April 01, 2008

A new marketing site for Realtors

We’ve just created an all new website based on our popular Marketing Insider newsletters.  You can find it at www.agentmarketinginsider.com. Our Marketing Insiders are bi-monthly emails that contain all kinds of helpful marketing information.  With lots of tips and advice for leveraging technology to make the most of your business, our Marketing Insiders have always gotten a lot of traffic.  So, we decided to put all the information from past articles into one, easy to browse archive, making it simple to peruse the vast wisdom of the past.  ;-)

Let me know what you think.

Agentmarketinginsider_3 

January 11, 2008

Beauty is more than skin deep - don't stop at your homepage

I regularly see real estate websites that have a very fancy home page (or “landing page”), professional looking graphics, and well-thought out design, but the moment you follow a link to any sub-page, the whole style deteriorates, sometimes to the point where you almost wonder if you’ve changed websites.

That inconsistency destroys the end user experience, and negates the value of whatever investment (cost or otherwise) you’ve made into that original landing page.

Don’t get me wrong, I definitely understand the value of a very nice homepage (the value of image and first impressions are real and tangible), so there’s nothing wrong with investing in a high-quality landing page – but it needs to be backed up by a consistent experience.  Remember, the impression that remains in your clients mind is the one that you most consistently reinforce.

The fact remains that in the end, the visitor you care most about is the one that clicks beyond your landing page.  When they do, what will they see?  Does that extended experience communicate consistency?  If not, what does it tell them about you or about the service you’re likely to offer.

It could be likened to pulling up to your office in a Porsche to pick up a client you’re about to take around and show houses.  They’re impressed when you pull up, but then they get in and see that the car smells like smoke, there are wrappers and garbage all over the place, it’s dusty and grimy and the interior is beat up.  Sure it sent a good initial impression but what did that amount to?  Nothing.  The impression that remains is the one that you most consistently reinforced.

Your sub-pages (collectively) are as important, if not more, than your home page.  They’re what create the consistency of experience that tells your visitors that you’re serious, that you’re more than superficial, that you’ll give them the same quality of service through the entire transaction. 

January 10, 2008

Google processes 20,000 Terabytes a day and more

Today, TechCrunch had a post citing a recent Google white paper indicating that as of last September, Google was processing 20,000 terabytes of data (or 20 petabytes – for the uber geek) every day. That's data Google gathers while indexing the web, processing search results, and serving ads (and more). And of course that was the stat as of last September, who knows what it is today with the ongoing pace of internet growth.

For context, a terabyte is 1,000 gigabytes (a typical hard drive on a new computer right now is around 300 gig). According to WikiPedia, the National Archives of Britain, which holds 900 years of written material, contains nearly 60 terabytes of data. Google processes that much in 3 days. It also states that the US Library of Congress claims that as of May 2007 it has collected more than 70 terabytes of data – (that's 3 ½ days for Google).

So, why talk about all this mumbo-jumbo?

Because it's a compelling way to illustrate how dwarfed you are when you build a website today. You're just one in a "googillian" (not really a word). And yet, still, most real estate professionals will build a website with very little work and time and marketing, and then expect visitors and leads to come rolling in. But it just won't happen. As I stated over in my XSites Blog

"Simply creating a site and doing nothing more is somewhat like writing your name and number on a stone and dropping it in the middle of the ocean, then hoping that someday it'll wash ashore and someone will stumble over it, then pick it up, and then contact you because you threw it in the ocean.  Sure it might happen, but chances are slim.  Okay, so perhaps that was overly grim.  But you get my point.  You don't often see the phrase "traffic happens", because it doesn't, you have to create it."

On the internet, as in any other part of your business, you have to differentiate. You have to show visitors and search engines alike why they should see/rank your site, they need to see that you're unique, that you've got value, and that you're a good "destination". If they don't, if they see you as just another website like everybody else, then you'll always battle limited success.

