Our Changing Industry
We spend a lot of time on discussing new business models, social media, technology, and how we all think the consumer wants to buy. We prognosticate endlessly about how each idea we have or new technology we observe is going to revolutionize the real estate industry, and agents are going to either evolve or die (Whenever I hear things like that I think of the old Comic Book Alien with a Huge Head carrying off a struggling woman who looks well dressed for either work, a cocktail party OR an alien abduction).
Sometimes I think we forget about the basics that are involved in our business. No matter how much time people spend on their computer looking for property, they need to walk the neighborhood, see the property, experience the home and the neighborhood. And they want someone they can trust , who is knowledgeable about those things to help provide them with guidance in finding a property that has the right location and appropriate physical attributes in a community that they have chosen.
And then they still need help with negotiation, the physical inspection of the property, the contractual portion of the purchase, obtaining financing etc. And no, I don’t think attorneys negotiate worth a damn in real estate (unless they specialize – and have a great deal of knowledge about real estate valuation and the current market, in which case they are a real estate professional with a law degree).
We Still Need Boots on the Ground
And with all due respect to all of the on-line real estate models I’ve seen to date, they still end up with an agent meeting a consumer and providing the on the ground service that all of us provide to our customers and clients. No, I’m not a Luddite. I love technology and think that its a very useful tool, and I am constantly looking for new ways to use technology to make me better at my job and my company more efficient. But I don’t think that we’re going to wake up anytime soon, and find out that we need to be retrained for new jobs.
Let Me Give You an Example
The store pictured above is an amusing business model that represents IMHO the contradictions of the thought processes found in much of the real estate business and the RE.net
People have always had stuff they didn’t want. We have all heard that one man’s trash is another man’s gold. And we all know that when we have trash, we want to sell it and turn it into gold. At first people would sell things from their house , or on local physical bulletin boards in stores and schools, on their own. Then there were enough people recycling things that antique stores and thrift shops became their venues of choice.
Technology improved, and people started by posting things on Electronic Bulletin Boards for Sale. But these were limited enterprises commercially, until someone got the bright idea of building an on-line auction site know as EBay. EBay changed the way people sold their junk. It was easy to buy on EBAY, and there was tremendous exposure for your junk. But some people found it unsatisfactory, and the store above was born (and it is only one of a number of such stores, and franchises around the country. People are now going to a physical location to sell their stuff on the Internet. (There is a great conversation about this business model in the Steve Carell movie The 40 Year Old Virgin, but I just couldn’t find the video clip to add here- But what the heck its a funny movie go see it and you’ll remember this post when you see the scene) Is it just me or is this a huge ironic circle?
The More Things Change
Maybe its just because I’ve seen so much in the industry over the years which have brought some tremendous changes in How we do What we do, but the basics are still the same. We take Buyers and Sellers through one of the most traumatic events of their lives, protecting them as best we can, helping them to reach their goals, and making the process as smooth as possible for them. We reach farther, get more information faster, and transmit it to clients in distant places, but we still add value to the process, and I believe its a value the consumer wants and looks for, So far I haven’t seen a technology that changes their needs or our ability to satisfy it – as hard as that seems to us some times. So I guess we’ll keep on needing to go to work for at least a little while longer.
Spruce up your product images with Glorify (just in time for Black Friday!)
(BUSINESS MARKETING) Want professional, customizable product images for your company? Consider Glorify’s hot Black Friday deal.
Glorify, the app that creates high converting, customizable product images for your business, is offering a lifetime deal for $97 this Black Friday. In just a few clicks, you can transform one of Glorify’s sleek templates into personalized, professional-looking content – and now, you don’t have to pay that monthly fee.
Whether your business is in electronics, beauty, or food & drink, Glorify offers a range of looks that will instantly bring your product images to the next level. With countless font styles and the ability to alter icon styles, shadows and other elements, you can access all the perks of having your own designer without the steep price.
In 2019, Glorify was launched – the app was soon voted #2 Product of the Day and nominated for Best Design Tool by Product Hunt. Since then, they have cultivated a 20k+ user base!
Glorify 2.0, which was launched last week, upgrades the experience. The new and improved version of the app is complete overhaul of intuitive UI improvements and extra features, such as:
- background remover tool
- templates based on popular product niches and themes
- design bundles for your website/store, social media
- annotation tool
- upload your brand kits and organize your projects under different brands
- 1 click brand application
- & much more!
“But the most important aspect of Glorify 2.0, is that it comes with a UI that sets us up for future scalability for all our roadmap features”, said CEO of Glorify Omar Farook, who himself was a professional graphic designer.
Farook’s dream was to provide a low-cost design service for the smaller businesses that couldn’t otherwise afford design services. Looking through reviews of the app, it’s evident that Glorify does just that – it saves the user time and money while helping them to produce top-notch product images for their brand on their own.
