Rumours are abound that the REINSW will be launching a statewide/national portal in the coming weeks/months alongside partner EAC. Details are pretty scratchy at the moment, but whilst it may seem like a good idea, it does raise more questions than it answers.
I am all for Real Estate Institutes becoming involved heavily in the Internet but I really do think they have left things a little too late, with the only really successful Institute portal at a state level being the Realestateview.com.au website which has been around since 2001, and if you go and have a look at it, really is quite good. ( I did not go too deep)
My questions are not whether EAC can build a portal that matches it with the big boys, but how will it be marketed? How many agents will support it? What benefits will the agents receive from its success?
Expect an announcement shortly on this, I want to know your thoughts across Australia on Industry/Private portals and whether you would support it? Is this what you think an Institute should be concentrating on?
37 Comments
Michael
Oh dear – i think i am all portal’d out this week
Sam
If they dont join with realestateview they are crazy. The whole idea of the Institutes doing this is to get a national portal going and there’s one already to go…..realestateview
Of course if this is just a game and they don’t really want to upset REA then they’ll do their own thing….badly.
Robert Simeon
With so many entering the portal market it would make sense for each state to establish their own portals, which would link with other states. No doubt it would be highly political !! However, each institute needs more money and REIV have been going strong for 6 years with their portal (they are soooo far ahead of the rest).
It will be interesting to watch how many more property portals attempt to launch in 2007.
Sam
The proper launch of an Industry portal is what the agents are looking for, this puts it apart from other portal ventures.
Essentially portal ventures all have the same goal, an industry backed portal would work differently not requiring the profits the others do.
Robert Simeon
Sam – you make a very smart point.
For mine much depends on who is steering the ship. REA – had a dramatic improvement when Simon Baker took over, as did Domain when Sam Plowman took their wheel.
Not sure about myhome or who is even running it ? At 3.23 pm today I received this email which was our first contact with them. I thought they launched on Monday LOL
Please find attached myhome.com.au and myhome tv media releases. To view Australia
Sam
It’s quite simple, the Institutes just need to build a site with all the features already out there, realestateview is a long way down that track. After that the institutes invite their members to subscribe and the portal gets promoted through the media as it would be.
It’s simple really but can they do it ? Probably not.
Peter Ricci
Sam, wish it was that easy. I have had very limited contact with Institutes. About 5 years ago I wrote a proposal to one and asked if I could do a presentation. I never got a reply and on ringing them I heard the President in the background saying “tell him I read it and we are not interested”…..
I might add, I mentioned nothing about money but through up some ideas. I was perplexed that they did not even entertain the thought of at least hearing what I had to say.
It comes down to this. Are they prepared to do the years of hard work to make it successful? As many institutes change board members every year or so – it has to be a long term strategy and one that must be pushed each and every year.
I would like to see thge members elect their own board each and every year – a board for the portal not the institute.
The first step must be NO advertising. If you are going to get the community involved it has to be lighting fast, professional and savvy.
Each agent should pay $1200 per annum with 90% of these costs going towards marketing – and smart marketing!
Finally do not market the site at all until the site gets 60% of all listings in NSW……
Promote it too soon and consumers will go there and say – yeah but where are the listings and head straight back to the portals that have them…………
Then…………..give the technology away to all of the other institutes and get them all on board…..
I have a dream 🙂
Robert Simeon
Peter,
If you conducted a basic IT evaluation test with the sitting members of the REINSW – I would doubt that any would pass.
Dave Platter
Peter, by the way, I’ve been using Google reader to keep abreast of the comment feed, but it lags quite a bit when updating. I’m switching now to email notification. Any idea why that might be a problem with reader?
Thanks!
dave
Peter
Not sure Dave, I am updating the comments feeds to 50 comments. Each reader scans at different intervals….even email programs such as MS Outllok 2007
Robert Anthony
Hi Peter,
This is not a smart a… question. sorry questions. What makes a site lightning fast? And out of our real estate portals which one of them do you think is lightning fast? which one is savvy? and of course the most professional.
