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Meet the Jetsons - Why Real Estate is Changing

By
Real Estate Agent with Alex Lowery Real Estate

I am always looking at the market and seeing a new way to utilize technology in my career. The real estate industry is becoming this high tech field, and it wasn't considered that way in the recent past.

Internet and mobile technologies have transformed the way I do business. I use my tablet PC to display and retrieve documents my client's can sign directly on the screen. I can write an offer on the spot then fax and email it directly to the listing agent. I don't have to lug around heavy files or explain why I don't have the right documents on hand. 

When I want to list a home, I register a domain name for the property at godaddy.com based on its address, and then create a Web site that demonstrates its marketing effectiveness. After I list the home, I hang a rider on the For Sale sign with the home's Web address. People love it and it saves them and me time and money.

Furthermore, utilizing these new technologies has helped me service my clients faster and offer more value than traditional agents. I recently was able to get my offer accepted on a great investment property because I wrote the offer while still at the property. I guess other agents had to drive back to their office and try to find their assistant to draw up the paperwork.

Working with agents who do not embrace new technologies is becoming more burdensome. Among my contemporaries, I have noticed a resistance in dealing with agents and their staff who lack the proper technical skills. We found a nice lease property for one of our clients that we wrote an application on. We emailed the application to the listing agent and set it up in NTREIS Transactions. After many phone calls, we finally got in touch with the listing agents assistant who informed us that she did not get our numerous emails and did not understand how to work in a transaction portal. She advised us to send our client up to their office with the paper work. We found a better property the next day and leased it instead.

In closing, agents who do not embrace and utilize the latest technologies will continue to fall behind and lose business. This also goes for brokers, small and large. Utilizing the latest technologies has allowed me to reduce my commissions and give money back to my clients. More real estate professionals are catching on that a new type of Broker has emerged that charges per transaction and small yearly fee. I do not have split my commission with a broker or pay to keep the lights on at their fancy brick and mortar digs. I give the money I would have to split with a broker back to my clients at closing. I recently credited my buyer back $5900.00 on the HUD1 to pay their closing cost. I do this for every client.

Being techno savvy means you can do your own marketing, build your own websites and add a ton of REAL value to every one of your transactions. Meet the Jetsons.................

Comments (15)

Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590
I think you'll enjoy this post
Feb 08, 2007 06:54 PM
Darren C. Douglas
Oxford Residential Advisors - Tucson, AZ
I agree Grant.  I like to domain name idea for listings and look forward to more of your ideas in the future.
Feb 11, 2007 06:38 AM
Meg Stewart
Reliable Appraisal - Frisco, TX
Appraiser-Frisco, Texas
Grant, I enjoyed your post.  Technology allows us to be more efficient and effective in serving our clients..
Feb 11, 2007 08:12 AM
Joan Snodgrass
Midamerica Referral Network - Kimberling City, MO

Great ideas and way of doing business, Grant.  Now if I could only convince my broker.........

 

 

Ozarks Joan 

Feb 11, 2007 03:58 PM
Lanette Branch
Taylor Properties - Bel Air, MD
Bel Air, MD Real Estate Agent
I like your post and your way of doing business. You are absolutely right in saying that we as agents/brokers need to keep up w/the ever-evolving technology or be blown out of the way by those who do. I look forward to reading more posts from you, Grant.
Feb 12, 2007 12:49 PM
Derek Guyer
Land Chasers - Indianapolis, IN
Good thoughts, Grant. I love that this door is open for what could be a level playing. The only problem I see is that the majority of people are not design savy and as a resuit, their sites, blogs, etc, can many times be extremely tacky. I think this is a big problem and it makes a big difference in the eyes of the consumer. There is a certain amount of credibility that comes along with your site looking good, not just being there. I hope that doesn't sound negative, but those whose sites are clean and well designed, will stand above and beyond the rest.
Feb 12, 2007 03:09 PM
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI
I had read about registering the address as a domain a  couple weeks ago and it slipped my mind. It sounds like a great idea and I'm going to starty doing it myself.
Feb 15, 2007 07:47 AM
Win Singleton
Summit Web Design and Long & Foster Realtors - Falls Church, VA
Web Designer & Associate Broker

