How the internet is transforming real estate

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

Are we through the great housing crash !!??

Fundamentals in NZ vastly different

-3.4%

-20.6%

Price declines arresting..

. .the result of 9 turbulent years !!

The market in sales is stabilising

However volumes are still incredibly low..

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

A transformation in 10 years

Edging ever closer to 100% online search

National Association of Realtors Home Buyer Survey 2008

78%

63%

46%

40%

38%

38%

36%

35%

31%

29%

5%

4%

4%

2%

9%

69%

55%

55%

49%

34%

25%

25%

24%

43%

21%

2%

4%

2%

7%

Specialist Real Estate Websites

Company Real Estate Websites

Specialist Real Estate Magazines

Community/Local newspapers

Company Real Estate Magazines

Search Engines

For Sale Signs

Real Estate Brochures

Metropolitan Newspapers - print or online editions

Real Estate Office Window Displays

Billboards

Consumer Magazines

Television

Directories

Other

2009

2008

NZ: Media usage – searching for property

Consumer attitude - newspapers ??

95% consider specialist website useful / very useful

Consumer attitudes to online search

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

Traditional model has changed

Buyers now feel in control

Relationship with buyers has changed

5 – 10 years ago

Today

Research / Research / Research

“Edutainment”

Breadth

Understanding interest / behaviour

Browse full set of listings in target areas

Depth

“Serious buyers”

Narrow down to view target listings in area Narrow down to view target listings in area

Quick-look filter Quick-look filter

Deeper filter & inspirationDeeper filter & inspiration

Price check & risk reductionPrice check & risk reduction

Depth

Browse full set of listings in target areas

The online search experience is evolving

Searching for property

Clearer role for websites

Searching for propertybuy

Searching for someone to help me sell my property

25,0166,000 / week

25,0166,000 / week

3,6364,500 / week

3,6364,500 / week

7,8103,500 / week

7,8103,500 / week

41,107100,000 / week

41,107100,000 / week

10,10315,000 / week

10,10315,000 / week

17,4128,000 / week

17,4128,000 / week

7,16230,000 /

week

7,16230,000 /

week

Not one site – many audiences

108,000 listings – 168,000 sessions per week108,000 listings – 168,000 sessions per week

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

>1,000,000 sessions per week

40% up on same period last year

Seasonal pick up– the web provides key indicatorSeasonal pick up– the web provides key indicator

New listings though are still scarce!New listings though are still scarce!

..with an emerging sellers market..with an emerging sellers market

Supply and demand in the local market

““Traditional agents will Traditional agents will not be replaced by not be replaced by

technology...technology...

..they will be replaced ..they will be replaced by agents with by agents with

technology”technology”

Real estate professionals need to change!

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

More than just a website

1. Syndicated to MSN / Yahoo news sites – over 600,000 UB per day

2. Top indexed website for real estate on Google – over 85% of NZ search

3. Free profile page for each salesperson

4. Links to all office and agent webpages

5. Comprehensive listing activity reports

6. Unlimited photos

7. Video and interactive floor plans

8. Comprehensive market reporting data – monthly NZ Property Report

9. Free blog platform for agents

10. Feature advertising for agents and properties – delivering value

11. Extensive training seminars – over 120 events, 2,000 attendees

12. Monthly email with advice and support

• The most cost effective advertising medium in real estate

• Protecting the industry from aggressive media profit motives

3 years of growth – 27% per annum vs. market 17%

Realestate.co.nz is the market leader for international visitors searching for NZ real estate...

Realestate.co.nz – the most comprehensive

Trade Me residential property listings - 49,373 includes an

estimated 6,000 private listings

Future for realestate.co.nz

1. The best and most respected marketing tool for real estate professionals

2. Most valued online source of property information

3. Trusted / authoritative source of real estate information

4. Leaders in online marketing – tools and services

5. The site is constantly being developed

6. New enhancements – leading edge

Industry leadership!Industry leadership!

