Five Emerging Trends and How to Leverage Them

Todd Carpenter, Director of Digital Engagement, NAR; Ginger Wilcox, GRI, CSM, e-Pro, Head of Industry Training, Trulia, San Francisco, CA presentation at the March 17, 2012 National Association of REALTORS® Association Executive Institute.

People are Making Instant Connections

The Real Estate Industry is taking a giant step in its evolution with the advent of mobile technology, unlimited access, social media, and more.  Current statistics show that 31% of all adults prefer to communicate via a text message.  

With Open Home applications for mobile devices, 93% of home buyers surveyed reported that they started their search for their new home on their phone and/or tablets.  61% report that they call a REALTOR® after they have identified a home or homes that they are interested in.  What does that translate to us?  Our websites must be mobile friendly.  The information that a mobile user sees when they visit your website must have good, engaging information displayed effectively.  It must have buttons that work on any device that is accessing the information.  There is new technology today that you can utilize on your current website that will identify what device is being used to access the information and then automatically returns it in the format that best fits that device.  Smart technology.  The same goes for e-flyers that you or your members are sending out.  Currently, NAR is utilizing this “smart” technology with their new, http:/my.realtor.org.  Several companies also offer MLS and IDX mobile friendly solutions such as Diverse Solutions with a mobile ready IDX and Hillside Software with an MLS application. 

Social Media Connections

One in every thirteen people is on Facebook.  50% of those reported that they are on it every day.  2.8 million messages are sent every 20 minutes.  49% of all REALTORS® are utilizing social networks in their business.  Even 2% of all home buyers report that they found their future home on a social networking site. 

Everyone is being “Googled” or socially searched; therefore agents and brokerages need to have good, strong online reputations.  They need to be asking their clients to review them.  They need to be moving from groups on their social networking sites to creating pages for themselves.  Members need to be educated on these tools and the etiquette in their use to preserve their online reputations. 

Agents also need assistance in managing this massive time requirement to stay current and responsive to their online communication.  Give them information and education on time saving solutions such as Roost and HootSuite.

We must also immediately prepare our members to be reviewed.  This is going to happen, is happening, and can be a very good tool for our members.  They need to build their online army by asking everyone to review them and solicit recommendations.  They need to begin to understand the algorithms that are at work when searching on the internet and begin to create a battle plan to come out on top of those searches.

Listing Syndication and IDX

Our information is everywhere.  Syndicated sites like Homes and Land, Walmart, Lycos, etc. are displaying homes for sale.  Consumers are searching for their new home on the internet.  A startling comparison: in 2001 48% of all home buyers credited their REALTOR® as being instrumental in their selecting the home they purchases with only 8% saying they found their home on the internet.  In 2011 that statistic had changed dramatically; with only 35% of home buyers saying they found their home through a REALTOR® while 40% said they found their new home on the internet!

Core Issues

There is a tremendous amount of information out there and the accuracy is very much in question.  Consumers are demanding more accurate data.  In addition, REALTORS® are demanding more channels for lead generation.  Buyer’s agents and small brokerages don’t want to lose their market share with their current use of the IDX data.  But, if the data is not reeled in and sanitized for accuracy, we may find our industry replaced by another syndicator.

Offices need help controlling overhead costs

Free applications are now out there that can and will prove to be invaluable to our members.  There are now thousands of great programs and applications available which will provide our members, and our Associations as well, with very low cost solutions to current high cost overhead. 

Here are some great tools that Ginger and Todd suggested

Google Apps – Cloud based service

·         Company email

·         Groups, documents, & sites

·         IT efficiencies

Google Calendars

·         Schedule meetings

·         Reserve office space

·         Manage “floor time”

Dropbox

·         Commonly used forms

·         Expense receipts

·         Client folders

Evernote

·         Preloaded with Listing

·         Share client notes

·         Pictures, voice, and text

GroupMe

·         Group text messaging

DocuSign

·         Paperless signatures

Realty Juggler

·         Cloud CRM

·         Access from anywhere

Centralized Showings

·         Cloud appointment scheduling

·         Online dashboard

Ifbyphone

·         Assign floor time by phone

·         Cloud based voice mail

·         Manage inbound phone leads

YouTube and Skype

·         Online sales meetings

·         Online meetings

But in the end, our members are social and their clients and customers are still looking for a face to face encounter.  By making the members more efficient, effective, and finding ways to save them money, they will have more face to face encounters.  They will be better prepared to capitalize upon their leads. 

To wrap up, we need to find more affordable alternatives to traditional office solutions, we need to educate and assist our brokerages in utilizing the cloud services.  Our associations also need to be moving toward a more affordable cloud solution.  Social media and mobile technology are here to stay.  Make certain your Association and membership are prepared to embrace them.  And, finally, beware of the “shiny Object Syndrome; there are and will be new apps and technology that may not be a solution and therefore must be researched before jumping on board.  That research can be another very important tool for Association’s to provide for their membership.  

Doris A. Nurenberg