Consumers don't want to be 'captured'
Realtor Notebook
By Teresa Boardman, Thursday, July 17, 2008.
There are plenty of Web sites out there that have free home searches on them. Some of the sites mention "free" more than once. I have been doing some research, and I am not finding any sites where I am expected to pay money to search for homes. I wonder why so many sites use the words "free home search." Is it someone's idea of transparency?
Some Web sites have free home searches on them but to get to the free home search the user must fill out a form. They want a name, e-mail address, phone number and often have a short survey that includes questions like: "Do you have a lender?" and "Are you using this site for buying or selling?"
I don't understand why people fill out the form when they can go most anywhere on the Internet and find a "free home search" where they can search without filling out a form. My theory is the people who fill out the forms are not savvy consumers. Why give up privacy to shop online? Amazon.com doesn't make me register to price out a camera lens, or just look at the pretty pictures. They seem to be doing just fine, and they don't even have the faces of employees plastered all over the site.
Realtors are taught to "capture Internet leads," and few question the concept. If I look at it from a consumer's point of view it sounds scary to me. I picture agents hiding behind their bus benches and jumping out when a consumer walks by. What do they do with the lead when they capture it? Do they have a room somewhere full of the people they captured?
The Internet is full of tricks and traps. Filling out any kind of online form is risky. The e-mail addresses can be used for drip e-mail campaigns. I call those campaigns spam, and usually block them or use the opt-out feature. When I have to fill out an online form to get what I want I use bogus information if I don't want to be contacted.
I once ran two identical home-search sites. One was mine and the other belonged to another agent. His site required users to sign up and mine did not. His site captured more leads than mine did but the first four leads that resulted in closed sales came in though my site. His site captured data: In fact, even Mickey Mouse signed up and left a bogus e-mail address.
My Web sites don't require any kind of registration but people register anyway, and most of my business comes in through the Internet. With my first real estate Web site, I had to argue with the vendor to get the required sign-up feature turned off. They disagreed with my strategy, and still do, yet it has served me well.
I had two recent closings. Both were with buyers who found me through the Internet, and in both cases they captured me. One buyer called; the other sent an e-mail; and after a few conversations they were under contract and we were out house-hunting.
No one wants to become a lead, or be captured. Internet-savvy consumers see through our tricks and deceptions, like "free home search." It is possible to be more transparent and to treat consumers with respect and win their business without capturing them or deceiving them. They can be attracted with honesty and transparency, through easy-to-find Web sites that are consumer-oriented and packed with useful information.
Teresa Boardman is a broker in St. Paul, Minn., and founder of the St. Paul Real Estate blog. Boardman will speak at Real Estate Connect in San Francisco, July 23-25, 2008. Register today.
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Submitted by Steve Simon on July 17, 2008 - 2:40am.
I disagree completely with Ms. Boardman...
Hers is a classic error in thought process, going from the specific to the general (her very narrow experience of personal result from a single website, taken to advice given to an industry at large).
The truly internet saavy website owners know all to well the "List" is where the money is. Capture of info. is key to their survival. Maybe Ms. Boardman doesn't need to capture the visitor's info. for her residential business, but if she were an investor's advocate where the list is key I bet she would have come to a slightly different conclusion.
Just my thoughts...
If the answer to a complex problem is very simple, it is usually incomplete...
Steve Simon is the lead instructor at the Steve Simon School of Real Estate www.stevesimon.us
Submitted by Sally Lapides on July 17, 2008 - 4:25am.
I agree with Ms. Boardman; I doubt that Moses, Brad Pitt, Jesus, and the 27 Matt Damon's that registered on our site last month will ever go to contract.
www.realestateinsight.com
Submitted by Karen Rice on July 17, 2008 - 4:26am.
Teresa, excellent article.
When I left my previous office, I created my own website and did not require anyone to leave anything if they didn't want to. Sure, I get fewer consumer responses, but the ones I do get are GENUINE.
My previous office (required registration for MLS acess) got many more "leads" but few of them were real, many of them were bogus info.
I would rather spend my time filtering info from REAL people, not Mickey Mouse or Bud Wiser.
Northeast PA / Pike & Wayne County Real Estate Agent
Lake Wallenpaupack Real Estate Website
Submitted by Mark Owens on July 17, 2008 - 4:40am.
In order for me to have the ability to comment on your article Inman MADE ME REGISTER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! As a matter of fact....Registering for Inman News is FREE and easy!
Imagine it was free and easy....
I wonder why they wanted to capture my information?
I'm guessing Teresa is in denial that she is actually in sales and I am sure she introduces herself to potential clients as their consultant or their advisor...She might want to read an excellent book called the "Psychology of Sales Call Reluctance by George Dudley.
Submitted by Mack Perry on July 17, 2008 - 4:50am.
Teresa, I am somewhere in the middle on the registration issue. Visitors can view listings on my site without registering. On their second visit they are prompted to provide information. To see the listings on their third visit they have to provide registration information. Sort of a progressive prompting.
I know agents that are very successful using both strategies. I guess this is one of those situations where individual agents should do what they are comfortable with.
