Condo Blog - A Non-Corporate Blog From CondoDomain HQ

To any and all whom knew, heard of, worked with and befriended Christian (aka “Major”) - I have sad news to tell you all that Christian has passed and now survives in a better place.

As many of you know, Christian was not just a war hero, and peer here at CondoDomain, but was a son to loving parents, a big brother to a one-of-a-kind little brother, a roommate and very special best friend to me personally and to pretty much everyone who was fortunate enough to meet him.

Christian passed last Saturday - June 13 - in Kabul, Afghanistan and will be missed by the hundreds of people who knew him personally and the thousands who enjoyed the “Major stories” that he shared through his friends.

If you would like, please enjoy the video that Christians family put together for the services all of us were grateful to attend last evening and this morning.

Watch the video below (trouble viewing - watch on YouTube )

We all love you Christian - Rest in Peace.

Christian Charles Major

January 09, 1978 - June 13, 2009

Other blogs on Christian:  Here & Here & Here & Here

FULL SLIDE SHOW

Some snapshots below:

Christian @ BUD’s (Navy Seal training) in Coronado

He loved kids …

@ Rest …

We tried a little experiment today here in Boston on our Boston Condo Blog - below is the post.  Results to come shortly (if we get any)

Ok - call me crazy - but we are going to try a little something here. By now you have all heard about the new upcoming condo auction (loft auction) in Boston’s South End - The 1850. It is definitely an unfortunate time for any current homeowners in the building (who didn’t buy right) but is a very exciting time for the newcomers who will be snagging a brand new South End loft at discounted prices!

So last night I was out with a good friend of mine for a little “going away” party as he just got a great opportunity to head up biz dev for the API group at Twitter. (You can follow him @rsarver) To make this long-story, short - he got my wheels turning and today I am going to try a little experiment.

WE ARE OFFERING A BONUS OF $1,000 ABOVE AND BEYOND OUR CUSTOMARY CASH BACK REFUND TO ANY PERSON WHO CONTACTS US THROUGH TWITTER VIA A RE-Tweet or @reply AND PURCHASES AN AUCTION UNIT AT THE 1850 THROUGH CONDODOMAIN.

How do you do this?

Just at reply or RT (Retweet) @CondoDomain the following make sure to let me know @tonylongo as well:

RT - The $1,000 CondoDomain/Twitter Experiment: Reply or RT us to get additional $1,000 at The 1850 Loft Auction: http://tinyurl.com/ooyuhc

That’s all you have to do and we will make sure to reach out to you and get you recorded in our 1850 Auction database. Any questions be sure to speak up or tweet us @CondoDomain or @ebounce

Saw this article today and had to read it twice.  What “full service” real estate brokrage in their right mind has the guts to charge an “adminstrative or technology” fee?????  We have researched a bunch of models and even have offered and still do offer multiple service levels including a “flat fee” model and a “full service” model.

Inman News reports on a pretty disturbing trend: As home prices fall and sales volume remains weak in many markets, some real estate brokerages are resorting to charging “fees” to buyers and sellers — on top of the usual commissions.

The fees are usually in the range of a few hundred dollars, but that isn’t even the point. The point is that the fees are garbage — absolute unfiltered, unmitigated, bullcrap. What exactly is the fee for? Inman says they are sometimes referred to as “administrative fees,” “technology fees,” “transaction fees,” “flat fees,” and administrative brokerage commission (ABC) fees.”

The real estate brokers and agents involved in a transaction already collect a hefty commission for bringing together buyers and sellers. Inman reports that “Some who defend the fees say real estate brokerages need to recoup rising overhead expenses and investments in technology.”

That I understand, but isn’t that what the commissions are for? And while real estate brokerages are spending big to try to go high-tech, aren’t there are also some serious cost savings associated with the internet? Agents are spending less money on newspaper advertising and online multiple listing services allow prospective buyers to browse homes on their own and then tell the agent which ones they want to see.   Continue…. (via WalletPop & Inman News)

When you know what you want, your best bet’s a specialist: if you need a bed, go to Sleepy’s, and if you need “Beyond”, go to Bed Bath & Beyond, and just try to ignore the beds and baths. When what you want’s a condo, go straight to CondoDomain.

