Over the last year, video is slowly but surely stealing the cutting edge virtual tours held on the online listings market. Now more than ever, video is prepped and ready to roll out - more internet users are utilizing higher bandwidth connections like cable and DSL making streaming video quicker to load and watch, video production costs are dropping drastically with an explosion of production companies entering the scene, and well... video is what the next gen wants and expects. Bernice Ross wrote an excellent piece on Inman news entitled "Tap into Gen X, Gen Y goldmine" explaining this generation switch.

But really, what is the appeal?

To examine this is to recognize the differences between a virtual tour and video. A virtual tour is a series of still photos set in a flash presentation or similar, oftentimes to music. Sure, some of the photos appear to "move", but really that is just fancy software panning across a still photo or zooming in or out - hardly animation.

Virtual tours, although a FAR better presentation technique than a series of photos on a website, still make it difficult to completely capture the essence of a space in a property. Even stitched photos, a great way to see 360 degree views within a home, aren't perfect.

Video, on the other hand, is undeniable. Yes, video can be edited and modified just like photos, but it's probably the closest thing one can get to physically experiencing a property first hand online. However, as much as video production costs have dropped, virtual tours still hold the market based on simple economics and companies like RealBiz360 produce excellent quality virtual tours - a great bang for your buck.

So I ask - has video arrived or are virtual tours still the tried and true? Which do you use?

At the completion of course materials for the REAL ESTATE WEBOGRAPHER certification, candidates adhere to (initial) the REW Commitment Document. 

Within their first year, REW certificants commit to implementing or administering at least 1 web-centric, real estate technology - whether for themselves (agents, brokers) or for their clients (assistants).  Certificants provide proof of implementing or adminstering a technology via the Technology Proof Form.

Recently, we had an REW professional, Marie Martinez, go above and beyond in her implementation of web-based real estate technologies, per her completion of the Technology Proof Form.  Marie didn't just show proof of one web-based online technology, but FIVE!  Click each technology below (individual components of her fax to Webographers) as inclusive proof of implementing and administering real estate technology.   

- Broker Website - Maintaining a broker's website.  See website here. 

- Virtual Tour - See the actual tour here. 

- Single-property Website - using postlets.com

- Online Classifieds - syndication of a listing on craigslists.

- Direct Marketing - eNewsletter of the listing using constant contact.

The REAL ESTATE WEBOGRAPHER certification is not just about learning the value-proposition of today's foremost real estate technologies--but having the commitment to adopt and implement real estate technologies.

I recently published a post at GeekEstateBlog.com, entitled Super Bowl XLII, Real Estate and Consumers.  In the post, I started off by describing a rental trend in AZ, in preparation for the Super Bowl. I highlighted it with the story of an acquaintance of mine (a consumer, not an agent) and his attempts at renting his property.  After some attempts on his own, he elected to use real estate technologies commonly used by real estate professionals, like single-property websites and virtual tours as found with his site http://www.PhoenixEventHome.com.

What's the moral of my story?  If Drew D, a consumer who has no formal RE training can utilize RE technologies - agents, brokers, and assistants can embrace them and be successful in the process.  Furthermore, if a non-RE professional utilizes this level of technology, what would their expectations be of their agent?  Interesting questions, what do you think?

Sellers are facing tough-times and buyers are cautious in buying, due to blows in the lending industry and high prices of homes in select parts of the country. 

There are thoughts today amongst RE industrialists of opportunites for agents, brokers and assistants to "make moves" in the rental space; to supplement or replace income normally generated during steady or "boom" housing markets.   Jessica Swesey of Inman News hints at the idea towards the tail end of the blog post titled A case of accidental landlording.

Many sellers see renting out their home as a short-term, Plan "B" to selling; given needs to relocate and/or act swiftly with 2 or more looming mortgage payments.  Potential Buyers currently residing in apartments are increasingly inclined to rental homes for their Plan "B" instead buying outright; to put their feet-in-the-water to reside in a single-family residence "until the market becomes more stable" to purchase a home.
 

Real Estate Technology & the Rental Market

As various business models arise (keep your eyes peeled at Inman.com) for agents/brokers and assistants to "make moves" in the rental space (rent-to-own, property mgmt), let it be known that real estate technologies, the marketing and "showmanship" of it's use, run parallel in the rental space, having equal importance to the brokerage of real estate. 

Let's run through a few examples where real estate technology has great similaries with (a) rental vs (b) for-sale properties:

(1) Agent Websites

Many of today's vendors of agent/broker websites have specific listing fields in-place for rental properties.  In addition, instead of "list price" one could utilize "rent-per-month".  Many times, agents can add menu and navigational buttons to their website to list only the "For-Rent", or "For-Lease" properties.  So essentially, the core web presence of an agent currently conducting for-sale business, could venture into the for-rent marketspace and not have to engage a new core website.

(2) Online Classifieds / Syndication of Listings

For those real estate professionals who utilize syndication of their listings to various, online real estate classified websites, they will still have the option to send For-Rent listings.  An agent or an assistant should check with their provider (likely their agent website) to inquire about syndication of "For-Rent" listings.  Also, check with online classified websites themselves to see if they currently showcase "For-Rent" listings.

(3) Virtual / Online Tours

Virtual / Video / Online Tours should absolutely exist for rental properties.  An online walk-thru is equally imperative for a prospective renter as it is to a prospective buyer.  Just as the home is staged for great photos and video, these tours are different.  They are different because they have a longer-shelf.  Turn-over in rental properties have a higher frequency than For-Sale properties.  Once these tours are created, they should not be deleted, rather they should be reused the next time the property is for-rent, which could be as early as 1 year (or simply, the term of the lease) 

(4) Single-Property Websites / Online Flyers.

