Niche marketing or targeting a specific market is not new What IS new is tailoring your approach so what you say and do resonates more powerfully with each of the 4 generations NAR Statistics (2007) On-Line Consumers39% are between 25-34 years of age65% are Married22% are Single Females8% are Single MalesMedian income is $70,700 per year
The real question is – will you evolve to deliver on these new buyers expectations?
Lesson 1 Who is Today’s Real Estate Consumer?Remember to update this slide from NAR website
Living the Code - Duties to Clients and Customers Standards of Practice 1-2
Section 3 MobilityFocus on 3 technology tools that consumers are using every dayLaptopsWireless capabilityPDAS
Living the Code – Honest and Truthful CommunicationsArticle 12Standards of Practice 12-5, 12-8 – 11Effective January 1, 2008 New Standards of Practice related to Article 8
Keep people apprised of the mundane details of your life…Also useful for people of similar interests, they use it to organize and meet each other.Increasingly used by young people for calendaring, corresponding, etc.
Learning Objectives Identify who today’s consumer is Identify appropriate tools for business
Learning Objectives Create web presence with a website, and blog Evaluate the effectiveness of internet advertising and marketing in relation to Inventory, company and personal business Evaluate new social networking tools that are effective for real estate
Learning Objectives Identify ways to stay current and informed on issues affecting their business through the use of the Internet
How about the Follow Thru? 45% of Leads will turn into a sale for someone Only 10% will become a sale in 90 Days 22-25% will convert to a sale in 180 days The average on-line buyer needs to be incubated for six months to a year. The older the Lead the less competition.
Who is On-Line? NAR Statistics (2008) On-Line Consumers 34% are between 25-34 years of age 65% are Married 17% are Single Females 8% are Single Males Median income is $70,700 per year
Demographics 170% Growth in 35-45 year olds in past year Average age of a user is 32 Majority are College Graduates Largest increase of users are those over 55 in the past year 175 million active users Average users have 120 friends 18 million update daily Over 3 Billion minutes spent on Facebook daily Source: http://www.facebook.com/press/info.php?statistics
Living the Code Duties to Clients and Customers Standards of Practice 1-2 “The duties imposed by the code of ethics encompass all real estate related activities and transactions whether conducted in person electronically or through any other means”
Laptop Essentials 14-Inch TFT Color Screen WiFi and Bluetooth Receiver (built in) 95% full size spill proof keyboard Good speakers Dell Discount Available for REALTORS® via REALTOR®-Benefits Leasing versus Renting?
ConvergenceModels Palm OS powered PDA like theTreo or Centro offer touch screen and infra red Pocket PC powered PDA offers “Outlook”like performance and productivity Blackberry combines user friendly keyboards with easy-to-use design for calls and E-mail on the go!
ConvergenceModels 3G technology gives iPhone fast access to the Internet and E-mail around the world iPhone 3G makes it possible to do more in more places Surf the web Download E-mail Get directions Watch video Even while you’re on a call
The Most Useful Tools Check E-mail Return phone calls Schedule meetings and showings Make follow up and prospecting calls Search MLS and pricing info Avoid missing appointments
Camera Features Megapixels More megapixels equals more detail ZOOM Lens 10-16x w/ digital enhancement 28mm or as close as possible Compare optical zoom Ignore digital zoom Size, ease-of-use, and price
Camera Features Memory/Storage Same card as your phone or PDA Image stabilization Ensures sharp pictures if you’ve got a shaky hand Or when using the zoom for close-ups Better software Image editing Archiving Stitching to create panoramic images
Panasonic Lumix TZ5 91-megapixel 10x optical zoom Leica DC lens 720p HD motion pictures 3-inch LCD screen 28mm to 128 mm Image Stabilization
Samsung NV24HD Pros - 24mm wide in both photo and video mode. - HD video, but the HD does crop the top and bottom. IE the non HD mode will record a wider image vertically. Samsun Cons: - Video length is only 25 minutes. (let me know if the newer cameras last longer)
Living the Code Article 12 Honest and Truthful Communications Standards of Practice 12-5 Standards of Practice 12-8 through 11 New Standards of Practice related to Article 12 effective January 1, 2008
E-mail Etiquette Get to the point Business writing Punctuation Abbreviations Easy on the formatting Spam Check yore spelling Reread before sending Always use a signature New subject line when subject changes
Types of E-mail Systems Web-based Systems POP vs SMTP Outlook AOL MRIS E-mail Attachments Signature Lines Vacation Messages “Free” E-mails GMail Hotmail Yahoo Distribution Lists Contacts Instant Messages
Getting Help Be consistent Monthly is good Permission based only – Always ask permission before youstart sending the E-mail
NAR Opinion of CAN SPAM E-mail is to be used for Responses to Inquires Contact clients and firms involved in a transaction Remain in contact with former client Promote property listings
Search Engine Marketing OfflineMarketing RelatedSites Marketing on the Web Listing Aggregators Directories Site Advertising 3rd party Lead Generation Yard Signs Flyers Print Ads Direct Ads Promotional Items Events Organic Results Paid Results
Pay-Per-Click Advertising Marketers accountable for delivering an actual return on advertising dollars Brokers purchase key words **Reciprocal Links Are Dead (for now)
Aggregator andOnline Classified Sites Aggregator provides leads back to broker via link to broker’s listing Online classifieds provide agents with opportunity to expand their marketing reach to more prospective buyers
Web Analytic Solutions Google Analytics WebTrends VisiStats GetClicky
Characteristics of Good websites MUST-have features of websites Current listing information Pictures of listings Easy navigation Links to other data Information about community and buying process
Ask for Input Easy to navigate? Contain information that was useful? Contain enough information to invite you to come back?
