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 phone’s keypad) • Press 1 Improve • Press 2 Stay the same• Press 3 Decline
Live Votes: 1–44%, 2–39%, 3–17%
Poll
20 min presentation10 min joint Q&A30 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:
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 5–8, 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 phone’s keypad)• Press 1 Urgent • Press 2 Not urgent
Live Votes: 1–91%, 2–9%
Poll
Image Credit: Gallup “Honesty/Ethics in Professions”, December 5–8, 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 needed
The Appraisal 144 Coordinate the Appraisal
Closing Preparations and Duties 145 Coordinate closing process with buyer's agent and lender 146 Ensure all parties have all forms and information needed to close the sale 147 Select location where closing will be held 148 Confirm closing date and time and notify all parties 149 Assist in solving any title problems (boundary disputes, easements, etc) or in obtaining Death Certificates 150 Work with buyer's agent in scheduling and conducting buyer's Final Walk-Thru prior to closing 151 Research all tax, HOA, utility and other applicable prorations 152 Request final closing figures from closing agent (attorney or title company)
Image Credit: Orlando Regional REALTOR® Association, The REALTOR®’s Critical Role in the Real Estate Transaction
Quest for Quality
Image Credit: Airbnb Hospitality Standards
Standards: Airbnb Case Study
<Play>
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 group3. Please introduce yourselves; closest to ‘A’ starts4. 6 minute discussion5. Chime will bring you back in6. 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