Submitted by Jay Seville on July 17, 2008 - 4:57am.
Disagree strongly. If people want all the data they should register. If they want to remain anonymous they still can put 1111111 and Joe Schmoe. But the truth is requiring the registration will cause far more people to provide their real info rather than vice versa. Does that mean you should pounce them afterwards? Well, define pounce. Following up warm leads if done professionally using very subtle sales techniques can lead to an arm's length relationship that grows with time into a working relationship. the key is to get them signed for listing updates and the search narrowed down a bit based on your discussion so they do the "information gathering and learning the market" on their own. A very large portion of people who register are open to speaking with you if you do it right.....
The problem is that those of us who are very busy because of blogs for example where buyers sell themselves on using us do not have time to call those who register daily so it's a catch--22 that usually can be solved by switching to a team or referral agent model.
But not asking for people to provide basic info to receive an abundance of info that the real estate consultant is paying $$$ to offer the public is not some higher plain of morality, ethics or business practice, but rather it is stupid and a waste of your smart business practices.
Who wouldn't agree that a great majority of those registering for mls updates on the front end couldn't use a bit of guidance/direction in deciding on what areas to be searching--even if it's completely hands-off by the real estate consultant from that point on.
jay
Submitted by David Sherfey on July 17, 2008 - 5:00am.
Steve apparently misses this important point,
"No one wants to become a lead, or be captured. Internet-savvy consumers see through our tricks and deceptions." Lead "capture" systems rely on scooping up large quantities of "leads" that must dripped on over a long period of time to yield the one percent who finally give in and respond. That one percent statistic, which I have heard from several such system trainers is proof to me that what Teresa is saying is true.
Just because those drippy lead "capture" systems work for less experienced or less caring sales agents does not mean they are the only, or the best way to find new clients. People, when given a choice, want to be treated like people, and drippy does not do this. Not one bit. Well, maybe one percent, but that number will be dropping in this market.
Me, I would rather work on the other 99. When you give people what they are really looking for, you get people who are REALLY looking.
Submitted by Teresa Boardman on July 17, 2008 - 5:03am.
Jay - I don't have time to chase bad leads and am not interested in capturing them. I would rather spend the time generating content that attracts business. We all have choices on how to spend our time.
Steve - my experience is limited to six years with the web sites and I am a residential realtor and I don't know if my strategy would work with investors. I do know that I get more business through my web site than the other agents in my office get through theirs.
Submitted by Miranda Opiela on July 17, 2008 - 5:13am.
It really is a numbers game. By requiring people to register you may or may not get valid contact information but my experience has shown me that when the customer is ready they'll contact YOU. Whether this is a result of friendly drip emails (in the form of real estate news or even property search results), mailings or customer service calls; they still see your name on a daily/weekly/monthly basis depending on what type of campaign you have set-up. I can't tell you the number of people who have appreciated a friendly customer service call based on their registration information and level of activity. The key is being able to judge the customer's level of readiness and RESPECTING their stated or unstated desire to "shop" anonymously. You win some and you lose some; either way great customer service is rewarded by a client for life.
Submitted by Glenn Berger on July 17, 2008 - 5:22am.
Teresa,
As a technology vendor supplying the real estate market I crunch the numbers daily by reading every possible white paper, article, and report on the climate of our business, as well as speak to hundreds of realtors with thousands of websites. The results are conclusive and identical to your article. 1. Consumers avoid the registration process. 2. Realtors that require registration receive low quality leads (3% succcess rates)3. Realtors that don't require registration are doing me web business now than when they previously required a registration.
My top sign-in names are: Mickey, Elvis, George Bush, Bill Gates, and Kermit the Frog. Word is Kermit found a really nice pad.
Submitted by Michael Taylor on July 17, 2008 - 5:34am.
The registration vs. no registration has been and will be debated ad nauseam. Personally, I think it comes down to a numbers game. No, nobody wants to be a lead or be captured but it is a fact of life. I think we must remember that ultimately we are in sales and sales comes down to numbers. If I have X amount of visitors I can expect X amount of registrations and X amount of closings from these registrations.
Indianapolis Homes | Carmel Homes
Submitted by Regina L Geissler on July 17, 2008 - 5:36am.
Former Realtor and commercial appraiser here who will buy within 30 days:
I agree with Theresa, I always skip sites that ask me to register. Why put me in the position of lying if I am not yet ready to contact you? I contacted the agent I am working with through her firm's web site because she had a listing like what I wish to buy. There was no registration form and yet I managed to pick up the phone without being dripped upon. She now has one property under contract since I referred a family member to her, and we will be next.
What have I looked for in a web site?
Complete coverage of the local market (haven't found it, there appears to be several MLSs that do not precisely overlap.) I have had to jump around between the joint mls project, which did not have everything, Realtor.com and company sites to find what is available in a single county.
Complete information on the property, with a print out interface that allows me to print the listing and all photos in a high quality logical and clean layout (haven't found that either in the rural market where I am looking) Most sites have really sorry print features. Do brokers even look at their print layouts and think about how they look to both buyers and sellers?? This is a visual world, it matters. I did see one commercial site that had BEAUTIFUL layouts, so I know it is possible. Layouts are just database forms, find a programmer who can do it properly.
