How the internet is transforming real estate
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
Are we through the great housing crash !!??
Fundamentals in NZ vastly different
-3.4%
-20.6%
Price declines arresting..
. .the result of 9 turbulent years !!
The market in sales is stabilising
However volumes are still incredibly low..
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
A transformation in 10 years
Edging ever closer to 100% online search
National Association of Realtors Home Buyer Survey 2008
78%
63%
46%
40%
38%
38%
36%
35%
31%
29%
5%
4%
4%
2%
9%
69%
55%
55%
49%
34%
25%
25%
24%
43%
21%
2%
4%
2%
7%
Specialist Real Estate Websites
Company Real Estate Websites
Specialist Real Estate Magazines
Community/Local newspapers
Company Real Estate Magazines
Search Engines
For Sale Signs
Real Estate Brochures
Metropolitan Newspapers - print or online editions
Real Estate Office Window Displays
Billboards
Consumer Magazines
Television
Directories
Other
2009
2008
NZ: Media usage – searching for property
Consumer attitude - newspapers ??
95% consider specialist website useful / very useful
Consumer attitudes to online search
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
Traditional model has changed
Buyers now feel in control
Relationship with buyers has changed
5 – 10 years ago
Today
Research / Research / Research
“Edutainment”
Breadth
Understanding interest / behaviour
Browse full set of listings in target areas
Depth
“Serious buyers”
Narrow down to view target listings in area Narrow down to view target listings in area
Quick-look filter Quick-look filter
Deeper filter & inspirationDeeper filter & inspiration
Price check & risk reductionPrice check & risk reduction
Depth
Browse full set of listings in target areas
The online search experience is evolving
Searching for property
Clearer role for websites
Searching for propertybuy
Searching for someone to help me sell my property
25,0166,000 / week
25,0166,000 / week
3,6364,500 / week
3,6364,500 / week
7,8103,500 / week
7,8103,500 / week
41,107100,000 / week
41,107100,000 / week
10,10315,000 / week
10,10315,000 / week
17,4128,000 / week
17,4128,000 / week
7,16230,000 /
week
7,16230,000 /
week
Not one site – many audiences
108,000 listings – 168,000 sessions per week108,000 listings – 168,000 sessions per week
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
>1,000,000 sessions per week
40% up on same period last year
Seasonal pick up– the web provides key indicatorSeasonal pick up– the web provides key indicator
New listings though are still scarce!New listings though are still scarce!
..with an emerging sellers market..with an emerging sellers market
Supply and demand in the local market
““Traditional agents will Traditional agents will not be replaced by not be replaced by
technology...technology...
..they will be replaced ..they will be replaced by agents with by agents with
technology”technology”
Real estate professionals need to change!
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
More than just a website
1. Syndicated to MSN / Yahoo news sites – over 600,000 UB per day
2. Top indexed website for real estate on Google – over 85% of NZ search
3. Free profile page for each salesperson
4. Links to all office and agent webpages
5. Comprehensive listing activity reports
6. Unlimited photos
7. Video and interactive floor plans
8. Comprehensive market reporting data – monthly NZ Property Report
9. Free blog platform for agents
10. Feature advertising for agents and properties – delivering value
11. Extensive training seminars – over 120 events, 2,000 attendees
12. Monthly email with advice and support
• The most cost effective advertising medium in real estate
• Protecting the industry from aggressive media profit motives
3 years of growth – 27% per annum vs. market 17%
Realestate.co.nz is the market leader for international visitors searching for NZ real estate...
Realestate.co.nz – the most comprehensive
Trade Me residential property listings - 49,373 includes an
estimated 6,000 private listings
Future for realestate.co.nz
1. The best and most respected marketing tool for real estate professionals
2. Most valued online source of property information
3. Trusted / authoritative source of real estate information
4. Leaders in online marketing – tools and services
5. The site is constantly being developed
6. New enhancements – leading edge
Industry leadership!Industry leadership!
