The most recent post at the piloSEO blog discusses some of the main problems with a lot of Real Estate websites and offers some advice on how they can improve. Like NAR says Real Estate is Local so the local sites should be on the first page for local searches. In too many cases they are not. Instead you see the the SERPs dominated by the likes of Zillow, Trulia, Realtor.com, and the big national brands. Of course there are a few local sites that pop up but IMO there should be more local sites in the top of the SERPs because they know more about their area.
If a few changes are made they could move up there but it takes some education, dedication, time, and maybe money. But it will be more than worth whatever it costs in terms of time or money when the leads start rolling in from the engines. People are out there looking for a local realtor but they have to go through too many steps to get there. If they can find you on the first page they are going to be more satisfied and you will have more customers. Check out the post here to see some of the problems many real estate sites exhibit and how they can be fixed.