Notice how I did not say web analytics? A large chasm exists between marketing, technology, and business in connecting the dots between what is the value of their efforts. A gap I have seen in digital strategies inside and outside of the real estate industry. Building a bridge across these disciplines requires insight on valuing ROI into a strategy and ensures consumers are given an experience appropriate for the brand.
As I close out my first year as an independent consultant, I am grateful to the people who allowed me to assist in their business challenges. With every day being a new opportunity for learning, I thought I would share some experiences that I have encountered over the past year.
Telling Your Data Story – Easy Access to RESO’s Organization Unique Identifier with Microsoft Power BI.
I have been working with the Organization Unique Identifier (OUID) data from the Real Estate Standards Organization (RESO) for over the last nine months. RESO OUID data combined with other data sets for business analysis is critical for today’s enterprising brokerages. My task was to see how I can make it easy for others to access the RESO OUID and incorporate other data for analysis. The answer – Microsoft Power BI.
Realogy Franchise Group brought together 300 industry leaders to hear and vote on their 6th Annual Realogy FWD Innovation Award. Sherry Chris of Better Homes and Gardens Real Estate is the brand sponsor of the event but it was really a team effort that fostered collaboration among all of their brands. Chairman Ryan Schneider kicked off the event with opening remarks that focused Realogy’s strategy for the event suggesting that Realogy always balances the decision of “Build, Buy, or Partner” in all of their technology decisions. He noted that for Realogy, it is “our opportunity to leverage technology,” remembering that real estate is a human focused business enhanced by technology.” Well said.
In real estate, agents and brokers talk about sales. They talk about how many and how much. Time to get our language right. Instead, let's say..... On behalf of our clients, we have negotiated XXX transactions for $xxxxxx. Stop saying that you sell. Start saying that you negotiate. Reclaim your value. Think about it. Short post.
There is a progressive MLS leadership group that is fighting on behalf of brokers to make dramatic improvements in data management that needs broker support for their efforts. The group is called MLS Roundtable, made up of eight MLSs representing 300,000 brokers and agents. In an article published this week called Measuring Success for MLS Executives, Kathy Condon, President and CEO of Massachusetts regional MLS PIN scribes an eloquent synopsis of the status of migrating data feeds from the RETS transportation method to RESO Web API. She urges the industry to move forward quickly and responsibility. They need brokers to support the effort by encouraging more MLSs to focus their attention and treasury to RESO Web API adoption.
Wow, just saw this and just HAD to comment. It’s rare that we see brokers go at each other so publicly about their competitive claims, but I have to say this letter is pretty interesting. The real estate industry is rife with hyperbole and marketing claims. Our industry’s preference of opinion over fact is one of the main reasons I started a research practice within WAV Group. The birth of business intelligence is allowing brokerages new ways to substantiate or refute claims like the article from Moxiworks shown below. Moxiworks is using MLS data married with BI tools to refute [...]
In a video announcement released yesterday, Tom Hosack, President and CEO and Broker of Record of Northwood Realty announced the acquisition of Berkshire Hathaway HomeServices The Preferred Realty, creating what may be the largest real estate company in the greater Pittsburgh marketplace. The combined company forecasts more listings, more closings and more sales volume than any other competitor.
It’s real estate tech’s best sleeper story of super success. Tech Helpline, created and owned by Florida Realtors, is the real estate industry’s number one tech support service. By a county mile. I will bet you can’t even name who is ranked number two. Or three, or four, or any of their direct competitors for that matter. I can’t, and I am a consultant for them. Where else in real estate tech or proptech can you make that claim? Where does a real estate related tech firm dominates a category so profoundly? Tech Helpline is currently available to nearly half [...]
In talking with various people inside brokerages, I hear the same challenge time and time again. "My data is all over the place and I have no way to figure out what it means." Driving information out of your data is Business Intelligence (BI). There are free or low-cost solutions to help analyze data in your control and derive the answers needed to make better business decisions.