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Real Estate 1.0

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…is Kicking 2.0’s Butt

real estate 2.0


Real estate 1.0 seems to be kicking real estate 2.0’s butt these days in California’s East Bay area. Keller Williams Realty in Danville, CA (the office I work out of) has about 200 agents; on average about 75 – 100 Realtors attend each week’s meeting of the Realtors Marketing Association (Alamo, Danville, San Ramon) and the Valley Marketing Association (Pleasanton, Dublin).In the last month, I haven’t heard from a single Realtor about any new business arriving via their website. Houses are still be bought and sold in this part of the East Bay. Here’s what is working:

  • Working Expired Listings
  • Door Knocking
  • Working the Database

I don’t claim this to be 100% accurate, but it seems that the majority of new listings and new buyer agreements are arriving the old fashion way in this slow market.

Writer for national real estate opinion column AgentGenius.com, focusing on the improvement of the real estate industry by educating peers about technology, real estate legislation, ethics, practices and brokerage with the end result being that consumers have a better experience.

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12 Comments

12 Comments

  1. Danilo Bogdanovic

    January 27, 2008 at 10:18 am

    John,

    Glad to hear that the agents in your office are busy with clients, whichever way they may be getting them. But don’t count out real estate 2.0 and web 2.0. Here’s why:

    My business partner and I run three blogs – one is agent-centric and the other two are consumer centric. The two that are agent-centric are pulling in 2 to 3 ready, willing and able buyers/investors with lender letters in hand per week. An example of their email or phone call to us is, “We like and read your blog and want to buy a house. Can you help?”

    The blogs are also pulling in an average of one listing every 2 weeks. The same type of email or phone call listed above applies.

    Btw, we don’t do any of the action items you described in your post whatsoever and we don’t pay to advertise in print media. The way we get into print media is for free through quotes and articles on us by local newspapers as well as the Washington Post, Reuters, Wall Street Journal, etc. This is because the media reads and follows our blogs. And this happens with regular frequency. Consumers read this and then elevate the level of credibility they give us, which helps pull in buyers and sellers.

    This is not to say that the items you described don’t work. It just means that your claim that real estate 1.0 is kicking real estate 2.0’s butt may not be accurate.

    Btw, (static) web sites are real estate 1.0, not 2.0. You can’t clump blogs and social media sites into static web sites.

  2. Benjamin Bach

    January 27, 2008 at 11:21 am

    Interesting John… interesting

    I would agree that at my KW Market Centre (Kitchener-571) most everyone is getting business the old fashioned way – but most of my ‘new’ business (every sale so far in 2008) is now coming from people I’m initially meeting via my blog and other internet presence (facebook, among others)

    John what are you finding in your own business ?

  3. Lani Anglin

    January 27, 2008 at 1:20 pm

    John, I can’t say the same about our market (or at least our company). As always, out approach has been a consistent, delicate balance of 1.0 and 2.0. If you omit either, you may miss the business boat.

  4. Candy Lynn

    January 27, 2008 at 4:04 pm

    There were a few months that I was beginning to think my website was broken. The last 4-6 weeks both hits & info requests have been going crazy!
    Offers & listings produced from internet in last week.

    I use print to PUSH to website, I do not doorknock nor work expired listings. I do have a very personal high touch relationship with my clients. I work a niche market of horse properties so there is a great deal of common interest that results in clients not becoming just clients for life but friends for life.

    Is my marketing Web.1 or Web.2? I tend to think of it as just plain old fashioned professional service that just happens to use the tech tools of the day.

  5. Cyndee Haydon

    January 27, 2008 at 5:50 pm

    John,
    Maybe it depends on where your buyers are coming from – we find most of the people buying here are from somewhere else so we are seeing almost 100% of buyers coming from the web – now the listings are a different story – they seem to come more from the 1.0 way for us.

  6. Jonathan Dalton

    January 28, 2008 at 1:20 am

    I’m seeing some business from hitting expireds, though I’m not as consistent as I ought to be.

    But given I’ve pulled in a solid lead a day off the various websites this past week (and going back for some time), 2.0 has its place.

    Actually, forget I said that. If you’re an agent in the Phoenix market, please do not bother with the web. it’s a fad and will go away. Knock on doors. Much better.

  7. Benjamin Bach

    January 28, 2008 at 5:46 am

    This may be what we call tunnel vision – it seems all of us commenting on blogs (i.e. and are ‘in the web 2.0 know’) are getting business from blogs, while ‘old school’ realtors may not be generating leads online.

