Rent-a-Joke: [Fill in Name of Chief Rival Here]
One gets the feeling that Ben Stein, who gave the keynote address at Edina Realty's annual meeting today, is an old hand at "riding" the corporate meeting circuit.
The clues?
--The crowd-pleasing shots he took at Edina Realty's senior "pooh-bah's" and their corporate jet (do they have one??)
--His repertoire of amusing jokes and anecdotes, including this one (loosely paraphrased):
To celebrate the 12th birthday of Hassan, his most beloved son (of dozens), the Saudi King chartered a Boeing jet to take Hassan and dozens of his friends abroad.
While in flight, the King asks Hassan if he likes the jet.
"Of course," Hassan answers. "It's amazing."
"Done!" the King announces. "It's yours."
When the jet lands at LAX, a fleet of limousines meets the birthday party, who set out for The Beverly Hills Hotel.
Once they've settled into their rooms, the King asks Hassan what he thinks of the hotel.
"Unbelievable," Hassan answers, genuinely dazzled.
"It's yours, I'm buying it for you!" The King declares.
The next day, the fleet of limousines takes the group to Disneyland, which has been emptied for the enjoyment of the private guests.
In the middle of a ride, the King asks Hassan, "So, what do you think of Disneyland?"
"Oh, Father," Hassan answers. "You've already bought me enough for my birthday. Please don't buy me Disneyland. All I really want is a Mickey Mouse outfit."
So the King bought Hassan . . . . Coldwell Banker Burnet.
Showing posts with label Coldwell Banker Burnet. Show all posts
Showing posts with label Coldwell Banker Burnet. Show all posts
Wednesday, January 20, 2010
Wednesday, September 30, 2009
"Cedar Lake Specialist" . . . Really?
Inflated Realtor Claims
Does one sale make you an "area specialist"?
That's the claim being made by a Coldwell Banker Burnet agent who just sold a home about a block from where I live near Cedar Lake in Minneapolis.
The agent's flyer, which was just left on my door, trumpets "Just Sold" above a photo of the home, with "Cedar Lake Specialist" beneath the agent's headshot.
Neighborhood Specialist . . . Everywhere
The agent, who represented the Buyer, is trying to capitalize on the sale. Nothing wrong with that -- Realtors do it all the time.
However, wouldn't a "Cedar Lake Specialist" logically work out of CBB's Minneapolis Lakes office, just a few blocks away?
Or at least Burnet's Minneapolis Parkway office, a few miles southeast but still close to the lakes?
Nah.
In small type, the agent's flyer indicates that he's in Burnet's Edina Regional Office, a good 10 miles south (and a lot closer to Bloomington than Cedar Lake, Lake Calhoun, etc.)
How much do you want to bet that this agent is soliciting business in Bloomington, Eden Prairie, etc. claiming to be a "neighborhood specialist" in those areas, too?
Does one sale make you an "area specialist"?
That's the claim being made by a Coldwell Banker Burnet agent who just sold a home about a block from where I live near Cedar Lake in Minneapolis.
The agent's flyer, which was just left on my door, trumpets "Just Sold" above a photo of the home, with "Cedar Lake Specialist" beneath the agent's headshot.
Neighborhood Specialist . . . Everywhere
The agent, who represented the Buyer, is trying to capitalize on the sale. Nothing wrong with that -- Realtors do it all the time.
However, wouldn't a "Cedar Lake Specialist" logically work out of CBB's Minneapolis Lakes office, just a few blocks away?
Or at least Burnet's Minneapolis Parkway office, a few miles southeast but still close to the lakes?
Nah.
In small type, the agent's flyer indicates that he's in Burnet's Edina Regional Office, a good 10 miles south (and a lot closer to Bloomington than Cedar Lake, Lake Calhoun, etc.)
How much do you want to bet that this agent is soliciting business in Bloomington, Eden Prairie, etc. claiming to be a "neighborhood specialist" in those areas, too?
