Cathy Whatley 2002 President-Elect National Association of REALTORS

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Cathy Whatley2002 President-ElectNational
Association of REALTORS
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REALTORS
will continue to invest only in technology
products and services that meet our needs
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Real Estate professionals
are still in the business of one-on-one
communication with our customers and clients
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REALTORS
and real estate professionals have not been
relegated to the sidelines by changes brought on
by the Internet
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Buyers and sellers recognize the value a real
estate professional brings to the real estate
transaction
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Our 2002 Profile of Home Buyers and Sellers
shows how well were doing on the Internet
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• The number of homes sold directly by owners
  (FSBOs) continues to decline

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• The number of homes sold directly by owners
  (FSBOs) continues to decline

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16
13
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• Internet User Method of Home Purchase

77
12
10
2
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62 of homebuyers with Internet access used the
Web to shop for a home
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• What Internet Home Searchers Look For

94
35
5
5
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Internet Users are more likely to be young
professionals
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• Did The Internet Shorten Buyers Search Time?

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Internet Users tend to purchase homes 12 miles
from their previous residence
versus 7 miles for all homebuyers
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Internet Users want real estate agents to help
them find the right home
What do you want most from your real estate agent?
Percent
Tell you how much house you could
afford 3 Tell you what comparable homes are
selling for 5 Help find and arrange
for financing 2 Help you find the
right house to purchase 73 Help with
paper work 11
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In 2001, 41 percent of homebuyers used the
Internet to search for a home
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Method used by real estate agent to market home
77
59
53
49
36
16
11
7
Yard sign
NewsAd
Internet
Open house
RE mag.
Direct mail
Other
TV
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Value of Online Features
ExtremelyValuable
SomewhatValuable
NotValuable
Nationwide
Detailed property information 87 13
Multiple photos 81 16 3 Home
addresses 79 18 2 Map of home
location 69 29 3 Neighborhood andcommunity
information 50 44 7 Virtual
tours 55 37 7 Interactive maps 49 44 7
Real estate agentcontact information 40 45
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Homebuyers use the Internet as a search tool in
conjunction with not as a substitute for the
services offered by real estate professionals.
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Todays real estate professionals must be
technologically savvy
and able to work with homebuyers and sellers who
are wired into the Information Age
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Demographics

• More and more households
• Will increase by 1.15 to 1.25 million a year
• Baby boomers are moving into pre-retirement and
  prime-earning years
• 3.8 million additional households in the
  45-to-55 age group
• 6.5 million additional households in the
  55-to-64 age group

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Demographics

• Echo Generation (children of baby boomers)
• Under 25 group will begin to form households
• Will be looking for starter homes

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Demographics

• Elderly homeowners are adept at using the Internet

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• More than 40 of REALTORS had web pages
• More than 75 used e-mail
• 80 of all residential real estate firms place
  listings on the Web

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Three-Prong Program

• Advocacy
• Education
• Implementation

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• Education

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• Implementation

• Proof of concept demos to evaluate tools or
  technologies
• Release all codes as open source for vendors and
  REALTOR members
• Presentations and surveys
• Work with vendors to incorporate features that
  REALTORS need in their products

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• Implementation

• Real Estate Transaction Standard (RETS)
• CRT has written a reference implementation RETS
  server
• Vendors can test their products against another
  server at no cost
• Vendor can adapt it to their own product
• Shortens development cycle

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• Implementation

• Real Estate Transaction Standard (RETS)
• Vendors can get products to market quicker and
  cheaper which translates to lower costs for
  REALTORS
• Allows REALTORS to get the information they need
  to do their job faster and easier

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Predictions
Real Estate will adopt emerging technologies that
will support one-to-one marketing
Real Estate will remain a very high touch business
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REALTORS touch homebuyers in a way technology
cannot
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Cathy Whatley2002 President-ElectNational
Association of REALTORS