Web Strategy

I just read a great article, Website vs. Web Strategy, that discusses the need for a good strategy in order to generate business from your website. The article uses an analogy saying that having a real estate website is like being a star in the galaxy, who cares? There are so many of them that without a telescope pointed directly at yours it doesn't really matter that you have a website.
Here is something directly from the article that kind of sums everything up!

The bottom line for a great web strategy:

1. Think "what's in it for me" (from the consumer perspective).
2. Give them what they want and they will tell you who they are.
3. Follow up forever! At least 4-6 months.
4. Develop a specific marketing strategy to drive business to your site(s).
5. And, have fun!

Too many agents create a website and then sit back and wait for the leads. Then when they don't get any, they start to think, "I knew this wouldn't work" or "Only the bigger companies get leads on the Internet." I hear this too often in my line of work. A couple of weeks ago I spoke to an office manager. He told me that they have a website, but they don't have much need for it. They just have it because that's what you're suppose to do these days. Are you kidding me? Put that thing to work! What a great resource that's going to waste.

Sure, driving people to your website is important, but what is going to keep them there? You have to give them what they want and, if they made it to your website, they probably want to buy or sell property. Give it to them! Make it simple for them to find. I really do recommend reading the article as it gives some great insight. As always, I appreciate your insight also.

Real Estate Website Design

When it comes to your real estate website, design is key. Many people think that this means it has to be flashy. The reality is that it has to be what your potential clients want. What does that mean.
A recent study shows that you have 4 seconds to sell the potential client on why they should stay on your website and not go to someone else's. That isn't very much time, so you need to make sure that you offer what they want. So let's take a look at what they want.
If a person comes to your website, chances are that they are looking to do one of two things: Buy a property or sell a property. It really is that simple and your website should be also. Make sure that within those 4 seconds that they give you they know where to look to buy or sell a property. This is the single most important thing you can do!
Keep it clean and simple! Don't get me wrong, the more information that you provide to your clients the better. The problem is that many people add so much information that it is hard to find it all. Do not clutter the home page. Try to find the fine line between clutter and not enough information.
These are just a few of the ways to capture peoples attention when they come to your site. Feel free to share others that you feel are important.

Real Estate Networking

Networking is an amazing thing. First and foremost, you meet some great people. The opportunity to meet and know people from all walks of life can broaden your knowledge. The other great thing about networking is that you can generate business.
So what are some ways that you can network? First of all, do not be afraid of opening your mouth. Just be friendly with people and they will naturally become more interested in you and what you do. This is also beneficial because the people you deal with begin to develop trust with you, which is very important. If they do not trust you, they will not refer people they know to you.
Another way to network is through online forums. It's good to get to know other people in your industry. It is also beneficial because you hear different perspectives from people all around the country.
One of my personal favorites is to form your own networking group. I call it a Power Team because of a seminar that I went to awhile back, but you can call it whatever you want. The key is to get people to join your Power Team from all different professions. Try to limit it to one representative from each profession. By doing this you create a group of people who are not competing with each other, but rather are trying to help each other succeed. It is important to meet regularly to socialize, learn and pass leads. This can be a very powerful tool for generating business and the beauty of it is that everyone benefits.
If you would like help forming a Power Team or are interested in joining one, contact me any time.
Now that I have shared some of my insight, what are some of the ways that you find beneficial in regards to networking?

