Online Property Search Wastes Your Time
That’s right you heard it here first. Craigslist, Zillow, Trulia, PropSmart and the rest of them waste the buyer’s time.
Even the buyer isn’t aware of this. The buyer is happy as a clam running from the latest mashup site to the next, spending hour after hour mesmerized by technology. It’s the same repetitive syndrome we see time and again through the evolution of the Internet, people get caught up with the fascination effect and lose sight of effectiveness and efficiency.
The entertainment factor neutralizes the cost in terms of time and ROI.
Here is a minor point: How many Realtors® or real estate agents do you know that remove their listings from these sites when the property sells or is withdrawn from the market? How many buyers are wasting their time looking at property that is no longer available for sale?
Here’s the biggie in my opinion: The technology has been in place for years now and used successfully that allows agents to input a buyers exact criteria into the system. The buyer then receives email alerts when new properties are entered into the MLS that match their criteria.
The buyer isn’t wasting time with viewing properties that don’t match their criteria and the email notifications work to the buyer’s advantage by often giving them a head start to be the first one in line with an offer.
The big hurdle with the buyer, besides the fascination and entertainment factors, is getting them to see that this is a real benefit we as agents are trying to provide to them and that we (at least the three of us on The Harper Team) are not trying to trap them into some inescapable premature contract. We offer a Cancellation Guarantee to all of our clients through the entire process.
I was reading through Wired and Red Herring today. There were articles in each on Yahoo!’s continued slide. Something in there got me to wondering – given that there are 4 million people with real estate licenses and that over 80% of people who search online eventually use a professional real estate agent to work through the transaction process – why isn’t someone really catering to the consumer’s need.
The battle cry is FREE the Consumer!, but the average consumer doesn’t want freedom from the agent. They prove that time and again when after wasting hours searching, they pick up the phone and call an agent.
This battle cry is a savvy piece of marketing. It reminds me of The Bubble is Bursting, The Bubble is Bursting.
Why doesn’t some savvy business person put a system together that supports the client / agent relationship. From what I see here in San Ramon, Dublin and Pleasanton, the local MLSes lag about two years behind the techno curve if not more. It will be 2008, I bet, before they have a really good Google mashup going. There are several million professionals that would love to see a product that helps them help their clients in a real way.
February 1st, 2007 at 11:13 pm
Good afternoon,
Enjoyed reading your post. I think many people in the industry share your opinion. Could you provide some suggestions or even a wish list on how a public real estate search/open or closed MLS system could to a better job of supporting the client/agent relationship in a real way?
I look forward to your reply here or feel free to contact me through my email address provided.
Jeff
February 2nd, 2007 at 1:59 pm
Jeff - sorry for the delay. Started to respond yesterday, but wanted to give it some more thought - not that that has helped much.
The first and most important evolution needed is a global MLS. The technology is here, but like all nations, territorial disputes continue in the name of the “One True Religion.
It’s the same for the profiteers wearing the “I’m a Champion for the Consumer” masks. A piece of the pie drives it all. Too cynical?
A global MLS that would allow consumers and agents to accurately list property and broadcast those listings across a wide array of aggregators would be great.
I notice when I search on some of new mashups, I get properties that are miles away and others that don’t match my criteria at all. So, more accuracy is needed.
An alert service is a must as it is “new listings” that most buyers need after day one of searching.
Some serious thought needs to go into the monetization side of the equation. Current MLSes don’t favor any agent other than representing the listing agent of the property. Most revenue models currently being developed rely on advertising. A subscription service would be more democratic and a low fee for a consumer sould be nice. The fees charged by Yahoo and others are ridculous for the time frame involved.
Some kind of “rolling renewal” service would be nice. All listings expire in 14 days unless you click an email link to reactivate - to help cull expired listings.
You tell me
February 3rd, 2007 at 2:11 am
Excellent point, John. Of course, I still provide these sites as part of my marketing services, but I know that the pickings on them are slim and outdated.
February 11th, 2007 at 6:27 am
John,
Thanks your comments and suggestions. I agree with you on the need for a global MLS. Improving the geo search accuracy is simple and so is the expire/renew via email to keep listings up to date.
As far as an agent subscription/consumer fee based revenue model, what do you think would be a fair and reasonable monthly fee per agent? Are you thinking unlimited listings for that monthly subscription or a choice of subscriptions, for example a monthly subscription with 10 listings, 20 listings, unlimited listings?
Would you like to see a level playing field for every agent where no agent has a marketing advantage over another or would you like the site to offer agents strategic advertising positions throughout the site they can purchase to promote themselves, their agency, and featured properties?
Look forward to your comments.
Jeff
February 11th, 2007 at 7:10 am
John,
In addition to your blog, do you know of any places on the web where I might post my original question to Agents for their feedback?
Thank you,
Jeff
February 12th, 2007 at 6:15 am
John,
Saw the link to ActiveRain on the sidebar today. Wow, lots of input over there.
From the reactions I’ve been reading from agents regarding Zillow, Trulia, and other real estate search portals, I get the impression that agents and brokers were never consulted during the design and engineering phases of these sites. And as far as the standard MLS model goes, they need to get moving in several key areas.
Jeff
February 12th, 2007 at 3:32 pm
Jeff - perhaps you could do me the courtesy of providing a link to your website. If you would like to hold a conversation it would be nice to know to whom I am speaking.