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REALTOR® Professionalism: Rising from the Bottom Webinar Slides

Aug 23, 2014

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Real Estate

Raising perceptions of REALTOR® Professionalism both within our industry and in the eyes of the public is key to the long-term health of the profession. Real estate agents consistently rank in the bottom 25% in terms of perceived honesty and ethics. Our research uncovered the need for immediate action, and provided insights from both within real estate and other industries on how strategies could be developed.

This is the second of our three 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

  • JOURNEY OF DISCOVERY REALTOR PROFESSIONALISM: RISING FROM THE BOTTOM FORCE OF INDUSTRY CHANGE #2 PROFESSIONALISM WEBINAR PRESENTERS: ADAM LERNER & MONIQUE MORDEN 19 June 2014
  • Over the next five years, do you think perceptions of REALTOR Professionalism will... (use your phones keypad) Press 1 Improve Press 2 Stay the same Press 3 Decline Live Votes: 144%, 239%, 317% Poll
  • 20 min presentation 10 min joint Q&A 30 min breakout group discussion * Press 5 at anytime for technical assistance * Take notes and use the chat window to ask questions Our Agenda Participant to Monique:
  • Journey of Discovery Website
  • Perceptions of inconsistent quality, dishonesty, and lack of value affects all REALTORS... despite your personal record. Why You Should Care About REALTOR Professionalism
  • REALTOR Pride
  • Very low / Low % 24 25 20 22 23 26 22 23 25 26 27 25 26 22 25 34 31 28 30 31 Real Estate Agent Honesty & Ethics Image Credit: Gallup Honesty/Ethics in Professions, December 58, 2013
  • How do these perceptions compare to your personal experiences with REALTOR honesty & ethics?
  • Satisfaction Professional Image Credit: Applause by Hum from The Noun Project
  • Time for Action Image Credit: Johannes Vietze Depiction of the PDCA cycle (or Deming cycle), under Creative Commons Attribution-ShareAlike 3.0 Unported License
  • What is the level of urgency for BC organized real estate to improve REALTOR professionalism? (Use your phones keypad) Press 1 Urgent Press 2 Not urgent Live Votes: 191%, 29% Poll
  • Image Credit: Gallup Honesty/Ethics in Professions, December 58, 2013 Learning from Engineers
  • Watershed Event Image Credit: Johannes Vietze Depiction of the PDCA cycle (or Deming cycle), under Creative Commons Attribution-ShareAlike 3.0 Unported License
  • Image Credit: Dmetric Engg Ringing CU.jpg, Wayne State University, under Creative Commons Attribution-ShareAlike 3.0 License Ritual & Oath
  • The technological forces changing our world have illuminated a new path, a path leading to a whole new engineer, an engineer appropriate to our time and the foreseeable future, appropriate to the eager young people of our world, appropriate to those who wish to join the excitement of our times actively, directly, wholeheartedly, and now. Therefore, we come together, in the light of growing awareness and heightened urgency, and shine a big beacon upon needed change. The status quo will not go easily, but go it must. Image Credit: Big Beacon Manifesto Continuous Improvement
  • Will it take a watershed event to transform REALTOR Professionalism?
  • 110 Prepare and convey any counteroffers, acceptance or amendments to buyer's agent 111 Fax copies of contract and all addendums to closing attorney or title company 112 When Buy-Sell Agreement is accepted and signed by seller, deliver to buyer's agent 113 Record and promptly deposit buyer's earnest money in escrow account. 114 Disseminate "Under-Contract Showing Restrictions" as seller requests 115 Deliver copies of fully signed Offer to Purchase contract to seller 116 Fax/deliver copies of Buy-Sell Agreements to Selling Agent 117 Fax copies of Buy-Sell Agreement to lender 118 Provide copies of signed Buy-Sell Agreement for office file 119 Advise seller in handling additional offers to purchase submitted between contract and closing 120 Change status in MLS to "Sale Pending" 121 Update transaction management program to show "Sale Pending" 122 Review buyer's credit report results -- Advise seller of worst and best case scenarios 123 Provide credit report information to seller if property will be seller-financed 124 Assist buyer with obtaining financing, if applicable and follow-up as necessary 125 Coordinate with lender on Discount Points being locked in with dates 126 Deliver unrecorded property information to buyer 127 Order septic system inspection, if applicable 128 Receive and review septic system report and assess any possible impact on sale 129 Deliver copy of septic system inspection report lender & buyer 130 Deliver Well Flow Test Report copies to lender & buyer and property listing file 131 Verify mold inspection ordered, if required Tracking the Loan Process 132 Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned 133 Follow Loan Processing Through To The Underwriter 134 Add lender and other vendors to transaction management program so agents, buyer and seller can track progress of sale 135 Contact lender weekly to ensure processing is on track 136 Relay final approval of buyer's loan application to seller Home Inspection 137 Coordinate buyer's professional home inspection with seller 138 Review home inspector's report 139 Enter completion into transaction management tracking software program 140 Explain seller's responsibilities with respect to loan limits and interpret any clauses in the contract 141 Ensure seller's compliance with Home Inspection Clause requirements 142 Recommend or assist seller with identifying and negotiating with trustworthy contractors to perform any required repairs 143 Negotiate payment and oversee completion of all required repairs on seller's behalf, if neededImage Credit: Orlando Regional REALTOR Association, The REALTORs Critical Role in the Real Estate Transaction Quest for Quality
  • Image Credit: Airbnb Hospitality Standards Standards: Airbnb Case Study
  • Could our own Quality Movement help transform real estate Professionalism?
  • Image Credit: realtor.ca based on random search results for realtor.ca designations Trust Us
  • Would higher barriers to becoming a REALTOR increase quality and perceived Professionalism?
  • Considering Compensation Image Credit: Redfin.com How much does a Redfin Agent Earn?
  • Would perceptions of REALTOR Professionalism improve by adopting alternate compenstation models?
  • Image Credit: REBGV Collective Enforcement
  • Enforcement: Ushahidi Case Study Image Credit: Ushahidi-Haiti Tufts University
  • Transparency: 3-1-1 Case Study Image Credit: Vancouver 3-1-1 Contact Centre Metrics Data
  • How can an easier REALTOR complaints process increase Professionalism?
  • Conclusion
  • Send questions to Monique or All Joint Q&A Participant to Monique:
  • Press 1: How could our own Quality Movement help transform real estate Professionalism? - Press 2: How can compensation methods positively affect perceptions of Professionalism? Press 3: How can an easier REALTOR complaints process increase Professionalism? Press 4: Would higher barriers to becoming a REALTOR increase quality and perceived Professionalism? Live Votes: 1-25%, 2-15%, 3-19%, 4-41% Topic of Most Interest to You
  • 1. Will be broken into groups of 3 2. Chime indicates you are in breakout group 3. Please introduce yourselves; closest to A starts 4. 6 minute discussion 5. Chime will bring you back in 6. Selected breakout groups provide highlights Breakout Group Process
  • 1 2 3 May 29 June 19 July 10 Consumer Autonomy REALTOR Professionalism REALTOR Match Journey of Discovery Webinars http://web.bcrea.bc.ca/jod/events.htm
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