The good news, is that there are simple things you can do to start right now, and that really don't take that much time. See the following for more:

December 03, 2007

Listing Syndication - why it's so hot

Listing syndication has been one of those emerging technologies that seem to have real staying power in the industry – and for good reason.  There’s a clear benefit for both agents and consumers, and that kind of win-win proposal will always promote momentum.

While turmoil persists around building a centralized, consumer-oriented, national database of all listings, competition to fill that need now has already been taken up by a number of strong players.  These are names you’ve likely heard before, names like Google®, Yahoo® Real Estate, Trulia®, Oodle®, and others; each of which are working feverishly to provide a value-added real estate search experience to consumers. 

They’re doing a good job too, as they account for some of the most highly trafficked real estate sites online.  But they face the challenge so many have dealt with in the past – the dislocated nature of real-estate listings. 

On the one hand, these sites have proven to be adept at attracting consumers, but they need listings to maintain momentum.  On the other hand, real estate agents are adept at acquiring listings, but have a difficult time attracting mass consumer traffic to their website.  This is largely because of budget restraints (marketing a website, like anything, costs money).

Listing syndication takes the strengths of both parties and brings them together in a win-win scenario.  Agents can publish their listings to each of these websites for exposure they just couldn’t achieve by themselves, and these search-sites are continually fed with up-to-date listings, the traffic to which is disseminated back down to the agents own websites.

It’s no secret, in a buyer’s market, with peak listing inventory, and where listings tend to sit for prolonged periods of time, it pays to have as much exposure as you can get.

What’s more, the increasingly tech-savvy nature of today’s sellers is raising the bar for agents.  They expect to see their listings showing up online, everywhere listings do.  And if they’re not already asking for it, then you’ve got the perfect opportunity to use that as a marketing tool to differentiate yourself from the competition. 

If you’re in a listing presentation, and you’re able to tell the seller that by listing their site with you, it’ll automatically show up not only on your own, personal website and on the MLS (like everybody else), but on Google®, Yahoo® Real Estate, Trulia®, Oodle®, and so many others, you demonstrate that you’re a step ahead.  You make it clear that you’re a high-tech agent, prepared to leverage technology for a higher level of service to make sure their property gets maximum exposure – and that’s something they value.  Even better, the more value they perceive in the service you offer, the easier it is to negotiate a higher commission.

The most incredible thing about syndication is that there’s no barrier to entry.  Anybody can do it, and it’s completely free of charge.  Within your XSite’s all-new Listing Admin, simply open the listing that you wish to syndicate, click on the “Syndication” tab, and select the destinations you wish to push that listing to.

It’s that simple – you’re XSite does the rest.

And I should mention, every time you syndicate a listing to one of these destinations, you’re creating an active link back to your website from theirs.  Those active links back to your site can be highly advantageous in boosting your own search engine ranking, especially when the search rank of the originating site is high – as these usually are.

There’s so much value, with so little effort, there’s no wonder why there’s such a clamor to get involved.

October 24, 2007

Multiple Websites - a case for divergence

Entrepreneurs and businesses are frequently faced with the question of divergence or convergence. Is it best to bundle my offerings (services or products) into one package, or separate them as distinct and independent? Marketers face the same challenge in asking themselves when it's appropriate to talk about multiple things in an ad and when it's best to really narrow in on one primary point.

Those answers, of course, depend on the unique circumstances surrounding each individual case. But when it comes to a website strategy, there are strong advantages to taking the divergent approach.

Consider first, what happens when you try to put everything on one website. You've likely seen sites like this. Sites where there are hundreds of links, images everywhere, blinking multi-color graphics and banners, button after button, each vying for the users attention. Everything competes with everything else - and in the long run, you simply compete against yourself.

Most sites have what they'd call a "primary navigation" space. But what links do you decide to put there? The obvious answer is that you should give most exposure to those links that are most suited to the specific type of visitor coming to your site.

