recent “reboot” in Chicago featured a fantastic session – “Going Local: What Does It Take to Win in Chicago Real Estate?”
Panelists included this blog’s own John D’Ambrogio, VP Director of Strategic Development, for Baird & Warner. D’Ambrogio focused on the “web is dead” theory – That while the internet may be alive and well, “the web” or reliance on google, has waned in the past years. One historic date mentioned was March 13th, 2010, the date that Facebook surpassed Google in weekly hits and activity. Why is that important in both the real world and the real estate world?
It means that online is a lot more about “getting” and a lot less about “searching.” As they say – “there’s an app for that.” Consumers may start their day checking facebook, then, email, then “gmail,” then their weather app, their favorite news via a self-selected news feed (rss), and work through a “dashboard” all day at work, and listen to “pandora” instead of the radio. The KNOW where to be online and once they find their personal cache of tools they tend to remain on them and let those tools find the news/weather, updates, real estate listings, etc. for them.
This evolution speaks to the migration of sites built for laptops (let’s not even discuss “desktops”) to those built for phones (iphones, droids, even “old fashioned” flip phones and blackberries) and now the lightening migration to iPads. Mobile internet adoption is in fact 8x faster than regular web adoption growth was.
For real estate professionals, it means consumers want it FREE, ADAPTABLE, and ON THEIR TERMS.
This means they never pay for access, they can access properties on multiple devices with ease, and they have real estate IDX options (meaning they can search without registration).
Does your real estate agency give you those things?
It looks like Chicago foreclosures will begin to flow again after their abrupt halt a few weeks back. DSNews reported today that both B of A and Fidelity Nat’l Financial have come to an agreement on the foreclosure paperwork issues that have caused havoc among some of the nation’s largest lenders in the last few weeks.
Fidelity will continue to provide title insurance for B of A’s foreclosed homes and B of A agrees to cover any court and settlement costs. Fidelity agrees to defend any NEW buyers in any court proceedings.
While it doesn’t quite mean “business as usual” it means that the parties (and the government) are interested in moving forward with selling these parties, which is undeniably critical to moving out of the nation’s real estate recession.
The article quotes ALTA (American Land Title Association) CEO Kurt Pfotenhauer as saying “ALTAsupports FHFA’s outline for an orderly and expeditious resolution of foreclosure process issues that will provide greater certainty to homeowners, markets and other stakeholders,” said Kurt Pfotenhauer, CEO of ALTA.
If you are dealing with, or interested in, foreclosure property anywhere in Chicago or beyond, please read this article posted in this week’s Chicago Tribune by Mary Ellen Podmolik. In the article, Podmolik describes the stopping of foreclosure processing in 23 states in an effort to review their systems! One of the major challenges is the bulk processing of documents, called “robo-signing.”
JP Morgan Chase is suspending more than 50,000 foreclosure cases. Affected borrowers are urged to call the state’s consumer hotline at 866.544.7151.
This stall could not only affect foreclosures that are “in process,” but slow the process of new filings, as an entire system is examined and overhauled.