What if you no longer “put your listings on the Internet” and instead put the Internet on your listings?
How might your MLS rules account for embedding recent solds on a postcard?
Are you ready for the day when yard signs present video, docs, sales histories and viewer comments upon approach?
We’re going to have to find answers to these questions. Soon.
Objects of desire
We’ve talked about the “The Internet of things” here before – the connection of physical objects to the Internet. This can be done by QR codes, sensors, or RFID tags.
Back in March, I wrote about a then-new application called Stickybits that enables one to attached read/write QR codes to objects. That means you can scan a code on a car, for example, and get video, data, photos and other information about it and also attach media to that vehicle. Objects develop their own history, if you will.
Since then, applications that connect physical objects to the digital world have proliferated.
Tales of Things allows you to create a “video memory” for an object – say a pocketwatch or a church – by affixing a QR code tag to it. The codes can be printed from the site for free.
Itizen offers stick or sew-on tags that allow you to embed a “story” into objects others can add to. You can then track the story online. You could, for example, create a doll, sell it, then watch that doll’s story unfold over time.
CellarKey helps wine shoppers make smarter wine decisions by allowing them to scan a code on the bottle that delivers pairing suggestions, vintner notes and reviews.
And companies offering real estate-targeted offerings are starting to pop up.
If you want a visual illustration check out this video (h/t to Greg Sterling)
Whether there’s a business here is yet to be seen. And most implementations of QR codes by brokerage companies to date have been pretty clunky.
But I think this is going to impact real estate in a significant way very soon.
Down to the core
Consider this scenario:
A yard sign sits in front of a home for sale. It’s a FSBO.
When a prospective buyer approaches the sign, their smart phone lights up with the following menu:
- Take video tour
- View disclosures
- Request a showing
- See sales and maintenance history
- Meet the owners
- View stories about this home
- Leave feedback for the seller or other buyers
- Comment on price
They take the video tour, check out the disclosures and leave a few comments for the sellers and move on. Their location at this address has been noted on facebook.
At the end of the day, the sign emails a summary of activity (number of visits, comments, opinions on listing price, number of disclosure packet downloads, etc.) to the sellers.
Does this seem fuzzy? Problematic?
Did you think you’d have home value estimates appear on your phone via GPS four years ago?
The technology is here. It’s just a matter of working out the kinks. And when those kinks are gone, the historical conception of what was once the Realtor value proposition will be stripped down to the core. For a sign will do many of the things unexceptional agents hang their hat on today.
Scary? Not if you’re good. Because that core – the indissoluble nugget of realtor value – will be all that’s left. Intimate knowledge of the market. Negotiating prowess. Real marketing skills. If you have these things, this technology should thrill you.
If you don’t, well “.
Local, Mobile, Social and the future of real estate
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I love this stuff…
I began toying with bluetooth marketing a couple years ago, which would basically push the information, but most phones here in America won’t accept the bluetooth push signal which is unfortunate for those of us trying this stuff out to see if it’s worth pursuing.
I’m hoping the QR codes (and eventually the RFID tags) will catch on a little better than the bluetooth thing did. Since it’s more of an opt-in system, I think the public will be a lot more accepting of it. Plus it’s just got that “cool factor”, whatever that’s worth…
-Jeff
Absolutely fascinating…And you’re right about the skills to succeed in the future. The Internet and Technology are our friend!
Hey Billy,
Still waiting for you and your brother to send me a ticket to the middle of the Pacific to come work.
Is selling real-estate in Hawaii even considered a job?
Just asking.
Thanks Brian. You just described my plan for the MLS of the future. This type of info should be available for every property everywhere. Now if I can just get that patent out of pending status…
Make it happen, Russ!
I love all this forward thinking, it’s fun.
However, all you are really talking about is the delivery of data. Currently, all the data there is to deliver is available in IDX feeds which are on every RE Site.
•Take video tour – already there
•View disclosures – already there
•Request a showing – already there
•See sales and maintenance history – Sellers Discosure Form
•Meet the owners – data not available yet, not typical
•View stories about this home – data not available yet, not typical
•Leave feedback for the seller or other buyers – data not available yet, not typical
•Comment on price – data not available yet, not typical
The last two, most sellers will not want, nor support.
I’m not sure pushing this data to a phone or any other device while in close prximity to a sign or home is groundbreaking or game changing.
But again, dreaming this stuff up is fun.
[...] We’re going to have to find answers to these questions. Soon….READ MORE [...]
I remember The Jetsons cartoon on black and white TV in the 1960s, too.
Rob -
Yes, what I am talking about is how the information is made available – the *experience*.
