Special offer

"Featured Tours" on Realtor.com - bad marketing idea?

By
Services for Real Estate Pros with | Nashua Video Tours

Considering:

1)  The market is slow - properties are sitting on the market for months

2)  Choices for buyers are abundant - almost exhausting

3)  Gas prices are at an all time high

4)  Open houses are generally a waste of time

 

I am amazed at how few people choose to offer 'featured tours' for their listing on Realtor.com, arguably the most visible real estate website in the country.

In my area:

Nashua, NH has 638 listings, but only 8% have featured tours

Hollis, NH has 72 listings, but only 20% have featured tours

Amherst, NH has 180 listings, with 15% offering featured tours

Manchester, NH has 1,045 listings, with only 12% offering featured tours

Hudson, NH has 235 listings, and 11% show featured tours

Boston, MA has 3,211 listings, and only 9% offer featured tours

 

Pretty interesting statistics.  In this slower market, the marketing of a property is what sets a good REALTOR apart from an order taker (many of whom I'm sure are contemplating new careers at this point....).   

Since the #1 method of 'sorting' listings on Realtor.com is by featured tour, it's clear that your customers want to see tours of properties, yet roughly 10% are bothering to provide what the customer is looking for!

Seems like a perfect marketing opportunity that is being missed or disregarded in a big way.   

I realize there is a heated debate about Realtor.com and many people do not like this site and refuse to pay them a dime.  However, it IS the #1 real estate site on the web, and 80% of buyers start their search on the web.  It's all about EYEBALLS, and love it or hate it, it seems you are doing a disservice to your customers by not providing a Virtual Tour or a Video Tour of your listings. 

Comments (37)

Anonymous
Fred Daring

That's right Todd,

their service is not that great, and all the happy talk seems to come from virtual tour PROVIDERS

Oct 07, 2007 08:10 AM
#18
Misty Thomas
Houston Realty - Crosby, TX
Realtor Crosby, TX
Eye  opening post...I was considering signing up with Realtor.com as a showcase agent but this is giving me something more to think about...it may be best to just pay the $20 for the VT
Mar 31, 2008 09:26 PM
April Ferrao
Re/Max Boone Realty - Columbia, MO

Misty,

 

It may depend on your competition.  I just did a quick search in my city and in the price range I have homes listed.  Only 7% of the homes are 'showcase' homes.  I've had quite a bit of success with clients contacting me through finding me on Realtor.com so I'm sticking with it.  The first two years for me were pretty cheap about $300.00.  This year I expect it to go up due to the number of listings I've had in the last 12 months.  But I've had lots of success with people contacting me there and from them coming to open houses that I post there.  

 

good luck in your decision 

Apr 04, 2008 05:51 PM
Dana Coplin
Seeing is Sold - Terrell, TX

    I recently left Standard Pacific Homes, after 7 years in new home sales to pursue my dream of my own photography business. Now instead on selling the homes I am helping others with my marketing and photography skills. I am not an ordinary photographer in that I am creating HD Panoramic Tours and HD Stills. This interactive HD Panoramic Tour has full screen capability, with floor plans, maps and voice over/music. I custom design the viewing window with company’s colors and logo. You can view both exterior and interior tours on my website.

Upgrade your Image!

 

Jun 10, 2008 02:00 PM
Anonymous
Confused...

I am researching realtor.com as far as having my personal website with them..there seems to be many realtors that are not happy with them..and then of course some that are...Any more thoughts?

Jun 21, 2008 08:11 AM
#22
Fred Light
| Nashua Video Tours - Nashua, NH
Real Estate Video Tours for MA and NH

I don't know anything about personal websites with realtor.com... but I just met with a new client yesterday who claims she gets 2-3 leads PER DAY directly from Realtor.com and her enhanced listings.

So for people like Fred Daring who think it's only tour providers that tout realtor.com, he is incorrect.

And as far as tour providers being the only ones touting realtor.com - As I tour provider, I don't make a dime from Realtor.com, nor do I care if you advertise on there or not.  There is absolutely nothing in it for ANY tour provider.

However, as someone who has done real estate web design and internet marketing for realtors for about a decade, I would say that you are missing the boat if you dismiss realtor.com as many have.

Realtor.com IS the #1 website for real estate in the country.  It IS the first place that many people go.  They do charge for enhanced listings, but overall the price PER LISTING is really not outrageous - most realtors spend far more on a stupid newspaper ad that does absolutely nothing in today's market.

Granted, some markets may not be as effective, but overall, I think you do a disservice to your sellers but shorting them that exposure.  And what do they think of YOUR marketing efforts when they see all their competition on Realtor.com with 25 photos, expanded descriptions, links to websites, video tours, virtual tours.... and their pathetic listing has ONE lousy photo and a 3 line description???

