Comments on: Is Google Making A Play For Real Estate? http://www.gosmart4u.com/blog/google-real-estate/505/ Business marketing solutions for professionals Mon, 24 Oct 2011 17:33:46 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Misty Lackie http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3143 Misty Lackie Tue, 22 Dec 2009 19:09:26 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3143 Well said Tina. Well said Tina.

]]> By: Tina Merritt http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3142 Tina Merritt Tue, 22 Dec 2009 18:53:59 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3142 Misty, the real estate industry needs to stop being afraid of sharing information. I mean, seriously! A house is a product - a marketable, consumer driven product. Why is the industry restricting the marketability of that product? As far a global outlet for communication amongst agents and consumers - heck yeah! The sad thing is that the real estate mega-companies are either fighting or following rather than leading this trend. WHY aren't real estate companies engaging their agents on their sites and creating hyper-local information? Why aren't the sites staffed 24/7 to respond to consumer needs? UGH! Don't get me started....... Misty, the real estate industry needs to stop being afraid of sharing information. I mean, seriously! A house is a product – a marketable, consumer driven product. Why is the industry restricting the marketability of that product? As far a global outlet for communication amongst agents and consumers – heck yeah! The sad thing is that the real estate mega-companies are either fighting or following rather than leading this trend. WHY aren’t real estate companies engaging their agents on their sites and creating hyper-local information? Why aren’t the sites staffed 24/7 to respond to consumer needs? UGH! Don’t get me started…….

]]> By: Misty Lackie http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3141 Misty Lackie Tue, 22 Dec 2009 18:20:11 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3141 Hi Tina - I 100% agree with you there. Your statement "I fear that unless the industry pushes for more education within itself, it will face the same fate as the travel industry." is a conversation I just had with my Dad the other day. As for buyers being more reliant on agents to find the right home. I can only speak for myself and my friends/family who are looking or have purchased recently. It seems like more buyers find what they are looking for first online and then reach out to their Agent with a list of properties. I as a buyer like to look for my own property and then get the feedback and expertise of my Agent. My Agent is awesome! He has been in are area since he was a child and knows it well. He has also been in Real Estate for a long time and knows that well too. These are the reasons I chose him. Tina you are a Realtor but you are also an educator so I have question that I was hoping you could answer coming from both ends. I hope this question doesn't offend anyone but it is one that has been spinning in my head. Let's say Google did make a play for Real Estate. Let's say they offered Agents/Brokers tools that would help them manage their business, information, listings, local area info, etc. What if Google built a true national/international communication portal that allowed Agents to communicate with each other from across the globe and share listings and clients (think Google Wave for Real Estate)? Let's say they did this for a very low fee or for free. If Google empowered Agents/Brokers and also buyers, would less Agents/Brokers renew their MLS membership? Google sure has the power and technology to put something like this in place. Hi Tina – I 100% agree with you there. Your statement “I fear that unless the industry pushes for more education within itself, it will face the same fate as the travel industry.” is a conversation I just had with my Dad the other day. As for buyers being more reliant on agents to find the right home. I can only speak for myself and my friends/family who are looking or have purchased recently. It seems like more buyers find what they are looking for first online and then reach out to their Agent with a list of properties. I as a buyer like to look for my own property and then get the feedback and expertise of my Agent. My Agent is awesome! He has been in are area since he was a child and knows it well. He has also been in Real Estate for a long time and knows that well too. These are the reasons I chose him.

Tina you are a Realtor but you are also an educator so I have question that I was hoping you could answer coming from both ends. I hope this question doesn’t offend anyone but it is one that has been spinning in my head. Let’s say Google did make a play for Real Estate. Let’s say they offered Agents/Brokers tools that would help them manage their business, information, listings, local area info, etc. What if Google built a true national/international communication portal that allowed Agents to communicate with each other from across the globe and share listings and clients (think Google Wave for Real Estate)? Let’s say they did this for a very low fee or for free. If Google empowered Agents/Brokers and also buyers, would less Agents/Brokers renew their MLS membership? Google sure has the power and technology to put something like this in place.

