Real Estate In A Post Zillow World

By
Real Estate Agent with Compass

In a recent email from NYSAR New York State Association of REALTORS® there was a link to a podcast presentation by Marc David from Onboard LLC a Wall Street based data collector specializing in real estate data. The presentation is titled Real Estate in a post zillow world. It is quite interesting. It is about an hour so get some popcorn.  

view presentation here

He starts with the day zillow went on line the real estate industry changed. Homegain's stock tanked. It is about circle of trust, immediate results to queries with no strings attached even if their information is inaccurate that is what the consumer wants. Interlopers from outside the industry came up with it rather than the real estate industry. Lead capture is gross, anti sales is the flow of today. He talks about  the importance of social networking on the internet. He didn't mention activerain but we all know they are definitely on to something. He talks about how REALTOR® websites have to be cool and interactive and progressive. No more pictures of your dog and kids.

Some Highlights about the Future of Real Estate

  • REALTORS® won't own the listings anymore. REALTORS® will own the relationships
  • Trulio or Google will take over the MLS - MLS only has 4% of homes in the U.S.
  •  96% of homes are not for sale. Going after those will own the future
  • By 2010 There will be a massive database of every home in the U.S - Finland already has this.
  • Realtors with individual websites should not go the independent route but co brand with their big company brand broker
  • Future Realtors will have MBA's
  • 1 desk can house many REALTORS® - REALTORS® will be like the Terminator with portable devices that can do everything do a walk through for a client in Australia
  • New Paradigm - Best time to get into real estate
  • Deep understanding and appreciation - Consumer centric value proposition
  • Mapping, Virtual tours, information data providers, neighborhood demographics
  • Realtor websites are about the data you  - The information you - No personal information
  • Immediate results to queries
  • File sharing, text messaging

There is much more he talks about everything from real estate signs of the future to the future consumer and the future Realtor. There should be a Realtor revolution instead of a Dot com revolution. He says to get rid of forms on your website.

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Rainer
1,092,387
Matt Heaton
Timu Corp - CEO, ActiveRain - Co-founder - Bothell, WA

Very interesting, I'll definetly have to listen to the presentation when I have a little more free time.  I don't think the world changed the day Zillow went live, it just woke a lot of people up to the fact that it has been changing.  Yes, data collection that lead generators use is "gross", consumers hate it, so its just gonna last until consumers have a better option.

Consumers want instant gratification and data, but I disagree that they don't want the personal side of things also.  I think most people realize they are making the biggest purchase of their lives and want someone helping them that they can trust and connect with.  Providing that information but also doing so at a personal level helps build this trust and ultimately the business. 

Oct 04, 2006 02:53 PM #1
Rainmaker
599,785
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn
Matt I agree with you. He kind of contradicts himself by saying how important social networking is and uses my space as an example. How can you socialize without being personal?
Oct 04, 2006 03:16 PM #2
Ambassador
750,130
Jeff Belonger
Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ
The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

I agree with the person that made the comment. It's just like in mortgages, when they came out with DU. (delegated underwriting) A program that gives an answer, yes or no. You would figure underwriters would die off. And that loan officers would not be around, because the client could plug in their own info. Not correct..... they don't know what info to put in and if it's the correct info.

Well...just like this topic and what the person above me said. People want that personal touch also. Sure, you can be in one state and sell a house in another. But it won't kill real estate. But again, interesting information and thoughts. Keeps people on their toes.

 

Oct 04, 2006 03:17 PM #3
Rainmaker
3,055,915
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

"No more pictures of your dog and kids."

 I've always wondered about the relevance of the above.  Seems like the consumer is catching on.

Oct 05, 2006 12:28 AM #4
Rainer
434,914
Scott Daniels Florida Real Estate 2.0. Agents Earn 100% Commission.
Florida List For Less Realty, Inc. Broker/Owner. - Cooper City, FL

Mitch,

In the near future another google will come along and take a chunk out of their market share. That has no effect on the fact that inspite of these hair brain ideas that some Real Estate companies invent, consumers will always need an experienced Professional...

I`ve been carefully studying Redfn, it`s model is based on alot of "If`s and But`s", and the only person that it would effect is an agent that doesn`t know how to manuever with or without them... 

Oct 05, 2006 12:40 AM #5
Rainer
463,671
Maureen Francis & Dmitry Koublitsky
Coldwell Banker Weir Manuel - Bloomfield Hills, MI
Coldwell Banker Weir Manuel
Some of that stuff caused my eyes to pop this morning.  I'll have to give that a listen.  Thanks, Mitchell, for bringing this to our attention. I am going to pass your post along to my brokers.
Oct 05, 2006 01:13 AM #6
Rainer
15,500
Joseph Crespillo
Sellstate Realty First - Rocklin, CA

Everything we do is ever changing.  The people that get left behind are the ones that cant or wont keep up with the change.

Oct 05, 2006 01:17 AM #7
Rainmaker
101,177
Robert D. Ashby
Visual Approach Aerial Photography (Visual Approach Photography) - Plantation, FL
Turning Visions into Photographs (and Videos)

Does this remind anyone of the book 1984? 

We are definitely in a fast paced, self serving world, but I believe relationships will last a lifetime.  Cultivate them and you will remain successful no matter what happens with technology.

Oct 05, 2006 01:21 AM #8
Rainmaker
99,868
Marguerite Crespillo
Marguerite Crespillo - Roseville, CA
When you are going to buy a widget do you care about bob smith who sells the widget or do you care about the widget and how it will work?  You want someone who will educate you and advise you and be there to support you as you make the decision on which widget to buy.
Oct 05, 2006 02:16 AM #9
Rainer
214,127
Eddy Martinez
Nationwide Funding Group - Highland Park, CA
Technology has revamped alot of things in our daily lives. But as a real estate professionals we have the power to curb this trend. People will always want to deal with a live person not a computer.
Oct 05, 2006 04:39 AM #10
Rainer
7,426
K. W. B
Keller Knapp - Marietta, GA
A few of these items should already be the norm in our business. It seems to be that there is beginning to be a split among us as to how our business should be run.  Those that are clinging to "the old ways" and refuse to grasp technology, promotion through industry knowledge versus self promotion and web 2.0 will be left behind. Hopefully very soon! 
Oct 05, 2006 04:56 AM #11
Rainer
695
Stephen Merkle
Cutler Real Estate - Wadsworth, OH

Interesting commentary! Having tried Zillow out when the buzz hit the street on it, they still have an awful long way to go to be as acurate on pricing as the well-trained real estate professional, especially in the market that we're experiencing today!

 

Oct 05, 2006 05:23 AM #12
Rainmaker
104,615
Linda Mardi
AuctionFirst - Austin, TX
I agree with the futuristic view - think it'll be there. Agents will own relationships but data will be public. Saavy sellers/buyers will turn more to technology than ever before.
Oct 05, 2006 08:52 AM #13
Ambassador
4,127,073
Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude
GReat post and lots to think about. I think we have seen remarkable changes in the last year or two, Zillow notwithstanding (don't hear much positive about them). So many people now are using the Internet to search and gather information, and there is a wealth of stuff for them to read. But I agree - agents will always be important for the relationships adn knowedge about the market, and helping consumers wade through the on-line infojungle.
Oct 05, 2006 12:44 PM #14
Rainer
7,400
DELETE THIS ACCOUNT .
International, IT

Wow.

Thank you VERY much for posting this link.  I'm going to forward this to several other agents now!  Yeah - I kinda' never got that whole dogs & cats thing either... heh!

;-) 

Oct 17, 2006 02:03 PM #15
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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