If it's a buyer - you may want links to listings and buyer information most readily apparent. If it's someone looking for a home in a specific neighborhood you specialize in, then you'll likely want those primary links to be different - perhaps pointing to content about that neighborhood, listings specific to that neighborhood, a schedule of neighborhood events, etc.

But how do you know? You don't. And because you don't, you put links there that may or may not be suited to whatever visitor you happened to have attracted. Your site, like so many, suffers from dilution. Every link you add, every page you create, dilutes the value of the every other link or page on your site.

The bottom line is that the visitors that come to your site are confronted with the task of digesting all that information, determining your sites relevancy to their needs, and figuring out where to go to find what they're specifically looking for.

Statistics vary, but most agree that all of that must happen in less than about 20 seconds (sometimes far less). Remember, the more you put on your homepage, the less likely that is to occur. You'll start getting fewer and fewer "click-throughs" as you try to cater to more and more client-types.

So what's the solution? Divergence is an option.

Instead of lumping everything you do into one site... all the collective knowledge that you've exposed to represent your experience and expertise, simply create a site for each niche you serve.

If you specialize in 3 specific neighborhoods and one new construction area, build a website for each. Start by asking yourself "what kinds of clients do I most want to attract?" and force yourself to be specific. The more clearly you identify your various targets, the more effectively you'll be able to customize your website to attract them, and the more efficient your overall online strategy will become.

With a website wholly dedicated to one particular client type, you can now saturate that site with deep content, specifically relevant to your target client's needs. Everything you put on that site will shout "this is for you", and the likelihood of building that 20 second connection with your visitor increases exponentially. Your click-through rates will climb, and as they do, so too will the leads you generate.

What's more, it's what I call a "self-propelling" approach, a strategy that builds upon itself. As search engines find and crawl through your now highly targeted website, they'll see that 100% of your content is dedicated to that niche, and your ranking for phrases most likely used by that target client will climb dramatically.

If someone searches for "homes at eaglewood golf course", for instance, search engines would see a site fully dedicated to just that, and are far more likely to grace you with high "relevancy". As your relevancy climbs, so does your organic search traffic, and as search traffic climbs, search engines see that people are clicking on your site, and assume greater relevancy, so your rankings climb even higher.

But the benefits don't end there. Think now, about evolution. Every successful online strategy must evolve. No successful website was born successful - they all had to evolve. By closely monitoring traffic, visitor behavior, click-paths (the path a visitor "creates" as they peruse your site), departure points, page view time, and more, you can start to make modifications to your site to improve its performance. Continuous modifications, over time, are crucial.

But how do you know what to modify, when everything you do is lumped together in one site. It's incredibly difficult. The simple fact is that the more you have on a website, the more variables you introduce, and the more difficult it becomes to determine their affect on your visitors. But with highly specialized websites, the task isn't nearly so daunting.

There are, as a matter of fact, additional benefits (and perhaps I'll write more later), but these certainly seem the clearest.

October 09, 2007

Stop asking me to call - use Landing pages to track ROI

I regularly see agent advertising that has a single call to action - CALL ME, and I often wonder if agents realize how this limits their potential return for an ad.

Let me explain. There's a broad spectrum of time over which a consumer shops for and eventually purchases a property. During only a small portion of that time are they willing to give away their telephone number and contact an agent. By choosing to use a phone number as the call to action, you automatically limit the value of that ad, because (other than the little bit of brand awareness it might create) all you get are the leads of those consumers currently living within that proportionally small window of the transaction process.

In other words, the ad's call to action inherently limits its potential ROI.

In the past, some agents have picked this approach because it acted as a natural filter - only giving them the information of the people most likely to transact quickly. But those were the days when business was booming, and agents had little time for anything but dealing with immediate revenue.

In the end, though, that restrictive call to action worked against them. By choosing to appeal to only a smaller spectrum of people, they failed to reach potential clients that they could have been cultivating, and who now might be ready to transact.

