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The Real Estate Business is Changing are You?

The internet is here and the internet has become a major force in our industry. It is changing and growing. It is becoming the driving force behind many of the changes our industry is seeing.

The question is; are you changing how you do business? Are you fighting the change or are you embracing the change? Do you see it as an opportunity or a problem?

The internet is not good or bad, it is reality.

In the last few weeks I have begun a couple of new projects that have pulled me away from spending as much time on Active Rain.

I am working on several updates to my website and also building a new site for our office. I am hoping to have completed both projects in the next two weeks. Once they are finished I am planning on a new personal blog site.

Why the big changes? The answer is simple. That is where the customers are shopping. In the last six months I have seen a steady shift in where my clients are coming from and the internet has played a much more active role than in the past. My presence was OK at best and yet it was yielding results. With a new and improved presence I am hoping to build on my past success.

So back to the original question; are you changing? If you are not changing to stay with the direction the business is heading, you will most see you business changing in a less than desirable direction. The most successful in our industry are embracing the changes and picking up market share from those who are not keeping up.

Posted by Randy L. Prothero - Hawaii REALTOR® on 03/02/2008 03:04 PM

Comments (77)

real estate, internet, marketing

Originally posted at: Hawaii Randy's Real Estate Opinions: The Real Estate Business is Changing are You?

This post has been included in Hawaii Information
Post is included in group: e-PRO Internet Technology

77 Comments on The Real Estate Business is Changing are You?

MAR

2008

Yes I see it has definately changed. If it wern't for the internet half the Realtors still in business would not be any longer.

I am using the internet more and more everyday..I see calls and emails daily. Even if some of them are duds...if I can close one of them it tells me it is working. I have two other blogs where I pick up traffic.

I have been telling our agents this for several years, those who have gotten a web presence are hanging in pretty good during this market downturn. If you really stop and think about it...it is one of the cheapest ways to advertise, and you get a lot longer exposure for the dollar than you do through the newspaper. I am trying to learn everything I can about web exposure. I have just started the blogging scene, but have found alot of good information by doing so.

Carole Wolaver

RE/MAX Preferred

Loganville, GA

Hi Randy - Like you I've been working on my internet presence. I'm taking a one day class next week and a three day seminar in May to improve my blogging skills, internet presence, and SEO. It's time to sharpen our skills isn't it?

Randy - I am pulling in 3 to 4 buyer leads a day - with about 3 a week actually looking at property from my website - it makes it tough to play in the rain.... good luck

Randy it sounds like a lot of work but a lot of creative fun as well. Much success and be sure to let me know your new blog site! (and the others asa well!)

MAR

2008

I've changed my whole approach drastically....and thank you for inviting me to AR ....it'll be one year since I joined on the 10th...woohoo! Oh, yeah...I've been changing and going full force....

I am changing everything! Embracing the Internet like I never did before, systematizing the good parts of the business, and dumping the stuff that doesn't work.

I wondered where you had been hiding... As for the question... we're definitely changing. Our focus has moved to where we're predominately doing our marketing/prospecting online.

"I'm a listing agent."

"I don't know how to do REO listings."

"I'm not a tech person."

That's fine...as long as you don't mind losing market share to the ones who are willing to learn/grow/change/adapt.

Great post, Randy.

It seems every week or two we start a new dance (change) it is harder to stay focused. We are all interested in your plans and look forward to your updates.

Your friend in Charlottesville Virginia!

Deanna - That cuts two ways, many are leaving for the same reason.

Neal - I am doing better than many, but realize I need to do so much more.

Carole - I have found Active Rain to be a great place to get educated.

Marlene - It is always time to sharpen our skills. When the market cools it is a great time for the professionals to gain market share.

Thesa - That is a great problem to have.

Carole - It will be a few weeks at least. I am focusing on the websites first.

Randy- for me the internet is vital since I am in a huge resort/second home community here on Cape Cod where the Buyers are from 100-400 miles away, which makes the normal method of networking a bit tougher for me. My market area does not allow me to attend parties or hang out in public areas to meet a bunch of new people everyday.

Sally - You went from no internet to a major presence in less than a year. You also proved that it can be done for little to no money.

Jesse & Kathy - I think that is true of many of us. I am getting more response each month through Active Rain alone. My website and virtual tours are also getting hits, but not as many as they will once I finish the upgrades.

Joey - You can always hire help.

Charles - We have no choice. We are in a changing world and a changing industry.

