In the day-to-day grind that is modern journalism – hour-to-hour for more than a few – we get caught up on various reporting or production habits that get us through a day, week or month.

However, these rituals – from what sources we use to how we frame our work – can at times nudge our work in the wrong direction. It’s easy to fall into various traps on the real estate beat – with its many facets and forces – if you’re not always mindful of your current and potential audiences.

Real estate is a volatile and cyclical business and everyone has some horse in the race. Photo: Paul Swansen

One harsh reality is that it’s a good bet that editors in your newsroom will see the slew of national real-estate reports and wonder “How does our market fare?”

Don’t fight this hassle too hard, rather, be prepared by (1) knowing the schedule of these major reports so you can plan; (2) knowing which reports contain local or regional data that can highlighted; (3) what local sources have similar data that can amplify – or question – these “widely watched” economic releases.

Don’t always insist on writing these “national” stories. Instead, offer an info box or insert of the local context. In many cases, national trends have little to do with what’s going on in your community.

Now this could get you in “trouble,” but remember you have an audience to serve, too. If you master basic coverage skills, you’ll have time for the far-better stuff.

KEEPING ON TRACK

Assuming your goal is to reach a broad-based crowd of followers, here’s a check list to keep you on track: 10 things a real-estate reporter can’t forget.

1. Your audience: Real estate is a very competitive industry with a lots of colorful and strong personalities that creates frequent internal friction. Resist the urge to cover too much of we might call “inside baseball” of these tussles. That may be great fodder for your sources, but some “industry” news is not interesting to the broader audience.

2. Renters count: Certainly much of real estate’s drama has been in the for-sale housing market, with prices soaring and collapsing. So consequently, apartment rents that don’t move as much seem less sexy, coverage wise. Don’t forget that 40% roughly of America lives in rentals – and numerous experts suggest that the apartment dweller crowd will grow in the coming years.

3. It’s a local business: Know your market. Have great local sources. That is more than being able to put national trends in context. It’s likely that market conditions – residential or commercial, ownership or rental – are not the same all around your community. What niches or neighborhoods are hot. Which ones are not?

4. Use English:Real estate is not brain surgery or rocket science. Still, the industry does have its share of complex and confusing lingo. Always try to keep your coverage simple. You don’t really have to say things like “loan facility” or “mezzanine financing” when you simply mean a commercial mortgage. If you must use lingo — please explain it to your readers.

Photo by Flickr user kaymoshusband

5. It’s a volatile and cyclical business: History likes to repeat itself. And real estate is a prime example. So whatever trends you’re covering, remember that nothing’s permanent. Push sources to provide historical context – especially when you’re writing about short-term trends. If nothing else, watch year-over-year and year-to-date trends as well as monthly data.

6. Real estate is aspirational: Homes or office towers and the like are not just assets to be bought and sold. It’s all not about some price index. People develop emotional ties to real estate, whether they own it or not. Keep eye-catching and thought-provoking properties in mind. The drama of real estate is why, for example, reality TV discovered housing is a hot topic.

7. There is no perfect indicator: There is no Dow Jones Industrial Average to be the wise indicator of all that is real estate. (And even Wall Street’s Dow Jones stock index has its faults.) No single measure exactly covers real estate market activity. Sure, the plethora of indexes can be confusing – but that’s your job: Explain the trends. Showing “conflicting signals” is not a crime.

8. Hate hyperbole: Real estate is an industry filled with strong-willed salespeople with a bad habit of overzealous use of superlatives – whether it be describing a property or a market trend. (Plus, they frame every tidbit as a reason to buy.) Be vigilant. Watch for insanely colorful portraits of properties. Try to keep boosterism to a minimum. No trend is a once-in-a-lifetime or sea-change moment.

9. Construction matters: Even after a horrific loss of jobs that drove building-industry employment nationwide to a 20-year low, roughly 1-in-25 Americans works in construction. While it’s often dirty, less-than glamorous work – trends in construction employment can be early signals of economic turns. Plenty of dynamic personalities dot construction trades, lumber yards and the like. And don’t forget the remodelers, too.

10. Conventional wisdom can be wrong: Just because something hasn’t happened before — or in three quarters in century — doesn’t mean it can’t happen. This recent real estate downturn broke many real estate “truths” — from wild swings in buying and lending patterns as household formation took a sudden turnabout. Bottom line: challenge industry norms and expect the unexpected.

Jonathan Lansner is The Orange County Register‘s business columnist and real estate blogger. Since 1986, he has covered the Orange County economy — and its real estate scene — as a reporter, editor and columnist for The Register. The “Lansner on Real Estate” blog was launched in March 2006.

Photo: Dale Chumbley

By Jonathan Lansner

Like any other industry, real estate has its own lingo. Here’s a brief slice of the vocabulary needed to succeed in covering this beat.

Adjustable-rate mortgage: Interest rate and the resulting monthly house payments of these “ARM” home loans vary over time. Some ARMs offer teaser rates with initial, discounted payments. It was a key culprit in the real estate debacle as lenders allowed borrowers to get these loans despite the fact the borrower could not pay for the higher adjusted rate.

