The Wave of Un-Syndication

January 28, 2012 Leave a Comment

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A couple of days ago, I posted four real estate predictions for 2012 that I thought would ‘Rock’ the industry this year.  I’ve heard from a couple of my colleagues that told me that my observations on listing syndication were not an accurate reflection of how the industry feels.  Well – - – it didn’t take long for the first prediction to start manifesting itself right before our very eyes.

Abbott Realty Group (ARG), a well-respected, residential brokerage company in San Diego, CA posted the following video on its YouTube channel.  Take a look:

 

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Still think that brokers across the country will never pull out of REALTOR.com, Trulia, Zillow, et. al.?  Jim Abbott, the President of ARG, outlines some compelling points in favor of yanking a firm’s listings from these aggregators.  As the year unfolds, it will be interesting to see how many other brokers follow ARG’s lead.  Stay tuned.

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Four Trends That Will Rock the Real Estate Industry in 2012

January 23, 2012 Leave a Comment

If there is one thing that I’ve learned in the real estate business over the years it’s that change is constant.  New tools, programs, regulations and innovators make this an industry that doesn’t stand still.

From computerization of Multiple Listing Service data to smart phones to mortgage preapprovals to digital signatures; innovation waits for no one.  You either embrace it or get out of the way.

So without further ado, here are my predictions for the upcoming year and some of the things that I believe will rock our industry (again):

1.  Listing Syndication and Internet Data Exchange (IDX) Will Come Under Fire

It has been commonplace over the last couple of years for companies and agents to syndicate their listings to as many real estate web sites as possible to increase the chance that their properties will get noticed by home buyers who will in turn contact an agent to buy a home.  Sounds like a plan – right?

Enter Edina Realty.  Edina is a mega broker with 60 real estate offices and over $5 billion in sales located in Minnesota, Wisconsin and North Dakota.  In late 2011, Edina stopped syndicating their listings to national websites.  Why would one of the top ten real estate companies in the US decide to shun syndication?  If you listen to them, there are three reasons: Read more of this post

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Branding – Keep It Simple Stupid (KISS)

January 4, 2012 2 Comments

Are you keeping your promises?

As many of my business associates know, I love to watch, read and follow Seth Godin.  I think the guy is brilliant!  He has a unique way of taking really complicated issues and breaking them down into something that’s simple while putting his own unique, humorous twist on them.  Here is another classic entitled “The Simple First Rule of Branding Anything (Even Yourself).”

Not a secret, often overlooked:  “Keep your promises.”

If you say you’ll show up every day at 8:00 AM, do so.  Every day.

If you say your service is excellent, make it so.

If circumstances or priorities change, well then, invest to change them back.  Or tell the truth, and mean it.

If traffic might be bad, plan for it.

Want a bigger brand?  Make bigger promises.  And keep them.

I think too many times companies, teams, schools, businesses and real estate agents try to create an image or brand by trying to spend big money on advertising and cute gimmicks that they hope will get them noticed.  I don’t know about you, but what gets my attention and causes me to return to do business with someone is when I’ve had a good experience in the past and know what to expect from them in the future.  That only occurs by delivering day in and day out on your promises.
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Source:  Godin, Seth. “The Simple First Rule of Branding and Marketing Anything (even Yourself).” Web log post. Seth’s Blog. 17 Dec. 2011. Web. <http://sethgodin.typepad.com/seths_blog/2011/12/the-simple-first-rule-of-branding-and-marketing-anything-even-yourself.html>.

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Happy New Year

January 2, 2012 Leave a Comment

Best wishes for a healthy and prosperous new year!

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What Season Should I List My Home?

December 9, 2011 Leave a Comment

I love to visit the website Freakonomics.com and read posts about common events that we all believe and assume are factual but are actually myths that have never been examined to determine if they are true.  The authors of the blog (and books), Steven D. Levitt and Stephen J. Dubner are brilliant guys who do research on these common events to disprove the myths then present their findings in such a way that are both interesting and understandable.  (Check out this post on why ‘icing’ a kicker in the waning seconds of an NFL game accomplishes nothing and in fact may even have the exact opposite effect.)

