ONLINE REAL
ESTATE MARKETING
CONFERENCE
MARCH 2010 – CAPE TOWN

presented by
Adriaan Grove - Entegral




                ...
Online Real Estate Marketing
          Today and future trends

    TOPICS FOR DISCUSSION
•   The online real estate marke...
The online real estate marketing
revolution, the changing face of real estate

            The question is not IF online r...
The online real estate marketing
        revolution, the changing face of real estate
                         1=HOW FAST?...
The online real estate marketing
revolution, the changing face of real estate



          The tough market conditions was...
The online real estate marketing
revolution, the changing face of real estate

           The future is internet based rea...
The online real estate marketing
revolution, the changing face of real estate

       •   An exponential growth in the use...
The online real estate marketing
              revolution, the changing face of real estate
                              ...
A new breed of estate agents, the
changing role of the traditional estate
agent
       Will we see a new breed of estate a...
The value of property syndication and
working towards common transaction
standards
        Property syndication allows est...
The value of property syndication and
working towards common transaction
standards
        The challenges
        •   Ther...
The value of property syndication and
working towards common transaction
standards
        The solution
        •   To est...
The value of property syndication and
working towards common transaction
standards

         Challenge to property portals...
Consumer empowerment and the role of
            property portals

                            Property portals consolidat...
What is the greatest business
invention in the last 50 years?

Tough one, you have to factor in mobile phones, dna
testing...
The impact of Google on the local and
global online real estate market


      According to well known entrepreneur Richar...
The impact of Google on the local and
global online real estate market


      People are speculating widely about Google'...
The impact of Google on the local and
                  global online real estate market
    Sample screenshot Google real...
The impact of Google on the local and
            global online real estate market
Sample screenshot Google real estate pl...
The impact of Google on the local and
              global online real estate market
Google launched www.google.com/reales...
The impact of Google on the local and
            global online real estate market
Google has been a catalyst for online r...
The impact of Google on the local and
             global online real estate market


Is what Google is doing in real esta...
Online strategies for estate agent websites
•   Integrate maps (e.g. Google or Bing maps) on listings
•   Syndicate your l...
Summary:

The future is internet-based real estate

Thank you (Q&A session)
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Adriaan Grove Entegral

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Transcript of "Adriaan Grove Entegral"

