buyer to move to a better location, the likelihood that sales will increase, mortgage rates enabled the buyer to move to a bigger home, and the desire to move to a more affordable area, in that order.
Satisfaction with the home-buyer process dropped in ever category in 2008 compared to the prior year -- the average rating among the nine categories was 3.4 in the latest survey (five is "most satisfied" and one is "most dissatisfied). In last year's survey, the average rating was 4.1.
Overall satisfaction with agent averaged 3.3 in the 2008 survey compared to 4.1 in the 2007 survey.
About 80 percent of those who were not satisfied said the agent "did not negotiate aggressively on their behalf," according to the survey report.
And the report suggests, "Although home buyers did not mention it, failure to close escrow on time probably contributed to the level of dissatisfaction buyers had with their agent," as 57 percent of Internet buyers participating in the 2008 survey reported that they did not close escrows on time.
About 31 percent of the Internet group in the survey expected an instant response from their agent, up from 22 percent in 2007. And 96 percent of Internet buyers expected a response within four hours or less, according to the latest survey. That compares to 94 percent in the 2007 survey.
Also, about 84 percent of participants said they considered the agent's response time to be either a "very important" or "extremely important" factor in their decision-making process, the survey report states.
About 71 percent of the Internet buyers in the survey said they would use the same agent again, down from 92 percent in 2007.
Among the "traditional" buyers, 27 percent reported they would use the same agent again, down from 47 percent in 2007 and 79 percent in 2005.
Multiple pictures and a slide show were named by survey participants as "extremely important" Web site features by buyers (61 percent), followed by maps and directions, agent contact options, virtual tours and neighborhood profiles.
About 88 percent of survey participants hired an agent to assist them in the home-sale transaction. About 90 percent of buyers in the Internet group found their real estate agent using the Internet, while 9 percent found their agent through a for-sale sign and 1 percent through an agent's marketing materials.
Meanwhile, about 32 percent in the traditional buyers' group reported that they had a previous transaction with the real estate agent, 28 percent found the agent through marketing materials, 27 percent through a for-sale sign and 14 percent through a referral, according to the survey.
Thursday, August 21, 2008
Tree.com takes root!
Thought some of you might be interested in this information, although not about a success call, certainly about success...
Tree.com, Inc. Spins-off From IAC and Begins Trading as TREE
CHARLOTTE, N.C., August 21, 2008 – Tree.com, Inc. marks its first day as an independent, public company following its separation from IAC (NASDAQ: IACI). Tree.com, Inc. now trades on NASDAQ under the symbol TREE.
Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com, RealEstate.com, REALTORS® and Domania.com. Together, they serve as an indispensable ally for consumers who are looking to comparison shop loans, real estate and other financial products from multiple businesses and professionals who compete for their business. As an independent company, Tree.com will explore new areas where a competitive marketplace model empowers consumers and provides choices when making key life decisions.
“Today we officially launch Tree.com and establish it as the go-to source for consumers looking to learn about and compare financial products and real estate from anywhere in the country,” says Doug Lebda, chief executive officer and chairman of Tree.com, Inc. “Our company is made up of brands and businesses that consumers know and trust and we look forward to being an independent company and creating value for consumers, investors and shareholders alike.”
Tree.com’s Roots
LendingTree was founded in 1996, launched nationwide in 1998 and since that time has facilitated more than 23 million loan requests and $185 billion in closed loan transactions. The company’s unique business model matches consumers with multiple lenders who compete for their business or as the commercials say, “When Banks Compete, You Win®!”. Since inception, the company has focused on educating consumers about loan products and then presenting multiple offers for mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards.
LendingTree entered the real estate industry with the acquisition of HomeSpace, Inc. in 2000 and later launched RealEstate.com, which provides consumers access to nearly 2 million home listings, 97 million home values and a unique deep-dive view into more than 22,000 cities reaching every metropolitan area in the U.S. RealEstate.com also owns RealEstate.com, REALTORS®, an Internet enabled real estate brokerage that operates in 14 markets with more than 1,000 sales agents. In 2000, LendingTree went public and in 2003, was acquired by IAC/InterActiveCorp.
Tree.com Leadership
Tree.com launches with an experienced leadership team led by Doug Lebda, including:
· Darren Beck, Senior Vice President, Marketing
· Scott Cammarn, Senior Vice President and General Counsel
· Dean Conant, Vice President, Information Technology Operations
· Claudette Hampton, Senior Vice President, Human Resources
· Bob Harris, President, LendingTree Exchange
· Keith Moore, Senior Vice President and General Manager, Emerging Businesses
· David Norris, President, LendingTree Loans
· Matt Packey, Senior Vice President and Chief Financial Officer
· Bret Violette, President, RealEstate.com
For more information about Tree.com, Inc., please visit www.tree.com.
Important Information
The matters discussed herein contain forward-looking statements. These statements involve risks and uncertainties. Additionally, Tree.com, Inc. is subject to other risks and uncertainties set forth in its filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
About Tree.com, Inc.
