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Top 10 Issues Impacting the Real Estate Industry: Annual Forecast Reveals
As a data junkie, I love Top 10 lists. So, when The Counselors of Real Estate releases its member survey of current and emerging issues that will have the biggest impact on real estate in 2019 and 2020, I'm all ears – and eyes. The 1,100 member Counselors released its Top Ten list once again at the National Association of Real Estate Editors conference, this year in Austin. The top concern? U.S. infrastructure was identified as the #1 issue impacting real estate.
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Gen Z is Buying Their First Homes! Here's What You Need to Know
Millennials and their buying habits have been under the scrutiny of the real estate industry for years. We've watched them go from a minority to the largest group of buyers in the market, but now Generation Z is taking its first steps into the housing market, and it's time we learned more about this new group of first time buyers. In an effort to do just that, Homes.com polled more than 1000 adults from Generation Z aged 18 to 24 years old. Questions focused on Generation Z's expectations about the home buying experience and their home buying plans.
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Friday Freebie: Take a 5-Minute Survey on Listing Strategy, Get Rewards
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Study Reveals How Long It Really Takes for Each Step of the Home Buying Process
On average, it takes just over half a year for a home buyer to move into their new home. The research that revealed this also broke down the time spent on individual steps -- and pain points experienced -- along the way to closing a deal. The results are in, and a poll consisting of 2000 homebuyers has now determined that the average amount of time spent, from beginning a search to collecting the keys for a new home, is six months and 24 days. In completing that process, the exchange of contracts was shown to be the longest step, taking an average of five months and ten days, but ranging all the way up to 25 months in some unlucky instances. The study, conducted by OnePoll, also found that, on average, homebuyers spend 20 hours looking at 16 homes online before even scheduling a visit. In what's becoming an increasingly online experience, this finding emphasizes a trend where those marketing home listings are taking advantage of new opportunities to reach potential clients. After narrowing down their choices online, the average homebuyer will view a home three times before putting in an offer. The time between a final visit and eventual offer comes out to around four-and-a-half days. A recent article featuring the study notes that, in conducting the research, experts took into account various aspects of the home buying experience. This includes insight into common homebuyer expectations and frustrations. The amount of time involved in the process led to 14 percent of respondents coming to a compromise on some aspect of their ideal home when ultimately choosing a property. "While the idea of moving somewhere new is thrilling, the reality can be very different," says James Morris-Manuel, VP of Matterport EMEA. House hunting can be tough and time-consuming, especially for those who are juggling working full time, families, and those who may not necessarily be living in the area in which they want to buy. According to the poll, three in 10 respondents reported finding a property with everything they were looking for to be the most difficult aspect, while a fifth of home buyers found choosing a property to be the most time-consuming. "Even viewing a home can be irritating – having to fit in with the owner's timing and requirements, not being close enough to view a property as often as you'd wish, and then wanting to revisit when a decision has been made," says Morris-Manuel. One third of respondents said that, after finally buying a home, they found the process to have taken longer than they expected. To make matters worse, one quarter experienced an unsuccessful offer on a home, while 12 percent faced three or more such instances, prolonging their search. This study offers not only an in-depth look into the timeline of the home buyer's process, but also insight into areas that are found to be the most burdensome parts of that process. Real estate agents providing the most complete and informative experience for their clients are in the best position to be the resource today's homebuyer values. To view the original article, visit the Matterport blog.
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Key Findings from Our Third Annual Referral Report
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A Google Study on Team Efficiency: 5 Takeaways for Your Real Estate Business
Project Aristotle A team at Google wanted to explore what types of people and qualities make up the "perfect" team. They studied 180 teams (115 project teams in engineering, and 65 sales pods), and ultimately defined five aspects of effective teams. We will explore these five dynamics, what they mean for a real estate team, and how you can implement them to improve your team efficiency.
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Why Background Checks on Real Estate Prospects Don't Work
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How Referrals Can Help Take Your Business to the Next Level
"A lead is simply an inquiry on a property. A referral is a lead that's been qualified: The person giving the referral has taken time to ask specific questions that qualify that lead." — An agent quoted in the 2018 Agent-to-Agent Economy study by ReferralExchange. For newer agents entering the industry, leads are an important part of how they grow their business. However, for more established agents, referrals represent a real opportunity not just in business coming in, but in creating a network where they can refer clients out. Many clients may need an agent outside their main agent's geographic area or service parameters. When that occurs, some clients may feel they have to go it alone. However, having a referral system that supports their sphere doesn't just provide the agent with additional income, it delivers peace of mind for agents and their clients. What does a strong referral business look like and how can this be a potential "side hustle" for agents, providing a secondary income stream?