Based in Boston, pointedly named brokerage CD just grew to include San Francisco, vying to be your online hub for finding condos — and nothing but the condos — by coupling a slick search engine with personal agent care to assist you all the way to closing.

Start by studying CD’s Gmap of on-the-market properties (populated by MLS data, new construction developments, foreclosures, etc), which upon mouse-hovering’ll pop up exterior snap shot/price range/# of units; click “view full details” for a Google Street View, a Walk Score, and a physical/historical building descrip (if it reads “lubricated”, you added an extra “m” to the url).

The next step: opt for “Full Service”, and you’re paired with an actual live local agent to help scout/compare properties, or go it alone and arrange tours yourself; either way, CD handles final paperwork & negotiation, and at closing’ll return either 20% of the commission (for “Full Service”) or 90% if you found the place yourself — money you’ll need to drink away the fact that your walls are actually made of rats. Mean, horrible rats.

CD also informs buyers with a blog about the SF condo landscape, which analyzes market trends, specific properties, and neighborhoods — over-educating you to the point that you’ll burn out on condos, and settle for Bed.

Entire Article

So…

After more than 18 months and 100 transactions in the brokerage business we have finally collected enough data and consumer feedback to make the next adjustment to our ‘non-traditional’ business model.

As many of you know, our company has had an extremely strong opinion and very public voice regarding real estate commissions in this new online real estate economy.  Our belief structure and core principles are still the same, and we believe with the availability of public accessible real estate information, including easier access to MLS systems and public record information, has made the sales process more efficient for consumers engaged and interested in performing search, compare and valuation analysis online.

So where have we changed?

Two crucial data sets have led us to alter our buyers’ brokerage business model.

1.    Top priorities for buyers during the purchase process:
After multiple online and offline surveys performed by our company, the single most important aspect to our clients was NOT our highly promoted “Cash Back” commission refund business model.

The #1 priority to our clients was agent expertise.
The #2 priority was our website.
The #3 priority was our transparent and our professional approach to real estate.

2.    Time:
The second most important aspect that has led us to alter our business model is time.  Whether it just be current market conditions or realities of this new real estate economy, the amount of time spent with our clients touring properties was nearly double than what was anticipated from our original business plan.

Our original plan had estimated that we would tour 4-8 properties on average before a client submitted an offer to purchase.  Even though we have had both of the extremes from two clients whom we toured the property zero (0) times making the transaction extremely profitable for us, however, we have also had the opposite with touring more than 25 properties before submitting an offer.  Currently we are averaging 14 property tours per client.

So what is the new business model?

Here at CondoDomain we are announcing a hybrid-model that some may call ‘a la carte’.  We will now be offering two service levels, best described by our (1) Pizza or (2) Sushi comparison.

1.     Full Service Buyers Brokerage (Pizza)
Those going for the Carb-load, this option is for you.  Our full service buyers brokerage will be like it has always been.  Personal service, unlimited property tours and every other goodie that our agents or the CondoDomain team & website delivers.

This option will include 20% commission refund for all buyers who purchase with us.  On average, our $500,000 buyers will receive a cash refund at closing of $3,000.  For most this will cover all of your closings costs of your new home!!!  Through some analysis, we have come to the conclusion that today’s real estate purchase process is approximately 20% easier for real estate agents because of technology and publicly accessible information, therefore a 20% commission refund would make sense and allow us to compete on a very high level attracting the best real estate agents in the business which would allow us to accomplish our #1 goal of having top agent expertise.  More details here.

2.      Flat Fee Buyers Brokerage:  (Sushi)
We are launching this service for our “true” do-it-yourselfers.   For all of our viewers and clients who have a top priority of staying “lean” and saving money – the Flat Fee model is the way to go.

In every city we will offer to help broker a real estate transaction for a flat fee of $5,000 – no matter what the purchase price of the property is.  We will engage you as a full service client without limitations EXCEPT with property tours (therefore reducing our Time/Cost differential).  With this service, we will go on a maximum of 3 property tours with you.  After the third property tour our relationship is automatically flipped into our full service program which will still net you a large cash back commission refund of 20%.

Why Flat Fee:  Since our inception as a true buyers broker in January 2008, we have always promoted the flat fee buyers brokerage business model.  We truly believe in it and think it makes sense for efficient and precise real state transactions.  For consumer who are truly leveraging new technology and are heavily self-motivated and engaged in the real estate search and compare process, the flat fee model is ideal.  It allows the client to engage an experienced professional to assist in the home-buying process while providing maximum savings to the consumer.