And remember, my hypothetical listing is a FSBO.
Brian,
Roget that.
That would be ground breaking for a FSBO which is usually only a red sign and a really poorly made flyer.
Good pointe.
This scenario is quite possible and I’m looking forward to see another wave of new technologies in action. I think people will adapt pretty fast, as they’re used to being literally overwhelmed by new technologies these days. But who knows, things may work out differently in the end…
Interesting. Let me poke a few holes. LBS today is opt-in, with the exception of annoying BlueTooth push devices you see mostly outside the States. There are already vendors that appear on yard signs that allow one to opt-in by texting a code to a number. Once this is done, much of the data you talk about is sent to the smartphone. So that feature is already here.
Now about the rest of the “data”. There is a fine line between data used to buy and sell property and a little thing called privacy. Most sellers don’t want more than the minimum that is needed to sell a house. And the new buyers probably don’t want ANY information out there.
Which brings us to the next issue…Today when a house sells or is withdrawn or the listing terminated, the MLS data is not longer available to the public. In a perfect world, the data is also removed from sites on an IDX feed (such as ListHub sites) as well. However I have seen where this is broken and many times the listing remains on the site for months or more.
The problem comes into play when the house is sold. The new buyers have not given you permission to post data about there house on the internet. But we all know, the internet is forever. Try removing video or photos from some sites or from Twitter for that matter when you posted the data weeks or months ago. It is almost impossible to remove a house from the internet today.
So the creation of all this new data about a listing is a double edge sword. At some point, all that data needs to be removed. I’m just waiting for a buyer to file a lawsuit because information about their house is on the net and they don’t want it to be.
Well thought out.
You can have the best technologies in the world at your fingertips, but so what. Once a potential buyer gets to a site all they see is exactly what they saw on all the other sites they already visited or will visit.
While everyone’s trying to create the latest and greatest “thing” to attract buyers, didn’t anyone ever think about what buyers really want…like useful and valuable information about a home, that helps make it easier, less time consuming and less frustrating for them to make some serious buying decisions.
Here’s an idea…provide great content about homes, such as they do in various architectural publications so buyers don’t have to waste so much time looking at every home on the market. And also provide great content about all the streets and neighborhoods and anything else they may need in the surrounding areas.
Why’s that so hard to do?
Until we address all the unnecessary hardships that the system places on buyers, so it becomes easier for them to find their perfect home, then it doesn’t matter what doodad you use to attract them, because they’re going to hate the process the minute they’re in it.
Make it easier for buyers, and you’ll reduce the time it takes for them to buy homes.
It’s all about content and making it easier for buyers. We need to stop thinking like realtors.
Brad,
Seems there’s one of these general theorists in every conversation about this topic.
Obviously, you are not a Realtor.
We can hardly get clients to review homes electronically at all, much less if you provided the level of detail you mention, like in Architectural Digest.
Currently, for every property, clients have access to 20+ photos, a virtual tour, lots of text descriptions and statistics and they hardly go through any of it.
It’s easy to go through and readily searchable with every criteria you can imagine.
And, at the end of the day, only the very rare hi-tech client does ANY of this.
So if you want to sound like some big thinking game changer, figure out something buyers want BESIDES all the data they can possibly eat that describes the property, via photos, text, audio, etc., and you’ll be onto something.
Better yet, get a license and carry buyers around a few years and get back to us.
Great insight, however, here’s the problem I’m starting to see with QR codes: No standardization and limited functionality. Though many QR code providers list innovative functions to return to your clients, they can only be used if the client has the same QR reader by the same provider. Other than that allowing someone to visit your listing via mobile phone is fairly stale…especially given that QR codes won’t return the number of the mobile phone used to view your listing. At least with texting I get the number of the potential buyer and can follow up with any questions. Also, with texting, the user doesn’t have to have access to have Internet. QR codes are good but have hurdles with regard to standardization. Texting will give you everything QR codes can in the way of analytics….is standardized….requires no software download…and returns PHONE NUMBERS.
Raphael,
The QR codes work with different vendors. Technically it is possible to capture inquirer’s information when they us a QR Code to connect to information.
I have been doing testing with QR Codes for some time. I have them on my business cards. The front of my card has a QR Code to my VCard data and the back of my card has QR Codes to my major Social Profiles (Linkedin, Facebook, Twitter). More of a “hey that’s cool” more than a something actually useful.
Which brings me to new technology. The problem is that a lot of technology gets developed today and then starts to look for a problem to solve. I’m guilty as anyone with some of the articles I write, “with this technology, you can do this, which is really cool”. But cool doesn’t buy or sell houses.