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Realtor Safety: What NAR's 2017 Report Reveals
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Profile of Today's Real Estate Pro: Insights from the 2017 NAR Member Profile
Each year, the National Association of REALTORS® randomly samples their members to answer questions about who today's real estate pros are. It examines everything from their demographics and economic preferences to their business activity and practices. The newest report shows that membership within the National Association of REALTORS® has increased from 1.16 million in March 2016 to 1.22 million in March 2017, with 82 percent of those sampled very sure they'll maintain their profession for at least two more years. Here are a few deeper insights from the report:
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Real Estate Statistics to Help You Determine Where You Stand
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The Battle of Consumer Profiles
Long the bible of consumer data in residential real estate, NAR's venerable Profile of Home Buyers and Sellers now has competition. With the 2016 Profile, which was released on Halloween and is based on a massive survey of both buyers who have participated in recent residential transactions, NAR celebrated 35 years of annual publication. When the Profile was launched in 1981, Ronald Reagan was inaugurated for his first term, "Raiders of the Lost Ark" opened in theaters and the median value of a home was $55,300. in recent years, the Profile has been the source of information that defines residential real estate today, such as these often-cited findings: The percentage of home buyers who used the internet to search for a home increased to 95 percent in 2016 after holding steady at 92 percent for three years in a row. Sixty-four percent of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with before to buy or sell a home. FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $185,000 last year (down from $210,000 the year prior), and significantly lower than the median of agent-assisted homes at $245,000. While the venerable NAR Profile set the standard for years as the "go to" source of consumer data, now it has a competitor with some different ideas about what measure and how to present its results. Just a a few weeks before NAR releases its 35th edition, Zillow introduced the first Zillow Group Report on Consumer Housing Trends.
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What's Changed in 35 Years of Real Estate Sales?
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"Move-In Ready" Increasingly Means Smart Home Technology for US Consumers
Sellers looking to upgrade their home before putting it on the market may be wise to install smart home technology. According to a new survey from Coldwell Banker, 44 percent of US consumers believe a house that's "move-in ready" has smart home technology. In fact, 54 percent of survey respondents would choose the home with smart technology when faced with two houses that are exactly the same, and 26 percent believe the technology is a major selling point. So What Is Smart Home Technology? Speaking of "defining," what exactly is smart home technology? Coldwell Banker teamed up with CNET in May to clarify the term. The two companies settled on a mutual definition to "provide a clear and unified designation to keep up with rapidly evolving technology." To start, a home must have a reliable internet connection and one of two base "smart" systems: 1) security features that control access via smart locks or monitors the home through, say, networked security cameras; or, 2) smart temperature controls. Additionally, a property must have two other systems from the following list to qualify as a smart home: Appliances (smart refrigerators and smart washer / dryers) Entertainment (smart TVs and TV streaming services) Heating / Cooling (smart HVAC system, smart fans or vents) Lighting (smart light bulbs and lighting systems) Outdoors (smart plant sensors and watering systems) Safety (smart fire / carbon monoxide detectors and nightlights)
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Are Real Estate Agents Dishonest?
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Two-thirds of Buyers Are 'Addicted' to Online Property Listings
Online property listings are the new crack. At least, that's what a new poll commissioned by Discover Home Loans suggests. According to the poll, 67 percent of home buyers report feeling addicted to looking at online listings, and 78 percent admit to looking at listings while at work. The revelation of this fairly benign addiction was just one part of the poll that looked more broadly at consumers' use of online technology during the home buying process. Overall, 76 percent of buyers said technology made them smarter home buyers and 69 percent said it made them more confident. Here are a few more interesting results from the poll: 72% of buyers explore a neighborhood using online maps or map apps 55% research a neighborhood using local websites Social media wasn't a big player in the buying process, with only 25% using it to "collect ideas" and just 29% soliciting opinions from friends and family on social networks The Internet played a large role in submitting paperwork, however. 71% of buyers submitted docs to their lenders online, while 68% used the Web to submit documents to their agents Online calculators are an important tool: 70% used them to estimate their monthly mortgage payments, 61% to discover how much home they could afford, and 52% to see if they were financially ready to buy a home A whopping 92% of buyers said technology saved them time, with 93% stating that technology allowed them to do things remotely that they would otherwise have to do in person
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Finding True Job Satisfaction in Real Estate
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Do Luxury Clients Prefer iPhones?