P.S. You do not have to answer this tonight and you can make it short as well if you wish. Thanking you again Robert Anthony
Peter
Robert
Fast: There are many factors, but definitely number one starts with the hosting provider……then programming, then image compression, then features.
This site is built using WordPress an Open Source Blogging System. So I am at the mercy of the system to an extent. But as an example I pay about $30K a year for servers I could get for $5k a year, but being online, security, and support are important to my way of life….
Portals , MyHome is fast, Domain is ok, REA has its moments…..I really do not like any of the sites to look at. Some have some nice features……
I am doing a couple of portals (overseas developments) at the moment and hopefully will be able to get to work on a few of mine later in the year. I might even show you some, but I dont like to promote myself here…
None are savvy, some try to be………and most are professional…..
Danny
Great site … just stumbled across it and have read various posts/pages with interest.
The REINSW to launch their own site ..zzzzzzzzz … we are only 10 years too late.
If only we as agents had the foresight a decade ago to create a portal owned by the industry … imagine – no domain.com.au, no realestate.com.au (sorry Simon) – MINIMAL FEES – but that horse has well and truly bolted (a bit like my rea shares I sold 5 years ago – silly me)!
The problem with real estate agents is that we are like sheep … new sites like myhome.com.au only get rubber when we support them – why do we do it? – because if our competitor up the road signs up – the sheep mentality kicks in.
I own an Sydney inner city agency in an internet savvy area – it’s my view that the success of any major real estate portal is very area specific – consumers (buyers or sellers researching the market)quickly get to know which major portal/s all agents (or the ones that matter) use in that particular area, thereby negating a consumer having to visit multiple sites.
Using Mosman as an example, it’s my view that a new portal like myhome.com.au wouldn’t get legs if say RWM resisted signing up – I simply don’t believe any consumer wants to visit a site where only 70% of properties available in an area are displayed, when they can go to an alternative site (likely domain and/or realestate) and essentially find all properties in Mosman.
The same could be said for my area, or indeed any part of Sydney.
Take that one agent with a 20% + market share out of the equation in their respective area, and it virtually renders a web portal usleless for that area.
So why as agents do we support creating another animal, free at first, but for how long?
This is not a critisim Robert, we too have permitted our properties to be displayed on myhome – but I just wonder why we do it to ourselves. Afterall, I think we are already well serviced and the only people I know that watch television on Saturday mornings are tuned to cartoons.
Additonally, I also think the myhome site undermines quality properties – how silly does it look having a banner saying “Buy Now for $15,000 per week” splashed across a displayed property. Do they really think somebody spending $5m only tips in 20%/30% equity?
I suppose the competition cannot be a bad thing and it will be interesting to see how things pan out.
Anyway … gone off the track … it’s Friday and the highlight of my week will soon be in my Inbox – the RWM newsletter (always a great read Robert – and regards to Mr Francis!)
Glad to have found the site and look forward to staying in touch with the views of others.
ps: Why are agents telephone numbers not displayed on property.com.au?
snoop
I wonder why the insitutes blow so much of members money playing in a space which clearly belongs to the media players.
As i understand it the institures charter should be around training,education,compliance and general support of proffesionalism in the industry,something they all seem to pay lip service to.
Why do insitutes think they are media companies?
Peter
Danny
Firstly welcome, and WOW, what a start! A very open and interesting read, and one I found impossible to disagree with (I am sure we will disagree at other times).
Now, I have seen your site a few times over the years (mainly agents saying – can we have something like that)
I welcome you and your company to our site. I hope you enjoy coming here and giving us your thoughts and ideas.
As for MyHome and the telephone number what a pick up! Simon and Dave, I hope this is an oversight?
Simon Baker
Guys
We left the phone numbers of property.com.au on purpose. The site is a beta site and therefore a test platform. We want to understand how effective the site is a generating leads for agents and we currently have no way of tracking telephone calls made from the site. So we decided to track the number of email leads.
What is interesting is that we know most agents dont track the source of leads. About a year ago we did an extensive mystery shopper survey across 150 agents around Australia. We rang enquiring about one of their listings. Only 15% bothered to ask where we had seen the listing. (Note: if we were asked who was calling, the callers were instructed to give their name and who they worked for)
Robert – you were in the 85% group. Actually the other day we had 3 people ring Robert’s office asking for more information about 3 of his listings. Not once were we asked for where we had seen the listing.
