Keep It Local

Local wins every time.

Just ask Texas.

Having put up with their shady practices for the last few years, fifteen homeowners have banded together to file a class-action lawsuit against Bank of America for their unfair, illegal, and highly unethical behavior throughout the current housing crash.

From foreclosing on a home that had already been sold, to foreclosing on a home that they did not even have a loan with (oops!), BofA has routinely crossed the line with home owners and sellers and has made the jobs of local agents trying to help home-owners and sellers exceedingly difficult, as reported by AgentGenius.com.

Take, for example, the story of the Floridian couple who had their home foreclosed on earlier this year. The home that they had paid cash for. As it turns out, BofA had the wrong address, which tends to happen when you're processing paperwork in a completely different state. Even a local Realtor could not convince that them they had the wrong home.

Of course, a lot of these headaches could have been prevented by taking a more local approach to banking. This current financial meltdown has unfortunately tarnished the reputation of the entire banking industry, which is sad because there are still a lot of good banks out there.

As any agent knows, in real estate, locally-focused wins every time. Great agents know their towns, neighborhoods and blocks better than anyone. A local approach allows business to transact between people, not ones and zeroes in far-off states.

DotLoop understands this as well; our system helps foster the communication between agent and client; indeed it offers even more transparency to the negotiation process (no illegible changes crammed into the margins of a contract).

After all, when it's all boiled down, even with using the latest technology to aid the negotiation, the home buying and selling processes still require a human touch, and a local approach.

Local Yokels

Last week, I touched upon localism when discussing preservation. As any REALTOR knows, and as their tagline asserts, every market is different. Indeed, perhaps more than anyone, real estate agents know first hand why keeping it local is so important. And, as trends continue, the old adage of think global, shop local is becoming more and more prevalent.

Local Lettuce

Almost every Sunday from May to October, I hit up the local farmers markets here in Cincinnati. Findlay Market, one of the nation's oldest continuously operated farmers market is a mecca for fresh poultry and home-grown tomatoes. Local eating has taken off, thanks to a renewed interest in healthy foods. In fact, 'locavores' have made such an impact, even national retailer giants like Wal-Mart are using local produce in some of its stores.

A rising interest in locally grown food not only cuts down on food transportation, but helps keep your hard-earned cash in your local economy, helping both your local farmer and your school district, as the tax base grows. It's a win-win for both you and the community, plus you know exactly where your food is coming from.

Ch-Ch-Ch-Changes

The American love affair with the car is coming to an end. Sure, gas prices are going up (they're up nationally about 87 cents over the same time last year), but even at "low" price of $2.72 a gallon, gas is just one component of the entire cost of operating a vehicle. By the time you add maintenance and insurance costs, the average mile costs you 55 cents to travel (find out how much it costs you to drive here). Couple this with the "free"way system (which was bailed out to the tune of $8 billion in 15 months ago) that costs millions per mile, and the costs really add up.

Such trends not only affect the way people travel, but ultimately, how and where they live.

Walk This Way

With the loss of romance for the car, more and more people are looking for walkable communities. In fact, a recent study has shown that walkability has a high affect on home values. The site WalkScore.com tells prospective home buyers just how often they'll need to turn the key to get a gallon of milk. The higher the Walk Score, the better. Homes that had a higher Walk Score in Charlotte, NC, for example, sold for almost $30,000 more than their counterparts that requires more octane.

Lucky And Local

So, just what does this mean for the agent? As a local expert, by being able to tell your clients about the local restaurant that uses locally grown produce and is only two blocks away from a sale may be the selling point they need to hear. Your knowledge of the little treasures that make a neighborhood desirable--aside from the usual good school district or low crime--can help you become a reliable asset for your clients.

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