agents

Redfin Offers Method To Modernize IDX

by Victor Lund on September 19, 2017

“Let’s modernize IDX by linking to the listing broker!” IDX or Internet Data Exchange is a thesis that was developed by the collaboration between Brokers and MLSs that outlines a set of display rules for listings on broker websites. The idea behind IDX is that of cooperation among brokers. Fundamentally, the IDX policy states that a broker allows all other brokers participating in an MLS to display their listings on any broker (and usually Agent) website. Over the years, the IDX policy has evolved. And today, Redfin CEO, Glenn Kelman suggests a radical new change. Kelman would like the IDX policy to require that every display of IDX listings provide a link to the listing broker’s website. As the screenshot illustrates, the National Association of REALTORS® MLS Policy on IDX requires the Broker to be identified as shown here. Displaying the listing agent is a local election and sometimes required. In the illustration below, everything is static. The big idea is to add a requirement to include a hyperlink to the broker/agent website (canonical source of information). Kelman goes further in the development of his concept to suggest that the broker name and link be prominently displayed above the fold (top of the page before you scroll). WAV Group joins Redfin in the belief that this would massively increase the traffic to listing brokers’ websites form search engines. Having hundreds of real estate websites link to the listing brokerage for each listing should completely re-orient search rankings. Search Engines are always looking for the most authoritative source of information – including real estate information. Kelman has strong beliefs and enormous respect for the listing firm. “The listing broker is the one who pays for, reviews and uploads all the photos. The listing broker updates and validates all the data about the property, and writes the marketing description. The home-buying consumer should be able to find her way to the full listing on the listing broker’s site, where she may also be able to see virtual tours, three-dimensional scans, and additional marketing materials about the listing, not to mention details on how to ask a question about the home or even arrange a tour with another agent at the listing brokerage if that’s what she prefers.” WAV Group’s research and analytics team finds that Redfin is, by a factor of two or three, the most popular brokerage website today. The leading […]

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CoreLogic Logo

IRVINE, Calif., September 11, 2017—CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled solutions provider, announced today that its focus on innovation in real estate solutions is helping drive its market penetration to record heights. Across all its solutions for residential real estate—which include listing, property information, and brokerage management platforms—CoreLogic now serves more than one million real estate agents throughout the United States and Canada. The most widely used CoreLogic solutions are Matrix™, North America’s leading multiple listing platform with approximately 750,000 users, and Realist®, the real estate industry’s most popular property information and advanced mapping system with more than 800,000 users. Many clients use both Realist and Matrix, but the combined unique user count is over a million. “Serving a million unique users is a tremendous milestone,” said Chris Bennett, executive leader of Real Estate Solutions for CoreLogic. “We’ve worked hard to deliver the forward-looking solutions our clients need to thrive in the modern real estate economy, and this is the result. Now we’re focused on Matrix 360, a project that will combine Matrix and Realist on the same platform, culminating in a groundbreaking property-centric system that will set the standard for the entire industry. We showed off many innovative ideas for future development at our annual Real Estate Solutions User Group Summit in Dana Point, Calif., and our clients just loved it.” CoreLogic recently completed a multi-year conversion project to consolidate its legacy multiple listing platform clients on Matrix. Version 7.0—the latest upgrade currently rolling out to customers—introduced a responsive client portal that agents can use to collaborate with buyers on the home search process. “Our agent members are raving about the new Matrix client portal,” said Merri Jo Cowen, CEO of My Florida Regional MLS. “The design, the usability, the mobile-friendly interface… everything is great. Most importantly, homebuyers and sellers are loving it too.” About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company’s combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on […]

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Coldwell Banker Ackley Realty

When was the last time you got a friend request on Facebook from someone who hadn’t bothered to upload a profile photo and was still using the grayed-out floating head instead?   I’m hoping it was a while ago, but maybe you can remember how you felt when a faceless person reached out to touch you.  When I get one of those I simply delete the request and move on. If someone doesn’t care about enough about their friends and colleagues to even upload a picture I’m not really interested in connecting with them. Do you see how consumers may feel the same way when they encounter a faceless “secret agent” on a portal or third-party website? And on portals like Zillow, where other agents can advertise to appear on anyone’s listing, neglecting to add a photo or any other information about an agent could lose clients left and right as buyers gravitate toward the agent who looks like a human being instead of the one who really knows the listing. Here is a reminder of what consumers see when they go looking for more information about your agents and who they are. Art, Cheryl, David, Eric and John look like pleasant, competent people, but it’s anyone’s guess what the other 13 agents on the page are like. All we know is that they couldn’t be bothered to upload an image, and we’re probably out of luck when it comes to a profile, too. Brokers, it’s your brand at the top of the page, so this reflects on you, too. But what can you do about it? Make profile set-up part of agent onboarding. If your agents are creating or updating profiles as another item on the onboarding checklist, they’re more likely to get it done. When you hire a new agent, make this part of the process. Host a profile set-up session during an office meeting. Don’t let your current agents off the hook. Give them an opportunity to get with the program by going over how to write a profile and the ins and outs of updating it everywhere.  Host a profile set-up session at your office and have every agent in the office set up their profiles together! Have your office managers review profiles for every key site and work with their agents to update them. A little accountability goes a long way. Asking your office managers […]