In general, whenever you can reach farther upstream, and appeal to more people at more points along the transaction continuum, the more complete your pipeline will be, and the more reliable your revenue stream.

For this reason, driving all your ads to your website is often a much better alternative than asking consumers to call. On your website, you can create compelling content specifically targeted to all different kinds of consumers, and at all different points of "transaction readiness".

For those in the early stages, you start building a relationship by providing them rich content about listings, neighborhoods, and valuable real estate information. For those seriously looking for homes, you give them access to the MLS, and your own featured listings, engaging them with media, and property tools. For those seeking immediate professional assistance, you're there to capture their information and start communicating in person. But even in the first two instances, you'll often be able to capture their information and add them to "cool" or "cold" marketing campaigns wherein you send them regular valuable updates of things relevant to them (the frequency of which depends upon how cold they are). So that you're cultivating those relationships until they're ready to come to fruition.

What's more, you can actually create landing pages on your website that are built solely for specific ads. Don't have any other links to these pages, so that the only way to get there, is by seeing that ad and either clicking a link or typing in the exact URL directly (depending on the medium of your ad).

Now, by tracking traffic to those pages, you're better able to measure the success of any ad. Even better, you can now start to track how many of those visitors click through to other areas of your website, and you're equipped to follow them all the way through to when they fill out a form and send you their information (and then of course eventually transact).

This way, over time, you'll begin to garner tremendously powerful information about each ad you run, how much traffic it drives, what the conversion rates are for traffic driven from that ad, and now know better where to invest further advertising dollars, or what parts of your site to tweak to improve your conversion rates.

If an ad generates high traffic, but low conversion, either your ad has reached a segment of the market that isn't yet willing to give you information, or you need to refine your website to better appeal to that specific target and give them something valuable and compelling. But if conversion is high, but traffic is low, you might have either reached a small market segment (but highly motivated), or if you know that segment is large, then you need to refine your ad.

In either case, whatever you find, the point is that by directing traffic to your website, you're better able to measure its success, and accommodate consumers in the various stages of the real estate process.

October 02, 2007

Innovate or die.

The other day a friend forwarded me the following YouTube Video…



As I watched this, I couldn’t help but reflect on how accurately this symbolizes much of the real estate market today.  Owing to the past several years of extraordinary growth and appreciation, the industry has become saturated with individuals ready to be carried to wealth.  Then suddenly market momentum failed, and these people are now looking around wondering what to do.


They’ve never been through a down market before, they’ve never experienced this part of the cycle, and in my mind what’s more they have no appreciation for the import of innovation in a competitive climate.  Now they’re wondering what’s next.  Well what is next?  Natural Selection, that’s what’s next.

 

While other industries have been clamoring to leverage new technology to maintain momentum, in real estate, momentum has been inherent in the market, which alleviated the need for ongoing innovation and stayed the course of natural selection – a necessary component of any healthy economy.


To avoid it… to survive… you have to innovate.  You have to get creative.  You have to get into the minds of your consumers.  You have to anticipate what they want and figure out how to deliver it uniquely, because if you don’t, others will.


The departure of the boom days has left this market embarrassingly exposed.  People are now waking up and seeing for the first time that companies like Zillow, Trulia, FaceBook, MySpace, and countless other emerging technologies and business models (that came from outside the industry) are now competing for customers and changing the environment.

 

I hear questions all the time like “why should we be forced to compete with companies like this for local leads – they come in with big budgets, rank highest in search engines, and now I have to buy leads back that should be mine”.

 

The answer is that they innovated when you didn’t.  The nature of economics is that consumer needs will be met – if not by you, then by somebody else.  Leads and market share are not inherent; they flow toward whoever has the ability to innovate around consumer demand most quickly and most effectively.

