Airbnb Marketing: How to Market Your Property

Finding an investment property, as complicated and time-consuming as it is, is just the first step in actually listing, fixing up, and renting out your place. If you are looking to get involved with a site like Airbnb, there is a lot to know about how to get started. First, you need to know how to make a profile. Next, you need to understand what a good listing includes. And finally, you must understand how to market your profile to the world in order to start making money on Airbnb.

Making an Airbnb Host Profile

The first thing you need to do to market your investment property is to create a profile on the Airbnb site or application.

  1. Go to airbnb.com/host. Click on “Start Hosting.”
  2. If you already have a guest profile on Airbnb, the site will ask you if you want to continue as this profile. If you would like to make an account for someone else, click “More Login Options.”
  3. Once you confirm your profile, the first question will prompt you to list what kind of place you have. You can choose between private rooms (the guest has their own space), shared rooms (the guest and host share a common space), or entire houses. You will also list what city you are renting in and how many guests you can accommodate.
  4. Next, you will choose the type of property. One of the draws of Airbnb is that you can put a lot of different types of homes on the site. You can choose things like boutique hotels, bed and breakfasts, boats, or even castles!
  5. Finally, the site will prompt you for more details, such as the type of beds available, how many guests can stay, how many bathrooms there are, the exact address of the property, and more.

Once you complete these basic steps to make a hosting profile, you can get begin ramping up your profile and adding more information.

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Bulking Up Your Profile

We all know that you only get one chance to make a good first impression, so make sure that your first impression as a host is a favorable one.

Profile Picture

First, consider your profile picture. It is crucial that you have a good profile picture that shows your real personality and also showcases other individuals who may be at the property (significant others, family members, etc.). Make sure you smile, the picture is good quality, and it shows some aspects of your personality.

Update Your Contact Info

After carefully choosing your profile picture, it’s time to add contact details. Make sure to add an email address and phone number that are accurate and that you have access to. Don’t worry, none of these details will float around the web without your permission. One of the benefits of Airbnb is that guests can expect a concierge service. Make sure you are reachable at all times to ensure that you’re not missing out on future bookings.

Get Social

At its core, Airbnb is a social media platform that connects peers with other peers and develops connections between them. Show your social side with at least 50 words. This could include likes, dislikes, interior design styles, or even favorite foods!

Also, make sure to share your profile on other social media platforms, such as Facebook, Twitter, and LinkedIn. If you are serious about getting exposure on your property, social media is a great way to do it.

Verify Your Profile

As vast and informative as the Internet is, it is also full of secrets. We all know that secrets are the last thing you want when renting out your home to strangers or renting from strangers, which is why Airbnb enlisted its verification software.

After putting in all your contact details, make sure you verify your profile by scanning in a state ID, driver’s license, passport, or other form of ID.

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Optimize Your Listing

Once you have your profile dressed up to the nines, it’s time to optimize your listing with great descriptions and photos. Too often, hosts get intimidated when listing their property because they don’t think they are good writers or don’t know what to say. Luckily, there are some helpful tips from Airbnb pros to help you overcome this hurdle.

Write Conversationally

As nice as it might seem to have a professional writer at your disposal, writing conversationally is actually more effective when it comes to Airbnb. By writing like you would talk to a friend, guests will know you are a real person and get a feel for your personality.

One way to get started is to sit down with someone and explain your property out loud (this is also a writing exercise that can be used in other ways, too!). The way you describe the place in this scenario is likely the most accurate way to describe it to others. Bonus points if you can get the person you are talking to to write down what you’re saying!

In addition to writing conversationally, make sure you keep it short and sweet. In the age of the Internet, readers have very short attention spans. Writing a description that highlights the key points, while cutting the fat, will be the most effective.

The Devil is in the Details

What do you look for when you rent a space or stay at a hotel? Comfy beds? New sheets? A view? Including small details like these might be the difference between someone booking with you and someone booking with your competitor. Some things you might want to include:

  • The sleeping arrangements, including the types of sheets, pillows, bedding, etc.
  • Entertainment areas, such as a patio or large common area
  • Some ideas for how to use the space, such as suggesting a dinner party, taking in Chinese food, or enjoying a glass of wine on the veranda

Here is an example of a good description, courtesy of Holly on Airbnb:

“Your space is a separate and private 240sq ft open beamed studio with a concrete countertop kitchenette including a stainless steel microwave, 2 burner stove top, sink, and fridge.