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CRM

Real estate brokerages waste valuable growth opportunities by over-focusing on new client adoption and agent recruitment instead of implementing solutions for the retention of both. Industry research shows that repeat clients spend 67% more than first-time clients, so agent and client turnover reduces a brokerage’s potential return-on-investment (ROI) for marketing and training dollars. The key to capturing these high yield sales is enabling agents to efficiently communicate with clients throughout the sales process and beyond. A Customer Relationship Management (CRM) solution significantly boosts the ability of agents to foster long-term relationships, driving repeat—and more profitable– sales. The potential benefits of an experienced agent’s digital rolodex, or CRM, cannot be understated. Given that 80% of buyers would use their agent again, or refer their agent to others, an agent doesn’t have to engage in costly marketing tactics to convince prospects of their value—they’ve already proven it. Agents who have been with a firm for a number of years have cultivated a broad network of the most fruitful prospects. Since client acquisition costs five times more than retention, it makes business sense to provide a targeted CRM tool for agents to maintain positive client relations before and long after the sale, with the added benefit of acquiring additional new referrals. A CRM enables agents to show their professionalism and dedication at every client touch-point, maintaining a top-of-mind presence even years after a sale. Agents can create a 360 degree client view to deliver anticipatory service that increases trust and loyalty. This relationship deepens even after the sale through continued outreach via e-Newsletters, drip campaigns, social media posts and personalized communication on important dates such as anniversaries of new home purchases. More powerfully, a CRM can track response metrics such as how many past clients clicked on electronic links, providing insight into potential leads for harnessing repeat business. Providing effective tools to bolster agents’ achievement positively influences a sense of loyalty toward the firm. As consumer expectations continually rise, brokerages are coming under increased pressure to reduce commissions—which makes it difficult to retain top performers. However, an effective CRM can reduce agents’ time spent on attracting new leads, managing the end-to-end processes of closing the deal, and maintaining communication with existing and past clients. In effect, a CRM increases production with less ‘hands-on’ investment from the agent, making their time spent on each transaction more financially worthwhile. A satisfied agent is one who […]

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CRM Impact on Recruiting and Retaining Agents

by Victor Lund on June 27, 2016

WAV Group has deep experience supporting real estate brokers on the selection and adoption of Customer Relationship Management (CRM) for their agents. Sometimes the best business strategy is a simple one. All research points out that successful real estate agents have 500 or more legitimate prospects in their CRM and they actively communicate with those prospects with a customer for life philosophy. Bearing this in mind, a broker or manager can better understand customer value of agent recruiting and retention. If you have been in the industry a long time, you may know the story of Intero Real Estate in Silicon Valley. They worked with a company to build a CRM that became the cornerstone of their business. They used it to recruit like crazy from Alain Pinel and Coldwell Banker and became one of the largest brokerage firms in America under the leadership of Gino Belfari. Granted, having an agent CRM is a requirement for brokerages today, and Mr. Belfari and his partners built the business on far more than a piece of technology. But this is an iconic story that shows the representational value of implementing CRM successfully in a brokerage and the resulting value of how agents using CRM leads to customer development, customer retention, and long term success.   Agent Experience Demographics Recently, we have begun to create three categories of agents: New Colonists, Old Colonists, and Native Loyalists. The New Colonists – Those who have been in real estate less than six years and at the brokerage less than six years. The Old Colonists – Those who have been in real estate more than six years, but who are relatively new to the brokerage. The Native Loyalists – Those who are well experienced in real estate with over seven years of experience and who have also been at the brokerage more than six years. Interestingly enough, we have begun to use this methodology with all of our enterprise software adoption research. As it turns out, year six seems to have a material breakpoint in terms of behavior. At year six, the agent is experienced and routine in their behavior. Changing behavior for people who have been in real estate for less than six years is very different than changing behavior for professionals who have been working in the industry for more than six years. More importantly, it is vital to communicate differently to these groups. […]

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Best Days to Reach Agents

by Victor Lund on March 13, 2012

There is an old pubic relations myth that indicates that the best day for issuing PR is on Tuesday. This opinion is likely formed from the days when media was printed on paper or broadcast on TV. Tuesday is not the top day anymore. For today’s MLS, Association, or any other company that supports real estate agents, communication is very important. The timing of that communication is also very important. Despite the nay-sayers that preach “REALTORS don’t read,” we have learned that they do. They read a lot. In fact, the problem with communicating to real estate professionals may not be related to their reading habits, but the sheer volume of information that is pushed to them each day. I think that one of the near term issues that MLSs and Associations will encounter in the near future is vendors spamming agents. Some MLS offer 40 products either as member benefits or premium services (hunting licenses). In some cases, each vendor may send as many as 1 or 2 emails each week to every MLS subscriber. Ouch. This makes it nearly impossible for the MLS to get their own message through. Here is a tip.

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