Online Real Estate Technology

With the predicted drop in official interest rates by up to 1% point by the Reserve Bank tomorrow, are you geared up to take advantage of the spike in traffic that will flow on from that announcement? When the last official decrease was announced, the search volumes on Google increased for terms such as real estate for sale & houses for sale, and that searching volume also flowed thru to the major real estate portals. So to help you take advantage of this, here’s my suggestion, Once the official announcement is made, get on to your listings and change the headlines accordingly. A suggested headline could be “Official Interest Rates Drop by 1%, This property now more affordable, Ask Us How!” Leave this headline in place for the next 2 days and then revert your headline back again.

By doing this you start to effectively use the internet to tap into lifestyle and community interests. Social media is very good at showing you how to react and communicate with your audience or market.

Don’t use the net passively, get out and be proactive. This will be my message to the agents I’ll be consulting tomorrow, good luck.

Got this last night as a media release and thought I would check out the web site of Sydney company YouVu. The company have just released a new advertising product called YouVu Property Advertising which allows agents more features when marketing a property on line, but does it live up to the hype of the press release? Well I thought I would check out the offering for you, but first here’s a little of the media release from the company: 

“The innovative folks at YouVu Interactive have created a brilliant new web tool that can assist real estate agents to cut through the clutter of properties for sale on the internet by capturing the buyers’ attention, and maintaining it for longer.

Sydney, NSW (PRWEB) November 19, 2008 — Sydney businessmen Gary Bateman and Trevor Reid have created an innovative new web tool called YouVu, which takes the best of the web, and applies it to real estate property marketing.

The result is a real estate advertisement with many differentiators. It is a real estate ad that will attract the attention of a potential buyer and maintain their focus for many minutes.

Online property portals are emerging. Whether they be in Europe, the United States or Australia; more buyers are consulting the web for property information before buying than ever before. In Australia, research has shown that more than 75% of buyers use the internet to research properties and in excess of 7.5 million unique browsers view properties advertised on the web each month.

Bateman and Reid of YouVu realised that the biggest challenge with internet advertising is making sure that an agency’s properties stand out from the crowd.

Bateman said: “Sure, you can pay for a prime position. But once the potential buyer clicked on your ad it was clear to us that they all looked the same.

“A few details in small font, a clever headline if you are talented enough and a handful of images. What you get is a potential buyer having made up their mind ‘yes’ or ‘no’ after a few seconds.”

YouVu Property Advertising is definitely different. Its goal is to display a holistic view of a property to the potential buyer.

Reid explained: “Firstly, it can have as many as 25 rooms with their own individual pages.

“Secondly, within each of those rooms, our ‘Emotion Icons’ allow agents to bring certain key components to further attention of potential buyers. For example, you may want to highlight a feature on a wall or an appliance in the kitchen.

YouVu also allows one to add a Virtual Tour and/or Image Slideshow to their ad, making it more interactive and viewer-friendly.

And how do the people behind YouVu plan to get this magnificently dressed up ad to thousands of potential buyers?

“Easy,” says Bateman. “Most agents use existing portals such as realestate.com.au and domain.com.au, and we would be asking them to do the same, except they will also add the link to their YouVu ad to encourage people to take a closer look at their property.

“We already have dozens of YouVu users doing this to great effect.”

YouVu is the most comprehensive a real estate advertisement can get. The key selling point at the moment is the price it is offered at. From only $40, any property can become extra sellable with a YouVu ad.”

So lets have a look at what features this product has ,Here are 2 grabs of the main image:

Screen Shot

Firstly, you can add shots of different features of the house and then have emotion icons that allow the property searcher to view features that may be lost in a standard add, when you place your cursor over the icon the feature pops up on the right hand side of the screen, a feature that I really like in this product is the use of Google street view and the ability to include local suburb information that is easily accessible by the consumer. You also have the ability to share the listing on social media sites such as Facebook,Myspace and on bookmarking sites such as Delicious and Yahoo Bookmarks. You can also add a virtual tour and image slide show, whilst the developers have not indicated this, I really hope they allow a dedicated video tour link as well, I’m sure you could add this as a virtual tour, but I’d like to see a dedicated icon for video.

