Jeff Brown’s, Real Estate Bloggers — Why Are You Blogging? What Currency Does Your Banker Accept?, has evoke a ton of comments and emotion over the past few days. As an outside observer I find it interesting during these crazy times in the real estate market, people get so worked up over SEO, but don’t seem to carry that same passion over to the market.
While I have no real interest in SEO, I thought I would mention that if (and when) the real estate market tanks, it wont matter how many people are coming to your site if they aren’t able to buy. While the point of Jeff’s article got lost after about the 20th comment, I think that it is really unfortunate. Blogging for business is fine by me, but what about the consumer? There will be a point very soon when consumers will be looking for advice on how to approach and handle a down market. It would seem like everyone’s time would be better spent having these discussions.
I am probably one of the few non-real estate agents writing/reading here, but as a current home shopper, a Realtor could really differentiate themselves by understanding the market and providing helpful advice. In a world where good content is king, I am spending my time reading and understanding where the market is going, so that I can provide readers support as things go from bad to worse.
A major knock on Realtors is the fact that they are always selling, not necessarily with their client’s best interest in mind. The National Association of Realtors makes this perception worse with every rosy real estate forecast they send out to the market in spite of overwhelmingly negative information. Interestingly, two days after I wrote this piece about the NAR forecast, the stock market had the second worse day of the year.
Looking at a variety of the real estate bloggers blogs, who have been commenting here, I have seen very little content on many sites that could really help consumers deal with this changing market. Now before you hit the comment button and link me to all of your consumer friendly articles, take a consumer perspective. If I am shopping in your market and it appears to be declining what do I need to know as a buyer? If you are in a market with a higher than normal percentage of credit challenged consumers, what are you saying to help them navigate the loan process. If now is a crappy time to buy in your market what are my alternatives? When it becomes a crappy time to buy in your market, what will you say?
Realtors have a bad reputation for many reasons, but the main reason is because they so often forget that they represent real consumers. Sites like Redfin and consumer focused sites attack Realtors because they have not showed themselves to be a friend of the consumers. I am not in anyway implying Redfin is a friend of the consumer, but rather, Realtors as a group have left themselves open to attack.
Great sales firms engender consumer loyalty because they are a consultant first and a salesperson second. While working for Procter & Gamble in sales, I learned early on that no one likes sales people, but everyone likes free, knowledgable consultants. When I learned to be both, I started setting sells records and my customers loved me.
My message to the Realtors out there is simple, Wake up. Use sites like this to strategize among yourself about how to better serve your consumers, rather than to debate about the ethics of SEO manipulation. This group as a whole could increase their sales and customer satisfaction by having more pointed discussions about helping the consumer.
Finally, please remember this is one consumer’s perspective. You can say I am wrong and say I am crazy, but this is what I see and this is my opinion. If you feel you are doing this and more, then this does not apply to you. But, if you look at your blog and it reads more like a news report void of analysis, then this message is for you. Analyze and advise and I guarantee there will be less grumbling about your 6%.
Note: I chose to use Realtor in this article instead of agent because the NAR has worked so hard to distinguish the terms. As of now, I don’t see a difference. If Realtors out their want to be different, they need to do more than just run ad campaigns.
Jeff Brown says:
Michael – This is why my blog is as rich with content as possible. It’s also probably why I don’t get the astounding traffic numbers as some out there. I pay attention to who my audience is, telling them what they’re tell me they’d like to know.
Of course, that was the point of my post – lost in the civil war of the SEO ‘experts’ and code gods. 🙂
As long as folks keep emailing and calling me to tell me how much they enjoy what I write in BalwdGuy Talking, I’ll just keep pluggin’ away.
You make a solid point – though I think there’s probably a larger percentage of the good guys than implied in this post. 🙂
And for those agents/brokers who are reading Michael for the first time – he’s one of the good guys too.
August 10, 2007 — 8:07 am
Michael Cook says:
The main reason I write here is because I think this site does consumers a great service. I know there are a lot of good guys out there, but I really want to challenge every to be better or to keep doing well.
Some times I think bloggers get so focused on the tech end, that they forget about what the reader wants. Sure you can get me to your blog, but then what? Without solid analytical content, I dont get the help I need. Furthermore, if I search 3 or 4 more sites, I am going to begin to think that Realtors dont know anything about the market.
The closure rate everyone hear speaks of could be much higher if blogs offers consumers real insight.
August 10, 2007 — 8:16 am
Jeff Brown says:
>Some times I think bloggers get so focused on the tech end, that they forget about what the reader wants.
On that we’re in agreement. I’ve been taught to write what I know, remember who my audience is, and try to inform them within an inch of their lives.
It works for me.
August 10, 2007 — 8:23 am
BR says:
As an outside observer I find it interesting during these crazy times in the real estate market, people get so worked up over SEO, but don’t seem to carry that same passion over to the market.
I can multi-task.
And further- we’re consumers as well. I was at a tradeshow yesterday where we were being sold 100’s of junk products by vendors with inflated stats. I think that if we as Realtors do not talk about, and bring to light these sorts of issues Realtors continue to be taken advantage of by preditor vendors. I for one am tired of it. So, all of the personal stuff aside, there was one positive thread- buyer beware, including Realtors.
