Comments on: Is the Real Estate Industry Running the Race With Blinders On? http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/ News About Real Estate Social Media, Marketing, Technology Thu, 18 Mar 2010 17:32:50 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Matt Stigliano http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35773 Matt Stigliano Fri, 10 Jul 2009 00:04:57 +0000 http://agentgenius.com/?p=15140#comment-35773 Benn - Exactly why I made my recent move. I asked myself, "Sit here with the status quo or go somewhere with agents and a broker who question, learn, and experiment with new things." The answer was easy. Last night I sent Sheila (my broker) a link to Google Voice and said "sign up for an invite, I'll explain later, but I have a great idea for this." This morning? She was signed up. She knew if I thought there was something there, she should react. That to me is facing the facts that there's a race going on. She's been an agent for quite some time, her dad was an agent...she's old school in terms of where she started, but she steps forward everyday. For me, that provides the opportunity for my own growth as well as to be a part of a group of agents that are willing to embrace change rather than stand still and watch it all pass by. Benn – Exactly why I made my recent move. I asked myself, “Sit here with the status quo or go somewhere with agents and a broker who question, learn, and experiment with new things.” The answer was easy. Last night I sent Sheila (my broker) a link to Google Voice and said “sign up for an invite, I’ll explain later, but I have a great idea for this.” This morning? She was signed up. She knew if I thought there was something there, she should react. That to me is facing the facts that there’s a race going on. She’s been an agent for quite some time, her dad was an agent…she’s old school in terms of where she started, but she steps forward everyday. For me, that provides the opportunity for my own growth as well as to be a part of a group of agents that are willing to embrace change rather than stand still and watch it all pass by.

]]> By: Michael Wurzer http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35739 Michael Wurzer Thu, 09 Jul 2009 19:41:58 +0000 http://agentgenius.com/?p=15140#comment-35739 Also, the cost of data distribution can be reduced by syndication, which most MLSs are already pursuing is well and is another program that could benefit from a branding campaign for the MLS data. Also, the cost of data distribution can be reduced by syndication, which most MLSs are already pursuing is well and is another program that could benefit from a branding campaign for the MLS data.

]]> By: Michael Wurzer http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35738 Michael Wurzer Thu, 09 Jul 2009 19:39:53 +0000 http://agentgenius.com/?p=15140#comment-35738 You're misunderstanding me. I'm not suggesting a national MLS in any way. I'm suggesting a national brand for a product all MLSs already provide to their members: IDX and VOW data. That data aggregation, along with the cooperation necessary to create it (which is what is missing by the national portals), is one of the core values provided by the local MLS, and it should be branded and explained to consumers so they can know when they find an agent or broker's IDX or VOW site, they have the goods. This approach doesn't exclude an MLS spending money on building their own consumer web site, but I believe MLSs and Associations would see a far better return by promoting existing IDX and VOWs than building their own sites. Paying for featured listings is never going to be a successful approach in a cooperative model like the MLS, which is why you don't see featured listings on any of the current MLS web sites. You’re misunderstanding me. I’m not suggesting a national MLS in any way. I’m suggesting a national brand for a product all MLSs already provide to their members: IDX and VOW data. That data aggregation, along with the cooperation necessary to create it (which is what is missing by the national portals), is one of the core values provided by the local MLS, and it should be branded and explained to consumers so they can know when they find an agent or broker’s IDX or VOW site, they have the goods.

This approach doesn’t exclude an MLS spending money on building their own consumer web site, but I believe MLSs and Associations would see a far better return by promoting existing IDX and VOWs than building their own sites. Paying for featured listings is never going to be a successful approach in a cooperative model like the MLS, which is why you don’t see featured listings on any of the current MLS web sites.

]]> By: Benn Rosales http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35735 Benn Rosales Thu, 09 Jul 2009 18:54:21 +0000 http://agentgenius.com/?p=15140#comment-35735 ROI? Really? What is the longterm loss of revenue looking like for these local economies with 50-60 alternatives picking the meat off the local bone? Agents are chasing local buyers across the country on 3rd party sites including REaltor.com already- they're tired of paying the cost of labor 3xs over and sometimes more to get back what was already theirs to begin with. We agree to disagree on this point, a national mls is not the answer, we had that when we had realtor.com. From the local level agents can serve up the complete listing from the source- locally. If they don't understand the long term value of creating a local venue that demonstrates a value in today's terms, I simply submit this post for their consumption- they're not ignorant, what is ignorant is telling them that there is no worry when we're out here working 10xs harder for the same dollar with our own listings. On your last item, I'd pay money to my local mls that out shined realtor.com before I'd pay realtor.com to feature my listing :) ROI? Really? What is the longterm loss of revenue looking like for these local economies with 50-60 alternatives picking the meat off the local bone?

Agents are chasing local buyers across the country on 3rd party sites including REaltor.com already- they’re tired of paying the cost of labor 3xs over and sometimes more to get back what was already theirs to begin with.

We agree to disagree on this point, a national mls is not the answer, we had that when we had realtor.com. From the local level agents can serve up the complete listing from the source- locally.