Headquartered in Charlotte, N.C., Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com and Domania.com. LendingTree was founded in 1996 and launched nationwide in 1998. In 2003, the company was acquired by IAC/InterActiveCorp and later spun-off in 2008 to form Tree.com, Inc. For more information, please visit www.tree.com.
Tree.com, Inc. Spins-off From IAC and Begins Trading as TREE
CHARLOTTE, N.C., August 21, 2008 – Tree.com, Inc. marks its first day as an independent, public company following its separation from IAC (NASDAQ: IACI). Tree.com, Inc. now trades on NASDAQ under the symbol TREE.
Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com, RealEstate.com, REALTORS® and Domania.com. Together, they serve as an indispensable ally for consumers who are looking to comparison shop loans, real estate and other financial products from multiple businesses and professionals who compete for their business. As an independent company, Tree.com will explore new areas where a competitive marketplace model empowers consumers and provides choices when making key life decisions.
“Today we officially launch Tree.com and establish it as the go-to source for consumers looking to learn about and compare financial products and real estate from anywhere in the country,” says Doug Lebda, chief executive officer and chairman of Tree.com, Inc. “Our company is made up of brands and businesses that consumers know and trust and we look forward to being an independent company and creating value for consumers, investors and shareholders alike.”
Tree.com’s Roots
LendingTree was founded in 1996, launched nationwide in 1998 and since that time has facilitated more than 23 million loan requests and $185 billion in closed loan transactions. The company’s unique business model matches consumers with multiple lenders who compete for their business or as the commercials say, “When Banks Compete, You Win®!”. Since inception, the company has focused on educating consumers about loan products and then presenting multiple offers for mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards.
LendingTree entered the real estate industry with the acquisition of HomeSpace, Inc. in 2000 and later launched RealEstate.com, which provides consumers access to nearly 2 million home listings, 97 million home values and a unique deep-dive view into more than 22,000 cities reaching every metropolitan area in the U.S. RealEstate.com also owns RealEstate.com, REALTORS®, an Internet enabled real estate brokerage that operates in 14 markets with more than 1,000 sales agents. In 2000, LendingTree went public and in 2003, was acquired by IAC/InterActiveCorp.
Tree.com Leadership
Tree.com launches with an experienced leadership team led by Doug Lebda, including:
· Darren Beck, Senior Vice President, Marketing
· Scott Cammarn, Senior Vice President and General Counsel
· Dean Conant, Vice President, Information Technology Operations
· Claudette Hampton, Senior Vice President, Human Resources
· Bob Harris, President, LendingTree Exchange
· Keith Moore, Senior Vice President and General Manager, Emerging Businesses
· David Norris, President, LendingTree Loans
· Matt Packey, Senior Vice President and Chief Financial Officer
· Bret Violette, President, RealEstate.com
For more information about Tree.com, Inc., please visit www.tree.com.
Important Information
The matters discussed herein contain forward-looking statements. These statements involve risks and uncertainties. Additionally, Tree.com, Inc. is subject to other risks and uncertainties set forth in its filings with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein.
About Tree.com, Inc.
Headquartered in Charlotte, N.C., Tree.com, Inc. is the parent of several well-known brands and businesses in the financial services and real estate industries including LendingTree, LendingTree Loans sm, GetSmart.com, HomeLoanCenter.com, RealEstate.com, iNest.com and Domania.com. LendingTree was founded in 1996 and launched nationwide in 1998. In 2003, the company was acquired by IAC/InterActiveCorp and later spun-off in 2008 to form Tree.com, Inc. For more information, please visit www.tree.com.
Tuesday, August 12, 2008
LendingTree News from the Charlotte Observer
LendingTree will be back on its own starting Aug. 21
Charlotte Observer, August 12, 2008
LendingTree, Charlotte's most successful tech company from the dot-com era, is set to return as a Charlotte-based standalone company – with founder Doug Lebda at the helm – next week.
Parent IAC/InterActiveCorp said Monday that its previously announced spinoffs will stand on their own again beginning Aug. 21. IAC Chief Executive Officer Barry Diller is also separating the HSN shopping channel, Ticketmaster Inc., and the Interval Leisure group time-share exchange service.
After the spinoff is completed, LendingTree will be known as Tree.com and will trade under the ticker “TREE” on the Nasdaq Stock Market. Its shares are expected to begin provisional trading today.
Lebda sold LendingTree to IAC in 2003 and became president and chief operating officer of the New York-based Internet conglomerate in 2005. Last year, IAC said it planned to spin off four units into independent public companies to focus on its core Internet business, which includes such sites as Ask.com and Evite.
Charlotte Observer, August 12, 2008
LendingTree, Charlotte's most successful tech company from the dot-com era, is set to return as a Charlotte-based standalone company – with founder Doug Lebda at the helm – next week.
Parent IAC/InterActiveCorp said Monday that its previously announced spinoffs will stand on their own again beginning Aug. 21. IAC Chief Executive Officer Barry Diller is also separating the HSN shopping channel, Ticketmaster Inc., and the Interval Leisure group time-share exchange service.
After the spinoff is completed, LendingTree will be known as Tree.com and will trade under the ticker “TREE” on the Nasdaq Stock Market. Its shares are expected to begin provisional trading today.