 

In short, when you stop innovating, you die.  Innovation is the key to survival, it’s the only way to drive sustained relevance in the minds of consumers, even if it means you have to change a lot about what you do and how you do it.  Consumers aren’t interested in preserving your way of life.  Industry has no care for the past.  It sounds callused, but the principles of economics aren’t overly fraught with emotion.


You HAVE to innovate.  In today’s market, in order to avoid succumbing to the eliminating effects of natural selection, you’ve got to ensure that ongoing innovation is a permanent part of your business strategy.


It doesn’t mean that you should try to do everything, you can’t, but you should be trying to do SOMETHING. If you don’t already have an R&D department, you should get one, even if it’s just one person, solely dedicated to investigating new technologies and generating ideas to create consumer-oriented solutions out of them.


Where do you start?  Well, here.  Over the next several days, I’ll be posting lots of ideas on creative ways you can use new technology to reach consumers.  Some of them will be more complicated than others, some will take more time, some will take money, many won’t work, but that’s okay.


When you’re dealing with innovation, you don’t have to win all of the time.  You’ll win some, and you’ll lose some.  But if you win NONE, you’ll lose ALL.

September 09, 2007

Customer Service - "Shut up and listen"

This week I had an interesting experience that made me reflect on quality service, not just in real estate, but for any organization.  I was in Manhattan at the RIS Media Leadership conference.  Wednesday morning I climb in the elevator from the 15th floor, to head down to the opening session.  As the doors close and the elevator starts to move, there’s suddenly this loud BANG, followed by the sound of pieces of metal, falling down the elevator shaft.

“Hmm” I think… “I wonder what part of an elevator I don’t need”.  As the elevator starts to descend, the air turbulence causes the door to start whamming against the side of the elevator shaft, and I realize that it must have been some part of the door that got caught, broke, and fell to its untimely demise. 

I finally get to the Mezzanine level and realize the doors just aren’t going to open.  Somewhat frustrated at the inconvenience, I hit the “call” button, and get some guy with a heavy New York accent asking if he can help me.  I tell him my plight, and the first thing he says is “Sir, will you please hit the “door open” button. 

“Gee, great help”, I think, since I’d already done that about a dozen times.  I tell him that it does nothing, and he tells me to sit tight, while he gets security.

While I’m waiting, I figure I might as well try a little brute force.  After all, I’m physically fit. I can bench almost 400 pounds and I work out every day, so I wedge myself against the wall and proceed to push, pull, and pry the stupid thing open.  Just when I’m about to put some serious back into it, the guy gets back on the intercom and says “Sir, it’ll be all right, I’ve got you on the camera, and security is on their way”.  He must have thought I was panicking and was about to do even more damage to the door.  I try to tell him about the broken door, that it’s probably a mechanical problem, and hitting “door open” isn’t going to do anything.  But he’d already gone.

In another couple of minutes he comes back again…  “Sir, I just wanted to let you know that we’ve contacted the ‘elevator people’, and they’re en route.”  At this point, I figure I better hurry and tell him before he hangs up on me again.  But as soon as I start talking he says “We’re working on it as quickly as possible, please be patient”, now I’m trying to talk again, “Thanks, good bye” and he’s gone. 

This goes on probably three more times, until finally as soon as he comes on, I come right out and say “Shut up for a minute will you, I’m trying to tell you something”.  Finally, he stops talking and I tell him what happened, so that he can relay the information on to the right people and actually help me.

Whenever service is involved, we simply can’t underestimate the value of shutting up and listening.  It’s so easy to get caught in the “I’m the expert, I’m in control, I’m here to help you” mode.  But to our customers and clients, they want to be heard.  And if we really intend to help, we’d better listen.  After all, their final impression will be composed of their collective memories of each encounter, so every encounter needs to be positive – they need to feel heard, and understood.  It’s the simplest way to show you care, and to show your professionalism.