You can add the link to the YouVu add if you are using domain.com.au but it’s going to be interesting to see how realestate.com.au reacts to this, as they don’t allow hyperlinks on property listings, nor will they probably like traffic being directed away from their portal to YouVu, because, in essence this is what happens when a buyer clicks on the link, nice little idea from these guys to build traffic to their website and you the agent pays for the privilege. Any product that allows agents to market their property smarter and provide additional information to the consumer, particularly on local suburb and lifestyle info, will get my endorsement. You’ll pay $40 for a 12 week run and the site will allow unlimited changes on each property, but they don’t say whether they provide traffic statistics for each property such as property views and email enquiry results.

It’s worth checking the site out, so here’s the link: www.youvu.com.au/ 

I can’t help but think though, that if you give a lot of thought to how you market a property,define the target market and then develop the content in line with your target market, add great photos using 15+ or more and a video or virtual tour plus adding local suburb information from www.walkscore.com, you will stand out on the mainstream portals. It really comes down to effective marketing of your property with the right target market and content.

But that’s just my thoughts, check out the site and let me know what you think, I would be really interested in your comments.

Hi All, I’ve now got the final dates for the follow up seminars to our recent presentations on the future of internet marketing. These are the special request seminars and the subject is ”Writing Copy for The Internet” and I’ll also cover what content consumers want and how your on listing should be formatted. There will also be a few other little surprises on the day. The follow up dates and locations are listed below:

Sunshine Coast: Wednesday 5th November 9:00am to 11:00am - Creek Hotel Karrawatha Drive Buderim

Toowoomba:  Thursday 27th November 9:00am – 11:00am Toowoomba Showgrounds

Bundaberg: Tuesday 9th December 9:00am – 11:00am Spinnaker Restuarant Bundaberg

If you would like to attend, please contact David Foki at Domain.com.au. His number is 0458 220 091

A report from the Inman blog has advised that on line search portal Zillow.com has cut 25% of it’s staff due to the global financial crisis. In a move designed to cut it’s expenses, the company says it is gearing up in anticipation of a prolonged recession. In an earlier post I wrote about Zillow and their relationship with key newspapers in the US, here’s a link to that story: http://mikeandrewrealestate.wordpress.com/2008/09/09/real-estate-portal-in-bed-with-newspapers/

Here’s quote from Rich Barton the groups founder:

“Unprecedented economic events … have made a prolonged recession likely, in our judgment,” said Rich Barton, Zillow founder, chairman and chief executive officer, ”We are a young company that is not yet making a profit. Despite having sizable cash reserves, we deemed the responsible course was to meaningfully reduce expenses, so that Zillow emerges from the other side of the recession in a very strong position, even if the recession lasts many years.”

Inman reports, Barton said the decision to cut staff was a difficult one because although the company’s revenues do not yet cover expenses, Zillow continues to grow. The 5.4 million unique visitors to the site in September represented a 42 percent increase over the same time last year, and revenue is growing “at a rapid pace.”

According to the online metrics company Hitwise, Zillow.com was the third most popular real estate related Web site in September, with 2.52 percent share of all traffic in the category.

If you’d like to read the full article here’s the link:

http://www.inman.com/news/2008/10/17/zillow-lays-25-percent-workforce

Hi all, as i mentioned yesterday, I’ve been in the US on holidays but still spent a fair amount of time researching the market for my presentations to real estate agents. The one thing that has stuck in my mind about the US real estate market is how aggressive the industry is in marketing itself. I know agents in Australia who are cutting back their advertising, particularly On Line, whilst in the US, it appears that most realtors have taken the opposite strategy and are actively marketing on TV and On Line with very little, if any print. A lot of the TV advertising from the major groups such as RE/Max and Coldwell Banker is promoting their Internet sites, fuel prices play a part here I would think, and I noticed a lot of on line auction sites also being promoted. This is so you can monitor or even bid on a property without actually being there. Also being promoted quite heavily were video tours and multiple photos on all listings.