Real Estate Websites

We live in a time where it is a necessity to have a website if you are a real estate professional. Approximately 80% of all home buyers start their search on the Internet. That means that if your not using the Internet to try and get new clients your only marketing 20% of the market. The biggest problem with that is most agents still do not have websites or at least not effective ones. So if you are only marketing the 20% of the market you are competing with far too many other agents.
If you do not currently have a website or you do not feel that your website is giving you the results you want, it is time to do something about it! Brokers- if you and your agents do not have an effective web presence, Get One! Look for ways to educate your agents about using the Internet as an effective tool to generate business. The more tools that you give them, the more successful they will be. The more successful they are, the more successful you will be.
Agents- if your broker does not educate you about the Internet and does not provide any of the tools that it has to offer, you need to talk to them. Utilizing the web is too crucial to the way real estate is being done these days. If they will not listen to you, it's time to move on. For a long time I worked for a broker who did not provide me with tools or education. I always thought it was okay because it was my responsibility to educate myself. After all, I am an independent contractor, right? Well, the reality is this, there are brokers out there that provide tools and education to their agents. It makes a world of difference.
Our company specializes in Internet solutions for real estate brokerages. I serve the Southern Nevada, Southern California and Arizona regions and we have representatives across the nation willing to serve you. I am more than happy to answer any questions that you might have or assist you in any way. Don't wait, the time is now!

What are you looking for?

This post is created with you in mind. What do you want to see discussed on this blog. Give me some topics and I'll be happy to share my views with you. As always, I'm happy to hear your views also. Thank You!

Think Outside the Box!

Real Estate is an amazing thing. It refuses to stay the same from one year to the next and many times from one day to the next. Sure agents have been using the same techniques for years and sure it's produces results for those agents who are dedicated and hard working. The problem is that those results do one of two things: they get worse or they stay the same! Real Estate is a profession were the individual determines how much money they will make in any given year. With that being said, isn't the goal then to make more money this year then last year?
How is this accomplished? Top producers do it all the time, but what is there secret? The secret is this: Think Outside the Box! We hear it all the time, but what does it really mean? Here's an example. Your broker will always tell you (or should any ways) that you need to find a niche in the market. So you decide to work the buyer's side of the market on the south side of town with prices ranging up to $350,000. That's definitely a niche, but it's the same niche as a thousand other agents out there. So what do I do?
Well, you don't need to create a complex system that will take you years to develop. This will only bankrupt you. The key is to find something that nobody else is doing (or very few people) and take over that side of the market. Find a group of people that no one would think to market. Sure there probably won't be as many people in that group looking to buy or sell real estate, but there won't be as many agents trying to get their business either. I would give you more specific ideas, but then you wouldn't be thinking outside the box, would you? I recommend setting aside just a little bit of time each week to work on this, do not drop everything to try to make the change. Ease your way into it. Start researching what other people are doing differently to get the creative juices flowing. Then don't be afraid of the unknown. Don't follow the trend, be the trend!

When should I buy?

I read a very interesting post this morning on venture county real estate talk that touched on whether or not it is a good time to buy real estate. I encourage everyone to read the article as it elaborates much better then I could.
I had some thoughts as I read the article. First of all, the real estate market is about as unpredictable as the stock market. Sure there are some indicators that can help us try to calculate what will happen, but there is no sure thing. The market could shift at any time. Just as quickly as the market became a seller's market a couple of years ago, it became a buyer's market.
If you ask 20 agents the current condition and future outlook of the real estate market you are likely to get at least 20 different answers. The reality is that nobody knows for sure. So the question in today's market remains the same, when should I buy a house?
Again, if 20 people ask the question, there should be 20 different answers because every one's situation is different. You need to evaluate what is going on in your life and determine if it is right for you.
Remember, when it was a seller's market everyone was saying,"I wish I would have bought a house a year ago!" Don't get caught making that same statement the next time a seller's market sneaks up on us.

What Do Agents Want?

What do real estate agents want from their broker? I read an article yesterday that made me ask myself this question. The article is called Re-Recruit Your Top Performers: 10 Questions Employers Should Ask Employees.
So the article made me wonder what exactly agents are looking for when they search for a brokerage? Are most agents happy with what their current brokerage offers? What would an agent change about their current brokerage? To answer these questions I'm looking for your help. Tell me what you would look for if you were searching for a brokerage?

