The Buzzword For 2009 Is.......

I had an awesome trip to NYC last week to participate in Real Estate Barcamp NY and another stellar Inman Connect conference . After reflecting on the general messages it's a pretty safe bet to predict that "lifestyle" will be the real estate buzzword for 2009. I've been a huge advocate of building business models and marketing messages based on the fact that people do not buy homes. People buy a dot on a map surrounded by a whole host of tangible and intangible things that make up a great deal of what we commonly refer to as the pursuit of happiness.

The New Reign of King Content
Somewhere around '98 or '99 a company called Homescout unveiled what was perhaps the first "radius" search built around listings. The site offered options pick from several basic items such as schools, churches etc. all within X mileage radius and it would show up along side the homes for sale in search results. New search technology is taking this to a whole new level. In a Web 3.0 world It will happen semantically without the need to tick a bunch check boxes and spend a great deal of time telling the servers what you want. Based on your profile, servers are going to do some pretty deep relational data mining to pull together content and deliver it in a nice neat little package that is so targeted it will seem almost frightening that a machine could know you so well. So how do you make sure that somehow your branded content stands out amongst the items in the package? Content. Great content. It should be specific to you, developed by and owned as intellectual property by your brand alone. The quality and relevancy of this content is infinitely more important than any search engine carnival barker strategy. Optimizing is taking on a whole new meaning when it comes to the web and eventually the only strategy that will matter is to understand your prospect and deliver better and more relevant content than the next gal or guy. Sounds like a real challenge huh? Perhaps, but not beyond the grasp of anyone with the desire to earn and continually sharpen the skill set necessary to accomplish it.

Branding
Gary Vaynerchuck of WineLibrary.TV was selected as this year's keynote speaker for Inman Connect and it was very entertaining. What Gary had to say about his path to success and brand building can be applied to just about any vertical. I think perhaps due to his message being compacted into a short keynote that it didn't have enough set-up to resonate with absolutely everyone in attendance. As I listened I realized what Gary was conveying aligns with a lot of the things that myself and others have been saying for some time about branding and content.

The path to building a brand as a real estate practice or practitioner is changing drastically. It is going to become necessary to start crafting a business foundation based on production and publishing as if you were your own media company. The barriers to entry in accomplishing these goals are all but gone. Building networks and books of business are forever being changed by the ability to attract and keep the attention of people through social networks and top notch content that delivers information way beyond square footage, beds and baths.

Now that consumers are empowered with data, what actions do you take to establish your value? What can you deliver to your prospects that truly keeps you at the center of the transaction? Transparency (buzzword of the year for 2008) is a given. Transactional efficiency is obviously critical and will come from experience and the decisions of whom you hire and align yourself with. Continuing education will take on new meaning and look entirely different.

Wearing New Hats
I think in the end the biggest winners will be those that combine transparency and transactional efficiency with creative business models designed around lifestyle. Defining niches, blogging, developing audio and video content, etc. and doing so in a way that keeps the intellectual property uniquely yours will be critical to garnering and keeping market share in the coming years. I know it sounds complicated, but if you break it down into it's components and start spending a dedicated amount of time every day to the effort, anyone with a reasonable level of overall business acumen can build a brand and a business model designed to be nimble enough shift with the changes in the way consumers are selecting the consultative services of real estate professionals, in fact as I write this an invitation came in to participate in a round table discussion open to anyone. The topic is centered around the very heart of this post. It demonstrates that the resources are there and the timing is perfect to invest in new ways of thinking. Explode some old myths in 2009 and grab market share. Sure the pie is smaller right now, but every crumb you grab now will take on new meaning when things turn around.

To sum it up, I think creating a culture of perpetual learning and top notch content creation will be the keys to crafting your future in the business. If you're willing to wear some new hats and think outside the box, it could be very rewarding in many different ways.

Keynote 2.0 Extending The Conversation With @GaryVee
I was fortunate enough to meet Gary Vaynerchuck and spend some time with him while in NY. We have scheduled a podcast interview in a little less than 2 weeks from today. I'll have about 40 minutes with him to expand on his message and bring as much clarity to it's practical application as possible. Once you've grasped the concept of his message and who he is you'll find out why in such a short period of time he's become a highly paid speaker, author and cult of personality on the web. His passion is genuine. If you have a question you want me to ask Gary, leave it here in the comments and I'll do my best to get it in the interview.

Update: My buddy, Dale Chumbley from WA posted his bootleg version of @GaryVee's keynote that he shot from the front rows. Thanks Dale!

Radical Transparency in Real Estate

Chris Anderson has an awesome post on the Long Tail Blog entitled, "In praise of radical transparency". I've written a great deal in previous posts how the web has become the primary catalyst of change in any business. Like it or not, we all need to realize that no matter how secret we think our sauce is, our prospects and clients are probably much more aware of the ingredients than we care to believe. Those that are taking what Chris describes as a radical approach to transparency intrigue me. I like the brutally honest approach to doing business and like Chris, I'm also huge Mark Cuban fan.

Altos Research has a recent post that speaks to this very issue. If you're a real estate professional that thinks your career is in danger because your clients are armed with too much information, you're probably right. Read the last comment on this post from a RE/MAX agent at Transparent Real Estate:

"Your definately(sp) right about the public not understanding the difference between and MLS, real estate agent IDX website, online real estate classifieds. The online marketplace is getting more confusing for homebuyers because they are using to(sp) many sources for their info.

Serious buyer and sellers should start with Realtor.com first."

I think making assumptions of what the "public" does or doesn't understand is mistake. Perhaps it's really just a deep seated fear of not having the same knowledge. Consumers don't care about IDX or classifieds or which national real estate portal has the most comprehensive database. They want to buy or sell a house and they have their own unique set of wants and needs. Consumers spend time educating themselves about all kinds of purchases on the web, does that stop them from asking the guy at Best Buy what he thinks? No. It just makes them feel better about their decisions. The same is true of real estate. Consumers want representation and they want it from people who are more knowledgeable than they are. They want representation from people who are doing things differently and more efficiently than the next guy or gal. The super agents and brokers of the future are going to be creative business people who have learned how to look at the glass as half full and fill the other half with their own blend of technology, marketing and negotiation skills.

I'm probably a good example of the new real estate consumer. You would think with all I've learned over the years I would sell my own home without representation. After all, I know how best to market it. I wouldn't even begin to attempt to move through the whole process on my own. Not only do I not have the time, there are plenty of things I don't know and I sure haven't built the same relationship "sphere of influence". So would I use a real estate professional to sell my home and help me find another? Absolutely. Would I use a real estate professional that knows less than I do about the process? Absolutely not.

You can look at transparency two ways. As a way of doing business, or as a way for your clients to see right through you. Welcome to the brave new world of real estate.