    I had a realtor ask me last week how quickly would he get business from a blog if he paid me to start one for him. I chuckled.

  8. Chris Lengquist

    January 28, 2008 at 10:20 am

    I do both…with heavy emphasis on blog/web. And the leads/clients generated reflect that.

    The key is DOING SOMETHING.

  9. Port Orange Homes For Sale

    January 28, 2008 at 1:10 pm

    If it works don’t break it. Seems like that what works in his market and hey he is on this blog so he appears to be on the internet blogging that will bring more business. Good luck to all in these hard times with creativity and doing what ever it takes to sell real estate.

  10. Borino

    January 28, 2008 at 1:56 pm

    John,

    Your information confirms what vast majority of my clients from almost every US market confirm – expireds are plentiful, fairly easy to work, and can be one of the most profitable niches right now.

    Good ol’ fashioned work is back in style, it seems. And it’s profitable. 😉

    Borino
    http://www.ExpiredPlus.com

  11. Nouveau Riche

    June 15, 2008 at 4:59 am

    Very interesting blog you have here. I don’t know much about real estate and I had started to read about this subject a few days ago and I must say that your blog made me understand a lot of things about real estate. Thanks

  12. Pingback: Sacramento Real Estate Market is On a Roll...! | Realty World - Your Property Source

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Business Marketing

Facebook adjusts how much repeat video views matter

(MARKETING) For video creators and marketers alike, Facebook updates can mean a world of difference. What’s new now?

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For Facebook Video, intent and repeat viewership matter. Recently, Facebook updated video distribution methods to build more effective monetization tools and improve viewing experiences for users, namely regarding video distribution, ad breaks, and pre-roll.

Most video watching on Facebook takes place in the news feed, making this a great place to reach target audiences. It is the primary hub of activity, featuring status updates, photos, app activity, and video posts.

New ranking methods promote videos people seek out or want to return to, like serial episodes from creators regularly publishing content. Partners fostering communities by actively posting weekly or daily content get a boost as well.

If content publishers link a Show Page with their regular Page, they can distribute episodes directly to followers. This makes it easier to maintain and grow audiences, connecting users with relevant content.

However, although New Feed is a popular zone for creators and publishers, Facebook expects video engagement to eventually move to Watch, the platform for shows. In Watch’s Discover tab, shows people come back to will be prioritized for more convenient access.

After all, News Feed isn’t the easiest place to go for returning viewers since they have to sift through a constantly changing barrage of status updates. Watch offers a place more akin to YouTube, where episodes and content are contained in one place.

Creating a Facebook Group for the show adds another level of engagement, providing viewers a social viewing experience to connect with other fans.

Putting videos and content in an appealing, easily accessible area makes your viewers likelier to stick around. Grouping similar content will encourage binging, keeping your viewers in one place to engage with your content.

If content is difficult to find, or re-find when showing friends, it’s less likely to spread.

Revisions to Ad Breaks will hopefully drive up engagement as well. Previously, videos were eligible for Ad Breaks if they were at least 90 seconds, and the ad could show up as early as twenty seconds into the video.

Starting in January, videos must be at least three minutes long to have an Ad Break, and the break won’t come until at least one minute has passed.

Although Ad Breaks benefit content creators with a share of the revenue, disruptions to already short videos can drive users away. Delaying the break may improve viewer satisfaction, keeping people watching longer.

Creators now have an Ad Break insights tab to better understand video monetization performance, tracking impressions and clicks per minute.

Additionally, Pages with over fifty thousand followers can now have Live Ad Breaks. Smaller Pages and Profiles aren’t eligible since Facebook determined these publishers are less likely to comply with their monetization guidelines. Plus, their audiences are typically smaller, meaning it’s more difficult to gain significant revenue from Ad Breaks.

Facebook also plans on testing six second pre-roll ads, but only in places like Watch since viewers are already actively seeking out this content.

Combining metrics tracking insight and updated distribution tactics with intentionally crafted content may promote repeat viewership, leading to more success for publishers.

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Business Marketing

How Snapchat earns over $1M a day on just one lil’ feature

(SOCIAL MEDIA) Marketers are jumping on the bandwagon, giving Snapchat more and more money – but what little feature rakes in so much cash!?

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Although Snapchat is still struggling to net a profit, they make a million dollars a day with branded AR lenses. If Snapchat can remain crazy popular with its users, this may help the company get out of its revenue slump.

Snapchat’s shares dropped 22 percent since their March IPO, and their Q3 earnings saw a revenue loss of $0.14 per share with the slowest user growth ever. But there’s still growth, and Snap has never really been profit focused anyways.

