CEO’s Introduction
I had initially planned on spending part of this morning finishing off my intro to this month’s newsletter but my plans changed. Having recently experienced the horror of almost losing all of my email, I had a whole section focusing on the importance of backing it up. But then I received an email from our head of Marketing, Robin Morgan.
Robin spent a couple of days last week at RISMedia’s 2006 Leadership Conference held in Manhattan. The comments made by some of the speakers at the event are so powerful I simply couldn’t ignore the opportunity to pass some of them on (I promise, the topic of backing up email will be covered in a future newsletter).
The general consensus was certainly no paradigm shift: “Top producers make a commitment to the Internet,” said Allan Dalton, President & CEO of REALTOR.com. He added, “We are in an opportunistic market right now, we need to find individual, customizable solutions for human beings, loyalty is up for grabs.”
David Charron (MRIS) explained that “Technology is the great equalizer.”
Several presenters identified that the role of the Realtor is under attack with consumers asking for more justification of commissions. A consistent theme was the importance of focused marketing through technology. Agents were told that they are in the “marketing business” not the “sales business” and should spend time each week reviewing marketing and technology with an eye on how to effectively implement their plans.
Allan Dalton further explained how “The DNA of our industry is such that years ago, Realtors were trained to give as little information as possible and get as much information as they could. It was an industry trend to jerk the consumer around and keep information from them. The newspaper was the only marketing [tool]; now classified ads don’t reach the worldwide marketplace. We need to shift from ‘I sell real estate’ to ‘I market real estate’. The number one marketing juggernaut in the history of the world is the Internet.”
He added that the reasons we say a property doesn’t sell are price, condition, location and market conditions and our industry isn’t involved directly in any of them. The real reason, the one we have control over, is MARKETING. We need to substitute personal promotion for true property marketing. Consider shifting from “listing presentations” to “marketing proposals.”
He stated that the current model of marketing properties is a “national disgrace” and added that Realtors need to say “Here is how I am going to make your property different.”
One consistent message was that the value of real estate services has diminished in the eyes of the consumer, with only 5% holding Realtors in high esteem. Consumers just don’t see the value in what Realtors do, so the choice is:
* Charge a lower price for lower services or
* Add value based comprehensive services and skills to the equation
A message we have spoken about in this newsletter was promoted – Realtors need to shift from messages “about me” to “about the consumer.”
Realtors are now challenged with the task of knowing how to market a property better than the home seller. They must be tech-savvy and demonstrate a superior marketing ability. If they can’t, they must employ people who can.
With at least two Websites available right now that allow consumers to rate real estate agents, the information is out there. And consumers are in control of it.
Following on from my comments of last month, Liz Nunan of Houlihan Lawrence stated that Realtors need to stop sinking so much money into print ads and shift some to Internet marketing: “Everyone knows that classified ads don’t work, yet we all spend money on them.”
Charles Oppier of Classic Realty Group took this further: “Newspapers have lost significant value to our consumers, they have migrated elsewhere” and their main focus is the Internet. “It’s important to understand what sites our consumers are going to.”
Sherry Chris (Prudential) agreed, but recognized that you can’t simply forsake one for the other. “We need to find a combination of print and online advertising that works. If you get out of print completely, it is like you are out of business. Most [print] ads don’t even ID the home. The question is how do you bridge the transition from print ads to Internet marketing?”
Sami Inkinen (Trulia) stated “[The] newspaper is a deep, dark hole that you are sinking money into without effective measurement of results.” He added, “Brokers who embrace the Internet will realize more profits.”
Jorrit Van der Meulen (Zillow) added “The demand of consumers for more information is incredibly pronounced.” He said that Zillow has received an overwhelming response to their product: 4 million hits each month. “Consumer demand for information is rabid and the industry is starting to address that.”
Justin McCarthy (Google) highlighted that in 2004 Real Estate was the top Business Service Category on Google with “Billions” of searches dedicated to real estate properties and suggested that most agents are not taking advantage of this.
Thankfully, this shift doesn’t take the real estate agent out of the equation by any means. Tami Bonnell (EXIT) stated “We are afraid that we [will] lose control by giving too much information. However, statistics show that consumers still want to deal with a human being.” The current real estate customer has an insatiable appetite for information and they will find it with or without you, so providing it up front and on your Website is the best choice you can make right now.
