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"Go Global On the Internet!"


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Dr. H. Nathan Booth Photo
6/5/98 Interview with Dr. H. Nathan Booth

Executive Realty
203 Yoakum Parkway, Suite 1812
Alexandria, VA 22304
Biography

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A Major Force Affecting Real Estate Today

  1. 1. The pace of change in the industry is revolutionary, but technology gives Realtors new opportunities and the ability to adapt to the rapid change.
  2. 2. Traditionally, new tools have taken decades to be integrated into the business world, but email has evolved as a primary tool in just 2-4 years.
  3. 3. Realtors cannot afford to be afraid of technology; to avoid being left behind, get into the best technology and come up to speed quickly.
Technological Advantages for International Real Estate

  1. 1. Use of email between locations around the world extends the workday to 24 hours without anyone having to stay up all night.
  2. 2. Long distance telephone expense is cut dramatically because email is much cheaper to use than traditional, long distance calling.
The Reality of E-commerce

  1. 1. Though not yet mainstream, e-commerce is a reality; Booth's international clients are accustomed to paying for information; other professions are compensated for the information and service they provide - Realtors should be also.
  2. 2. Tools are available to facilitate getting payments through the Internet; for example, Shadow Pay, which allows real time authorization of credit card transactions, can be installed on a lap top.
The Global Dimension

  1. 1. The RE market will essentially remain local, but markets will be linked globally; in time, there will be global multiple listing services that will give agents anywhere instant use of information to help clients worldwide.
  2. 2. Everyone in the industry should think globally and then make the choice to use global information to work locally or to become an international specialist who works outgoing transactions in a number of countries.
  3. 3. Eventual global multiple listing services will also make information accessible to clients directly, so Realtors must add value by transforming information to knowledge.
Adding Value to Information

  1. 1. Only RE pros who do nothing but provide information are at risk to be put out of business; the savvy Realtor will remain in demand to interpret and evaluate information and to guide the client through the process.
  2. 2. The Realtor can sift the overload of information available for that which is appropriate for the client; research on social, economic and political factors can be applied to analyze the Real Estate situation.
Favorite Resources for International Practitioners

  1. 1. To obtain standard data on a country, use Cartopedia, software by D.K. Loring, or conduct a simple Internet search using a search engine or by typing in the country name.com.
  2. 2. A site managed by the University of Denver (Dr. Mark Levine) carries more precise information about how countries handle their real estate; a standard format is used to present information about each country.
  3. 3. Two good government sites for international data are CIA World Fact Book (its url keeps changing) and State Dept. Background Notes.
Technolgy's Impact on Earning Power

  1. 1. NAR research shows Realtors who are at ease with technology have a median gross annual income of $57,100, vs. $37,500 for agents with an average use of technology, vs. $26,200 for agents using little technology.
  2. 2. For every new technology, apply Booth's "Six-T Policy": Take Time To Tame The Technology; determine how it can be used to boost your bottom line by increasing your market share and/or by saving expenses.
  3. 3. New technology not only replaces old tools, it exceeds them in capability, accuracy and efficiency; Booth's laptop has become his primary tool to accomplish 33+ tasks he previously did in other ways.
Replacement Tasks for a Laptop

  1. 1. Better than your answering machine, it can monitor fax, email and voice messages on a single line - Supervoice is cost-effective software; digital messages can be stored for years. 2. Better than a hard copy fax machine, it makes possible paperless faxing and storage of messages in memory; printing can be done if necessary.
  2. 3. Fewer file cabinets are required as most business files can be stored in your computer.
  3. 4. A program called Post-Em (shareware from Jumbo.com) can replace countless yellow post-it notes on your desk.
  4. 5. A calculator is unnecessary because the laptop can handle calculations; a typewriter is obsolete.
  5. 6. Newspapers can be read on the laptop (at this point for free) rather than in hard copy.
  6. 7. To replace your VCR, Motion Pixels offers software integrated with movies on CD roms; TV, CD/stereo, FM radio can all be played via your laptop; games such as chess can be accessed.
  7. 8. Photo storage and display can be accomplished efficiently on laptop as well as photo processing.
  8. 9. Business cards can be printed from your laptop instead of ordering out.
  9. 10. A global position finder can tell you where you are anywhere in the world.
  10. 11. Comprehensive references can be loaded; e.g., the US code is available on CD rom from the Government Printing Office.
Special Tech Tips for International Brokers

  1. 1. Always carry with you a travel kit that allows plugging equipment into any type of electrical outlet; Radio Shack is one source.
  2. 2. Use an Internet service provider that gives you local phone numbers to use around the world; Compuserve leads in this service at present.
Expectations of Clients

  1. 1. In technologically advanced markets such as the Washington DC metroplex, clients already push Realtors to the extreme.
  2. 2. Demand for virtual tour capability is certain to gain popularity; some software available allows a tour of the entire neighborhood.
Sites for Today's Cyber Pro

  1. 1. Consider using well-established sites such as Ired.com and Inman.com.
  2. 2. Internationalist.com offers tools such as currency exchange; BigBook.com is a good resource on countries that includes maps.
  3. 3. Jumbo.com offers listings of useful freeware and shareware programs plus the opportunity to try them out.
  4. 4. The perfect contact management program for Realtors is elusive, but Jana Contact is new software that offers a drag-and-drop feature for adding email, video clips, etc. to any file.
Opportunity from Technology
  1. 1. Technology won't organize you, but it will allow you to convert yourself to a paperless system that is cheaper to operate.
  2. 2. Formula for success: overcome your fear; analyze what you do throughout the day; search for software that will accomplish these tasks; then find the right computer to operate the software; finally jump in.
Contact Information for Dr. H. Nathan Booth:

(v) 703-461-3869
(f) 713-218-6258
(e) drhmathanbooth@cs.com


Real Estate Sites & Tools in this Briefing:

Global RE Project (NAR members only)
  1. Go to "Search."
  2. Enter: "Country Profiles."
CIA World Fact Book
Government Printing Office
Currency exchange and more
BigBook.com
Virutaltours 360degrees