Tuesday, June 9, 2009
Home Showcase: 53XX Xerxes Ave. South (Minneapolis)
Where: Minneapolis' Fulton neighborhood in SW Minneapolis (one block north of the Minnehaha Creek)
What: 2 BR/1 BA; 1,080 FSF. Year built: 1924
When: on market yesterday (June 8)
How much: $124,900
Who: listed with Coldwell Banker Burnet
It's never a good sign for prospective Buyers when you arrive at a showing to find several parties milling around in front, waiting for their Realtors, to tour a just-listed home (conversely, it's always a very good sign for the listing agent).
And that was in addition to the two groups already looking around inside.
Yet that's exactly the scene I encountered this morning when I showed up to screen the home pictured above for a client.
So what's all the commotion about?
While the home is anything but sexy -- 2 BR, 1 Bath, extremely dated -- the price more than makes up for it. In fact, at $124,900, it's easily $50,000 less than similar, nearby homes (and $114k under the assessed tax value!), even without a garage.
How much do you want to bet that that gap closes -- or disappears completely -- once the inevitable multiple offer feeding frenzy takes hold?
Sunday, April 12, 2009
Down Time/Catch-Up
Hot Search Term(s): "Realogy Bankruptcy";
"Firing Your Realtor"
Note to Readers: no, it's not your imagination -- I've been off-line for a few days. Family trip to Chicago; taxing foreclosure deal (that came to naught); and ramping up a new blog design (details to come).
Question: What do parents (combined age: 95) of 3 kids (combined age: 19) say after driving to and from Chicago for four days?
Answer: TGIM ("Thank God it's Monday).
Enough catch-up . . .
One of the fringe benefits of a being a frequent blogger -- the last few days notwithstanding -- is that, in conjunction with my site meter, I can tell what key terms people are surfing for.
(Just in case you're concerned about your privacy: I can't tell the visitor's identity, but only such things as the name of the visitor's service provider, the time and length of their visit . . and the search words that brought them to the blog.
So, just like radio stations can tell which songs are popular and which aren't, blogs can tell which posts are attracting attention, and which aren't.
Out of some almost 300(!) posts the last six months or so, the far-and-away most popular is Coldwell Banker Burnet Troubles.
Clearly, there are lots of people out there speculating about the company's future -- so much so that my post has become one of the half dozen or so most frequently read on the subject. (Full disclosure: in the blogosphere equivalent of "being famous for being famous," blog posts that attract attention then draw attention for drawing attention -- very circular.)
To recap, Realogy is the parent company company of Coldwell Banker Burnet, an Edina Realty competitor, and is loaded with debt even as the recession whacks revenue. Not quite as bad as the problems facing the now-bankrupt Chicago Tribune or Minneapolis Star Tribune . . . but close.
Tough Market . . Rocky Relationships?
Winning the title of most popular "up-and-coming" blog post? Something I wrote last month titled, "Firing Your Realtor."
In a challenging market -- and this certainly is one -- more Sellers are taking multiple price cuts; more listed homes are expiring, unsold; and more Buyers are looking at more property, and taking longer to make offers. All those things can stress relations between Buyers and their Realtors, and Sellers and their Realtors.
So, clearly, unhappy clients are seeking online advice about when -- and how -- to find the exit.
Last item: I didn't even know that the Star Tribune had something called a "Netlet" -- an online-only guest column -- until they ran one of mine.
And I didn't even see it until a week after it ran (and two weeks after I submitted it).
Both of which just underscore the paper's declining business fortunes.
The piece was called "Who are Obama's Air Traffic Controllers?" In it, I made (I think) the rather obvious and unassailable point that, sometimes it's important for top government leaders (President, Federal Reserve Chairman, etc.) to tell key constituencies "no" -- and be willing to take the political heat for it.
Ironically, I was the one who got the "heat" -- in the form of multiple "flames" (critical, if not abusive, email criticism).
For the record, I am not a Reagan apologist, a defiler of the environment, anti-labor or anti-union, against air traffic controllers, in favor of gargantuan deficits, etc., etc.
"Firing Your Realtor"
Note to Readers: no, it's not your imagination -- I've been off-line for a few days. Family trip to Chicago; taxing foreclosure deal (that came to naught); and ramping up a new blog design (details to come).
