Sueanne - My opinion of Realtor.com is it is a waste of money. We purchased all the bells and whistles for our office and it has brought in zip-nada-nothing. I found the same thing true years ago when I used them. Someone must be making money off it but I found it as bad a newspaper print ads.
Suzanne, I agree with Gary. It's not worth the money. My contract with R.com ends in less than two months and there is no way I would be renewing!
There was a similar thread posted I think on Friday or Thursday regarding Realtor.com. If you look it up, you will see a lot of negative feedback there as well and very little positive.
Thanks Gary and Michaela.
Before I posted this question, I tried searching for similar posts and kept getting error messages. I've also surfed back a week looking for the post Michaela mentioned. No luck. So if anyone has any more info about the title or author of the thread, I would appreciate the additional info.
when I posted this same question on ActiveRain, several people said that it didn't generate much business but that they felt the extra cost was worthwhile because their sellers loved it. What do you think?
We have considered it a necessary evil with it barely bringing in enough revenue to cover its cost. Its primary value to us has been in the added percieved value to consumers when making a listing presentation.
That value is now greatly diminished by the proliferation of other, more effective internet marketing venues and our ability to demonstrated their superior effectiveness to the consumer (seller).
If we are able to negotiate a more reasonable rate with them next year, we will continue with them (I would be willing to pay $30/mth maximum).
Oddly enough, up until just recently they only allowed 6 photos per listing. That has been increased to 25 now - unbelievable that it took them so long to get with the program!
Suzanne, following is the link. I didn't notice when it was posted ... it's from back in May but bunch of us commented on it yesterday.
https://www.reliberation.com/blogs/steveandsharronlobman/archive/2007/05/01/how-do-you-use-realtor-com.aspx#comment_39574
Knowing that I will not be renewing the Realtor contract, I have started explaining during my listing presentations that rather than having just a few pictures uploaded to Realtor.com, we will be UPGRADING and having whole virtual tours uploaded instead! Uploading a P2 tour for $20/tour is much better than what I'm paying right now, which is about $1300 / 11-25 listings. Try it! works like magic!
Thanks Tim & Susan and Michaela for your very thoughtful responses.
It barely covers it's cost for us. We use it more as a tool to make the sellers feel good.
Now the default search is by number of photo's, listings with the most photo's, listing enhancements etc. show up first. If you don't have that stuff your listing will be at the end of the line, unless the buyer click the search by price tab.
You can do a virtual tour per listing which would put your information and photo's on r-com at approx. $30 each.
I don't know what their charging these days I think listing enhancements are about $300 - $1500 + depending on the amount of listings you have.
And finally, I agree with Tim & Susan its a necessary evil and doesn't produce much but the sellers love it. The big thing I like are the listing reports which you can e-mail the sellers shwoing how many views they have had because sellers tend to get disappointed with the lack of showings. But buyers are looking at their property every day. If its not sold, the market is sending you a message.
Dan,
Like you, we send the reports every couple of weeks. That, in conjunction with our P2 Viewing reports, helps build a solid case for price reductions if needed. I am concerned, however, to learn that the realtor.com reports may be greatly exaggerated by counting a view 'per photo'. I've also heard that they count a 'view' every time the listing comes up on a search even if the person doesn't click through to that particular listing.
I don't want to misrepresent anything to our customers, ever!
Tim
Well I dont know how, but, I find myself agreeing with Gary. LOL. I have found that realtor.com is not as user friendly as one would think. I would not invest my marketing dollars with them. By the way. Gary I still think you shoud call into my show one of these Sundays and give us a Florida Golfing update. Take care all....
Realtor.com is #1 consumer search site.
Rule #1 is that it Pays to be visible.
Rule #2 is that you won't get a lot of leads but... See rule #1
It's fairly low cost visibility...
Lonn - I just heard last week that the first site consumers who are not working with an agent search is REMAX.com followed by Realtor.com which now makes R.com #2 (and also that #3 is View-MLS-Homes.com)
Gene, you are underestimating View-MLS-Homes.com ... in my area it seems to be the #1 for just about any place consumers search for :-)
Larry, I am going to give you a call. Have an idea that may help both of us!
Tima nd Susan:
Yes, r-com counts it as a page view if your listing is on that page even if the customer doesn't click on your property. If they click on your property its a unqiue view. And the point 2 reports are somewhat the same. I get p2 featured homes reports that show thousands of page views and maybe 50 direct hits. But I use this info to communicate with the sellers "what the market is saying" which most of the time is we're not interested in your property at that price its not a good enough value.
When it becomes a good value it will sell... I'm sure of it.
Competition is tough in our market and if you'd like to sell this may not be the time.....
because your competing against people "who have to sell"
Excellent points and utilization of the reports, Dan. All of the reports/data we collect is only of value to the extent that we use it to effectively communicate their 'meaning' with our clients.
