The Miami Association of REALTORS® (MIAMI) and Multiple Listing Service supports 46,000 primary subscribers and more than 4000 out of area secondary subscribers. Miami have an insatiable curiosity to identify and launch products that will help their brokers, teams, and agents be more successful.
They launch a myriad of products every year, but they choose one product every year to really drive home to their members. Recently, they selected CoreLogic’s ePropertyWatch as the Product of the Year in their market. I reached out to MIAMI CEO, Teresa Kinney and Chief Operating Officer Deborah Boza-Valledor to learn about their Product of the Year program.
According to Kinney, the Product of the Year is selected by a panel of 6 presidents, 6 presidents-elect and a past president of MIAMI’s Leadership Boards and members of the executive team at the Miami AOR and MLS. The criteria for the selection is based upon product performance, adoption, product support, and most importantly – the value to the members. WAV Group is not aware of any MLS or Association that has a product of the year competition for their business partners, so we wanted to unpack the program so that other Associations and MLSs could consider it for their market.
“The best product in the world will not get any attention if it is not marketed, communicated, and introduced properly,” says Boza-Valledor. MIAMI has a multi-prong process of introducing products into the market place that includes email blasts to the members, promotion in the MLS home page, and most importantly, in house and in office training. MIAMI has 5 full time trainers complemented with 5 full time outreach staff that are constantly in the field connecting members to the products and services offered. It provides a personal touch to helping brokers, teams, and agents understand the array of resources that are provided by the Association and MLS.
A keynote of onboarding success with products like ePropertyWatch is what Boza-Valledor calls the three-click requirement. “Every product that we roll out and feature must be able to set up the service in three clicks or less,” says Boza-Valledor. Using the MLS data in combination with Roster data and Clareity Single Sign On makes all the difference. Sometimes vendors need to rethink their onboarding process to make it more efficient, but the struggle pays out in delivering an elegant, fast onboarding process for agents.
Agents are always looking for ways to connect with prospects, current clients and past clients with meaningful information. ePropertyWatch is a monthly email blast that that tells homeowners what their property is worth (CoreLogic AVM), along with market trends and active listing and sold information. It provides agents with an easy way to deliver an alternative to the Zestimate and helps agents demonstrate their local market knowledge with the most important piece of information available to homeowners – the value of their home.
CoreLogic made the product a “freemium” solution to MLSs last year, and markets like Miami were among the first to take advantage of the solution.
WAV Group has witnessed first-hand how this product shores up relationships between real estate professionals and their clients before and after transactions. It has become an important communication resource for some of our broker clients because it is such a powerful and personalized way to deliver valued information about the housing market specific to each homeowners’ property. With an open rate of over 60%, consumers are demonstrating their hunger for this information. For firms like Fox and Roach, Hunt, and many others, the service has also become a terrific source of seller leads. I use it myself to watch the valuation of my primary home and second home property in Florida. It offers a quick way to stay in touch with the market performance of your neighborhood and local market.
If you need support with choosing new technologies to offer your members or developing your marketing strategy and programs to increase adoption of your MLS or broker technologies, please reach out to WAV Group for a private consultation.