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