I’m fascinated by HouseValues investment…

and while I’ll refrain from having an opinion for fear of lawyers (yes… I am lawyer-phobia even if some say this condition doesn’t exist), I’m definitely reading what others are saying:

With a little searching you can find even more stories around the web, but those are the ones with interesting articles and/or comments!

Also, it seems worth noting that my sources were right on this! (see comment #42).   😉

45 Things I Learned at RE Connect

(some names left anonymous to protect the innocent)

  1. There’s a hell of a lot of VC money floating around this industry. I was surprised at how many people there were with lots of VC funding. Joel seemed to notice the same thing: “a whole new crop of real estate search sites that are going to be hitting the market”
  2. Reporter from the REALTOR Magazine was in the audience of our presentation. (thanks to Ines for pointing out the story: NAR is opening their eyes to blogging.)
  3. Zillow dropped their beta tag.
  4. Zillow’s big press release (picked up by many others) was a case of “make-news”. I’d be worried for their business if they weren’t making the improvements they announced (adding more listings, improving the quality of Zestimates, dropping beta, etc.). Joel doesn’t write much about of the improvements, while Greg quotes it extensively and seems to gush about their RETS announcement, which even the Zillow team pulls back from in the comments.
  5. Trulia was profitable for at least one month last year expects to be profitable at some point this year.
  6. According to comScore, Trulia had more traffic than Zillow in December! (Congrats Mike on the awesome prediction)
  7. comScrore and Hitwise are measuring traffic on two different internets. (Hitwise shows Trulia with 1.45% of category traffic and Zillow with 2.28%).
  8. Also interesting from the Hitwise report is that Move.com moved from #2 to #5, while RE/Max moved from #2 to #5. That’s big enough news where I would have expected to see a Press Release. Realtor.com at #1 and Move.com at #2 is huge for Move, Inc., even if it is only for December. (Oddly, I’m getting all the Hitwise numbers for December from an Inman Blog article on my feedreader. The actually article was removed from their site for some reason, so maybe the numbers are butchered!)
  9. Vast.com acquired Adaptive Real Estate Services (ARES). (That answers one question, although it does not give me any confidence that Vast.com has thought out their listing content acquisition strategy)
  10. Lots of neighborhood projects coming out. Here’s my (unsolicited) advice to anyone looking to build a successful social network in this space. If you really want consumer adoption, you’ve got to have a clear answer to this question: “What’s the consumer benefit?” So, so, so many of the “social networks” I saw this week were focused around real estate professionals. ActiveRain was an anomaly. Be able to explain your consumer proposition clearly, or don’t expect success.
  11. With that said, VillageMaker from RealProSystems will likely be a success… in that agents will the product, not in the sense that consumers will use it. This is the ultimate social network with the real estate professional at the center of the transaction in that a real estate agents must invite consumers to this platform. Sounds great, except it won’t work for all but a few agents.
  12. I am now the owner of “all the marbles”.
  13. Google staff really don’t like it when you take pictures inside their offices. Don’t be evil (Jay noticed this too!)
  14. Saul Kline is still the same great guy even after becoming CEO of Point2. (Frances has photos). His stated approach for moving Point2 forward is sound, although I’ll let him explain that approach when he’s ready.
  15. Lots of start-ups are twisting and turning to think how they an make their products more REALTOR friendly in the hopes of catching some Second Century funding! Mark Lesswing is a popular man at these conferences.
  16. I was surprised how many tech start ups get funding with only the roughest plans to get listings. Teresa gets that this is a mistake!
  17. Trulia launched their Publisher Platform. Robbie loves this! I can’t tell what Joel thinks… and Greg pans the service. I don’t follow Greg’s logic that it weakens overall traffic to Trulia… Mainly because nobody in the online real estate space has enough market penetration to think there are a finite number of users for their services. Trulia needs more listings. If this helps convince more brokers that they need to send their feeds to Trulia, then it is a good move. (Joel has an example of what the branded service looks like on FOREM)