Rick - You are a perfect example of a business that could not work without utilizing the net properly.

Randy,

The real estate and mortgage businesses are constantly evolving. Just look at the way the home loan industry has changed in the last year or two. To stay with it we need to keep our finger on the pulse and adapt.

Esko - You make a great point, the mortgage industry is going through changes faster than most parts of the industry.

Randy in order to stay on top of any business we have to keep up with the changes within it, and Real Estate is no different. We either keep up or get left behind, it does not wait for us we have to keep up with it.

Another great post Randy.. Times change, winners adapt. Not long ago, people were scared that the web would hurt our business. Some of the "old timers" that don't / won't adapt will lose large portions of their market share.

I, too, have learned a lot on AR and look forward to changing and adapting our sites, blogs etc to continually better ourselves and our clients. You have been a great example of how blogging helps and I appreciate all the info you share here!

Randy, To have a successful business we must always be willing to change. I've changed directions many times over the last 14 years. My job is to stay intune with the market and go where the business is. Right now it's on the Internet.

Randy, change is always going to be there. Good for you for doing some revamping.

With the exception of repeat buyers and sellers, all of my business has come from the Internet since June 1995. I've had about 6 permutations of Homefinders.com. Some changes to appeal to consumers and some to appeal to Google.

It never ends.

But, it beats working for a living.

LOL @ Lenn :)

Randy, you are preaching to the choir here, I think! Every time I learn something new here in the Rain or one of other blogs that I ready regularly, it goes on the list. I try to check at least 2 things off of the list each week, so that my blog and my site stay as fresh and google friendly as possible. I am amazed at the number of agents who don't even have a website, much less appreciate how much business they are passing up by not having a strong internet presence.

Randy

I respect that you're open minded and accept change as inevitable.

As we grow, we evolve.

It's a beautiful thing.

If you have not drunken from the google juice bar, and danced the Yahoo you are not gonna party hardy at the Realtor's Prosperity Ball.

Hi Randy-everything is ever changing and I too hope to continue to roll with the changes...great post and so true...update your websites and your blogs..that to me is ongoing!

George - So true

Nick - Thank you, I have gained so much from the members here and their willingness to openly share their knowledge.

B.B. - You have been one of the many, I consider the as experts in the field. Hopefully those who have followed you many great posts have improved their businesses as a result.

Randy, you are right as Rain, and as always, on the ball! I've pulled away from the cutesy ads in print and focus almost strictly on web advertising (though I harbor a secret obsession with the kids T-shirts for school, Little Leage and soccer!) Keep up the good work and everyone else get out of the way!!! This man's on a mission!

Missy - I did something this week even stronger than revamping my website. I cleaned my desk at the office. LOL

Lenn - What you do is work, it is just different than the folks who go door to door. The most important part is you are good at what you do and enjoy it.

Lisa - The number of agents without a site out numbers those with sites. Also the number of agents with no transactions out numbers those with transactions. I think there is a correlation there.

Ed - I agree, if you embrace change you will see the beauty in what we do.

Sally & David - I like that rhyme.

Midori - The websites and blogs are always a work in progress.

Randy!! It's so true... This industry will change with or without us. My staff used to complain that I changed things "too" much. The bottom line is: Versatility is a MUST in our business! Aloha!

Chris - I also do some sponsoring of youth activities. Whether it makes the business money or not, I will always do that.

Sue - You can always remind them of the changes many other businesses are doing like lay-offs and closing doors. To be successful in the business you need to be proactive and not reactive. Congratulations on being an agent of change. Ooops, that is the Century 21 slogan. :)

You are exactly right, it is changing, some of the fundamentals are the same but different tools.

Randy: Hiring help is outside of many agents' comfort zones. That's a HUGE adjustment. Only the ones that are aching to succeed will take risks like that. But, yes, that's an awesome strategy. I'm in the process of hiring another F/T admin...wish me luck.

I too am in the renewal phase. I need to do more as well!

Joey - You are so right. The fundamentals of quality customer service never change. The tools are changing fast. Good luck on the new hire. It is a leap of faith.

Gary - I think that we will be in the renewal stage many more times in the future.

Randy,

I really liked what you said! I have been working on getting my website up and running, actually it is up but not completely functioning...that aggrivates me! I have gotten a lot better position on the internet through my recent involvement on Active Rain but I also want the most amount of activity that I can get out of my website and any other internet activity that creates buyer or seller activity. I am not as internet savvy as I would like but I am working at it daily...any tips would be appreciated!

