My research indicates that how Google's changes affect a Realtor's website depends a lot on how that website is linked to other websites on the net.
If you check keywords "my city real estate" and find that one lonely Realtor site is ranking well while the rest of the results are newspaper, weather sites and the like - which is common after Google's recent change - a pattern begins to emerge.
You will find that while the Realtor has been busy for the past couple of years exchanging links with others - their own links pages are either not actually indexed by Google or their links pages are hosted off site.
What Google sees is a web site with a lot of links coming in with relatively few links going out - making the site an "authority" site.
So, if you have been exchanging links and Google sees one link coming in and one link going out - they basically cancel each other out except there is a Page Rank benefit.
If you have been exchanging links and your links pages are listed in Google but the majority of sites that your exchanged with do not have their pages listed in Google - then Google sees lots of links going out and few links coming in and devalues your site.
If you are the "cheater" that has been exchanging links with Realtor sites whose links pages ARE included in Google while your links pages are not - then Google sees few links leaving your site and tons of links coming in - and values your site as an "authority" site and moves you to the top of the rankings.
Who says cheaters never prosper?
Realtors should check the reciprocal links they have leaving their website and make sure that the links page of the Realtor reciprocating is actually listed in Google and is hosted in the same domain as their website. If it is not - remove the link as it is probably hurting you.
Instructions on how to do this can be found in Issue 70 of the Leaders Post Real Estate Newsletter at
http://www.leaderspost.com/lp_70.html Exchanging links can still have a benefit by helping to boost your Page Rank - but only if all links pages on both sides are actually indexed by Google.
Unfortunately this is not the case with most template and database sites - which is why you see so many of them at the top of the heap right now. Those are the sites I would check first when doing a link purge on your own site.
If an agent is working in a competitive market area that is affected by these Google changes - and that agent's website is now doing extremely well - it is either because they are a reciprocal links "cheater" or their site is a part of a larger web site that really is seen as an authority site - i.e. their website does not have a unique domain name but is located in a subdomain or sub directory of a larger site.
[This message has been edited by doug (edited 12-15-2003).]