I met with a broker just yesterday.  A seller hired me to do a video tour of their property and I asked the broker if they had enhanced listings.  They said "yes, but we don't really use them.  We only enhance them when the seller requests it." I was dumbfounded at that answer.  I looked up this 'enhanced' property on Realtor.com and they didn't even have ONE photo.  And there was the standard 3 line description.  NOTHING ELSE.  

I personally would never do business with an agent with an attitude like that.  And they are PAYING for this service, but not using it?  Sorry, but that's just a head scratcher for me.  It's that type of behavior that gives realtors a bad name, I think.  I bit my tongue, but I so wanted to say something.... 

But I did make the seller (who paid for the tour) understand exactly what his realtor, who stands to make a huge commission on this $1+ property is NOT DOING to market his property. He was mortified.  If I was him, I would have fired her on the spot.  There's just no excuse for stupidity like that, I'm afraid.

 

 

Jun 21, 2008 11:18 AM
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL

I stopped using realtor.com's featured home ads due to all their mistakes and excuses.

Jun 26, 2008 11:13 PM
Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

I was a huge user of Realtor.com years ago. 
I still have big bucks into their site, however, I poll my clients.  It is not what is bringing me my business any more. Times have changed.  We are looking into a flip camera, shooting the videos ourselves, better yet, going to the local high school and having a tech student help us!  Give a little back to the community!

Jun 27, 2008 03:23 AM
Tanise Nester
Take A Look Virtual Tours, LLC - Moneta, VA
Photography and Virtual Tours

Mr. Fred Light-RIGHT ON!  (Yes I am a VT provider)

I have clients who choose not to post their tours on Realtor.com, but tell me how they have placed ads in newspapers in far off cities!  Are you kidding me?  I mean, todays newspaper is tomorrows birdcage liner!  What are you thinking?  I understand if agents don't want to spend the extra $$ to get all of the frills of being a Showcase Realtor on Realtor.com, but to not spend $20 to have the tour posted, and then turn around and spend $100's on newspaper ads is just a joke. 

Whoever said that VT providers have nothing to gain by having their clients post tours to Realtor.com is dead-on.  The only thing I am EVER trying to do, is make my clients look as good as possible.  Many times, I meet the homeowners without their agents and I am always talking my clients up.  Ex. "Congratulations on having so-in-so as your Realtor, they are really working hard to make sure your home gets the kind of exposure it deserves."  I tell them all about the tour and it's cool functions and all of the websites it will be visible on. 

It ticks me off when a homeowner asks, "Will it be on Realtor.com?" and I can't say yes.  What I want to say is "No, your agent thinks that they can market your home better on their personal website."  Instead, I bite my tongue and say, "You should ask him/her about that."

When it comes to the customer service side of Realtor.com, I have had limited exposure.  There have been a few times that I have contacted them on behalf of a client who wants their main photo updated.  I email them with the property information and attach the new photo and have always gotten results within 24-48 hours. 

I read an article the other day that said that every day on Realtor.com over 100,000 people choose the option to view listing with featured tours.  If I can find the article again, I will come back and insert a link to it.  Imagine that with one click your listings could be completely knocked out of the running.  Not having that happen is worth $20 if you ask me. 

Aug 18, 2008 06:21 PM
Anonymous
Brandon Marshall (TidewaterVideoTours.com)

We all know that most Realtor's are Realtor's because it takes no education to become one. The vast majority of Realtors can barely use a computer and spend more time showing homes than they do selling. I have heard from more than 1 Realtor say that they don't use Virtual or Video Tours because they want the buyer to pick up the phone so they can get them in their "professional salesman's grasp".

Home Sellers want the Best Listing Possible, and Home buyers more often than not exclude listings that do not have Virtual or Video Tours.  So why are Realtor's shying away from the Best Internet Listing Tool Available? I think I know why.

For so many years, their were more buyers than sellers. With the opposite being true today! They think if they wait long enough. They will get back to that point.

Fact is, the day's of easy credit are over forever. Our Economy is in shambles because banks allowed unqualified buyers into the Market. Does anyone with any intelligence think Bank's will make this DEVESTATING mistake again! With that said, most Realtor's would say "yes".

We, as Virtual and Video Tour Providers must just hang in and wait for the old school Realtor's to continue to fail and falter and For video to continue it's dominant lure of Internet users, It is just a matter of time before Video will be the Norm and a necessary part of all internet sites.

Aug 19, 2008 03:24 AM
#27
Alan Cunningham
Personal Tour Online - Tafton, PA

Brandon,

Your post is, unfortunately, right on. Although I disagree on the education portion of your post. Realtors do require a certification, which means they've been educated in their field and must keep up CE credits to hang on to their license.