The point is that the role of realestate.com.au, domain.com.au etc are to drive leads to the advertisers however if the advertisers are not adequately set up to track these leads – volume and quality – we need to do some work to determine how many leads are being generated and then communicate it to the agent.
What we do know if the number of email leads that are generated and via survey, we know that the number of telephone and walk-ins (to OFI’s) is about equal to the number of emails.
It would be great to know exactly how many leads each media source generates and then divide the cost to advertise by the number of leads to calculate cost per lead.
Simon Baker
MD REA Group
danny
Thanks for the welcome
You may be interested to know that our measure of the various web portals is based on email enquiry generated to our office.
For us, this is the best measure of the value of the various sites including our own, notwithstanding we do go into the “back end” of the various sites and incorporate web hits/viewings as part of our reporting to clients.
Simon, you may be aware that our business model is very much driven via the web, through Hub etc, and we do ask the question at Open Homes where a prospective buyer first became aware of the property.
We have also conducted some very interesting experiments in recent times eg:- Web Vrs Print Media.
Only last weekend we opened a home – no print media – just via the web and had 45 groups through. We have several new properties starting this week – no print – and the number of attendees will be not dissimilar.
We have also conducted opposing tests – no initial web marketing – just print media – and the results are truly astounding.
Peter
Snoop, you may have hit the nail on the head. I don’t mind them actively being involved in Internet marketing, but I do question the long term commitment of the Institutes to these types of developments. Agents are expected to put all of their efforts into these developments and support them, but if they gain no traction, and then Institutes give up – it is the agent that suffers.
I would like to see a detailed plan before I comment, but they need at least 1 million in marketing per annum to keep consumers informed.
If the plan is just to build it and ask agents to be members then I doubt it will gain traction – I would also want to know more about EAC’s involvement and what they intend to do – where they will make their money.
Will the site accept imports from a variety of current systems – will it export to other portals and what support for any portal that wants to be included (not just the big end of town)
Simon Baker
Danny
“We have also conducted opposing tests – no initial web marketing – just print media – and the results are truly astounding.”
So what were the results?
Also – was it a leap of faith for your office to jettison the print media and give online only a go?
Simon Baker
MD REA Group
Damien McDonald
I think what is being forgotten is that EAC is a Co operative with NSW agents being it’s members.
The portal will not be challenging the likes of REA, which lets face it, is the number one real estate portal in the market. The portal will act as a cost effective medium for agents to not only manage their listings but to also provide an efficient property data delivery system unequalled by any.
This is where the portal will exhibit a point of difference to the others and agents will find that any revenue from the product will be channelled into above the line consumer marketing and subscription rebates. Yes, the portal will reduce in cost over time, not increase.
Isn’t that what agents are looking for?
Damien McDonald
danny
Simon
We haven’t entirely abandoned print media, but given that we are of the belief we have 85/90% of the market covered through our database and web presence, this is certainly reflected in the marketing campaigns we suggest to our clients.
In response to your comment “It would be great to know exactly how many leads each media source generates and then divide the cost to advertise by the number of leads to calculate cost per lead” – I have some idea’s that we should have a chat about at some stage.
Peter
Damien
Thank you for coming online and being a part of business2, if I have missed anyone hello and welcome and please feel free to express you opinions openly.
Damien, thank you also for clearing up your involvement. I believe there is an article today in the Fin Review about your release.
I will allow you exuberance promoting your product, “efficient property data delivery system unequalled by any” 🙂
I think agents will let you know what they are looking for….When is the launch?
Any information will be appreciated….
Damien McDonald
Peter
Thanks for your response. We are looking to launch Real Estate World in the next 8 to 12 weeks. The product will feature many of the things you mentioned in your last article about portals coupled with the Red Square property information service. To us it has allot to do with property data, which the agents rely on for the day to day operation of their business.
That’s about all I can tell you for the moment as I am bound as a priority to make a complete announcement to our joint members in the near future.
