I have a feeling we’re going to be talking about a whole variety of things that went down at NAR Legislative Meetings & Trade Expo (aka, “Midyear”) this year for months and years to come. It’s been a great week, but rough on the sleep schedule, so these are not exactly deeply-thought-out opinions here. It’s more of a “flash impression” of where my head’s at right now, while I hurtle through the air at 350MPH.
The answer to me, and to many real estate veterans, is obvious. A strategy that directly focuses on producing more transactions, while providing more value to the client, is far more rewarding, both financially and professionally.
“Offer generation,” the strategy of systematically and scalably converting clients into transaction offers, is the direct result of this realization. It will benefit the industry to have the same thought leadership, financial investment and technological innovation garnered by lead gen to be redirected to “offer gen.” We need to focus more on generating offers and less on generating leads.
I couldn’t agree with Andrew more on the concept and the philosophy behind this “OfferGen Movement”. But I thought I’d write this to point out the obvious truth about OfferGen, and make a suggestion or two (that will go ignored by the Powers That Be, of course).
Judging by the stats, it appears that few people actually took the time to listen to my most recent podcast, featuring Brian Balduf of VHT Studios. We discussed a number of issues surrounding copyright of photographs and liability that arises from misuse, which… yeah, I understand those are sleeping aids for most people. Nonetheless, I wanted to write this brief (I hope?) post because the issue is important and one that MLSs and brokerages need to get ahead of right now, rather than waiting for a lawsuit to land on their desks.
If you do have the time, I’d recommend going and listening to the full podcast. Brian’s perspective is invaluable here. But, let me give you the bottom line here.
I suppose you have to be a real geek about real estate industry stuff, but I do think this is an important topic for brokers, MLS, and even agents. You may be on the receiving end of some letter from a “copyright enforcement company” demanding thousands of dollars for unauthorized usage of photographs.
I’d listen, then read Brian’s post, and think about a strategy for dealing with this important issue.
This is one of those posts I write from time to time to figure out what I think about an issue. For now, that issue is trying to discern the possible direction of the residential real estate industry in the U.S. If you’re an agent and only care about something that will have a direct, immediate impact on your day to day business, I’d skip this post and go read this and this instead.
Basically, what I’m wondering is if the bull case for Zillow — that it will someday be worth $50 billion, as its largest investor has suggested — has any basis in logic. There are a whole lot of very smart Wall Street folks who think that Caledonia and others are simply out of their minds. A lot of brokers, agents, and industry folks would agree. If I had a nickel for every time I read or was told, “Zillow is worthless without our data”, I could retire now and buy that ranch I’ve been wanting ever since moving to Texas.
So for this post, I’m going to look at what has to happen in order for Zillow to be worth $50 billion at some point in the future. This doesn’t necessarily mean that I am bullish on Zillow. (And I own zero shares of Zillow or any of its competitors, unless one of my funds owns it without my knowing about it.) I’m doing this because trying to make the bullish case for Zillow results in some really interesting thoughts/observations about the industry as a whole.