]]> By: Tina Merritt http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3140 Tina Merritt Tue, 22 Dec 2009 10:05:45 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3140 While I agree with Lori on most points, I respectfully disagree with the statement that buyers will be "much more reliant on agents who have the ability to find the right home in the right area". The real estate industry needs to understand that the role of an agent must constitute more than that of a walking lockbox key who can search the MLS. Real estate agents must become students of their trade and educate themselves on the economics of real estate, trends, statistics, etc. I'm amazed at how many agents cannot even explain the basics of how the markets effect mortgage interest rates. I fear that unless the industry pushes for more education within itself, it will face the same fate as the travel industry. While I agree with Lori on most points, I respectfully disagree with the statement that buyers will be “much more reliant on agents who have the ability to find the right home in the right area”. The real estate industry needs to understand that the role of an agent must constitute more than that of a walking lockbox key who can search the MLS. Real estate agents must become students of their trade and educate themselves on the economics of real estate, trends, statistics, etc. I’m amazed at how many agents cannot even explain the basics of how the markets effect mortgage interest rates. I fear that unless the industry pushes for more education within itself, it will face the same fate as the travel industry.

]]> By: Misty Lackie http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3139 Misty Lackie Tue, 22 Dec 2009 05:55:05 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3139 Hi Lori - thanks for your feedback. You make some very good points. Hi Lori – thanks for your feedback. You make some very good points.

]]> By: Lori Galloway http://www.gosmart4u.com/blog/google-real-estate/505/comment-page-1/#comment-3137 Lori Galloway Tue, 22 Dec 2009 05:17:54 +0000 http://www.gosmart4u.com/blog/?p=505#comment-3137 When Zillow was first brought to market many thought it would change the face of real estate, but after it's initial launch users found that much of the information was flawed because there was no direct access to the information found in the local MLS systems. Even after the many updates, it is still not nearly as accurate as the information found in the MLS systems. Trulia also only provides limited information. Many agents use it as a marketing tool. I do not believe Google will make any further difference on the current Real Estate marketplace for the same reason the other systems have failed to make a marked difference;it has no access to the members-only information contained in the local MLS systems. While it is true that the availability of information on the internet has grown, probably in part to a push by the public for access to this information after trying these other vehicles, Google should have limited impact on the current system of home sales. FSBO listings and foreclosures make up a small percentage of the market, and the MLS DOES have many of these, either in the form of the limited representation listings (FSBO) or in agent listed foreclosures. Very few agents are not members of MLS, so again this will not impact our current system in most cities. I feel the greatest impact on the real estate industry has come (and will continue to come) from the changing face of the buyer in today's market; much more tech savy, much less time to shop, and much more reliant on agents who have the ability to find the right home in the right area and communicate via e-mail, text, and handle documents with e-signatures. They expect to do much of the transaction over the internet. When Zillow was first brought to market many thought it would change the face of real estate, but after it’s initial launch users found that much of the information was flawed because there was no direct access to the information found in the local MLS systems. Even after the many updates, it is still not nearly as accurate as the information found in the MLS systems. Trulia also only provides limited information. Many agents use it as a marketing tool.
I do not believe Google will make any further difference on the current Real Estate marketplace for the same reason the other systems have failed to make a marked difference;it has no access to the members-only information contained in the local MLS systems.
While it is true that the availability of information on the internet has grown, probably in part to a push by the public for access to this information after trying these other vehicles, Google should have limited impact on the current system of home sales. FSBO listings and foreclosures make up a small percentage of the market, and the MLS DOES have many of these, either in the form of the limited representation listings (FSBO) or in agent listed foreclosures. Very few agents are not members of MLS, so again this will not impact our current system in most cities.
I feel the greatest impact on the real estate industry has come (and will continue to come) from the changing face of the buyer in today’s market; much more tech savy, much less time to shop, and much more reliant on agents who have the ability to find the right home in the right area and communicate via e-mail, text, and handle documents with e-signatures. They expect to do much of the transaction over the internet.

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