Your Customers Are On-Line. Are You?

News Updates Attendees May Find Interesting

Opinions and analysis are those of the event organizer, George O’Neill.

Please leave your comments below.  Let’s start a conversation.

1. November 2, 2009: The Competition Bureau has ruled that the Canadian Association of Real Estate (CREA) implement changes with respect to brokerage and consumer access to the Multiple Listing Service (MLS).  If this comes to pass, there will be more discount brokerages enter the business, giving consumers additional choice in terms of the level of service they desire, and therefore the fees they are willing to pay for that service.  The business practices of many Realtors® will be impacted so it will be important to stay abreast of the changes to learn how to position your business.  This change will increase the demand on professional Realtors® to be even more tech savvy and embrace the internet for marketing and business development purposes.  As in the  financial services industry that has already gone through a similar evolution, Realtors® will adopt and there will always be consumers who desire the services of full service brokerages.  On the other hand, Realtors® operating at the margin offering only mediocre service who cannot justify their fees, will be in the most jeopardy.  With over 90% of re-sale homes sold through the MLS, according to the Competition Bureau, one can see how this may look like a monopoly.  The challenge is the brokerages and members paid to build the MLS system through their fees, so should they be compensated if the system is opened up, and if so, how?  This will unfold over the next number of months.  One thing though that Realtors® can do today, no matter what happens, is prepare themselves to be more knowledgeable on-line marketers since the trend of consumers going on-line will continue.  Where there is change, there is opportunity.  Let’s embrace opportunity!
2. November 17, 2009: “Tick tock tick tock. Attention real estate agents, marketers, and developers. You may have shunned online social media till now but the clock is ticking and your time is running out. Online social media is not a fad. It’s gaining steam and its about to give another jolt to your industry…”  from the BuzzBuzzHome Blog
3. November 21, 2009: This fall HGTV had a series called “Realtor vs. Realtor” airing.  I could not help but notice their effective advertising campaign around Toronto so I tuned in to watch the first two episodes, despite HGTV’s apparent disregard for a registered trademark, Realtor®.  You can find my less than positive opinion of the show on Episode 124 on my video blog.  Well, yesterday I was reading at REMOnline that the Canadian Real Estate Association (CREA) has managed to shut down the show.  So, how is this relevant to Social Media?  I believe the show misrepresented our industry and how professional Realtors® go about their business.   Sure, some Realtors® may operate the way depicted in the show, but many do not.  I also believe the show was educating consumers in the wrong way, pitting one agent against another.  In no other professional services business I know of would we see such behaviour.  We can, and need to, raise the bar in our industry to ensure this portrayal of us is not valid and does not occur.  Social Media can help us do that.  Your thoughts?