A link through to the tax site that shows the tax map and tax assessment information (not available to the public, the agent has it) I had to find the assessment site and do my own research on this information.
So what does my agent offer me? She provides local perspective on neighborhoods, services, property history, knowledge of local real estate laws, focus, negotiating agency, ability to get unpublished information from other agents, etc.
When it comes time for me to sell, the agent who gets my business will not require people to sign up to see my property. Just saying......
Gina
Submitted by Erin Kavanagh on July 17, 2008 - 5:38am.
While I understand that people may not want to deal with an agent, capture is very important to me.
I as a Professional understand that if they do not want to work with me it is the right of the prospect.
However, I am on the web, paying for a website, and feel that if I do not capture information from anyone I am doing my business an injustice.
They can move on if they want, I still capture, 10 percent. so If 1 registers then I have one more opportunity to provide excellent service that I did nt have before.
Submitted by Wayne Herman on July 17, 2008 - 5:42am.
With all due respect, I couldn't disagree more with this post. I've found that agents that don't see the benefit of capturing internet leads are the folks that don't have the skills to convert those leads. Teresa, had you used lead capturing, you may have had 5 closings recently instead of 2. Captured leads may not always be as "warm" as suggested, but the ability to convert and close those leads is where the rubber meets the road. Lead generation is easy these days, but many agents don't have a clue what to do with them when they arrive. Teresa, you might want to turn on your capture system and pass those leads along to colleagues for a referral fee. You're losing revenue!
Wayne@WayneHerman.com
Submitted by Lenn Harley on July 17, 2008 - 5:45am.
This is a simple matter of "push advertising" vs. "pull advertising".
Push yourself to the consumer and sooner or later, you'll wear them down.
Pull them to you by good SEO, offering information, easy navigation for home search and they will come to you.
When folks come to me, they are asking me to help them find a home. I don't compete with other agents. Buyer come to me because they want to.
Lenn Harley
Broker
Homefinders.com
http://www.homefinders.com
Submitted by Regina L Geissler on July 17, 2008 - 5:50am.
I should have made one thing clear in my previous post, I am not against voluntary registration, say to get an email notification of new properties, it is the required registration that is off-putting when I am first looking at a site. The voluntary registration allows me to signal that I am ready for contact and could use the timely updates or other services offered by the process.
Submitted by John Grice on July 17, 2008 - 5:52am.
I'm sure all markets are different and attraction to or from web sites are individual tastes.
What I'm not sure of is Teresa Boardman's credentials. Anyone that doesn't realize that there is a vast difference between real estate sales and amazon.com sales has missed some education.
Of course I have always believed that those that have the gift of gab, or just plain BS make more sales and therefore more money than those that really know what they are doing.
I must then ponder, do those that really don't know what they are doing get sued more?
John Grice
REALTOR®
Naples, FLorida
Submitted by Steven Beam on July 17, 2008 - 5:53am.
Hands down my best and easiest net leads have not come from sign up consumers. They come from the buyer/seller visiting the site and calling me or emailing me from the site. (The calls are usually come list my house or I found this house come write the contract.) I use the sign in method but I'm not convinced it’s the right way to go. Bottom line-most of the sign ins are long term leads 6-24 months or longer. The calls and email leads are usually immediate 30-60 closings.
I do agree that drip email will get SOME clients to call you down the road.
Anyone care to share their best phone script or scripts for lead conversion once you do receive the lead?
Steven Beam
Parker, Colorado Real Estate
http://www.parkercoloradorealestatehomesforsale.com
Submitted by Chad Huck on July 17, 2008 - 6:04am.
Theresa is spot on.
When I first got into real estate, I wanted to protect all the data which made people call me (or so I thought). Same thinking goes along with this... in order to access my data, the website visitor will need to give up some information at least.
Fast forward 3 years and my way of thinking has done a complete 180 degree turn. If you are as transparent as possible and provide the website visitor with valuable information that keeps the consumer coming back to your site, guess who they are going to use in their next real estate transaction? You!
One thing that Theresa fails to mention, but is not really the topic of this post is to have call to actions throughout your site so if and when the visitor is ready to take action, they don't have to look very far.
Chad Huck
Road to Real Estate: A Charlotte and Lake Norman Real Estate Blog
Email me
Submitted by William Jimenez on July 17, 2008 - 6:06am.
Hi Teresa,
Well your article will catch alot of comments I'm sure. As what written prior, we all have to "sign in" as well. hmmm.. but I'm ok with it.
Regarding statistics, I have done my testing for several months.. Split A/B. the only difference is that Split B I put up a sign up form. Yes, I had Micky's friend Goofy come by, but I had many other clients that actually signed up for property drips and other related info. When I didn't have the sign up form, it was a rare that someone signed up. They user actually wanted to have properties dripped to them.
So, I understand what you are saying regarding giving simply giving excellent content, but if you give great content and offer up a sign up form, then there is a win/win for both sides... look at Inman News.. they offer up great content and get us to sign up.
