The Minneapolis Association of REALTORS developed a company called 10K a few years ago. The mission of the company is to offer REALTORS outstanding market analytic reports. They have been canvasing the country offering the product through MLSs and REALTOR Associations.
Pacific West Association of REALTORS (PWR) is a large and recent new customer for 10K. WAV Group had a Q&A session with Lalaine Castillo, PWR VP Marketing and Communications to understand the strategy behind their vendor selection.
Question:What differentiated 10K from other stats vendors?
Answer:10k understands the business of REALTOR associations and our members, having deployed similar solutions for other associations. Also, Greg Sax and his staff were great to work with (accommodating, responsive.)
Question:How are you deploying the 10K products to members?
Answer:Members go to our website, click on the PWReports icon, & enter their username & MLS pw to gain exclusive access to PWReports
Question:What is your communications plan?
Answer: Periodic emails explaining value, flyers/handouts through new membership orientation, coverage through local papers (2 papers agreed to allowing PWR be the exclusive provider of market data in our area) and a live demo during our annual Tech Day event. We are also considering a youtube “training” video, and a live class on how to effectively use the reports.
Question:Are there already other solutions within CRMLS? If so, why add another?
Answer:Other solutions are either paid solutions, or the data is not readily assembled in a usable format (for example, you’d have to “crunch” data on your own then develop your own spreadsheet or bar chart.)
Question:Is this a member benefit?
Answer: Yes, PWR will be adding the service without any dues increases
Question:How is this different from the CAR-provided solution?
Answer:CAR’s “Market at a Glance” Solution covers aggregate data for the entire state of California, where as PWReports gives detailed information on the specific cities & ZIPcodes for PWR’s market area (OC & South LA.)
Question:Can agents share any of this publicly in their own marketing?
Answer:Yes, agents can use this data on their website, listing presentation, or for reporting purposes.
Pacific West REALTORS (PWR) is a local chapter of the National Association of REALTORS active in Orange County and South Los Angles, California. They are among the largest Associations of REALTORS in Southern California. PWR provides MLS services in cooperation with the California Regional MLS or CRMLS. CRMLS is a participating member of the Southern California data sharing cooperative called CARETS.
Here is a list of companies offering similar real estate market analytics products that compete with 10K: Teradatum, RBI, Altos Research, RPR, Top Producer, Trendgraphix and others.