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The Evolution of Real Estate Online: Adapting to Market Changes and Challenges

The landscape of real estate websites is rapidly changing. New portals are emerging, with the top spots increasingly dominated by non-Realtor sites. Realtor.com remains the leader but is losing ground to competitors like Homescape and Trulia. Adaptation is crucial for real estate companies to remain competitive, as many are struggling to keep up with evolving consumer behaviors. Recent alliances, such as Realogy with Zillow and Homescape, signify strategic shifts to focus on effective online presence. Understanding these changes is essential for success in today's market.

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The Evolution of Real Estate Online: Adapting to Market Changes and Challenges

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  1. Chasing the Business The Internet Evolution Continues

  2. The Internet is Today’s Battleground • New Real Estate Portals are Emerging • Top 20 are dominated by Non Realtor sites • Few Realtor/Broker sites in top 20 • Realtor.com is still #1 but slipping • Homescape.com has risen to top • Trulia was last year’s big Winner • Coldwell Banker.com is gaining • Remax.com lost ground in 2007 • C-21 lost ground in 2007

  3. 2007 WINNERS

  4. The Losers

  5. The Top 20 Real Estate Sites The Top 20 include only 4 real estate company web sites: Coldwell Banker, Re/Max, Zip, C-21 • Realtor.com • Homescape.com • Move.com • Homegain.com • Zillow • Rent.com • Yahoo Real Estate • Apartments.com • ServiceMagic • Trulia.com • U.S. Department of Housing • MSN.com • VisualTour.com • RealtyTrac • Whitefence

  6. Challenge • Real Estate companies must be willing to make course corrections to follow the public’s internet searching habits • Some companies are unable to or unwilling change to follow the consumer’s habits • You must make adjustments to your sails to catch the wind if you want to remain competetive. • We have the power to adapt to the changing habits of real estate shoppers

  7. Just Announced Thursday • Realogy creates a new alliance with Zillow • Realogy creates new alliance with Homescape • More information will be forthcoming

  8. We will follow the Public’s Internet Shopping habits • Shift energys to new public sites • Eliminate wasted dollars • Focus on what works

  9. Our local landscape is changing

  10. Local Business Update • Realty Executives – closed 2 nearby offices. 1 remains but closed only $950,000 in Schaumburg sales last year • ERA Closed in Schaumburg recently • Starck Closed Streamwood and Buffalo Grove offices • C-21 Cambridge in Schaumburg just closed • C-21 1st Class gave up half of their space, reduced staff lost many associates, instituted fees for Technology, Advertising, Copies (and has an 8% franchise fee) • Baird & Warner – Closed Hinsdale office

  11. Yes, there is more……… • Prudential – Pulls listings out of Yahoo, Prudential’s Schaumburg office had only $827,000 in Schaumburg sales last year, Prudential Elk Grove office had less than 1million in Schaumburg sales last year • GMAC corp Closed (sold) Randall Road office. Dozens of Corp offices and managers trimmed on East Coast. GMAC mortgage is wounded with huge sub-prime losses

  12. We are making changes with Realtor.com contracts • NRT did not renew contracts with Realtor.com this year • We will continue to be 100% showcased homes • We will continue to fund the Upgraded Agent Realtor.com sites • This year agents will be asked to pay $98.00 to maintain their personal enhanced sites • The average price for an agent enhanced site is about $2000/year (it is a sliding scale according to your last year’s business) • That is just under $200,000 for this office • We will pay 95% of the Realtor.com fees

  13. Why you want an Enhanced Site • The only way for your photo and direct contact info to appear on Realtor.com • It is the only way you will be listed on the “Find a Realtor” directory • The only way you can get the Viewing Report • Your leads go directlyto you thru Lead Router • You get additional photos at no additional charge • You have a big competitive advantage! • If you change your mind later, it will cost you up to $2,600 to do it on your own

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