  18. I really liked one startup and can’t wait until they launch in a little bit because I want to see how they market themselves. The product is an (solid) incremental improvement on search, but I don’t think it is enough of an improvement to go viral on its own.
  19. The beer for bloggers event is a great way to start off a conference. (photos on the Zillowblog and Sellsius).
  20. Teresa has some great photos from the week, including this action shot of me. Dito for Jeff.
  21. The WellcomeMat boys are quite the fun crowd. I really want to see them succeed because the technology is top-notch. Next step for them is figuring out a way so that their users don’t have to do their own marketing. If uploaded listing videos were getting hundreds (or even dozens), I think they’d be well on-their-way to being a a must-have product for most agents.
  22. I’m more bullish after RE Connect on Altos Research.
  23. Drew found a way to work at RE Connect. I’m not sure how he pulled it off.
  24. Professor Nouriel Roubini didn’t show up to RE Connect with the idea of making a lot of friends. He was consistently vocal in his belief that the downside to this market is going to be HUGE. He made Noah look like a moderate! (Here’s the video!)
  25. While I didn’t plan to go to many of the sessions, I surprised myself by going to only one session (see previous comment).
  26. I LOVE NYC.
  27. While I enjoy writing the occasional update, I’m simply not a good twitterer. On the other hand, Daniel is the twitter man.
  28. Apparently, there is a $15B dollar opportunity in the online real estate space since I heard multiple people throw that number around.
  29. Rumor has it that Cyberhomes is going to spend a LOT of money on advertising this year in order to reach out to consumers. This is a change from my take on their original approach in that they were going to focus on reaching out to agents by offering them a “white-label Zillow”. I like Marty Frame a lot, but I don’t think ads will do the trick. I hope they have one-more thing up their sleeve.
  30. Kris Berg is always lovely. Offline or online, she is one of my favorite people in the RE.net.
  31. Jay Thompson is another one that I found to be just as great in person. Networking with people like him is the reason to travel to NYC.
  32. The business mind of Damen Pace doesn’t stop moving.
  33. Rudy has some mad video editing skills.
  34. Daniel is the video man! It’s obvious he loves this stuff.
  35. As one would expect, Lockhart is quickly growing his team at Curbed and it was a lot of fun to meet them at the NYT party. From what I saw, Lockhart tried to dampen expansion rumors. He would only talk about Chicago at this point.
  36. BofA bought Countrywide. Lots of commentary on Jillayne’s post on RCG and Brian Brady’s post on Bloodhound.
  37. Redfin’s PR about returning $10M to consumers didn’t do much for me. I’ll be more interested to find out when they start making business model changes in order to get profitable.
  38. People have begun calling Rain City Guide “Ardell’s Blog” behind my back! LOL!
  39. Inman will soon be launching a new website with new features and a new design.
  40. Up Yours! Video TV war! Intothebox.tv rips on BrokerIPtv.com (around second 40). Not to take sides, but I was interviewed by the BrokeIPtv team at RE connect, and will be interested to see what comes out of that. On the other side, Rachel of Intothebox is oddly interesting… In watching, I just keep waiting for something to fall or break.
  41. I could never repeat linkation too many times. I keep repeating myself and people continue to act like it is new information. Please tell me if and when I need to stop with the linkation bit. 🙂
  42. ActiveRain introduced a few new people from their team. Rumor was that they have some funding that they will announce soon.
  43. Brendan King and other ex-Point2 folks were passing out business cards with the company name VendAsta. My guess is that the name is only temporary.
  44. Greg Tracy has branched out the BlueRoof brand to start doing consulting and website building for other real estate professionals. He “gets it”, so I can only imagine further success ahead.
  45. I really do enjoy just about everyone in the RE.net and real estate tech communities. 2008 is going to be fun!

Phew! Now I think I’m caught up so that I can get back to regular updates!