So, to close, in order to meet both demands, offer up "open content" and "premium content" on your site. This way, you offer up quality to the user, but then offer premium content to people who don't mind signing up. Have a great day!
William Jimenez
President
http://www.Masterdigm.com
Submitted by Jay Seville on July 17, 2008 - 6:19am.
Theresa, I did not say anything about "capturing" anybody. I described contacting and creating a relationship--albeit very distant/hands-off that works. I did it early in the year for a couple of months and got 5 or so transactions for my teammate. It's just a short reach out and touch. You disclose how great it is they don't need you anymore to find houses, but that you are a real person and not just a cyber posterchild, etc. Find out a bit about them and wish them luck with their information gathering having helped them narrow down the MLS search (customize it by zip code for ex.) a bit.
Then don't drip them some bullcrap templated drips you bought from somebody--speaking generically to everybody here--not directly to Theresa. Put them on a 100% customized drip every couple of weeks with a link to the MLS, and with your BEST blog posts written that would be of interest to that person. Most people do not go search out all the excellent articles you've written. This is very useful and pertinenet and original info you are giving them without getting in their space. It also causes people to bond with you more than you would think.
AND YES, THE BEST WAY TO GET PEOPLE TO COME GRAB YOU BY THE COLLAR IS WRITING ANOTHER GREAT ARTICLE. But why not do that AND make sure that an extra 2-5 people close per month by a teammate? You can have the best of both worlds. To not use one's resources to their maximum potential is such a waste. Who can better help these buyers, you or most other realtors. If you're excellent and very aggressive about your fiduciary duties and protecting buyers financially, then you need to be the one they work with or they are likely overpaying. Therefore I say don't miss the opportunity for people to get the best service/respresentation possible. Touch the warm leads and get them serviced by your team who will watch after their best interests. It's the right thing to do.
jay
p.s. Getting your systems & teammates and approaches in place to do this can take awhile, but it's the goal to pursue--especially if you want buyers to get the best representation--you.
Submitted by John Rowles on July 17, 2008 - 6:32am.
As we work through the Boomers, meaning they downsize into their retirement home and will not be conducting future transactions, and the people who grew up with the Web are the majority of the market, this debate will be over.
Smart Gen X and Gen Y'ers know that registration=invite to pester me somehow.
I have had this debate with clients who had agents who insisted on a registration process. It is always an old-school "sales guy" who just will not understand that the world has changed.
In the markets where we can do it w/out running afoul of short-sighted MLS rules (also set by people who can't cope w/change), we give our site visitors the ability to ask our agents a question about any listing on the site, and providing email is optional. 90% of the questions that come in have an email address and many offer phone numbers in the text of the question.
The form next to it, that asks for a name and a showing date is almost never used, even by the people asking for showings, who tend to use question form. Take from that what you will, but I think its the informality of making it clear the email address is optional that encourages people to use that form.
John Rowles
MainRhode LLC
Google-Powered Real Estate Search Engines
jrowles@mainrhode.com
www.mainrhode.com
Submitted by Victor Schultz on July 17, 2008 - 6:33am.
I always advise my clients to disable the forced registration for the reasons Teresa writes about. It is true that the money is in the LIST!.
But you will lose 95% of the people at the forced registration page! USE a voluntary registration with something of real value, like a free report that you create or a feature full newsletter!
Then you will get a list that is worth money and you will keep the mass of potential buyers that may give YOU the call!
Victor Schultz
President
www.vtglobe.com
Submitted by Jay Seville on July 17, 2008 - 6:40am.
Oh, and for registrations. Don't require on the first couple of listings they view details of. After they've experienced all the info and photos a few times, then require the registration if they wish to continue using the service. They sign themselves up in droves. You are not forcing them to do anything. At that point, they are deciding if they like your product or not, and if they do the overwhelming majority will register....
Why am I sharing this info? Oh yea, none of you are in my market.
Lynne, pull marketing rules. But after the pull, a reach out and touch if done the right way, can be very effective for forming hands-off yet working relationships.
For some reason people here don't seem to understand it is not an either or situation. You can be very effective at both sides of the coin. Both of which are in the best interest of the consumers since you will provide the best representation.
J
Submitted by Fred Doleac on July 17, 2008 - 6:43am.
Our company has been testing the registration process for various services (MLS search, school reports, relocation guides, etc.) through 500+ real estate sites since 1999. We learned that we obtain 28% fewer registrations when we ask for a phone number (mandatory). Of those registrations, 64% have valid phone numbers. If properly followed up, 10% indicate they want to talk to you and hope to buy or sell within 6 months. The conversion rate is dependent upon the quality of follow-up.
If an agent has the time and the skills to blog properly, then I would agree with Theresa's post. However, 95% of the real estate agents will not nor cannot effectively blog. Real estate sales is a database process and I believe that the agent/company that can build the largest database of "business opportunities", properly follow-up and provide a high level of customer service, will have the opportunity to earn the business when the consumer is ready to buy or sell. If you don't have the database, you aren't in the game.