Here I am going to somewhat disagree. Technology certainly has its place, but I feel that its can be overused too. A tablet PC, an online transaction management system, home address domain names, etc. are all just "tools". They still don't substitute for sound sales skills. We are not paid by the mile, the number of home doors we open to clients, nor the number of domains we own. We are paid for our real estate knowledge, experience, people and sales skills... to successfully bring about a "meeting of the minds" between the principals in a real estate transaction. I can teach a 12 year old how to fill out a contract, even on a PC. What I can't always teach the 12 year old is how to ever get to a place where he will have the opportunity or know that it is time to fill one out! 

And as to email, I am operating 2 email servers at this very moment that I have managed for over 9 years, I am highly aware of the problems with email deliveries: taking hours to go to the destination mailbox at places like AOL, Hotmail or Yahoo and even Verizon and Cox; email messages getting put in Junk Mail folders instead of the recipient's Inbox, resulting in the recipient never seeing the message; emails being blocked by overly aggressive ISP spam filters that think the message is not legitimate; etc. So it is just not a "perfect world" yet regarding the use of email... for clients or for other agents.

According to NAR in their member profile, the age of the average agent in 2006 was 49. Is it any wonder that some of them are just getting up to speed on some of this technology? I don't know how long you have been licensed, but as little as 10 years ago, many MLS's were still using "dumb terminals", not even real computers, to display listing data. Agents didn't even own a real computer and didn't need to. So you may put them down or think they are backwards for not embracing all of this as quickly, but they are getting better at playing the game of catch-up every day. Some old dogs are learning new tricks!

You wrote, "...agents who do not embrace and utilize the latest technologies will continue to fall behind and lose business". Walmart is probably the largest retailer in the world. Yet, one of the nicest shopping experiences you can have in our area is at Nordstroms. Some agents may choose to offer a "Walmart" experience to their clients by giving them lower fees or even rebates, but some of us take great pains to give clients a "Nordstrom" experience worth every penny!

Feb 15, 2007 10:15 AM
Carl Cook
Quantum Equities - Seattle, WA
I am curious about the mechanics here, Grant. What brand of tablet PeeCee? Does it come in Mac? What kind of software is this? How do you print a client copy on-site? Speaking of technology, I recommend a navigation system. I moved to Seattle a year ago, and knew nothing about the town. My nav system allowed me to look at 50 houses in two weeks, and choose the very best one. I never knew where I was nor how to get to the address, but I always got there quickly and efficiently. When I disobey it and turn early, it patiently recalculates the new fastest route. I use an iPaq 4700 pocket PC running Winduhs Mobile 5 and TomTom Navigator 6. Note, you must add a 2GB flash card to the iPaq to hold all the maps. http://www.tomtom.com/products/product.php?ID=286&Category=2&Lid=4 The iPaq uses bluetooth to communicate with a GPS pod, which I have mounted to the windshield in front of the mirror with velcro. This is what receives the satellite signal showing where I'm at at all times. I can just grab the pod and take with, when hiking in the mountains. I wired the pod's power cord to a car battery wire, so it never runs down. Most GPS pods are not so great, but mine is excellent: http://www.semsons.com/ib737blgps32.html I drop the iPaq into a Brodit cradle mounted in front of the car's tach in the instrument cluster. I can just twist it sideways and pull the iPaq to take it with. A nav system just takes a whole 'nother level of anxiety out of driving to an unfamiliar destination. Some of us older folks remember how cruise control did that, when it first came out.
Feb 15, 2007 10:49 AM
Grant Howell
Alex Lowery Real Estate - Frisco, TX
Broker/Owner 214-234-6901

Win,

I lived on Capital Hill for many years before moving back to Texas. During that time I rehabbed many a row house. Being from Falls Church, you should know of my hero Daniel Idio and rebatereps? It is a misperception and maybe fatal one, to believe that all realtors who rebate give less than Stellar Service. Frankly, I am tried of hearing this. It is old and stale. I can afford to give part of my commission back because I have a better business arrangement with my broker than the average agent. That's all and it's really that simple. Instead of giving a large part of my commission to my broker, I pass it back to my client. That's called adding REAL value to a transaction.

