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Your Database Is Your Business
Personally, I’m concerned about the future of our industry and how technology is the foundation for that disruption.
It’s what is giving online brands the ability to say “We help you sell your house without a Realtor®”.
I believe that real estate agents are going to be hired in masses and earn barely administrative wages being the piece that still requires a licensee. I’m already seeing agents jumping onboard with these portals for a guaranteed salary or for 1% commissions.
Why? Because they don’t lead generate.
And, in my opinion, a POWERFUL database is required.
I do appreciate what Josh Team and Gary Keller are building with KW command. As it develops, I will focus on implementing best practices and sharing them along the way.
That being said, it isn’t there yet and it’s glitchy. We must be patient and give it time. This is the best way possible to roll out
In full disclosure, I own a digital marketing company that helps real estate agents grow their business. And, in full disclosure, I’m not attached to that as a primary income. I don’t depend on it and won’t push my morals aside to make a profit, ever.
I’m a teacher first.
My passion is in helping others grow their business and often times that comes with me saying do NOT use my products or services.
I do. I want the bells and whistles.
Your database is having a group of people that know you, like you, and would do business with you. And that is the basis of all great businessesGary Keller
If you have this group of people, and they are loyal. You are rewarding them, staying in contact, and cultivating the relationship, they will have no reason to go anywhere else.
If you are with Keller Williams, the plan is for that to be KWcommand.
Josh Team tells us that every 3 seconds, 24/7 that a contact is being entered into command.
It’s easy, it’s simple, and it’s syncable.Josh Team
Josh does say though that only 8% have an address. 92% of the contacts entered into command only have a name, email, and possibly a phone number.
So who’s contact is it really? Nobody’s until the lead is cultivated.
So is the website dead? No. It’s functioning. It’s working. It’s offering value that generates the lead.
The challenge today is that IDX as a value proposition alone isn’t unique.
Neighborhood Landing Pages
Gary talks about these landing pages as being “personal websites”. So he’s not really suggesting websites have no value. I see it as him saying, we must go farther, be unique, and provide value.
It’s not enough anymore to just have a website and expect the IDX searches to cultivate our leads. In my opinion, we need a place to generate leads (yes, our real estate agent website) and more ways to cultivate them.
Josh says it’s a 400% conversion that they will do business with you when using this 1:1 marketing rather a 1 to many format.
The concept is that the pages will be dynamic which means the content updates itself. With Artificial intelligence (AI), the data will update for the user.
The customer can’t get this information from Redfin, or Trulia, or Zillow, they can only get it from you.Josh Team
Step 1: Call your Leads
Step 2: Collect and Add their address
Step 3: Create the Custom Landing Page
Josh explains that Kelle is your remote control to your real estate business. Josh explains that they understand that Kelle has to develop and already has. We, the agents, have to use Kelle to make her smarter.
Kelle is winning awards. And Gary adds in: “We are cheating. We are the ONLY AI”
The journey is messy, they tell us. We must train her. This is how artificial intelligence works.
Real Estate Websites
The fact that less than 3% of website visitors register is actually pretty standard across niches as far as
The only way to increase lead conversion is to offer the right value. Clearly, visitors are saying, IDX
My marketing company has clients seeing as much as 10% and my websites average 7%.
Still, we are seeing a lot of competition and are working hard to provide unique value.
My registration rates are higher when someone does a google search looking for something very specific such as “home for sale in the southwest with a mother in law quarters”.
I’ve always taught that a search widget isn’t enough, and that’s where I agree with Gary and Josh for sure.Lori Ballen
Unique value is in explaining neighborhood offerings, what new construction is popping up, the appreciation and decline of a neighborhood, a zip code map and so forth.
We must provide unique value.
Real Estate Market Stats
Home sales dropped by 3% in 2018 as a product of low inventory levels and increased mortgage rates.
Sales remained lower last year’s levels all year and declined noticeably in the fourth quarter.
Median home prices increased by 5% in 2018 to $259,100. Price increases slowed considerably at the end of 2018 as inventory levels began to grow.
Home value appreciation declined to 5% in 2018 and will probably be lower this year.
In the last quarter of 2018, we saw improving inventory levels. Months
of supply stay lower yet are expected to rise in 2019.
Mortgage rates were around 4.5% in 2018, remaining 1% over last year.
Unemployment rates are at the lowest level since 1969.
Membership of the National Association of Realtors hit 1.36 million, a new high yet home sales declined. Fewer sales, More Agents.
Nearly 30% of home buyers in 2018 stated the main reason is home ownership, while only 9% were looking for a larger property and all other reasons were less than 10%. Clearly, we should be having more conversations about home ownership since that’s the primary!
24% of home buyers buy AGAIN in a 4 year span! Now THERE is a reason to work your database!!