Real Estate Broker and founder of 4PsRE.com, a blog dedicated to the better marketing of homes. I blog on the Durham market at SpringtreeTerritory.com and DurhamLuxRE.com.
The phrase that struck me was "what's a full service agent to do?" It implies that the online group might be less than full service. In fact, the description of their website seems to indicate they are providing more service and that is attracting leads along with the rebates. My question is what's a full service agent? Consumers were already catching on that there was no set commission in law, regulation or stone even before the Justice department got involved. Like every other business in a market economy real estate agents are going to have to compete with competitors that keep their overhead low and make just as much money at a lower price. Jay Zenner 4PsRE.com
Oh boy, I have to steal that line about the 3 P's of real estate marketing (Put a sign in the yard, Put it in MLS and Pray) cause it ain't far from wrong and actually worked pretty well even without price reductions for a long time when the market was hot. The more professional approach necessary now involves a marketing plan built around the traditional 4 P's of marketing, Product, Price, Place and Promotion. The objective of 4PsRE.com is to provide an antidote for the 3 P's approach. Check out the Manifesto. Jay Zenner 4PsRE.com
I believe your analysis is right on. What amazes me is how long it has taken to catch on among real estate agents that the house itself is only one part of the package clients are looking for. Even today very little of the copy written for sites like Realtor.com actually references the community or its amenities. Most agents take this stuff for granted and don't realize many of the potential buyers are relocating to an community they are unfamiliar with. Sharing information about the community, both data and personal insights will help sell listings and acquire clients. Jay Zenner 4PsRE.com