Annual Percentage Rate: Or the “APR,” this math measures of the cost of credit in terms of a yearly rate. It’s not just the stated interest rate, it includes the cost of acquiring that credit. Federal law details the formula for APRs quoted by lenders.

Appraisal: Third-party evaluation of the value of real estate typically done for application for a mortgage as part of a refinance or purchase transaction.

Appraised value: Value set on a real estate property and/or a home by a government agency that collects taxes based on a rate set against this valuation.

Cap rate: The “capitalization rate” is one estimate of potential income on a real estate investment based on the expected income that the property will generate. The math? Expected income generated divided by purchase price or value of the property.

Closed sale: These homes have formally changed ownership with a transaction recorded in government databases.

Closing costs: Expenses involved in making a mortgage including the paying of points, or loan fee, to the lender for advancing the funds.

Commercial real estate: Big properties that are owned typically by investors seeking investment income. Property can run from office buildings to malls to hotels to factories and warehouses.

Commission: What is paid — typically a percentage of the property sales price – to a real estate professional for negotiating the transaction. Traditionally, homeseller pays. The rate is negotiable and for residential properties it can run up to 6 percent.

Comp: Information about transaction of like properties – or “comparative” sales – used to determines a property’s value by comparing similar properties recently sold.

Conforming mortgage: Home loan below the dollar limit for loans bought by federal mortgage guarantee agencies. Currently, that’s $417,000 in many municipalities. These mortgages have traditionally offered lower rates due to the government backing.

Credit score: Various credit trackers have scoring tools that measure a person’s likelihood of repaying their loans. This is a key ingredient in the loan application process.

Deed-in-Lieu:Used to avoid the pain and hassle of foreclosure, a strategy whereby owner simply turns ownership of a property to the lender to fulfill the debt.

It's not just about homes. There's lots of lingo in real estate. Photo: Mickey Johnson

Default: When borrower fall behind on real estate loan payments, lender will officially notify the borrower that they are in legal “default” of the terms of their mortgage. This typically leads to the start of the foreclosure process.

Delinquency: When a loan back by real estate has late payments.

Direct mortgage lender: Person or entity that makes home loans with their own funds of funds or money collected from investors.

Earthquake insurance: Policies bought – frequently through government-sponsored programs — to protect against the damage caused earthquakes. Such damages typically not covered by a standard homeowners policy.

Effective rent: Measure of what landlords effectively get from their tenants – the rate of rent asked for minus whatever concessions it takes to get those tenants into a rental unit or apartment.

Equity: Funds put in a real estate deal, such as a downpayment; or the value of the property above the amounted borrower against it.

Eviction: Legal process where owner of a property has a tenant, former owner or the like physically removed from the premises.

Existing home: Old or “used” homes vs. newly constructed residences. Many groups, notably National Association of Realtors, track sales of existing homes.

FHA: The Federal Housing Administration’s goal is to advance home ownership in the nation. A primary service is mortgage insurance to lenders to cover losses if borrowers defaults.
Flipping: Where an investor buys a property — perhaps improves it a little — and then resells it quickly in hopes of profit

Flood insurance: Policies bought – frequently through government-sponsored programs — to protect against the damage caused by rising water. Such damages typically not covered by a standard homeowners policy.

Foreclosure: The act of selling a property whose owner has not made their real estate loan payments. Often, a foreclosure results in the lender taking back the property but investors a private parties can go to the foreclosure auction and buy such a distress property.

FSBO or “fizz-bo”: Homes that “For Sale By Owner” are marketed by the owner with little or no help from professional real estate sales people.

Ginnie Mae: The Government National Mortgage Association or “GNMA” is a government-owned agency overseen by the U.S. Department of Housing and Urban Development. It pools mortgages backed by Federal Housing Administration and the Veterans Administration for resale to investors.

Government Sponsored Enterprise: Federally sponsored home-loan agencies –- Fannie Mae and Freddie Mac — that buy mortgages from private lenders; guarantee repayment; and then converts the loans into securities for sale to investors. This helps replenish to supply of money for real estate lending. Federal government seized both after they collapsed due to losses from the foreclosure wave created by real estate downturn.

Home Equity Line of Credit: Typically a second mortgage on a property where borrower can access a set amount of the excess value of the property above the amount owed on the first money. These loans usually are for a set amount that the borrower can choose to access and repay at their choosing over a 15-year period.

Homeowners Association: Often called “HOAs,” these legal entities – elected by owners of properties in a community — govern certain aspects of ownership within those communities. (These are frequently seen keeping the spirit of a master-planned community.) These homeowners associations collected dues and can legislate everything from the type of landscape homes use; to design and color of homes; as well as maintaining recreational facilities and landscaping in common areas in the community.

Homeowners’ policy: Insurance for property owners to protect the property against certain damages – fire, for example; theft; and for personal liability resulting from ownership of the property. Flood or earthquake damages is typically not covered.

In-fill project: Development space in highly developed communities. Often created by tearing down old structures. In such older, densely population markets, this is often the only way to get new housing or commercial projects developed.

