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

Aug 23, 2014

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Real Estate

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
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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

Page 2: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 3: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Journey of Discovery

Page 4: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Why Should You Care About REALTOR® Referrals?

1. Relationship value2. Sales value

Page 5: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

The Voice of257

BC Millennials

Page 6: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

67%

Image Credit: Whisper by chris dawson from The Noun Project

Page 7: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

33%

Image Credit: Browser by Adriano Emerick from The Noun Project

http://google.ca

Page 8: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

71%

However, even among the traditionalists...

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

Page 9: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 10: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Where They Go

Page 11: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

What They Do

Page 12: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

experienced

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

brokerages/franchises

Primary & Secondary Terms

Page 13: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Image Credit: Google search term: real estate agent burnaby

What They See

Page 14: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Where is REALTOR.ca?!?

Image Credit: REALTOR.ca

Page 15: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Mobile Search

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

Page 16: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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?

Page 17: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 18: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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?

Page 19: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

What Information is Valuable?

Image Credit: REALTOR.ca Burnaby REALTORS®

Page 20: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Make the Match

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

Page 21: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Image Credit: Vocus Blog

Only Part of the Story

Page 23: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

And Facebook Already Knew This

Page 24: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 25: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Next Generation Technologies

Page 26: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Predict the Near Future

Image Credit: Minority Report

Page 27: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Predictive Analytics

Image Credit: SmartZip Analytics, SmartTargeting: A Quick Tour

Page 28: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Social Analytics

Image Credit: IBM Research Accelerating Discovery: Social Analytics

Page 29: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 30: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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

Page 32: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

“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

Page 33: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

Please Comment on Facebook

Page 34: REALTOR® Match: the Future of Real Estate Referrals Webinar Slides & Recording

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