I’m leadingup to the release of the C.A.R 2008 Survey of Home Buyers which was released last month and I’ll be including those stats in my presentations which I’ll talk about in a later post, however, just looking at some of the more interesting results and how you as an agent or office can make sure that you’re taking advantage of the way the market is changing. So lets look at some of the major points:

1. 78 percent of buyers used the Internet “as an important part of (their) home buying and selection process,” compared to 72 percent in 2007.

2. Buyers who stated that the Internet was an important part of the buying process spent an average 8.3 weeks searching for a home with their agent, up from 5.2 weeks in 2007 and 2.2 weeks in 2006 — reflecting the slowing sales environment of the past two years.

3. 31%  of the Internet group in the survey expected an instant response from their agent, up from 22 percent in 2007. And 96 percent of Internet buyers expected a response within four hours or less, according to the latest survey. That compares to 94 percent in the 2007 survey. 84% of participants said they considered the agent’s response time to be either a “very important” or “extremely important” factor in their decision-making process.

4. 71% of Internet buyers in the survey said they would use the same agent again, down from 92 percent in 2007.

Among the “traditional” buyers, 27 percent reported they would use the same agent again, down from 47 percent in 2007 and 79 percent in 2005.

5. 90% of buyers in the Internet group found their real estate agent using the Internet, while 9%  found their agent through a for-sale sign and 1% through an agent’s marketing materials.

6. Multiple pictures,Video and slide shows were named by survey participants as “extremely important” Web site features by buyers (61 percent), followed by maps and directions, agent contact options, virtual tours and neighborhood profiles.

So now that we can see where the trends are, it is time to look at what you are doing in your marketing or agency operation to ensure your agency is performing well in the key findings. One area that I believe most agencies do not perform well in, is using tools such as social networking, blogging, video,podcasting etc to communicate with the on line market. 90% of on line users found their agent whilst using the internet, with only 1% actually being influenced by farming or marketing materials and 9% via for sale signs. Am i suggesting that these don’t work? No not at all, but I believe an agent needs to be aware of what is changing in the buyer market and then formulate an aggressive on line strategy for the office that will at least get you ready to communicate with these customers as the market changes.

I’m about to undertake a series of power breakfasts for domain.com.au in Qld and I’ll give you the dates shortly, in these presentations I’ll be talking about how to set up your 2 year on line strategy and how you can use the on line tools to get maximum benefit for you or office and the results that can be obtained by using these tools effectively in the market. These are not about selling you more product, there about setting you and your agency up to take maximum advantage of the on line space.

As always please let me know if you find these posts interesting or helpful.

Ever thought about posting videos to youtube? maybe putting your corporate office video and property videos on youtube? well check out Century21′s US based youtube channel, I’ve spoken about this in an earlier post, for some interesting ideas and thought starters on using the social network sites to distribute and promote you, your brand and product. Youtube is not just for the backyard video though, it is now becoming a very powerful tool in the distribution of educational videos, music videos etc. Even University’s are using it, companies are promoting on it and you should too. Why not start vlogging, the video version of a blog,and then promoting this on youtube. Start promoting yourself in the digital age and by uploading to youtube you will start to market yourself to the new generation of on line researchers.

I’m about to start looking at vlogging and I’ll start to create video versions of my podcasts as well as look at including interviews with industry professionals as part of my strategy. But I thought today I’d show you some very interesting uses of video…. So don’t say you weren’t warned!!!

First up is Century21′s “Agent of the Year”, now here is a very interesting approach to marketing a home:    

And if you really liked that!!! Here’s a more conservative use of the medium:

As I’ve mentioned before, video is portable content and you can use youtube to distribute your little gems.

Quite simple really, so why not start today? Why do you think Google paid $1.65 Billion for it

I was chatting today to a number of real estate agents in Mackay in Qld and in discussions after my presentation, up came the old chestnut of press vs on line and how much is or should be, invested by real estate agents in either medium. Well it got me thinking about a recent Yahoo survey of on line real estate users in the US and a snapshot of that survey is outlined here for you:

I’ve just finished a seminar presentation with my friends at Century 21 at their International Management Academy, and like most working real estate agents today they are having to work harder to attract buyers and sellers. The theme of my presentation was blogging and podcasting as a means of communicating on a more personal level with the internet consumer. Blogging and podcasting is an extension of your personal approach and allows you to discuss real estate issues and/or in fact, any issue that you believe relevant to your market as well as offer your opinion and request interaction from your readers. It’s difficult to get this personal approach across on your property listings as you have to market the property, get the property and relevant information across and try and generate the lead, all in a succinct and efficient way.