Fred Doleac
Founder, CEO
Virtual Homes
Submitted by Todd Barnard on July 17, 2008 - 7:06am.
Strange to see this debate, the problem has already been solved with OpenID.
The back and forth about forcing sign-ups is now moot - AOL, Yahoo, Wordpress, etc. all support OpenID.
http://openid.net
Strongly suggest all of the above comments, both pro and con familiarize themselves with the technology. If you are not offering OpenID support you are grossly undeserving your users/customers.
Submitted by Jay Thompson on July 17, 2008 - 7:07am.
First, all you people need to back off Mickey Mouse! He is MY lead, along with all his friends.
If I force someone to register to see something, yes, they may become a "lead".
If I provide access to what they want, including education (which they want even though they may not know it), they tend to contact me.
When they contact me, I don't call them "leads". I call them "clients".
The only thing I require to see listings is a valid email address, and then only if they want to save a search or get listings emailed (it is after all, difficult to email listings without an email address).
I read things on forums like, "I got a valid email address from a lead, but they put in a bogus phone number. Is there a site where I can look up a phone number if I have an email address?"
This *blows me way*. The "lead" is saying loud and clear, "DON'T CALL ME" and you want to find a way around that???
There are countless ways to approach this business, and not everything works for everyone. For me, in my market of 40,000+ agents, if I force registration, I lose business.
Not to mention the fact that if I personally hate registering at a site, I struggle with making people do it on my sites.
Jay Thompson
Broker / Owner
Thompson's Realty
Blog: www.PhoenixRealEstateGuy.com
.
Submitted by Jay Thompson on July 17, 2008 - 7:12am.
@Todd Barnard -- I don't see this as an OpenID issue. The question is whether to require someone to submit personal info, ANY info, to view listings/get info from a real estate site. It's not the mechanics of the registration process, it's whether to have registration or not.
Yes, OpenID is wonderful for giving people "one shot" access to multiple sites. But that's not the point here.
I've found a LOT of folks want to provide ZERO info on RE sites.
I've also found when they are ready, they will reach out and contact you.
Jay Thompson
Broker / Owner
Thompson's Realty
Blog: www.PhoenixRealEstateGuy.com
.
Submitted by John Sabia on July 17, 2008 - 7:19am.
As already commented, the debate for and against registration has been ongoing for some time. There is no right or wrong answer. Whatever works for you is the right answer.Your ultimate goal will determine the way you decide.
I don't buy into the "people want to be treated..." argument, because not everyone thinks the same way. There are no generalities. I personally do not mind registering on a site if the site provides the information I am looking for. Some people agree, some do not. So, the "Consumers Don't Want to be Captured" argument" is an opinion, not fact.
I do require registration for my site. I've spend a great deal of time and money creating and updating my site, so I don't want it to be a "drive-by" site. I am in the lead generating business so capturing leads is essential to me.
I provide limited results up front, so consumers can decide whether or not to register to receive the full detailed results. Do I get bogus registrations? Sure. But, those aren't the people I want to work with anyway.
If you provide worthwile content, many consumers will register, bookmark your site and/or contact you directly.
Where your site ranks in the search engine results will also determine which is the right direction to take.
Ft Lauderdale Real Estate | Fort Lauderdale Condos For Sale
Submitted by Jerry Hoffman on July 17, 2008 - 7:22am.
Lots comments on this one. Clearly, you choose the method most compatable with your personality and comfort in a business model.
UNFORTUNATELY, not one has referred to the requirements of their license law. MLS rules are one thing, company policy is something else, but we are all governed by licensing law.
In Illinois, to provide another's listing information in front of a firewall/registration, is considered advertising. You must have permission to "advertise" a listing. Behind a firewall/registration, it IS NOT advertising.
Nothwithstanding preferences on requiring registration or not, be sure you are in compliance with your license law.
Submitted by Michael Kehoe on July 17, 2008 - 7:24am.
Where is the line between the oh so dreadful act of "Capturing a Lead" and engaging the consumer? If a site is well thought out and asks for information in exchange for information is that wrong? What about a "Member Services" area, where additional features are offered to registered consumers? Should I show an address, or maybe that's where I might ask for the consumer to tell me who they are?
The point is that there are local customs in markets across the country that set the norm. Each brokerage or agent should establish a process where they understand what mix of free information and information that requires a registration optimized their online business.
Measurable results are what it is about. Not anectodes like "I had the first 4 closed listings" and "Mickey Mouse is registered on my site".
Michael Kehoe, President
BIRDVIEW Consulting
Submitted by Michael Russer on July 17, 2008 - 7:25am.
Teresa is absolutely dead-on. Most real estate agents haven't a clue on how to deal with the online consumer. As a result they often attempt to "take control" any chance they can. Forced registration / disclosure is a prime example of this. Probing (i.e. "pouncing") is another.
95% of qualified online inquiries (they are not "leads" yet) are simply information gathering and are not ready to open up about who they are or their needs. The other 5% who are ready to do something within a short time frame still want to remain in control and be assured that their privacy will be protected.
