Jerry was a race car driver, And he drove so goddamned fast
He never did win no checkered flag, But he never did come in last
Jerry was a race car driver, He’d say el solo number one
With a bocephus sticker, On his 442 he’d light em up Just for fun

- Primus, “Jerry was a Racecar Driver”

The 1969 Camaro 302 V-8 was my dream car since I was a little boy, so please pardon the analogy of this post.

Picture the Camaro above as representing the American Real Estate Brokerage.  It was built a strong chassis, road gripping tires for any environment, and an engine that churned perfection.

It has been a tradition in it’s marketplace.

Born on the assembly line of Motor City, the unions created this work of art with their bare hands.

Dirty, greasy, made of molten steel, it consumed the elements around it

Long celebrated for it’s brand of muscle, power, design and air of freedom.

It has stood strong in its customer loyalty and commands an air of respect as it growls down the street.

Individuals around you looked, looked again, admired, and yearned for it.

People loved the Camaro… but its time has come and gone.

Today brings about the Toyota Prius of Real Estate Brokerages with 60 MPG, integrated bluetooth technology, super computers that allow analyzation of all systems in the car and aerodynamic design to aid in efficiency.

The Prius complies to all environmental standards, provides awesome safety to it’s drivers.

Engineered by robotics to be near flawless

Tweaked and streamlined in every way it rolls silent, brand-less, sophomoric, almost afraid to make noise.

The brokerage of tomorrow works its way into our homes and resides in garages across the United States.  Cold, Plastic, Unloved, Uncherished, it resides only to serve the purpose of it’s owner… never to experience the warm, wet embrace of a chamois on a sunny Summer day.

Where’s the love?

In countless posts across the Web, from 1000watt consulting to Inman to a post by Ashfaq Munshi over at FOREM and even the Notorious R.O.B. the topic of real estate brokerage’s future (and office) are dotting the radar.  But through all of the speculation, the insight, and the fanciful brainstorming (see my post for this here!) there’s one huge element missing.

Where’s the warm, wet chamois on a sunny summer day?

Here’s what the real estate brokerage of the future looks like in my muscle car mangled mind.

Welcome to the Brokerage of the Future, (a.k.a The 2010 Chevy Camaro)

Throughout the Leading Real Estate Companies of the World conference last week I submerged myself in both Geek Estate and Brokerage Estate as deep as I could go.  This is what I realized:

Geek Estate Thinks…

• The brokerage house of the past is dead, buried and old
• Twitter will solve the worlds’ real estate issues
• Faster, sleeker, interactive communication is not only expected, but demanded
• SEO, Lead Capture, CRM and Drip are the new biz-love words of the future

Brokerage Estate Thinks

• There’s a distinct rift between The Agent and The Brokerage
• I need to own the technology (fear)
• You can’t “love” an avatar
• The “family” brokerage I built is dead and gone
• There’s no way I can learn all of the technology that’s out there

I think that both are right… but both are dead wrong.  Where’s the mutually beneficial relationship?

The 2010 Chevy Camaro is a kickback to yesteryear and embraces tomorrow with both arms.  Brand, loyalty, love, mpg, innovation, design, efficiency, performance, power, technology are blended into a streamlined modern-day muscle car of the future.

My Thoughts on How to Transform you Brokerage into a Muscle Car?

1. Get a GREAT website that will help generate business (check out this link to see some of the best)

2.  Partner with a company like Onboard LLC. to provide local information to the consumers

2. Invest in a couple of local citizen journalists to teach your agents how to write great copy

3. Invest in some great Email marketing programs like MailChimp

4. Hire a couple of Temps or Interns to take agent created content and send it out to their clients

5. Use the copy that they write to power your company’s blog to engage your client and create killer SEO

6. Create an internal designation to create/educate The Best Realtors in your market

6. Align yourself with financial planners, attorneys, mortgage brokers, and inspectors to teach your agents advanced education and client “life cycle” marketing

7. Align yourself with the local school to teach your agents about client psychology

8. Open your doors to the consumers and answer ALL of their questions

9. Give the agents a 5% bump in commission if they will work virtually

10. Invest in something like homefeedback.com where it will automatically send out feedback requests

11. Send an email to all of your agents (Right Now) that tells them how much you appreciate all of their hard work, commitment, and encourage suggestions to capitalize on the market

The brokerage of the future will understand this and embrace all of these things and work dilligently to keep the culture and brand your company has created (or work hard to create this culture if you’re a newer brokerage).  Twitter can’t give a handshake.  But realize that the client DESERVES and EXPECTS the most cutting edge online experience that you can deliver.  It’s not one or the other… the goal should reside somewhere in the middle between 1969 and Prius.

