"Made 'Ya Look" Marketing

The Real Point of Online Photos

Real estate photography, as it's currently practiced, reminds me of the joke about two hikers who encounter a Grizzly in the woods.

The first hiker thinks he has to outrun the Grizzly. The second, smarter hiker realizes that his task is to . . . outrun his companion.

So, too, the object of online photos of a given property is not to get you to buy the property. Even at the peak of the housing market, in the hottest locales, very few people were buying, sight unseen, purely on the strength of online marketing materials (and 100% of those likely regretted it).

If the point of marketing photos isn't to sell a home, then what is it?

To get you in.

It's axiomatic that if you don't tour a property, you're not going to buy it. And if you don't see it in person, there's no chance for you to fall in love with the amazing built-in's, the cozy Kitchen nook, or the lovely gardens in back. (And no chance for the listing agent to engage with you -- or your Realtor -- about what you're looking for, your budget, time frame, etc.)

Unfortunately, simply getting prospects in to a home only to be disappointed once they get there is to win the battle, but lose the war.

In my experience, the single best way to sell a home is to exceed a Buyer's expectations.

Getting a prospect in to a home using borderline false pretenses is guaranteed to sow disappointment (if not anger).

That reaction is the opposite of the mindset that leads to a deal.

Has the Internet Peaked?

Old-Fashioned Technology
Makes Real Estate Comeback

"Nobody goes to that restaurant anymore. It's too crowded."
--Yogi Berra

Yogi Berra could easily say the same things about the Internet today, especially with respect to real estate. Consider:

--Online photos are now routinely so overly-flattering, you literally don't recognize the home when you're standing in it.

--Facebook and MySpace are crawling with Realtors, job seekers, and people selling . .. something.

--Sites like Zillow -- never very accurate at pricing homes -- are actually getting worse (their business model isn't to displace Realtors, but to attract eyeballs and advertising dollars).

--Interest rates quoted online are virtually meaningless because they don't take into account the borrowers' unique circumstances. Or, they're loss leaders that 1% of the borrowing public qualifies for (in retail, this is called "bait and switch").

Given all the clutter, distortion, and sheer noise on the Internet today, it seems fair to ask, "Has the Internet's utility peaked?"

For many people, the answer is "yes." That's true even as an estimated 80% percentage of all prospective home Buyers now begin their home search online.

Underwhelming -- and Overwhelming

Unfortunately, once they get there, they're likely to be both underwhelmed -- and overwhelmed.

Overwhelmed by the sheer number of real estate sites and information out there. Underwhelmed by how little of it is actually useful, if not outright misleading.

What's taking the Internet's place? "Low tech," and in some cases, "no tech" (John Naisbitt anticipated this phenomenon years ago with a 1999 book titled, "High Tech, High Touch"):

--Old-fashioned shoe leather and tire-kicking: if you really want to know what a property's like, go look.
--For Realtors marketing a home: personal networking, word-of-mouth, and an especially low tech tool: the phone.
--For prospective Buyers looking for a Realtor: referrals and personal interviews. Plenty of newbie Realtors are great at technology, including Facebook, but don't have a clue about selling real estate (how would they? They've never done it).
--For borrowers looking for a loan: one-on-one contact with a lender.

So is the Internet going away?

Hardly. Once I'm working with a client, the Internet's various productivity tools (email, online forms, government Web sites) greatly expedite communication, work flow, and access to information.

However, purely as a marketing medium, the Internet's value arguably has peaked.

Just like junk mail, the more ubiquitous it becomes, the less it seems to register with people (this blog notwithstanding, of course!).