Jumbo mortgage: Home loan that exceeds the dollar limit for loans bought by federal mortgage guarantee agencies. Currently, that’s $417,000 in many municipalities. Jumbo mortgages have traditionally offered higher rates due to the risk of to their larger size and the lack of government backing.

Loan modification: When a borrower a cannot afford a mortgage, they can approach a lender for new loan terms. If terms of the old mortgage are altered – changes in interest rate or size of amount owed – then borrower has acquired a “loan modification.” Several government programs have tried to motivate lenders to approve such actions.

Loan to Value Ratio: The often-called “LTV” is a percentage showing the amount borrowed vs. price paid or appraised value of a property being financed. In a purchase transaction, it is the reverse of the percent of down payment put forth by the buyer. (That is, 20 percent down equals 80 percent LTV.)

Master planned community: Neighborhood where a developer may plan out the entire community’s life — from housing, rental and owned; schools and parks; office space and shopping centers – from the start of the project. These projects often have common architecture, landscaping, etc. Famous master-planned communities are Irvine, Calif. and Columbia, Md.

Median price: This statistical benchmark measures the midpoint of a series of data points, such as the median selling price of homes in a given period. Unlike an average, it is not easily swayed by one unusually large or tiny price. Unfortunately, medians can be swayed by the change of mix of homes sold, such as more or less expensive homes being sold in a given period. National Association of Realtors tracks this.

Mortgage broker: Independent licensed person or agency that helps make mortgages. They typically offer funding from various third parties.

Mortgage interest deduction: This tax advantage allows the interest cost of a mortgage to be written off for income-tax purposes. That can reduce the cost of ownership. There is fear that elimination or scaling back of this deduction will hurt home prices.

Mortgage-backed securities: An “MBS” or mortgage bond are derived from pools of home loans that have been packaged into tradable securities. Once viewed as ultra-safe investments, the placement of risky subprime loans into these pools help create the recent real estate debacle.

Multiple Listing Service: The “MLS” is a broker-operated electronic service that tracks and publicizes properties for sale in a region. Thus, when a home is put on the market it is “listed.”

Negative amortization: The “neg am” loans allow borrowers monthly payments that due not cover the full interest and principal due to pay off the mortgage on time. That is, the loan balance grows rather than shrinks during a set period of a mortgage. These loans allowed borrowers to mistakenly buy more home than they could afford during the housing boom that collapsed into the real estate downturn.

Occupancy rate: A measure of how much of a commercial real estate property – or pools of such properties –is leased out. It’s one way to compare the tenant interest for a specific type of commercial real estate.

Pending sales: Home purchases that are under contract but not yet closed. These pending sales indicate the current level of homebuying activity. National Association of Realtors tracks this.

Points: Fees or other charges the borrower pays to lender complete a home loan that are a set percentage of the loan amount.

Pre-approved: A borrower who has gotten a lender to commit to lend a fixed loan amount based on a completed and approved loan application. Pre-approved borrowers still must acquire a property that meets various lender standards.

Property taxes: Government levies on the value of real estate, often based on a set percentage of the appraised value of the taxed property. These taxes are often major funding vehicles for local municipalities.

Raw land: Undeveloped property bought by speculators and/or developers for future projects.

Real estate agent: Salesperson for housing or other real estate. They need not be a Realtor.

Real estate investment trusts: These “REITs” or “reets” are pooled investments that owns commercial real estate from malls to office towers to storage units. Investors get income from rents collected by the REIT management – plus the hope of appreciation. REITs can be traded like stocks on Wall Street, though, some REITs are privately held.

Real estate owned: “REO” are properties that lenders have taken back from former borrowers and sit in their portfolio. Frequently, banks sell REO homes and other real estate at discounted prices.

Realtor: Specific trademarked professional designation from the National Association of Real Estate, a trade group for people who sell homes or other real estate.

Renters insurance: Policy bought by apartment dwellers or others who lived in rented properties to protect their own property against damage caused by fires, etc. Property owner landlord likely has insurance only to protect their structure from damage.

Reverse Mortgage: Home borrowings for seniors that converts equity in their home into available income – either monthly payments or line of credit. Ownership remains with the senior until death, when the lenders gets control of the home to be repaid.

Servicer: Slice of the mortgage business that collects mortgage payments from borrowers and advances those monies – minus a fee – to owner of the mortgage. This is frequently a different entity than the lender who made the loan.
Short sale: When homeowner is selling a home for less than the amount owed to the lender. These deals required banker approval and are very tricky to complete.

Subprime mortgage: Home loans made to borrowers with risky credit histories. Traditionally a niche business, it became a hugely popular way to borrow in the last decade and the risks involved eventually helped to create the real estate debacle.

Tear down: Situation where an existing building is bought for its land value and the new property owner plans to demolish it for a new structure.

Teaser rate: Discounted starting interest rate on an adjustable-rate mortgage, good for up to 10 years depending on the deal structure. When this rate ends, borrower has to pay the often-higher “fully indexed” rate set by a benchmark rate. Borrowers got in financial trouble in recent downturn when lenders did not check if borrower could afford payments after teaser rate ended.

