Real estate 3.0
Going beyond listings websites
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
The great housing crash !!??
Beware of media hype!
-3.4%
-23.1%
-31.1%
Continued price declines
2 very different decades
Market value trebled in 6 years
$41 billion
$22 billion
$13 billion
The highs and the lows – property sales
122,000
53,500
63,000
Edging back to normal levels
Strong start to 2009
Supply and demand – drivers of the market
Significant fall in new listings...
...bringing inventory levels back
Understanding and interpreting information
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
Latest research from USA – the web #1 for search
National Association of Realtors Home Buyer Survey 2008
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
Strong enquiry levels
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
Consistent growth – outperforming the market
Driving international viewers
Up to the minute activity in the market - emails
Realestate.co.nz – your site
Trade me showing clear weakness
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
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
Property information at your finger tips
Providing information – 24hrs a day
1,528,000 properties in NZ
Every property has a web page
Context – where in relation to schools
Context of aerial images
Community information – where to live
Property and lifestyle information
What’s on the market?
Who lives in that suburb?
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
What are the key sources of property information
Evolving consumer experience
Searching for property
Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
Getting inside the minds of buyers??
6 weeks of researching
2½ hours per week on specialist real estate websites
55%
Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
What are they looking for?
Richer and richer information
Information online – StreetView from Google
Featured listings
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
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
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?
How do you rate – responding to emails?
Response timing is improving – but 12% never respond!
To be found you need to be online
Be responsive!
Evolving consumer experience
Searching for propertybuy
Searching for someone to help me sell my property
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
Business is a conversation!
Blogs – hosted on realestate.co.nz
What buyers want information on?
Social Media – building a profile
Real Estate 3.0 – the future