One Pennsylvania REALTOR® is . . .
Taking business online
When it comes to using technology to sell real estate, Bob Hay has been on the leading-edge of the revolution.
Back in 1996, before the Internet became a household name and most people even knew what e-mail was, Bob Hay created his own Web site to market his real estate business.
Then, in 2002, he made a major decision that would change forever how he did business: he moved a majority of it to the World Wide Web.
“For me, it was easy,” Hay said about the decision to be predominantly online. “As time went on, I looked where my business was coming from and more and more of it was coming from the Web site.”
Hay decided to leave a major brokerage firm to create his own called bobhay.com and he added several employees. Now, 90 percent of his business is conducted via the Internet.
This type of brokerage firm, however, isn’t without its critics.
“When we first started, you would hear at the listing presentation that agents were telling people that the Internet does not work or the Internet does not have any value,” Hay said. “Today, you hear that less frequently, but it is fine if agents say that. I tell clients that I know how much traffic (inquiries) we receive because we track every hit and produce monthly logs to show how many visitors we are getting to our Web site.”
While the reports help alleviate client concerns, they are also an invaluable tool for Hay.
“I can tell by the number of visitors to the Web site how sales are going to go in the next 30 to 60 days,” Hay said. “I can look at May’s numbers (visits), compare them to May a year ago and if they are down, then I know business will be slow in June and July.”
Whatever the 60-day forecast may be, Hay said the information helps his agents plan their workload and enables them to make adjustments, as necessary, to their marketing plans in the coming months.
The Web site’s biggest benefit, however, is the qualified leads it produces.
“Buyers who use the Internet look at fewer homes, so you save valuable time by showing fewer properties,” Hay said. “Buyers feel like they have seen the market already when they come to you, and the buying process is much more streamlined. I have found this to be an invaluable asset.”
Criteria for a Successful Site
Hay said he had two criteria when he set out to build his business on the Web: ease of use and making it as informative as possible.
A visit to the homepage gives viewers a choice of one of four areas to enter: Buyer Resource Center, Seller Resource Center, Financial Resource Center and Community Center. Upon entering one of those four areas via drop-down menus, Hay said the primary goal is to educate buyers and sellers so they can make informed decisions.
“Some people feel you have to get the buyer’s name as soon as they visit your Web site,” Hay said. “But most people, when they first start looking, are six months to a year away (from completing a transaction).”
That is why Hay’s site is an Internet Data Exchange (IDX) and not a Virtual Office Web Site (VOW), which requires clients to register prior to looking at homes on a Multiple Listing Service (MLS).
“Quite frankly, it does turn potential buyers off,” Hay said. “They are only looking for information, not for someone to contact them. Brokers have different philosophies on how to conduct business and I prefer the IDX approach.”
In addition to having access to listings, buyers will find information on Monroe County Schools and are able to take virtual home tours, which Hay creates himself for the Web site. Sellers can access data on how to sell their home and learn how to properly price their property by conducting a Comparative Market Analysis (CMA).
It is the Community Center, however, that is very intriguing. The Community Center is designed to paint a broad picture of life in Monroe County and may be the most information-oriented piece on the Web site. Visitors will find information on postal and utility services, transportation and commuting news, since many residents travel outside the area to their jobs, and even learn where to shop or see what employment opportunities exist within Monroe County.
“The site is designed to have a certain stickiness to it,” Hay said. “A visitor may come to learn something, but then he comes back again to get another question answered and comes back yet again for another. We are creating value for consumers to bring them back to the site with the intention of initiating a sales lead.”
While Hay does not consider himself to be a “computer geek”, he does try to stay on the cutting edge of technology when it comes to the real estate business.
“I would advise REALTORS® to attend the Triple Play Convention to see what vendors have to offer,” Hay said. “It is the technology seminars at the convention where you get the information you need to remain on the cutting edge of technology in real estate.”