Your private bathroom is roomy with a shower (wash rack) toilet and marble topped vessel sink valise.

The main open room has a comfy queen bed with 6 pillows, quilts and a comforter as well as a comfy futon couch that can be used as an additional bed. Linens,towels, washcloths and bathrobes are all provided.

The concrete floors are great when it’s warm weather but even with the throw rugs you might want to bring slippers in the cooler months. The heater/air conditioning unit is quiet and works great.

There is a small covered front porch to hang out on with beautiful views of the Figueroa Mts.”

Look at those details! Holly’s guests know exactly what they are getting.

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Marketing Beyond Airbnb’s Site

After drafting a listing that you are proud of, it’s time to get as much mileage out of your property as you can. Here are some ways you can market your listing beyond Airbnb’s site.

Sharing is Caring

Sharing on social media is a great way to promote your rental property in front of your friends and their connections without much work on your part. Every time you post a new listing, share it on your social channels and encourage your connections to share it as well. Airbnb has integrations with multiple social media channels, so this process is seamless and easy. If you know of friends visiting your area, send them your listing. They could potentially be your next booking!

In addition to sharing on social media, Airbnb also allows users to embed their listings on other websites. Here are instructions on how to embed your listing, according to Airbnb.

References

One of the ways Airbnb helps hosts and guests build their profiles is by offering references. According to the site, “References help people throughout the Airbnb community get to know you, and feel more comfortable booking a reservation with you.”

References are different than reviews because they don’t have to come from someone who has stayed at your property. While reviews are only allowed by guests that have stayed at your place, references are just a way for the Airbnb community to connect and promote each other.

You may be hesitant to request references from people you know, but these references build a stronger relationship of trust and help you get your profile going, especially if you are just starting. You can request a reference through the Airbnb site, through email, or through social media. Thanks to Airbnb’s integration with Facebook, for example, you can request a reference from your Facebook friends (granted that they have an Airbnb profile with a picture).

Airbnb SEO

SEO is one of those marketing terms that has been buzzing around for the last few years, and many people are still scratching their head wondering what this term means. Simply put, SEO, or Search Engine Optimization, is a factor that determines how highly a person or business is rated on search engines like Google or Bing.

Search engines are always changing their algorithms, so SEO “tricks” that worked a few years (or even a few months) ago may not work today. That being said, you can use SEO to your advantage to get more exposure for your listing. Below are some tips you can use to optimize your listing for SEO purposes:

  • Make sure your calendar is up to date and all your booking availability is accurate. Both Airbnb and search engines will ding your listing if it shows incorrect data. After all, if someone is looking for a getaway and your availability is still stuck in 2015, they will pass up your listing.
  • Price your property appropriately by researching your competitors and leveraging the market. You don’t want to be the cheapest listing on the market because you won’t attract much of a paying clientele. You also don’t want to be the most expensive listing because people will go elsewhere and find a better deal. By setting a realistic price point, Google and other search engines will promote your listing, as well as Airbnb themselves.
  • Responding to all inquiries in a timely manner will put a great “response rate” on your profile and encourage others to reach out. While this won’t necessarily help for outside SEO, it looks good on Airbnb and shows guests that you care about their booking.

A Quick Recap on Airbnb Marketing Strategy

While finding an investment property or vacation rental was difficult pre-Revestor, much more work goes into making sure your listing is searchable and optimized.

First, make a profile on Airbnb and sign up your property. Include a clear profile picture that shows your personality, accurately describes your listing, and includes details that really sell. Think about what your guests would want to know, and exceed it. After all, a happy guest is an informed guest.

After making a profile, bulk it up with all the details mentioned. This will really set your listing apart.

Once you have a listing you are happy with, share it on social media and with your friends and family. Who knows which one of your connections might have a friend or family visiting the area soon and would love to recommend you as a host!

Speaking of recommendations, ask your connections for references – Airbnb’s way of letting people leave reviews without having stayed with you. These references will build up your profile in the beginning before you have any bookings.

