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I was just thinking...

Looking For The Mega-Site of The Future

By: Mike Farmer
Thursday, January 17, 2008 12:24 PM

 

There is a great, frustrated idea behind online, vertical-search, social networking real estate sites (or any site that focuses on a special interest) that I’m not sure the creators fully understand. So far, in my opinion (and, yes, it's a very, very humble opinion), the sites created have missed the mark – or they haven’t gone far enough.

 

The grand idea is a forum for learning and information-gathering in a cyber-public square much like the people of ancient Greece had where thinkers gathered to discuss the ideas of the time – to gather information and learn.

 

Except, now, instead of Socrates, Plato and Aristotle, we have Funkydude22, DallasKitty and BobBobXX and various other cyber-monikers who hold forth and pontificate with no validity, or evidence, of their expertise or qualifications. It’s democratic and egalitarian. You have any one with half-baked knowledge of a subject projecting confidence in their intellectual grasp of a subject hiding comfortably behind the screen name DrKnowItAll, or some such. Greece in the olden days was big on “democracy” but it was still theoretical, and I doubt they were anticipating FunkyDude22 (these are made up names, and in no way am I criticizing any one individual who might own these snazzy names).

 

I have seen it written many times, and it’s by now implicit, that the web frees all of us small people to have a voice, and out of that amalgam of voices we will grow and learn and, as a result, democracy will truly be practiced rather than theorized. But anyone with a modicum of intelligence, who has spent much time participating in these cyber-public squares, realizes that not all voices are equal. It’s true that the internet has given a voice to many smart, soulful, knowledgable people who otherwise would not be heard, and this has been a beneficial result of cyber-public squares; however, it has given a voice to hatred, stupidity, misinformation, dishonesty and downright ignorance as well.

 

There is probably a place for this mish-mash, free-for-all, salmagundi of ideas and personalities and opinions, because it can be entertaining if you are into anarchy, mud wrestling, arguing and partial insanity – I have to admit, I find some places enjoyable to just let it fly – it’s cathartic in a way. But this can get old and out of hand, and it also can get away from purpose. I have found small online groups of people with common professions can better handle the freedom of free-for-all and actually create something of interest that is conducive to learning and bonding, but in bigger forums where there is a great mixture of backgrounds, professions, etc, and there is more participation from the general public who may only have a passing interest in the topic, it seems to get crazy and boring quickly, to no good purpose. Most people don’t have the time or patience to sift through gobs of craziness and misinformation to get to what they are looking for.

 

So what about purpose? Since we are concerned about real estate and it seems the goal of many online real estate sites is to give consumers a one-stop site to meet their real estate needs, it also seems that the purpose should be to provide reliable information that is easy to access and is useful in real estate transactions – a place to learn and come away from with valuable information. What would it take to build the perfect site, a national site that meets the needs of the harried consumer who wants good information and resources? How does a national site gather and maintain reliable information about local markets? How does it create a social network that doesn’t devolve into dumb and dumber? And, lastly, and most importantly, how are real estate agents to be usefully involved in this future mega-site?  There are many sites that are doing a good job of advertising listings, and this may be the limit of their usefulness, but I don’t think so. What would the mega-site, that realizes there is much more to the universally important topic of RE than listings, look like, and how can agents help make it happen?

 

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Comments

Mary DeWitt
Member Since '05

Mary DeWitt said:

listing book and the mls is fabulous

Marketing is agents descrection

that's where some fall on their face

January 17, 2008 1:45 PM
Gregory Bain
Member Since '03

Gregory Bain said:

Mike, I know we are in a time of change for the way real estate transactions will be conducted in the future. I can’t tell you where it is all headed and how soon the changes will take place. But, they are taking place.

Your tongue and cheek post on the three L’s was interesting to say the least. However, I may be one to digress the conversation in a direction you never intended. I am not sure if it is part of the dumb and dumber or that I am such a smart as*.

Anyway, I often wonder if people care for the stand alone real estate office, or, if it would be better positioning to be in a strip mall next to a pizza place. There people could eat pizza and look at the picture board and wander in to ask questions without putting their guard up. As you stated in one of your earlier posts, all real estate is local. Mega this or that is – only good if all your buyers are coming from mega place.

A mega site may get their interest, but can it hold their interest?

