Changing Media Landscape

I had an interesting phone call from a longtime client yesterday who decided to stop advertising in his local print real estate monthly for the next four months and will instead be engaging our report, recommend, revise process.  “RRR” helps our clients improve the search engine placement of their web site and generate more leads from the web.  This client understands the shifting media landscape and I was pleased to see him make his marketing investments accordingly.

The upcoming Media Convergence Conference in New York City, put on by The Economist, launched a video called Shift Happens, that helps put these changes in context.  They posted a fascinating video about the event here:

My favorite statistic: The average American teen sends 2272 text messages a month.

With numbers like that, and the often quoted 2008 NAR study that shows 87% of home buyers use the internet when making a purchase, I wonder how much longer people will continue to disproportionately spend money offline?

Brian Boardman on why he uses Union Street Media

One of our favorite lines from Good to Great is “be interested, not interesting”… so please excuse this somewhat self-promotional blog post.  It’s not our style.  However, we’ve been cooking up some new videos here at Union Street Media and have one we feel compelled to share.  Brian Boardman, the Owner / Broker of Coldwell Banker Hickok & Boardman and a longtime Union Street Media client, talked a little bit about why he’s working with us and we got it on tape!

Inspired by a few videos we saw on our semi-annual trip to the Inman News Real Estate Connect conference, we also produced a video biography of Brian to help introduce him to site visitors.  We launched a new site, www.agentsdrivinghydrids.com, to coincide with Brian’s effort to encourage REALTORS to drive hybrid vehicles this summer as well.  If you’re one of them, please let Brian know and he’ll link to your web site.

Adam Hergenrother, USM client, named to REALTOR Magazine’s 2009 “30 Under-30″

Congrats to Adam Hergenrother!

Adam was recently selected to REALTOR Magazine’s “30 Under 30″ for 2009.  A longtime Union Street Media client, Adam and his wife Sarah recognized early on that that a strong online presence is key to building a business in real estate.  They have been able to convert the leads they have collected online into sales and are now one the top REALTOR teams in the Burlington area.  Union Street Media has worked with Adam since 2006 and are honored to be a part of his success!

Being an Entrepreneur in the Great Recession

There is an excellent blog post by Bill Taylor I recently read on the Harvard Business School blog that discussed the difference between entrepreneurs & MBA’s and who has the upper hand the economy we now face.  In this topsy-turvey economy, with desperation being the mother of invention, we’re seeing both an increase in graduate school applications and start up companies.

Let me start by saying that I see myself as an entrepreneur. I’ve been one since I opened my lemonade stand to finance my baseball card collection in fourth grade. A number of our clients are entrepreneurs too: REALTORS, hospitality businesses, social entrepreneurs such as Choose Responsibility & Given Limb.  The list is extensive.  There are a lot of people out there starting things and when you start something, you inevitably need a web site.  One of my favorite parts of my job is working with entrepreneurs to help them further their initiatives.

On occasion I have been asked to speak to student groups about my experience as an entrepreneur.  I’ve often said that when one is considering starting a business, they should envision the worst case scenario, which is normally something along the lines of “My business idea fails. I lose money. My lifestyle is negatively effected” etc.  I then ask them if they’re willing to accept that scenario as fact?  If the answer is yes, then I encourage them to move forward with it.

When I started Union Street Media in 1999, my worse case scenario was “the company dot-bombs, I’m 24/25/26 years old, I have a great story and I apply to business school.”  Well, the dot-bomb didn’t happen.  I’m now 32 and still haven’t managed to get to business school.  A few years ago when I was asked to speak to a panel of Tuck MBA’s their first week of class that line got the best response of all. Read more

Real Estate Apps on the iPhone

Apple is running TV commercials focusing on the applications available on the new iPhone.  They recently released one that highlights a real estate application geared towards students looking for apartment rentals close to campus.  You can see the advertisement here.

Although college students perceived as market leaders when it comes to technology adaptation (just behind middle schoolers), they’re not the only ones using their mobile devices to look up real estate.  As iPhone sales skyrocket even in this down economy, users are expecting that your site will load on their mobile device.  The trend is catching on amongst real estate data sites too.  Some newspapers like the Gainsville Sun and sites like Trulia & Zillow are making their sites easier to search using a mobile phone.

You should check with your web developer to make sure your site is mobile friendly.  Some real estate web site developers (like Union Street Media), can create a new mobile template for your site that strips away non-core images & content, which increases the speed that the site loads on the mobile phone.  Check out the two variations of Brian Boardman’s web site to see what it looks like on a web browser and on a mobile phone.