Now this is going to sound counter-intuitive to the command and control types reading this. However, I have countless examples of agents who have learned how to "speak the language" of the online consumer and have seen an incredible shift in the way that consumer interacts with them.
For example, Charles Sullivan is a highly experienced RE/MAX agent in Maryland / DC who started using my "Critical First Response Email" to respond to initial consumer inquiries back in February. In the following months he brought in over $100,000 in additional commission in the following three months, just by using that email script. One that is specifically designed to engage and re-assure the online consumer.
So go ahead, continue capturing away --but you are really driving the big ones in the other direction.
Michael J. Russer - aka Mr. Internet
Submitted by Catherine Read on July 17, 2008 - 7:30am.
What a firestorm of commentary! This has definitely touched a nerve across the board. I agree with Ms. Boardman. And the fact is, there are so many choices for information online and offline that no one has to give out any information about themselves if they don't want to. This is a great example of agent-centric thinking versus understanding real world consumer behavior. And consumers are driving the bus here.
Submitted by Dave Keillor on July 17, 2008 - 7:38am.
As a web technology supplier, our experience fits Teresa's exactly. People visit a broker's or agent's website to search for listings. Does a car dealer make you register to browse their car lot? Our customer's experience is that unverified registration simply raises the "noise" level to an intolerable level.
But there is a place for verified registration. When the consumer is seriously interested, they will want to save favorites, save searches, be notified by email of new matches to their saved search, receive market updates, and collaborate with their agent online. For that, a verified email is needed. (Bogus emails will generate lots of "dead" emails which can lead to being "blacklisted" by ISPs).
This customer empowerment stuff DOES work to the benefit of the savvy agent.
Dave
Submitted by Gloria de Gaston Boone on July 17, 2008 - 7:56am.
You really hit a nerve here; I hate to have to sign in, or register or otherwise leave my personal information. If someone has sold me with the information and presentation, I will sign up, or bookmark them.
When they force a registration.....I put in false info, or leave the site.
It's like the WSJ wanting you to pay to read their stories; why. It just makes me go find the same story somewhere else.
If you have one-of-a-kind product or service you can command this information...otherwise forget it.
Submitted by Marc Blasi on July 17, 2008 - 8:00am.
Theresa-
I agree with you.
I've been thinking of getting rid of the 'capture' feature on my site for a while now - I'll be switched over by the end of the day.
If people WANT your help, they'll volunteer their contact info. If not, they'll just fake the info as so many of you have already said.
It's much more efficient to spend your time with serious people as opposed to being flooded with fluff.
Marc J Blasi
Realtor - Leibowitz Realty Group
Mortgage Broker - Knightlines Mortgage Services
Submitted by Ed Smith on July 17, 2008 - 8:20am.
I strongly disagree with Teresa on this one, although it is really more a matter of different business models, certainly not a matter of right vs wrong.
Some of my sites offer free everything. Some others offer special advantages to consumers who choose to register, and consumers do register to the tune of from 10 - 25 per day, seven days per week. My registration sites are by far the most effective and profitable in my "quiver".
Do I get Mickey Mouse and Donald Duck sometimes? Sure, but we also periodically get John or Jane Doe on the telephone. That doesn't mean that we will stop answering our phone lines :-)
Hm, that brings up a very good point - Back before the internet, all of our leads came in over the phone. Were we not trained to "capture" those leads? We were taught back then that the free dissemination of information was a waste of time. I remember listening to agents on "opportunity time" back in the 80's, carrying on lengthy conversations with these call-ins without so much as even getting their names. They would drone on endlessly and tirelessly, telling anonymous consumers everything they knew about the area, the market, a particular property, etc, but rarely closing for the appointment.
To me, there is no difference between the internet leads of today and the call-in leads of the "old days" ... If we are going to provide consumers with access to tons of research and data, is it really asking too much to know who they are? Giving us your name is simply a matter of courtesy! I have closed many tens of millions of dollars in internet sales over the years, mostly attributable to my registration sites. What works for me may not work for Teresa and vice versa. Some may subscribe to the old adage "Timid Salesmen Have Skinny Kids", some may not :-)
Ed Smith ABR, CRB, CRS, e-PRO
Broker/Owner
RE/MAX Coastal Properties
Submitted by Kristin Noll-Marsh on July 17, 2008 - 8:25am.
I've had a website for 9 or 10 years now. (Been lurking on Inman for YEARS and this is the first time I've felt compelled to post on an article!)
I have been a strong advocate of registration requirements and have experimented on all sorts of approaches to get people to sign up, with great success.
I'm on page 1 of Google & Yahoo for some MAJOR keywords. Have been for years.
Yet I didn't get the results I thought I would. Plenty of valid email addresses. (Had to give a valid address to get an access password.) Lots and lots of email addresses! Used custom drip campaigns. Newsletters. Tweeking constantly. But not as many transactions as you would think.
I required registration for MLS access, recent sales reports and foreclosure lists for the past several years.
This year, I took off all of the registrations & added more forms for "more info" or "specific info" requests. (Calls to action.)