Feb 15, 2007 01:33 PM
Win Singleton
Summit Web Design and Long & Foster Realtors - Falls Church, VA
Web Designer & Associate Broker

Grant,

In response to your comments of 2/15/07, I knew an agent once who donated her entire brokerage fee to her church after every settlement. Ha! So it is not important to me whether someone gives a rebate, donates their money or burns the commission check in the middle of the street after closing. Whether an agent gives a rebate or not is really no different than why Baskins & Robbins has 31 flavors. If that is the "flavor" of real estate you or others want to practice - great! But should others prefer a different "flavor", it doesn't make them "wrong" or "old fashioned" for having that business model. There are even some agents doing "billable hours" plus hard costs as a model, just like an attorney or an accountant might work. They put a cap on the billable expenses to not exceed the gross percentage fee being earned from the sale - with any "overage" being given to the client from that percentage brokerage fee as a rebate. With today's technology, it is easy to acquire a billable hours program to use. So to each, his/her own.

The thrust of my comments were aimed more at remembering that technology is not the "be all, end all" of how to be a successful real estate agent or broker. It is wonderful to have the tools we enjoy today to better market the agent or to facilitate bringing about that "meeting of the minds" between the parties. But these tools can not replace or supercede sound real estate sales skills and market knowledge. One can own all the technology "toys" available out there and still not be able to "sell a paper bag". This is still a "people" business.

Feb 16, 2007 12:58 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

I like your post but I differ with you on one point. I use my technology skills to give our clients exceptional service.  In my view terchnology firms up our worth, because service is where we differ from the competition. TThere is also a cost of aquiring that technlogy, and maintaining it. There are many persons in real estate that routinely offer their menu services for a fee. That competitve pricing edge does not place them in the high tech group, if fact it can be a lower skill group. If someone seeks out a Doctor because they are a specialist - they don't offer their services at a walk-in clinic price.

An article I wrote on the subject.

Increase Your Bottom Line By Adding Value
by Jim Crawford

Feb 16, 2007 10:38 AM
David Green
RE/MAX at The Shore - Cape May, NJ

Very good stuff everyone, I have recently been caught in the game of catch up. I was at a Star Power conference in New York last year and was overwhelmed at everything going on now. Having recently moved out of a Team structured office and now with ReMax I see how I need to step it up. There is a level of technology the general public is acquiring especially some of the higher end clients in my market. Balance is the key here. What I do and have done is constantly learn from many different areas throughout the year. Go to the conferences, go to the training seminars, take continued education classes , learn yoga, Dale Carnegie, Mike Ferry, Star Power, whatever.  All these things potentially bring value to what we do as professionals.

Win was right, this is a people business and sales is the core of what we do. But I wouldn't want to show up to play in the NFL with a leather helmet .

 

David Green GRI

www.wildwoodsmls.com

 

Feb 16, 2007 01:19 PM
Frank Helderle
RE/MAX Best Choice - Saint Louis, MO

Grant,

Our local and state board prohibit a give back program. I do like the idea of doing a go daddy account for each property. I'd like to see a couple of your sites to see how detail I could make it here. I also enjoy the closing portal you mentioned.

Feb 17, 2007 04:42 AM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590
Brian Brady is announcing the first Economics of Real Estate Carnival.  This Blog Carnival is open to Active Rain Members who post submissions to the Economics of Real Estate Group dated Friday, February 23, 2006 through Monday, February  26, 2006.
Feb 22, 2007 06:00 PM