Thursday, May 03, 2007

The Problem with Real Estate Listings

Last week I published part 2 in a series of articles on Realtown titles "Why 95% of Realtors are leaving big money on the table." Part 2 discusses the poor quality of listing data and the effect that it has on online conversion. It perplexes me why more real estate professionals don't market listings properly online, why they don't publish multiple high quality photos. I confront those that use old school reasoning that you should publish a little content and get the prospect to contact you for more info. It no longer hold. the conversion rates for IDX registration forms are decreasing. Online consumers have too many information sources to spend time on sites that don't provide the content they are looking for.

In my mind, the only way to increase the quality of real estate marketing is to talk about what the numbers suggest. The discussion needs to happen at the top and filter down, even though we've heard leaders like Allan Dalton, Alex Perriello and others talking about this for some time. It seems to me that MLS executives play a big part in this because they provide the software, the policies and education to local members. In the next while, you'll see Point2 reaching out to MLSs.

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Monday, April 09, 2007

Free Traffic for REALTORS

On friday, part one of a 4 part series I put together was posted on Realtown titled Why 95% of REALTORS Are Leaving BIG Money on the Table. The first part deals with passing up free traffic. Online marketing opportunities have changed for real estate. There are a lot of places that can provide free exposure for listings. I think this is still the first phase of new trend. I think back to when search engines were coming out right left and center. There was Altavista, Excite, Hotbot, Lycos, let's not forget Webcrawler.. and many others. They used different algorithms, produced different results and it seemed like there were more opportunities to generate free traffic. As we moved into era of paid search, prices were so low at the beginning, we endulged in a traffic bonanza. As paid search prices went up and search engines consolidated, traffic seemed to become more challenging to come by.

Today, there are more and more syndication sites that are providing consumer search and in turn, provide an opportunity for free exposure. I'm not sure where this is going to go. Some search sites will rise in popularity, some will fade into obscurity. We could see massive consilidation or we could see massive fragmentation toward more local portals. We could see these sites continue to build on an advertising model that continues to provide free exposure for some time to come, or we could see many of them try to start monetizing the content providers, the real estate professionals.

What ever the future holds, the strategy is clear for now, get your listing in as many places as possible and milk the free traffic for all it's worth!

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Sunday, March 25, 2007

The Power of Context

As traffic flows over the Internet, every click is made with purpose and quickly followed with an underlying question, "What's in it for me?". Every page that is clicked to has very little time to answer that question. Every link wanting to be clicked competes with all other links on that page. The content on the page needs to answer the basic question. If a site can not understand the visitor's purpose and answer that basic question, "What's in it for me", the visitor will leave the site. Sites that hold visitors:

1. Understand the purpose of the typical visitor,
2. Answer the question "What's in it for me"

Now, sites that do an exceptional job of holding visitors answer that basic question over and over again by providing more and more relevant content in context. Let's look at an example.

A real estate website that is discussed frequently by Michael Russer is www.cptaction.com. It's an example of a site that does a good job of identifying a clear target audience, military families. The military relocation families visiting this site have unique needs and the site does an excellent job of providing unique context. Visitors are able to view real estate services in the context of those specific needs. Another great example is www.goarmyhomes.com/.

Google has created the most successful ad serving platform in the world with Adsense. There are many reasons for the success of Adsense, but the main driver is Google's ability to display relevant ads to people viewing a web page, be it Adwords ad on Google.com or on another site using Adsense. The ads have context and click thrus are maximized.

A website that can present better content in better context will create a remarkable experience. Point2 has thought a lot about context. How many real estate agent directory websites have you been to? There are so many of them out there and how many provide any meaningful experience for the consumer? I haven’t found one. The directories serve real estate agents by providing SEO value, that’s all.

Point2 not only wanted to build a directory that provided SEO value but value to the consumer as well. On Point2 Homes, a drill down agent directory was created that navigated right down to the neighborhood level. If a consumer is browsing an agent directory, what matters to them? Well, from studies like the 2006 NAR Profile of Home Buyers and Sellers we can find relevant feedback that could be used. We can learn that some buyers chose an agent because the agent’s market area was where they wanted to move. One of the values that sellers looked for in an agent was knowledge of local area. So from that, we built a directory where you can find agents, by neighborhood that have listed homes in that neighborhood. The result is that you have a directory where you can search for real estate professionals organized in a more valuable context. The goal is to provide SEO value to members, but to drive traffic to member websites from consumers that find value in the directory.

In order to make a study of context valuable on your website, you have to understand your visitors. Who exactly are they? Where did they come from? What are they looking for? GoArmyHomes.com will not be successful if the traffic it’s attracting is not military relocation families. That seems to be common sense, but just because you build a website on topic, does not mean your traffic will automatically be that category of people. But the formula for success holds if the following will be true.

You drive targeted traffic
And you provide context
Your conversion rates will be higher

A short note I should quickly add to those points, please don’t try and choose the largest category of visitors as possible. Your conversion rates will be higher if you don’t have a lot of competition. The GoArmyHomes.com site will not be as effective if the ‘net’ is flooded with similar sites. What is your target audience?

So the question conclude this post, if you are a real estate professional, how can you provide a better context for your website visitors? How can you organize content on each of your pages to provide better context and engage the user better?

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Tuesday, March 20, 2007

New Partners Added To Syndication Network

Many of our members might have noticed the silent addition of a couple new feed partners last week. We like to do soft launches to ensure things are working properly.


I'd like to welcome House.com and CityCribs.com to the NLS. House.com has been around for a while matching home buyers to real estate agents. They've been successful in the lead generation space and have been successful in leveraging their URL and brand to slowly climb the search engines results page sets. They join the NLS to provide home buyer real estate listings from our members and freely pass on inquiries.


CityCribs.com is fast growing marketplace that first opened up in New York City in January 2004. It has earned numerous mentions in Inman News and was nominted for an innovator award in the category of "Most Innovative Rental or New Home Online Service" in 2006.


We're proud to welcome these 2 new sites to the NLS exposure engine.



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Monday, February 26, 2007

Craigslist EZ Posting

As many Point2 members have seen already today, we have added Craigslist as a semi automated feed partner. Craig and company do not accept listing feeds so what we've done is generated HTML for each listing that plumbs in to our listing management and prospecting system. Inquiries generated from a Craigslist ad will flow into the Prospects list and view and click stats will be shown on the syndication tab.

So it is a little bit of work to get the listing on Craigslist right now, but is it worth it? We added the functionality this morning. By mid afternoon, we had 34 members add their Point2 listings to Craigslist. Those 34 listings generated 965 views and 337 click throughs. I'd say use Craigslist. Here are some examples of the postings:

http://grandrapids.craigslist.org/rfs/284860774.html
http://washingtondc.craigslist.org/nva/rfs/284898988.html
http://fortlauderdale.craigslist.org/rfs/284867451.html

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