Glorify is one of the many new design-based apps that make producing content a breeze for entrepreneurs, such as Canva. As someone who loves design but doesn’t have the patience for Creative Cloud, I personally love this technology. However, Glorify is unique in that it is the only product-driven design app. All you have to do is upload your photo!
This new Chipotle location will be fully digital
(BUSINESS NEWS) In the wake of the pandemic and popularity of online delivery, Chipotle is joining the jump to online-only locations, at least to test drive.
A lot of industries have switched to an online-only model in the wake of the pandemic. Most of them have made sense; between abundant delivery options and increased restrictions on workers, moving away from the traditional storefront paradigm isn’t exactly a radical choice. Chipotle making that same decision, however, is a plot twist of a different kind—yet that’s exactly what they’re doing with their first online store.
To be clear, the chain isn’t doing away with their existing locations; they’re just test-driving a “digital” location for the time being. That said, the move to an online platform raises interesting questions about the future of the restaurant industry—if not just Chipotle itself.
The move to an online platform actually makes a lot of sense for businesses like Chipotle. Since the classic Chipotle experience is much less centered on the “dining” aspect than it is on the customizability of food options, putting those same options online and giving folks some room to deliver both decreases Chipotle’s physical footprint and, ostensibly, opens up their services to more people.
It’s also a timely move given the sheer number of people who are sheltering in place. A hands-on burrito assembly line is not the optimal place to be in a pandemic, but there’s no denying the utilitarian appeal of Chipotle’s products. To that end, having another restaurant wherein you have the option to order a hearty meal with everything you like—which is also tailored to your dietary needs—is a crucial step for consumers.
Chipotle’s CTO, Curt Garner, says he is hoping this online alternative will offer a “frictionless” experience for diners.
As a part of that frictionless experience, consumers will be able to order in several different mediums. Chipotle’s website and their mobile app are the preferred choices, while services like GrubHub will also be available should you choose to order through a third-party. The idea is simple: To bring Chipotle to you with as little fuss as possible.
For now, Chipotle is committing to the single digital location to see how consumer demand pans out. Should the model prove successful, they plan to move forward with implementing additional digital locations nationwide.
Your business’ Yelp listing may be costing you more than you think
(BUSINESS MARKETING) The pay per click system Yelp uses sounds good in theory, but it may be hurting small businesses more than helping.
We all know Yelp – we’ve probably all used Yelp’s comment section to decide whether or not that business is worth giving our money to. What you might not know is how they are extorting the small businesses they partner with.
For starters, it’s helpful to understand that Yelp generates revenue through a pay per click (PPC) search model. This means whenever a user clicks on your advertisement, you pay Yelp a small fee. You never pay Yelp a cent if no one clicks on your ad.
In theory, this sounds great – if someone is seeking out your product or service and clicks on your ad, chances are you’re going to see some of that return. This is what makes paying $15, $50, or even $100 a click worth it.
In practice, it’s not all it’s cracked up to be. When setting up your Yelp account, you are able to plug in keywords that correspond with your business. For example, owner of San Francisco-based Headshots Inc. Dan St. Louis – former Yelp advertiser turned anti-Yelp advocate – plugged in keywords for his business, such as “corporate photographer” and “professional headshots”. When someone in the Bay Area searches one of those terms, they are likely to see Headshots Inc.’s Yelp ad.
You are also able to plug in keyword searches in which your ad will not appear. That sounds great too – no need to pay for ad clicks that will ultimately not bring in revenue for your business. In the case of Headshots Inc., Dan plugged in terms such as “affordable baby photography” and “affordable studio photography”, as his studio is quite high-end and would very likely turn off a user who is using the word “affordable” in their search.
How Yelp really cheats its small business partners is that it finds loopholes in your keyword input to place your ad in as many non-relevant searches as possible. This ensures that your ad is clicked more and, as a result, you have to pay them more without reaping any of the monetary benefits for your business.
If you plugged in “cheap photography” to your list of searches in which your ad will not appear, Yelp might still feature your ad for the “cheap photos” search. As if a small business owner has the time to enter in every single possible keyword someone might search!
In the case of Headshots Inc., Dan ended up paying $10k in total ad spend to Yelp with very little return. Needless to say, he is pissed.
So what does this mean for you if you use Yelp for your business? If you don’t want to completely opt out of Yelp’s shenanigans, try these 3 tips from Dan:
- Try searching some potential irrelevant keywords – are your ads showing up in these searches?
- Do your best to block the irrelevant keywords. It’s impossible to get them all, but the more you do the more money you will ultimately save.
- Keep an eye on the conversation rate on your profile – does more clicks mean more client inquiries? Make sure Yelp isn’t sending low-quality traffic to your profile.
Ultimately, it’s about protecting your small business. Yelp is the latest in big tech to be outted for manipulating individuals and small businesses to up their margins – a truly despicable act, if you ask me. If you don’t have tens of thousands of dollars for ad spend, then either boycott Yelp or try these tips – your company may depend on it.
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