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This one is tough because it all depends on what angle you are looking at it from. From a visitor perspective you have to have listings. After all, that’s what they came to your site to find.
From an SEO and search engine standpoint you need the content and the links to build some authority on the net.
And of course from a Realtor stand point the most important factor is Lead Generation Forms. These are what ultimately tell you if a) your site is being effective and b) if you’re going to have food on the table next week.
For a site to be successful you have to create a balanced mix of all these things to make your site useful, functional, and profitable.
Mike Wilton
December 5th, 2008