I added links to tax assessment sites and I have been adding custom community pages with each page including community links, tax links, MLS search, school info, etc for each community. Trying to get everything that people are looking for in one site, as organized as possible (ongoing process.) I took off the generic IDX feed I had and linked to the custom agent search page my broker offers, which offered better interface, appointment scheduling and my smiling mug so they knew who they were contacting. I added links to open houses of other brokers.
My quality leads are UP in droves!! People are telling me how much they love my site and access to all of the info. I am closing over a million this month all from my site. My showing appointments from my site are up, as well - and often not even my own listings. I rarely had that happen before! I'm getting even more agent-to-agent relocation referrals, too.
People are using the forms to sign up for the auto-emails & updates even more, as well.
So, you do what works. For now, it seems, no registration for me.
For the clever folks pointing out the "irony" of having to register to post here - you weren't required to register to read the info & replies, were you? When you were ready to post is when you had to give information.
And just a small rant - in spite of some opinions, real estate has two ways to be approached - as a sales job and as a representation/agency job. I'm really tired of being sneered at down the noses of sales people who view their career in real estate differently. I have clients and the end result is that a transaction occurs. But I don't "sell" a house to a buyer, the seller does. I don't have customers - only clients. I don't spend my time using "sales tactics" for convincing, cajoling and "overcoming objections" to "get" people to buy houses. I guide, advise, explain, teach, assist and market properties. I talk people out of making bad investments, even if it wouldn't be in MY best interest. (And yes, I think there is a difference between marketing and sales - another age old argument.)
Anyhow, think of yourself as you like, but quit being condescending to people who approach their job differently than you do! Whether it be how we choose to define ourselves or our approach to using registration requirements on web sites.
Every person and every market is different.
http://www.BestMilwaukeeHomes.com
Submitted by David Podgursky on July 17, 2008 - 8:36am.
Teresa - gotta disagree
FREE doesn't mean we as the service provider don't reserve the right to obtain business from our website.
From the consumer's perspective - and this is what I have gathered from MY leads both Mortgage and Real Estate - if they have been searching, they have some level of familiarity or comfort with the person or people on the other side and WANT to work with them.
We get at my Real Estate Office people that come all the time because we have the best website - #1 Realty Website award from Florida Association of Realtors. We also just happen to be a herd of top producers that offer the best service and market knowledge in the market.
Your whole blogging platform is a ruse if you think it isn't to capture the client and turn them into a lead. Just letting people know who you are is part of your own personal promotion which is about nothing else than the brand of you and how sticky you can become. You want eyes on your site and you want calls to keep you working at all hours... if not then why bother? is it just a sport?
http://www.themortgagegotoguy.com
DISCLAIMER: I put that there because I want the people that respect my opinions and want to learn more from me to read my posts and call me when they need real estate or mortgage help in Florida. If you leave your name, number and a brief message, you are in fact a lead.
Submitted by David Podgursky on July 17, 2008 - 8:38am.
also... don't forget the classic example of someone you know down here who had a free search site. When the user of the site informed the broker who maintained the site that she had no interest in working with them but the agent she was working with did not have a website, he cut off her membership and blocked her from the site.
She filed a complaint with the state. It ended up in court and the broker won... it is HIS site
Submitted by Jeff Manson on July 17, 2008 - 9:12am.
I totally agree with Mark Owens on this. If you are a real estate agent, most consumers would think you can actually sell something. You are actually in Sales.
We capture leads on my site and we sell allot of properties a year because of it. We didn’t just want a high dollar business card like most.
I never understood why agents would have a website and pay all the money it costs to have, when it doesn't convert well or at all. Maybe because most are conditioned that if you get at couple sales it will cover the cost. Now is that good business sense? I do not think so.
Jeff Manson
American Dream Realty
46 Hoolai St.
Kailua, Hawaii 96734
808-792-7040
Personal: Hawaii real estate Broker
Company: Oahu real estate company
Submitted by Teresa Boardman on July 17, 2008 - 9:32am.
Jeff - most of my business comes from my web sites. I think it makes great business sense for me to keep them.
Submitted by Jerry Hoffman on July 17, 2008 - 9:44am.
Kristin Noll - as for your small rant - right on the money!
Jerry Hoffman
RE/MAX Territory
Elk Grove Village, IL
Submitted by Kristin Noll-Marsh on July 17, 2008 - 9:47am.
I capture leads on my site, too.
Now I just have better success at it NOT having required registration.
And it can't be said that I didn't try it the other way or give it enough time - it's been over 5 years of required registration.
Once I opened my site up - BANG!
A bigger mistake most agents make on their sites is not having ANY call-to-action or not enough. No forms to fill out offering things to the visitor like free reports, On Line "Appraisals" (people don't know "CMA"), email updates (for more than just MLS - set up one for sellers to get updated on solds, set up foreclosures or lake properties or another specific target you can filter through the MLS) & market reports.
I still get a lot of those email addresses with all of the extras people can get.
But requiring registration for access to MLS is folly - they can go to any broker site or (in my market) the local MLS site to get all of those properties WITHOUT any registration required. It's too easy to find unfettered property access in my market - one click away from my site. If I require registration, I better be offereing more than just MLS.
