Nominations for Real Estate Innovators?

Ever since I accepted the position of Director of Consumer Innovations a few weeks ago, I’ve been paying a little more attention to the concept of innovation. Innovation seems to imply something more than simple “ideas”, and mean something much closer to a new way of thinking. While flying to LA two weeks ago, I was happy to see BusinessWeek take on the topic of innovation until I realized that now I’m involved involved in two fields that will quite possible suffer the Curse of the BusinessWeek Cover: Blogging (Blogs Will Change Your Business) and Innovation (The World’s Most Innovative Companies). (I don’t think their recent cover on real estate, Buyer (and Seller) Beware, counts since they seem to advocate running away from this insane industry, whereas I’m jumping in!. 😉 )

This ramble on Innovation is meant to introduce a series of innovation awards that Inman is going to announce at their Real Estate Connect 2006 in San Francisco.

Here are the categories Inman has included and the sites that I would nominate (Do I need to mention that this is a very biased list?).

Most Innovative Real Estate Blog

  • Rain City Guide. First to figure out a way to bring a group of real estate professionals together to market themselves by providing unique and interesting content.

Best Business Models

  • Redfin. Like it or hate it, someone was going to light a fire under the bums of real estate agents to ensure that agents are providing value to tech-savvy clients.

Most Innovative Real Estate Data Site

  • Zillow wins this hand’s down just for their uber-confidence in a complete data-centric solution.

Most Innovative Technology

  • It looks like Google Earth won this last year. If Google Earth won out over Google Maps, then Inman should “right” a clear “wrong” and give this award to Google Maps this year. Google Earth may have more “wow” factor, but nothing sparked more innovation in real estate in this past year than Google Maps.

Most Innovative Mortgage Companies/Services

Most Innovative Brokers/Franchises/Realtor

Most Innovative Web Service

  • I’m not sure what this means… However, if I had to describe the innovation that will most change real estate over the next year, I’d keep it simple and vote RSS.

Most Innovative Media Site

  • No one site should get this award. Instead it should go out to all the real estate bloggers who are creating their own diversified media through blogging (Inman included! 😉 ).

Best Rental/ New Home Online Service

  • I’m really not too familiar with this category, but I’ve seen some of the stuff that Move is developing, and it seems quite impressive. I’ll hold off judgment for the time being, but welcome your suggestions.

Gone Wiki

A little less than a month ago, I released the Rain City Guide Wiki and I’ve been very impressed with the results so far… I’ve had quite a few local real estate professionals add themselves to the (free) directory that I’ve set up and even a few, like Grier Smith and Chuck Reiling, add their own pages.

Interestingly, I figured it would take some time before Google caught up with the wiki site, but I’m pleased to say that it really didn’t take much time at all! A search on Chuck’s name shows that the wiki page he created for himself is the number one result, even above his writings on Rain City Guide, which kind of surprised me.

[photopress:wiki_screenshot.jpg,thumb,alignright]Because creating a page on the wiki is as simple as putting text in brackets: […], it seems like a no brainer for real estate professional who want to kick start their internet exposure. All you have to do is add your name (in brackets) to the Seattle Real Estate Directory. After you save the page, you will be prompted to create your own page where you can write about yourself and add photos to your heart’s content.

However, I think the real benefit of the wiki will come as people fill in more details about the home buying process. Grier did a great job starting up the discussion with a page on the Home Buying Process. If others are interested in adding to his description, editing the wiki page is as simple as clicking on the link that says “edit this page”! And if you are making a meaningful contribution, I highly recommend you add yourself as a source!