Title insurance: Financial protection for both by buyer and seller of real estate to protect them from any legal challenges resulting from the transfer of the property where ownership or encumbrances later becomes in question.

Underwater mortgage: Situation will borrower owes more than a property is worth. These borrowers are thought to be more susceptible to foreclosure. This states is also called being “upside down” for being in “negative equity.”

Jonathan Lansner is The Orange County Register‘s business columnist and real estate blogger. Since 1986, he has covered the Orange County economy — and its real estate scene — as a reporter, editor and columnist for The Register. The “Lansner on Real Estate” blog was launched in March 2006.

A plethora of groups and companies track the real estate market. Since the math involved is part science, part art, it’s suggested you look at a range of data sets to provide your audience with the proper perspective.

There are plenty of resources to help make sense of the real estate market. Photo: Flickr user CoffeeGo

Don’t be afraid of conflicting trends, just try to do your best to explain the data differences and look at long-term trends – year-over-year stats – for a more comprehensive market view.

Try to find experts in your local community who may track the markets you watch in intimate detail. Here’s a sampling of national data providers, many of whom have regional slices of their statistics

HOME PRICES / SALES

Standard & Poor’s/Case-Shiller: Perhaps the most widely watched monthly price index, although it only tracks 20 major markets and is weeks behind other data reports. S&P/Case-Shiller Home Price Indices

National Association of Realtors: Trade group that follows pricing and buying activity on a national basis (monthly) and 300-plus regional basis (quarterly). National Association of Realtors news releases

Federal Housing Finance Agency: Regulator that follows pricing on a national basis (monthly) and 300-plus regional basis (quarterly). Federal Housing Finance Agency: Latest House Price Index

CoreLogic: Private company that follows pricing on a national and regional basis (monthly). CoreLogic: Research and Trends

FORECLOSURES / DEFAULTS

RealtyTrac: Widely quoted private data tracker of foreclosure and default data on a national and regional (monthly) basis. RealtyTrac: Press Releases

Mortgage Bankers Association: Trade group that tracks delinquent mortgages on a national and regional (quarterly) basis. Mortgage Bankers Association: Press Center Online

CoreLogic: Private company that follows of foreclosure and default data on a national and regional (monthly) basis. CoreLogic: Research and Trends

BUILDERS / CONSTRUCTION

Census follows several construction-related statistics:
Guide to data sources from the U.S. Census Bureau: Construction
U.S. Census Bureau: Construction spending on national and regional basis monthly.
U.S. Census Bureau: Building permits, indicator of builders’ future intentions.

National Association of Home Builders: Trade group that survey developer optimism on a national and regional monthly basis. NAHB/Wells Fargo Housing Market Index (HMI)

Associated General Contractors of America: Trade Group that provides quick analysis of national and regional construction jobs data. AGC of America Press Room

MORTGAGE RATES / LENDING

Freddie Mac: Government mortgage investor that tracks mortgage rates on weekly basis. Weekly Primary Mortgage Market Survey – PMMS

Mortgage Bankers Association: Trade group that tracks new mortgage application on a weekly basis. MBAA: Press Center

National Association of Home Builders: Trade group that tracks house shopper affordability – Housing Opportunity Index — on a national and regional quarterly basis. NAHB/Wells Fargo Housing Opportunity Index (HOI)

Jonathan Lansner is The Orange County Register‘s business columnist and real estate blogger. Since 1986, he has covered the Orange County economy — and its real estate scene — as a reporter, editor and columnist for The Register. The “Lansner on Real Estate” blog was launched in March 2006.

You can find impressive stories just by keeping your eyes open. Photo: PropertySnaps

By Jonathan Lansner

So where do you go to get the real estate stories that make your coverage standout? And not just vs. the competition but in your own newsroom?

Here are a few places to consider visiting …

MODELS HOMES OR OPEN HOUSES

Numbers tell only a slice of the housing story – and often that statistical tale is in the rear-view mirror. But one of the hardest things in real estate – for the industry and reporters alike — is understanding what makes buyers buy — or not. Two places that house shoppers gather are the model homes of new builders and open houses for marketing of older homes. While you’re at the builders’ model homes, check out the products for new design twists or novel home amenities that can be story fodder, too.

AGENT MEETINGS

Real estate agents love to meet and share tales of what’s going on in their business. These gatherings can run from traditional meeting hall sessions, to less-formal coffee shop chats to tours of homes for sale in a neighborhood. It’s both a good way to hear the buzz and the meet-and-greet potential or actual sources in person. If you don’t mind public speaking, offer yourself as a “guest expert” to talk about the media’s role in the local real estate business. Of course, be prepared for the “Why aren’t you more friendly to real estate?” questions.

PLANNING COMMISSIONS

Most municipalities in some way govern the construction and/or remodeling of major structures – from new homes to office towers to retool a shopping center. Through whatever means – usually a local planning board – people or entities seeking to build must file paperwork detailing their projects. Often these are public documents creating stories ideas. These government filings may contain details of the project; pros and cons; and even local objections. Think out of the box, too. One hot topic debated at these commissions is where new cell towers or other radio towers will be constructed.