Lastly, consider the factors that go into your Airbnb SEO, as well as the factors that influence your SEO with search engines like Google. By keeping your availability up to date, pricing your property appropriately, and responding to inquiries, you will stay top of mind when users are searching for places.

If you are ready to put your Airbnb skills to the test, check out Revestor today and find the perfect investment property for you! For more helpful tips, check out our blog post Airbnb Host Tips!

The Complete Guide to Making Money on Airbnb

Recently all three of Airbnb’s founders — Brian Chesky, Nathan Blecharczyk and Joe Gebbia — landed spots on the Forbes billionaires list. Yet they’re not the only ones making money from this platform. In fact, some Airbnb hosts consistently capture six-figure incomes.  

One man decided to rent his home during periods when he was traveling. He quickly realized the income opportunity and went on to acquire four different properties, and today he earns over $100,000 from Airbnb every year.

This is just one story, but there are many others that show how both the occasional Airbnb host and those using it as a business (as described above) successfully leverage this tool. But if you haven’t used Airbnb before, what should you expect if you decide to become a host? Here’s a complete guide to making money on Airbnb.

What is Airbnb?

Airbnb is an online marketplace that allows people to rent homes or single rooms to guests. Just like hotels, guests are charged a fee, which typically also includes a deposit, cleaning fee, pet fee (if you allow pets), and other optional costs.

Guests use Airbnb for a variety of reasons. Sometimes it costs less than staying in a hotel, or they simply want access to interesting accommodations that aren’t otherwise available. For example, you can stay at this tropical tree house in Hawaii for less than the cost of staying at most resorts.

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But it’s not all about cost for some guests. The company’s website says, “Live there. Book unique homes and experience a city like a local.” For many guests, it’s about having an experience that most hotels can’t provide.

The platform is popular with hosts because it allows them to easily earn a profit renting their space. Plus, as described above, some people are using Airbnb to create a full-time business.

Recently, Fast Company highlighted such a story, which featured a host named Bradley. He rents six different properties in the San Francisco area and reports profits of $2,000 per unit — which adds up to $12,000 each month. This host’s earnings are significant, and they give you an idea of the large opportunity available through Airbnb. But where should you start?

How Does Airbnb Work?

Setting up an account and listing your property on Airbnb is easy. Start by clicking the button at the top right titled “Become a Host.”

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Once you click this button, tell Airbnb what you want to offer for rent. You can choose from the following options.

An entire place. This is great if you have an investment property and you want to rent it out as a vacation unit. For example, below is an example of a unit where guests can rent the whole place. It shows how many bedrooms and beds there are and how many guests the unit can accommodate.

This host charges a fee of $149 per night. Occupancy rates vary based on the location, but let’s say you have an occupancy rate of 64 percent (which is on par with the national average). That would yield earnings (prior to any expenses) of $34,806 annually.

airbnb-host-options

A private room. Maybe your child just left for college, and his or her room is empty (except for holiday breaks, of course). If so, renting the room through Airbnb may be a great option. In fact, it could even net enough to pay your child’s college tuition bills! Here’s an example. This is a private room with ocean views at a rate of $125 per night.

At an occupancy rate of 64 percent, annual earnings (prior to any expenses that you must pay) would be about $29,200.

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A shared room. And finally, let’s talk about a shared room. What does that look like? Check out this bunk, where the host charges $30 a night and supplies desk space and an Internet connection along with use of the communal spaces.

airbnb-shared-room

At a rate of $30 per night with an occupancy rate of 64 percent, this would yield earnings of $7,008 prior to any expenses.

Once you decide what type of space you’ll offer, select a price for that offering (more on this in a minute), fill out a description and upload photos so guests can get a sense of what the space is like.

Plus, you get to set house rules for the listing.

For example, for that communal space listed above for $30 a night, the host includes rules such as:

  • Be courteous to other guests. No talking loudly or playing music past 11 p.m. Sunday through Thursday.
  • Clean up after yourself.
  • Keep your space (especially the desk space) clean, as other guests may need to share it.

The list of rules may grow or change as you start hosting, but it’s a good idea to start with a few basic requests.

Once you’ve filled out all the required details, you’re good to go! The listing goes live and you can start taking reservations online. Once a guest books a reservation, you receive a confirmation and message from the guest. Then you can communicate with the guest directly to answer any questions about booking.