Here are some of the areas of the wiki that I’ve put some time into updating recently:

  • Innovative Real Estate Search Sites. I get a steady stream of emails from people who want me to add their new real estate technology site to my list of innovative sites. My latest response is to say “feel free to add yourself to the wiki page because I’m in the process of moving the list over there anyway!” On the wiki, each innovative real estate site gets their own page and I’ve added lots of cross-links making it easy to see connections between companies. There is still lots more that could be added, so I welcome your contributions!
  • Seattle Real Estate Blogs. This is another wiki page I feel pretty good about because I’ve seen a bunch of local real estate bloggers add their sites recently. I keep learning about new sites thanks to this page!
  • National Real Estate Blogs. Similar to the Innovative Real Estate sites, whenever a blogger emails me asking to be added to my blogroll, I send them to this wiki page where they can add their own site. After I complete adding all the real estate blogs that were already in my blogroll to the wiki, then I’ll completely move my blogroll over to this wiki page so that I don’t have to do any work at all! 🙂

I’ve definitely gone wiki, and if you care to join, it can be a lot of fun!

How many emails does it take to buy a house?

I belong to an agent oriented forum with 17,000 “participants”, many “lurkers”, from all over the Country and Canada.  I have been “speaking” there since 1998.  At least once a year a newer agent there asks the question: “What is the average number of emails per transaction?”.

Of course it is possible to go from start to finish with no emails at all, I guess.  Hasn’t been my experience, but I’m sure it is still humanly possible for that to happen.  Last year I had one that took close to 400 emails AFTER the transaction closed, to solve an after sale problem.  None of the emails were from the other agent in the transaction :-), though I did copy him on every email response to his client.  I was the seller’s agent.  I also had many, many phone calls and meetings, in addition to the 400 emails, and all turned out “well”. 

“Rule” is I can never contact someone else’s client in the transaction, but I must answer honestly, if that client calls me.  Usually I do tell them I will respond to their agent and their agent needs to be the one speaking with them.  But when they say their agent isn’t responding to them, I am left with no choice but to handle both sides until the matter is resolved.   I apply the same rule to email, usually.  I never email the other agent’s client in the transaction, nor do I copy the other agent’s client during the course of a transaction.  But if someone else’s client emails me directly, I respond directly, with a copy to their agent.  When you consider that those 400 emails were often directed to at least 6 people, that is 6 times 400 communications or 2,400 communications!

In my experience, the “average” transaction takes between 150 and 200 emails.  This is only my side of the transaction, so if the other agent in the transaction has the same experience, that would be 400 per transaction. Many of these copy multiple parties and only count as 1 email to 4 people.  Emailing escrow with copies to the other agent and my client, for example. This does include emails from the day I meet a potential client until the day they close on the property, and afterward if and as needed.  It does NOT include emailing property to them from the mls, as those emails do not show in my Outlook data.

Blogging is trimming down the number of emails needed to complete a transaction!  Since 1/1/2006, when I began blogging, I have noticed that many of my clients already know a lot more than they ever did in the past.  They already understand more about various transaction details, having read my blog before they contacted me.  I find they also read it during the transaction, and sometimes I direct a blog post to a specific issue at hand in a generic way.  This way I not only help my client to understand what is happening in the transaction, but the general public at large at the same time.

That being said, everyone, agents and consumers both, need to undersand that an email is “in writing”.  There are still times when I need to pick up the phone to say something that I am not willing to put in writing.  A good agent needs to know when to send a letter or a card by snail mail, when to email and when to pick up the phone.  Each of these communication mediums have their place in the transaction, and it is an art to know which to use when.

I’ve created a monster!

Despite my adamant protest, many Rain City Guide contributors have gone off and created their own blogs. (what are they thinking???). However, as each and every one of these people have been very good to me, I thought I’d let you know where you can find more of their writings:

  • Russ Cofano — Realty Objectives [link removed]. While Russ is a real estate lawyer, I can tell you from our many conversations that his true love is innovation. His blog is a reflection of his interest in understanding real estate technology. (Check out his Speaking Opportunities [link removed] section to see something I might blog about soon…)
  • Ardell DellaLoggiaAsk Ardell. I don’t know about you, but I could NEVER get enough of Ardell’s writing… Where does she find the time???
  • Craig BlackmonReal Estate Law Blog. He’s been keeping up a great real estate blog mainly geared to FSBOs.
  • Robert Gray SmithLake Sammamish Living. All kinds of good stuff about life on the Eastside.
  • Galen WardShackBlog. He’s been out of town for a while, but when he’s around, he’s always sharing interesting stuff.
  • Marian CrkonIt’s a Feature. This might sound a little like it is coming out of left-field, but if you’re interested in Oracle applications, this blog is as good as they get!