And if you achieve this happy medium…  you will have created something admired, yearned for, desired and loved by not only the consumer, but your agent population as well.

Matthew Dollinger

The You Factor

Nicole and Reggie Nicolay (@nik_nik and @cyberhomes) have completely outdone themselves and put together an amazing (and free) E-book entitled Everything You Want to Know about Twitter for Real Estate.

I have to admit… that when I first got the emai a shiver went up my spine.

Dear God.  First The New York Times puts a story out today about all of the anchors who Twitter, then INMAN puts out a post about how all agents should get on Twitter, AND NOW THIS?  Great, so now we’ll have a million Tweeple out there spamming their listings to the Twitosphere and we’ll further our stigma.

But, after a quick download and a quick flip into the PDF Annotator, I’m writing this post and have to say, “Reggie and Nik Nik have completely outdone themselves…  this is a fantastically written whitepaper that EVERYONE who even thinks about Tweeting in Real Estate should read.

So instead of going on and on and on… as I can do… Follow THIS LINK to the Cyberhomes page, put in your info, and download the book.

The last thing I’ll say is, “Listen to what she says… she’s a schoolteacher.”

Lots of love to the two of you.

Matt Dollinger

The You Factor

Because many of the leading online real estate sites have opted to source listings directly from brokers, rather than becoming brokers themselves and displaying listings via IDX, there are many gaps in the inventory they display. Consumers are either unaware of this issue, and make life-changing decisions with incomplete information, or throw down their stone and start hopping. – 1000Watt Blog - Online Real Estate’s Dirty Little Secret – Aug. 11th, 2008

They’re hip.  They’re flashy.  They’re engaging… and the consumers seem to love them.  3rd party websites such as Trulia, Zillow and others are more popular than ever before.  Why?  That’s an open question, but one that I have some theories on.

First of all, the consumer has begun to lose faith in the Real Estate Company.  I believe this is due to a number of situations, but none more than our “protection” of data and forced “data-gathering” of our clients.  I look at it as the Glenngary Glenn Ross dilemna…  “the leads are weak”, “always be closing”, “coffee is for closers” etc. etc.

The difference is that consumers today don’t want to be sold.  They want to be engaged, they want all the information, they want you to help them… not close them.  And so, they put their faith into 3rd party companies with “most” of the information, because they believe that’s their main perrogative.  They don’t think about the 600 lb. gorrila in the room… how do these companies make money?

They’re selling these leads back to the highest bidder, or selling “featured placement” of listings or company/agent branding back to those that can afford it.  Maybe not the best qualified, or those with the highest satisfaction rate from clients… but those with the largest pocketbook or online advertising dollars.  But… it doesn’t have to be this way.

A number of months ago, 1000Watt Consulting worked together with Real Trends to compile a list of the Top Ten Real Estate Brokerage Sites in America.  This bible that I have re-read and scratched countless notes across should serve as a whitepaper or blueprint for ANYONE looking to evolve with the online real estate consumer. And as someone who is currently working to develop a new site for their company, this paper has for the last 4 months served as a road map from experts in the industry to show how disconneted we have become from our clients.

As you read this paper, you’ll note a recurring trend.  Knowledge and Information, (not data), are provided to the consumer freely, openly, and in such levels that you forget it’s a real estate site sometimes.  By integrating real estate listings, statistics, school info., local restaurants, vendors, and more, these 10 sites provide the consumer with an experience that they won’t soon forget.

Thanks to 1000Watt and Realtrends for taking us past the “lead capture” mentality and into the Future… of online Real Estate.

1. Is the site professional looking and allow you to personally brand yourself?
2. Does it allow multiple document formats?  (i.e. .doc, .xls, .pdf, etc.)
3. Does it allow the individual to share items both publically and privately?
4. Does it group/categorize the documents into a workable format?
5. Does it do a good job of search engine tagging for the individual?
6. Lastly, will it embed into a blog or website seamlessly and look sweeeeeet?

Lakeview Attached/Detached Dec. 2008

I’ve taken a look at a couple of other programs including Google Documents and Kadoo.com (who I have a conference call with this week to discuss a little further), but as of today, Scribd.com is top of my list.  Try it out for free and share any insight you might have with us here.

P.S.  Joel’s always throwing out great knowledge (and interesting tidbits of information as well) so you might want to follow him on Twitter if you “get Twitter”.  You can also find me there by checking out my Twitter Page here.

- Dollinger

But… maybe you don’t have a killer IT department or the time to create one of these reports on your own. In that case I would definitely take a look at Altos Research and the many products that they have available.