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Getting Paid

So now you know how to create a listing and connect with guests — but how do you get paid? Decades ago, listing a vacation home for rent required you to take personal checks, but today Airbnb makes this process more streamlined.

First of all, you should know there is a host service fee, which is 3 percent of the subtotal (prior to fees and taxes). But here’s the good news — this fee covers the cost of processing payments. The company also charges a guest service fee, which helps cover the costs of running Airbnb. This fee is typically 6 to 12 percent of the reservation total, but it can be higher or lower based on the reservation. Also, depending on the laws in your area, VAT may be charged on top of service fees.

For payment, you decide which options you want to offer. It’s important to note that off-line or cash payments are a violation of the company’s terms of service, and accepting them may result in your being prohibited from using the site in the future. So make sure that guests pay through the site. Here’s a quick breakdown of the payment options you can offer guests.

Major credit cards. Guests can pay through Visa, MasterCard, Amex, Discover and JCB.

ACH transfers. Airbnb deducts guest fees directly from the guest’s account and wire transfers the funds to your account. Set this up through the Airbnb platform, which requires your bank account routing number and account number. When setting this up, Airbnb does a $1 test transfer to ensure the payment method works correctly. It takes about five business days to get ACH transfer set up, so start early.

International wire transfer. Are you living outside the country? If so, you can set up an international wire transfer. However, there may be restrictions on the amount of funds that can be deposited, so check this out prior to offering this payment method.

PayPal. This option is simple for the host and the guest. Set up a PayPal account, which allows Airbnb to facilitate transferring money from the guest’s account to yours.

The company also offers a Payoneer Bank transfer/debit card and Western Union. For Western Union, there are many rules, so if possible, select another option.

Once you’ve set up your payment options, you may be wondering “When do I get paid?” Airbnb releases your payout 24 hours after the guest’s scheduled check-in time. The amount of time it takes for money to reach your account varies based on the payment method. For guests who stay 28 days, payouts for that reservation are released on a monthly basis.

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Airbnb Pricing: Getting it right to maximize earnings

When you create a listing, Airbnb will include a suggested price based on similar listings in your areas. Airbnb recommends starting below the suggested rate if you have never offered a listing through Airbnb before. Why? When guests stay at your home, they provide a review. Listings with a high number of favorable reviews can command higher prices. Starting out, you need to get people in the door, show them how awesome your place is and start building that stellar online reputation. That is the first goal.

Once you’ve established a history with Airbnb and have positive reviews, look at adjusting your pricing. You can spend additional time researching comparable properties. Consider looking at what’s happening on other platforms, such as checking out properties on VRBO (more on this in a minute). Then adjust your pricing slightly higher. What happens? Track your results and monthly occupancy rate.

For example, let’s say that Airbnb recommends that you charge $135 per night for your property. But you’re new, so you decide to charge $100 a night. Right away you get large numbers of bookings, and your occupancy rate is at 90 percent, which is $32,850 annually. But over time, your guests leave rave reviews and you’ve achieved a five-star rating. What would happen if you increased your rate to $160 per night? Would the occupancy rate decrease?

To experiment, you increase the rate, and the occupancy rate does decrease slightly, to 80 percent, but with annual earnings of $46,720 — which is a $13,870 increase! Plus, with a lower occupancy rate you may see minor decreases in variable monthly costs, such as electricity usage, yet overall earnings are higher.  

So the best strategy for pricing is to test and measure. Maybe you’ll price too high and occupancy rates will decrease — that’s okay. Experiment until you strike that perfect balance.

Plus, you may want to look at offering package deals. For example, if you have an occupancy rate of 60 percent, maybe you want to offer reasonable package deals during the off season to drive up occupancy rates and profits. Consider offering price breaks for off seasons and to guests planning extended stays.

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Airbnb Host Perks

If you’ve never listed a house or room through Airbnb, it might seem risky. What happens if a person rents your house and causes excessive damage? Sure, you charged a deposit, but it doesn’t come close to covering the damages. Now what happens?

For situations like these, the benefit of using Airbnb versus working with a potential guest directly is that the company offers a $1 million host guarantee for every booking. On Airbnb’s website, it says the following.

