why you should not show addresses - NAR stats

[webmaster]

Thought that would get your attention

Was just looking at the NAR stats for internet users, what blew me away was that the highest % by far of actions was "drove by / viewed home" at 75%

How are these people driving by? They were able to access the address the property address from the internet.

Actions taken as result of using Internet site:
Drove by/viewed a home - 75%
Walked through a home viewed online- 57%
Found agent used to search/buy home - 21%

Now I am not totally against giving address information to a visitor, because obviously it is what they want - however I just wanted to cite these stats and state my opinion that it is IMPERATIVE that you capture the visitors information before you provide address details. Otherwise you run the risk of losing a prospect to the agent sign that is in front of the home.

This has been said before many times, but I hadn't seen the stat, and so wanted to share it with you.

[ResaleBroker]

Thank you for sharing.

My wife and I have this conversation almost daily.

[webmaster]

Lol to funny - Of course even after you capture the lead, they will still drive by the house if you provide address info and you still run the risk of losing the prospect - however at least with the lead you have a chance

If you have quick and decent follow up, you will speak to the prospect before they have a chance to leave their computer. They might be planning to hop in the car to check out the home, but after the phonecall you will likely be driving them

[ResaleBroker]

Lol to funny - Of course even after you capture the lead, they will still drive by the house if you provide address info and you still run the risk of losing the prospect - however at least with the lead you have a chance

If you have quick and decent follow up, you will speak to the prospect before they have a chance to leave their computer. They might be planning to hop in the car to check out the home, but after the phonecall you will likely be driving them

Myself, I don't give out addresses unless I have a signed Broker Agreement.

[MattL]

Personally, I fail to see the logic of withholding addresses in any reasonably competitive market... it's an invitation for the potential customer to go elsewhere, given that dozens of sites that will provide the addresses without registration (IDX).

WolfNet's VOW2 program is a prime example of "give until it hurts", and why a highly restrictive website will never compete with an "open" website in an equal market. Sure, you may not convert as many leads on a percentage basis, but you will retain far more actual business (income) on a volume basis.

That's my 2 cents, anyway... what do I know.

-Matt

[MattL]

Just a quick (okay, it wound up long) note about the drive-bys --
I also think there is some value for the Agent if they don't necessarily have to "show" the potential customers every single house. A lot of the buyers' gut feeling can be established at the curb.

On a personal note...
Speaking as a would-be client from hell, my wife and I drove by some 74 properties over the course of three weeks when searching for our home... and that was almost entirely in one town. We narrowed the selection down to about 10 before consulting with our Realtor, and she reasonably excluded 3 from that list. We went out for one showing weekend for 3 properties, followed by a new listing showing on Wednesday. We instantly fell in love with the house, signed a contract, and that's where we've lived for the last 4 years.

Now, would you really have wanted to talk to us about 74 properties, when you could have talked to us about 10? We were shown 4 homes, amounting to a likely total of 12 hours of work for a $9K commission.

The purpose of a VOW is to empower the client to search on their own, at their own pace and leisure, allowing them to explore their myriad possibilities without limitation. A Realtor will always remain valuable for their familiarity with the area, contract negotiations, and general "transaction management" details.

As long as VOW/IDX policies exist, you don't have much of a choice... Dell or be Delled, as they say.
-Matt

[Boston Condo Guy]

What are your thoughts on being the only provider of "full" information in searching for a home in a particular market. Do you feel that if you have the only site that has full information (address, price, map, etc.), when other sites provide information only in piecemeal, will you win the confidence and business of the visitor?

[MattL]

What are your thoughts on being the only provider of "full" information in searching for a home in a particular market. Do you feel that if you have the only site that has full information (address, price, map, etc.), when other sites provide information only in piecemeal, will you win the confidence and business of the visitor?

Absolutely. This was the case with eRealty 5 years ago -- they were hitting something like 50% of the Internet buyers. While not everyone used them, it did generate quick familiarity (enough to prompt a $25M buyout).

-Matt

[sdhomes]

WolfNet's VOW2 program is a prime example of "give until it hurts", and why a highly restrictive website will never compete with an "open" website in an equal market. Sure, you may not convert as many leads on a percentage basis, but you will retain far more actual business (income) on a volume basis.

-Matt

Many will disagree with you, including me, but I hope everyone else listens to you anyway.

[MattL]

Many will disagree with you, including me, but I hope everyone else listens to you anyway.

Well, certainly the market dynamics are different in each metro area, but here WolfNet was the only provider that tried a "VOW 2.0" implementation, and they had the backing of KW regional to help.

A year later, and most of the top-performing KW agents have switched to either our service or BirdView, because VOW 2.0 (or perhaps WolfNet's implementation of it) didn't work. I can't help but beat the drum that showing both listings and the listing brokerage to an unengaged buyer is at least half an invitation to go elsewhere.

Again, NAR is pulling the IDX policy once the DOJ mess is cleared up, and MLSNI has committed to not adopting the ILD policy. At least one can infer that the brokers in this area see limited value in IDX (or ILD) and lead capture -- as it is in the real office -- is the most important aspect in converting leads to buyers.

-Matt