The year 2001 will be remembered as one of the most pivotal, controversial, terrifying, contrary, and edifying in history. On that note, let's look at the players and events which most impacted the real estate industry in the last 12 months.

Best Crystal Ball - Homestore CEO Stuart Wolff

Including Stuart H. Wolff, the Wolff Family Trust, the Stuart H. Wolff Trust, and the Wolff Family Trust DTD 7-16-00, we estimate that combined these insider interests sold more than 800,000 shares of Homestore stock in 2001 and in total pocketed proceeds of more than $24 million. That's not a bad haul, considering that the firm's net income losses totaled more than $275 million in the last four quarters -- if current statements apply.

Best Comeback - Homes.com

According to CEO Tom Orsi, Homes.com will be out of bankruptcy by summer 2002. The company is already cash positive on a monthly basis. Give credit where it's due, to a phenomenal sales team and dogged customer service.

Most Advertising Adversity – Homestore

Homestore surprised Wall Street by the size and extent of advertising declines following September 11th.

"Management attributed the weakness largely to the September 11th attacks, but this is implausible," said Merrill Lynch analyst Henry Blodget on November 2nd. "How could advertising revenue be so back-end loaded and, if it was, how could management reaffirm forecasts with so much business left to close in a deteriorating economy? The company missed our original advertising revenue estimate of $51mm by a whopping 35% even though the quarter was about 80% completed at the time of the attacks. Needless to say, credibility may be at the top of the list of many things management needs to fix."

Biggest Reversal Of Fortune - Homestore.com

Once Wall Street's online real estate darling, Homstore has seen trading in its shares halted, announced that it "will restate certain of its financial statements," and now faces a number of class-action lawsuits.

Highest Profile Couple Now Sleeping In Separate Beds – Homestore And The NAR.

Do we really need to explain this one?

Biggest Reversal of Fortune, Part Deux - iPlace

iplace was sold to Homestore for approximately $70 million in cash and 3.5 million shares of stock in August, a transaction valued at $150 million. At the time, Homestore said the transaction "combines two of the most successful subscription business models on the Internet."

Best Acts of 2001 - September 11th Relief Efforts

The NAR and its subsidiaries worked quickly to provide over $8 million in mortgage relief to more than 1,200 families victimized by the events of 9-11. The relief fund established by the National Association of Home Builders raised $9 million and the good work done by other real estate organizations raised millions more. To all a "thank you."

Best Public Service Program - HOPE Awards

You have to like the HOPE Awards, an effort to expand minority homeownership opportunities by recognizing leading programs and people nationwide. In 2001, the awards program drew nearly 200 nominations and was supported by an important array of industry organizations.

Best Negotiator - Bob Goldberg

The NAR's senior vice president of marketing and business development is working to save you money. What you don't know is that every one of the divisions for which he is responsible is profitable on its own, and that includes RIN, of which Goldberg is president and CEO. It's Goldberg's negotiations with Realtor VIP partners, technology partners, real estate investments for the NAR, and other efforts, that enable the organization to keep trade membership costs to a fraction of what they are in other industries.

Best New Idea - Market Conditions Report™

The one question everyone asks when they first meet an agent is, "How's the market?" Now real estate professionals can answer on Yahoo! and Lycos, among other major portals and sites. This is direct Internet communication with consumers -- and it's available only to Realty Times members.

Worst New Idea - Wheretolive.com

PBS writer Robert X. Cringely applauds wheretolive.com's Web site vendor concept because it is broker-owned. "These brokers are in a position to require the agents who work for them to purchase Wheretolive.com services as a condition of their employment contract, just like a mechanic has to own his tools," writes Cringely.

…That's just what independent contractors like - being forced to buy stuff.

Biggest Question Mark – ebay Real Estate

We don't get it -- eBay works great for beanie babies, so what about real estate? Maybe Realtors don't want to pay to publish their listings when they're posted free elsewhere.

Most Curious Effort - Coldwell Banker's Blueedge.com

Coldwell Banker's experiment providing FSBO-leaning consumers with a limited service alternative is the first bold effort on the part of a major franchise or large brokerage to come up with a discount service concept. But is this what consumers want? And how will Blueedge fit with other Coldwell offerings?

Worst Business Model For 2001 - Real Estate Conferences

Because of the dotcom fallout, poor economy, general real estate business fears, and the events of 9-11, attendance was down across the board at all real estate conferences.

Best Disappearing Act - Joseph Harker, HomeMark

Riding around in private jets is fun, but Harker proved he was no player when he failed to show the money to Homeseekers. He then tried to blame the dotcom by accusing it of hiding its true financial picture -- like the whole world didn't know they were out of cash.

Most Overused Word In 2000 Not Used In 2001 - Disintermediated

It didn't happen to Realtors as some predicted, but to the dotcoms trying to serve them.

Best Friend To Realtors - Alan Greenspan

Alan Greenspan cut interest rates a record 11 times in 2001. Though short-term bank rate cuts aren't tied to mortgage interest rates, a lot of consumers think they are, and real estate sales remained good enough to approach a record high for 2001.

"Over the past year and a half," Greenspan properly noted in August, "home values have appreciated, whereas equity values have contracted significantly."

Biggest Windfall - Realty Times Catches John Giaimo

Since coming on board two months ago, Giaimo has orchestrated major distribution deals for Realty Times products and services (three have been announced so far), alignments that have made Realty Times one of the largest real estate lead generation resources on the Internet.

Best New Technology - RE Technologies

Apartments are the unheralded success story of online housing searches. If you think the MLS concept was good, how about an online MLS for apartment rentals? And why didn't the MLS industry think of it first?

Best Traffic Bargain - HomeAdvisor

HomeAdvisor ran neck and neck with Realtor.com for visitors, and without paying $3 a listing to MLS partners.

The Tortoise Award - Interealty

They've made few announcements this year, and they passed on several of the tastiest low-dollar acquisitions in their space, but Interealty controls one-third of all agent desktops.

Newest Real Estate Gorilla - FNIS

Move over, Homestore. Less than six months ago, Fidelity National Financial spun off Fidelity National Information Solutions, combining market share in real estate information management through its acquisitions of Vistainfo, Risco, and Homeseekers MLS products, with other subsidiaries that handle public records, appraisals, credit analysis services, property tax services, flood services, and transaction management. Can you say desktop?

Best PR Representative - Steve Cook

We hear from any number of company and association representatives, but many are not so happy to hear from us when times are bad or the questions are tough. NAR's Steve Cook readily answers media inquiries, gets the best information available from sources inside the association, doesn't play semantic games, and responds even when the news is not likely to enthrall the real estate community. When Cook says, "I'll get back to you" he does. That alone is noteworthy.

Best Quote from a Realtor

“If I can’t sell it – burn it!” Jennie Ling, Virginia Cook, Realtors, Dallas, TX

Published: January 2, 2002

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