But I'm the only one offering recent sold reports and foreclosure lists, too. That makes my site stand out against all of the others just offering open MLS feeds. ONly people didn;t want to register for that, either.
However, they will email for more info or custom info not listed generally on my site.
Those tend to be much better leads & turn quickly into clients.
Submitted by Michael Russer on July 17, 2008 - 9:54am.
Kristin,
Your distinction above is so important. "Gatekeepers" typically haven't taken the time to come up with a compelling call to action, so they take the lazy way out and insist that if a visitor wants the goods, they have to register.
The key to real sustainable success on the Web is to make your information so personal, compelling and unique that they want to share their information --willingly.
Sale and marketing are two completely different endeavors yet easily collapsed by the mind of a typical real estate agent.
I've been teaching these principles for over 13 years and it still amazes me how this is such an "aha!" moment when agents really get it.
Michael Russer - aka Mr. Internet
CEO, RUSSER Communications
www.OnlineDominance.com
www.mrinternetnews.com
Submitted by Kristin Noll-Marsh on July 17, 2008 - 9:58am.
My apologies for all of the typos in my last post. I get a little excited sometimes & it shows in my typos! :)
Submitted by Mark Bustamonte on July 17, 2008 - 10:06am.
I have mixed feelings. We are in sales, PERIOD. Leads are our life blood, whether referrals from past customers, newspaper ads or a good-old lead "CAPTURE" page strategically positioned and highly optimized.
I want leads. All leads need to marketed to and followed up on through various marketing campaigns. Drip marketing or news letter marketing is a very good form of buying brain cells as long as you are providing good information – just not to much.
Let’s face it if you can build a data base of 5000 leads per month (min) that’s 60K worth of leads to drip market per year. If 2% close that’s 1200 deals per yr. Not bad.
Let’s try not to pretend we are something were not. We are professional sales men and women offering great services to clients, how ever they come through the door!
PS Dont forget to go to my site and register.
United Credit Education Services / Stop Debt USA
Submitted by Dennis Pease on July 17, 2008 - 10:11am.
Teresa, one of the things that has made you very popular online is your ability to write a piece that generates a lot of conversation.
Of course this is one of those topics since most agents require a login at some point. Myself like many others have tested various ways of running our sites.
It is funny that you mention Amazon because they were and maybe still are one of the largest internet companies that year after year couldn't show a profit, they knew they had a great idea but it didn't make money. Could it be the lack of a required login?
Most anyone can say they don't require a login and give examples of sales if you have a good site. But with a required login at some point, you will get a lot more business period.
Sure Mickey Mouse will login in with bogus information, but so will a lot of serious buyers that if contacted in a helpful, no pressure way will open up to you and tell you what they want.
Many of these turn into sales and I can tell you that many of the people that login to my site are very web savvy people. In my opinion, capturing that lead, if you will is critical to my business.
Like you, nearly all my business is from the internet. If you provide a very good website serious buyers will login and you will get so many good leads that you have to hire additional agents to handle the business even in this market, if on the other hand you have one of those canned lousy websites most people probably will not login and they will find a better place to do business.
So I think the bottom line in online real estate is that you need to have a superior website that attracts consumers and to be very successful you do need to require a login at some point.
Submitted by Jim Lee, Knoxville TN Realtor on July 17, 2008 - 10:17am.
Wow, this certainly and not surprisingly, generated a lot of opinions.
I've been doing business on the www since around 1995 or so and I've never required anyone to register to do anything on any of my websites.
* Want to see all the houses and condos? Go to it.
* Want to read about my area? It's there for you.
* Want to get 40 free tips on how to sell your home faster? Just click here and there it is.
I currently generate about 80% of my business from online sources; still no registration required.
However if you want me to call you or email you something I do need your address or email and I get lots of them.
As my privacy policy very plainly states, I don't contact you unless you ask me to.
That has worked for me for well over 10 years now.
Jim Lee, CRS, ABR, GRI, NAR Certified e-PRO Trainer
Realty Executives Associates, Knoxville, Tennessee
www.KnoxvilleHomeCenter.com mailto:Jim@JimLee.com
(865) 693-3232, My Personal Toll Free # 1-800-662-2488 ext. 163
**********************************
Submitted by mark langowski on July 17, 2008 - 10:57am.
Theresa,
Mark Langowski here, CEO of http://www.beatyouthere.com . We offer a "free search" but we don't advertise it as that. To answer your question as to why consumers would fill out these forms, this is because many of them don't know any better.
For example; Housevalues.com has many expensive TV ads that they run. when you go to their site, you have to fill out this form, an agent then contacts you, they sell the lead. Period.
That consumer may not have known about beatyouthere.com because we don't spend millions on advertising at this point, and when we do, we will not be selling leads, we will simply be offering a great product.
What I am getting at is that consumers are bombarded with these ads and they go to these sites because they don't know about other "truly free sites" for real estate listings.
Mark Langowski
CEO
http://www.beatyouthere.com