IDX versus VOW

[Bob Crain]

Frobn,

You went to 8-9 Realtor websites and Not one of them had a Phone number? ;0)

But Seriously...
You asked, "What incentive would I as a consumer have to abandon a broker who made it easy and comfortable for me to use her web site to find the information I wanted for a broker who did not provide the information or made it difficult for me?"

The same incentive that All INTERNET surfers think that they are getting by using the internet... A perceived financial incentive. See the travel industry, financial services, and car buying.

(Boy wouldn't it be nice if every prospect who "uses our listing services or MLS" actually bought from Us or our Teams.)

The fact is Less then 20% of the Prospects of any real estate website (that gets good traffic) actually call the agent that they are getting the info from. Most prospects who have address info go to the property and call the listing agent.

NAR's Stats are that for Serious buyers about 30% buy immediately - those who login for information I should think are serious. An additional 20-30% buy within 12 months. So 50-60% of the prospects on any website are going to buy within 12 month.

The Number ONE incentive that A vast majority of these Buyers have for NOT using the agent's that they get the listing info from is a Perceived Financial Incentive.

I noticed after visiting your Key West Real Estate website that you do NOT include All MLS info either (no address info). So, you realize what every agent should know, or maybe you have the MLS set up like that because the agent who owns that site requested this and you don't agree with them?

Over 50% of the prospects believe that they have a Financial Incentive to work with only ONE agent. In my 9+ years as an investor, loan officer, and Realtor I have found that there are two common misconceptions that Buyers have and another type of buyer who also believes that they can create a financial incentive for themselves.

First the two misconceptions...
#1) A high percent of buyers think that THEY have to pay the Buyers Agent.

#2) Buyers believe that they can save their Buyers Agent's Commission by going directly to the Listing Agent (or they believe that they can save a portion)

The third buyer (usually an investor) And the type of buyer every agent should show the door. They are the one who ask the Listing agent to accept Their offer because the Buyer knows that the Listing Agent will be making a higher total commission if they represent both the buyer and seller.

[frobn]

Frobn,

You went to 8-9 Realtor websites and Not one of them had a Phone number? ;0)

Good point, next time I'll use the phone book or call information and ask for the first realtor that pops up

But Seriously...
You asked, "What incentive would I as a consumer have to abandon a broker who made it easy and comfortable for me to use her web site to find the information I wanted for a broker who did not provide the information or made it difficult for me?"

The same incentive that All INTERNET surfers think that they are getting by using the internet... A perceived financial incentive. See the travel industry, financial services, and car buying.

That is a fair point, the agency's listings are featured so if they are interested in an agency listing they will be more likely to signup and request additional information or to call the agent, if they don't they are looking for something else, and I am happy to help. Like you say it would be great if every user turned into a client, but that isn't reality so there is no reason to be discouraged by it.

Users become more and more sophisticated everyday and as they do they appreciate the effort put into a web site when it is a pleasant experience for them - they have a lot to compare to. If brokers don't learn how to build better sites the "WalMart VOWs" will soon take over their market. The old adage "build a better mousetrap" has been replaced by a new one "build a better path to your door."

Again, use whatever works for you.

I noticed after visiting your Key West Real Estate website that you do NOT include All MLS info either (no address info).

I would have put the address in but it is against the MLS rules. I have a awesome addon which ties into Google maps.

So, you realize what every agent should know, or maybe you have the MLS set up like that because the agent who owns that site requested this and you don't agree with them?

I agree that users are not asking for every last tidbit of information and the broker knows best what they want. I give the broker/agent my best counsel, it is their decision to use or not use it, it does't cost less either way.

I am working on a site now with two MLSs one allows addresses the other doesn't, we are including the address for the MLS that does allow them.

[Bob Crain]

Good point, next time I'll use the phone book or call information and ask for the first Realtor that pops up

This is an interesting response?

I am really trying to understand the mentality of not actually Calling a Professional and asking them to do the research for you. It is my belief that consumers have been Duped into thinking that buying a home is virtually the same as buying a new car, booking a flight, or ordering a book on line. Someone shopping for a New Volvo basically searches the net until they find the best price on the model they want to buy then either goes to their local dealer with that price quote or goes to the dealer with the best price.