Question: What do parents (combined age: 95) of 3 kids (combined age: 19) say after driving to and from Chicago for four days?
Answer: TGIM ("Thank God it's Monday).
Enough catch-up . . .
One of the fringe benefits of a being a frequent blogger -- the last few days notwithstanding -- is that, in conjunction with my site meter, I can tell what key terms people are surfing for.
(Just in case you're concerned about your privacy: I can't tell the visitor's identity, but only such things as the name of the visitor's service provider, the time and length of their visit . . and the search words that brought them to the blog.
So, just like radio stations can tell which songs are popular and which aren't, blogs can tell which posts are attracting attention, and which aren't.
Out of some almost 300(!) posts the last six months or so, the far-and-away most popular is Coldwell Banker Burnet Troubles.
Clearly, there are lots of people out there speculating about the company's future -- so much so that my post has become one of the half dozen or so most frequently read on the subject. (Full disclosure: in the blogosphere equivalent of "being famous for being famous," blog posts that attract attention then draw attention for drawing attention -- very circular.)
To recap, Realogy is the parent company company of Coldwell Banker Burnet, an Edina Realty competitor, and is loaded with debt even as the recession whacks revenue. Not quite as bad as the problems facing the now-bankrupt Chicago Tribune or Minneapolis Star Tribune . . . but close.
Tough Market . . Rocky Relationships?
Winning the title of most popular "up-and-coming" blog post? Something I wrote last month titled, "Firing Your Realtor."
In a challenging market -- and this certainly is one -- more Sellers are taking multiple price cuts; more listed homes are expiring, unsold; and more Buyers are looking at more property, and taking longer to make offers. All those things can stress relations between Buyers and their Realtors, and Sellers and their Realtors.
So, clearly, unhappy clients are seeking online advice about when -- and how -- to find the exit.
Last item: I didn't even know that the Star Tribune had something called a "Netlet" -- an online-only guest column -- until they ran one of mine.
And I didn't even see it until a week after it ran (and two weeks after I submitted it).
Both of which just underscore the paper's declining business fortunes.
The piece was called "Who are Obama's Air Traffic Controllers?" In it, I made (I think) the rather obvious and unassailable point that, sometimes it's important for top government leaders (President, Federal Reserve Chairman, etc.) to tell key constituencies "no" -- and be willing to take the political heat for it.
Ironically, I was the one who got the "heat" -- in the form of multiple "flames" (critical, if not abusive, email criticism).
For the record, I am not a Reagan apologist, a defiler of the environment, anti-labor or anti-union, against air traffic controllers, in favor of gargantuan deficits, etc., etc.
Thursday, February 19, 2009
Taking Trulia for a Spin
Trulia.com Hits -- and (Mostly) Misses
Like Zillow.com, Trulia.com promises to arm prospective home buyers with reams of data about homes for sale.
Buyers can search by property type, price, square footage, zip code, etc.; get information about schools and other community info; and even pose questions to the Trulia. com "community" that generate email notices as responses come in.
The site's pro's and con's are discussed in an article in Tuesday's Wall Street Journal, "A Go-To Web Site for Home Buyers: Trulia.com offers an Insider's View of Real Estate."
So does Trulia work as advertised? And make no mistake -- advertising, not great market data or insider real estate scoop -- is what Trulia is selling. Ditto for Zillow ("Zillow for ditto??").
To test it, I ran a search (early Wed. am, 2/18) on zip code 55410 (Southwest Minneapolis) for single family homes between $400,000 to $500,000 to see what would come up.
Not coincidentally, I have a very active listing in that price bracket and area -- a high profile and aggressively marketed listing, I might add. The home is just two blocks south of Minneapolis' Lake Calhoun, and has been generating tons of (non-Trulia) traffic (see, next).
(Still) Not Ready for Prime Time
I originally listed 3929 Washburn Ave. South in early December; my client just reduced the price Monday from $479,900 to $429,900. Here's what I found -- and didn't:
--My search query generated 11 hits on Trulia.com . . . but did not include 3929 Washburn!
