Hey Jon,
That (your founding of Active Rain) was why I said, "Given your experience.."
It is funny though, I really did understand what you were asking. Given the question you asked: I have $5k per month to spend on SEO. Where should I spend it?The site is for BrioRealty.com - we want to rank for all cities and neighborhoods in Western Washington.
For me, I was answering that question and did before I saw your reply to Casey. But even with that, and I know you have done RE Brokerage, etc., I still believe some of the best money we spend is on the site overall as it relates to user experience (including content) and the on page SEO - which is a derivative of quality keyword analysis.
We see questions daily where the question is in some way qualified about on page SEO: "I know my on page could use some work, but......." When you look at their on page then, you realize it is off page somewhere. So, for my $, on page is important as is good usability, navigation and, especially in real estate, content. Don't forget, if your CTR is zero, it won't matter what your PA and link status are. You will end up on page 38 at some point.
But, Looking beyond the things said about the site, look at what else was said:
Casey Kulver: _I would also have someone look at your analytics and perform a full on analytics and SEO audit, deep competition analysis, and map out a real strategy for the next 12 months. _
Ryan Kent: SEO is .... 3 components...__, ___, and site promotion (link building + social media). AND (this next one is part site but important re quicker listings - real time, and it is the new standard. etc):I can see the site uses a IDX feed for MLS info. I suggest updating to a RETS feed. AND - offer a mobile site.
Brent Copstead: ****that is a lot you want in a very competitive aggressive market. A) _I don't believe $5k a month will work. B) _First, I would target on a much smaller, reasonable area. (Not all of western Washington) C) Then I would start an aggressive link building campaign (blogging, chambers of commerce, connections, press releases, etc), but be smart and safe with this. D) Toomuch too fast will hurt you. E) I would also focus on Social interaction.
James Norquay: I would invest in the following areas:
_- Social Media (1k/month) - or do you have a split social media budget. _
_- Content - Blog posts, articles, PR (1.5k/month) - I would target niche events in your target market and create blog posts around these areas, I would target a huge range of local keywords via these posts. _
_- Link Building - (1.5k/month) - Target high quality links, not easy do competitive research. _
- Consulting (1k a month) - Calls, Research and thing else.
_Do you also have offline sponsorship I would try and leverage every thing to the site. _
EGOL: From an SEO and practical standpoint I would start granular - where I can win traffic and where my company has an ability to do something with the traffic.
_Also a tip about alphabetized lists. Order them vertically instead of horizontally. That way if you are looking for a city that begins with a "V" you immediately know it will be in the right column. Visitors who know how to present list information will be cussing you - especially as your list grows. _
That other guy said:_ Lastly, the most important investment for RE is Local SEO. Spend there after the site. _
I always tell RE people to get on Active Rain. Don't know how it will be over time, but it has been a great link resource, etc. When you look at the Q&A on SEOmoz, you are looking at a group of people who are really amazing in my eyes. I have learned so much here and I have found colleagues I did not know I had. Bright people all.
I never cease to be amazed at the knowledge level here. I would say this as to the site comments: Ask yourself this question: If the people that answered this question were compared to SEO's nationwide, where might they rank? And, if you believe it would be in the top 25% even ask this: What does all of them mentioning how important on page is say to anyone who reads it?
I am sure you will build a killer site and I can't wait to steal some ideas from you
Hang around and teach us all some of what you know about gaining traffic, linking, blogging, etc. Hell, after all this free advice you owe us at least one post 
Best to you and all mozzers,
PS - Did I mention anything about Open Source Developers needing to eat??? 