H-Town Day:  Bob Hale
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H-Town Day: Bob Hale

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The H-Town Day presentation on the Houston Association of REALTORS by Bob Hale, President & CEO of the Houston Association of REALTORS.

The H-Town Day presentation on the Houston Association of REALTORS by Bob Hale, President & CEO of the Houston Association of REALTORS.

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H-Town Day:  Bob Hale H-Town Day: Bob Hale Presentation Transcript

  • A process by which a product or service takes rootinitially in simple applications at the bottom of a marketand then relentlessly moves ‘up market’, eventuallydisplacing established competitors.An innovation that is disruptive allows a whole newpopulation of consumers access to a product or service.
  • $12 Billion $16 Million$93 Billion $655 Million$362 Billion ?
  • Rent nightly from real people in19,716 cities in 196 countries. Airbnb.com – Air mattresses and donuts Listings worldwide from a room to a home Implications for hotels and real estate? View slide
  • • Mobile• Social• Ratings & Reviews• Videos View slide
  • • Mobile – Disrupts traditional websites• Now more minutes are spent searching the web on apps than browsers Google Android – 150,000 apps – 2 Billion downloads Apple – 425,000 apps – 15 Billion downloads• 1/2 of all searches will be via mobile devices within a year
  • Real Estate Apps - National Search
  • AppStore – Local App Search
  • Android Market – Local App Search
  • Apps for Consumers& MLS Subscribers
  • 800 Million Users3 Billion videos areviewed a day200 Million Users
  • HAR Powers 800+Agent’s Facebook Business Pageswith their Listings
  • HAR TweetsYour Listings87,000 Tweets
  • HAR Promotes Your Social Presence
  • 140,000 Views - Agent/HAR Videos88,000 Views - Listings Videos HAR Promotes Your Video Profile & Listings on YouTube
  • 70,000 Ratings
  • 3,556 Agents have Surveyed Clients 4.93/5.00Total Surveys Sent to Clients 102,448 (49% Response)
  • Chicago Quarterly Market Ranking - 12 weeks ending 8/27/11 Column1 Websites Visits 1 Realtor.com 7.95% 2 Yahoo! Real Estate 7.69% 3 Zillow 5.89% 4 Trulia.com 5.35% 5 Homes.com 2.67% 6 Rent.com 2.62% 7 Redfin 2.18% 8 AOL Real Estate 2.00% 9 Midwest Real Estate Data LLC 1.78% 10 ZipRealty 1.72% 11 Apartment Guide 1.68% 12 Apartments.com 1.60% 13 RE/MAX Northern Illinois 1.56% 14 MSN Real Estate 1.48% 15 MyNewPlace 1.43%
  • Houston Quarterly Market Ranking 4 weeks ending 8/27/11 Colum Websites Visits n1 1 HAR.com 26.74% 2 Yahoo! Real Estate 6.84% 3 Trulia.com 4.10% 4 Realtor.com 3.49% 5 Zillow 3.15% 6 Homes.com 2.69% 7 Apartment Guide 1.90% 8 Rent.com 1.87% 9 ZipRealty 1.64% 10 Apartments.com 1.54% 11 MSN Real Estate 1.50% 12 LoopNet 1.33% 13 ApartmentRatings.com 1.32% 14 AOL Real Estate 1.25% 15 MyNewPlace 1.01%
  • MLS Consumer Websites:It’s Not Just HAR.com Anymore 779,450 Agents Belongs to MLSs w/Public Websites
  • 2010 – Broker/Agent Listings Viewed 145,881,434 Times
  • 2010 – 438,782 Email Leads to Brokers/Agents
  • 2010– Broker Phone# was Clicked 419,222 times
  • 2010– Click-Thrus from HAR.com to Broker/Agent Websites 2,724,954 Times
  • $5.012010– Click-Thrus from HAR.com to Broker/Agent Websites 2,724,954 Times $3.00 x 2,724,954 = $8.18 Million
  • Key Characteristic of anInnovative Disruptor is Providing Consumers What They Want
  • Not Listing Agent
  • Disruptive Innovation Uber app-town cars, taxi Assn tried to stop it, 10 seconds fordriver to accept, passenger rates driver & driver rates passenger, $10 fee if passenger is a no show
  • • Top 1, 2 or 3 sites according to Hitwise and ComScore in almost every market in the US except Houston• Ratings of agents o Over 70,000 agent reviews by consumers• Source for housing articles in Wall Street Journal and USA Today• Achieved $1 Billion market cap• 1/2 of agent leads may not be responded to• Zillow gives consumers what they want• Zillow is Innovative
  • Internet Information provider that we call “Desired Monopolies.”Well, your average realtor (we interviewed several as part of ourresearch for this report) doesn’t quite “hate” Zillow, but therealtor-Zillow relationship is complicated. Realtors generallyadmire Zillow’s web site and its ability to efficiently (andprettily) provide a wealth of real estate information.However, realtors loath Zillow’s price estimates, invariablydescribing them as wrong and bemoaning the friction theycause when prospective clients cite them, only to have therealtor "set them straight" with local knowledge Zillow nevercatches. But the biggest thing realtors hate about Zillow is that ... they don’t own it.
  • We can’t resist Zillow’s free, voyeuristic window into our neighbors’homes, what they paid for them, and what they’re worth now. Zillow’s officialbusiness model calls for signing up more subscribing real estateagents, facilitating more mortgage originations, and selling more of its highlytargeted advertising.Overlaid graphically data on the classic Zillow aerial presentation :Crime statisticsHealth statisticsImmunization rates at schoolsSewage treatment plants overlaid with arrows representing the predominantwind directionIf Facebook charts our social graph, then Zillow clearly has the lead incharting our environmental graph. And as a Desired Monopoly, Zillow can bethe trusted middleman, aggregating nice-to-have information into a must-have whole.
  • By only pursuing “sustaining innovations”that perpetuate what has historically helpedthem succeed, companies unwittingly openthe door to “disruptive innovations”.
  • Providing Consumers What They Want Sold Prices & Dates Listing History(Price Reductions) Days on Market Nearby Homes for Sale Nearby Homes Sold Price Estimates & Trends Contact a Buyer’s Agent Post Homes for Sale Compilation of Features from Above Websites