--Included on the list: the closest comp ("comparable sold property") for my listing, 4155 Drew Ave. According to Trulia, this home was still for sale for $475,000. In fact, Drew dropped from $475,000 to $450,000 on Oct. 29, went off the market December 8 as a "Pending" sale, and closed January 16.
--The closest (Active) competitor to my listing, 4128 Beard, was identified as "Address Not Disclosed," with an accompanying picture. Curiously, though, clicking on "listing preview" generated a map showing the block where the home is located. Trulia did have the correct price and home stat's.
--Another home, 4404 Abbott for $475,000, is identified as a Coldwell Banker Burnet listing. Which may come as a surprise to the owners -- because it does not appear to be for sale. If it is, it's a non-MLS listed For Sale By Owner, which is quite rare these days.
--Notwithstanding my "single-family" search criterion, one of the eleven hits was a nearby condo.
That's probably a long enough list for most readers (and all the time I have to parse Trulia's "hits").
Conclusion: if you want to really know what's really going on in the market, you'd better talk to someone who's got access to the Multiple Listing Service, and knows the inventory on it.
That would be . . . an experienced, local Realtor (Preferably, me!).
Like Zillow.com, Trulia.com promises to arm prospective home buyers with reams of data about homes for sale.
Buyers can search by property type, price, square footage, zip code, etc.; get information about schools and other community info; and even pose questions to the Trulia. com "community" that generate email notices as responses come in.
The site's pro's and con's are discussed in an article in Tuesday's Wall Street Journal, "A Go-To Web Site for Home Buyers: Trulia.com offers an Insider's View of Real Estate."
So does Trulia work as advertised? And make no mistake -- advertising, not great market data or insider real estate scoop -- is what Trulia is selling. Ditto for Zillow ("Zillow for ditto??").
To test it, I ran a search (early Wed. am, 2/18) on zip code 55410 (Southwest Minneapolis) for single family homes between $400,000 to $500,000 to see what would come up.
Not coincidentally, I have a very active listing in that price bracket and area -- a high profile and aggressively marketed listing, I might add. The home is just two blocks south of Minneapolis' Lake Calhoun, and has been generating tons of (non-Trulia) traffic (see, next).
(Still) Not Ready for Prime Time
I originally listed 3929 Washburn Ave. South in early December; my client just reduced the price Monday from $479,900 to $429,900. Here's what I found -- and didn't:
--My search query generated 11 hits on Trulia.com . . . but did not include 3929 Washburn!
--Included on the list: the closest comp ("comparable sold property") for my listing, 4155 Drew Ave. According to Trulia, this home was still for sale for $475,000. In fact, Drew dropped from $475,000 to $450,000 on Oct. 29, went off the market December 8 as a "Pending" sale, and closed January 16.
--The closest (Active) competitor to my listing, 4128 Beard, was identified as "Address Not Disclosed," with an accompanying picture. Curiously, though, clicking on "listing preview" generated a map showing the block where the home is located. Trulia did have the correct price and home stat's.
--Another home, 4404 Abbott for $475,000, is identified as a Coldwell Banker Burnet listing. Which may come as a surprise to the owners -- because it does not appear to be for sale. If it is, it's a non-MLS listed For Sale By Owner, which is quite rare these days.
--Notwithstanding my "single-family" search criterion, one of the eleven hits was a nearby condo.
That's probably a long enough list for most readers (and all the time I have to parse Trulia's "hits").
Conclusion: if you want to really know what's really going on in the market, you'd better talk to someone who's got access to the Multiple Listing Service, and knows the inventory on it.
That would be . . . an experienced, local Realtor (Preferably, me!).
Thursday, February 12, 2009
Realogy Bankruptcy Filing Imminent?
Who's Searching for Realogy Info -- and Why?
Judging by all the hits on this blog for anything Realogy-related the last few days, you'd guess that something is up.
For those who don't know, Realogy is the heavily-leveraged parent company of several national real estate companies, including Coldwell Banker Burnet.
In August, I posted an article titled "Coldwell Banker Burnet Troubles." That's the post that has proved especially popular this week (thanks to blog tracking software, it's possible to see where traffic is coming from, and where it's going within the blog).
