Online Real Estate Technology

The powers that be at Twitter have been vague about how they plan to monetize the service. As marketers have flocked to the microblogging site, Twitter has considered charging for business functionality as one possibility.

According to a survey commissioned by Internet marketing solutions company WebBizIdeas.com, a plurality of business users of Twitter are unsure whether they would pay to use extra business features on the site. About one-quarter said they would.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

During the past week I’ve met with a number of small business operators and we’ve talked about social media and how they can integrate it into their on line marketing strategy. Using social media networking channels to not only promote your business but to help market products and services is a very cost effective way of driving new business.

Surprisingly, I’ve met some resistance to the concept, coming from an electronic advertising media background, I’m always on the lookout for ways to drive my business, and developing on online presence that I use as a online CV has been very successful for me in generating leads and driving new clients for my consulting business, and I’ve done all of this with very little financial output, as the social media networks I’ve set up have created a distribution network which allows me to get my message out very fast and very efficiently.

Some of these businesses I’ve talked with are now pulling back on their social marketing efforts and several of them are stopping their marketing all together, right at the very time that the number of consumers using social media in this country is growing at such a rapid rate that it is almost impossible to keep up with it.

Now why would you do that?

Lets look at the research first before I answer that question, The Nielsen report,released in mid March shows just how aggressive the growth is amongst Australian Internet users, close to four in five Australians or 78% of the population shared information,photos and links. Twitters audience grew by more than 400% in 2009 and more than one quarter of online users read “tweets” in the last 12 months. 14% of Twitter users followed companies or organisations via Twitter.

Nearly 2 in 5 Australians are now interacting with companies via social networking sites, which reinforces the point that we are very open to engaging with brands and companies online. Nielsen themselves make the statement, “The opportunities for brands and companies to tap in to the social media phenomenon are really just beginning to emerge and to date we’ve only seen the tip of the iceberg”.

The facts are this, nearly 9 out of 10 Australian internet users (86%) are looking to fellow internet users for opinions and information about products,services and brands, and Australians engagement with online word of mouth communication is going to increase in coming years as social media plays an increasingly important role in consumer decision making.   

In some cases, businesses have banned Facebook altogether in the office environment, and I know of one big media company, that actively monitors their staffs internet browsing and terminates their internet access if they use the site during working hours.

Given that the average Facebook user spends 8:19 hours per month on the site, and that’s the average, I know some people who spend considerably more per month than that on Facebook, small business needs to find a better way to harness this giant, banning it from their business is not the way to control it.

Now to get to my question above, why would you as a business pull back on your social media strategy at the very time that it’s gaining so much popularity?

The answers are simple:

1. Lack of Resources

2. Fear of negative comments and inappropriate content appearing on company sites

3. No clear rules,policies or procedures being set up within the strategy framework

4. Lack of knowledge of social media within the business  

5. No strategy in place, just add hock usage of sites because everyone else is using it

6. Lack of a risk management assessment

7. No reputation management strategy in place

8. Fear of the Unknown

9. Older Business owners with a traditional view of marketing

10. Marketing managers with little or no experience in social media marketing

11. Fear of competitors gaining business secrets

These are a few objections that I’ve personally encountered and in every case, none of these businesses has a marketing strategy in place that covers online.

Don’t stop your social marketing efforts, but do put in place a strategy that covers the essential areas that you need to have locked in place before you begin your social media activities, these are:

1. Risk Assessment – Make sure those in your business understand the risks involved and put in place polices and procedures before you start

2. Define very clearly your reasons for using the sites, what strategy will you employ and how will you manage the engagement from online users. Each site you use needs a very clearly defined set of rules and game plan. Set these for each site you use and monitor the performance of your plan, build engagement and community around your business.

3. Clearly identify the rules, what can be published and what type of information do you want out in the public arena, what is acceptable and what isn’t. Get your staff to sign a disclaimer and make it clear to them what the rules of engagement are. Very important to do this before you start.

3. Resources – Select a social champion within your business and use them to build your profiles and encourage them to help build your community online. Don’t ban it, play it smart.  

