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"Everything You Need To Know!"


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6/3/05 Interview with Michael Krisa

Real Estate Unplugged
RR # 3
Hanover, ON N4N 3B9
Biography

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Krisa's Interview Perspective

  1. Krisa thinks his interview with Allan Dalton, president of Realtor.com was the most challenging he's done because Dalton was so particular about differentiating between marketing "to" people and marketing "for" people.
  2. Too many agents are still focused on ego-based marketing without regard for the consumer; if marketing does not offer a value proposition for consumers, they will go somewhere else.
  3. Instead of marketing themselves, agents should be marketing properties to get reactions from the public; the latter can be accomplished through online tools such as web sites and virtual tours.
How to Avoid Common Mistakes
  1. Treat real estate like a business; have a plan to structure your business and be accountable for what you do; a plan will save you from buying technology products haphazardly and then not knowing what to do with them.
  2. Understand how technology can help you and take advantage of it doing so does not require being a techno-wizard; for example, reply to email inquiries about properties 70% go unanswered.
  3. Be aware that consumers demand at least some basic utilization of technology by agents; employing technology is required to meet consumers' needs.
Productivity Tools
  1. Convergence devices are the hot trend; instead of a digital camera, pager and laptop being separate items, new products combine these technologies into one tool such as the BlackBerry phone that accesses email and your database or the Treo Palm phone with a camera.
  2. Cameras can be indispensable for communicating with clients over long distances, for example emailing photos to out-of-town people (often half of a couple); that kind of use of technology makes agents more productive and more profitable.
Off-line Marketing
  1. Conventional marketing that is working ties into online efforts to promote and sell properties; effective advertising drives traffic to a web site.
  2. An old-style approach would be to use a picture of a property in a newspaper ad, hoping that potential buyers will see it; an updated approach is to market to a whole area by sending direct-response postcards giving the web address for viewing details about the property.
  3. Don't just list a web address; combine mention of the web site with a hook to peak consumers' interest in going there.
Maximizing Effectiveness of Online Marketing Dollars
  1. Define what you want to accomplish, whether it is marketing property, managing leads, or whatever.
  2. Consider partnering with other agents and perhaps a lender to pool resources for marketing; perhaps cooperate on a shared web page that you market with small classified ads "For the best homes in Orlando, go to www.besthomesinorlando.com."
  3. Compare prices for online support services such as domain registration and website hosting to avoid paying too much; Society members should check out special deals available to them from RealtyEGenius.com
Web Resources to Boost Productivity
  1. Imprev.net offers a whole suite of inexpensive tools virtual tours, postcards, multi-media, color; users do not have to be very tech savvy; if you can take a picture and load it onto your computer, you can create a virtual tour; burn it onto a CD for multi-media presentations.
  2. Top Producer allows you to access your leads from anywhere on the road.
  3. Google remains amazing because it offers so much beyond basic search engine capability.
Long-term Impact of Technology on Real Estate
  1. Expect a serious shake-out in the next three to four years in the way real estate business is done a 30% decline in the number of agents; consumers already have access to the information that once was proprietary to agents.
  2. Increasing demand will be placed on what additional value agents bring to the table as professionals; part-timers and agents who don't embrace technology are likely to fall away.
Update on BrokerAgentNews
  1. BrokerAgentNews has been focused on giving real estate professionals unvarnished content to incorporate right into their day-to-day business.
  2. The email service has begun to include information in audio format.
Industry Challenges
  1. Agents will be challenged to keep up with online leads; companies have stepped in as third-party aggregators to harvest leads, scrub them and sell them back to agents; many of these aggregators are not real estate companies, but there is a chance some of them will buy into the industry.
  2. Agents who are not using technology are not considered serious contenders in the business.
  3. A new demographic agents aged 25­35 are coming into the business from other industries; their professional skill set includes an understanding of customer service, time management and technology.
Contact Information for Michael Krisa:

(v) 519-369-2852
(f) 309-210-5333
(e) Michael@RealEstateUnplugged.com
(w)www.RealEstateUnplugged.com


Real Estate Sites and Tools in This Briefing:

BrokerAgentNews: www.brokeragentnews.com
BlackBerry: www.blackberry.com
Treo: www.palmone.com
Imprev: www.imprev.net
Top Producer: www.topproducer.com
Google: www.google.com