Competition is a fact of life in the business world. No where is this more true than in the world of Internet real estate sites that are all competing against your website for the client's attention. Your website has your listings, plus other listings from the MLS. Aside from other area agents trying to promote their listings and the MLS offerings, numerous third party competitors are players too. Trulia, Zillow, and host of smaller sites offer free information and free viewing to consumers and free listings to agents, but make their money from paid listings.
Trulia, a site backed by venture firms Sequoia Capital and Accel claims 30 million unique visitors in the last six months while Zillow, also heavily funded by PAR Capital Management, Benchmark Capital and Technology Crossover Ventures, has seen its traffic increase 67%. In May, 2009, nearly 3 million visitors dropped by each site to view homes, get appraisals, examine housing data, and read blogs.
Trulia is a nationwide residential real estate search engine. In addition to allowing visitors to do a simple search for homes for sale in a particular city, zip code, or area, Trulia allows users to access local real estate data (sales prices, schools, most popular neighborhoods)and even compare prices & popularity by neighborhood, city, county, or state. Visitors can even ask questions.
Similarly, Zillow offers home value estimates (zestimates) which vary by market so far as accuracy is concerned and "owner's estimates" calculated after an owner has added information about their property. Like Trulia, it attempts to offer the consumer "one stop" real estate shopping. Smaller sites like Cyberhomes.com and Eppraisal.com also offer appraisals.
Then, there's the other services that may appeal to certain buyers or sellers:
- Listingbook.com provides an interactive community by partnering with several Multiple Listing Service (MLS) Databases. Homebuyers can set their own search parameters, and the website will automatically send them updates as new properties are loaded in the MLS database. Users also have the capability to edit their preferences, browse local listings, locate open houses, and contact their broker. Currently consumers can only set up an account through a broker, and this service is not available in every state.
- Doorfly.com helps homebuyers find a real estate agent through a bidding system. Homebuyers submit their needs to a pool of agents, and agents compete with each for their business. Agents also offer an incentive rebate from their commission. Homebuyers can then compare the agents, and select the one that is best for them.
- Walkscore.com measures the "walkability" of neighborhoods - an appealing idea when buyers are interested in buying green homes with services they need in the area so they so not have to use their car to get there. Users just enter the address and it will provide a list of nearby stores, libraries, schools, etc. along with a walkability rating. This website allows buyers to easily analyze the location of the home.
- Forsalebyowner.com offers homes listed without a Realtor®, which appeals to value-conscious buyers and sellers.
Though these sites cost many times more to construct and keep current than the average agent website, the challenge you face is getting the potential client to stay on your site once he has landed there. Someone may see a house you listed on Trulia or Zillow in Cleveland, Ohio. The buyer has a choice to stay on your site to view that property and other similar ones in the MLS or to zip back to Zillow once he has seen more details. He may then see a house offered by another agent that he could have seen on your website. You should aim to make your site so appealing the buyer stays put for a while and when he is ready to take his search to the next level, you are the one he calls.
A website is not just something you have, like business cards, brochures, and stationary. It should be dynamic and a major source of business for you. Wonder why it's not? Contact the Prescott Group today for a thoughtful analysis of your site, as well as recommendations to move it to the next level.
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