If they don’t understand the long term value of creating a local venue that demonstrates a value in today’s terms, I simply submit this post for their consumption- they’re not ignorant, what is ignorant is telling them that there is no worry when we’re out here working 10xs harder for the same dollar with our own listings.

On your last item, I’d pay money to my local mls that out shined realtor.com before I’d pay realtor.com to feature my listing :)

]]> By: Michael Wurzer http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35728 Michael Wurzer Thu, 09 Jul 2009 17:56:29 +0000 http://agentgenius.com/?p=15140#comment-35728 Benn, if there's one issue that's been analyzed in depth over the last several years, it's whether MLSs should have public web sites. I'm confident there are no bilnders on for MLSs on that topic, and there are many MLSs with web sites now and more that are building them. Those that aren't doing it are not ignorant but most likely have received direction from their membership it isn't wanted or have concluded the ROI didn't justify it. More importantly, I'm not talking about anything grand. I'm suggesting the NAR, state and local Associations could promote local broker and agent web sites by reating an IDX and VOW brand. This is little different than the job they already do promoting the REALTOR brand. The only difference is that , this brand would be easier because it would be focused on the narrower issue of quality data on the web. This approach will allow for lots of innovation by competing brokers and agents while also presenting a consistent and national message to consumers about whicb of the many web sites out there today really have the best data. In addition, this approach would leverage the significant investment agents, brokers and franchises already have made in IDX and VOWs. So, in one simple initiative, competition and innovation are enhanced, current investment is leveraged, and consumers learn the truth about data quality. Can you think of a better way NAR and local associations could spend member ad dollars? Do you think such a campaign would out perform local MLSs each reinventing the wheel trying to build their own sites? Lastly, you mention advertising but the local MLS markets aren't big enough (even the really big ones) to make a real advertising play and the most profitable ads will create conflicts for the cooperating brokers. T Benn, if there’s one issue that’s been analyzed in depth over the last several years, it’s whether MLSs should have public web sites. I’m confident there are no bilnders on for MLSs on that topic, and there are many MLSs with web sites now and more that are building them. Those that aren’t doing it are not ignorant but most likely have received direction from their membership it isn’t wanted or have concluded the ROI didn’t justify it.

More importantly, I’m not talking about anything grand. I’m suggesting the NAR, state and local Associations could promote local broker and agent web sites by reating an IDX and VOW brand. This is little different than the job they already do promoting the REALTOR brand. The only difference is that , this brand would be easier because it would be focused on the narrower issue of quality data on the web.

This approach will allow for lots of innovation by competing brokers and agents while also presenting a consistent and national message to consumers about whicb of the many web sites out there today really have the best data. In addition, this approach would leverage the significant investment agents, brokers and franchises already have made in IDX and VOWs. So, in one simple initiative, competition and innovation are enhanced, current investment is leveraged, and consumers learn the truth about data quality. Can you think of a better way NAR and local associations could spend member ad dollars? Do you think such a campaign would out perform local MLSs each reinventing the wheel trying to build their own sites?

Lastly, you mention advertising but the local MLS markets aren’t big enough (even the really big ones) to make a real advertising play and the most profitable ads will create conflicts for the cooperating brokers. T

]]> By: Benn Rosales http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35716 Benn Rosales Thu, 09 Jul 2009 16:42:24 +0000 http://agentgenius.com/?p=15140#comment-35716 Btw, you can currently connect with consumers on Trulia if the buyer wants too, I didn't mean that, what I meant was the ability to connect and or capture would by greater. Btw, you can currently connect with consumers on Trulia if the buyer wants too, I didn’t mean that, what I meant was the ability to connect and or capture would by greater.

]]> By: Benn Rosales http://agentgenius.com/g-rants-insanity-more/is-the-real-estate-industry-running-the-race-with-blinders-on/#comment-35714 Benn Rosales Thu, 09 Jul 2009 16:40:02 +0000 http://agentgenius.com/?p=15140#comment-35714 You're talking about something much more grand than needs to be, I'm talking about a local MLS looking and feeling like a major search competitor but LOCAL- we don't need realtor.com part II we need to shore up local market share in my opinion with all of the social features, technologies large players offer- not every local can do this, but most can- if we can get visionary on the local level? that would change the game. that would put one entity competing, let's say trulia against the actual local offering where (for a change) the contacts from that search that wish to connect with the listing agent, can. Support side buyer agents kickin on the forum side, and what we're now working with is local communities wrapped around the branded community. The jobs this would open up, and the ad revenue from local business economies would surely make it all worth while. You’re talking about something much more grand than needs to be, I’m talking about a local MLS looking and feeling like a major search competitor but LOCAL- we don’t need realtor.com part II we need to shore up local market share in my opinion with all of the social features, technologies large players offer- not every local can do this, but most can- if we can get visionary on the local level? that would change the game. that would put one entity competing, let’s say trulia against the actual local offering where (for a change) the contacts from that search that wish to connect with the listing agent, can. Support side buyer agents kickin on the forum side, and what we’re now working with is local communities wrapped around the branded community. The jobs this would open up, and the ad revenue from local business economies would surely make it all worth while.

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