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: 1–42%, 2–29%, 3–29%

Poll

Journey of Discovery

Why Should You Care About REALTOR® Referrals?

1. Relationship value2. Sales value

The Voice of257

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

Where They Go

What They Do

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

experienced

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

brokerages/franchises

Primary & Secondary Terms

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: 1–25%, 2–38%, 3–38%

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: 1–5%, 2–7%, 3–61%, 3–28%

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

Please Comment on Facebook

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