Chris Hardy: Trends And Tech Update 2011

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Chris Hardy's insightful Tech trends presentation from our January 2011 Membership Meeting.

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Chris Hardy: Trends And Tech Update 2011

  1. 1. Real Estate Trends & Tech Update Chris Hardy Managing Broker
  2. 2. Real Estate Trends & Tech Update Chris Hardy Managing Broker
  3. 3. Conference Update 2010 CMLS Chicago
  4. 4. INDUSTRY TRENDSGlobalization • Foreign Brokerages gaining ground in U S U.S. • U.S. Brokerages abroad (C-21 China; ERA Japan)Diversification of Real Estate Services • Ability/Agility to address market needs will determine who survives • More consolidation of the franchises and traditionals • Challenges from Non-brokerage & Discount ModelsEmerging Immigrant Market • 1 – 1 5 Million LEGAL immigrants annually 1.5 Milli i i t ll • By 2050 50% of population will be non-white • HUGE culture gap in RE industry to service this market g p y segment
  5. 5. INDUSTRY TRENDS Realtors aren’t stupid…White Noise (no, not a new boy-band)Some numbers: • 27 million tweets • 126 million blogs • 234 million websites • 1 billion videos • 1.4 billion email users • 260 billion FB page views (per month) • 90 trillion emails sent in 2009
  6. 6. INDUSTRY TRENDS We’re just a little slow…Social Media (no, it’s not going away)•Some numbers: • Only 14% of the population trust advertising • We have built a culture of distrust•Here’s some Good News… • 78% of the population trust peer recommendations • M need t devote 60 90 minutes a d t make May d to d t 60-90 i t day to k social networking an effective tool. • Not a silver bullet, though – just a tool to establish a legitimate channel that cuts through the white noise
  7. 7. Traditional REALTORS?Population DemographicsSome numbers: • 78 million Baby Boomers (1946-1964) • 73 million Millennials aka “Gen-Y” (1981-2000)Where are the REALTORS going? • Average age of REALTORS - going up • Average age of 1stt time home buyer – going down • Under 40 = less than 208,000 • Over 65 = almost 400,000, • Half of all R’s will be getting out in the next 10 years • Chicago – 27% considered “Full Time” • 39% increase in ethics complaints • WE MUST RAISE THE BAR on PROFESSIONALISM!
  8. 8. Is this raising the bar?
  9. 9. Or this?
  10. 10. Maybe this?
  11. 11. What Consumers Want…California Association of REALTORS• Better understanding of the market and the g mortgage qualification & underwriting process• Improved negotiating skills• Better understanding of short sales & foreclosures f f• Quicker response time If you don’t have a way to respond in 15 minutes or don t less, you’ll lose.TheTh 2010 H i poll put REALTORS at th b tt Harris ll t t the bottom of th li t of prestigious f the list f ti i professionals
  12. 12. Can you say “challenge”?
  13. 13. The New Brokerage?Who’s Being Threatened?• Traditional Brokerage models will be supplanted with more contemporary ones• Not necessarily by discounters• Not necessarily ‘virtual’ brokerages• Innovators from outside the industry and outside the U.S. (EXP Realty, @Properties, HomeSmart• Driven by the YPN-types (or those who think like them) and ever-decreasing cost of technology• Cannot cling to old brokerage paradigms
  14. 14. INDUSTRY TRENDS AGENT RATINGS/RANKINGSOut of Sight Service… Larry Romito, QSC • “To keep teenagers behaving well at a p y, p g g party, keep the lights bright!” • Industry must begin to acknowledge outstanding service, not just GCI • Will the change be driven from within or without? • How do you hold IC’s accountable?
  15. 15. The Experience Economy
  16. 16. The Experience Economy COMMODITY
  17. 17. The Experience Economy GOODS
  18. 18. The Experience Economy SERVICE
  19. 19. The Experience Economy EXPERIENCE
  20. 20. TAGGING & VIRTUAL SHOPPING “Big Brother?” – this is beyond Bradbury! • Tagging gg g • RFIDs • QR Codes • Bar Codes • Location Based Everything • Facial Recognition (Bellagio queue) • Personalized Billboards • Talking shirts, gizmos, and groceries
  21. 21. The Future of Shopping? http://www.youtube.com/watch?v=jDi0FNcaock
  22. 22. WE’RE GOING MO-BILE!
  23. 23. VIRTUAL ASSISTANCE www.regus.com
  24. 24. VIRTUAL ASSISTANCE www.teamdoubleclick.com
  25. 25. VIRTUAL ASSISTANCE www.fiverr.com
  26. 26. TIME TRACKING www.getharvest.com
  27. 27. EXPENSE TRACKING www.itunes.apple.com
  28. 28. EXPENSE TRACKINGwww.shoeboxed.com h b d $9.95/mo $9 95/
  29. 29. EXPENSE TRACKING/BOOKKEEPING www.mint.com i t
  30. 30. MILEAGE TRACKING www.symplysoft.com/milog
  31. 31. MILEAGE TRACKING www.landairsea.com
  32. 32. CLOUD COMPUTING www.dropbox.com
  33. 33. CLOUD COMPUTING www.google.com/docs
  34. 34. EMAIL PRODUCTIVITY www.xobni.com
  35. 35. EMAIL PRODUCTIVITY www.mailchimp.com
  36. 36. CONTACT MANAGEMENT www.batchbook.com
  37. 37. E-SIGNATURES! www.docusign.com
  38. 38. E-SIGNATURES! www.itunes.apple.com
  39. 39. PHONE MANAGEMENT www.google.com/voice
  40. 40. PHONE MANAGEMENT www.line2.com
  41. 41. PHONE MANAGEMENT www.youmail.com
  42. 42. PHONE MANAGEMENT www.slydial.com
  43. 43. PAGE MANAGEMENT www.pagemodo.com
  44. 44. PAGE MANAGEMENT www.pagemodo.com
  45. 45. PAGE MANAGEMENT www.roost.com
  46. 46. PAGE MANAGEMENT www.roost.com
  47. 47. IMAGE MANAGEMENT www.animoto.com
  48. 48. IMAGE MANAGEMENT www.flip.com Jessica Riffle
  49. 49. IMAGE MANAGEMENT www.kodak.com
  50. 50. TEXT MANAGEMENT
  51. 51. BLOG/NEWSLTR CONTENT www.houselogic.com/members
  52. 52. INNOVATORS & IDEAS
  53. 53. INNOVATORS & IDEAS
  54. 54. Motivation Selling Real Estate is Hard Work“What doesn t kill you makes you stronger!” What doesn’t stronger!
  55. 55. Motivationhttp://www.youtube.com/watch?v=ipEP9YOFLHk
  56. 56. Thank You!

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