4. Online reputation management – Now essential for every business working on the web. Set up your management, monitoring and repair rules no matter how big or small your business is. Make sure you know what online consumers are saying about your business and you know how to manage and control those comments if found.

Having a strong online presence will be, no is essential, for your business if you want to compete. No point banning it, you’ll just end up doing your business damage and giving your competitors an advantage, and I really can’t see the sense in that, can you?.      

Consumers are more likely to read and act upon online advertising than they were a year ago, according to an Opinion Research Corporation consumer preference survey sponsored by Adfusion, a division of ARAnet.

Online Ads Score Better in 2010
Every type of online advertising scored better with consumers in 2010 than a year ago, according to the survey. Consumers say articles that include brand information is the type of online advertising they’re most likely to read and act upon, compared to banner ads, pop-up ads, email offers or sponsored links.

Article-based advertising was preferred by 53% of respondents who said they are “very likely” or “somewhat likely” to read and act upon the material, compared to 51% a year ago. Coveted demographic groups are even more likely to express a preference for articles. According to the survey, 66% of people 25-34, and 60% of those making at least $75,000 per year, say they are “very likely” or “somewhat likely” to read and act upon article-based advertising. Pop-up ads were least likely to be read or acted upon.

Respondents also said they were “very likely” or “somewhat likely” to read and respond to:

• Articles that include brand information: 53% (compared to 51% in 2009) a year ago.
• Email offers: 51% (compared to 47% in 2009).
• Sponsored search engine links: 40% (compared to 39% in 2009).
• Banner ads: 28% (compared to 25% in 2009).
• Pop-up ads: 19% (compared to 13% in 2009).

Search Frequency Increases in 2010
Frequency, or how frequently consumers conduct internet searches for products or services they read about in online articles – increased from about 50% a year ago (saying they initiate a search “very frequently” or “somewhat frequently”) to 57% this year. Younger and high-income people showed a considerable propensity to conduct a search after reading online articles. Seventy-two percent of 25-34-year-olds said they were likely to conduct a search for products or services based on an article, up from 66% a year ago. And 70% of those making more than $75,000 per year expressed their likelihood to perform a search – 13 percentage points higher than last year’s 57%.

Online Ad Spending Growth Weak in ‘09
Increased consumer receptiveness may help boost online ad growth in 2010, which in 2009 was anemic, according to Nielsen research. Internet ad spending only grew 0.1% last year. As a possible mitigating factor, the only other ad spending categories that reported growth last year were Spanish-language cable TV (32.2%), cable TV (14.5%), and free standing insert (FSI) coupons found in printed newspapers and magazines (11.5%).

Ian Grace Mr Real Estate Advertising

I thought it was time I opened up this blog to a few of my friends and colleagues in the real estate industry and one that I’ve had the pleasure to work with over the years is probably the leading expert on real estate advertising worldwide, Ian Grace.

Ian has presented his training course all over the world and is one of the very few Australians to have spoken at the NAR conference in the US, there is not much that Ian does not know about creating great real estate advertising, so as part of this series, I’ve asked Ian to put together his top 10 tips for writing great real estate ads, I hope you get benefit from Ian’s advice.

The Top Ten Tips for Writing Great Real Estate Ads

HOODOO – a great word to help you to remember the two things that make advertising effective:- WHO – is the person who will see the most value in the property and therefore pay the highest price [that's target marketing]. DO – now show them and tell them, what they will be able to DO as a direct result of their purchase.

2. HEADLINES – remember the WHO when you write your headline, then qualify it quickly, so the reader knows you’re both on the same wavelength. Then ideally, reinforce or remind about the headline at the end of the ad. The headline must include one or more of the following:- 1. A benefit or implied benefit 2. Something that is new, news or topical 3. A curiosity element without gimmicks for gimmicks sake.

3. PHOTOS – make sure your main photo matches and works together with your headline [not the other way around] and that the other photos also match the body text.

4. PEOPLE – put people and/or pets in your photos – it’s a great way to show people what they will be able to DO when they live there.

