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 BCs 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
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
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: 142%, 229%, 329% Poll
Journey of Discovery
Why Should You Care About REALTOR Referrals? 1. Relationship value 2. Sales value
The Voice of 257 BC Millennials
67% Image Credit: Whisper by chris dawson from The Noun Project
33% Image Credit: Browser by Adriano Emerick from The Noun Project http://google.ca
71% However, even among the traditionalists... Image Credit: ZipRealty, The Power of Online Reviews for Real Estate Agents
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
Image Credit: Google search term: real estate agent burnaby What They See
Where is REALTOR.ca?!? Image Credit: REALTOR.ca
Mobile Search Image Credit: Introducing the new REALTOR.ca iPhone App!
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?
Should the regional boards and BCREA have a more visible online presence specifically targeted to consumers?
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?
What Information is Valuable? Image Credit: REALTOR.ca Burnaby REALTORS
Make the Match Image Credit: Match.com Review & Walkthrough via Online Dating University
Image Credit: Vocus Blog Only Part of the Story
Facebook Graph Search Image Credit: Two Cents Blog
Image Credit: Journey of Discovery REALTOR Match Quantitative Primary Research And Facebook Already Knew This
Do you personally feel prepared for this new world of real estate referrals? Press 1 YES Press 2 NO Press 3 UNSURE Live Votes: 125%, 238%, 338% Poll
Image Credits: Real Satisfied, Sunday Bell, HomeLight, CurbCall Next Generation Technologies
Predict the Near Future Image Credit: Minority Report
Predictive Analytics Image Credit: SmartZip Analytics, SmartTargeting: A Quick Tour
Social Analytics Image Credit: IBM Research Accelerating Discovery: Social Analytics
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: 15%, 27%, 361%, 328% Poll
CLV vs. CRV
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
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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BCREA YouTube Channel https://www.youtube.com/user/ BCRealEstateAssn/videos Journey of Discovery Reports http://web.bcrea.bc.ca/jod/reports.htm Strategic Planning SeptemberNovember 2014 A Sincere Thanks