Property Management
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Is it Possible to Become a Virtual Agent?
With the advent of Internet technology, more agents are investing in the virtual world. From listings to Web pages to e-mail, agents are using the Web as a primary means to communicate with customers and to build their businesses. That invites a look into the future. Is it possible to become a virtual agent - someone who spends the majority of his/her time online? And why would an agent want to become a virtual agent? What is a virtual agent? A virtual agent uses the Internet as a primary means of marketing, communication and service delivery. Jim Lee, CRS, ABR, GRI, a Knoxville Realtor, believes a virtual agent is well-versed in technology including computers, e-mail, the Internet, digital cameras and/or scanners, 800 # phone lines with listing info and/or fax back capability, cell phone, pager, and fax, as well as has an effective Web site (one that generates business). Virtual agents would not necessarily have to own every one of these tools to qualify for the title, but they would certainly be aware of them and have the ones they needed to get the job done. Lee says, "A virtual agent would be able to communicate with all levels of Internet and e-mail users effectively from the web TV folks to the people contacting you from their office T1 lines." What is the advantage of becoming a virtual agent? According to well-publicized demographics, Internet shoppers are more educated and have higher incomes as a population. About 80 percent of Internet users have some college and are employed full or part time. Significant to Realtors, 57 percent of Internet users are homeowners. Household incomes are between $50-75K for 65 percent of this population. These buyers and sellers are increasingly using the Internet as a resource when they shop for homes or list their homes for sale. With high volume traffic numbers, home search sites such as Realtor.com, HomeSeekers, and Homeadvisor are providing information-rich resources for consumers who are beginning their home search, or seeking information about schools, crime statistics, home improvement resources, rentals, community information, and so much more. "The Internet empowers consumers and conveniently puts an abundance of information in their hands when they want and need it," says Ian Morris, HomeAdvisor"s group product manager. Anecdotal evidence from agents suggests that working with Internet buyers and sellers is easier because they don"t require as much hand-holding and they tend to purchase homes in higher than average price ranges. They also have the wherewithal to own a number of communication devices including e-mail, making contact with agents easier. The home buying and selling Internet consumer is increasing. By 2002, half of Americans were online. Agents such as Al Napier, a Newington agent are looking for a competitive edge to capture this motivated consumer. Napier is using virtual agency to work toward providing a one-stop shop office and becoming the transaction manager for his clients. "You"re giving the information away," says Napier, "with searchable interactive devices - the client asks for something like a school report, and you give it to them." He is also providing a link to a lender so that clients can begin the loan process quickly. Chris Newell, ABR,CRES,RMM,CEI, is a virtual agent has a real estate team online. "My lawyer, mortgage broker, and home inspector and I communicate daily by e-mail forwarding reports, preapprovals, info requests, etc. and keep each other up-to-date on the progress of our transactions," says Newell. "Every deal I have had this year has been handled from start to finish by "my team", because my techno-savvy clientele wants to be communicated with in the same manner." What does it take to become a virtual agent? Napier believes all you would need to get started is a laptop and the proper mindset. "You have to stay focused," says Napier, who accomplishes approximately 89-90 percent of his business activities online. These activities include communications, postings, and other functions that can be done electronically. The problems of building a business online share much in common with building a business by traditional means. You still have to become the agent of choice for your clients whether they learn about you online or other ways. That means prospecting. You have to cater to consumers who prefer information and communication transaction to take place online. That means becoming proficient at e-mail, attachments, digital photography, and peripherals such as e-mail pagers and other means of notification. You have to be willing to invest heavily in technology and continuing education and you have to be willing to work outside the box. That means you must be willing to try or adopt new ways of doing business, including going around the obstacles that prevent you from a true virtual agency. Prospecting To reach these buyers and sellers, the number one job of the virtual agent is prospecting, says Napier. The Internet is booming with buyers searching for homes and agents online. Seller"s agents have the advantage of free advertising through listings posted on the mega home search sites. Buyer"s agents use other means of getting their names before the public, mostly through traditional advertising or services like Market Conditions Reporting™ While getting their names known is more difficult on the front end, they pull ahead of listing agents in time savings and service delivery through Internet communications. "Two years ago, there was no contact with clients on line," says Newell. "Last year, more than half my client contacts came through e-mail. We do follow up, feedback, negotiations and a lot of processing all online. Instead of playing phone tag, we use e-mail." How does he get customers? One approach Newell uses is to serve as a Web-volunteer in Milton. "I help community groups build Web sites, answer their questions, etc., and have made some money from that, too. I could not do traditional marketing to pick up the buyers I have had from all across North America, Australia, Singapore, Thailand, Italy, etc." "I could not have even done the advertising to pick up the buyers from 100 miles away. The biggest saving for me in this techno-stuff is the way I communicate with my clients - even local ones - I rarely speak on the phone with my clients - everything is done by e-mail; a phenomenal time-saver, and I check my e-mail at least once an hour, or have it checked when it"s impossible for me to check it myself (when I"m in rural area with no cell-phone service)." "A certain amount of prospecting you still have to do in traditional media," says Newell. "You have to still use newspapers, direct mail, billboards, etc. to become known." Unlike other static forms of media such as newspaper advertising or billboards, the Internet offers the unique ability for customers to contact agents in real time after viewing their banner ads, listings, or finding them in search engines, chat rooms, newsgroups or agent locator services. A client relationship can be developed quickly and augmented by real time service delivery such as e-mail listings, or online loan approvals by partner lenders. Seller"s agents benefit online According to Morris, agents get numerous leads and contacts through the Internet. "Homeadvisor is the only site that lists an agent"s entire contact information - name, phone, fax and e-mail link, all for free, with each listing," says Morris. ""This, coupled with the fact that 44 percent of consumers use the Microsoft Network (MSN) each month, and the vast marketing exposure and promotions we"ve created for HomeAdvisor, ensure agents have a great source of additional new leads." One HomeAdvisor real estate partner, The Corcoran Group, has seen a 100 percent monthly increase in customers, resulting in a substantial increase in business. According to broker Barbara Corcoran, the Internet customer spends less time with agents because the site provides property search tools that help to educate the customer - work the agent no longer has to do. "This means they (Internet customers) need to spend less time with a Corcoran broker once they finally call or e-mail," says Corcoran. Buyer"s agents benefit online The Internet offers a special opportunity for agents who want to represent buyers, believes Toni Sherman, president elect of the CRS Council. Sherman suggests, "Any or all marketing could be done via a homepage/Website. And a hyperlink to a lender could be attached so that the buyer can become prequalified, which is a help to you the agent so you will know exactly what his/her buying power is." She explains, "You can hone in on towns/neighborhoods/school districts that are of interest to that person and of course the specifics of what they want in a home, so you have a complete information packet on the potential buyer. When they have indicated several homes they want to see it is time for the face to face encounter and the actual real life showing of the homes." The face-to-face interaction with other agents and with the consumer is greatly reduced by use of the Internet. "Most offers are presented via fax now with so many people out of town and relocation companies involved," says Sherman. "Many times I never come face to face with the other broker and certainly not the sellers when I am representing the buyers. While we certainly are not yet at a paperless transaction stage, the interacting when presenting offers is certainly decreased." "As far as a virtual agent for a seller, your Website would have to sell them on you, your company, your marketing ability, experience, and track record as a lister", advises Sherman. Lee says, "You don"t need listings to attract buyers to your web site. What you need is information that is useful to consumers, listings are anPages: [1] 2