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Real Estate Web 2.0

Real Estate Web 2.0

How is technology shaping the real estate industry?
You’ve got to have the ability to handle massive amounts of data and to organize it. The biggest impact is how technology has enabled the Internet. The Internet is about people connecting with people in ways we hadn’t dreamed of before.

How is the Internet changing the business of real estate today?
Back in the day we had a multiple listing book. It was a gatekeeper mentality. It didn’t allow the consumer to see the inventory. With the Internet, it’s the opposite. The Internet allows them to have unlimited access.

What are the best ways a real estate agent can leverage the Internet?
Number one: Specialize. The biggest mistake they make is being everything to everyone. So few people get that. Learning the language of the online consumer and avoiding the temptation to try to take control.

How is language online different than face-to-face communication in real estate?
Online is about only words and imagery. So you have to be aware of these fundamentals. Consumers are in control and they like it that way. They value saving time and money and having options. Their privacy is sacred. The Internet consumer will get what they want eventually because of the competitive pressure within the industry. Someone’s always trying to figure out how to differentiate themselves.

How many agents out there are using the Internet as they should?
Most of them use it. Now ask how many are effective. Most can send and receive e-mail. Most can get on a Web browser. Most do not know how to work effectively with the consumer.

Where are things headed in relation to how the real estate industry uses the Internet?
There needs to be some serious training and broker adoption of technology. Focus on developing new revenue sources,enhancing marketing technology and exercise extreme fiscal responsibility.

There will be a weeding out of companies and agents who came into real estate during the boom years and have never fully understood the fundamentals of the business. Mergers, acquisitions and consolidations will come back to the forefront in the industry, giving significant growth opportunities to strong, well-run companies.

The strong will survive. Those who are innovative and resourceful will set a new course for themselves and be much more successful, as a result.

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