Mark Lesswing

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A How To Guide to Competing on the Web
Mark Lesswing ltmlesswing_at_realtors.orggt National
Association of REALTORS http//blog.realtors.org/
crt
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What's Hot

• Real Estate 2.0 look
• Mapping
• Web 2.0
• Video
• Social Internet

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REALTOR TechnologyPreparing for a shift

• Its not new
• Its not rocket surgery
• Understand the medium
• Understand the audience
• Find the capitalized path
• Plan for disruption

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Have a Vision
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Conform to User Preferences
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Design
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The Changing Audience
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1st Law of Physics
Sir Issac Newton English Physicist 1642-1727
Things in motion tend to stay in motion, things
at rest tend to stay at rest
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Supply and Demand
Jean-Baptiste Say French Economist 1767-1832
The value of goods are derived from its
utility to the user, not the labor spent in
producing it
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Invisible Hand of Incentives
Adam Smith Scottish Economist 1723-1790
Efforts to promote social good are
ineffectual compared to unbridled market forces
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2nd Law of Thermodynamics
Rudolf Clausius German Physicist 1822-1888
Without artificial constraints, all things tend
to disarray
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Landscape
Horizontal Search
Portals
Portals
Buyers
Sellers
Vertical Search
Limited Service
Limited Service
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The Cast

• Propsmart
• Zillow.com
• Trulia
• Redfin
• HomeGain
• HouceValues

• Yahoo
• Oodle
• Craigslist
• StreetEasy
• Google
• LendingTree

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Propsmart

• Property listing are inconsistent in many markets
• Map-based searching over Google Maps, exports to
  GoogleEarth
• RSS feeds for each search
• 10 Metro areas
• Comments on listings
• Forums for general discussions

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Zillow.com

• Working to improve estimates
• Captures consumer interest
• Fast adaptation
• Now has listings
• Tools can be used on your site

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Trulia

• Broker posted
• Advertising model
• Excellent interface
• FSBO and REALTOR listings
• Tools can be used on your site

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Redfin

• On-line brokerage
• Offers traditional service as well as Redfin
  Direct
• Redfin Direct
• on-line service for buyers to make offers
• buyer saves 2 of purchase price
• Redfin Direct agents focus on providing buyer
  service from a call center
• Expanding to California

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Yahoo

• Deal with Prudential
• Excellent mapping software
• Unclear intentions

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Oodle

• Metasearch site for classifieds
• Only takes information from sites where it has
  approval
• Does not take individual ads but obtains from
  major sites like sell.com, eBay,
  ForSaleByOwner.com Yahoo! Real Estate

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Craigslist

• Does not cost to post an ad
• Has a devoted following
• Has had negative impact on newspaper classifieds

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StreetEasy

• Provides market data on cost per square foot by
  property market area, time on market, and
  whether the property is in contract or had a
  price reduction.
• Uses Google maps
• Provide forum for discussion of community issues
  related to property
• Expand by providing richer layers of data
• Primary NYC market

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Google

• Connecting consumer with expert
• Recognize REALTOR as expert
• Advertising model
• Six years without going after transaction in
  other industries
• Has financial means

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Web 2.0

• Originally the name of a conference
• Now denotes a style of building
• Confusion reigns

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Mashup is a Good Definition

• Information from one server
• Pass a piece of that to another server
• Show the results
• No repaint of the browser

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Who is doing this
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Garage Development

• The monolith is dead
• Exploit the net
• On the shoulders of giants

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Perhaps new thoughts

• It is more than bombardment
• The web has gestures
• Leads come from gestures

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Attention versus Intention
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We shall defend our island, whatever the cost
may be, we shall fight on the beaches, we shall
fight on the landing grounds, we shall fight in
the fields and in the streets, we shall fight in
the hills we shall never surrender. - Winston
Churchill
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So, first of all, let me assert my firm belief
that the only thing we have to fear is fear
itselfnameless, unreasoning, unjustified terror
which paralyzes needed efforts to convert retreat
into advance. - Franklin D. Roosevelt
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Mark Lesswing ltmlesswing_at_realtors.orggt National
Association of REALTORS http//blog.realtors.org/
crt