That said, I think what Marc and the folks here at 1000Watt do is introduce us to new things and new ideas. But we are the practitioners. It is up to us to know our customers and know how to use what is available to us to serve them to the best of our ability. Some things (technology) will be useful, some not.
Barrett, I agree with you on the QR codes working with other QR readers and returning information. However, I’m referring to more advanced options QR code/Scanner vendors offer such as providing feedback from recipients. (i.e. StickyBits)
Also, here’s the big reason texting works better. If I went door to door with, say, just listed door hangers that all accompanied QR codes it would do little good to discover that half looked at it, without the ability to follow up. Texting would give me this ability to accomplish the same and do more.
QR codes are cool, however, as a sales person I want what is cutting edge and purposeful.
Raphael,
That’s why all my signs have a little ryder sign that says “Text “Price’ to XXXXXX”. The potential buyer gets some nice information (yes price also), photos, and depending on their smartphone’s capabilities a virtual tour.
That said, I think QR Codes do have a place. Here’s a link to images of my business card with QRC.
http://www.flickr.com/photos/46297312@N02/
I agree…and a business card is a great place and others if it’s just about providing a convenience to the end users.
Quick question Barrett, how many people would you say text for info for your properties? Some agents share great results while others have low results. I guess it varies on the area and age demographic.
Ron, been there done that about a thousand + times. And watching everyone trying to sell their listings and same way seems like something out of the movie Ground Hog. Do you really believe that a mass market one size fit all approach is the best way to try to sell anything, let alone homes.
Read some listing descriptions….would BMW be stupid enough to use their main sales pitch for a 528 by saying….it has 4 tires, seating for 5, leather seats, a steering wheel, brakes and ac and so much more? And wow…take pictures of a home from the same angle, of beds, shower enclosures and show them in really tiny hard to see picture slots, the same exact way as everyone does, an you want to believe that buyers are drawn to that? And do you believe that buyers can’t wait to spend their entire weekends for months and month and months, looking at homes with realtors who know nothing about the homes and wing it at every showing, and leave the buyer with nothing more than a MLS listing or some ugly brochure that sounds like someone spent maybe 3 minutes writing or copied it from another listing?
I’ve sold a lot of homes with my own money on the line and when you look at the business from that perspective, you start seeing how outdated the approach is. My grandfather used to sell homes the same exact way in the 1950′s….except for web aspect. He used to compare it to fishing in the ocean….drop your line in the water and pray you have the right bait so something bites. Sorry, but brokerage doesn’t have the right bait.
You want to use gimmicks as a lure, but it doesn’t work.
Do yourself a favor, check out “The new rules of marketing and pr” by David meerman Scott who was the keynote speaker at the NAR’s national convention 2 years ago. He wrote about the importance of content as a way to reach viewers and buyers…and he made it real simple to understand…even for you.
BTW, Brad, I did propose a better way to find a home in this article:
http://www.atlantarealestateinfo.com/finding-the-perfect-home/
This is not a better way to market a listing, but it’s something. And specific.
Rob, I liked the story. It added the personal touch because you made it real by telling a story….hmmm, kinda like what I’m suggesting here. But, then you put it all on the buyer to be the one who has to be focused. Try giving buyers quality content, and when they call you it’ll be because they already love the homes they want to see with you. And that’s so much more productive than always kicking tires. Heck, maybe you’ll even reduce the time it takes to sell your listings. That’s an interesting concept!
As for my ideas..read the following posts from David Meerman Scott. It’s perfect for this conversation and it says it all, and I can’t improve upon it. All I can do is take some advice and create my own thing from some of my experiences and insights.
This guy knows a lot more than I’ll ever know about marketing, but I’ve been saying the same general things about the industry for the past 20 years. Like I said, it’s all about seeing things from a different perspective…or as the founder of Starbucks says, “seeing things from the other side of the counter…the buyers side”
Sorry to disappoint you, that I didn’t make this an original concept of my own…but I came across this a few months ago and couldn’t pass it up, other than to say to put it all on a great site with magazine quality(rich media)content that resonates and attracts today’s buyers. Give them what they want and they’ll pay attention and be focused, and they’ll be calling you. I’ve done it over the years and it works.
Enjoy
http://www.webinknow.com/2008/10/top-10-ideas-fo.html
http://www.webinknow.com/2008/10/attention-centu.html
Read both posts. Thanks for the links.
Net-net, it appears they both formed the conclusion and proof that lots of focused content can work you onto page one of Google for specific KWs in a short amount of time.