Property information at your finger tips
Providing information – 24hrs a day
Every property has a web page – 1,528,453 properties
Property Information
Context of aerial images
Community information – where to live
1. The marketplace – current state of the market
2. Trends in online real estate
3. Understanding buyer behaviour
4. The web provides rich information
5. Realestate.co.nz
6. Getting the basics right - listings
7. Your profile – your future!
The internet is transforming real estate
What are they looking for?
Google Maps – real estate
Address
Accurate pricing Large images / high quality images
Maps
Get the basics right!
Some examples
What not to do!!
What are they looking at??
Email alerts – first impressions count!
No substitute to comprehensive information
Photos are so important!
The web provides so much information... enough to replace an agent??
Richer and richer information
New functionality
• Search filter
• Email schedule
How can you stand out from the masses?
Featured listings
Featured listings
14 days with a featured listing delivers an
audience of over 10 times more viewings than a regular listing
$250 $250 inc GSTinc GST
Featured listing for just
Vendor paid marketing – that delivers
Call us 0800 732 536
Some examples
4 bedroom Browns Bay$500k to $700K
11 properties
Some examples
Buyers - call to action
1. Telephone
2. Website
3. Email
4. Open home
5. Office visit
Enquiry leads come in many forms
Handling enquiries
• Enquiries from buyers – when they have a question
• Only when they have exhausted their searching
• Responsiveness is critical
• How do you rate your performance?
How do you rate – responding to emails?
Response timing is improving – but 12% never respond!
• Make sure you receive them!
– Check your email address
– Avoid gmail / xtra / webmail
• Respond as soon as practicable
– Use technology / or support teams
• Carefully consider your responses
Emails
1. Treat every email as a prospective buyer
2. Don’t be pushy – don’t demand a contact number
3. Answer their question
4. Treat the enquirer as a very early enquirer “I appreciate you may be at an early stage of looking for a property”
Emails – etiquette
The advice works!...
thanks for your email.
yes you are right. we have just started looking for a house in Parnell. Was looking more into Remuera, Greenlane, and Epsom. Didn't look into Parnell as I heard about how land in Parnell is leasehold. Not too sure where the line start and end.
Anyway, target area is for a Grammer zoned area. As we got a little girl that is close to 3 years old.
we prefer not to have any body corp. As we are not too sure if we want the hassle. I know some people prefers it.
Anyway, thanks
What would I do?
Market information• Research the local market – RSS feed / email alerts• Know every property on the market – track performance• Track listing volumes / sales volumes• Track open homes – email alerts
Listing• Professional photography• Clear, comprehensive description• Video• Featured listing• Proof everything before publishing
1. The web is the home of real estate
2. Understanding the buyer behaviour
3. The web provides rich information
4. Getting the basics right - listings
5. Your profile – your future!
How to make the most of the web
1998 : 26,000,000 web pages1998 : 26,000,000 web pages
2000: 1,000,000,000 web pages2000: 1,000,000,000 web pages
2008: 1,000,000,000,000 web pages2008: 1,000,000,000,000 web pages
100,000,000,000 clicks per day100,000,000,000 clicks per day
?How to be found on Google!
The power of links
To be found you need to be online
Part 1: Find yourself on Google
Part 2 : Be found on Google
Blogging – conversations online
• Web page
• Library of articles
• Profile
• Authentic / Transparent
• Requires commitment
• The most powerful form of marketing
Blogs – hosted on realestate.co.nz
What buyers want information on?
Social Media – building a profile
Free profile page – linked to your listings
Sell yourself!
Promote yourself everyday to over 15,000 people a day
Just 3 agents per suburb
July / Aug / Sep
$15 / $75 / $150 per month
Online ordering and credit card transaction
Login / sign up / profile yourself
“Homebuyers & Agents have information overload.
Agents must create legitimate value-add services & become the trusted go-to person”
Stefan Swanepoel
The changing face of real estate
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Proudly supporting the real estate
industry
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