What Altos Research has to offer:

Killer In – Depth Market Reports

Up to date, local, and accurate, these reports consist of everything you, or your clients could want or need including:

• Current Prices of homes on the market
• Trends in Pricing
• Active and Sold Inventory
• Value Metrics

There’s even a lead gathering program that allows users to your website or blog to register and receive the reports delivered to their email account on a weekly basis

Click the example on the left to see an example of this report.

Active Charts for Your Website or Blog

• Want to watch the Days on Market for high-end homes in Dallas?
  Want to compare demand trends for San Francisco vs San Diego?
  Want to compare two counties in California?

These Interactive charts don’t need updating and supply the most current, up to date statistics on the market. (Click the Chart to see all of the options)

AltosCharts Mobile

You can access your AltosCharts from any web enabled mobile phone. Just open the link on your phone’s browser to view real-time market conditions anywhere!

Sign up your clients and have the weekly reports delivered directly to their phone.

Click Here to Try it out Yourself.

This is just the basics of what Altos Research has to offer. Check out their site, sign up to see what the reports look like in your areas, and find out what the guys at Altos can help bring to your real estate marketing plan. They have also released a number of new features at RE Connect this weekend so try it out before your competition get their hands on it!

Matt Dollinger

@properties

I learned about Jott from Reggie over at My Tech Opinion, one of my all time favorite blogs to read for Real Estate Technology. The post that Reggie put together entitled Reggie Jott for Blackberry – The Secret To Speaking Your Emails is a great walk-through for how to use it, and some of the cautions to make sure it’s works correctly. In addition to Reggie’s post I would put out a couple of ideas for effective usage:

• Don’t upload your entire contact list. – I did my entire Gmail address book and it’s mass confusion.
• Simplify the names of those you’ll Jott alot. – My Dad’s name is Rex and I simply put him in as DAD. Makes it alot easier for the system to recognize.
• Put the Jott contact number in your Speed Dial. – If not your fumbling around looking for it.
• Friends with Foreign names (my friend’s name is Tsai – pronounced Sigh) should be simplified.
• If you’re using an earpiece, expect some confusion – The background noise tends to screw up the the names, not so much the actual text.
• #1 – Tell your friends to add JOTT.com to their safe sender’s list. I have a bunch of mine that have ended up in their SPAM folder.

Other than some small work-arounds, it’s a great program and should make things a little safer on the road for you.

Matt Dollinger

@properties

Are you investing in Real Estate MARKETING or Real Estate ADVERTISING?

Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm of its products to its existing and potential customers.

Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.

- Quick Test - Based on the definitions above, categorize the following real estate “marketing” efforts:

• Just Listed Postcards – ___ (Advertising) ___ (Marketing)
• Email Drip Campaigns – ___ (Advertising) ___ (Marketing)
• Direct Mail Campaigns – ___ (Advertising) ___ (Marketing)
• Online Banner Ads – ___ (Advertising) ___ (Marketing)
• Farming a Neighborhood – ___ (Advertising) ___ (Marketing)
• FSBO’s and Expireds – ___ (Advertising) ___ (Marketing)
• Informercials – ___ (Advertising) ___ (Marketing)
• Grocery Carts ___ (Advertising) ___ (Marketing)
• Cold Calls – ___ (Advertising) ___ (Marketing)
• Agent Websites – ___ (Advertising) ___ (Marketing)

I could go on, but I think you get the idea. Here’s a newsflash though… ALL OF THESE ARE FORMS OF ADVERTISING BUT DON’T HAVE TO BE!

So, how could we turn some of these “Advertising” efforts into “Marketing” campaign?

Just Listed Postcard to renters featuring a property suited for First Time Buyers – Marketing

Email Campaigns focusing on things to do in your town, or information specific to their buying needs

Direct Mail Campaigns focusing on the psychographics of your database (See Understanding Your Clients Post Here)

Farming a Neighborhood and sending them to a website like the one of my past agents developed www.510werie.com

FSBO’s and Expireds can benefit from the information and help you can provide to them (80% of them will sign with a Realtor, 70% will sign with the first Realtor they talk to, and they’ll probably use you on the buy side if they like you and feel you helped them)

And the list goes on…

It’s time to innovate, and bring yourself and emotion into the equation. By reading, living, and incorporating the true definition of MARKETING listed above, you will be taking the first steps forward into a new level of business.

Matt Dollinger

So let’s say… hypothetically of course… that you like reading about all of the following things:

• Real Estate Market Statistics
• The latest technology for your Blackberry
• Social Networking Media Developments
• Indie Rock Bands playing in Chicago
• Great Grilling Recipes
• Barack Obama
• Matt Dollinger I mean whatever your social identity is.
• And… WHAT YOUR COMPETITION IS DOING

Wanna know when there’s a GREAT article written, blog post, update or anything else on these topics? Try Google Reader and it’s delivered comprehensively to your email account daily, weekly or monthly FOR FREE. Easier than using Google Reader (and for different purposes), Google Alerts give you a simple way to monitor sports scores, the political campaign, your Social Identity, and research the competition.