5. NAMES – use names in your ads to personalise them – yours [in full] and even the sellers’.

6. DIFFERENT ADS – the use of different ads for different markets, enables you to talk to each prospect group about what is relevant to them only e.g. one ad aimed at first home buyers and one ad aimed specifically at investors.

7. MEDIA MATCH – make sure your press ads match with other media and vice versa, with particular reference to the main photo and headline.

8. KEEP THE SAME AD RUNNING – once you’ve written a great ad, run it at least four times if not more, as research shows people need to see the same ad or message three times or more, on average, before they will respond

9. PRICE, LOCATION, NUMBER OF BEDROOMS – if all the research done shows conclusively that these are the top three pieces of information potential buyers require, then common sense says – give it to them!

10.   OBTAIN SELLER ADVERTISING DOLLARS – research proves that the higher the seller paid advertising percentage, the higher the listing to selling success rate.

11. BONUS TIP – TEST YOUR ADS – Firstly, sellers must see the ads before they run, but most importantly, ensure at least one of your colleagues checks your ads to confirm every word and phrase will make sense to the market it is written for. Secondly, when buyers who have responded to the ads view the property, ask them if the property has matched their expectations from your ads – the feedback will be terrific and will keep your advertising right on track.

If you’d like to contact Ian you can visit his web site Ian Grace Marketing

Google and Real Estate

For those of you who are interested in Googles ultimate goal for its real estate listings service, they have finally announced their plans for the service. In New York, Sam Sebastian, the company’s director of local and business-to-business markets has told the Inman technology conference that Google’s recent refinements in the real estate space, which include creating “place pages” for individual listings, don’t mean the search engine giant is moving to create a national multiple listing service.

He said the recent refinements have improved the quality of traffic the search engine delivers to advertisers — including big brokerages that Google is out to sign up as clients.

“Agents have always been pretty engaged” in buying keywords and targeted ads from Google to drive traffic to their Web sites, Sebastian said. “But the big brokerages that can really do this in scale, and work this into their marketing programs — that’s where I think the future is.”

Since Google got into targeted advertising, agents and small real estate offices have been “very entrepreneurial” in taking advantage of its ability to deliver potential clients, Sebastian said.

“They could compete with the big boys, and we were building a good set of users,” Sebastian said. Then third-party listing aggregation sites emerged, packaging and selling the leads traffic to their sites generated to brokers and agents.

Google got into the listing game itself, through its Google Base service, which accepts listings from agents and third-party aggregators.

Aggregating listings is not nearly as controversial as it was when third-party aggregators started cropping up more than a decade ago, Sebastian said.

But Google has captured the attention of the real estate industry in recent months by creating individual “place pages” for listings and making it easy to find them in map-based searches

Place pages, Sebastian said, were originally created not for real estate, but as a way to give local merchants a presence on Google. Place pages pull content from around the Internet, such as reviews, photos and other information Google has tracked down, organizing it in one place.

When the implications for real estate became clear — that Google, in theory, could amass a database of every property on Earth — not everybody in the industry was thrilled with the idea.

“We got a little bit of hemming and hawing,” Sebastian said. Some wondered if Google was taking the first step in building a national MLS, he said.

But the sites providing the information indexed by Google are finding that the quality of traffic the search engine delivers to their site has improved.

The plan was not to take business from real estate brokers, but to provide a better user experience, Sebastian said.

“It’s not some evil plan we have in Mountain View (Google’s headquarters in California), with millions of folks talking about how we want to take over the real estate markets,” Sebastian said.

Asked about reports that Google has been talking to real estate search site Trulia.com about an acquisition, Sebastian said he could not comment. (A Trulia spokesman told Inman News in December that the company “does not comment on rumors or speculation.”)

But Sebastian did say that Google is likely to continue acquiring one to two “small and nimble” companies a month, a pace it’s kept up for the last 18 months.

Source: Inman News

Wordpress Blog Platform

I’ve mentioned a number of times on this blog the number of women who are now using social media sites including blogs, to not only research business and products, but who are directly influenced by what they read or research on these networks. The influence of social media on the female internet user is often underestimated by business.

In the US, new research from SheSpeaks highlights that social media networks have become a must for women this year and social network penetration climbed from 58% of internet users in 2008 to 86% in 2009.