Property information at your finger tips

Providing information – 24hrs a day

Every property has a web page – 1,528,453 properties

Property Information

Context of aerial images

Community information – where to live

1. The marketplace – current state of the market

2. Trends in online real estate

3. Understanding buyer behaviour

4. The web provides rich information

5. Realestate.co.nz

6. Getting the basics right - listings

7. Your profile – your future!

The internet is transforming real estate

What are they looking for?

Google Maps – real estate

Address

Accurate pricing Large images / high quality images

Maps

Get the basics right!

Some examples

What not to do!!

What are they looking at??

Email alerts – first impressions count!

No substitute to comprehensive information

Photos are so important!

The web provides so much information... enough to replace an agent??

Richer and richer information

New functionality

• Search filter

• Email schedule

How can you stand out from the masses?

Featured listings

Featured listings

14 days with a featured listing delivers an

audience of over 10 times more viewings than a regular listing

$250 $250 inc GSTinc GST

Featured listing for just

Vendor paid marketing – that delivers

Call us 0800 732 536

Some examples

4 bedroom Browns Bay$500k to $700K

11 properties

Some examples

Buyers - call to action

1. Telephone

2. Website

3. Email

4. Open home

5. Office visit

Enquiry leads come in many forms

Handling enquiries

• Enquiries from buyers – when they have a question

• Only when they have exhausted their searching

• Responsiveness is critical

• How do you rate your performance?

How do you rate – responding to emails?

Response timing is improving – but 12% never respond!

• Make sure you receive them!

– Check your email address

– Avoid gmail / xtra / webmail

• Respond as soon as practicable

– Use technology / or support teams

• Carefully consider your responses

Emails

1. Treat every email as a prospective buyer

2. Don’t be pushy – don’t demand a contact number

3. Answer their question

4. Treat the enquirer as a very early enquirer “I appreciate you may be at an early stage of looking for a property”

Emails – etiquette

The advice works!...

thanks for your email.

yes you are right. we have just started looking for a house in Parnell. Was looking more into Remuera, Greenlane, and Epsom. Didn't look into Parnell as I heard about how land in Parnell is leasehold. Not too sure where the line start and end.

Anyway, target area is for a Grammer zoned area. As we got a little girl that is close to 3 years old.

we prefer not to have any body corp. As we are not too sure if we want the hassle. I know some people prefers it.

Anyway, thanks

What would I do?

Market information• Research the local market – RSS feed / email alerts• Know every property on the market – track performance• Track listing volumes / sales volumes• Track open homes – email alerts

Listing• Professional photography• Clear, comprehensive description• Video• Featured listing• Proof everything before publishing

1. The web is the home of real estate

2. Understanding the buyer behaviour

3. The web provides rich information

4. Getting the basics right - listings

5. Your profile – your future!

How to make the most of the web

1998 : 26,000,000 web pages1998 : 26,000,000 web pages

2000: 1,000,000,000 web pages2000: 1,000,000,000 web pages

2008: 1,000,000,000,000 web pages2008: 1,000,000,000,000 web pages

100,000,000,000 clicks per day100,000,000,000 clicks per day

?How to be found on Google!

The power of links

To be found you need to be online

Part 1: Find yourself on Google

Part 2 : Be found on Google

Blogging – conversations online

• Web page

• Library of articles

• Profile

• Authentic / Transparent

• Requires commitment

• The most powerful form of marketing

Blogs – hosted on realestate.co.nz

What buyers want information on?

Social Media – building a profile

Free profile page – linked to your listings

Sell yourself!

Promote yourself everyday to over 15,000 people a day

Just 3 agents per suburb

July / Aug / Sep

$15 / $75 / $150 per month

Online ordering and credit card transaction

Login / sign up / profile yourself

“Homebuyers & Agents have information overload.

Agents must create legitimate value-add services & become the trusted go-to person”

Stefan Swanepoel

The changing face of real estate

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Proudly supporting the real estate

industry