In this case “Century 21 Real Estate,” out of a pool of 1.78M.
This is not new, remarkable or any of that. The concept is well known and the 1.78M is not large. Try some of the terms in my market for example.
He first talks about stopping the TV ads and hiring 100 writers. I’m all for quitting the ads but entire major papers don’t even have 100 writers. So, ridiculous suggestion on his part.
He talks about writing digests of online information from buyers personas, etc.
What the heck? If you try that I suspect that you will run out of content really quickly. You will start hearing the same things over and over.
The problem is Mr. Scott is trying to make something not very complex look quite complex, then he gets sidetracked into a SEO experiment.
Interview 10 or 1000 buyers and sellers and you will get the same answer from most all of them.
The sellers want their homes sold as quickly as possibly for as much as possible with as little hassle as possible. Period. They want to know that their listing agent is working every angle and communicating. They want to think their agent is the best one, their best choice.
Buyers want help finding what they want, where they want, period. This usually involves certain neighborhoods, amenities, schools, price ranges, home styles, commutes, on and on.
But neither is enough data to go on and on with 100 writers longer than maybe a few hours.
Look, I come from a very professional background, I have two tough high-tech degrees. This real estate profession is as cheesy as it gets. There’s no barrier to entry and absolutely no quality control. It’s an embarrassment.
I wish it were a really complex business but it’s not. Everyone has the exact same inventory. Differentiation is tough. Clients don’t know their agent is a buffoon until they are in the car and it’s too late.
I attempt to break that mold with my company at least, and that’s all I can do.
I don’t see the big paradigm shift that can happen (even after reading those links) with buying or selling a property.
Rob, I can’t disagree with what you say, and you see the business for what it is, and what it always has been…sub-par. Anything that we do different, if it’s really different is an improvement. From what I see on your website, I like your approach the business. Refreshing to see, and better than most franchise sites. You’re successful because you’re from outside the industry as I am.
Good luck
Brad,
Nice attempt at personal cuts to someone you don’t even know.
Ok, so propose a solution then. Don’t just rant pie-in-the-sky philosophical.
Personally, prior to showing a client 50 homes, I want to have done a criteria based search, then have them look at the details, photos and stats and decide which ones NOT to look at.
But that’s just me.
After that, they need to see the remaining homes and walk through them. It’s a huge, often times emotion based search.
So propose a better way, my friend…
LETS HEAR IT…and be specific.
Thanks Brad.
Any critique of the site is welcome. And I will happily return the favor if you like.
I’ve got 25 projects in my head for that site at any given time, but finding the time to execute is always the challenge.
I appreciate the healthy debate. I was really surprised how narrow the concept(s) were in Mr. Scotts apparently widely successful Century 21 blog post.
Basically it was nothing more than a focused/local content SEO post: seen one – seen a thousand!
It got so popular because he “aimed” it at a gigantic brokerage, so this makes him look like the big fearless challenger and at the same time gets potentially THOUSANDS of C21 agents and brokers into the debate.
If anything, that’s the lesson here. How to ramp up a blog post. LOL!
Have a great week,
Rob
While most are talking about codes and apps to that help you with leads and getting info in front of people, Brian touched on a point..it’s about the experience.
Our industry fails to see that it’s all about the online experience. Others outside get it and that’s why we have all these goodies, but it never comes from within our own industry, where most still believe it’s better to provide almost nothing rather than provide something that will make people WANT to call us.
Brad and Rob batted this around, and they both have valid and interesting points.
When I search the web, I’m looking for info, and I click away from sites who all provide the same info…I want to see something different, and I want to enjoy the experience, and if I do, that’s what makes mr come back for more.
Seriously, how many sites can you visit and see the same exact information, before you realize that no one cares to do more or be better.
Rob stated it perfectly when he mentioned how simple the business really was, but we’re making it more complicated than it should be. That’s us!
I’m to the belief, that to be different then your competitors then you need to provide better content…yes I too read Mr Scotts books, and I’ve become successful by embracing his concept. When I’m looking to buy a book, I’ll read the first paragraph or two, and immediately know if I’m going to like it or put it down and look for something else. Buyers do the same thing when reading those horrible sounding listing descriptions.
Barrett also had a great point: cool doesn’t buy or sell houses. Barrett, you should be getting royalties for that one.
We really need to give buyers what they want, not what we believe they want and should have.
Great thought provoking stuff guys. Thanks
Raphael,
I would say each of my properties has a couple of “Text” inquiries a week. As you probably already know I receive a text message with the phone number and the property they are inquiring about. The person on the other end is usually surprised that you call them back so quickly.
Barrett