“We’re committed to creating a safe and trusted community around the world. Though property damage is rare, we understand you may need protection. The Host Guarantee will reimburse eligible hosts for damages up to $1,000,000.”

But what’s protected? The company provides a detailed list on its Host Guarantee terms page. But here’s a sampling of what is not covered:

  • Cash and securities
  • Pets
  • Personal liability
  • Shared or common areas

Also, certain types of property — such as artwork, jewelry and other collectibles — may have limited coverage. Airbnb wants people to remove these items prior to renting out the space.

The company also offers “Host Protection Insurance” at no cost to those using the company’s platform. Basically, it provides primary liability coverage for up to $1 million in the event that a third party claims bodily injury or property damage. The company provides examples here of what’s covered and what’s not covered. For more information and helpful tips, check out our blog post Airbnb Host Tips!

Choosing the Right Airbnb Investment Property

Maybe you aren’t considering renting out your existing home but instead are thinking about purchasing a property for the sole purpose of renting it out on Airbnb. If so, here are a few tips for selecting that perfect short-term investment property.

  • Regulations. Each city has its own set of regulations that apply to short-term rentals. Check out RoomScore, which rates cities by Airbnb friendliness. For example, a city may have a high hotel occupancy tax or other taxes that could drive down profits.
  • Location. First, look at the most profitable places to own rental property. For example, Forbes compiles a list of the hottest cities in which to own rental properties; Provo-Orem, Utah; Austin-Round Rock, Texas; and Orlando, Florida, all topped the list recently.  
  • Weight of all potential costs. Consider possibilities such as the following: Does the city have high energy costs, or does the property have steep HOAs and other costs that may negatively affect profits? If so, factor these into your investment decision.
  • Risks. Each property has a different set of risks and payoffs. For example, do you need a high occupancy rate for cash flow? If so, it may be wise to purchase in an area that demands a lower per-night rate but consistently has higher occupancy rates. Assess the potential risks and rewards.

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Marketing your Airbnb property

Once you post your Airbnb listing, it’s important to make sure that it gets found. Here are a few tips to ramp up its performance and get more guests through the door:

  • Focus on stellar reviews. One of the easiest ways to get ranked higher on Airbnb search results is to get great reviews. It can almost guarantee you more bookings and higher ranking in search results. After a guest’s stay, show him or her a great review and ask whether he or she would mind rating you.
  • Earn elite status. Earning the title of “super host” gives you a position as a favorite of the site and therefore makes it easier to reach more potential guests. Earn this status by completing at least 10 reservations per year, having a 90 percent or higher response rate, securing at least 80 percent five-star or higher reviews and rarely canceling your reservations. Check out full details here.
  • Promote listings through social media. Create a post with your profile or property. Extra links can help your search rankings inside and outside Airbnb.

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Weighing the Options: Airbnb vs VRBO

Airbnb isn’t the only game in town for advertising and renting your space. There is also the popular VRBO, which has 794,000 listings. However, it’s important to weigh the benefits of each option.

VRBO offers a few different plans for pricing. For example, you can elect to have an annual subscription or pay-per-booking fee structure, which may provide some benefits. Check out the costs here.

Also, it’s important to note that VRBO does not charge guests a fee, which is appealing to guests, as their overall bill is lower.

Each platform also has different cancellation policies. For example, VRBO has an individual cancellation policy, where the host states the policy in the listing. The host might say, “No refunds on cancellations less than 30 days prior to arrival.”

In contrast, Airbnb’s business model has a tiered cancellation structure. Hosts can choose from flexible, moderate, strict and super strict.

For example, flexible allows for a full refund, excluding fees, one day prior to arrival, while strict provides a 50 percent refund, excluding fees, until one week prior to arrival.

Also, there is no rule that you can’t list your property on both platforms. Test them out and see which performs better. Then put all your efforts into the better-performing platform.

Moving Forward with Success

Airbnb is an amazing tool, one that helps turn your largest assets — your home or investment property — into additional cash flow. As with any new venture, however, it helps to start small.

Are you renting out a room? Take a single reservation and see how things go and whether it’s right for you. Communicate with your guests. What are they looking for when visiting your property? Do they want to “live like a local,” as the Airbnb site says?

