John L. Scott breaks the mold
In what is truly a bold move, John L. Scott (JLS), a midsize brokerage based here in the Pacific Northwest has recently updated its home page to include comparable sold data from the NWMLS.
Entering an address (WA only, for now) into the site pulls up a simple map interface based on Microsoft's Virtual Earth technology. Recently sold properties are placed on the map and rolling your mouse over pulls up the specific data on each listing. You can further refine the search based on sell date, square footage and acreage, among other criteria as well.
As a consumer, there's lots to like about this tool. It's local, it's current and it's easy to navigate. (In many ways, I think this is what Zillow.com hopes to become once it has access to the full MLS data.) Best of all though, it lets me play nosy-neighbor and see how much that house down my street sold for.
Kudos to Bellevue-based Real Tech Solutions for developing this tool. (BTW, there must definitely be something in the water of Lake Washington that's causing innovative real estate technology companies to sprout up all over the Seattle area.)
That said though, right off the bat, I can't see the business rationale for introducing this tool – other than purely as a reaction to Zillow and the other new online players coming on the scene.The two biggest problems I see with this new tool are:
- No Lead Generation – The site does not require you to register or even provide a name before your results are displayed. Other than an IP address, JLS gets nothing from its investment in this technology.
- TMI (Too Much Information) – JLS is giving away the farm here and allowing me to FSBO my home more effectively. Why would I list with JLS, when by using their own data I can now CMA my home by myself and price it accordingly?
Other than a branding exercise (which I don't discount at all), I'm not sure what else JLS gains from this new tool in its current form. Can anyone else enlighten me?
(Full disclosure: I work for a competitor of John L. Scott)
Technorati Tags: Real Tech Solutions, John L Scott, Real Estate Marketing, Real Estate Blogging, Real Estate Blog, Real Estate Blogs, Real Estate, Realty Blogging
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Robbie | May 15, 2006 | Reply
Many internet savvy users avoid sites that require registration like the plague or visit bugmenot.com before they enter bogus contact information. The fact they don’t require registration, doesn’t mean they aren’t getting any internet leads. In fact, I suspect more visitors are giving up their contact information willingly on the JLS web site than ever before. It also gives them an opportunity to regain the attention of the eyeballs they lost to Zillow and separate themselves from the traditional brokerage pack.
Can you imagine what E-Bay would be if they required registration in order to view what is for sale and what it’s current selling price is? I can tell you they’d be a much smaller and less influential company.
The question you should be asking, isn’t why a consumer would list with JLS, it’s why they should list with JLS competitors who don’t offer them anything other than a lead capture form?
realestatemarketing | May 16, 2006 | Reply
Good points Robbie, I myself avoid registration sites like the plague and bugmenot.com is a godsend (I make great use of the Firefox plugin).
Looking at the JLS web site again, I guess what I find missing from the page as it stands, is a clear call to action. The data is wonderful and the presentation is great but there’s no obvious next step for me to take. I think JLS is missing an opportunity there.
Jeff Vickers-I sell the city | May 25, 2006 | Reply
I have found that for the most part todays real estate comsumers (with the internet at their finger tips) no longer need to take a “Please take me by the hand and show me where to sign” approach to the huge financial and legal responsability of buying property, and they shouldnt. Educating clients about the market and the transaction so they know what they are doing goes a long way to establishing a lasting relationship, trust, loyality, and referrals. Impowered with knowledge the consumer can quickly make a correct decision leading to closed sales. If the consumer simply takes your offered information and walks than so be it. They would have gotten the information elsewhere and they may not be the folks you would want to represent. On the other hand do not burn any bridges. Most FSBO’s come back to partner up with the helpful professional real estate broker. That FSBO may become your best friend.
realestatemarketing | May 25, 2006 | Reply
Well put Jeff. I think you may have answered my original question.
Robbie | Jun 7, 2006 | Reply
Although, I completely agree with Jeff, I’ll admit it’s is a delicate balance for a real estate agent/broker’s web site to serve both the primary needs of the real estate consumer (provide information) and the real estate professional (capture leads).
As a software engineer developing real estate web technology, what is the right balance, is a question I struggle with myself.