real estate business: In the Business of Real Estate - Quality trumps Quantity - 08/19/13 04:50 AM
With all the talk about “big data”, page views, Google ranking, number of “likes” or “follows”, you’d think that information somehow was more important than the quality aspects of the business; relationships, real lead gen, local branding, customer service, market knowledge and expertise.
Does anyone hire an agent or broker based on their “numbers” or some quantity data point?  I can say that at our shop its never happened. At least that I know of.  I take that back…the more signs we have in the ground the more business we’ll do.
This realization is changing the way we’re looking at our … (2 comments)

real estate business: When it doubt.......Niche it out. - 06/06/13 05:10 AM
According to a recent NAR study, “80% of buyers prefer to work with a real estate practitioner who focuses on a particular type of property”.
“Targeting a market niche is a good strategy, but targeting a niche within a niche is even better” - Realtor Magazine July, 2011
 
I try to follow the industry pretty closely…the opportunities fascinate me plus it puts food on my table.  Last night as I glanced at “Million Dollar Listing – New York” I was taken back by just how different markets are, and how difficult it is to paint a broad brush when discussing … (82 comments)

real estate business: 2013 Predictions -The Business of Real Estate - 12/10/12 09:38 AM
Delivering real estate information (what’s for sale, property history, tax info etc.) continues on the path towards commoditization – however, winners get bigger (if they can stay out of court), and losers….well, they continue to lose share 2.       Alternative marketing solutions and purchasing models gain more traction (i.e. Redfin) 3.       A large portal surprises with opening brokerage operations (a very big deal) 4.       Transparency of business practices promotes consumers to look more closely for deals from their agent(s) 5.       Traditional brokers continue their fight for regaining data control (odds of success 50/50) 6.       Business (revenue) is good enough for traditional brokers … (0 comments)

real estate business: Too much noise in the real estate business? - 11/06/12 01:15 AM
As a broker, we know what we need to do business….and it’s not that much.
To execute and manage our brokerage business we need:
A license A means to contact us and communicate with others Access to current and historical property information A marketing strategy that gives us a good ROI Sure some of the tools are different now, but these same bullet points applied some 30 years ago.
Too much noise in today's marketplace?
We're keepin’ it simple :).................You?
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real estate business: Ok, back to business...... - 03/07/12 05:20 AM
I've got to admit, I'm guilty of getting into the nuances of the real estate business and the industry as a whole.  Reading about data accuracy (or lack of), MLS's, syndication, NAR, who is feeding info to the portals and who's pulling the plug - all really interesting stuff, and as someone that participates actively on both sides of the fence (brokerage and Internet Portal/tool) - clearly we have a dog in the fight (actually two dogs).But, as I sit here waiting for a potential client to arrive at my office, I realize that nothing is more important for all industry … (0 comments)

real estate business: Market bottoming? - 06/30/11 04:11 AM
Homeway, Inc. a website went public yesterday and the stock soars.  George Lucas tears down a $20MM dollar estate to build a new home with new technolgies.  Home and property prices have been cut in half (in some markets).  Brokerage firms are empty and the traditional business model is running on fumes (see Homeaway IPO).
Is this the start of something good (for those getting into the business and markets)?
We believe that after Zillow follows up with its own IPO - the business will finally wake up and see that more and more of the actual business will be done … (0 comments)

real estate business: Don’t most people just move down the street? - 06/09/11 06:46 AM
If about 70% of people move within 15 miles of their existing residence, doesn’t that favor some kind of “for sale buy owner” marketing strategy? 
Sure, a “fsbo” sign in the yard or ad in the local newspaper won’t likely reach the out-of-town buyer – but the odds do favor a local buyer.
 
Are any brokers or new models addressing this opportunity? Wouldn’t creating local pools (databases) of buyers and then offering sellers access to those buyers directly be a viable model for real estate transactions?  It seems like the odds favor the model.
http://teardowns.com/agent_program - agents
http://teardowns.com/exclusive-listing - sellers
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real estate business: Do Realtors need their competitors? - 03/14/11 08:28 AM
 
Blue Ocean Strategy is a book written about business and the strategic moves that make a Company great.  The premise is quite simple really.  Successful companies simultaneously pursue differentiation and low cost. 
For some reason these simple business strategies aren’t applied to the business of residential real estate. Why is that?  Is it a fear of change or admiration of the status quo?
 
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