I’m not very good at blogging…

… from a real estate connect conference. But I did have a blast and just threw up a few photos from my trip to NYC (although I’m also not particular good at taking lots of photos!) 🙂

Lots and lots of stories to come, but right now I have to catch a plane home!

Business and Money!

Who can argue with that?

For background, Brian said he would hold no punches before he proceeded to praise me, rip into technology providers and celebrate inefficient markets!

As far as I’m concerned, Brian is the #1 mortgage broker on the internet and I’m honored, downright honored, to share the stage with him at NYCConnect.   The guy is everywhere and his advice for agents on things like picking up the telephone and using technology to build up your business is top-notch. I also know he has thick skin, so I feel comfortable giving him hell knowing he’ll return the favor.   😉

The danger with Brian’s message is that he is a mortgage broker who has found success reaching out to realtors and you (assuming you’re a real estate agent) will find a hell-of-a-lot more success if you reach out to consumers!   Put another way, if you’re a real estate agent, then you won’t necessarily find success by emulating a successful mortgage broker! (Or put yet another way by the Bloodhound: do was we say, not as we do.)

My take is that real estate agents will be seduced by Brian’s message that the internet provides the ultimate mechanism for in-your-face marketing.   On the internet it is possible to be almost EVERYWHERE that consumers congregate!   You can be on all the social networks (MySpace, Facebook, LinkedIn, etc.)… You can cover ALL the relevant keywords on your blog to make sure you show up on long-tail google searches… You can blog for lots and lots of site!

However, this only works for Brian because his target market is realtors who like the idea of forming a relationship with a mortgage broker.   I hope this doesn’t surprise people, but most consumers of real estate services have NO DESIRE to form a deep relationship with a real estate agent.   If you want to successfully engage consumers, you’ll need to get much more savvy.

To be successful online into the future, you MUST move way beyond keyword stuffing, plastering your name in comment fields, repeating your farming area name in every title, or sending “market updates” to all of your “friends” on Facebook.    In general you must resist the temptation to do anything and everything that manages to annoy people.

To be successful online into the future, you will need to become an “internet” person.   You’ll need to live and breathe permission marketing. You’ll need to have a message so compelling that consumers choose to receive your message. You’ll need to give up control over being the sole expert in your niche and that quite likely will mean giving up control over your community!   Rather than THE expert, you’ll need to become a real estate guide… and a damn good one.

I’ve got more than a few ideas for agents on how to engage consumers by becoming the ultimate local guide, but this post is getting too long, so I’ll hit publish and save the ideas for another day.

Out of touch

I’ve been so busy the past few days that I haven’t been blogging (or even checking my feed reader(!), which is clearly not normal). Besides a shocking number of telephone calls that have kept me busy over the past few days, making Inman’s list also made me realize I needed to to get my butt in gear so that I’ll be ready for the show next week.

On a related note, Brian has been scaring me lately with the way he wants to hijack our conversation to talk about how agents should really focus on techniques that I consider to be pretty hard-sell (OUCH!), but more on that in a bit when I have a few minutes to reflect on our last conversation. (Do I even have time for this???)

Two moderators… no panelists?

Brian Brady’s (great post) on getting the most out of technology (as oppose to letting it get the most out of you), reminded me about a conversation I had with him this past week…

We’re both scheduled to be moderators for the final session of Blogger’s Connect (“Steer Your Blog Toward the Long Tail”) and, at least initially, I wasn’t sure if I should be thankful or if I was being punished since they scheduled no panelists.  The “idea” behind the session is that we would engage the audience in a conversation, which is potentially a lot harder than it sounds.

Anyway, I’m normally up for experimenting with just about anything, so I agreed to participate, but that doesn’t mean I understood how Brian and I would improvise the session and at the same time make sure that Blogger’s Connect went out with a bang.

Lucky for me, Brian came to the rescue with a great idea.  Once he started explaining his idea, it took me all of 30 seconds to get excited.  I don’t want to get expectations too high, but I’m pretty sure we’ll be having some fun and I’m hoping the fun will be contagious enough to spread to the audience.