university of auckland agents with technology oct 2014 alistair helm
DESCRIPTION
The impact of technology on the role of real estate agents - here in NZ and overseas. A presentation to property business school under graduates at the University of AucklandTRANSCRIPT
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AGENTS WILL NOT BE REPLACED BY TECHNOLOGY….
…THEY WILL BE REPLACED BY AGENTS WITH TECHNOLOGY
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ALISTAIR HELM
• Founding CEO of Realestate.co.nz (2006-2012)
• Founder Zoodle (2009-2012)
• Founder Properazzi (2012-)
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There are around 1,800,000 houses in New Zealand
The market value of the housing stock is around $725
billion
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72,000 house sales 2014
down 10% from PY
Total value of residential property sales
$38 billion in 2014
down 5% from PY
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9,500 active licensed real estate salespeople
Generated $1.3 billion in commission fees in 2014
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The average real estate sales person earned $45,000 in 2014
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MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
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TECHNOLOGY
impact on real estate
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EVOLUTION THUS FAR
TODAY
FUTURE IMPACT
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2004
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2004
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HOME BUYING
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AGENT CENTRIC
• Every aspect of real estate transaction
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GATEKEEPERS OF INFORMATION
• Printed brochures
• Sales information
• Location addresses
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CAR & PHONE
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PROPERTY ADVERTISING
• Limited information
• Single photo
• No address
• Agent role as gatekeeper
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AGENT RELUCTANCE
• Internet 10 years
• PC’s 20 years
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439 Houses for Sale
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2004 - 2014
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2005
• Maps
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2007
• Images
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2009
• Social Media
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2009
• Social Media - Agent Voices
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2010
• Video
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2010
• Floorplans
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2010
• Mobile
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2011
• Premium Advertising
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2012
• Tablet
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New Zealand
Lagging global innovation
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PLATFORM EXTENSION
• Zillow
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EXPERIENCE
• 3D - Matterport
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EXPERIENTIAL
• Totally immersive experience
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TRANSACTION
• Auction.com
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UNBUNDLING
• easyProperty
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MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
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REAL ESTATE IS MASSIVELY INEFFICIENT
• 2/3rd of time spent prospecting
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GENERIC FEEL
• Undifferentiated
• Buy the brand?
• Buy the agent?
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PROSPECTING
• How do I find an agent?
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AGENT ATTRIBUTES• Proven track record
• Local market experience
• Relevant sector experience
“Someone who has sold a house like ours, recently, in this area and achieves a fast sale at or above the market”
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WHAT LIES BEHIND THAT SMILE?
• How transparent is the real estate industry?
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DATA IS KEY
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LOCATIONSIZE
PRICESTYLE
Number of listingsNumber of sales
Asking price / Sale priceDays on the marketQuality of content
Premium advertisingMarketing performance
Social rankingLead generation
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Real Estate
It’s all about data
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MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
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LIBERATION OF DATA
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MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
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PHOTOGRAPHY
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SIGNAGE
• Still relevant
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LEVELLED THE PLAYING FIELD
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90% OF BUYERS ONLINE
• Trade Me Property
• Realestate.co.nz
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DAY 1 IMPACT
• Fast decay meanings timing is everything
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TECHNOLOGY
• The enablement of tomorrow’s real estate
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MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
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FACILITATION
• Persistance
• Emotions
• Persuasive
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NEGOTIATION
• Close
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THERE WILL ALWAYS BE AGENTS
• They may just act differently and be better informed, skilled, trained
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AGENTS WITH NEW SKILLSSUPPORTED BY TECHNOLOGY