Standing athwart history, part 2.
Posted on February 28, 2008
Filed Under blogging, Relationships, bloodhoundblog, Marketing, Real Estate, General |
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The business of real estate is changing, not because of a tough market but in spite of it. [When homes aren’t selling, sellers understandably gravitate toward high-volume high-profile listing agents, reinforcing the status quo.] It’s a process, but the internet is turning everything on its head: Buyers are savvy enough to do their own searches, sellers savvy enough to know that if it’s not at least on Craigslist agents haven’t done their job. Both want more - and better - information, and they’d like it within a click or two. They’ll use the services of a professional to help process that information, but want to be the decision makers; they bristle at the thought of being ’sold’ what’s usually the biggest purchase of their lives.
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“Yes, Nike is a marketing company, but our product is our number one marketing tool.” Phil Knight
I’ve told the story but it’s worth repeating: one of the first seminars I attended after I earned my license was on time management, the underlying premise this: Productive agents spend 90% - 90%! - of their time marketing themselves or, in the delightfully sterile vernacular, generating leads. I thought then, and still think to a degree, if we’re spending 90% of our time selling ourselves, what is it, exactly, we’re selling?
But this is a marketing business, and not just in the sense of marketing homes. One could be the best agent in the history of agents, but if no one knows about it nothing else matters, especially give six catrillion agents from whom to choose. Agents are constantly looking for ways to differentiate, and the internet offers many possibilities, but here’s where those who stand athwart and the status quo part ways: The former thinks it necessary to utilize technology to make it better for you, the consumer; the status quo is interested in making it better for the agents. It’s the difference between improving our product and improving our selling.
Thus the buzzwords Web 2.0, SEO, Social Networking; it’s all just starting to work itself out. We’re still trying to define with precision what our product(s) looks like. Zillow, certainly one of the most successful of the Web 2.0 companies, was in Beta for two years before it had a handle on what customers wanted; it’s still evolving. Ron Ares points out that when he started blogging in 2005 there were only three real estate bloggers; now there are sixty, but note at least half of those aren’t kept up to date and there are 7000 agents in the Portland Metro area.
So in several venues around the US, people - Buckleyesque people - are gathering to share information and ideas. The graphic above links to a May 19-20 seminar under the auspices and talents of Greg Swann and Brian Brady and under the sponsorship and participation of Zillow.com. Russell Shaw, one of the very best in the business, will debate Glenn Kelman, CEO of Redfin. That, alone, is worth the trip.
In addition, thanks to Joel Burslem of Future of Real Estate Marketing , and Ron Ares, a group of local bloggers are getting together late in March to meet and discuss (and, perhaps, to tip a couple).
I can’t imagine coming away from all this without a much clearer sense of direction. It’s safe to say NAR won’t be in attendance, and will largely consider it the dabbling of dreamers.
We’ll see who’s right.
PS We - all of us - would love feedback from the buying and selling public. What do you want?
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