If so, brainstorm ways to create a truly local experience. Renting your property through Airbnb is certainly about earning money, but it’s also about creating the experiences that your guests crave — yet can’t get from a big chain hotel. That’s key to your success.

2 Events that have most likely Killed your Momentum and 5 Things You Can Do About it Now!

Have you suddenly realized that 2014 isn’t shaping up to be the year you thought it would be? The fact is activity is at a two-decade low.

Mortgage interest rates spiked in July by over 100bps and in October our Gov’t decided to shutdown and create the longest holiday in US History . These two events (that were out of your control, btw) most likely killed the momentum in your business and now you’re most likely trying to get it kickstarted back up again.

Do you believe we are still in a “holiday hangover” and are you waiting around for things to “hopefully” get better in the Spring?

Here are 5 things you can do (that ARE in your control) to kickstart your business regardless of the events around you.

1.) DECIDE to BECOME a GLADIATOR! When everyone else is waiting in limbo and scared decide that it is YOUR TIME to STEP UP! Be Strong and Fight for your deals to the death. No mercy! Make winning a MUST! Create your own market if you have to!

2.) DOUBLE down on your MARKETING. Yes, that’s right invest in your business when everyone else is scared. Less competition =’s more profit and market share for you.

3.) DOUBLE down on your PITCHING. Just like Anger is a low-level of Rage, Selling is a low-level of Pitching. Sending or handing out e-mails, texts, social messages, flyers and business cards are not activities that will create direct results. Those are touches aka jabs and quite frankly they don’t count. Jabs are fine and are needed for the knockout but the TRUTH is if all you do is Jab you’re weak! If you want the knockout you need to perform your entire pitch on as many prospects as you can as many times as you can. Listen to your intuition and address their objections head-on, then it’s a done deal. If you don’t get through your whole pitch and you don’t get all the objections out-of-the-way it doesn’t count. Imagine, that you and your prospect are connected at the solar plexuses via a cord of light giving you the ability to feel every emotion. Visualize this and you will connect on a deeper level than you ever have before.

4.) DOUBLE your EFFORTS. Work hard, harder than you’ve ever worked before. This alone will allow you to run circles around your competition. There is no such thing as the “4-Hour Workweek”! You know that right? The book’s title was decided upon through a Google Adwords A/B test and one that would create book SALES. If you actually read the book you realize it has nothing to do with a 4-Hour Workweek, it has to do with being effective. The good news is most of your competition just read the title and not the book.

5.) BE a Pro. Dominate the competition and be the Pro who helps Investors buy and sell in your market. “Pro” or “Professional” is derived from the word “Profess” defined as ‘…to affirm one’s faith in or allegiance to a set of beliefs…’ If you commit to your profession/trade and you believe in yourself, your product, your company and your industry others will see that commitment in you and you will attract them into your business.

How to Knock your 2014 Goals out of the Park

We’re more than 45 days into the New Year (more than 10% of the year has pasted us by). Are you keeping up with your new year resolutions? How committed are you to your real estate business goals this year? Have you worked your plan backwards? If not here is your real estate [agent or loan officer] goal setting workshop.

Hit it out of the PARK!

Insert Your Numbers Here:

  • $500,000 2014 Income =
  • 100 Closed Transactions ($250K Average Deal minus Broker Splits = $5,000/deal) =
  • 8 Closings Per Month (2 Closings Per Week) =
  • 10 Escrows Per Month (2.5/Wk (80% pull-through ratio)) =
  • 15 Offers/Applications/Listing Appts Per Month (4 Per Week (shoot for 1 Per Day)) =
  • 300 New Leads/Prospects Per Month (75/Wk, 10/Day)* =

*Yes your marketing should be on 7days/wk

  • 1,500 Touches (Jabs) Per Month* (375 Per Week, 50-100 Per Day)=

*”5 Touch Rule,” touch every new prospect at least 5 times per month

Preferably all 5 touches should be a Phone Call
-Hit them with an E-mail (Attach Revestor Flyer)
-Hit them with a Text
-Hit (add) them on LinkedIn (Use Rapportive to do this, and add something of value to your LinkedIn feed daily) 
-Get them subscribed to Listing Alerts in their criteria (or interest rate alerts if you’re an LO) 
-Get them on your e-Newsletter (the same one you use for your existing database)
-Send them a handwritten note via snail mail

***Find a CRM that does most of this automatically to exponentially increase your results***

In summary, FOCUS in on the activities that create direct results rather than activities that don’t (outsource/automate/use tools for those).