  1. 1. ONLINE REAL ESTATE MARKETING CONFERENCE MARCH 2010 – CAPE TOWN presented by Adriaan Grove - Entegral “Real (estate) technology simplified”
  2. 2. Online Real Estate Marketing Today and future trends TOPICS FOR DISCUSSION • The online real estate marketing revolution, the changing face of real estate • A new breed of estate agents, the changing role of the traditional estate agent • The value of property syndication and working towards common transaction standards • Consumer empowerment and the role of property portals • The impact of Google on the local and global real estate market • Online strategies for estate agent websites
  3. 3. The online real estate marketing revolution, the changing face of real estate The question is not IF online real estate marketing is here to stay, it is all about : 1) predicting HOW FAST it will grow and outgrow print media? 2) WHAT TECHNOLOGIES and service providers will lead the way? 3) what real estate BUSINESS MODEL is best suited for this online model?
  4. 4. The online real estate marketing revolution, the changing face of real estate 1=HOW FAST? 2=WHAT TECHNOLOGY? 3=WHAT BUSINESS MODEL? Understanding these fundamental concepts is critical for todays estate agent to survive. The tough real estate market conditions has already taken its toll on the 18,000 registered estate agents BUT it forced estate agents to: » 1) work smarter and more efficient 2) to be more innovative in their marketing efforts 3) to spend their limited marketing budget wisely » .....in order to gain a competitive advantage
  5. 5. The online real estate marketing revolution, the changing face of real estate The tough market conditions was and still is in effect a CATALYST for online real estate marketing growth. So in this time, we are seeing: » “...the evolution of the online real estate culture...”
  6. 6. The online real estate marketing revolution, the changing face of real estate The future is internet based real estate. Technology trends we are seeing now: • More people start their search online. NAR (National Association of Realtors) in the USA indicate more than 80% of all home buyers start their search online – a trend likely to be followed by South Africa • Increase in the number of estate agents using online advertising (and a subsequent reduction in print advertising spend) • Increase in the number of properties advertised online • More estate agents using virtual tours and video tours as marketing differentiators to win mandates
  7. 7. The online real estate marketing revolution, the changing face of real estate • An exponential growth in the use of social media tools including Facebook and Twitter • A growth in the number of personal estate agent blogs to establish themselves as experts in their areas • The launch of mobile websites and mobile applications for Iphone, Windows Mobile, Blackberry and Android powered phones. (Trulia.com indicated 10% of their traffic now through mobile devices). Mobile market is very fragmented at this stage so you have to cover a lot of bases. • An increase in the number of people visiting property portals and an increase in visiting times.
  8. 8. The online real estate marketing revolution, the changing face of real estate What we are seeing is a changing face of real estate, in short: “The evolution of the virtual culture” In essence, a new business model for real estate is being shaped as we speak. This new model has legs, and it will continue to expand and grow. The current tough real estate market is fueling this virtual culture and: – Will allow brokers to become financially healthy again through the use of more cost effective online This new virtual culture is marketing startegies and the lower cost of online a win-win-win for the advertising; broker, the estate agent and the consumer – Allow estate agents to become more independent and to keep more of what they have earned through virtual office environments and a reduced cost of advertising;
  9. 9. A new breed of estate agents, the changing role of the traditional estate agent Will we see a new breed of estate agent emerging through this new virtual culture? • One of the future business models are national internet based real estate brokerages where estate agents work out of their home offices. As a result brokers have no brick and mortar expenses. You will have agents commanding higher commissions. A new bread of estate agent is emerging: They see the value in online advertising and know this is the best and most cost effective way to target the consumer. For the new breed of estate agents, print comes second to online.
  10. 10. The value of property syndication and working towards common transaction standards Property syndication allows estate agents to distribute their property listings online to a wider audience through one system and one capture process Benefits • It is time and cost saving • Agents get a wider audience reach Case sample • Entegral's own Office Management System (OMS) where agents can choose where they want to distribute listings too
  11. 11. The value of property syndication and working towards common transaction standards The challenges • There is no single interface transaction standard for real estate listings in South Africa. This makes it more difficult and more expensive for estate agents to integrate and distribute their listings. • There is sometimes a delay in the update of listings on syndicated websites depending on import process. • Property reference numbers are in some cases not used on syndicated websites, creating embarassing situations for agents.
  12. 12. The value of property syndication and working towards common transaction standards The solution • To establish a universally accepted open property interface standard for South Africa. • A (XML based) specification that details the common format of property listings when interfaced between two disconnected systems or websites. • Rules that govern for example how often listings need to be updated and what reference numbers should be displayed. • Need buy in from all the major service providers including property portals. This is proposed interface standard is something Entegral will lay on the table to service providers/portals for dicussion.
  13. 13. The value of property syndication and working towards common transaction standards Challenge to property portals in South Africa is how to price for advertising of property listings. Traditional print media commanded a fee per size/location of your ad while property portals work on various models: 1) A fixed monthly fee for unlimitted number of listings 2) Free advertising of listings 3) Pay per click 4) Fee per property per month Which model works best for estate agents?
  14. 14. Consumer empowerment and the role of property portals Property portals consolidate listings and provide and objective search for consumers allowing them to better compare properties from various estate agents What trends are we seeing with property portals? – Better quality listings being enforced High traffic property – Better search engine optimisation to target more portals is the major lead visitors generator for smaller – More use of SEM (Search Engine Marketing) mostly agencies and allow them Google Adwords to compete with bigger – Integration of social media tools including Facebook groups, leveling the and Twitter playing field – Mobile websites and mobile applications – A stronger drive to deliver leads to estate agents, rather than just advertising of listings
  15. 15. What is the greatest business invention in the last 50 years? Tough one, you have to factor in mobile phones, dna testing, the personal computer and the internet......
  16. 16. The impact of Google on the local and global online real estate market According to well known entrepreneur Richard Branson it is Google Search..... In his own words “...Google has allowed ordinary people to find things out much more quickly. It has led to more immediate choice, an increased consumer power, and a freer flow of information, knowledge and ideas. It is far more than just a search engine, it has become an engine of change....”
  17. 17. The impact of Google on the local and global online real estate market People are speculating widely about Google's impact on the real estate market – will it drive real estate into a new direction, will it sell real estate itself, will it take over property portals? What have they done so far? • Google has silently been collecting broker feeds for the last couple of years (pulling them in to their Google Base database). And so like many of its counterparts it has a reasonably deep market coverage. • Google introduced Real Estate search on Google Maps in mid 2009 and then launched place pages which showcases listings from estate agents • Google consolidates the listings results with outbound links to various portals Each upgrade brought more speculation on how Google was planning to change things for property portals, real estate agents, and property hunters.
  18. 18. The impact of Google on the local and global online real estate market Sample screenshot Google real estate search: http://maps.google.com • Feb 17, 2010 – Google revealed what it described as its “vision for working with the real estate industry”. That vision involves, among other things, a marketing partnership with one of Australia’s most well known real estate agencies: LJ Hooker.
  19. 19. The impact of Google on the local and global online real estate market Sample screenshot Google real estate place pages http://maps.google.com The Place Page is also where Google addresses the issue of multiple sources for a listing.
  20. 20. The impact of Google on the local and global online real estate market Google launched www.google.com/realestatetools for estate agents It seems that Google is working with major MLS providers and real estate groups to integrate listings into its real estate map search platform.
  21. 21. The impact of Google on the local and global online real estate market Google has been a catalyst for online real estate innovation. With their open platform they improved real estate search, listing display and real estate research for consumers. This includes Google Maps, allowing real estate listings to be plotted and in the example below from www.myproperty.co.za provide driving directions to listings:
  22. 22. The impact of Google on the local and global online real estate market Is what Google is doing in real estate the beginning of something much bigger? Is there a threat to established estate agents and property portals? In a recent interview on Inman News with Sam Sebastian of Google sums it up: "...we don't have an evil plan for real estate...we want to give users the best possible experience...". Personal viewpoint: - Google will continue to drive online innovation for the real estate industry (including estate agents and portals). - Google real estate search will also arrive in South Africa - Property portals face a risk, they must addapt, innovate or die
  23. 23. Online strategies for estate agent websites • Integrate maps (e.g. Google or Bing maps) on listings • Syndicate your listings for more exposure • Create weekly newsletter with sold or new listings or market analysis • Put a live chat widget on your home page and man it religiously • Standarize all your downloadable documents on PDF • Stop battling complicated and expensive 'transaction management' systems, use cheap and simple productivity tools that save you time and money • Do virtual tours or online video tours. video improves the ability to win listings over competing agents/brokers. • Create a real estate market group in your neighborhood, keep it data-driven and honest • Get rid of file cabinets – go online and establish an online office • Use Google Site Search to find keyword searches in your area • To use it properly you need to create great content regularly that helps reinforce your position as an expert in your niche. However, we argued that in the majority of cases, it takes up valuable time -- time that can be spent more profitably on other activities.
  24. 24. Summary: The future is internet-based real estate Thank you (Q&A session)
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