For me, one comment summed up the current transition and did so in a positive way:
Jorrit Van der Meulen (Zillow): “Over the next two years, agents need to shift where to spend marketing dollars and move more toward the Internet. It is not even the morning of day one yet. The transition is between wanting to control information and providing it for the audience.”
If there was ever a time when Realtors need to take a serious look at how to leverage the Internet to better serve their clients and build a better business it is now. We see it in our growth and we see it in the consumer’s response to single property Websites.
As always feel free to contact me personally, at any time, for any reason.
Stephen Fells,
CEO
PowerSite of the Month
We have selected www.100CrossCreek.com listed by Jodi Bakst & Team Jodi, Keller Williams Preferred Realty in Chapel Hill, North Carolina as PowerSite of the month for making full use of this single property Website.
This PowerSite includes 50 photographs including beautiful interior and exterior shots giving potential buyers a complete visual presentation of the property. She has also included aerial views of Chapel Hill and Durham, as well as many photos representing local attractions and the North Carolina lifestyle such as the UNC campus, the Durham Bulls Ball Park, the local farmer’s market, the streets at Southpoint, Duke Chapel, as well as a map of the Triangle area. By looking at these photos, one gets a true sense of the community surrounding this home.
She also has added a link to local information that refers back to her Website’s Chambers of Commerce page. Additionally, she has created a “view all listings” link that also returns viewers to her main Website. Both of these techniques are valuable to potential buyers while providing her with increased SEO benefits.
Additionally, she has used the “property documents” feature to provide helpful information such as a lot map for the neighborhood, North Carolina property disclosures, square footage calculation and floorplans as well as the property survey.
By using all 50 photographs as well as custom links and property documents, this PowerSite creates an exceptional open house for this listing.
Cool Tool – Google SMS
If you haven’t used Google’s SMS service yet, you really should give it a try. Here’s some information directly from Google.com:
Google SMS (Short Message Service) enables you to easily get precise answers to specialized queries from your mobile phone or device. Send your query as a text message and get phone book listings, dictionary definitions, product prices and more. Just text. No links. No web pages. Simply the answers you’re looking to find. Google SMS, currently in beta on Google Labs, extends the reach of Google’s search services to mobile phones and devices, while staying true to Google’s mission to bring more of the world’s information directly to users. Google SMS currently works with wireless providers in the U.S. only, including AT&T Wireless, Cingular, Nextel, T-Mobile, Verizon, and Sprint PCS.
You can get Google SMS information sent directly to your phone by sending your question as a text message to 46645 (GOOGL). For SMS help, simply send “help” for more instructions.
Here are some instructions from Google on how to use SMS:
To get business listings:
Enter what you want to find. You can search for either a specific business (Pizza Hut) or a general service (pizza).
Make sure to include both a city and state, or a zip code with your search terms.
If you want to make sure you get local listings, put a period between the business name and the location (‘pizza.10013’ or ‘pottery barn.boston ma’)’.
You can use Google SMS to find publicly listed phone numbers and addresses for residences in the US.
To see residential listings, enter any of the following:
first name, last name, city and state
first name, last name, state
first name, last name, area code
first name, last name, zip code
phone number, including area code
last name, city, state
last name, zip code
Sample queries:
john smith palo alto ca
650-555-1234
B Walsh, 90210
To get driving directions, use any of the following combinations as your query:
Address + zip code
Address + city + state
City + state
City (for major metropolis)
Zip code
Airport code (e.g., EWR for Newark Liberty Airport, LAX for Los Angeles Airport)
Sample queries:
pasadena ca to santa monica
from 98112 to SEA
to 1130 N State St Chicago il from 251 e huron 60611
You can use Google SMS to get the latest weather conditions and four-day forecast for a particular U.S. location. Just enter ‘weather’ – or the shortcuts ‘w’ or ‘wx’ – followed by your location, zip or city and state. Sample queries:
weather dallas tx
w 75201
wx houston tx
To get answers to questions that cover a broad assortment of topics, including authors, inventors, populations and more, just send your fact-based question or query as a text message to Google SMS. Google will scour the Web to find answers to your question and include our information source so that you can learn more.
Sample queries:
population of Japan
Mark Twain’s real name
who wrote hamlet
Don’t forget, Google SMS can also be used to get movie times, stock quotes, price information, word definitions, translations, calculations, currency conversions, and area and zip code look ups. For a handy, wallet-sized cheat sheet, go to www.google.com/sms/tips.pdf.