Without leads there are no prospects. Without contacting/jabbing those prospects there are no appointments. Without you getting in front of and closing those appointments by offering value, uniqueness and insights there are no escrows/originations. AND without escrows/originations there are no closings/fundings!

Yes, you will make $500,000 plus per year if you generate/purchase 300 leads per month and JAB 75 of them per day or 1,500 times per month with the right tools. Break it down backwards and break it down daily. Find the rituals/activities that you must focus in on daily and the rest will fall into place.

The Different Segments of Real Estate Technology

In an earlier post we discussed how the real estate industry as a whole accounts for $1.9Trillion, or 12% of GNP. We also pointed out that residential real estate investing is a 24% segment of the residential real estate market. – All numbers, stats and trends that cannot be ignored. 

In a recent article done by CB Insights they discuss “The Rise of Real Estate Tech: Venture Capital Funding and Deal Activity See Huge Growth” and they point to the public successes of hedgehogs, Zillow and Trulia, for paving the path.

We’ve discussed time and time again that real estate is one of the most underserved industries in terms of technology – and now with the return of the housing market it seems Venture Capitalists and Entrepreneurs are both determined to bring the industry out of the 1980’s and into today’s technology.

Technology is now riding the wave of housing. Growth sometimes causes confusion so we thought we would put together a graph of some of the players and some of the startups and what segments of the market each are in. Whether you are a VC, Angel, Home Buyer, Home Owner, Home Seller, Real Estate Investor, Real Estate Agent, Mortgage Originator, Title Rep, or Journalist you need to research and understand all of these companies. If you pay close enough attention and you educate yourself, you may be able to spot a trend and capitalize on it.  Who is the next hedgehog?

The Different Segments of Real Estate Technology

 

Remember, “A hedgehog concept is not a goal, to be the best, it is an understanding of what you can be best at.” Jim Collins, Author, Good to Great

We are hedgehogs, here at Revestor, in the sense that we are the only ones that can run investment calculations over live listings, (a search engine for real estate investors). We own that technology and we plan to have razor-sharp-hedgehog focus on that one thing so we can add immense value to our users and maximize all monetization opportunities.

[If your company is missing in the graph please comment below with what segment (circle) you think your Company belongs in and why]

UPDATE: Here are a couple good ones that aren’t on the graph…we will continue to add to this list as comments come in

Rentals{ Apartment List, OnMyBlock …

Paperless{ NuOffer …

Niche/HyperLocal{ Porch, BlockAvenue, NextDoor …

Crowdfunding{ RealtyShares

 

What is your online real estate marketing strategy?

Are you the go-to real estate professional in your town? Whether you agree with the future below or not it sure does make you want to setup your profile or become more active on Google+ and Revestor. You can never do enough to increase your exposure online. I think the best thing we can remember to do is be original, relevant, and local/specialized.

Content Diversity in Online Marketing

Click on picture to enlarge/view better

Top Real Estate Twitter Accounts to Follow

Do a little bit of searching and you’ll find that Twitter is a great source of real estate information and insights – as well as an ideal platform for communicating your own message if you happen to be a real estate professional.

Here are seven real estate-related accounts to follow on the micro-blogging site for bite-sized posts that contain some big thoughts.

@NYT Real Estate

This feed by The New York Times Real Estate section is heavily focused on the five boroughs, but it often contains links to interesting trends and news stories from around the U.S. This includes lifestyle pieces about living in New York – fascinating even if you’re not in the market for a Manhattan apartment.

@Real Estate Law

This account is maintained by legal news site JD Supra and is a regularly updated compendium of legal happenings related to real estate throughout the country.

@WSJ Real Estate

Follow The Wall Street Journal’s real estate feed for a good daily rundown of the business-focused newspaper’s coverage. For serious business thinkers, the Journal is still required reading.

@Agent Ken

This is the account for Agentopolis, a directory for real estate agents and realtors. This account regularly rounds up some of the more interesting real estate posts on the Web and on Twitter.