CEO Evan Spiegel certainly isn’t worried, publicly at least. Spiegel’s product strategies have been mirrored by Facebook and Instagram, and a huge chunk of teens prefer Snapchat over these other social media giants.

Which is why Snapchat can charge upwards of one million dollars a day for augmented reality lenses. Snap’s popularity, especially among teens and young adults with disposable income and social influence, bodes well with media agencies.

AR lenses are one of many features offered on Snapchat, allowing users to superimpose augmented reality images on pictures and videos. If you’ve spent any amount of time on the internet, the dancing hotdog is a testament to how easily an AR lens can turn into a meme.

In September, Snapchat introduced sponsored 3D World Lenses, giving advertisers the opportunity to feature targeted campaigns on the platform. Bladerunner 2049 was the first campaign at the launch, and since then Budweiser, BMW, and McDonalds have jumped on the bandwagon.

Pricing varies depending on when the lens goes live, if it’s a “premium” day like a holiday or anticipated movie release, and the targeting criteria of the agency. If a lens is specific to a region, for example, it’s not going to cost as much as a nationwide campaign.

In a report from Digiday, one NYC-based ad executive stated AR lenses are currently Snap’s most expensive ad product, and for some agencies it’s offered as a standalone purchase. Others reported Snapchat offered a “holistic media-buying plan,” including stickers and filters as well as AR lenses.

James Douglas, SVP and Executive Director of social media for Society explained Snapchat Ads are all about media negotiation, with some of his clients signing annual media contracts, while others may try out shorter stints.

“If it’s a well-known consumer packaged goods company, Snapchat may quote $200,000 for an AR lens, but not on a premium day,” he stated. “Snapchat is very flexible to negotiate media investments with agencies, and I like that.”

According to a Snapchat spokesperson, the base price for a 3D lens running up to 12 months is $300,000. However, the final price depends on if the lens is based on audience impressions or a national takeover on a premium day.

While the AR lenses are not necessarily driving sales for featured brands, users are completely engaged with lenses. Featured lenses are widely shared among users, and screenshots of particularly popular, interesting, or funny lenses end ups shared on other social media platforms.

Even if the lens is being mocked, that still leads to impressions since ultimately the ad is being spread when people send Snaps to friends and feature lenses in Snapchat Stories.

Right now, Snapchat is doing all the engineering for AR lenses. Agencies provide the ad assets and Snapchat creates the lens. Future plans involve opening up creation to select brands, as Spiegel announced in November.

Snapchat is testing a pilot program with Lens Studio, a self-service toolkit allowing advertisers to create their own lenses in as little as an hour. Eventually Snap plans on offering the AR toolkit to advertisers for free, but for now it’s only available to top clients.

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Business Marketing

Pantone’s 2018 color of the year (that you’ll see everywhere now): Ultra Violet

(MARKETING NEWS) Check out the Pantone color choice for 2018, and prepare to see it splashed across the internet and in print.

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Much ado about a hue. Over the past year, Pantone encouraged us to reconnect with nature and once another through the promotion of Greenery, the fresh yellow-green color of 2017. It’s now time to take our personal and business potentials to a whole other level, as inspired by Ultra Violet, PANTONE 18-3838, which is the 2018 Color of the Year.

Now technically, Ultra Violet isn’t a shade of purple as the Pantone color square suggests. In fact, Ultra Violet is a spectrum of light waves that can’t be detected by the human eye in natural circumstances. But that’s kind of the point. Pantone purposefully selected this color to encourage inventiveness and imagination.

The color purple has long represented individuality and artistic expression. Think Prince, David Bowie and Jimi Hendrix. When Ultra Violet was dubbed the iconic color of 2018, this symbolism was not overlooked. They are using Ultra Violet, a blue-based purple, to encourage individuals – and companies – to push boundaries and blaze their own trail.

Ultra Violet can have mystical and spiritual undertones, too. It’s been associated with mindfulness practices such as meditation, which can be a way to detach from today’s non-stop, information overloaded environment.

As a reflection of this new Color of the Year, we will likely see bright nail polishes, funky home décor, and vibrant fashion bring Ultra Violet into the marketplace. However, while material goods and designer’s color schemes are splashed with this dramatic shade of purple, Pantone encourages brands to use this color to inspire consumers to push for a better, and brighter future.

“The Pantone Color of the Year has come to mean so much more than ‘what’s trending’ in the world of design; it’s truly a reflection of what’s needed in our world today,” said Laurie Pressman, vice president of the Pantone Color Institute.

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