Or, was that your question?

January 17, 2008 1:55 PM
Mike Farmer
Member Since '03

Mike Farmer said:

That's part of it, Gregory, how to resolve the local, national conundrum -- first for local agents not to get squeezed out by national sites, and second how national sites can get better locally.

I think their will need to be joining of forces -- but with local, professional, experience experts joining with sites that understand the importance of the local expert.

There is so much talk about bad inexperienced, incompetent agents -- well, then utilize the professionals with experience and expertise who do a good job.

Right now it at cross purposes. Zillow and Trulia and the like don't really use the power of the best professionals locally -- they provide a small format for questions and answer but it's hit and miss and it is not focused and it is not highlighted as a vital part of a vertical search site.

Everyone hates anything that looks like elitism, but if I was running a national real estate site, I would recruit local experts who have the most experience and knowledge to be a part of the game and highlight this group of agents as valuable resources locally -- in return, the agents could help with accuracy of information -- be a part of highly functioning quality control effort that would instill confidence in the consumers visiting the site and maybe remedy some of these horror stories you hear about wild estimates and comps.

January 17, 2008 2:22 PM
Mike Farmer
Member Since '03

Mike Farmer said:

Or there could be an application process to the mega-site where local agents would have to meet certain criteria, even write an essay regarding their views of the real estate profession, in order to be accepted, maybe even pay a monthly fee if the exposure is worth it.

Agents would get recognition and leads and the megasite would be strenthened by local expertise that builds credibility and sets them apart.

Good, reliable information is going to be the key. Imagine if you were a house hunter looking to move from Kentucky to Idaho and you wanted preliminary information and all you had to do was go to REMegasite.com

and click a link and state you want preliminary info on a move from Ky to Idaho and within a few hours you had information on the Kentucky market regarding sales on comps in your area, several recommendation for getting your home ready to sale, etc, and you got information on the Idaho market covering everything from demographics, home prices, etc., and a form to fill out regarding additional information you need and the timeframe in which you need it. The main attraction would be local, personal, individualized and no pressure -- that's how it would be marketed and that's how it would be in practice, if managed correctly -- no spam, just the facts, ma'am.

The whole process of information gathering could be started with one click and the information would be local and reliable. Such a site would have so many ways to create advertising revenue from its usefulness and reliability, it would be incredible.

January 17, 2008 2:43 PM
Mike Bowler Sr.
Member Since '07

Mike Bowler Sr. said:

Mike, you said so much here, do you need another cup of coffee? I have only been in the trenches 6 month's now and enjoying not being a broker and love being just an agent. Most real estate agents just don't get it. I was reading some stats about Active Rain where of the agents who signed up for blogs over the past year only 5% actually are blogging after signing up. I can recall emailing our 160 agent’s now 260 agents, emails on important items and only 25% even opened the emails.

I see the 5-10% running their own business within the business of a large brokerage, while the owners enjoy the profits of the title and mortgage business. That trend will continue, in my opinion.  

Most brokers don't really get the technology end of the business either, so it will be up to the agents to establish their own Internet visibility, which as an agent I would prefer.

In 6 months time I have more exposure on search engines then the company I work for which just celebrated 40 years in business, because they just don't get it, either. However it’s nice to walk into a listing with the stats saying we own 40% of the market share.

Bottom line to me says agents need to focus on their own Internet marketing, cut a great deal with the number 1 broker, and forget the 80-90% who will never get it anyway. So, I am going to stop or this may end up longer than your post. :-) "Expect the Best" Mike

January 17, 2008 8:22 PM
Nate Covington
Member Since '07

Nate Covington said:

Mike, (and Mike) phew!! What a mouthful and to the point.  You know our country is designed on the same idea of local, state, national interests as well.  It may have issues but seems to work?  The common denominator is that the more you put into something the more you tend to realize gain.  I would also say that the stronger (more successful) the local the stronger the other two.  THE MANY GAIN FROM THE STRENGTH OF THE ONE.  Also I would like to thank you for the plug for Idaho; my homestate.

January 18, 2008 12:17 AM
Lonn Dugan
Member Since '05

Lonn Dugan said:

If active rain ever added a listing search that might be something!