THE COURTHOUSE

Real estate is an intensely competitive business that often leads to litigation. Not every slice if litigation is newsworthy – and not every filing in a higher-profile case is worth your time. Still, you’d be well-served to find time to devote to visit your local courthouse – or know how to do it online — to see who is suing whom in your market. (Or make sure your best friend happens to be your newsroom’s courthouse reporter.) Seeks out the legal stories that define a current trend or have a solid element of drama.

EXHIBIT HALLS

The next time you go to a real estate trade show – and there are plenty of them – ignore all the panel discussions about “the future” and spend serious time with the vendors in the exhibit hall. After you ignore their giveaways, and politely inquire about a vendor’s product or service, hone in on what these vendors know about the real estate business in your community. Are sales up or down for products and services that support the real estate trade? What are real estate insiders telling the vendors about the health of the market?
Vendors can be great sources because they see the business from a whole different side.

Your own newspaper or local neighborhood can be good places to find local stories. Photo: S and T Design

SOCIAL MEDIA

Numerous real estate professionals – often, sole proprietors or owners of small business – are intensely using blogs, Facebook, LinkedIn, Twitter and the like as novel marketing and communication tools. Your ability to leverage social media as reporting tool to follow ground-level real estate news in your community can be invaluable.

ONLINE

Become expert at using online real estate databases such as Zillow or Trulia or Redfin, to name a few. These allow you to quickly explore what’s for sale and/or selling in your market. Many real estate sites – maybe even your own news organization’s website – allow registered users to get custom search results by email. Imagine automatically knowing when local mansions hit the market or are sold. Similarly, this can also be done with foreclosure tracking sites like RealtyTrac for Foreclosures.com

YOUR OWN NEWSPAPER

Please read your own newspaper, especially the local news section. Quite often what amounts to real estate stories appear, frequently as government stories. Is some city council debating the future of a big residential or commercial development? Find your angle. Property taxes to rise? Bet that there’s lots of opinions in the real estate business and among property owners! Is crime up or down, and where? Ask how this impacts house sales or apartment rents. Does a local sports team want a new facility? Reach out to see how it will hit local construction workers.

Jonathan Lansner is The Orange County Register‘s business columnist and real estate blogger. Since 1986, he has covered the Orange County economy — and its real estate scene — as a reporter, editor and columnist for The Register. The “Lansner on Real Estate” blog was launched in March 2006.

Dear Reporter:

Congratulations on your new assignment. You’ve been assigned to a coverage area that can potentially touch everyone in your organization’s audience.

The real estate beat comes down to people. Photo by flicker user Fran53.

Real estate is often pigeon-holed in many news organizations as a niche beat. Depending on your news organization’s needs and desires, there’s great potential for real estate to be a newsroom leader in many markets. Face it, everybody needs a roof over their head – even local businesses. It’s your job to tell great tales of how the market for those roofs is evolving.

Don’t be afraid of the challenge. Rather, view “roofs” as a grand opportunity.

As a starting point, let’s look at the key constituencies you will likely serve and/or interact with to get the information you need to succeed. It’s an eclectic group – with changing opinions and tastes – so be prepared to have an ever-evolving database of sources.

This is also a beat where many sources create many reports tracking many of the intricacies of real-estate life. Yes, you better bone up on your math skills. But it also means there’s often a number to prove – or disprove – a given thesis. One of your goal is to make sure there’s a LOCAL number, too.

Let’s get busy.

HOMEOWNERS AND WANNABE HOMEOWNERS

It’s the American dream, but it’s oftly expensive. This prime audience relishes everything from market trends to news about property taxes to trends in home design and home repair to basic information about the process of buying and selling and how it may be changing. Don’t forget things like insurance and/or what the impact of new highways, flight patterns or shopping centers mean to local-home values. Yes, you find this audience can be myopic, often willing to tell you how your latest story doesn’t apply to your neighborhood. And sometimes they’re are actually correct. Treat them well, they will return the favor.

RENTERS

Not everyone owns, as roughly 40 percent of all American households are living in rental properties. Too much coverage ignores that. For example, falling home prices are often portrayed as bad. Well, don’t forget renters might want to buy at those “discounted” prices. Coverage opportunity with renters lies in the fact that rents and rent changes can vary widely by market. Yet it’s not easy to follow at the consumer level. Becoming an expert on how your rental market is moving can be vital information for renters looking for bargains. This group always needs fresh market trends. Remember, renters typically renew leases annually – and this demographic tends to move more frequently than homeowners.

REAL ESTATE AGENTS AND THEIR BROKERAGES

You can’t hide from the fact that the residential real-estate business is likely a major advertiser with your publication. If you didn’t know that, real estate agents will remind you – and think all your coverage should be “today is a great day to buy” positive. Once you can get past the natural friction, agents and brokerages can be great sources because they are in the trenches. You need them to know what’s going on the market. So fight the urge to scream and meet them on their turf – at their meetings and trade shows. Learn how they think and their quirky language. Eventually you’ll find real estate agents in your community willing to share truly valuable information. And it’s not because they’re looking to get their name out there. Rather, because they think a well-informed consumer is good for their business.

