In the “good old days” the most effective method to advertise a property was for the broker to plunk down a “For Sale” sign on the front lawn. Contrary to popularly held assumptions, print advertising was among the least effective methods to advertise real estate. Today, the internet reigns king.
According National Association of Realtors statistics, over 90 percent of prospective homebuyers begin their search on the Internet. The data also show that over 80 percent eventually contact a real estate agent, and real estate agents are involved in more than 70 percent of purchases made. Even though the Internet is here to stay, so are real estate agents. The Internet has only altered the relationship between the buying public and real estate industry members.
John A. Viteritti of Hamptons.com interviewed three high ranking industry professionals on the topic.
Philip O’Connell, a real estate attorney and Senior Managing Director of Corcoran’s Southampton office had this to say about his company’s response to technology:
“Corcoran embraced the technology. Matthew Shadbolt, Director of Interactive Production Marketing was instrumental in our use of social media marketing. Our connections to Facebook, Twitter, You Tube, and Foursquare have quadrupled our audience in less than five years. We advertise our listings on 21 websites.”
On keeping Corcoran’s agents up to speed:
“We offer them desk-side training in how to use the technology most effectively, but buyers and sellers need a knowledgeable real estate professional who can carry them through the process of buying and selling a home. Technology is not a substitute for that.”
Next was Judi Desiderio, founder and Chief Executive Officer of Town & Country Real Estate who has six offices on the South Fork and two on the North Fork consisting of 125 agents. She comments:
“When I started in the business we were using loose-leaf binders and index cards for our listings. Today, we are able to disseminate information to the public through the new technology. It gives us a greater opportunity to inform buyers and sellers and that works to everybody’s benefit. People who visit websites are interested in particular areas, and our website provides information about the East End real estate market. We think it is easy to use and continuously updated.”
When asked how real estate agents are adjusting, she said:
“I separate real estate agents into two categories; ‘last generation power brokers’ and ‘next generation power brokers.’ The technology is here and we have to change with the times. It’s not a matter of age. It’s attitude. It’s also prior experience. Former teachers do very well in real estate. They are organized and like working with people; also waiters and waitresses. They are used to serving five tables at once. Give me a former school teacher who has waited tables and I’ll give you a good real estate agent. By the way, I was both.”
Last to offer her comments was Alice Bell, Senior Vice President of Sotheby’s International. Bell manages Sotheby’s Southampton office and oversees the activities of over 100 agents in the Hamptons.
She commented on how the industry has had to evolve alongside new technologies, saying:
“Let me quote you some statistics provided by our research staff. Over the last three months the Hamptons landing page averaged 271,000 visits per month. Actual viewings of sales listings over the last three months averaged 57,000 per month and actual viewings of rental listings over the last three months averaged 8,000 per month – 25 percent of our buyers started their search on the Internet. According to an April, 2010 Morgan Stanley Report, by 2012, 20 percent of all on-line searches will be on mobile devices, and by 2015 mobile Internet usage will surpass desk-top usage. At Sotheby’s we train our agents in the use of technology and have established a core group of agents who stay on top of the developments in technology and inform our agents.”
by Nick Kotecki, Realtor.com
http://www.realtor.com/blogs/2011/10/31/how-are-real-estate-agents-adjusting-to-the-digital-age/