REALTOR MATCH: THE FUTURE OF REAL ESTATE REFERRALS

Transcription

1 JOURNEY OF DISCOVERY REALTOR MATCH: THE FUTURE OF REAL ESTATE REFERRALS FORCE OF INDUSTRY CHANGE 3: REFERRALS WEBINAR PRESENTERS: ADAM LERNER & MONIQUE MORDEN 10 July 2014

2 Poll Over the next five years, do you think traditional word of mouth referrals for REALTORS will...? Press 1 INCREASE Press 2 DECREASE Press 3 REMAIN UNCHANGED Live Votes: 1 42%, 2 29%, 3 29%

3 Journey of Discovery

4 Why Should You Care About REALTOR Referrals? 1. Relationship value 2. Sales value

5 The Voice of 257 BC Millennials

6 67% Image Credit: Whisper by chris dawson from The Noun Project

7 33% Image Credit: Browser by Adriano Emerick from The Noun Project

8 However, even among the traditionalists... 71% Image Credit: ZipRealty, The Power of Online Reviews for Real Estate Agents

9 Our Research Questions Where do they go online? What do they do when they arrive? What do they see on the page? What information is valuable? What sources are valuable?

10 Where They Go

11 What They Do

12 Primary & Secondary Terms Performance Attributes Reviews, rated, ratings, top, best, experienced MLS/MLS.ca Agency Terms Realty, agency, firm, specific brokerages/franchises

13 What They See Image Credit: Google search term: real estate agent burnaby

14 Where is REALTOR.ca?!? Image Credit: REALTOR.ca

15 Mobile Search Image Credit: Introducing the new REALTOR.ca iphone App!

16 What Sources are Valuable? Q20: Sort the following sources of information on the Agent based on how valuable they would be to helping you decide on whether to use the Agent? Image Credit: Journey of Discovery REALTOR Match Quantitative Primary Research

17 Should the regional boards and BCREA have a more visible online presence specifically targeted to consumers?

18 What Information is Valuable? Q21: How valuable are the following types of information for selecting a real estate Agent? Image Credit: Journey of Discovery REALTOR Match Quantitative Primary Research

19 What Information is Valuable? Image Credit: REALTOR.ca Burnaby REALTORS

20 Make the Match Image Credit: Match.com Review & Walkthrough via Online Dating University

21 Only Part of the Story Image Credit: Vocus Blog

22 Facebook Graph Search Image Credit: Two Cents Blog

23 And Facebook Already Knew This Image Credit: Journey of Discovery REALTOR Match Quantitative Primary Research

24 Poll Do you personally feel prepared for this new world of real estate referrals? Press 1 YES Press 2 NO Press 3 UNSURE Live Votes: 1 25%, 2 38%, 3 38%

25 Next Generation Technologies Image Credits: Real Satisfied, Sunday Bell, HomeLight, CurbCall

26 Predict the Near Future Image Credit: Minority Report

27 Predictive Analytics Image Credit: SmartZip Analytics, SmartTargeting: A Quick Tour

28 Social Analytics Image Credit: IBM Research Accelerating Discovery: Social Analytics

29 Poll When deciding whether to work with a new client, which of the following do you consider? Press 1 Value of the transaction Press 2 Value of future referrals Press 3 Both Press 4 Neither Live Votes: 1 5%, 2 7%, 3 61%, 3 28%

30 CLV vs. CRV

31 Manage Referrals Like a Scientist Image Credit: V. Kumar, J. Andrew Petersen, and Robert P. Leone, How Valuable is Word of Mouth, Harvard Business Review

32 Conclusion When one door closes, another door opens; but we often look so long and so regretfully upon the closed door that we do not see the ones which open for us. - Alexander Graham Bell

33 Please Comment on Facebook

34 A Sincere Thanks BCREA YouTube Channel BCRealEstateAssn/videos Journey of Discovery Reports Strategic Planning September November 2014