Tip O'Neill's famous mantra, "All politics are local", was co-opted for Real Estate to "All Real Estate is local." The problem comes when this Real Estate slogan is translated to "All Real Estate thinking is local." A prominent local Realtor once told me, "There is nothing new in Real Estate." He obviously ignored Real Estate Search, or Home Search, with its marketing and advertising components, which are changing as we speak; as we write; as we search; and as we blog.
For years Home Search was all about Realtors selling houses (Realtor.com). It was: Search; of the Realtor, by the Realtor and for the Realtor. And it wasn't supposed to perish from the Earth. Often Realtor-focused search was provided in ways home buyers and sellers didn't understand, didn't like and resented using. It was Realtor friendly search, not home buyer friendly search. Home buyers could have any color Home Search they wanted as long as it was black; and on Realtor.com or the local MLS.
Enter Google text-based (keyword) Search with more information than you want, than you need or than could possibly use. One click, your search, in seconds, for free. All paid for by contextual Search Ads. Yahoo, MSN and AOL have all gone over to "Model Google". Can Home Search be far behind? Will Home Search follow Google's play book or NAR's play book? Might Google Search be where all Home Search is going? Dahhh! Circle the MLS's and break out the buggy whips, boys!
Home searchers want all the data, right now, one click, and free. Who'll pay for this? The same people who paid for your last Google Search. As "realtors" we need to be where home buyers and sellers show us to be. But as Realtors, do we need to be where NAR tells us to be? We need to be where home buyers and sellers search first. We need to be first in the minds, first in the hearts and first in the searches of as many home buyers and sellers as possible. This virtual property will be the most precious Real Estate in Real Estate 2.0. In a way my old friend was right, "There is nothing new in Real Estate 1.0."
A problem with the "All Real Estate is Local"- mind set is it creates an "It's all about the house"- mind set too. In this context Zillow, a media ad sales company like Google, is seen as a Real Estate Broker wannabe, a big bad Real Estate monster sticking its Internet tentacles into our wallets, our ad budgets and our virtual eyes. How can Zillow make money selling ads, like we don't? They'll have to be make money selling houses, like we do. Who'd want to be the next Google, if they could be the next NRT, REMAX, or Cendant. Haven't you compared stock prices, market valuations and P/E ratios? Zillow has to be after us. They have to be out to get us. Right? Dahhh!
As a media company, Zillow wants to be the first place (top-of-mind site) where home buyers and sellers Go To for their home valuations. And Zillow will help Us Realtors be the last place home buyers and sellers go for their home valuations. Didn't your father ever tell you to get 3 estimates? Zillow will be the first #1 and help Realtors be the last #1. (It doesn't matter where you start, but where you finish.) With the potential for great ad income from Realtors and Mortgage Lenders, where else might Zillow send out its employees; other than to Real Estate Agent training courses and State Exams?
In Real Estate there is a House-Sale-Temporal-Continuum or Cycle, helpful in looking at the level of Home-Sale-Related-Businesses Advertising interest. This continuum allows for Temporal Search Marketing or "Stage-Of-Sale Advertising"; with unique characteristics for Home Search and Home Search Advertising.
>> Non-Sale (Not Looking) >> Pre-Sale (Looking) >> Pending Sale (After Offer) >> Post-Sale (After closing) >> Non-Sale (Not Looking) >>
On Average:
- A house sells every 6-7 years.
- People search for a house for 6-8 months.
- A house sale is pending sale for 6-8 weeks.
- A new home buyer settles on most of their buying decisions in the first 3-4 weeks.
These are home sale market niches Real Estate 2.0 Search Engines can soon easily target, address and exploit. Examples are:
- Realtors, Real Estate Lawyers and mortgage lenders are interested in the house sale up until the offer is signed.
- Home Inspectors, Insurance Co's are interested in the house sale after the offer is signed.
- Telephone, Internet, Cable, landscapers, contractors and local merchants are interested in the home sale after the closing is signed.
Traditionally, local home-sale related business advertisers, beyond Realtors and Lenders, have gotten the short end of the stick in Real Estate advertising. No more. When their ads can be targeted, their ad dollars are suddenly just as good as Realtor dollars or Bank dollars, and in some cases and at sometimes better.
Ad space to all these niche markets is the Real Real Estate, the Virtual Real Estate, Zillow and the other Real Estate 2.0 Search Engines want to sell. But How?
Butt, wait. There's more... But they can always sell houses?
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