August 10, 2007 — 8:27 am
Tristan Celayeta says:
Here, here!! Well spoken Michael. My father, a broker, told me to concentrate on service and compensation will take care of itself. That was an act of faith on his part and it worked for him as it does for me. I’m not overwhelmed with abundance but receive great personal joy from a job well done – best done.
This industry, the real estate craft, draws flies – you can figure the rest of the metaphor. Many are drawn to the opportunity to make $$$. Many are utterly unscrupulous in there pursuit of $$$. The structure of the business permits the loud and charming success because there is no way for consumers to appraise performance. Instead those who self-proclaim proficiency most effectively garner most clients.
Shoot there are even those who hope to blog their way to success. I suppose a gift for gab is an important part of agency but likely erudition and literary facility are not as important as market knowledge, contract negotiation and execution. For me blogging is fun, a gas, nothing else. I think it’s the same for most of the contributors here, sure reads like it. I like it.
I can live with it, the as it is, but it is tragic that so many consumers suffer poor service and that the industry is debased in consumer credibility. Of course, vis-&224;-vis service, real estate is no different that any other sector, have you tried to find a good mechanic.
August 10, 2007 — 8:58 am
laurie mindnich says:
This is the finest material I’ve read thus far that provides consumer insight to Realtors. THANK YOU.
August 10, 2007 — 3:29 pm
Joshua Harris says:
Realtors are too busy to concern themselves with their client. Their current client that is… Realtors are too busy trying to find the next client to concern themselves with their current one. (Note the emphasis on SEO and the ‘I gotta be seen’ attitude) This is a problem that will become increasingly obvious as the industry transitions from an “agent” dependent model to a “data” dependent model. No agent can keep up with the speed that the data can reach buyers and sellers. Realtors will become less and less concerned with helping a current client, and more about “How am I going to get paid tomorrow?”.
August 13, 2007 — 6:13 am
Chris Lengquist says:
Michael, I think your point is well made. And I think there is gold in some of the comments. And while it is true that I blog because I love it, I try to give myself away on it. I let people know who I am and what I believe and what works in my market.
Consultant vs. Sales – I’m in agreement. I can give you dozens, perhaps more, names of people I’ve told not to invest in a certain property…or at all.
The long term business is what I’m after. That requires competence. (sp?) Fast buck and short term artists are attracted to real estate sales and mortgage brokerages. It’s a sad fact.
My advice to consumers would still be “buyer beware.” Not so much of the property, but beware of whom you choose to represent you. Not a friend. Not a relative. Not someone working in your office and doing real estate on the side. Interview. Question. Fact check.
August 13, 2007 — 9:23 am
BR says:
Data is just that, data. I experienced this yesterday when a buyer called me and asked me about an area outide of Austin. He could not put into perspective all of the information he had collected. This is a great example of what is said of information- it isn’t knowledge. It took both of us out in the area to put his data into perspective- it either fits within his needs or it doesn’t, but the reality is, he still needed knowledge in the end. Now, I am in no way saying he could not have done it on his own, it simply increased his risk not to ask, to affirm the data, to put the data into practical application. He served himself well to ask the questions in all the directions in which data is served.
As for the next meal, I see nothing wrong with agents promoting themselves, they are a small business after all. As with any business, one must be in the business of being in business and provide for their clients at the same time which for some is not often easy. I have great issue with the writter of this post generalizing so broadly. To say the writers of the post in question or those who commented do not care about people is absurd. Just as absurd as a Realtor saying investors are all about greed.
BHB is a place to talk about all things real estate including marketing, calling folks out on things, to debate, and even sometimes to be funny and light hearted. One must only look at how deep the contribution is here to know how passionate most Realtors are about the profession and consumers. BHB has in fact stood up for consumers in the areas of Dual Agency, Commissions, Poor Service, and has been what amounts to a learning curve in all things real estate. There is no profit in the contribution here and I take great offense to anyone who would argue otherwise. Passion is something that is missing in many professions, but BHB is evidence to just how much Realtors do care.
August 13, 2007 — 10:11 am
ardell dellaloggia says:
Excellent post. Are you sure you just don’t want to hear how much integrity we have 🙂
I love posts written from the consumer perspective. Can’t be anything but right, because the consumer opinion is the only one that matters.
Kudos to Michael, and also to Greg for putting it front and center.
August 13, 2007 — 7:59 pm
Brian Holden says:
Realtors don’t “sell” homes to people. A good Realtor listens to what the clients want and finds them a home that sells itself to them because it’s the home they are looking for.
Of course there are good Realtors and bad Realtors, just like any other walk of life but – especially now – it’s a jungle out there and Darwin was right. We should see a substantial culling of the herd.
August 14, 2007 — 8:28 am
Tara Jacobsen says:
Great post about the power of service! BUT I think you may have missed the fact that the market may also help with “salesman” attrition. Here in the Clearwater area our Absorption Rate is so low that only the Realtors who are truly dedicated to this as a career and to helping people acheive their goals will be around after the smoke clears.
September 1, 2007 — 5:15 am
Paul Francis says:
Michael,
Excellent post! Our roles should be to know general real estate conditions so we can explain all of the confusion, know our local market, listen to our clients and match them up with the best real estate for their needs.
October 4, 2007 — 2:20 pm