I'm captivated by this map of iPhone users in New York City. It shows where Android and iOS users are concentrated geographically. And, surprise (or not?), the lines appear to be drawn along economic lines. iPhones users (in red) coat affluent Manhattan, while Android dominates the poorer outer boroughs. The trend stays true in other locales, as well--San Francisco, Los Angeles, and London all map out according to the same income pattern. Does this mean that luxury clients prefer premium-priced iPhones over lower cost Androids? The data seem to suggest that. If you serve the luxury market, consider switching to an iPhone to better reflect the values of your client base. And be sure that your website looks good and functions properly on the platform. Similarly, any apps you offer to clients (like branded search apps, eSign, etc.) need to work flawlessly on iOS.
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Recommendations for Going Digital
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The Happiest Agent on the Block
This article comes to us from the Market Leader blog: Market Leader recently surveyed over 3,000 real estate professionals to determine how happy they are. The goal was to find out how various aspects of their careers and lives – like their marital status and commission splits – can impact their happiness. The "Happiest Agent on the Block" survey assessed agent happiness using the following four important metrics: happiness with their real estate careers, incomes, the tasks they complete on a day-to-day basis (e.g., following up with leads and attending client appointments), and life in general. The results of the "Happiest Agent on the Block" survey contained many surprises tidbits which have significantly increased Market Leader's understanding of who real estate agents are as people, not just professionals. An infographic featuring some of the most compelling survey findings can be found below. Our general survey findings about agent happiness are listed on the next page.
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Take A Stand: Increase Your Sales; Improve Your Health
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A Portrait of the Agent – Realtor® Habit Survey
This post comes to us from the Market Leader blog: Market Leader surveyed 1,967 Realtors® in August 2013 to learn about their habits. We asked questions about offbeat topics not covered in NAR's Annual Member Profile or similar studies. Questions touched on topics as diverse as their procrastination habits, cell phone usage while driving, and favorite cuisine. Read on to discover what Market Leader's survey uncovered about Realtors® – from habits common across the profession to the differences in habits between the most and least successful Realtors®!
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How Real Estate Agents are Using Mobile Technology
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Monthly Real Estate Showings Data: March Shows Steady Increase for 2012
Guest contributor Showing Suite shares the following article on their blog. We've compiled our real estate showings statistics for the month of March, and compared the data against the last six years. So far, in 2012, our data is proving a continuous rise in overall real estate showings with the highest amount of home showings since 2007; and our data for the month of March is no different. According to Showing Suite's CBSA reports, we've found that in 2012, home showings in March continue to rise, at a 6% increase compared to March of 2011.
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Tuesday Tech Tip with Maya Paveza of HipRoof.com
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Mastering Your Blog Timing
How many times a day or week should you blog to keep people interested? Do you know what time of day is best for blogging? Does it matter? The answer is simple: there is a science to blogging. With millions of bloggers, how do you make your message rise above the digital noise and gain traction within your industry? When are people listening? Don't worry, there are answers to this based on scientific research. Modern day blogging has evolved into a science. If you are interested in keeping a client and subscriber base informed and engaged with you and your message, it is well worth your time to invest in learning some of the research behind the science of blog timing. HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email and blogging. This article focuses on blogging specifically.
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Your Reputation: To Be Shared Online?
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The Science of Timing: Blogging
How many times a day or week should you blog to keep people interested? Do you know what time of day is best for blogging? Does it matter? The answer is simple: there is a science to blogging. With millions of bloggers, how do you make your message rise above the digital noise and gain traction within your industry? When are people listening? Don't worry, there are answers to this based on scientific research. Modern day blogging has evolved into a science. If you are interested in keeping a client and subscriber base informed and engaged with you and your message, it is well worth your time to invest in learning some of the research behind the science of blog timing. HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email and blogging. This article focuses on blogging specifically.