@Inman News

Inman News is an independent site for real estate news, commentary, research and advice. You’ll find plenty to read about and chew over here.

@National Association of Realtors

The National Association of Realtors regularly updates this account with news, research and helpful tips. The association also regularly interacts with its followers. Overall, it’s a great example of social engagement.

@Denise Lones

Denise’s company, The Lones Group, provides real estate agent training and coaching. For branding and marketing advice and plenty of actionable tips, this is a great account to follow.

@AgentGenius

Agent Beat offers business, real estate and tech news, tips, tools and guides

@MariSmith

Take your real estate business to the next level with this social media expert

@Drewcan777

He may not tweet about real estate but if you want your business to boom you gotta have the energy to do it. Great health tips and juicing recipes.

@OliverGraf360

San Diego Real estate pro and internet marketing expert.

@LilyShumLeung

Real estate reporter for @UTSanDiego

@BiggerPockets

Social Network for real estate investors packed with high quality tips, education and how-tos.

@Chris_Smth

Chief evangelist at Inman. Social media expert (we don’t use that word lightly), early adopter, trainer, blogger and marketer

@AlexCharfen

Co-Founder and CEO of the Charfen Institute. Creator of the CDPE Short Sale Designation and the CIAS Investor Agent Designation.

Did we miss anyone that you think should be added to the list? If so please comment below…

Improve Your Business Smarts With Free Online Education Resources

No matter what your profession is, we could all stand to learn something. And even the most seasoned real estate pro can benefit by brushing up on at least a few of the many, many disciplines the industry touches.

The good news is that you don’t have to go to night school to fill in whatever gaps you feel might be in your education. Massive Open Online Courses – or MOOCs – are revolutionizing access to education by providing Web-based learning, often from top-tier universities. And it doesn’t cost a dime.

Here a few of the most popular sites and a few tips on what real estate professionals, as well as homebuyers, can learn from them.

Khan Academy

Salman Khan, an MIT and Harvard Business School graduate, founded Khan Academy. The nonprofit spun out of his efforts to tutor a cousin in math via YouTube. The course offerings are eclectic – everything from basic algebra to art history – but there are many classes here that relate to the basic economic forces that shape the housing industry.

For understanding the recent housing boom and bust, the site offers a digestible primer on the mortgage-backed securities and the housing bubble of the last decade.

Udacity

Befitting its Stanford roots, Udacity is heavily focused on science and computer programming. But let’s face it: Coding is taking over pretty much every industry imaginable. If you’re feeling entrepreneurial, check out the course How to Build a Startup taught by Silicon Valley entrepreneur Steve Blank.

MIT Open CourseWare

If you really want to build your own digital night school, MIT has opened up an impressive amount of its catalog to the Internet. The classes are the same as the ones MIT students attend; the lectures are merely posted online. There are courses to benefit pretty much anyone in business, including a wide range of management and leadership courses from the Sloan School of Management. Sure, you won’t earn an MBA, but the knowledge is free.

Tom Ferry Coaching

Tom is one of the top real estate trainers for agents looking to take their businesses to the next level. Tom offers free training and videos on his website as well as on his YouTube Channel. Everybody needs a coach even greats such as Michael Jordan did. Some even call him the “Tony Robbins of Real Estate” either way he will help you take your business to the next week. If you are serious about quantum leaping your business then you’ll hire him to help get you there.

App Sumo

App Sumo’s YouTube Channel has a ton of free high quality education. We especially like this video on Rapportive (if you are a real estate professional the Rapportive Google Email App and Chrome Extension is a must to grow your business, its like LinkedIn Premium on Steroids).

App Sumo also has some amazing paid anti-wantrepreneur products like Ruby on Rails for Beginners, Social Media Hacks, Productivity Tips, WordPress Resources, and some killer Email Templates to fuel your business.

Apple Retail

Its not online but go take a free workshop at your local Apple retail store

PC Classes Online

While not free they have some high quality classes online from the comfort of your own home. Facebook for Business, Social Media for Small Business, Microsoft Office Basics, and Intro to Windows 8 may be some good classes for real estate professionals.

Jairek Robbins Companies

Jairek offers coaching and peak performance strategies to business professionals. Try his “Ideal Day Design” and his “Rapid Results