Regarding Virtual Tours. I am the President of a full service Virtual Tour provider and have the hardest time communicating with Real Estate agents in any market. When times for agents are good, they don't need VT's because properties don't stay on the market. When times for agents are rougher, like now, agents don't need VT's because they can't afford them. It's in many cases a no win situation. Despite the overwhelming amount of statistical data you can place in front of them that proves VT's benefit both buyer and seller they are unwilling to accept it as fact. The good news is that the MLS was first fought by agents tooth and nail, no one wanted any part of it in it's inception. The same is true for the VT industry. We are truly still in an infancy stage as VT providers, but times will begin to change in the very near future. Due to rising fuel costs, time constraints and various other reasons, agents will see VT's as a necessity rather than a gimmick. Agents will be forced to become more computer savvy and analyze what forms of advertising media's are no longer cost effective, such as newspaper ads.

I can only reason that RE agents today see VT companies as just another person trying to pry their hard earned money away from them. They get bombarded from all angles by people just like us trying to sell them something, so I understand them being cautious. When they realize that we are truly here to make their lives easier and increase their bottom lines....well, then we will become their new best friend.

Aug 20, 2008 02:11 AM
Fred Light
| Nashua Video Tours - Nashua, NH
Real Estate Video Tours for MA and NH

Alan:

I totally understand what you're saying - when times were good realtors could sell a house as long as they were able to fog up a mirror - no marketing necessary.  Now, they need all the help they can get, but they don't have the money to spend.

However....

I've found that I am busier than ever.  Even this summer, which typically slows down, has been crazy busy.  I get new customers almost daily.  But most importantly, I have a core group of realtors are doing more and more tours on properties.

What I believe is that 10% of the realtors do 90% of the business.  Good market or bad.

I've long given up on the 90%.  I don't even bother - it's a complete waste of time. You can knock your ahead against a brick wall all you want - all you do is bleed!

I spend my efforts with the 10% who understand how to properly market real estate and how to properly run a business.  They get it.  Totally. And they're successful. The rest?  I'm assuming many will be back working at the mall......

I don't have to sell myself or my services to that 10% - they totally get it, as do the new people who call me.

You just need to find that 10%!

 

Aug 20, 2008 10:58 AM
Judy Boyle
RE/MAX Signature Properties - Northborough, MA
MBA CDPE CRP

For $234.00 per month, I have not received one lead! It was totally not worth it to me!

Apr 18, 2009 02:50 PM
Vicky Davis
RE/MAX Main Line - Downingtown, PA

Fred,

 

You need to monitor anything you do on realtor.com.. Call us to findout why.  They just want your money!

Jun 04, 2009 12:56 PM
Fred Light
| Nashua Video Tours - Nashua, NH
Real Estate Video Tours for MA and NH

Vicky:  Huh?  They don't want my money.  There's nothing to monitor.

Jun 04, 2009 02:04 PM
Anonymous
Jack Donovan

You cannot argue with Realtor.com's exposure and "sorting" methods concerning the high exposure of virtual tours/videos and the frequent views to the site.  Its not rocket science.  Money doesn't make the world go around, Marketing does!  So it makes sense to be present on the most used sites, and not just for a short season.  Times are changing and innovation is driving it.

And if you don't market yourself and expose your propertes, then you need to take your precious little photo off your business card.

Alan C. is dead on in analyzing the way Agents feel about a virtual tour/video.  I do hope one day that many will see the light and understand that buyers love to get an idea of a room without the agent looking over their shoulder and flat photos do not do the trick unless you spend big money on big photographers.

With the speed of 3G,4G networks and innovation driving the markets, people want to see homes faster and frequent especially on their phones. In a heavily driven information age where consumers want more and more information, all in the real estate industry (including Realtor.com) need to face the music and realize that your old ways of controlling the information by concealing it only to those proprietary entities is going to fail in the future.  People who give it away will be trusted and given the business.  Remember, people do not have the time to do everything themselves and don't want to so they will use you if you are willing.

FYI:
Word to the wise. Be careful thinking about conjuring up business using social networks.  Don't mix business with pleasure.  We all have experienced the family/friend 15 minute multi-level marketing drivel at the Christmas party.  Please make a note of this bad idea, "Youtube" is not a search site for finding homes.  People do not enjoy mixing business with social viewing pleasure which is what "Youtube" is well-known for.

 
Jan 06, 2010 02:58 AM
#33
Anonymous
search engine marketing india

This is a nice post.

Oct 27, 2010 01:50 AM
#34
Anonymous
Drummer Needed

this is nice post.

Dec 06, 2010 12:20 AM
#35
Anonymous
Preventivo trasloco

Hi, I must say that you have made some good points in the post. I performed searches on the topic and found most people will agree with your blog. Thanks for sharing this information.http://www.nessi.it/preventivi/

Apr 20, 2011 12:15 AM
#36
Anonymous
Magento Themes

This is very informative post, great going, gud luck for furture...

May 28, 2011 12:41 AM
#37