Buying a Home is NOTHING LIKE THAT. Buying even a New Home is like buying a 10 year old Used car without a Carfax report and no mechanical inspection (especially if you use the Listing Agent!).

If this is how you choose to make the largest or one of the largest financial decisions in your life so be it...

It perplexes me as to why Most Intelligent people would just surf the net, look for a property they like, then drive sheepishly to the listing agent to buy that home. Have you seen any articles on the physiology of the INTERNET home buyer?

The Listing Agent has a contractual obligation to get the MOST Money that they can for the Seller. An intelligent person would do some area specific research. They would check out the top 10-20 websites, call 3-5 Realtors, interview them, and then Ask for References. Once they found a Realtor that met their needs they would Contract that Realtor to find them the Exact Property they were looking for.

Yes, the INTERNET can help you find a property; but the best buys are Always Sold within days of being listed. They are Not Found by someone surfing the net. The Best Buys are either bought by Realtors who work that specific area or those Realtors Clients.

Users become more and more sophisticated everyday and as they do they appreciate the effort put into a web site when it is a pleasant experience for them - they have a lot to compare to. If brokers don't learn how to build better sites the "WalMart VOWs" will soon take over their market. The old adage "build a better mousetrap" has been replaced by a new one "build a better path to your door."

You have mentioned this more then once. Users are bombarded with more information, they are not necessarily becoming more sophisticated. In fact I believe that many times they think that they are becoming more sophisticated just because they are utilizing more technology.

In much the same way that The Stock Market "Day Traders" thought that they had the Bull By the Horns... Many of the "Real Estate Day Traders" are going to get the Horns

I do agree with you that users appreciate an easy to use website; yet, YOU know as well as I do that INTERNET users will go no farther then the second page of the search engines. I would argue that in every Market the way to capture the lead needs to be slightly different based on what the other websites on the top of the Serps are doing, (WalMart VOW's or NOT).

I would have put the address in but it is against the MLS rules.

WHY, IS THERE A RULE AGAINST THIS? Is there any written reason. If so what is it?

I agree that users are not asking for every last tidbit of information and the broker knows best what they want. I give the broker/agent my best counsel, it is their decision to use or not use it, it does't cost less either way.

Hey, Brokers like everybody else Just Think that they know what's Best

I truly want to know what is the best Way to Capture the greatest Number of Loyal Prospects. If you have ANY research on the various ways that Real Estate Specific Websites have been tested I would be more then happy to evaluate those methods...

I have tested the following on my website for at least one month periods:

Complete MLS access with full address and no log-in required.

Optional registration with no address info for the properties.

Registration required, with full address info

Registration required with no address info.

I currently use a combination of all of the above based on who's listing it is.

[frobn]

It is my belief that consumers have been Dupped into thinking that buying a home is virtually the same as buying a new car, booking a flight, or ordering a book online.

You seem to view home shopping on the Internet as comparative shopping I view it as informational and the opportunity to develop comfort and confidence in a Realtor. I doubt that any web site will satisfy someone who shops for a house the way they shop for a car. There are several things that will turn me away from a web site. Among them are flash navigation, java, confusing navigation, poor organization, lack of information and required registration (obviously not everyone is turned away by registration). I can put what turns me off in words because I understand web development but for someone who doesn't they are likely to experience such things as an uneasy feeling and move on to the next web site.

You asked if there has been any research on the physiology of the INTERNET home buyer. I doubt it, but there has been abundant research on usability and accessibility which give some insight.

...An intelligent person would do some area specific research. They would check out the top 10-20 websites, call 3-5 Realtors, interview them, and then Ask for Refrences. Once they found a Realtor that met their needs they would Contract that Realtor to find them the Exact Property they were looking for.

Perfect. How do you know when you find a Realtor that meets your needs? I would answer, it's the "comfort level." The most a Realtor can hope from her web site is that it sets the stage. Some web sites do it well, most do it poorly. I don't claim to have the ability to do it well, yet. I am still learning.