While the following infographic didn’t come from Freakonomics, it has the same look and feel as one of their posts.  It comes from Redfin and shows facts that debunk the theory that, “Homes listed in the Spring sell best.”  The bottom line – - – if you want or need to sell your home, put it on the market now.

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US Won’t be Nation of Renters

November 24, 2011 1 Comment

I read an article last week from Carla Hill, M.A., who works as the Managing Editor at the online publication, Realty Times, that describes the advantages of homeownership.  Her points were well presented so I thought I would share them here – - -

According to the National Association of Realtors®, (NAR) the U.S. will not become a nation of renters.

Currently, over 65 percent of Americans are homeowners, a rate that has held since the 1960s.  It’s no wonder why most Americans seek out a home of their own.

Homeownership has both financial and social benefits.  According to the most recent data from the Federal Reserve Board, a homeowner’s net worth is 45.9 times that of a renter’s.

“We knew that homeowners, on average, accumulate more wealth than renters,” said Ken Johnson, editor, Journal of Housing Research at Florida International University.  Johnson spoke at the session and conducted the analysis with Eli Beracha.  “These findings indicate that homeownership is a self-imposed savings plan.  Not everyone should own a home, but from a financial perspective, people who are planning to stay in a property over the long term can benefit from buying.”

This is no wonder why.  Despite recent declines in home prices, historically prices do rise over the long-term.  This means an owner is paying towards an asset.  They are building equity.  A renter, on the other hand, is paying for a living space for that month.  It is not money invested. Read more of this post

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Instill Some Zappos in Your Business

October 23, 2011 Leave a Comment

Zappos: Delivering "Wow!"

Want to invigorate (or reinvigorate) your business?  Why not take a cue from Zappos.com who sells over $1 Billion worth of merchandise every year.  They are  known as a company that gives great customer service that just happens to sell shoes.

Here’s a list of Zappos’ top 10 ways to instill superior customer service from the book Delivering Happiness: A Path to Profits, Passion and Purpose by Tony Hsieh.  (NOTE: my comments are in BLUE)

 1. Make customer service a priority for the whole company.  Every program and service offered should revolve around the customer – not you.

2. Make “wow” a verb that is part of your company’s everyday vocabulary.  Strive to hear your clients say “Wow!”

3. Empower and trust your customer service reps.  The more you empower others, the more time you will have to deliver.

4. Realize that it’s okay to fire customers who are insatiable or abuse your employees.  Stop trying to work with anyone who sucks the life out of your enthusiasm.

5. Don’t measure call times, don’t force employees to upsell and don’t use scripts.  If you help clients to attain their goals – meeting your goals will follow naturally.

6. Don’t hide your 1-800 number.  How easy are you to find?

7. View each call as an investment in building a customer service brand.  Practice SMILING when you pick up the phone.

8. Have the entire company celebrate great service.  Collect client references and share them with others (HINT: you’ll need to ask for them).

9. Find and hire people who are already passionate about customer service.  Only work with vendors who share your passion for service – they are a reflection of you.

10. Give great service to everyone: customers, employees and vendors.  You never know who might be looking for a home in the future.

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The Rise of Mobile Websites

October 8, 2011 1 Comment

How do you access the internet?

Real estate advertising on the web is changing – Again!

According to an eMarketer forecast, by 2014 an estimated 53.9 percent of mobile phone users in the United States will access the Internet through a mobile browser or application.  This translates to about 44 percent of the total U.S. population.

On average, people check their phones 150 times per day.  That is one glance every six and a half minutes.  This is bordering on an addiction.

In the next three to four years mobile Internet traffic will surpass desktop Internet traffic, driven by mobile Internet/data enabled devices.  If real estate companies and agents don’t embrace this technology, they’ll be left in the dust when it’s time to hand out medals for those who are thriving in the new world of real estate.

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