When asked about brand related activity on social sites, 80% of female users said they had become a fan of a product or brand directly from a social network. In addition, 72% had learned about a new product or brand, or joined a group around one. To me, one very interesting trend stood out, women were less likely to participate on Twitter with product or brand related activities.

Another interesting point is with actual purchasing of products or services, with one-half of female Internet users buying a product because of a social network. Purchases based on social networking sites and blogs both increased dramatically over 2008.

Users seemed more receptive to social network advertising than they were in 2008, with 9% saying that they always look at ads and often click through, compared with just 2% last year. Thirty percent look sometimes, versus 13% in 2008, and fewer users felt annoyed by ads or actively ignored them.

Brand Related Activity on Social Networking Sites

The ROI for business with a social media strategy that is well set up and planned is well worth the effort and the work put in, and with that in mind, I’ve been really inspired by this research, so much so that I’m prepared to help you get your blogging efforts set up and running for the month of January, I’m going to set up 10 free wordpress installs. No sales efforts, no push, all you have to do is drop me a comment on this post and tell me why you need/want a blog and how having a blog might benefit your business.

To Qualify:

In order to qualify all you need to do is buy one of my hosting packages for a period of 12 months, they are really inexpensive and won’t cost you an arm and a leg. Let me know if you’d like additional information on this.

This is what I’ll include -

• I’ll install and configure WordPress for you. The self hosted version.
• I’ll upload and activate a theme of your choice for you so that your blog looks a million dollars.
• I’ll set up and install add-on software (otherwise known as “plug-ins”) to give your blog a bit of a boost. Things like Disqus commenting, Akismet Spam protection, Tweetmeme, etc.

This is what is not included:

• I won’t move content over from another blog. I’m setting up a brand spanking new blog for you in this case.
• You won’t get personal one-on-one blog coaching. I’m not saying that I wouldn’t sit down with you for some one-on-one coaching if you needed it. It’s not included in this Basic Install. If you’re interested in coaching, then please head over to  Mike Andrew Consulting
• You won’t get tech support. I’m happy to answer any questions that you might have if time permits.
• You’ll need to buy or already have your own domain name as the blog will need this. I’ll help you work out the best domain name for you but you will need to have it ready.

So there you have it, as I mentioned I’ll be happy to do about 10 of these installs so to qualify all you need to do is get writing and leave me a comment, if you already have a blog then please  send the link or recommend this to someone who doesn’t have a blog yet.

If you’re a real estate agent or small business owner just getting into a social media strategy, or already using social media networks such as Facebook and you haven’t yet created a Facebook brand page, then go and create one right now. They are an excellent way of promoting your brand not only to others on Facebook, but also promoting your brand or product via Facebook adds.

If you are considering using Facebook adds or any form of on line advertising then it’s important to understand the searching and viewing habits of the audience you’re trying to impact. Social media sites are changing the way we search on line, and as marketers, relying on this information and understanding where and how your audience views or searches for information on social media sites is vital.

So which are the best days to run your adds or banners, and which days generate the best click thru rates for advertisers? Some new research out today helps shed some light on this and I’ve detailed some of the results for you.

Content posted on Facebook based brand pages has a higher than average click thru rate on a Tuesday, the average click thru rate on Tuesday is 9.89%, the highest of any day. Wednesday follows closely behind with click rates of 9.87%.

Friday and Saturday had the lowest click rates with a very measly 2.67% on Friday and 2.7% on Saturdays. If you  take all the days into account, click thrus for Facebook brand pages average 6.76%. This average is lower than Sunday, Monday, Tuesday and Wednesday, but still much higher than average CTRs for display advertising across social networks in general, including Facebook itself.

So really what this research means, is that certain days of the week are better for launching a product promotion, and by really understanding how consumers use social media sites, you and your company can start to target where you’ll get the best return on your investment.

In a nut shell, you really need to have a well thought out communication strategy for updating your Facebook brand page, and an understanding of when to create promotions to get optimum response.

Response to your marketing on social media sites is better early in the week then dwindles and picks up again on Sundays.