Start with lenders and people who handle transactions. This group can be subdivided into three categories:

• Employees of big banks and major lenders. They tend to work through traditional corporate methodology, so that means talking through public relations departments. Not that this information isn’t perfectly acceptable, it isn’t going to make a lot of exciting copy.
• Mortgage brokers: These are individuals and small entities helping consumers get home loans using various sources of funding. That breadth of view – and a willingness to talk frank to with good insight – offers opportunity to learn what’s going on the lender side as well as the borrower side.
• Professionals who help real-estate transactions get completed: In the private sector, jobs from real-estate attorneys and escrow agents to title company officials can get you interesting information about activity levels and deals in the works. Same can be said for government officials handling real estate bureaucracy, who also can keep you up-to-date about a key hot topic: property taxes.

CONSTRUCTION

Construction work helps drive the intriquing side of real estate. Photo by S and T Design

New homes may be a small slice of real estate, but it’s also one of the most intriguing. Homebuilders are in the business of selling homes. That’s somewhat different than a homeowner who’s trying to sell their own home. To succeed, builders have to be in touch with what consumers need and at what price. So often, new homes contain a good idea of what buyers’ wishes are — or at least what things people are willing to pay for. Plus, builders either directly or indirectly are big employers. Construction crews create from homes to streets to landscaping – plus all those new homes require suppliers concrete trucks, lumber yards, etc. Meet workers at ground level and it’s amazing how much you learn about the state of the real-estate economy.

BIG PROPERTY OWNERS

Commercial real estate stretches from apartments to office towers to shopping malls to factories, warehouses and self storage yards. Don’t be overwhelmed by the sheer scope of this niche. In many communities, commercial real estate brokerages handle many aspects of the business, buying, selling and leasing different types of properties. Obviously, the apartment niche has broad appeal, but don’t forget that office towers and shopping malls can make for great copy. Success or failure of office towers and shopping malls serves as an indicator of how your local economy is progressing. The companies and brands renting space – or leaving it — in local business parks and retail centers can broaden our audience as you report about evolving employment or shopping options.

GURUS

There’s really no such thing as a truly independent expert. Still, we’ll look at outside observers of real-estate markets in three distinct categories.

Academia: Good bet there’s a local university or college where professors track your local economy and its real estate. Their reports and commentary can be long-winded or esoteric, but the analysis is often based on long-term trends and forecasts.

Consultants: The real estate industry hires many outsiders to acquire fresh viewpoints. And these people like to get their names in the media. One edge consultants can have over academics is their constant contact with real estate industry insiders. One caveat to their comments: Remember who pays them.

Data crunchers: Real estate transaction creates oodles of paper trails – and numerous companies mining that data for analysis. To build their brands, these number crunchers frequently distribute the info for free – often along with analysis to help you interpret the trends. Frequently, this private data is better than government or industry-sponsored reports. Occasionally, the measures involved can be confusing.

SERENDIPITY

Not an audience or a source. Rather, a state of mind. Be prepared for the surprise. A star athlete or famous Hollywood type buying a home in your market — or losing one through foreclosure. A historic local home coming onto the market. A quirky design for a new home or an over-the-top remodeling job. A local apartment complex offering a dog washing spot.

Yes, real estate is important. Yes, these are serious times in the real estate industry. But it’s okay to have fun with real-estate story. Telling fun tales is a change of pace will serve your readers well. And may keep you sane.

Jonathan Lansner is The Orange County Register‘s business columnist and real estate blogger. Since 1986, he has covered the Orange County economy — and its real estate scene — as a reporter, editor and columnist for The Register. The “Lansner on Real Estate” blog was launched in March 2006. Jon is a New York City native, a graduate of the University of Pennsylvania’s Wharton School, and was the 2005-2006 president of the Society of American Business Editors and Writers. “Lansner on Real Estate” blog has won a “Best In Business” award from SABEW for work in 2007, 2008, 2009 and 2011.

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Director, Viewpoints Program Management – The Viewpoints program manager will be responsible for the daily management and timely delivery of Viewpoints content for the web and mobile channels, weekly and monthly client emails, sales force distribution, marketing, and PR.

Full descriptions and requirements for the jobs are at the above links or at Fidelity Careers. Both jobs are based in Boston.

The American Society of Journalists and Authors (ASJA) recently held its annual Writers Conference, which featured more than 80 sessions covering a wide variety of topics, from how to write a book proposal to how to break into magazines.

Writing Bootcamp was the theme for this year's ASJA Writers Conference held in April in New York City. Photo: ASJA

One session, “Breaking Through to Online Business Markets,” offered an inside look on what editors from Fortune.com, CNNMoney and DailyWorth.com look for and how you can get their attention.

Here are some highlights of the conversation:

Scott Olster, Fortune.com

Olster is an editor at Fortune, where he oversees the management page of Fortune.com.