Damien McDonald
Sales & Marketing Manager – EAC
John (Land Agent)
Yes! I like the look and feel of the site.
But what I really would like to see in Australia is for the Professional bodies to band together from all the States and produce a National portal with advertsing available for Real Estate Properties For Sale, For Rent etc.
FREE advertising for all Agents on the web!
Up the membership per annum a little to cover the cost of running the listing side and other advertising allowed on the sites for revenue raising.
The Goal would be to whipe out all the other Portals. And to try and introduce better advertising standards like better disclosure eg addresses, price etc.
A one stop shop for cusatomers looking to buy and rent etc.
It can be done.
Robert Simeon
Simon,
Thanks for this “Robert – you were in the 85% group. Actually the other day we had 3 people ring Robert
Peter
G’day John (Land Man) and welcome to our blog, you raise some great points, I hope to see you back here soon rubbing shoulders with us!
Robert Simeon
Hi Danny,
Great to see you here – now all we need is to get Barney to contribute here also.
Danny – “So why as agents do we support creating another animal, free at first, but for how long?
This is not a critisim Robert, we too have permitted our properties to be displayed on myhome – but I just wonder why we do it to ourselves. Afterall, I think we are already well serviced and the only people I know that watch television on Saturday mornings are tuned to cartoons.
Additonally, I also think the myhome site undermines quality properties – how silly does it look having a banner saying
Chris
The institues have been bumbling around for years with their grand vision of a national portal.
The institutes have difficulty fulfilling their core reason for existing, much less kidding them selves they are new media companies.
John (land agent) – i hate to break it to you but free advertising in a market economy ain’t ever gonna happen! (or it could with the success of justlisted). The institutes cannot compete with PBL, fairfax, REA etc…these guys sit around and spend their days thinking about portals etc…the institutes are politicized, voluntary bodies that haven’t got a hope…
“He who waits for the institues waits forever”.
Elizabeth
Chris,
you would be interested to see Sky News Interactive this afternoon, who have a story ‘Rental Crisis Hype’.
The story is about the REINSW allegedly talking up the industry by stating rental growth is up 20% in Sydney. This conflicts with the NSW Government and a Bis Shrapnel report.
The story concludes with ‘agents had labelled the forecasts as dangerous and have warned investors who get caught up in the hype could get burnt.’
E
Michael
REIQ is a coming . . . . (Canadian Partner ?)
snoop
I find it amazing that in their struggle for relevance the institutes keep hosing members money in this space.
Lets face it ,they are a factionalised and marginalised bunch struggling to find a way forward.
Even large private training organisations are now eating into what should be there franchise?
Lets ask the agents on here.
Does the institute offer any value over what a good franchise offers?
Does your insitute help you in your day to day business?
How?
Peter
Snoop, I think you may be onto something. I think if Institutes concentrated 100% on what they are good at (the reason they are there) they would not run into problems they are facing today.
Relevance is a key, I am sure they provide good services to many, but are they getting better and better at it each year? I have my doubts…
Elizabeth
Good evening,
I am not usually one for gossip, however I have heard that the REIQ were trying to get out of the ‘deals’ signed in the eleventh our by the outgoing CEO?
It would seem to me that the institutes are an utter complete shambles!
Damien from EAC, can you please elaborate on this union between yourselves and the REINSW. I keep getting promotional material from your company and the REI about which Forms I should be using. I am curious as to what has brought about this union and how it will benefit me.
Rowan Kelly for the REIA!
E
Damien McDonald
The relationship can be best described as an Alliance being:
Elizabeth
Dear Damien,
Thank you for getting back to me. I suspect I will have to wait to see the full implications of this ‘Alliance’.
Tell me, which dictionary did you get the definition of Alliance from?
Damien I would love to get your thoughts on Peters latest Blog ‘Is it time?’
How do you propose EAC can address many of the issues the industry faces with the institutes?
E
max
okay, after reading lots and lots of info on this site I have come to the conclusion that many of you are waiting for a great change in industry.
snoop
Institutes dreams of empire building should be put on hiatus by their members.
This is a big boys game now,in that the investments are in the hundreds of millions now.