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The Science of Timing: Emailing
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The Science of Timing: Social Media
How many times a day or week should you tweet? Do you know what time of day is best for tweeting? What about posting on Facebook? Does it matter? The answer is simple: social media is not a haphazard activity anymore. It has evolved into a science. If you are interested in promoting yourself and your business online, it is well worth your time to invest in learning some of the research behind what social media gurus are calling the "science of timing." HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email, and blogging. This article focuses on social media specifically.
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Back to the Basics: Advocacy Marketing for Real Estate Professionals
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Meeting Gen Y's Demand for Online Transparency and Information
I interviewed a top-producing agent in San Francisco a few days ago. We were talking about the role of technology in the real estate process. It was a fascinating discussion. She is on the top of her game. Many listings, many successful transactions with buyers this year and yet she struggles with how to stay relevant with her younger clients. She told me:   “I am absolutely frightened of new technologies, and yet I KNOW I need to communicate and provide information differently than I used to. I believe it is much more difficult to create a deep personal relationship with younger consumers because they don’t want to sit down and talk about what their real needs are. They want me to provide information on my website so they can do their own research and then tell me what they’ve found. They require that the agent provide as much information as they can to empower the consumer to get comfortable with the information themselves.”
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Don’t Ignore Client Needs, Instead Become the Educator
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Idaho Valley Foreclosures Down 25% in October!
The peaks and valleys of local NOD filings continue. After a 21% increase in September with775 filings in Ada and Canyon Counties, defaults are back down 25% for the month of Octoberwith 582 filings. The 582 filings is the second lowest monthly total in 2010 only behind June when 557 defaults were recorded.Since January of 2010 Ada County has averaged 418 default starts a month and Canyon County has averaged a total of 280 default starts. Together Ada and Canyon Counties have averaged 697 foreclosure filings a month to date in 2010.
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How Much is a Facebook Fan Worth?
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Confused by Social Media Lingo?
By 2010 Generation Y has come to outnumber Baby Boomers and 96% of them have not only joined a social network, but also spend considerable time using it. We also wanted to share some of our thoughts and experiences in using social media for our business. As you read through this guide, we hope that you will find the information useful in forming your business's social media plan. Why do I take the time to use social media like Twitter and Facebook? Because after spending considerable time learning and using social media, I can safely say that we should expect our lives to radically and exponentially be changed by social media and social networks over the next few years. Many traditional forms of media that we have been using for decades are being eclipsed with a growth in membership numbers and adoption rates that we have never experienced before. Consumers no longer want or trust advertising to the same levels they did a decade ago.
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Have 2 Minutes? Take a Short Smartphone Survey!
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Tell Us! How Do You Use Social Media to Further Your Business?
Hello RETechnology agents! I am working on a project with Chris Brogan for Human Business Works, it is a project specifically for the real estate industry and we are seeking real estate professionals top share their personal success stories of how they are using a variety of social media platforms to build their real estate business. Especially awesome are multiple and continued success stories! The idea is to give great examples of best practices and processes that are working, in the words of the agent who is doing it and credited to that person. We want to share your social media success stories!!! Some of the suggested platforms: LinkedIn, Facebook, Twitter, Blogs, Posterous, SEO, anything you want to add. The advantage to the real estate professional, if selected to be used in the project, is that your story will also help build your credibility as an area expert and add to your resume. And don't forget the exposure you will get! Show those clients who the best agent is!! If you are interested please send your success story to Maya ([email protected]), and try to put it in the format requested, or as closely as you can. If selected we may need additional some additional information form you. And please share it with anyone you know! Any small success is great to share, or a large one!
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Early Bird Gets the Lead!
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Target Practice: Aim for Gen Y
The disconnect between the couple looking to buy a car and the car sales person is painfully obvious.  While humorous, it demonstrates the point that understanding your audience is paramount to closing a deal.  For real estate agents today, understanding Generation Y (a.k.a. Gen Y) is the key. Why? Gen Y is the next big wave of homebuyers. As a group Generation Y, is larger than the Baby Boomers – there are 80 million of them compared to about 60 million Baby Boomers. Plus, they have more earning power than the generation before it, about $200 billion compared to $125 billion of Generation X. According to Terrye Underwood, senior principal at real estate research firm RCLCO in Los Angeles, “Generation Y stands to create the biggest wave of first-time home buyers ever in 2012. With this generation, we might naturally grow ourselves out of the current housing slump.” According to Terrye, Generation Y is “a label attributed to people born during the 1980s and early 1990s. Members of Generation Y are often referred to as “echo boomers” because they are the children of parents born during the baby boom(“baby boomers”).  Children born during this time period have had constant access to technology (computers, cell phones) in their youth."