There are three primary pillars of content on Fortune.com: finance, technology, and leadership and careers, the latter of which covers anything to do with the workplace. Olster said he is always looking for people with a willingness to “look behind the curtain of the workplace.”

The section offers a mix of service journalism and features. Olster said he looks for stories on companies that are “on the tips of people’s tongues.” He’s looking for novel angles and pieces with a point of view (“reported argument”).

Breaking news and exclusives are usually written by staff writers. From freelancers, he’s looking for interesting, feature-type stories.

Olster said he prefers to get ideas first to get a sense of what is interesting to him. In a pitch, include not just the idea and angle, but also how you’re going to pull off the article (who you’re going to talk to, what the timeframe is, etc.).

Also, hone your writing skills. “We really need your copy to be close to ready. We don’t have the time to rewrite your work,” explained Olster.

Before pitching, make sure to check Fortune.com’s clips to make sure it hasn’t already been covered in the magazine.

Fortune.com pays $400-600 for Web stories, which can range anywhere from 600 to 1,300 words. Word count is not important, said Olster, as long as the story is complete.

Tania Padgett, CNNMoney

Tania Padgett is an editor at CNNMoney, where she oversees the small-business coverage.

According to Padgett, CNNMoney’s small-business section is the only section that uses freelancers, so you have to be creative, and you have to keep your ear to the ground on what people are thinking and saying. What are your friends talking about? What do you want to read about? Don’t pitch a story on “five ways a furniture story can expand its inventory.”

For CNNMoney, “think entrepreneurial, think outside the box,” said Padgett. “Don’t go to consultants, accounts, lawyers. Go to places where there are entrepreneurs, small businesses. Whatever they’re complaining about, that’s the story.”

She cited as an example a CNNMoney gallery on small businesses that were preparing for the end of the world.

“You can be creative,” said Padgett, “and you can touch pop culture — but you have to support it with solid reporting.”

Also, make sure your pitches and articles are free of typos and bad grammar.

“We don’t have a copy desk or fact-checkers,” said Padgett. “This is all on you. When you deliver a story, it has to be clean, and your facts have to be tight. Corrections stink; they make us look bad. Anyone can make a mistake, but content errors, constant typos – I’m just not going to return your calls.”

CNNMoney pays freelancers $.75 per word for 500- to 600-word stories. Slideshows pay $75 a panel, for 5-10 panels.

Founded in 1948, ASJA has about 1,200 nonfiction writers as members. Photo: ASJA

There is room for negotiation, “but don’t try on the first round,” said Padgett. “I negotiate with people who are accurate all the time and can get things done quickly. Don’t try to negotiate after I’ve found 10 mistakes.”

MP Dunleavey, DailyWorth.com

MP Dunleavey is editor-in-chief of DailyWorth.com and contributing editor at Money magazine.

DailyWorth is a personal finance email newsletter for women, to help them grow their net worth. Although its content is archived on the Web, it is not an online publication.

Dunleavey said she is interested in short, pithy ideas of about 200 words, with a strong point of view on a recent news item.

But don’t pitch stories about personal finance (budgeting, how to save on your food bill, etc.). “There are plenty of blogs about personal finance,” she explained.

Instead, pitch stories that offer actionable advice/insights from behavioral economics research and other types of studies relating to money.

When pitching your first item to DailyWorth, include 1-2 lines on what the piece is about, as well as links to other articles you’ve reported before so she can get a sense of your writing.

DailyWorth pays up to $200 per post, depending on the writer’s experience and whether it’s a re-post from your blog.

Q&A – Scott Olster, Fortune.com; Tania Padgett, CNNMoney; and MP Dunleavey, DailyWorth.com

Q: What’s the best day/time to pitch you?

Dunleavey: I’m calmer later in the day (from 4:30 p.m. on).

Padgett: Do not call in the morning.

Olster: Late morning (11 a.m.) and late afternoon (2-3). From 8-10 a.m., I’m probably slammed.

Q: Once a piece is assigned, how quickly do you want the piece?

Dunleavey: Usually within a week.

Padgett: For breaking news, 3-4 hours. For regular pieces, it’s longer. Galleries are 1-2 weeks; profiles are 3-4 days. I’ll only take profiles for My First Million.

Q: Are there categories of stories you have trouble getting?

Dunleavey: We could really use people who can write about investing in a basic but not condescending way – like something small and digestible about the European economic crisis, or the new 401(k) regulations. Our readers also love gift guides.

Padgett: It pays to be hip. Don’t be too corny when pitching related to Mother’s Day, Father’s Day, etc.

Olster: We need stuff on big company strategies, big company decisions. We also want stories about professions (the legal profession, the health profession).

You can read more from Maria Perez at her blog on ProfNet Connect.

The poor jobs market for grads and the looming student-loan interest rate hike (unless Congress acts) have combined to bring the trillion-dollar issue to the forefront. Here’s my previous post on this: Is student-loan debt the next economic crisis?