While both our full service buyers brokerage and flat fee business model saves clients thousands of dollars, the flat fee model starts to net significantly larger savings on purchases over $500,000.  More details here.

What do we hope to accomplish:
As a company, we believe this structure is ideal for the consumer base that we engage.  Providing a 20% cash back commission refund is a significant amount of money at any price point, therefore enticing a highly competitive advantage in the marketplace.  This balance also allows us to attract top real estate professionals to provide our clients 3 top priorities:  agent expertise, technology/better website and allow us to publish more transparent information on the marketplace.

CondoDomain aims to continue to be a leader in the urban real estate marketplace specializing in working with buyers, elevating the brokerage profession by providing excellent customer service and a go-to media site highlighting the latest and greatest in residential property downtown.

Related Posts: CondoDomain Year 1 Results:  Whitepaper,  Customers want transparency (Redfin), Other CondoDomain posts regarding the real estate commission stucture

CondoDomain is pleased to announce four new markets including:  San Francisco, Seattle, Houston and Phoenix.  With the addition of these four markets, CondoDomain is now serving 18 cities across the U.S. and offering buyers a true alternative to full-service, full-commission real estate brokerage.

Headquartered in Boston, MA, CondoDomain has pushed forward to grow into the top 18 urban metropolitan markets in the U.S and Canada while continuing to acquire market share. The company converted to a web-based brokerage model in January of 2008 and has successfully weaved through the tumultuous world of traditional full-service real estate brokerage while providing 20% - 90% cash back via a commission refund.

In addition to the roll-out of the four new markets, CondoDomain has completed and launched the newest version of its website. Along with a complete revamp of the site, new features were implemented to create a stronger and faster, user-friendly, web 2.0 experience. This latest version of  CondoDomain features state-of-the-art technology, which transcends customer expectations by exponentially increasing transparent data and expanded options for searching for real estate information online.

“The updated site is now complete with both real estate data and associated media for more up-to-date street level information”, noted Anthony Longo, the firms founder.  “Features ranging from a constant stream of new MLS listings, to smart search technologies such as “nearby listings for sale”, with a data feed piped in from our condo blog to fill in between the lines, visitors can now experience related real estate news and information pertaining to their search.”  Among other things, CondoDomain has also partnered with and installed Walkscore, a widget that scores walkability on every property listed on the site.

During a time of nationwide economic uncertainty, CondoDomain aims to be a valuable resource for home buyers while simultaneously offering consumers several ways to save money. On average, CondoDomain clients have received more than $13,000 in commission refunds at closing and with the new “Print My Check” feature, visitors to the site can see exactly what they will get back with their commission refund. And by further encompassing all aspects of the home-buying process, prospective buyers are able to apply for a mortgage right on the site and get a rate quote back that same day. With these improvements and more, CondoDomain has increased the awareness and efficiency in the real estate market.

With constant improvements and innovations, CondoDomain continues to offer the best in both online search and offline agent experience.  For more information logon to www.CondoDomain.com

About CondoDomain.com
CondoDomain.com is a web-based real estate brokerage based in Boston, MA. The company is expanding nationwide to offer its buyers’ brokerage services in more than 30 cities around the U.S. Currently operating in eighteen cities nationwide, CondoDomain offers an innovative commission refund business model, allowing the majority of the commission to be refunded to the buyer. Through combining up-to-date MLS feeds, new construction buildings, FSBO, Foreclosures, Lofts and Auction listings all on one site, CondoDomain has become one of the most popular and user-friendly real estate websites available. CondoDomain.com offers a 100% satisfaction guarantee to all of its clients, ensuring a professional, efficient, and pleasant transaction. Visit www.CondoDomain.com for more information or feel free to dive into our blogs at www.CondoDomain.com/Blog.

Press Contact:
Erica Farthing
617.849.4993
erica@condodomain.com

I guess if you can’t find it online - check out the Condo Outlet !!!

Jennifer White, an advertising specialist from Atlantic City, N.J., knew she wanted to relocate to Jacksonville, but wasn’t expecting to find a condominium while shopping at the St. Johns Town Center. She said it was the signs at the new CondoOutlet store that attracted her last month, she said.
“I just kind of drifted in there,” she said. “It’s kind of a neat idea, and I was curious. The price was right. I couldn’t walk away from it.”

