What's the Next Big Big Thing for Real Estate? Where's Real Estate 3.0?

Very good question Brian if you figure out what is next first i think you could be rich.

I think we will see fewer brick and mortor buildings -- however, content and relationship will remain important in the next generation of real estate.

Brian, I was asked to come comment here by Calie Waterhouse over on Twitter. After reading through the comments, I'm Sorry to disappoint Diane, but neither I nor anyone else knows what "Real Estate 3.0" will look like. (No disrespect to Greg at Zipvo or Jay at OnlinePropertyShowcase. Nice product plugs though.) The vast majority of the real estate community hasn't mastered Real Estate 1.0 yet... uploading multiple photos to the MLS and Realtor.com. There are lots of reasons for that and many of them need to be addressed at the Broker level. And that is a topic all unto itself.

I believe the future of real estate will consist of changes within the MLS. To explain, the current MLS is not interactive leading to external media sources such as Active Rain to compensate for the lacking options available via the MLS. In other words, the MLS in the future could have a comments section directly stemmed off of each listing where buyers and sellers can interact directly with the listing or selling agents without any 3rd parties interfering.  They may outsource certain features, for example, a site such as this could link directly with the MLS, acting as a direct sponsor, just like other businesses operate.  This may seem farfetched but if you think about it, all these other sites, localism included are being created simply because the MLS only showcases listings, leaving prospective buyers scratching their head as to where they can go to get direct contact with someone to talk openly about a home and furthermore to be able to get feedback from neutral viewers. I think a rating system may also not be far off which could be based on a listing's location and price giving both real estate professionals and buyers once again a great tool to help decide if that house is not only a good deal, in a good location with little crime, and a good buy in general. These are just our first thoughts as we think about this topic. We too agree that a vast majority of real estate agents have still not upgraded past 1.0, meaning they're still not on the internet or on Active Rain, so while some of us may be looking for the next big thing, Active Rain is still ahead of the curve in our opinion and this will, for the time being continue to be the case.

On a serious note, Telepathy may just be the future.  Also Real Estate Agents in the future will be able to clone themselves. This will allow one to deal with paperwork or settlements, while your clone can operate the open houses. Also Holographic images will help lead a buyer around in a house when viewing it. Teleportation can help an agent stick to his mission statement; "one call and i'll be right there".  

I am eagerly excited to see what's next!  Love the discussion:)

Brian - What a great question! As always, I love the comments. If I had a "wish list" it would be that we get to see the technology improve enough that it's really serving the true needs of our clients who are looking for a "home", not a house, to raise a family in a community they envision. It would have to include condensing a lot of information, pictures, videos into one application.  Right now we send clients here there and everywhere for the information that they really want and need.  It's not about 4 bedrooms 2.5 baths. Whatever the next new thing is, it will succeed only if it enhances communication and Service.

That's a great point Jeff and it highlights one of the main reasons that my clients use my services. We don't just 'take pictures'. We become the imaging department of the agent/office and that includes uploading all the photos to the MLS, praparing a set of files for all print media, working with other vendors to ensure the proper version of the photo is used for each application (that's why I've built Real Estate Shows and lots of Zipvo clips for my clients). When an agent calls me, they are assured that no matter where that photo is used, it looks perfect.

Jay Groccia, Principal Photographer

OnSite Studios™

OnlinePropertyShowcase™

There is this new fangled concept called a yard sign with a brochure box.  Been using it for yers and not many agents seem to want to offer up abrochure for a buyer to remeber their property.  Try it it works amazingly!

Jay Groccia (OnlinePropertyShowcase.com I LOVED your interactive approach to viewing a home.  I like Jeff Turner (Real Estate Shows) approach too...it's more encompassing with floor plans, maps, etc. but I think Jeff is cutting Jay short on the intrigue of being able to zoom in and out and look up and down and 360.  The quality of the pics are super!  The video Jeff had was not as clear as many tours I've seen though.  I like the combination of both....too bad you guys don't "merge" lol

I didn't see the function on Jay's demo, but if I'm not mistaken I've seen one before where you can navigate the whole house when you approach a door, there is a button to click to "enter" that area.  That was major impressive to me.

I hate to even ask what either of these services costs though.  The majority of agents still try to be very cost conscious. 

Hi David,

I appreciate your comments, but please keep in mind that my main point is not to focus on the medium, but  rather to focus on the message.

Great photography is great photography. One can use the same photos in print, streaming video presentations, slide shows, web galleries, MLS photos, etc.

I have clients that have used my photos in Real Tour Vision presentations, Real Estate Shows, Zipvo videos, etc. and that doesn't exlude other things like floorplans and other content.

NAR's on data shows that the average visit to REALTOR.com is about 13 minutes and consists of 22 page views. That's only 35 SECONDS per listing. Our philosophy boils down to this: If people are reading magazines like Architectural Digest, Better Homes & Gardens, and other 'fine living' magazines where every turn of the page editorial and advertisements show beautiful homes and telegraph the message, "if you could afford this, it would be your dream home". We strive to make every home we photograph have that same look and feel.

The 'takeaway' from this is: If your online presentation doesn't grab people and put a fire in their belly, you've lost them - forever - and you'll never know who they were, where they came from, and WHY they didn't contact you about the house.

I've got a real interesting story about a Ft. Lauderdale home buyer that I'll post on my blog - stay tuned.

My first post shows a $3M home. Here's a home that I shot on July 22, 2008 and went on the market a couple of days later at $475K - a pretty average home in central Massachusetts:

Open-concept Colonial

The agent told me that the owners accepted an offer in two weeks. Maureen Harmonay is the agent. I've worked with her on homes that had been on the market for a year or longer when she got the listing and she always does the following:

1. Has the home staged.

2. Has a floorplan created.

3. Has me photograph it.

4. Creates a website for the house. The avove home is www.5HayfieldLane.com.

Jay Groccia, Principal Photographer

OnSite Studios™

OnlinePropertyShowcase™

Call me crazy, I think Real Estate 3.0 will not be good for the current National Association and its' branches.  Technology and connectivity is forcing us as "middle" men or women to evolve.  Evolve or die.  Buyers and sellers will need agents for basic functions.  Marketing and adversiting will be more prominent.  Yes, agents will still be around.  I believe the MLS as we know it will barely exist unless it changes.

2.0 will be a major part of the next wave, but processes within the industry will change.

I like what Jeff Turner said about real estate 1.0.  That's smart observation.  I also like Castellum's response.

Brian

How about something that Helps Realtors help their customers instead of innovations that help

Realtors find their customers?

Hi Brian, Perhaps we are there already and didn't realize it. We have been embedding our listings in our blogs. Perhaps we need to be embedding our blogs into our listings. That would be a wholesale change. The MLS does not want advertising in the listings. Maybe that should be modified now and go the other way with all this by allowing the blog links into the MLS listings. There are obstacles in place that would forbid this but maybe this needs to be re-looked at and see if there is any merit to the idea.  

I think sydication tools for agents who just need to get it done without knowing all the technology.

Brian,

While the Internet community is trying to create the next thing, which I'm anxiously waiting for, I'm just going to harvest the fruit from AR which is still the place for mortgage pros and real estate agents to be. Let's see what it will be.

So Jay...are your services / methods available outside of MA in some form?  I sure like your work!