January 18, 2008 6:44 AM
Howard Arnoff
Member Since '03

Howard Arnoff said:

Mike, you know that I like you personally and respect you professionally but I must strongly disagree with you on this.

If a real estate consumer chooses to listen to advice from funkydude and makes a real estate decision based on that information, let the buyer beware. The wiser approach might be to check the credentials of the source of the information you obtain before accepting it as gospel.

Similarly, if a real estate consumer chooses to visit Trulia Voices and ask a question of an agent regarding Idaho real estate and listens to answers from an agent in Arizona, that is their choice, the consequences are their own, it isn't Trulia's fault.

As to the super site you are suggesting, who is the arbiter of who may participate as an expert and how are the credentials of the so called expert to be evaluated and verified.

A most wonderful aspect of the Internet is the free exchange of ideas with little to no moderation except in cases of boorish behavior.

January 18, 2008 7:47 AM
Mike Farmer
Member Since '03

Mike Farmer said:

I agree that the open forums of a super site should be "buyer beware" with all the free play of ideas that is produced by such a function of the super site, but when it comes to serious real estate players wanting good reliable information quickly and with no hassle or time ineffiencies, then I think the local expert function of the super site will be vital to attract those types of real estate consumers and to give the super site credibility.

How the local experts would be chosen would have to be worked out but it wouldn't take much to come up with objective criteria that has to be met, number of years in the business, number of transactions, knowledge of the area, references, personal interview by phone, etc.

I am talking about something more sophisticated than an agent merely being able to pay $300.00 a month for leads -- I am talking about a true partnership between proven professionals and a super site.

It will be difficult to create criteria, but I believe it can be done. I might not pass the criteria, but I think, when considering what a super site needs to resolve the national/local problem and become something greater than what has been created so far, this is what needs to be done. The internet is capable of much more than a social network of free flowing ideas, or a vertical search with iffy information -- it is also capable of creating a partnership of local professionals who help create valid, accurate information -- quickly and efficiently.

Most of know what makes the best the best in any given area -- it's just a matter of the super site creating criteria to determine who meets the requirements of local expert professional in each area.

Someone who has just entered real estate and has sold two houses and doesn't understand the real estate profession very well probably would rise to the level of local expert professional.

January 18, 2008 11:04 AM
Mike Farmer
Member Since '03

Mike Farmer said:

would not rise

January 18, 2008 11:09 AM
Mike Farmer
Member Since '03

Mike Farmer said:

Nate, I almost moved to Pocatello, Idaho about 15 years ago.

I hear it's beautiful, and also doing well with real estate right now.

January 18, 2008 12:51 PM
Gregory Bain
Member Since '03

Gregory Bain said:

Funny the people at Trulia just asked me to complete a survey of what attracts me to their site and how much I would be willing to pay for my area. The answer = NOTHING on both counts.

Besides Mike, you are once again behind the times. The new buzz word, or hot phrase in real estate lingo is: small is the new big!

Try to keep up while the guru's are re-inventing the wheel.

January 18, 2008 3:50 PM
Mike Farmer
Member Since '03

Mike Farmer said:

Small is the new big? I thought that went out of style in the eighties?

Did some guru pull it out of the closet and dust it off?

But seriously, Gregory, buying zipcodes for leads is not what I'm talking about. Now, that's old hat.

January 18, 2008 4:58 PM
Mike Farmer
Member Since '03

Mike Farmer said:

Come to think of it, "big" is not what I'm talking about either. Big is sort of irrelevant on the web. What I'm talking about is comprehensive, networks, links of coordinated information, stuff like that.

January 18, 2008 5:05 PM
Mike Farmer
Member Since '03

Mike Farmer said:

You know, I've thought about the big/small this morning. It's conceivable a super site would resolve this problem. Not only would a super site usurp NAR in developing standards that NAR has failed to develope, it would usurp the dependency on and power of large national real estate companies who hire anyone who passes the mirror test.

The solo broker who met the standards to be accepted as a partner would benefit from the muscle of the super site to compete against the local Coldwell Banker, KW, Re/Max, C21, ERA who have thousands of agents who have done little more than get a license.

The small agent who has done the work and proven to be a professional of knowledge and integrity will have an avenue to level the playing field.

The scary question is -- "Do I have what it takes to meet the standards and be accepted by the super site?"

January 19, 2008 10:39 AM

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