REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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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

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Traditional word of mouth (WOM) is alive and well, with referrals from a family member or close friend remaining the dominant source of leads for REALTORS®. However, our findings illustrate this is changing. First, 71% of consumers say they would validate a WOM referral with an Internet search before contacting a referral. Second, 33% of Millennials would skip seeking a personal referral and go directly to an online search. Both of these trends stand to place increasing importance on REALTORS®’ online presence. Online validation of WOM referrals combined with the trend to rely solely on online search findings will mean that REALTORS® who lack sophistication in online search, marketing and analytics could be invisible to a significant slice of the market. This is the third of our summer webinars as part of the British Columbia Real Estate Association's Journey of Discovery. BCREA launched the Journey of Discovery (JOD) to help our organization and BC’s eleven member boards strategically plan for the next five years. This project seeks to understand where the greatest contributions of products and services could be for increasing the innovation of REALTORS® in service of their consumers. If organized real estate is to effectively adapt to and proactively initiate change, which we believe is necessary now more than ever, the first stage is to gain a solid understanding of the current and future states of the industry. For access to the slides with links and our other reports, please visit http://web.bcrea.bc.ca/jod/reports.htm This presentation was prepared by CE Holmes Consulting, Solvable & Monique Morden Consulting

Transcript of REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Page 1: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

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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%

Poll

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Journey of Discovery

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Why Should You Care About REALTOR® Referrals?

1. Relationship value2. Sales value

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The Voice of257

BC Millennials

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67%

Image Credit: Whisper by chris dawson from The Noun Project

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33%

Image Credit: Browser by Adriano Emerick from The Noun Project

http://google.ca

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71%

However, even among the traditionalists...

Image Credit: ZipRealty, The Power of Online Reviews for Real Estate Agents

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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?

Our Research Questions

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Where They Go

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What They Do

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Performance Attributes • Reviews, rated, ratings, top, best,

experienced

MLS/MLS.ca Agency Terms • Realty, agency, firm, specific

brokerages/franchises

Primary & Secondary Terms

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Image Credit: Google search term: real estate agent burnaby

What They See

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Where is REALTOR.ca?!?

Image Credit: REALTOR.ca

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Mobile Search

Image Credit: Introducing the new REALTOR.ca iPhone App!

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Image Credit: Journey of Discovery REALTOR® Match Quantitative Primary Research

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?

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

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Image Credit: Journey of Discovery REALTOR® Match Quantitative Primary Research

What Information is Valuable?

Q21: How valuable are the following types of information for selecting a real estate Agent?

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What Information is Valuable?

Image Credit: REALTOR.ca Burnaby REALTORS®

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Make the Match

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

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Image Credit: Vocus Blog

Only Part of the Story

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Image Credit: Journey of Discovery REALTOR® Match Quantitative Primary Research

And Facebook Already Knew This

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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%

Poll

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Image Credits: Real Satisfied, Sunday Bell, HomeLight, CurbCall

Next Generation Technologies

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Predict the Near Future

Image Credit: Minority Report

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Predictive Analytics

Image Credit: SmartZip Analytics, SmartTargeting: A Quick Tour

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Social Analytics

Image Credit: IBM Research Accelerating Discovery: Social Analytics

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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%

Poll

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CLV vs. CRV

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Image Credit: V. Kumar, J. Andrew Petersen, and Robert P. Leone, “How Valuable is Word of Mouth”, Harvard Business Review

Manage Referrals Like a Scientist

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“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

Conclusion

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Please Comment on Facebook

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BCREA YouTube Channelhttps://www.youtube.com/user/BCRealEstateAssn/videos

Journey of Discovery Reportshttp://web.bcrea.bc.ca/jod/reports.htm

Strategic Planning September–November 2014

A Sincere Thanks