I was thinking about how a financial journalist could approach this from a business angle rather than the traditional personal finance or macro-economic point of view, and it dawned on me that a solid piece on employer-sponsored tuition aid might make for a fresh angle and a real reader service.

Remember that scene in “The Firm” where a giddy Tom Cruise, awed by the largesse his new job affords, is told that his employer will take care of his student loans, too?  These days, legal and other grads are lucky to get a paycheck let alone plump perks.  A survey last year by the National Association of Colleges and Employers said that tuition reimbursement had jumped into the top three benefits new grads desire from employers, after health care and raises.

But there still are firms offering tuition assistance to workers, which might not help with undergrad bills (unless one is fortunate to be hired while still working on a degree) but could help take the sting out of graduate work, where many of the vast student loan debts are created.

Still, they do exist.  A 2009 survey by consulting firm ERC said that — surprisingly — even at the depths of the recession, only 7 percent of companies polled had eliminated tuition reimbursement programs, though others had modified their plans and/or reduced the amounts reimbursed.

How to find them?  Well, you can survey big employers in your area, and talk with recruiting or placement firms about what they are seeing.  Here’s a relatively recent list from Yahoo! about the (apparently meager) number of Fortune 500 firms offering tuition perks. 

One way to find small- and medium-sized companies offering the perk in your area (or to find out that they are not doing so) is to talk with area accounting and CPA firms that handle mostly commercial accounts; ask them how many of their business clients are taking the tax deduction allowed to employers who help workers with school costs.  Maybe they’ll even connect you with some of the business owners or CEOs.

This San Antonio Business Journal story says employers are re-implementing perks as retention concerns grow — but are offering them selectively to the most valued employees.  In light of that, here’s a US News & World Report piece about how to negotiate tuition help with one’s employer; a fresh update citing local experts would make a great sidebar to this package.

Tuition forgiveness programs.  FinAid.com lists a variety of loan-forgiveness programs, like those for teaching, nursing, veterinary medicine, physical therapy and other skilled professions; these are mostly offered via government agencies or non-profits but still, those entities are employers so these programs have a place in a biz story.

The passing of a bond issue will now enable this Colorado school district to build a new school. Photo: Denver Post

David Olinger of the Denver Post questions investment bankers’ involvement in school bond campaigns, noting that their help to pass tax increases may be a violation of Colorado law. He writes:

“The Denver Post analyzed 15 successful Colorado bond campaigns backed by large contributions from investment banks. In every case, the bank that helped finance the campaign sold the bonds.

The Post found that individual school districts took as much as $137,500 from a single bond company, and that in six of the 15 campaigns, bond company donations amounted to a majority or nearly half of all contributions.

By comparison, no person can give more than $1,100 to a Colorado gubernatorial candidate, and corporate gifts to state candidates are forbidden.”

“This story could be told in a number of states, because I saw contributions to other states’ school bond campaigns from the same players,” David says.

Today’s Tips: Check campaign records to find connections between investment bank contributions and contracts.

For this story, David says he collected records from the Colorado secretary of state, which keeps campaign records that can be searched by contributor. He compared that information against bond issue data from the Municipal Services Rulemaking Board’s EMMA site. He says the bond’s official statement will provide the underwriting discount, or profit.

David Olinger

“Sometimes you can learn a lot by comparing information in two different databases,” David says. “The Bond Buyer had a very good story on this subject earlier this year, which found a perfect correlation between bond contributions and bond contracts in California school campaigns.”

The MSRB also collects data showing how much bond houses contribute to bond election campaigns, David says. He warns the data can be difficult to find.

Also check court records. David says a civil suit involving former Stifel Nicolaus political consultants who moved to Piper Jaffray “helped provide some insight into how these guys work.”

For more information about this free training by Main Justice, click the image above.

In the wake of Wal-mart’s alleged violation of the Foreign Corrupt Practices Act (FCPA) in Mexico,
Main Justice has pulled together some experts and is offering a free webinar to explain the FCPA.

Main Justice is a site run by Mary Jacoby, a former reporter for the Wall Street Journal, Salon and the St. Petersburg Times among others. It covers insider news about the U.S. Department of Justice with a focus on white collar law enforcement.

The webinar, at 11 a.m. EDT on Thursday, May 24, is aimed at journalists or policy professionals and will be open to anyone who is interested. Registration is required: Registration details | More details about the webinar.

Organizers promise to cover:

The politics of the FCPA on Capitol Hill, why the U.S. Chamber of Commerce failed in its attempt to amend the law; primers on corporate prosecutions, deferred prosecution agreements, corporate monitors, and forensic accounting investigations; learning how the law works and understanding its global reach.

Panel members, who offer to be available as sources for reporters following the webinar, are:

Steven Tyrrell, partner at Weil Gotshal & Manges LLP
Former chief, U.S. Justice Department Criminal Division Fraud Section

Ellen Zimiles, managing director, Navigant Consulting Inc.
Former Assistant U.S. Attorney, Southern District of New York

Mary Jacoby, Editor-in-Chief of Main Justice
Former Wall Street Journal reporter

Again, registration is required and you can do that here: FCPA Training for Journalists and Policy Professionals