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Real estate 3.0
Going beyond listings websites
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1. The marketplace – current state of the market
2. Trends in online real estate
3. Realestate.co.nz
4. Getting the basics right - listings
5. Your profile – your future!
Real Estate 3.0 – the future
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The great housing crash !!??
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Beware of media hype!
-3.4%
-23.1%
-31.1%
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Continued price declines
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2 very different decades
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Market value trebled in 6 years
$41 billion
$22 billion
$13 billion
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The highs and the lows – property sales
122,000
53,500
63,000
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Edging back to normal levels
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Strong start to 2009
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Supply and demand – drivers of the market
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Significant fall in new listings...
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...bringing inventory levels back
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Understanding and interpreting information
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1. The marketplace – current state of the market
2. Trends in online real estate
3. Realestate.co.nz
4. Getting the basics right - listings
5. Your profile – your future!
Real Estate NZ – our industry
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Latest research from USA – the web #1 for search
National Association of Realtors Home Buyer Survey 2008
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More and more people searching online for property – 20 million year to date
Over 1,000,000 visitor sessions per week through Feb / Mar / May up 15%
Graph represents the aggregation of website visitor sessions across 9 company and portal real estate websites
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Strong enquiry levels
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1. The marketplace – current state of the market
2. Trends in online real estate
3. Realestate.co.nz
4. Getting the basics right - listings
5. Your profile – your future!
Real Estate NZ – our industry
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Consistent growth – outperforming the market
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Driving international viewers
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Up to the minute activity in the market - emails
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Realestate.co.nz – your site
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Trade me showing clear weakness
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2007/8 2008/9
Offices 1,450 1,220
Subscribers 1,300 1,147
Share 90% 94%
Subscription $2.93m $2.64m
Web traffic 265,000 365,000
Profit Reinvested Reinvested
Scorecard to the shareholders
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Future for realestate.co.nz
1. The best and most respected marketing tool for real estate professionals
2. Most valued online source of property information
3. Trusted / authoritative source of real estate information
4. Leaders in online marketing – tools and services
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Property information at your finger tips
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Providing information – 24hrs a day
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1,528,000 properties in NZ
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Every property has a web page
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Context – where in relation to schools
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Context of aerial images
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Community information – where to live
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Property and lifestyle information
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What’s on the market?
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Who lives in that suburb?
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1. The marketplace – current state of the market
2. Trends in online real estate
3. Realestate.co.nz
4. Getting the basics right - listings
5. Your profile – your future!
Real Estate NZ – our industry
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What are the key sources of property information
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Evolving consumer experience
Searching for property
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Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
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Getting inside the minds of buyers??
6 weeks of researching
2½ hours per week on specialist real estate websites
55%
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Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
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What are they looking for?
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Richer and richer information
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Information online – StreetView from Google
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Featured listings
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Featured listings – cost effective advertising
Negotiation AuctionListing # UPH10354 PO081104 Price range: $700k - $1m $750k - $850k
Listed: 21 Nov 21 Nov
4,114 page views in January with a featured
listing
232 page views in January
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14 days with a featured listing delivers an
audience of over 10 times more viewings than a regular listing
$250 $250 inc GSTinc GST
Featured listing for just
Vendor paid marketing – that delivers
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Handling enquiries
• Enquiries from buyers – when they have a question
• Only when they have exhausted their searching
• Responsiveness is critical
• How do you rate your performance?
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How do you rate – responding to emails?
Response timing is improving – but 12% never respond!
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To be found you need to be online
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Be responsive!
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Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
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1998 : 26,000,000 web pages1998 : 26,000,000 web pages
2000: 1,000,000,000 2000: 1,000,000,000
2008: 1,000,000,000,0002008: 1,000,000,000,000
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Business is a conversation!
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Blogs – hosted on realestate.co.nz
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What buyers want information on?
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Social Media – building a profile
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Real Estate 3.0 – the future