How to help REALTOR.com
Posted Oct 18, 2007 @ 7:48 pm, Viewed by 939 Visitors, Read 1048 Times.After reading the post, I felt inspired to write a post of my own. (see the comments of the link above).
While the message was funny, the point of it is pretty clear: to me. REALTOR.com is going to keep raising prices and offering little for the consumer in terms of solid information when compared to most individual REALTOR websites. My preference is for the local real estate agents to win here. Drastic changes are needed at R.com to turn this around.
My post was picked up on a blog on AR and more people chimed in about how they don't like R.com...these opinions need to tell the management team there something. I think we see a pretty strong trend...do the readers of this blog think so as well?
As REALTORS on the blogs are starting to say "We are not going to take it anymore." As groups of agents individually and collectively, are more and more making the case to your sellers why NOT to use R.com. And they are making it the same way that you make the case not to use some print media, or any other inadequate source of advertising, Can REALTOR.com stop this trend? I think maybe...here's how:
Note to Mr. Samuelson (new president of R.com) here are some suggestions if you don't mind...
Step 1.Expose your LOCAL traffic information to the REALTORs themselves. For example. when Alan Dalton wags his finger at us (BTW-Mr. Dalton, many of us do not appreciate getting talked down to...see below...BAD advertising decision IMO) he uses NATIONAL numbers--X number of visitors and etc. Most of us know that ALL real estate is local. How many buyers can you bring to us in OUR city. Honestly. That is how we must base our advertising decisions...all of them.
We realize that of the X million folks dropping by R.com for a visit only the tiniest of fractions may be looking at OUR town...
Mr. Samuelson, you need street cred. And IMO the only way to get it is abject honesty.
Step 2; Do not extort money from the REALTOR by withholding information from the consumer...in our market only typically 12% or so of the listings have multiple photos. A site with 88% of its listings with only 1 photo in today's market is circling the drain of disaster IMO. You will not get repeat visitors and YOU MAKE IT EASY for us REALTORS to explain why we don't use you! It is a tired model and needs to change.
The customer can see the fact that the 12% of the listings are NOT enhanced...the 88% are STRIPPED DOWN....not good IMO.
Step 3: Realize that many agents KNOW that they have not gotten buyers from your site often enough to make the fees you charge justifiable in MANY cases. Yes, there are exceptions. I acknowledge that, but of the 120 agents in our office, only 4 see any value in staying with your enhanced listings
Step 4: Understand that agents don't like being talked down to. I cannot count how many agents have approached me with angry words about being badgered on the phone by salespeople. I finally found a really nice salesperson in your office and I sent her name to everyone in my office since she was actually nice. (Am i the only one who was unfortunate enough to have this experience?) Please comment on this.
Charge less and do more. The Laffer curve works in taxes and economics. The Blackwell curve will work for you. Here it is:
Lower prices + More truth and HONESTY +Time + Courtesy to your CUSTOMERS = Increased revenues (from more agents) and Increased Credibility.
Internet credibility and authority extend from delivering TRUE value. I hope your reputation is not damaged beyond repair in this regard. Many have lost trust, but is it to late?
I'd be interested in your thoughts on this...Please put comments below and keep them civil. Would my suggestions help R.com return to former heights in your opinion?
Eric Blackwell
Technologist
Louisville Real Estate | Southern Indiana Real Estate
RE/MAX Properties East
Southern Indiana Search Marketing / EriconSearch
My Local Search Engine Marketing Blog
Insider News and Opinion from the Real Estate Industry
9 Responses to How to help REALTOR.com
In the past I have received a few leads that led to closings from realtor.com, but not in at least 1.5 years. I did however just renew my enhanced package at an astounding price as it is expected in this area.
James; That is exactly the "extortion" type of thing that I am referring too...chances are that they may not be getting the traffic to justify those rates, but because those two BIG brokers are doing it everyone else feels obligated to follow suit. Can you imagine the relief if just those two brokers alone opted out? How many thousands of dollars would go back into agents pockets to pursue MORE EFFECTIVE marketing channels? Just my opinion...
We are forced to upgrade here as well, and I have never once in 7 years closed a deal that has come through Realtor.com. Come to think of it, I don't know of anybody who has either. Great post.
This has been an ongoing problem for years and they have no intention making it better. I suggest more of us Blog about this so the public can see that realtor.com is not the best place to look for homes in specific areas. I Dugg too!
Thanks Steve--Nice to meet you! Dennis--You know I am a big fan of yours. I could not agree more. We need to keep this in front of REALTORS...
Great post, Blackwell! I'd love to get an online viral campaign going - "Show me the numbers!" If R.com truly has such a superior product (as they claim) they should be PROUD of their local numbers. The ONLY stat I care about is how many unique visitors search for real estate in the Austin/Round Rock MSA. Let's see it!
Dugg & Voted!
I agree wtih Eric, there are much better places to focus your talents.
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Eric Blackwell is Director of Technology for RE/MAX Properties East. He helps REALTORS reach and assist their clients using Technology and he is the Webmaster of www.HomesinLouisville.com.
Eric also consults on Search Engine Marketing issues and does Search Engine Optimization for select clients. Read More
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In my area we are forced to enhance our listings because it is expected since 2 big old line companies just do it for their agents. Of course they keep 45% of any commission any agent generates up to about 5 million in business as well. I can honestly say Realtor.com is worthless as far as generating any actual business.