By using blogs and podcasts as an addition to your on line marketing strategy, you can add the personal touch to your on line presence. The online search process can be a very impersonal one and to be able to provide the personal touch as part of that process, to me is the very essence of why, as a working real estate agent, you need to embrace blogging.  

Real Estate is a personal business and effective networking is just a part of doing business, and I don’t believe the internet should replace this, use your blog or your podcast to create this personal space and networking on the net, it will pay dividends for you. 

The same approach should be taken with your podcast, look on this as the portable blog, when creating your podcast look at the value of the information you are providing, imagine you are talking face to face with a prospect and/or client, and record your podcast with this in mind. The success of both your blog and your podcast will depend on the quality of the information provided, it’s about quality not quantity.

Good luck and please let me know your comments or thoughts on this post

Listen to this post as a podcast:

Blogging & Podcasting – Adding the Personal Touch to Your On Line Marketing Strategy

I’ve received a number of emails and comments about my upcoming seminars so for everyone,following is the information asked for, the seminars consist of 3 guest presenters including Advertising expert Ian Grace, sometimes referred to as Mr Real Estate, Grant Thorpe, Global Real Estate coach and Business Mentor and myself. The subjects covered on the day include How to Secure Vendor Paid Advertising, the Only 5 Things In Real Estate that make you Money,Maintain Commission Level and the subjects that I will cover include On Line Reputation Management, The Internet Consumer 2008, How to Maximise your properties performance on line, Blogging and Podcasting and how you can generate greater exposure on Google and use these mediums to make more sales, and I’ll also cover social networking sites such Facebook and youtube and how you can set up new forms of networking using this technology. Plus some more surprises. The cost is $300+GST for the full day seminar and you can register at 1300 662 203 or email at realestate@kaplan.edu.au. Please let me know if you need any additional information. Regards Mike

During my training presentations and real estate office visits I’m often asked about the role of traditional marketing vs On line when it comes to marketing your vendors properties and your own branding. Some agents even tell me they have cut down or cancelled their on line advertising altogether, well my friends now is not the time to be cutting your on line advertising, in fact, you should be ramping up your on line advertising whilst using every tool available to you in the on line space to market your brand and your properties. On line searching has increased in the past month and right now is the most cost effective way to market your self and your property, but you do need to understand how to maximise your on line presence. So here are a few tips to help you:

1. Use headlines that are lifestyle driven, provide the solution to the consumers needs. Target your property and then write the headline accordingly, don’t use headlines such as “Will sell this Weekend” and then leave on the net to be found in 3 weeks time.

2. Use 15+ photos to provide a better experience for the buyer – Most on line buyers want more not less

3. Use video tours where possible and upload these to youtube or facebook and include these in your listing presentation

3. Provide up to date descriptions that provide the online searcher with complete information – Remember they are in research mode and if you provide complete information you will satisfy that need. Include Information on the suburb, lifestyle expectation, schooling, investment potential or rental growth etc,Consumers will read up to 75% of text on a listing so don’t leave anything important out of your listing.

5. Include a call to action – You want them to call, email or contact you, don’t leave this out!!!

6. Remember, consumers will judge you on your professionalism, and sometimes their first experience of you is your on line presence – In fact realestate.com.au indicate that over 30% of their on line audience are also prospective vendors.

7. Set up a Facebook profile and use this to market to prospective clients

8. Set up a blog and provide up to date information on your market as well as provide advice to the on line consumer

9. Update your listing weekly and change your photos every 7 days

10. Don’t wind back your on line presence, increase it and use as many sources as you can to promote you and your client

I’ll spend some time on my next post on “On Line Reputation Management” This is something you really need to be aware of and how you can set up a best practice when it comes to on line marketing and protecting your brand on line.

If you’d like some additional reading on this please click on the following link: http://www.mytechopinion.com/2008/08/90-still-dont-get-it.html