Putting the Internet in a Sling

February 27, 2007 |

Just about everyone knows the story of David and Goliath. It is the epitome of the underdog achieving victory against all odd. Americans just love underdog stories, perhaps it has something to do with the fact that our fledgling little Republic was one of the biggest historical underdogs when it attempted to get out from under the thumb of the British Crown. I am reminded of the plight of the underdog numerous times each basketball season as I officiate games in which one team seemingly has little or no chance to defeat its opponent. Every year, there is more than one upset, and an underdog team gets to be the big dog for at least one night.

Every story of the successful underdog has one element in common– the equalizer. The equalizer is that “thing” or “things” that works to the advantage of the underdog. When the underdog is able to take full advantage of the equalizer, the underdog has a much better chance of succeeding. In the case of colonial America, one equalizer was the fact that the British were fighting a war thousands of miles from home making logistics difficult. For many basketball teams, the equalizer is sometimes good coaching, discipline, or a particularly difficult home court advantage. For David, the equalizer was his unwavering faith coupled with a well-chosen stone.  All of these underdogs were able to use the equalizer to their advantage and achieve victory.

There are similar underdog battles going on in real estate markets around the country. Every day, there are agents and brokerages competing against each other for listings and buyers. Sometimes, underdogs find a way to come out on top. I have heard agents and brokers lament the fact that they lost out on a listing to another agent with less experience, or lost market share to a smaller brokerage. “How can this be?” they say, “it doesn’t make sense.” What those agents and brokerages are ignoring is the equalizer. The greatest of the real estate equalizers, the one poised to have the greatest impact on markets is right there in front of them– the Internet.

The Internet has become the great equalizer in real estate because it is allowing underdog agents and brokerages to compete on a level never before seen in real estate markets. Traditionally, agents and brokerages had to advertise heavily in print publications in order to attract listings and buyers. Print advertising is much like the sword of Goliath– big, expensive, and cumbersome.  Print advertising can become very expensive very quickly, and the ads are physically limited in the amount of information that can be conveyed to customers.  While this type of advertising can be effective, its limitations, especially expense, means that agents and brokerages without big budgets find it difficult to promote themselves through print.

In contrast to historically traditional forms of advertising, the Internet provides an attractive alternative.  The Internet is much like the leather sling and stone carried by David.  Internet advertising is relatively inexpensive, efficient, and nimble.  The Internet allows agents and brokerages to reach not only the people in a given market area, but also people who may be interested in a market area.  The reach of the Internet is literally world-wide.  Internet advertising such as agent and company websites also allow for engaging a customer on a much more intimate level than what is possible through print or radio or television.

Perhaps the greatest benefit of the Internet for underdog agents and brokerages is that it can be analyzed down to the tiniest details, and changes can be made instantaneously in many cases.  If an agent or brokerage is finding that people aren’t spending much time on a site viewing multiple pages, it is easy to make small changes that have a big impact.  This type of flexibility isn’t available with the other forms of advertising.

The underdog agents and brokerages who are able to use the the Internet to their full advantage have the best chance of being successful in today’s real estate market.  The Internet serves as an equalizer amongst agents and brokerages in the perpetual competition for business.  With a little faith, determination, and the Internet in a sling, the Davids of real estate stand a great chance of achieving success in the face of the mighty Goliaths.

[tags] real estate, realtor, charlottesville, virginia, marketing, internet, web 2.0 [/tags]

Posted by Daniel | Filed Under Industry Issues 

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