Industry NewsTechnology

Pushing real estate business to the future

Technology-driven models of tomorrow adapt to change, focus on relationships

ORLANDO, Fla.–With 105 million users worldwide, eBay is one of the greatest technology-driven business models, according to real estate visionary Richard Mendenhall, a partner of WM Works Consulting and a past president of the National Association of Realtors. EBay, the world's online auction place, has 12 sales categories that exceed $1 billion, and is the eleventh largest retailer in the United States. Mendenhall believes eBay's success is due to the customer experience, and said the real estate industry should be paying attention to that value. "Forget this stupid talk about IDX and VOWs–that's not where the conversation should be," Mendenhall said during a panel discussion on technology-driven business models at NAR's 2004 Convention & Expo. The industry should be focusing on customer relationship management. Home buyers take an average 16.4 months to find a home, Mendenhall said, and first-time buyers take an average 20.5 months. "We're not prepared for that," he ...

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