I agree with you thoughts. It is moving so fast it is very hard to keep up. Far sure it is not boring. I think the move to technology is exciting, scary and fun. If used in the right way a great tool for our business. The question will be use it right.

Randy,

We are starting a new "short sale" campaign this week. I need help working on our website. I am just too dang slow at all that stuff and it is not the highest and best use of my time. Where should I look for someone to help me?

Sara - There are some wonderful canned websites for real estate agents that have great content for you to put on them.

Rusty - You do have to balance the technology with the old fashioned customer service. It is easy to get to distant from you clients.

Eileen - The local college is a great place to start. There are also companies that cater to the real estate business. they cost a little more, but may be worth it. If you join CRS you will be introduced to many great vendors.

All 74K of us on AR are, I gues, in the sea of change. some more so than others. And we are very much both swamped and enthusiastic about it at the same time. wish you the best on the updates you're doing.

best

You are right Randy. Being Internet savvy is now required to sell property and prosper.

I recently made the move from a brokerage that did little (actually next to nothing) to utilize the internet to one that believes that the 'net is the most valuable resource it has, next to its agents. It is like night and day.

By the way...dinosaurs ruled the earth once. Now we burn them to travel from property to property.

MAR

2008

Randy - I have changed my business drastically over the past couple of years due to the Internet and technology. I am receiving 3 - 5 leads a day from the internet and suddenly it seems more are legitimate buyers. Not sure if this is a coincidence or a new trend? But I have been enjoying it. It's been great the past couple of months. The problem I seem to have is keeping up with all of the changes!

Everyone has to change to stay in the game. That's just the way it is, and was, and will always be

The internet is a huge part of my focus. That is where the customers are at.

It's astounding to see how many in the industry refuse to see what is happening to the business. These changes, including technology, are going to leave a lot of folks behind.

Hi Randy...The Internet is here to stay for a while, our methods of lead generation and marketing are also changing Fast, Very Fast with Consumers going to the Internet to shop for real estate and Realtors, so we better look good. AR and everyone one here sharing ideas and experiences is helping us all do just that.

Cheers, have a great week!

Randy, it is always astounding to me that so many folks in our business say that it is too complicated or I don't understand computers. That's akin to not using a phone, radio or TV because you don't understand how it works. It is a tool that allows communication, use it. All that aside the key point is the client base has embraced the process, regardless of technology, we need to support that process and be there when they want our assistance to use that tool.

If I did not keep up I would not be here. But technology has been at the center of our business for a long time.

Randy,

I'm happy I made the change awhile back because it's sure not fun to play catch up when everyone is at the finish line. Active Rain has been a very good friend to me and I intend to keep it that way.

I am changing too. I have just started to get a blog website too and I am spending a lot more time blogging.

Randy, you are 'spot on ' as they say. Most of my marketing focus is on my own blog, AR and personal networking. We here on AR are very lucky because we have a head start on everyone else...our blogs already have more history and pagerank than new ones so it's imperative to keep them growing and thriving. While I strongly believe in AR my outside blog is critical!

Randy

Lots of things are changing about our business. They don't need us to FIND the info anymore (at least not as much). We're not searching out houses and presenting them, driving them around. They're finding the properties on the internet and calling US to see them. Some of my buyers call me before I even know something is out there.

What we need to be are skilled professionals, advisors, counsellors. They need us for the advice and guidance and of course the paperwork.

Too many agents don't see this and are not changing.

Also, the way we charge or can charge is changing. I am moving closer to fee-based services (retainer for buyers, flat fees for certain kinds of sellers, etc) as the situation warrants. Not all buyers/sellers are the same, and not all need the same level of attention or services. I am building a niche where I work with a lot of business professionals--executives, business owners, professional people. They "get" the flat fee concept and sometimes that is the best way (for me) to do business. Now this is only a segment of my clients. I still get calls for "come list my house" and my fee is x%. But I also have buyers call me and say "I found the property I want. I've discussed price with the seller and here's what we want to do. Will you write it up and represent me for $x,000? If it's worth it to me, I do it. Agencies all around me won't do it, unless they get x%. I am evolving to a bit of a hybrid when it comes to commissions. Full service, but not always percentage based.

I am amazed by how many agents don't understand the Internet and are not doing anything about it. That just means more for us that embrace the Internet for our businesses.

I completely agree - the internet is where I want to market!

