Better Information is the Key to Competing with Portals

Information is the name of the game for brokerage websites who want to be competitive online. However, brokers have struggled to flesh out the information on property listing pages in a way that's comparable to the major portals.

The good is news is that there are plenty of opportunities to license data beyond MLS data. Community data from Onboard Informatics and public records data from RealtyTrac are two solutions that immediately come to mind. By leveraging these or similar data providers, brokers can differentiate themselves by having more information available on their website than other brokers in their market. However, that data will still only take them to the point where their site's information is comparable to portals, not superior.

One area where brokers are finding high levels of engagement with consumers is by providing localized information. This is where national portals struggle and brokers can shine.

When consumers are searching the web for housing information, more often than not, they're looking for housing resources. Who can fix my dishwasher? Where can I find a new landscaper? This is exactly the type of information consumers will call their Realtor about.

This is particularly true of consumers preparing to sell their home. A consumer research survey by consulting firm WAV Group revealed that consumers are increasingly expecting these referrals from their real estate professional. In fact, an agent is the first resource they turn to to ask about needed repairs before listing their home. 58% of sellers consult their agent about repairs rather than contractors (12%), home inspectors or appraisers (both 2%). The agent is expected to be the doorway to these recommendations.

Brokers have long supported the idea of having a preferred vendor list that they can share with their clients. Some have realized that offering vendor information online is one way to enhance the long-term value of their website. More often than not, however, the way that list is displayed is static. It's just a flat web page, not searchable, without consumer ratings, and not interactive.

So some firms like Nest4Less have worked with companies to create dynamic, searchable vendor directories that enhance the online consumer search experience. In the case of Nest4Less, the broker can earn advertising revenue for displaying directories on their website. It's the best of all worlds--the broker provides a better experience to consumers by making their website more delightful and useful. They also defer the costs of operating their website by displaying the directories on their site.