BCREA AGM JOURNEY OF DISCOVERY UPDATE 26 MARCH 2014
TODAY I. WHERE WE HAVE BEEN II. WHERE WE ARE GOING
ADVISORS JOD TASK FORCE Godfrey Archbald, CEO, Land Titles and Survey Authority Donna Bridgeman, BCREA Board, Growthworks (former) George Cadman, Q.C., Boughton Law Corporation Jake Moldowan, RE/MAX Jake Moldowan, BCREA Michael O Brien, Corporate Secretary and Vice President, Strategic Planning and Legal Services, Vancouver Airport Authority Dave Peerless, Managing Broker, Dexter & Associates Brad Scott, CEO, Real Estate Board of Greater Vancouver Jeff Shewfelt, CEO, G&F Financial Group
RESEARCH QUESTIONS BACKGROUND Michael O Brien Corporate Secretary and Vice President, Strategic Planning and Legal Services Vancouver Airport Authority
RESEARCH QUESTIONS WHAT WILL THE PRACTICE OF THE REALTOR LOOK LIKE IN FIVE YEARS? 1. What are the current and future priorities of the REALTOR? 2. What will customers expect from their REALTOR? 3. How will technology impact REALTOR practice? 4. How will shifts in the competitive landscape over the next five years affect REALTOR practice? 5. What other trends will significantly affect REALTOR practice? 6. What services and products will enhance REALTORS daily practice?
I. WHERE WE HAVE BEEN (PAST TWO MONTHS)
WHAT WE HAVE DONE REALTOR ADVISORY PANEL Joni Brown: RE/MAX, BCNREB (Past President) Erik Carlson: Dexter Associates Realty, REBGV Jesse Hildebrandt: Royal LePage, CADREB (2013 President) Mohamed Mansour: Sutton Group, FVREB Karen Singbeil: RE/MAX, OMREB Board of Directors Saira Waters: Royal LePage, VREB
WHAT WE HAVE DONE REALTOR ADVISORY PANEL SECONDARY RESEARCH SYNTHESIS REALTOR RESEARCH CONSUMER RESEARCH EXPERT RESEARCH FACEBOOK CAMPAIGN JOD WEBSITE
SECONDARY RESEARCH IDENTIFIED KNOWLEDGE GAPS Customer journey research from their perspective on where REALTOR practice delivers and fall short Practice adaptations based on changing transaction models Consumer behaviour shifts from commission dissatisfaction Factors driving FSBO behaviour & likelihood for increase Effect of data analytics/big data on REALTOR practice New lead generation models
SECONDARY RESEARCH INSIGHT HIGHLIGHTS David Peerless Dexter & Associates, REBGV Karen Singbeil RE/MAX, OMREB Saira Waters Royal LePage, VREB
DOWNLOAD JOURNEY OF DISCOVERY SECONDARY RESEARCH SYNTHESIS REPORT Version 5 19 February 2014 Prepared by: CE Holmes Consulting & Solvable
David Baxter UFI Advisor Larry Beasley UBC, Chief Planner City of Vancouer (retired) EXPERT IN-DEPTH INTERVIEWS Graeme Eadie Real Estate, Canada Pension Plan Investment Board; CEO Cadillac Fairview (former) Michael Goldberg Urban Land Professor Emeritus, UBC Sauder School of Business Bob Hale Houston Association of REALTORS (HAR) Stan Hamilton UBC Sauder School of Business, Faculty Nobu Hata NAR, Digital Engagement Adam Wiener Redfin, New Business, Analytics & Marketing
EXPERT IN-DEPTH INTERVIEWS INSIGHT HIGHLIGHTS Godfrey Archbold President and CEO Land Title and Survey Authority of British Columbia (LTSA)
REALTOR RESEARCH REALTOR CORNER WHO: REALTORS attending regional AGM events WHAT: Booth at Regional Board events involving 2-5 minute interview on practices WHERE: FVREB, OMREB, REBGV, VIREB FVREB: 400 attendees, 21 participants OMREB: 200 attendees, 37 participants REBGV: 400 attendees, 30 participants VIREB: 200 attendees, 30 participants WHY: Engagement and understanding of adapting practices
FACEBOOK CAMPAIGN QUESTIONS Who has been to the site? What struck you? What did you take away? Extraordinary Moments Page
COMMUNICATIONS ANALYTICS REALTOR & BOARD ENGAGEMENT Journey of Discovery Website Facebook Email Campaign
FACEBOOK REALTORS LIKE FB ON MONDAY
FACEBOOK REALTOR MONDAYS
FACEBOOK REALTOR POST ENGAGEMENT 5.9% 0.4% 7.3% 1.9% 4.0% 0.7% 33.2% 0.5%
EMAIL CAMPAIGN
EMAIL CAMPAIGN UNIQUE OPENS
EMAIL CAMPAIGN UNIQUE CLICKS
TRANSACTION VIEW SELLING PROCESS CONSUMER REALTOR
TRANSACTION VIEW BUYING PROCESS CONSUMER REALTOR
TRANSACTION VIEW PROFESSIONAL RELATIONSHIP PROFESSIONALISM
TRANSACTION VIEW REFERRAL CREDIBILITY
II. WHERE WE ARE GOING (NEXT FIVE MONTHS)
REALTOR ENGAGEMENT BROKER VIDEOS Too Close? Customer Supplements
PRIMARY RESEARCH Practice Brainstorming: Consumers Practice Brainstorming: Future Products & Services Practice Brainstorming: REALTORS Validation
BOARD LEADERSHIP ENGAGEMENT LEADERSHIP CONFERENCE (WHISTLER) ONLINE EVENT SEPTEMBER JOINT MEETING BANFF WESTERN CONNECTION *NOTE: ADDITIONAL ENGAGEMENTS BEING CURRENTLY CONSIDERED
QUESTIONS WHAT WE RE HEARING 1. How is the project tracking to budget? 3. How is the plan adjusting based on what you are learning? 2. What is the plan for increasing communications to member boards so we can be more engaged in the JOD? 4. What will be the tangible outcomes from the JOD? How will they add value to REALTORS and boards? 5. Is BCREA trying to change itself and/or everyone?
CLOSE THANK YOU Journey of Discovery Website Extraordinary Moments in the Real Estate Experience