Lebda sold LendingTree to IAC in 2003 and became president and chief operating officer of the New York-based Internet conglomerate in 2005. Last year, IAC said it planned to spin off four units into independent public companies to focus on its core Internet business, which includes such sites as Ask.com and Evite.
Thursday, July 10, 2008
No Success Call in July!
Enjoy your vacations and the wonderful summer season. Success calls will return on August 20th.
For those of you attending The Inman Connect in San Francisco July 23rd through 25th, please contact Dave Clark at 866-646-5569, Bill Yeager at 800-491-0311 ext 222 or Mark Jeffers at 866-693-9478 to set up a time to get together and enjoy the conference!
For those of you attending The Inman Connect in San Francisco July 23rd through 25th, please contact Dave Clark at 866-646-5569, Bill Yeager at 800-491-0311 ext 222 or Mark Jeffers at 866-693-9478 to set up a time to get together and enjoy the conference!
Monday, June 23, 2008
June 2008 Success Call
Hosted by Dave Clark, RVP Western US this call devotes the first 15 minutes to recent staffing changes at LendingTree and the balance of the call on "Motivating your Agent Team" featuring Audrey Cheatum from Coldwell Banker D'Ann Harper in San Antonio, LaMonica Hummel from Prudential Northwest Realty in Bellvue Washington, and Barb Heinzel from Century 21 Care Real Estate in the Chicago area.
Click here to begin listening NOW!
Click here to begin listening NOW!
Saturday, June 14, 2008
May 2008 Success Call
"Lender Hot Topics" hosted by Bill Yeager, RVP and featuring Owen Raun, President of RMC Vanguard.
Click here to begin listening NOW!
Click here to begin listening NOW!
Wednesday, May 21, 2008
Tuesday, May 20, 2008
Additional Materials from May 21st Success Call!
The following are links to information from the Success Call with Owen Raun of RMC Vanguard and Bill Yeager of LendingTree.
Historical Mortgage Timeline
Loan Limits Example
We are seeing more consumers utilize FHA loans, despite their higher rate and built-in mortgage insurance due to the loss of low down-payment loans in the Alt-A and Subprime market. FHA loans also offer more lenient credit stipulations than most other loan types currently available.
Example of Purchasing Power
New Loan Limit (FHA, Fannie/Freddie) Link:
FNMA Link
Historical Mortgage Timeline
Loan Limits Example
We are seeing more consumers utilize FHA loans, despite their higher rate and built-in mortgage insurance due to the loss of low down-payment loans in the Alt-A and Subprime market. FHA loans also offer more lenient credit stipulations than most other loan types currently available.
Example of Purchasing Power
New Loan Limit (FHA, Fannie/Freddie) Link:
FNMA Link
Friday, May 16, 2008
May Success Call..Don't Miss It!
Success Call Wed, May 21st 2pm Eastern, 11am Pacific
“Lender Hot Topics”
Join us for the next Success Call on Wed, May 21st 2pm Eastern, 11am Pacific!
Owen Raun, President of RMC Vanguard, will be our guest on this Success Call. Recent changes in Conforming Mortgage and FHA loan guidelines provide real opportunities for your home buyers. But how does it really work? Here is your chance to hear from the #1 Purchase Lender on the LendingTree Exchange and get the information you can use to help your buyers move forward on their home purchase.
Regional Vice President Bill Yeager will be your host.
We look forward to having you join this month’s Success Call.
Click Here to Rigister for this FREE call!
“Lender Hot Topics”
Join us for the next Success Call on Wed, May 21st 2pm Eastern, 11am Pacific!
Owen Raun, President of RMC Vanguard, will be our guest on this Success Call. Recent changes in Conforming Mortgage and FHA loan guidelines provide real opportunities for your home buyers. But how does it really work? Here is your chance to hear from the #1 Purchase Lender on the LendingTree Exchange and get the information you can use to help your buyers move forward on their home purchase.
Regional Vice President Bill Yeager will be your host.
We look forward to having you join this month’s Success Call.
Click Here to Rigister for this FREE call!
Monday, May 12, 2008
April 2008 Success Call
To Scrub or Not to Scrub hosted by Liz Messier and featuring Christina Deal - Watson Realty, Jacksonville, FL.; Kathie Richardson - C21 Richardson Agency, Pensacola FL.; and Gil Kite - Northwood Realty Services, Pittsburgh, PA.
Click here to begin listening NOW!
Click here to begin listening NOW!
Saturday, April 12, 2008
February 2008 Success Call
Old Leads or New Opportunities? Finding Buyers Now! hosted by Mark Jeffers and featuring John Rainville of brokersrealty.com in Pennsylvania and Laura Servitto of Century 21 Town and Country in Michigan.
Click here to begin listening NOW!
Click here to begin listening NOW!
March 2008 Success Call
The Art of Capturing the Online Customer hosted by Dave Clark, RVP Central States and featuring Janelle Kimura from Century 21 Arizona Foothills and Katherine Gunner of Prestige Real Estate Group in Colorado.
Click here to start listening NOW!
Click here to start listening NOW!
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