Below are two videos that will show you EVERYTHING you need to know about setting up Google Alerts, Keywords, and delivery methods. Enjoy!

Matt Dollinger

Basic Using of Google Alerts

Using Google Alerts as Your Virtual Research Assistant

So, what do you actually KNOW about your clients and referral sources?  You probably know the following demographic information:

1. 1.  Where they live.
2. 2.  What they do for a living.
3. 3.  What their general income looks like.
4. 4.  Their race, sex, and family status.
5. 5.  Possibly their educational level.

But the question becomes, “Does this truly make them people,  or are these just demographic factors that we often draw assumptions from?”  I think this is a huge difference between knowing your clients’ Demographics and their Psychographics… and I believe that the Psychographics are what we really need to know.

What’s the difference between the two?  According toWikipedia…

* Demographics – refer to selected population characteristics as used in government, marketing or opinion research, or the demographic profiles used in such research. Commonly-used demographics include race, age, income, disabilities, mobility (in terms of travel time to work or number of vehicles available), educational attainment, home ownership, employment status, and even location.

* Psychographics- are any attributes relating to personality, values, attitudes, interests, or lifestyles. They are also called IAO variables (for Interests, Attitudes, and Opinions).

I made my first post this morning on www.Utterz.com(this site is incredibly cool.  Audio-blogging) talking about how I am working with my agents to develop marketing campaigns geared around creating a Long Term Customer Experience throughout the course of the relationship… not just the transaction.  Where this is pretty Real Estate specific, I believe that it could easily be incorporated into any business that depends on the word or mouth advertising or referrals of clients. 

–> If you’re interested in putting together a long term email campaign for your clients like this, listen to my Utterz post here:  http://tinyurl.com/5hqztl

I think that the important thing to focus on when developing this type of email campaign to your clients is your target, or ”Top Ten” list.  These are your “Top Ten” client and referral sources that you would like to  clone into ALL future business.  These might not be your most expensive clients, or most likely to buy tomorrow, but they are people you enjoy working with, respect you as a professional, and think highly of the service you provide.  Below are the steps I recommend you take to develop this campaign:

1.  Send the email below to your “Top Ten” list of clients and contacts

To get a copy of the Psychographic Variable Introduction Email click here http://tinyurl.com/5d2qmg

2.  Follow up with a phone call afterwards to go through the fact finding questions with them.

To get a copy of the Psychographic Variable Questions for clients click here http://tinyurl.com/6s3z2r

3.  Review the answers that you get from your “Top Ten” and find the 6 degrees of separation between them.  The typical shared interests will usually be food, drink, family, travel, fun, etc.  These will determine the “Personal” content of your campaign.

4.  Print out a 12 month calendar and determine what your campaign will look like over the next year.  (i.e. July might be an Al Fresco dining recommendation, August could be day/weekend trips before school starts).

5.  Determine what “Professional” elements you are going to include in the campaign. (i.e. market data, links to articles of interest, etc.)

6. Put these elements together into a short (2 – 3) paragraph email with a couple of hyperlinks together for your database to review.  (1 paragraph intro, 1 paragraph personal, 1 paragraph professional).  The idea is that even though the campaign’s content is based on what those MOST IMPORTANT TO YOUR BUSINESS would find valuable, it will probably appeal to a much broader database. 

Our goal is that our clients and contacts will:

*Find it VALUABLEenough to pass onto their personal sphere of influence

*Brand us as a local community EXPERT, and increase communication between us

*Open the lines for referrals, because referrals are a Two Sided Business

*Take the first steps in becoming a LOVEMARK to our clients, and not just a brand

Ask yourself this question.  “When you’re driving down the street and see a For Sale sign from your company that isn’t your listing, don’t you feel just a little proud of that?  Don’t you feel that because you have contributed to that company, that the agent’s success for that property is partially yours?”

Usually, the answer is YES.  And just like that situation, we want to make our clients and contacts feel part of our business, feel like contributors to YOUR success, and most importantly… special.

The thing to remember here is that this is target marketing.  We are not trying to be all things to all people… we are attempting to truly understand and deliever information to those that effect our business most positively.  On top of that, I believe you’ll probably feel much more confident (See Become the Jame Bond of Real Estate Post) in your communication with clients when you provide something of value to them. 

Matt Dollinger

@properties