The $64,000 question is, "who's looking for information about Realogy -- and why?" Unfortunately (fortunately?), that's not something that tracking software can answer (at least not yet).
P.S.: If you didn't know, you should: Google, Double-Click, and countless other companies now have the ability to track Web traffic, mouseclick by mouseclick. That's what drives advertising revenues.
Judging by all the hits on this blog for anything Realogy-related the last few days, you'd guess that something is up.
For those who don't know, Realogy is the heavily-leveraged parent company of several national real estate companies, including Coldwell Banker Burnet.
In August, I posted an article titled "Coldwell Banker Burnet Troubles." That's the post that has proved especially popular this week (thanks to blog tracking software, it's possible to see where traffic is coming from, and where it's going within the blog).
The $64,000 question is, "who's looking for information about Realogy -- and why?" Unfortunately (fortunately?), that's not something that tracking software can answer (at least not yet).
P.S.: If you didn't know, you should: Google, Double-Click, and countless other companies now have the ability to track Web traffic, mouseclick by mouseclick. That's what drives advertising revenues.
Saturday, August 30, 2008
Coldwell Banker Burnet Troubles
Tale of Two Parent Companies
[Note: see, "Realogy Bankruptcy Filing Imminent?" (2/12/09) for an update to this post]
One of the most popular quotes making the rounds these days is Warren Buffett's observation about risk: "You don't know who's swimming naked until the tide goes out."
Latest addition to the list of naked swmmers? Realogy, Coldwell Banker Burnet's parent company (and Edina Realty's biggest rival in the Twin Cities market; Buffett is chairman and CEO of Berkshire Hathaway, Edina Realty's corporate parent).
According to the new Barron's (Sept. 1, 2008), one of the most troubled private equity deals in the last few years is Apollo's late 2006 purchase of Realogy for $7 billion ("Look out Below! More disasters could hit debt-laden companies owned by private equity shops Apollo, Blackstone, & KKR").
The Barron's article notes that Realogy's bonds are trading for 50 cents on the dollar. For those who don't know finance, that qualifies as somewhere between intensive care and life support.
By contrast, Berkshire Hathaway, Edina Realty's parent company (via MidAmerican Energy), is flush with cash and in acquisition mode. In just the last six months, Berkshire financed Mars' acquisition of Wrigley, launched a new municipal bond insurance company, and expanded its transportation sector investments. Oh, yes, and it's stock price is holding up well at $117,000 a share.
So how will the prospect of Realogy going bankrupt affect Coldwell Banker Burnet? To tweak that old line about chicken soup,"can't help, might hurt."
[Note: see, "Realogy Bankruptcy Filing Imminent?" (2/12/09) for an update to this post]
One of the most popular quotes making the rounds these days is Warren Buffett's observation about risk: "You don't know who's swimming naked until the tide goes out."
Latest addition to the list of naked swmmers? Realogy, Coldwell Banker Burnet's parent company (and Edina Realty's biggest rival in the Twin Cities market; Buffett is chairman and CEO of Berkshire Hathaway, Edina Realty's corporate parent).
According to the new Barron's (Sept. 1, 2008), one of the most troubled private equity deals in the last few years is Apollo's late 2006 purchase of Realogy for $7 billion ("Look out Below! More disasters could hit debt-laden companies owned by private equity shops Apollo, Blackstone, & KKR").
The Barron's article notes that Realogy's bonds are trading for 50 cents on the dollar. For those who don't know finance, that qualifies as somewhere between intensive care and life support.
By contrast, Berkshire Hathaway, Edina Realty's parent company (via MidAmerican Energy), is flush with cash and in acquisition mode. In just the last six months, Berkshire financed Mars' acquisition of Wrigley, launched a new municipal bond insurance company, and expanded its transportation sector investments. Oh, yes, and it's stock price is holding up well at $117,000 a share.
So how will the prospect of Realogy going bankrupt affect Coldwell Banker Burnet? To tweak that old line about chicken soup,"can't help, might hurt."
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