Las Vegas Real Estate

Having lived in Las Vegas for most of my life and working in the real estate industry for the past 5 years, I have seen my share of change throughout the valley. Growing up I would always build forts and ride ATVs out in the desert. Some people now call that area Summerlin. I remember when going to Mt. Charleston seemed like a road trip. Now it's practically in our back yard.
Las Vegas has grown a little since those days and so has the price of housing. Those prices have come down considerable the past two years, but it was something that needed to happen. The market has been correcting itself. This scares a lot of people though. All this talk about the real estate bubble has gone to people's heads. What's changed about the Las Vegas economy to have such a great effect on real estate?
The answer is deceptive. We all know that what goes up must come down and the same is true with real estate in Vegas. The difference between a normal down market and the down market we are experiencing is that the need for real estate still exists in this city. Look at history and you will find that market appreciation or depreciation is more often then not related to unemployment rates. Sure there can be other causes, but this is a common thread. A perfect example of this would be the California market years ago. Unemployment jumped to nearly 30% and home values dipped like nothing ever seen before. The is a natural correlation. If people are unemployed, they can not buy houses.
Well the unemployment rate here has remained stable, despite the lay offs in residential construction. The commercial side of things is still booming. New casinos are constantly being added and mixed use projects are very popular right now. Thousands of jobs will be created in 2008 and thousands of people will move here to work them. Does this mean that we will see double digit appreciation again in the near future? I wouldn't count on it. It does, however, mean that the real estate world will live to see another day!

Where's all that Money Going!

Did you know that Real Estate Professionals spend 90% of their marketing budget on print advertising? This is considered a traditional approach to real estate marketing. It means that only 10% of the marketing budget is spent online. Since 80% of home buyers start the buying process online, one might ask why so much money is spent marketing offline?
The answer is quite simple really. People in real estate spend most of their money offline because people in real estate spend most of their money offline! In other words, we spend our money that way because that's how everyone else spends their money. That's the way that we were taught. That's the way it's always been. It's what we have become accustomed to do.
The fact of the matter is this, if you want to be successful in any business you have to be flexible. You need to have the ability to adapt and accept change. Technology is constantly changing, but that's a good thing. It actually makes our job easier. The Internet has brought us so many tools and resources that are there to assist us in everything that we do. Take advantage!
It's time to break free from the mold! The numbers do not lie, people are looking online to fulfill their real estate needs. The question is, will they find you there?

Internet vs. Traditional Buyers

     The California Association of Realtors does an annual survey to compare the internet buyer and the traditional buyer. This has become a very useful resource over the years as it can help real estate professionals determine where the should spend their marketing dollars. Take a look at the results and then ask yourself,"Where should my money go?"
     We'll start by defining our two types of buyers. An internet buyer is someone who has begun their search for a house or real estate agent through the use of the internet. A traditional buyer is someone who's search started through a more traditional way. For example, newspapers, flyers, brochures, bill boards, etc.
     Now we can take a look at what was found. In 2000, the first year of the annual survey, internet buyers made up 28% of the market compared to 72% traditional buyers. In 2007 the roles reversed with 72% of the market being attributed to internet buyers and 28% traditional buyers. There are multiple reasons that have lead to this rapid increase.
     First, buyers who use the internet feel that they become more knowledgeable about the real estate process. This helps the buyer to become more comfortable when appoaching an agent. It also makes the agent's job easier. The agent is now able to spend more time focusing on finding the property for their client and less time educating the buyer.
     Another reason that has led to the internet trend is the service the buyer receives. Internet buyers report a 98% satisfaction rate with their agents compared to 81% by traditional buyers. Response times are quicker and occur more often. Buyers also enjoy being able to do some of the research themselves. Many websites now provide the buyer the option to run their own searches. This helps reassure the buyer that they are getting what they want and not just what the agent wants them to see.
     The growth of the internet in general is one of the main causes of the increase in internet buyers. The internet has become the ultimate resource with limitless information. It's easy and accesible.
     So is this change good or bad for real estate agents? I'll let you determine that for yourselves, but keep these facts in mind:
     1. Internet buyers on average spend 2.2 weeks with their agent before buying compared to 7.1 weeks for traditional buyers.
     2. Internet buyers on average preview 6.7 homes before buying compared to 15.4 by traditional buyers.
     3. Internet buyers are typically younger, make more money and buyer more expensive houses then the traditional buyers.