Thank you!
Realtor.com is the reason I've had a website since 1997. When they first came to us with this great online marketing tool of theirs, I thought this is wonderful. Back then it was big bucks for one page. I can't stand realtor.com, and NAR never should have backed them up.
Gene: That's an interesting statistic. REMAX.com now outranks Realtor.com for consumer searches? Do you have a source for that?
Dan and Tim, thank you for the excellent perspective and points on how to effectively communicate the Realtor.com report data.
Suzanne!
I belonged to Realtor.com for 10 years.
I had two feautured spots.
I had lots of clicks but never a sale.
In my opinion Realtor.com is a waste of money.
This is the first year where I have not renewed my suscription.
Lilo
Cookeville TN
I have Realtor.com enhanced listings, do not do feature properties or featured realtor. I like the exposure, just like I like the syndicate for exposure. I don't know where the buyer is going to come from for my listing, so I want to make sure my bases are covered. It helps with listings but I mine for buyers in other avenues. I budget my realtor.com in my listings budget.
My very humble opinion is that I am hired by the seller to do the best I can for that listing. If I discount this avenue because it doesn't bring ME personally buyers, then I haven't done my best for my seller. The buyers are probably working with another agent, but using this vehicle (among others) to look for houses, then asking their agent to show it to them. I am doing my job, marketing the home to get it sold.
Shelly
Shelly said: "The buyers are probably working with another agent, but using this vehicle (among others) to look for houses, then asking their agent to show it to them."
I am humbled by that very astute observation. Seriously!! That is something I have never asked/tracked - where buyers with other agents find our listings. They may very well be finding them via realtor.com and I just didn't know it.
I still think that the price is out of line with other venues but with the number of people who do search via realtor.com, we owe it to our sellers to provide the enhanced listings!
Thank you, Shelly!
Thanks Tim. I wish I could find a good way to ask the other agent how they found out about our house. But most will just say MLS.
When i know what my buyer clients are doing, and where they are sending me copies of listings from, that they want additional information on...
Lonn - I thought so too and will make the trainer who stated that as fact back it up for both of us to see :-)
"Lonn - I thought so too and will make the trainer who stated that as fact back it up for both of us to see :-)"
Let me guess, it was a ReMAX trainer....
Realtor.com sucks, plain and simple. And while it may be #1 (or 2) for now, I suspect it won't be for long as more and more Realtors realize they are getting taken to the bank.
Actually, Realtor.com has worked for me ... I've gotten some good leads from it. But, Coldwell Banker has a contractural relationship with them ... we get the virtual tours, enhanced listings for free, and our new listings are put up as featured listings ... I think that helps.
I got an email about a month ago, about renewing, they wanted somewhere around 4 times my last years rate to continue with them.
I replied with my estimated value, of about $35 per month, as I do what I can to track my leads, and I could only account for 4, (wish they were or could be buyers) and that was it. It sure doesn't allow me to spend / waste my marketing dollars on them. Kind of like advertising million dollar homes in the local thrifty nickel....
They emailed me back saying they don't negotiate, and that my rate was due to my listing activity last year. I explained that Realtor.com doesn't sell my listings, they are just one place that I advertise, but will only continue do so, if it is worth the cost.
Long story short, they wouldn't charge me a reasonable rate, so I told them I wouldn't pay them. It is sad that NAR continues to endorse them, or be part of them, as they are seriously outdated. Something tells me these guys still suggest advertising the local news papers.
Formal suggestion.... spend your money self promoting or on other avenues.
Brady said: "Something tells me these guys still suggest advertising the local news papers."
They "think" that they have a captive market because of their association with NAR... and, for awhile, that may be true but that stream will dry up as more and more agents learn what else is out there.
If you are an independent agent/broker the cost could be pricey but my brokerage, like Nick's, has a deal with them so all of our listings are enhanced with numerous photos, scrolling text, direct contact info...... I did get one lead that did not like my listing but purchased another home in the same neighborhood for more money!!!
It is a necessary evil but if we are working with sellers, we must show them that their property is featured on sites that buyers visit. It is a numbers game....... Besides craiglist, point2 and backpage, I don't get any traffic from the syndicated sites we have with Point2 but I let my sellers know their homes will be featured on those sites..
Sagine
I used to have several Featured Homes spots at anywhere from $600 per year to $3,000 per year. I was spending about $14,000 per year. I ended up getting a few listings out of it, and it also helped during my listings presentation, but although I got some business from it, it still was not worth the money.
To me Showcase Enhanced listings is worth the money, though the office I went to supplies it. My old office did not, but I found it useful to pay. Many people that buy Showcase Enhanced Listings let the listing come in from the MLS but never update it with the additional bells and whistles, and I believe that is what helps you get business.