Earlier this week I was on a conference call regarding the possibility of REBarCamp LA, sometime around February of 2009, which will be an un-conference for REALTORS that are interested in social media, blogging, podcasting, technology, etc., located in Los Angeles. FYI, the name BarCamp stems from its origins as a free all day meet-up in the back of a bar, thus it is an event that seeks to be as low budget and/or no budget as possible, in the hope to get the most people in attendance. The scope and size of the event planned in LA means it actually won’t be free to put on, but the hope is that sponsors will step forward to significantly offset costs. Plus, they’ll likely charge a small fee.
At any rate, on the conference call were 10-20 people, including fellow REALTORS as well as industry partners, that could potentially be sponsors. During the call, an agent in the LA area (whom I really don’t know), responded to a question that a sponsor asked, regarding “what’s in it for me?” This particular sponsor is well known in the RE.NET industry, and he noted that if the only people in attendance were people he already knows, and knows his product, he really didn’t need to be there. That’s a very valid point, and so the discussion moved toward looking for a way to get REALTORS outside the current RE.NET to attend. Along those lines, were then questions about what the topics would be and whom the target audience would be. If the event was targeted toward real estate agents that aren’t plugged in, the LA area agent stated, “If I attend, and help to improve my fellow agent, how is that good for me?”
At face value, the question appears to have a lot of merit. In a competitive business, why help your competition get better? But here’s the thing about real estate: this business absolutely requires cooperation. I don’t know the exact figures, but the number of transactions in which the listing agent also finds the buyer is actually quite low. All of the marketing that we do as listing agents results in a pitifully low number of buyers contacting us directly to buy the home. Far more often, a cooperating agent represents the buyer. This cooperation is fundamental to the successful close of almost every real estate transaction, and is the basis for the MLS (without an offer of cooperating compensation, a listing cannot be entered in MLS).
So, why should I help my fellow REALTOR gain greater success at an un-conference like REBarCamp LA? Because if I know I’m going to have to cooperate with somebody in the REALTOR community, I sure would like to work with people I know, that I like, and that are like-minded. Nothing beats working with people you like. It’s so much more pleasurable. And by and large, every agent I know that is involved in social media is an agent I like. And I don’t just like my fellow RE.NET agent a little bit, I like them a lot. The transparency of our online reputation almost ensures that we aren’t taking advantage of clients or other agents, that we provide superior customer service, and that any transaction we do together will probably be smoother.
So, what’s in it for me, when I help an agent new to social media and blogging? Hopefully, as social media begins to creep into a larger and larger percentage of the overall real estate landscape, it means I have a better chance of cooperating with an agent that I know and like, and who wouldn’t want that? I know I do.
Photo credit: e-magic
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A great point Steve. Thank you!
“I sure would like to work with people I know, that I like, and that are like-minded. Nothing beats working with people you like”
I agree Steve, it’s to everyones benefit: the buyers, sellers, agents and so on, to have well educated and informed individuals who know the business and current trends. It’s not just about being liked and liking, but about doing it better for everyones benefit.
The important part here is to get everyone on a level playing field. You ALL should be using social media, you ALL should be leveraging the immense power of the web to attract customers and you ALL should be on the same page.
Once everyone is there, it makes it a lot easier for you to attract clients, as you don’t have to explain what a blog is, why a podcast is a great way to connect with people and how the internet is now about more than email.
Then you just have to execute better than your competition.
But, we never will all be there. There is always a gap and there are always customers who approach real estate differently and agents that cater to those customers. Social media is just an anomaly until the next step and by the time some get to social media many will be some where else.
There are agents who have simply ugly useless websites but 3-5 pages in a local newspaper and simply dominate the market. They have that wheel rolling and it’s just a matter of keeping it going.
It it my view that its agent who use social media more then customers themselves.
Artur, the market is changing. The internet and social media are by far the most cost-effective means of communicating with clients.
There are agents that don’t need websites because they’ve already established their customer base. But what will happen to these people in 5, 10, 15 years? While the use of social media and the web is still relatively new, you can bet that more people will be bypassing realtors as it gets easier and easier to do research online. Using the tools they use is a way to retain those customers.
I really like this post. I have met and communicated with some wonderful people in the year that I have been involved with social media. I have been helped so much and the next tyime I do a transaction with someone I hope I do know them and know that their skills equal mine.
@Tyler
I agree that the market is changing. In 10-15 years agents may not be even necessary.
@artur
I don’t think that’s true. Experts in the any field will ALWAYS be needed, I just don’t think it will involve as much physical hand holding. We all thought computers would run themselves, but techs are necessary, I can physically change my own oil but Jiffy Lube is faster and I pay extra for Apple products because I like their stores, most of the people and the design of their products. The RE business model is changing, but the need will always be there.
The dilemma is…what’s next? First person to figure that out will make lots of money.
“The dilemma is…what’s next? First person to figure that out will make lots of money.”
That’s what makes this business and the current times so exciting. There is always something new around the corner.
I really like this discussion about what’s next. I’ll be honest, it’s why I’ve begun to plug in so heavily to the local social media crowd here in Phoenix. I want to be involved in what’s next.
For right now, social media is beginning to take a hold in the mainstream. The more the TV media validates blogs (for example) by referencing them during news discussions (and while I don’t watch talk shows, I can only imagine they are referenced there), the more social media will become main stream, and the greater importance it will be to be a part of social media for any successful business. REALTORS, as a general class, are not tech savvy, we are not quick to adapt, and we are not even quick to catch up. But I do enjoy the transparency from those that are online, and thus I’d like to see more of it.
@stevebelt
Transparency is the magic that makes this all work. Openness and honesty can breed trust, which in turn will bring more clients than even possible before. Social Media has many of the good things about sitting down for a drink (or a meal) with a client, without the wasted time with someone who’s not a match.
I like to think of it as small talk. How much time do we waste having small talk with people that aren’t worth it? Social Media can filter that AND build stronger relationships to those that do make the cut.
That’s what is so unique about real estate, there are few industries that interact with their competition on a daily basis. It’s critical that we share ideas, it only makes us better as a group.