What I’ll cover for you in the next post on this subject, are results of the latest eye tracking study on social media pages, where are users eyes focused when viewing these pages and how does it differ from other web page viewing.

This has an impact when you’re deciding to use advertising on social sites such as Facebook etc, does your target market actually look at the adds? I’m sure you’ll find that an interesting read.

About the data:The sample data reported is compiled from nearly 200 million fans impressions on Facebook pages over a five-month period (March – August 2009).

Image via CrunchBase

I don’t know about you, but I’m a little over the Twitter fad, I haven’t yet found it a successful advertising or promotion medium and it pails into insignificance when you compare it to Stumbleupon for promotion of blog posts and actually driving readers to your blog or web site.

There are those that will say it works really well for them, but in the last few months I’ve been tracking all the referrers of traffic to this blog and Twitter does not even rate, so either there are a lot of passive followers or as new research indicates very few advertisers think it an effective promotion tool. The survey carried out last month by linkedin Research network/Harris Polls found out of advertisers surveyed only 8% thought it effective.

The study also found that advertisers are more likely than consumers to know about Twitter and are more likely to believe in the microblogging tool’s future power to help promote products and services.

The research, which included surveys of both advertisers and the US public at large, revealed that just less than half of advertisers (45%) think Twitter is in its infancy and its use will grow significantly over the next few years. In contrast, 21% believe Twitter will not move into the mainstream and it will remain something mostly young people and the media will use.

Among consumers, the study found a different picture, especially in terms of awareness. A large majority (69%) say they do not know enough about Twitter to have an opinion about it, 12% think it’s in its infancy, 12% say it is just something that young people and the media use and 8% say it is already over.

Consumer Research Twitter

Effectiveness of Twitter

Among those who have an opinion about Twitter, feelings about the effectiveness of it for promoting products and ideas are lukewarm among both consumers and advertisers:

Among advertisers, just 8% say Twitter is very effective for promoting products and ideas while half (50%) say it is somewhat effective. One-third (34%) of advertisers say it is not that effective and 8% believe it is not at all effective for promoting products and ideas.

Only 8% of consumers say Twitter is very effective for promoting ideas and products and 42% believe it is just somewhat effective. Three in ten (31%) consumers say Twitter is not that effective and 19% feel it is not at all effective for promoting products and ideas.

I’d be interested in your thoughts on this survey either from a Twitter user or follower, just leave me a comment.

Feedback on Content

I’ve had this blog running now for over 12 months and what started as a bit of fun for me has developed into a great passion. The blog has been more successful than I would have imagined, when I started it in June of last year.

Successful, at least in the number of people who read my posts and visit the blog on a daily basis, so I thought I would ask the question of you, what information do you find the most helpful? What content would you like to see me feature or write about on this blog that helps you the most in your business in the next 12 months?

In checking out the popularity of my posts over the past year, some articles that I thought would be popular were not, whereas other posts on Blogging and SEO were very popular, so it’s clear to me that you prefer certain topics over others.  Articles on Social Media for example, have been amongst my lowest read posts.

So the question I put to you is, which of the following topics would you like more information on:

SEO

Technology

Internet Marketing

Social Media

Blogging & Podcasting

Copywriting

Video

Even if the topic is not listed above, let me know what content you would like and I’ll do my best to provide the information you find most useful.

C21 Wins Best On Line Real Estate Ad

Nice to see innovative on line Real Estate advertising recieving recognition, Century 21 has won the award for “Best Real Estate On line Ad” at the Internet Advertising Competition in the US.

The Mother-in-Law series highlights the company’s advanced mapping features by taking a lighthearted look at how a property searcher might use its pinpoint mapping technology to draw specific lines on a map to avoid living near their dreaded mother-in-law.

“Our goal is to capture the consumers’ imagination with our advertising as much as we capture their attention with our exceptional real estate mapping technology,” said Bev Thorne, senior vice president, marketing, Century 21 Real Estate LLC. “This award is an outstanding accomplishment for our brand and further evidence that our online marketing efforts are succeeding in reaching consumers in an entertaining and informative way.”

Congratulations to the Century 21 team, well done!