After her sale closes in June, White will be the owner of a two-bedroom, one-bathroom condominium at the Colony at San Jose, a condominium complex at 3901 Toledo Road, she said.

It used to be a trip to the mall or shopping center meant buying shoes, clothes, toys, sporting goods, electronics or the like, but since the CondoOutlet store opened April 21, mall shoppers can buy a condominium, too.
The store is a branch of an 11-year-old condominium liquidation business and is the brainchild of Roman Bodnarchuk, founder of St. Augustine-based real estate marketing company N5R Realty Advisors, CondoOutlet’s parent company.  Bodnarchuk said the store, a 10,000 square foot showroom for selling condominiums in developments where sales have ground to a halt, is a prototype and Jacksonville is so far proving a good test market.

Ray Rodriguez, owner of the Real Estate Strategy Center of North Florida, said there are 7,000 unsold new condominiums in Jacksonville. Bodnarchuk said there are many more than that in markets like Toronto, Phoenix and Fort Lauderdale are possible future locations for stores.

Read on…

Or visit their website - www.CondoOutlet.com

Your a buyer and want the latest real estate news?

Your a seller and want to make sure your connected to the pulse?

Your a real estate agent and you want to make sure your on top of things?

Its finally here and its called - THE CLOZING.

Highlighted today on Inman News - The Clozing - is owned and operated by one of my all-time most favorite people I have met in my business life - Joseph Ferrara.  Most of you may know Joe from his genius real estate blog - Sellisus.  Joe has continuously found a way to breach the top of the RE:Tech industry as both a pioneer and opinionated but neutral sounding board for all members of this community.

Joseph and partner Anthony Barba are seeking to define these blurry lines with the launch of TheClozing.com.

“It’s techmeme.com (a technology news aggregator) for real estate,” Ferrara said. “We’re aggregating mainstream and social media news,” Ferrara said. The site carries the slogan: “your real estate water cooler.”

“I read a study that said headline news is available on the Net, but the backstory that comes with social media is tough to locate. We tried to meet that need.”

Launched this month, TheClozing.com is free and currently features a list of 20 items, including news items and blog posts, followed by a sentence or two from each source. Clicking the headline takes a reader to the full article at its original source.

More information on TheClozing - visit the website or check out their about us page.

and….like any great web 2.0′er - check them out on Twitter - @clozing !!!

Anthony Barba, Berlin, A serial entrepreneur, Anthony worked with Time Warner Inc. to create their first online portal for mountain Real Estate and Vacation Rentals for its Ski and Skiing Magazine. He is currently the American Geschäftsführer at Deutsche startup iliketotallyloveit.com, a social shopping network and aggregator of amazingly cool products.

Man…I thought my blogging job was pretty awesome!

However, as much as my job directing the Social Media for Condodomain is entertaining…I don’t think it quite compares to what has been dubbed “The Best Job in the World”. Think island, beach, sun, sand, blogging…

There’s a reason why over 35,000 people applied to this job. It’s awesome!

If you have been out of the loop like me, because if I would have known earlier I would have applied (sorry, Tony) here is the low down on what is the greatest job in the world.

Tourism Queensland sought out applicants for the six-contract role of Island Caretaker, which is based on the luxurious Hamilton Island in the Great Barrier Reef. The key responsibilities of the Island Caretaker include:

Living on the Island: The Island Caretaker will live at Blue Pearl, a beautiful three bedroom home featuring modern facilities, exquisite furnishings, and of course fabulous outdoor areas including a private plunge pool/spa, sun lounges, large balconies, and the traditional Aussie barbeque…not to mention spectacular views of this gorgeous destination.

Key Work Responsibilities: Explore the islands of the Great Barrier Reef and report on your adventures via weekly blogs, photo diary, video updates, & ongoing media interviews.

Compensation: Living accommodations, airfare, travel insurance, computer, internet, digital video, still cameras, all travel paid for….PLUS a paid salary package of AUD $150,000 for this six-month contract.

Learn more about this unbelievable job opportunity.

Bad news…someone was already chosen for the job. Lucky guy.
Good news…he only signed a six month contract right?!

I just may have to venture out and find a job blogging on an island…maybe just start focusing on island condos