As I often enjoy following the comments on RCG more than the posts, 🙂 I thought it also might be fun to highlight some of the great contributors (via comments) that regularly appear on Rain City Guide:

7 Reasons for Real Estate Agents to Blog

A recent conversation on Tribe got me thinking about my experiences with being a real estate blogger. Here are my seven reasons real estate agents should consider blogging:

  1. Fun. I really enjoy the many conversations that I’ve had with real estate professionals from all over the world that would never had taken place had I not started this blog!
  2. Expertise. By simply writing about real estate and your local community in a public forum (like this!) you become an expert. Anna gets emails and calls from people on a regular basis asking for her opinion on real estate issues. I’m a transportation engineer, but even my opinion on real estate issues holds some weight! For example, someone from my wife’s corporate office recently called to get advice on how to better use technology in real estate.
  3. Trust. A client recently told my wife that he completely trusted her advice because of the honesty in her writing! That’s darn near impossible to get with a regular website.
  4. Knowledge. I follow local news, national news, local blogs, real estate blogs, tech blogs, etc, because I feel a responsibility to my readers. Maybe you won’t feel that internal pressure, but it definitely drives me to ensure that I’m up-to-date on real estate news.
  5. Ranking. Because of all the unique content, we get hits on all kinds of unusual real estate searches. In addition, because we’ve gotten some links from some high-ranked websites (mostly other blogs), her site ranks really well when compared to most real estate sites. Additionally, on typical real estate searches like “Seattle real estate”, we’re ranked very high (#7 on Google) for such a new site and I know that we’re beating out sites that are spending $1000s a year on marketing their site.
  6. Cost. Compared to most marketing techniques that agents are using, blogging might as well be free. I pay $100 a year to host this site. That’s it! The cost of blogging is measured in time, not money!
  7. [photopress:Sasha_Drawing_1.jpg,thumb,alignright]

  8. Potential. Rain City Guide is not even 10 months old yet. Give us two or three years of blogging, and we’ll easily be the most popular real estate site in Seattle. Ideally, the site will continue to grow as the web technologies evolve and more perspectives are added. I’d love to do more podcasting and videoblogging. I’d love to have someone document the building or remodeling of their home. I’d love to have some more real estate agents blogging about their local areas (Seattle, Bellevue, Redmond, etc. neighborhoods). I’d love to have someone take on some more analytical issues (Tom?). There are so many interesting ways that Rain City Guide can evolve that I feel like we’re only touching the surface of it’s potential.

When I look into my crystal ball to see the future of real estate blogging, I see one or two real estate blogs in each major city that have really captured the local market by having a group of prolific real estate professionals (agents, brokers, lawyers, etc) writing about local issues. I see people turning to these blogs to get unique and personal perspectives on issues like moving, building, buying and listing. I don’t think you’ll be surprised to hear that that is where I plan on taking Rain City Guide!

Seattle Real Estate Blogs

[photopress:half_dome.jpg,thumb,alignright]The problem with most real estate blogs is that after an initial flurry of activity, the bloggers quit making regular updates. However, there are two new seattle real estate blogs that have been providing some great information and hopefully, they will be around for the long haul.

Seattle Property News is written by an annomous individual who claims:

I’m not a real estate professional, just a Seattle resident who enjoys tracking the world around me, in a literal sense, by watching real estate trends and discovering the stories behind different properties around the region. I started this site for myself, as an open notebook of the information I find interesting.

However, I find the writing to be too full of technical details to believe that the person is involved in the real estate industry in some manner. Keep up the great work!

Seattle Real Estate Talk
has also been putting some interesting content together. As it stands, this site is currently producing content similar to Rain City Guide in that it covers general interest real estate news and local Seattle updates.

There is definitely room for some more good real estate information in Seattle, so good luck to both of these blogs!