September 3, 2006
What To Do When The 'Net Challenges Your Livelihood
A few years ago the Internet forced many travel agents to go out of business. Why? Thanks to the fast growth of Expedia, Travelocity, Orbitz, HotWire and so many other sites the Internet let customers find their own tickets and by-pass "the middle man". This is happening again in the real estate industry.
Web sites are bringing buyers and sellers together and bypassing the 6% commissioned sales agent. This can and probably will happen to your industry, what are you going to do?
Very simple.
1. Embrace the 'net don't run from it
2. Offer your customers exceptional service and make them loyal to you
3. Serve customers how they want to be served
4. Learn all about the Internet and see how you can leverage it for YOU
The NY Times writes AMID its battles, a funny thing happened to Redfin. It realized it was not primarily a tech company, but a real estate broker. It moved to stylish offices in Pioneer Square in Seattle because many customers wanted to meet agents the old-fashioned way: in person. Redfin posts pictures of agents on the Web so that customers realize, as Mr. Kelman says, ¬?they won¬?t be talking to a person in Mumbai, India.¬?
Redfin said it planned to use the power of the Internet to personalize listings ¬? if local M.L.S.¬?s allow it. Sellers, for example, could post online brochures that describe the history of their houses, any improvements made or what makes the homes special to them. Buyers, meanwhile, would automatically get help in searches through software that analyzes their past queries.
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