Another One Bites The Dust!

Some call it the last big hurrah.

Back in the 1990s, I worked with American Express Travel.

AMEX had a network of about 600 travel agencies in the US. Half they owned and half they franchised out.

AMEX was fortunate…unlike other agency networks and consortiums in the business, AMEX was involved in another whole industry with financial and card services.

The writing was in neon paint on the wall.

With commission cuts combined with the emergence of the web, the travel agencies would quickly disappear and be replaced by sites like Expedia, Travelocity, Priceline, Cheap Tickets and Hotwire.

Real estate agencies are next.

This morning’s Ad Age Online leads with a story titled “What Housing Crisis? Realtors’ Ads Defy Reality.”

The National Association of Realtors is spending $40 million on the campaign.

There is a second article posting on Ad Age Online.

It’s subhead captures what we term at BrandVenture as the BGO (Blinding Glimpse of the Obvious) of what’s going on out there: “These Agents Will Wallow In Conflict Like Pigs In A Sty For Their 7% Cut.”

Say no more!

In scripting our TrendCast 2008, we came upon a couple of interesting statistics:
• The age group 25-32 represents the largest set of homebuyers in the US
• The average age of the first time homebuyer is now age 26
• 85% of Millenniums (those age 18-29 and what some call Generation Y) use the Internet as their primary resource to buy a home…not the real estate agent

ReadyMade Magazine is the Millenniums version of Better Homes & Gardens. It brings together budget retro with high-tech web-connect. Dwell Magazine is also another Millennium pub plus it has a show that airs on HGTV Digital.

We subscribe to both at BrandVenture to keep up with the changing Millennium culture.

No real estate agencies are advertising in either publication.

Wonder if the National Association of Realtors has any of their ads running on MTV, Adult Swim, VH1, Comedy Central or TruTV?

Better yet… if you go to Century 21’s website, it gives you three key options on the home page… “I’m looking to find…”
• A property
• An office
• An agent

Let me guess… the person who scripted the website copy is located in a basement somewhere.

Where are the words like “Home,” “Space,” “Community,” “Environment,” “Search” and “Help”?

The ReMax website isn’t much better. Their tagline is “Outstanding Agents. Outstanding Results.”

Okay.

It’s not a question of “IF”, nor a question or “WHEN”…it’s a question of “HOW MUCH FASTER” will fast be before the real estate agency becomes a piece of history!