Mobile Technology: Friend or Foe?

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By Tracy Aiello/Guttau PR

Much has been written about on-property marketing — the best use of the yard sign, making flyers memorable, and on and on. But brokers at Coldwell Banker Devonshire, Prestige Realty Group and RE/Max Professionals of Colorado have discovered that one simple tweak to their listing signs has brought serious buyers to the table. This successful marketing tool? A phone number.

But this number isn’t just the typical recording of a listing’s features. These Agents are adding a toll-free number to their signs that links them to a patented product that allows prospective buyers (or just browsers) to access information about a for-sale property by calling a toll-free number. Almost immediately, the buyer can view video, pictures and read information about the property – all on their mobile device instantly and all while interest is at its height. At that same time, the Agent receives a call capture of the potential buyer’s cell phone number and the property address that they are requesting information about.

The service is just one of many offered to brokers, all promising to support agents in this rapid-paced world. But do they? Text messaging services like zillow.com and redfin.com have only made the agent’s job harder. If a buyer can access information in seconds about a property, they expect the listing agent to answer their questions just as quickly. In fact, 35% of consumers answered “better response time” when asked what they could change about their traditional agent. Moreover, access to information has made potential customers fickle. The National Association of REALTORS® recently reported that 78% of potential buyers will work with the first agent that gets back to them.

So is technology a friend or foe in this down market? While it may seem like one more added pressure; one more inbox to check; phone services can actually streamline all marketing and sales efforts while also increasing competitiveness and cutting costs. Here’s how:

1. Streamlining services.
Research in Motion (RIM), along with the WAV Group, recently conducted a research report, entitled “Gaining an Edge in Real Estate with Smartphones.” The study, of 1600 real estate brokers, noted that nearly two-thirds of the survey respondents believe their Smartphone has helped them sell more real estate because they can keep up with more clients, easily access information on the go, or browse the web for valuable information such as MLS data or county information.

2. Increasing competitiveness:
Potential buyers are relying on the Internet first -- 80% of consumers start their home search online. But it is important to note that 100% of home buyers still leave their desks to look at individual homes or particular neighborhoods, and many are without a Realtor. According to the National Association of Realtors, 74% of potential buyers haven’t selected a Realtor when they begin house hunting in neighborhoods. Mobile search tools help real estate professionals stay top of mind even while a buyer is out house hunting.

Furthermore, 83% of buyers rely on email as their primary communication tool. If a broker captures that first email, they’ll most likely get the sale, as noted above. Up to half of all buyers, according to the California Association of REALTORS®, expect agents to respond to e-mail questions within 30 minutes.

In this market, with fewer looking for a home and even fewer qualified buyers, the early bird does get the worm – and the sale. Mobile services are paramount to quick response time.

3. Cutting costs:
While mobile devices and services to support mobile selling may seem expensive, the return can be well worth the investment. PropertyByPhone.com, in a recent survey of their Denver-based customers, found that standard marketing costs using the old system of brochure boxes and brochures, combined with the time and fuel it takes to update them, wracks up approximately $5250 per ten listings. Using their service, potential buyers access home information via text message, so brochures are unnecessary, reducing the marketing cost per ten listings to just $960, not even counting the time required to drive to each property. Coldwell Banker of Colorado anticipates that the service will save nearly 70 percent on marketing costs because it eliminates paper brochures, brochure boxes and the time it takes to keep them filled.

That’s not only a real cost savings, but can also be used to upgrade your image. A “green,” tech-savvy broker is far more attractive to today’s buyer, and PropertyByPhone.com estimates that agents can save 120 lbs. of paper per ten listings by using their service.

Todd Runyan, an Agent with Prestige Realty Group acquired a new listing simply because he was using the hottest technology. The experienced agent listed a property in a Denver neighborhood. “The next week, noted Runyan, “a neighbor called out of the blue and asked me to list their home.” The reason? He was using that "great new system that sends information to a cell phone."

And speaking of competition, according to market research firm ABI Research growth in mobile web devices such as Smartphones and cell phones will continue to grow, despite the lagging economy. The firm estimates that the availability of browsers on Smartphones will grow from 130 million presently to 530 million by 2013. Moreover, the biggest spenders on cellular services will come from one of four market segments, including real estate. (others include: construction; professional services, and transportation)

In other words, this trend isn’t going away.