Virginia Advertising Law How well do you know the NAR Code of Ethics regarding your Web practices? How about the VAR Advertising Rules?
Marketing Practices Virginia Statute 18VAC135-20-190/Article 12
Must disclose name and license status
Must disclose all locations were license is held
Marketing Practices Banner Ads – Disclosure link must be disclosed on the banner itself, can be a hyper-link Cannot show listings “For Sale” if they are under contract or sold If posted must be removed from blog NAR Trademark Rule – “REALTOR” cannot be used with any adjectives
Virginia Required Internet Rules(18VAC135-20-190) Agent name and licensed status must be disclosed on all solicitations or business related pages and E-mails Brokerage Name, address and phone number must appear on all web pages in the first viewable section Both must disclose all the locations in which they hold a license
Internet Rules I All internet advertisement is under the direct supervision of the Broker Instant messages are exempt so long as previous disclosures have been made Chat Rooms – Disclosure must be made in every instant that you provide services or recommendations or a solicitation is made
Internet Rules II Banner Ads – Disclosure link must be disclosed on the banner itself, can be a hyper-link Cannot show listings “For Sale” if they are under contract or sold NAR Rule – “REALTOR” cannot be used with any adjectives
Popular High Risk Practices False Statements about Competitors and /or their practices Anti-Trust Violations Picture Manipulation or “Enhancements” Article 2 Non-Violation Practices Posting Listings Being “mean” Vendettas
Officially, social media is “an umbrella term that defines the various activities that integrate technology, social interaction, and the construction of words, pictures, videos, and audio.” http://www.wikipedia.org
“IN 2009, IF YOU’RE NOT ON A SOCIAL NETWORKING SITE, YOU’RE NOT ON THE INTERNET.” IAB PLATFORM STATUS REPORT: USER GENERATED CONTENT, SOCIAL MEDIA, AND ADVERTISING - AN OVERVIEW, APRIL 2008
Blogs Video Podcasts Photo Sharing Mapping Social Networks Resources
Benefits of Blogs Blogs are effective at Spreading a message Establishing credibility and authority Connecting groups of interested readers Networking Giving a brand a human face Reaching a wide audience Getting exposure
Online Buyer Guides Search for Homes and Land for Sale HomeBuying Guide State and Federal Fair Housing Guidelines What Does Virginia Require of an Agent? Caroline County Ordinances and Regulations Regional Information Required Property Disclosure Document EPA Lead Based Paint Disclosure (This is the one required by Federal Law) EPA Radon Consumer Information EPA Mold Information and Disclosures for Consumers Consumer’s Guide to Radon Green Remodeling Values and Guidelines Walkability Score for a given neighborhood School Information and Evaluation Free Credit Information Consumer Explanation and Information Regarding Shortsales Crime Statistics Weather Information and Patterns
Online Buyer Guide II Area Libraries Central Rappahannock Regional Library system, primary facility in downtown Fredericksburg (210,000 volumes) Caroline County Library : The main public library carries a total of 35,000 volumes in the system, head quartered in Bowling Green and serves branches in Dawn, Ladysmith and Port Royal. LOCAL TAXES - 2006 Tax Year Real Estate Caroline County:Nominal Tax Rate/$100-$.53; Assessment Ratio-100% Town of Bowling Green:Nominal Tax Rate/$100-$.l7; Assessment Ratio-100% Town of Port Royal: No separate tax imposed Personal Property/Automobile and Trucks Caroline County: Nominal Tax Rate/$100-$6.25; Assessment Ratio-40% Town of Bowling Green: Nominal Tax Rate/$100-$1.20; Assessment Ratio-40% Town of Port Royal: No separate tax imposed Sales and Use Tax Caroline County: 1% State of Virginia: 4% Zip codes by region Bowling Green 22427, 633-5651 Corbin 22446, (540) 373-1513 Hanover 23069, (540) 537-5365 Ladysmith 22501, 448-3316 Milford 22514, 633-5413 Port Royal 22535, 742-5759 Rappahannock Academy 22538, 742-5604 Ruther Glen 22546, 448-3900 Sparta 22552, 633-9742 Woodford 22580, 633-6923 Workforce and Labor Statistics Tract and Block Information Locally Issued Permits according to HUD Census Information Renting Versus Buying Calculator Local Marketing Information Remodeling Cost versus Value CLUE Insurance Reporting Information Your Local Planning Commission Caroline County’s Webpage Caroline County Public Schools Caroline County Public Transportation / FRED Schedule Hospitals Near Caroline Virginia