Randy- I just don't know how you have the time for everything.....not only are you updating your own site, but you're making a new Co. one too ? I think you'll remain in the Group that "changes" with time. Can't wait to see your new changes.

I agree that is the way things are going, and I'm trying to head our office that way. But my husband is going kicking and screaming and dragging his feet! He actually thinks my time on AR is wasted!

So true. The internet is the place where everyone starts looking for everything. I know I do. If I am planning on buying anything, I am online looking first.

MAR

2008

All my business comes from the Internet. I email prospects every day. It is a very easy and cheap way to find new business. Your website advertises you 24 hours a day, 7 days a week and never asks for a raise.

Randy - Yes 100%. I have been updating my websites too. A few years ago when I created some of my websites they looked fresh and new, but I know now that they just look dated. The Internet changes so quickly it is very challenging to stay on top of the latest and greatest, especially when you are a real estate agent 1st and many other things including a webmaster 2nd.

You know it - been studying my e-pro course and working towards that designation.

Randy- Another terrific post. Yes to survive it is necessary to embrace changes. Everything is moving so quickly but we need to go where the prospective clients are.

MAR

2008

Gary B - Thank you. You are right we are preaching to the choir.

Wayne B. - I would feel lost if I did not have tech abilities.

Kent S. - My company also has not been as internet active as they should in the past. We are fixing that.

Lori M. - I am seeing similar results. In the past I got leads that didn't turn into much. I am now seeing ready buyers and sellers who are contacting me through the web. I will be opening escrow today for a buyer who found me through a virtual tour of one of my listings last week.

Joe D - I agree, there have always been changes. I think the big difference is that the changes are coming much faster these days.

Carolyn G. - The customers are definitely there.

Eric K. - There are always those who resist even the smallest changes. They are usually not very successful though.

Fred C. - Thank you, those of us here are definitely part of the change.

Tom O. - Good point! Even the customers we get through conventional means are still using the internet as a tool and we need to utilize it to service them.

Randy:

Change is good and it is inevitable. I still like the basic's in real estate even thought real estate is being conducted on line more, I still believe in the personal touch.

Maureen & Dmitry - Technology has always been a part of how I do business, but I realize I need to change and improve.

Diane B. - I am glad I was introduced to Active Rain. That and CRS have had the biggest impact on my approach to business.

Russ R. - I am finding it a struggle to keep up my blogging time. The more I blog the more business I get. The more business I get the less time I have to blog.

Diane A. - Congratulations on getting in early. I know it has had a positive impact for you.

Erica R. - There are many business models and there will be others in the future. The bottom line is there is a lot of business and many ways to carve out a niche'. The most important thing is to be better at what you do than the others and you will succeed.

Bronson B. - I agree. There is also the other extreme. Those who are so focused on the internet they forgot how to service clients. You have to have balance. They old fashioned ways still are important.

Emily L. - It is definitely where I want to focus more marketing. It is not the only place though.

Kathy M. - I sometimes ask myself how I do it. Then there are days like yesterday, where I could not keep up.

Lesle P. - I remember an agent in my office suggest my time here was wasted once. She is not one of the top bloggers here. (Celeste "Sally" Cheeseman)

Christy P. - I am the same way. Here is an example of how my habits have changed. In our office we have a stack of phone books. I have not touched one in three years or more.

Brian K. - Good point the internet works 24/7. A newspaper ad or a direct mail piece gets a couple of second shot at best.

Ryan M. - I where the same hats and a few more. Real estate agent where many hats.

Georgina H. - I earned the e-PRO last year. I did it mostly to let the general public know they were working with someone who had those skills.

Jennifer F - If we are not there someone else will be and they will get the clients.

Lorraine and Loretta - Good point, the personal touch can not be replaced by a computer; at least not for now.

I agree. I used to sell ads in the phone book until I started to realize this was no longer the popular form of media!

Pete - I bet those salesman are hurting.

Marketing is always about bang for the buck. We can't justify spending our money where we do not get returns on our investment.

MAR

2008

You said "The internet is not good or bad, it is reality. ". You should be paid to teach that to Realtors across the nation. I work with many agents that have no web presence at all other than a photo on the company web site with their email address and cell phone number. And they wonder why they aren't getting any leads from the net.

This doesn't replace marketing plans that work, but merely enhances them.

I think fear is the main reason we are seeing folks shy away.

David

MAR

2008

David - Absolutely, it is just a tool. You still have to have a marketing plan.

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