The 123MapleSt.com's are just as equally important to the marketing of a For-Rent property.  As with online tours, single-property websites should have a long shelf life.  Given property management and solicitation of the property for For-Rent, the URL should be renewed annually, and, if posssible, purchased for multiple years. Again, these single-property websites should not be deleted, as they can be used again when the property is available for rent.

(5) Electronic Forms

As with many electronics forms providers, you can define a transaction as "For Lease" as displayed within ZipFormOnline below.

In addition, real estate professionals serious about entering the "For-Rent" marketplace, should inquire with their forms provider about form libraries (as shown below); forms custom and particular to (a) Rentee documents (the owner renting out their home) and (b) documents for the Renter/Leaser if not already inclusive of their member forms library. 

These are just some examples of how real estate technology that you currently use or administer can be effectively used in the renter marketplace once you find a sound business model to work within that space.

In the current world, where emails have replaced phone calls and web-meetings have replaced face-to-face meetings, Virtual Assistants (VAs) are rapidly becoming a more practical answer to the many gaps a small OR large business may have in pure muscle.

Virtual Staffing Agencies (and independent, freelance VAs) are constantly touting the myriad of reasons why VAs have become a profitable solution - they possess many skills already, they "work" online to facilitate support across state lines, eager and motivated to acquire just about any knowledge they don't already have. In addition, they only bill the hours they work, as they are not employees on salary...and the list goes on.

With regards to technical tasks, the list is virtually limitless to the number and types of things a VA can tackle. In this article, we are going to bring to light a few ideas that any RE firm can implement directly or hopefully spark more ideas to more completely and successfully utilize a VA.

1.) VAs can provide valuable advice and guidance for your website(s)

Whether it is customizing a current agent website you already possess and run on your own, or maybe it's creating a brand new site, a VA possesses the skills to design a custom template or adapt a template, and can maintain it on a regular basis, adding/removing listings or information as needed.

This expertise would be invaluable for any RE professional interested in keeping a listing of properties on their agent site. This would also be an excellent asset when creating and or maintaining single property websites, 1 website (URL) dedicated to 1 property. Its often said that many agents/brokers purchase technology, but never use it, as finding time during your day can be a limiting factor.

2.) Make your virtual storefront visible

Once you have a web storefront, how do you attract site-visitors? The answer is something known as Search Engine Optimization (SEO). SEO is a process of improving the ranking of your site amongst various web crawlers (or search engines). Generally, the higher the ranking, the earlier a site will appear in search results, which yields more site visitors. A VA can customize your site to utilize key words which can be submitted, along with your site name, on a weekly (or even daily) basis to increase your rankings as well as your site volume. They can also solicit other websites to reference (link to) the agent website...activities you simply may not have time for but are critical in SEO.

3.) Take your site to the next level

Your VA can take your agent website or single property site an additional step further with the creation of virtual tours. You've heard of them, you've seen them on other's sites, but you just don't have the time to learn how to create or execute one? Assign it to your VA! After you have sent the photographs, your VA can utilize their computer to create, finalize and publish virtual tours for each of your properties.

4.) Manage your important documentation

Your VA can even manage your paperwork for you, all virtually! For example, you have routine paperwork that must be executed through the life-span of a transaction. Simply fax your hand-written information to your VA. The VA enters the info into your standard form and faxes to the proper location OR they can even utilize online transaction management as a central repository for all your documentation needs. Your VA can maintain this repository for you, facilitating document execution of clients and peer real estate professionals throughout the lifespan of the transaction.

With the technology available today, VAs are definitely a viable resource for your business entity. The examples above are only a fraction of the types of activities VAs can accomplish that easilly puts them to work as more than just an assistant. Rather, they become your partner.

In the May issue of the Michigan Association of Realtors® Magazine, Marc Grayson, president and founder of the REW™ certification, was featured commenting on the vast benefits of virtual tours in an article entitled "360 Tours", written by Buck Wargo. The Virtual Tours module is one of the 11 technology competencies included in our REW™ certification.

The article sheds light on the pros and cons of creating and utilizing Virtual Tours for marketability purposes, both by an agent themselves, or through a hired third party. There are a multitude of services available, from digital cameras that create the "tours on the fly", such as the Kodak V 705 featured by Virtual Tour giant Realbiz360 (www.realbiz360.com), that contains stitching software for photos all contained inside the camera. RealBiz360 also provides downloadable software that allows an RE Professional to create tours in the comfort of their own home, using their existing camera, to showcase published virtual tours.

Marc Grayson was featured commenting on the ease of creating a Virtual Tour. As is any technology, once you master the basic steps to utilize the benefits, it is simply a matter of repetition. “ If you have successfully taken photos and have e-mailed photos and put photos with your listings, you can do this,” Grayson says.

Other noted contributions were made by Marsha Sharf, the marketing Manager of Realbiz360, as well as Saul Klein, co-founder of the NAR's e-PRO professional designation.

Webographers.com and the REAL ESTATE WEBOGRAPHER™ certification (REW™) is relentless in its mission to expand the marketability techniques of RE Professionals. In any sales driven market, especially the Real Estate market, the individuals utilizing the most forward-thinking and information-packed technologies will always have the edge. Incorporating Virtual Tours in your own RE website, listing websites, etc., is an extremely simple approach that will provide clients with a much clearer picture of a property, creating a consumer-facing web presence, all-the-while enticing out-of-state clients by allowing them to tour an open house without having to plan a vacation to do so.

View the full article from the Michigan Association of REALTORS® Magazine here. 

Full May issue of the MAR magazine can be found here.