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Don't Be Late for That Very Important Date!
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Sex, Lies and Texting
The average adult racks up 10 text messages in a day. Teens average 50 per day, or 1,500 per month, so says a new study just published. Although Americans once lagged in text messaging, U.S. teens have zoomed right past many other countries says Rich Ling, a professor at IT University of Copenhagen. Many are even predicting that texting will soon be more popular than calls. So whether you’re President Obama, sports legend Tiger Woods or a hardworking Realtor® texting could be something you will be dealing with more extensively in the not too distant future. We all know that digital data is notoriously hard to destroy. So the explosion of texting is creating a new concern regarding privacy. Even the Supreme Court is already struggling with this issue in a case involving a police SWAT member. Is this concern real or only to those who have something to hide. What are your options?
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Step 5: Your Social Network is Still Your #1 Profit Center
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The Real Estate Confidence Index and One Big Prize
Over the past year, many of have received emails from Point2 seeking feedback about the real estate market in your area. This has allowed them to track current market trends, and long term outlooks – ultimately providing real estate professionals insight into what is happening in the market and where it may be headed. By participating each month, Point2 was able to gather data from some of the best in the field (like you!) and develop an informative document called The Real Estate Confidence Index. This June marks a bit of a milestone…it was one year ago they first created the Real Estate Confidence Index. The past year has seen some pretty cool things, including being featured in some of the industry’s highest profile publications, such as INMAN News, REALTOR Magazine Online, and RIS Media. While there has been market ups and downs, Point2 can only hope for more positive change in the real estate market.  They enjoy reading agent and broker feedback each and every month. They’ll admit – they have it pretty good here in Saskatchewan – and the opportunity to hear about what’s going on in other parts of North America can certainly be enlightening. Not only are they able to take your valuable input, compile it into a digestible format and provide it back to you – but hearing your thoughts and concerns about the real estate industry in general helps them continue to grow and understand their members. Continue reading to learn how to access the research ...
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Local to National, Traditional to Digital: Advertising Trends
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Add a Picture and Twitter Will Follow!
Adding a picture to your Twitter account is an easy, effective way to actually gain a followwing. Dan Zarella of HubSpot hit on an interesting social media tip this morning. When publishing Twitter statistics, one of the most common questions I'm asked is about the effect of setting a profile picture in your Twitter account. I dug into Twitter Grader data and analyzed nearly 9 million Twitter profiles to produce the graph below. It doesn't take much, but if you want to get followers on Twitter, it's a good idea to upload a picture of yourself. To view the original HubSpot blog post, click here. Top 10 Reasons to Go Paperless Steer Clear of a Tax Audit for 2010 Fire Up Your Social Network on Zillow
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Desire For Video Content Drives Online Searches
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Middle Aged Women Dominate Mobile Social Networking
Press Release from Neilson: Women and people between 35 and 54 are most apt to perform social networking activities via mobile device, according to data from The Nielsen Company. Since Women are a core audience for REAL Estate Marketing, it would seem that social mobile networking would be a good strategy for agents and brokers today. Mobile Social Networking Gender GapA clear gender gap exists in social networking activity on mobile devices. In December 2009, Nielsen research indicates that women were responsible for 55% of mobile social networking activity, compared to 45% performed by men. Forty-five percent of all mobile internet users go online to post comments on social networks, with 91% of mobile internet users going online to socialize, according to a recent study from Ruder-Finn. The Ruder-Finn study also indicates a gender gap in mobile social networking. Women are much more likely than men to personally express themselves (49% vs. 35%), and entertain others (70% vs. 58%) via mobile internet.    
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Stop Advertising, Start Edutizing
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Digital SLR Cameras on a Shoestring
Remember when it was common to drop $500 to $700 on a nice digital point-and-shoot? These days, with the same money, you can pick up a digital SLR camera. These aren't professional models or the very best that current technology has to offer, but for the photo enthusiast on a budget—or even the avid family photographer—they can be a big leap forward. With larger sensors and generally faster performance than snapshot models offer, these cameras provide plenty of tools to photographers who prefer a camera with more than one button. And if you save your pennies, you can increase their flexibility and image quality in the future with additional lens and accessory purchases. But which to buy from this year's models, continue reading for my take. 
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