We generally see three types of REALTORS requesting mobile-friendly sites:

• REALTORS who are technology savvy and browse the web on their mobile phones
• REALTORS who’s clients are technology savvy and use mobile phones for real estate searches
• REALTORS in a second home markets

Check out www.adamdow.com if you’d like to see one person that fits all three categories (and was one of the first clients to get a mobile-friendly site from USM).

There are a lot of other cool examples of mobile-friendly real estate web sites out there.  Please share any that you have come across in the comments section below.  Thanks!

Video Testimonials: Simple, Inexpensive, Convincing

In Vermont, we have a great tradition called Town Meeting Day, where members of the community come together and vote on local issues.  Depicted in a famous Norman Rockwell image, Town Meeting Day is one of the unique things about Vermont that makes this a wonderful place to call home.  Here in Burlington, our 39,800 residents makes us the largest city in the state (calling it both a city and within Vermont are considered debatable points).  Since we’ve outgrown the high school gym for our Town Meeting day, Burlingtonians go to the polls.  Accordingly, this past March we held an election for Mayor.

Amongst the candidates that ran for office, I publicly supported a moderate independent candidate named Dan Smith.  Unfortunately, he didn’t win.  However, Dan did do some pretty cool stuff on the web much of which involved the use of video.  Using the new $229 HD Flip Mino Video camera, Dan’s staff videoed a number of local supporters, myself included, and uploaded the videos onto youtube.  They then embedded the videos in his site (which is still online, but may not be much longer).  This was pretty simple to do, easy to publish and unique with in the campaign.

So what does this have to do with selling real estate, promoting your company, product or service?  A lot.

I’m a believer that device consolidation will eventually lead to your computer (or iPhone) being the one tool you use to access all media, including television.   At this time, however, video still has a little bit of the “wow” factor still left in it online.  Imagine a new visitor coming to your site and hearing from your clients, on video, talking about how they benefited from working with you?  It would be unique, compelling and not that hard to do.  I’ve mentioned the idea to a number of our real estate clients of videoing a young couple just after they have purchased their first time home.  Hearing them describe how you helped them find, negotiate and close on their home would be compelling.  Unlike a video tour of a home, which I also recommend, a video testimonial has a long shelf life on your site.

We have a couple of clients who have been progressive with their use of video, such as Dan Cypress and Jessica Bridge at RE/MAX North Professionals.  Jessica, who also endorsed Dan Smith, is photogenic and Dan knows how to do a thing or two with iMovie.  However, you don’t have to be a rocket scientist to put together a great video about the Vermont Required Consumer Information Disclosure and post it on your site.  All it takes is a little initiative and a investment in a Flip Video Camera.

Please share links with us in the comment section below if you have posted cool videos on your site.

Swimming in January

In the 1930’s, my grandfather was a member of his local polar bear club.  When asked what it has been like to be in business during the last couple of weeks, I’ve thought of him jumping in the freezing cold water in January.   This economic climate isn’t comfortable, but it has a way of invigorating the senses and washing away complacency.  There will be a feeling of accomplishment when we’re all dried off.  However, we still may be a long way from the warming hut.

It’s not trite to say that those of us under 80 have never seen anything like this in our lifetime and it’s anyone’s best guess as to where it will go from here.  The peanut gallery will entertain an ongoing discussion of how much worse it will get.  This exercise is guestimation, at best.  After hearing NYU’s Nouriel Roubini discuss his prognosis on the future at last year’s Real Estate Connect, one person commented “Well, that’s why they call economics the dismal science.”  The economic tsunami will take out both good and bad companies but there are ways to improve your chances.  While it may sound self-serving, leveraging the power of the internet to grow your business is at the top of the list.

This will be the first recession of the Web 2.0 era.  The Internet today is a very different beast then it was in the days of the dot-com hangover.  More people are online then ever and they use the web for a broader number of services than in the past.  The acquisition cost per client on the web is still lower then offline media.  Campaigns can be made much more precise.  All the results of internet marketing are trackable thanks to tools like Google Analytics.  As a result, when deciding where to trim advertising budgets, business owners are more likely to do it offline.  I believe this trend attributed to Google’s revenues increasing in the third quarter.

Part of my cautious optimism is anecdotal.  Several of our clients have told us that they’re reducing their overall spending but are increasing their internet marketing investment.  We will be releasing a new internet marketing package in November at a discounted rate to help those clients who are committed to internet marketing.  Please contact me if you’re interested in learning more.

Finally, over the last couple of weeks I have been asked by a number of business owners, clients and friends how Union Street Media is weathering the financial storm.  During our staff meeting last week we outlined how we’re preparing to address some of the challenges that we’ll likely face over the next couple of months.  Thanks to our strong growth over the past five years and a prudent, old yankee financial management strategy, we feel we’re well positioned for what may come our way.  We look forward to seeing you in the warming hut!