Back to Manhattan, and my analogy… I should mention that all this while (an hour and a half, as it ends up), I was going up and down, up and down, all through the 20 some-odd floors, up and down, up and down, since the elevator was still “working”, up and… well, you get the picture.  Finally some guy climbs in on top of the elevator and pries the door open, and the manager and the security guy great me as I walk out.  They apologize, give me a bottle of water, and a card for two free cocktails at the bar (I don’t drink – and of course, they didn’t ask).

“Wow”, I said, “That’s very kind of you”.  I don’t think they sensed my sarcasm, because they just sort of repeated their apology and walked off.

But in the end, the thing that stood out above and beyond all else in my mind, was the fact that this New-Yorker-Security-Guy simply wouldn’t listen.  Transactions, be they in real estate, in a software customer service call, or anywhere else, can end up good or bad.  I can’t help but wonder, though, if regardless of the ending, the thing that stands out the most, was how well the customer felt you tried to understand and cater your service to their unique needs.

Web 2.0 and Life Transparency


Web 2.0.  You just can’t get away from it.  Everywhere I go I hear about MySpace, YouTube, FaceBook, the list goes on….  Every real estate conference I go to it seems to be one of the predominant topics.  I jump on Inman news, and it’s all over, I read my favorite real estate and technology blogs, and they’re all talking about it.  It seems inescapable, and lately blogging has clearly been “all the rage”.

To be honest, I began to be a bit fed-up with it.  “Shut up with the whole web 2.0 deal, it’ll pass…” I kept thinking.  But the more I’ve thought about it, the more I’ve begun to realize that I don’t think it will.

I think we’re witnessing a deeper social phenomenon - a technological manifestation of a natural sociological evolution (whatever the heck that means).

Let me offer a few points in illustration. 

Natural Evolution

Think back to when we were kids.  I mean really far back, like when we were toddlers.  Personally, my memory doesn’t help me much, but child development psychology says that as toddlers we first learned how to do what is called “parallel play”.  That’s where we play together, but independently - each doing our own thing, but in the same playground.  Doesn’t that describe Web 1.0? 

Then over the next several months, that play-style graduates to “cooperative”, or “shared-play”.  This is where we actually begin to operate and function as a collective, doing things together, creating together, and sharing together.  What is Web 2.0 if not a technological representation of this type of cooperative play?  It’s simply a natural extension of developmental evolution.

Society

Now look at society in general.  We’ve become very “now” based, very accustomed to immediacy.  That immediacy is more than just demand for information, it flows the other way too.  More and more the newer generations want instant access to each other.  They want to use technology to facilitate the kind of “cooperative play” I mentioned earlier.

As I watch teens, and tweens, and people in their twenties and even thirties, I see the emergence of what I call “Life-Transparencey”.  They simply want to share.  Everything.   And they’ll use any means to do so.   SMS, blogs, online social networks, instant messenger, anything.  They’re so comfortable with technology that I’ve seen them sit back to back and SMS each other.  I’ve even done the same thing, because the technology allows a unique and archived type of sharing.

Web 2.0 is a technology rooted in this kind of social behavior.  It brings this kind of Life Transparency...well…to life.

Economics

Some people look at the explosion of certain “now” technologies, like television, On Demand, TiVo, mobile phones, the internet, SMS, Google, etc., and say they’re only popular because the technology permits it, and because we’ve all been marketed and sold.

But economics would say that products and innovation follow consumer demand. 

So I’ve changed my tune.  I think there’s real substance behind this phenomenon, and I’ve decide to give it a try for myself. 

This blog will serve either as my documented conversion story, or as the history of a soon-to-die fad.  We’ll see.

Merging Blogs

I've decided for simplicity sake, to merge my Web 2.0 and Life Transparency blog with my main RETI blog.  This is primarily for simplicity, and because typepad will only let me use mobile and email posts on one blog, and that's how I do most of my posts.  I'll make sure to categorize all web 2.0 posts, for easy browsing.