This is the last in a short series of posts inspired by my trip to Manhattan for the Inman REConnect Conference….
What did I take away from it all? Ill format my answers in the form of some 2007 predictions (in no particular order):
- Active Rain and other community based ‘Blogsites’ are going to be Big. Localized real estate content using the blogging platform will create new top producers and entrench the current crop. *That was a tough one*
- Web 2.0 technologies, specifically the Mash-up, will accelerate the paradigm shift influencing the way real estate is bought sold and financed. Open minded Realtors/ Real Estate Agents and Mortgage Professionals have unprecedented opportunity to reposition themselves for success.
- Transparency in the mortgage industry will cause a substantial financial shift in how (much) service providers make money. Once the consumer can confidently verify what Wholesale Par Interest Rates are being sold for, there is going to be a huge correction in the industry.
- Open source Listings will supplant the ‘proprietary nature’ in which they are traditionally held. Someone will create a National Listing Service that is accepted by those inside and heavily utilized by those outside of the industry.
- Buyers Agents who refuse to negotiate their Fee will find themselves relegated to the ‘laggard’ 50+ consumer niche.
- Video Listings will quickly become the next standard for effectively marketing a property, especially the high-end inventory.
- Incidences of foreclosures, predatory lending, fraud, and other negative factors will sharply increase as $1,000,000,000,000 in Adjustable Rate Mortgages are due for adjustment.
- The NAR will spend a record amount of money 1) Continuing to trash alternative models as evil 2) Fighting their anti-trust suit against the DOJ 3) Increasing the potency of their Kool-Aid…
- My Link Roll will contain some of 2007’s biggest success stories in real estate and mortgage.
Good info..your right you have to adapt if you dont especially in our industry your done
Thanks again
Gary Urich
JeffX, video listings. I see it happening. I also see extremely successful agents in our high end market here in Metro Detroit with almost no web presence right now. When they do 'jump in' they get really bad advice and are like lambs being lead to slaughter because they throw cash at solutions that will not work.
I'll bookmark this so we can check back at the end of the year and see what has transpired.
Sounds good Maureen....Its my best 'Amazing Kreskin' impersonation...anyone remember him?
thx for the comment Gary :)
In my market I don't see a lot of top producers using the web or blogging, so I don't think they'll be entrenched. My prediction is that we'll see two distinct groups of top producers -- the 'old school' who already have name recognition, huge databases and large spheres of influence; and the 'web based' who leverage technology and will quickly gain a following from Gen X and Y, plus some Boomers.
Interesting post! A couple of quick comments. I have a Point2Agent website and they have already launched a NLS. And I am curious about your thoughts on "Buyer's Agents who refuse to negotiate their fees". Should they be charging less? Just curious.
Alex
Jeff, I think you are right on with your predications, especially about the impact of web 2.0 sites- There has been an explosion of innovation in the real estate search industry over the last two years and it's sure to transform (or at least impact) the industry in the coming year.
We've created an interactive time line that tracks both technological advancements and business events (investments, acquisitions, and IPOs) to document the evolution of Real Estate Search. It's far from complete, (we are asking for contributions and suggestions to build it up) but it does highlight key developments and follows many companies like Zillow, Oodle, Redfin, Craigslist, and Trulia. Here's a link to the timeline: Real Estate Search Timeline
Alex...For the most part, yes, buyers agents should be charging less...especially if the consumer did most of the work locating the property. The standard Buyers Agency Agreement is antiquated and ripe for extinction. IMHO of course ;)
Thx Colleen, ill check it out your suggestions and report back what I see...and I appreciate the comment...
Transparency in the mortgage industry will cause a substantial financial shift in how (much) service providers make money-Agreed on the concept but I don't think will affect how MUCH we will make.
Someone will create a National Listing Service that is accepted by those inside and heavily utilized by those outside of the industry-I'm betting on cyberhomes; it's Realtor friendly
The NAR will spend a record amount of money 1) Continuing to trash alternative models as evil-
I learned "the easy way" that trash-talk is a dumb idea; let's hope NAR doesn't learn this the hard way
My Link Roll will contain some of 2007’s biggest success stories in real estate and mortgage-Arguing against that is like betting the don't line on a craps table for me.