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Zillow is a Broker – So What?

“Berkshire Hathaway Home Services, NRT, Redfin – all brokers. Do brokers drop out of IDX because they are selling homes in their market? Brokers share their listings with these large firms everyday. If Zillow joins the list, what’s the diff?” This is the conversation starter that an investment banker had with me today. I appreciate having conversations with people in the capital markets. Bankers see the world differently. They believe that markets shape themselves and that great companies lead markets. Perhaps Zillow Group has its heart in its current service offerings today. The company protests against becoming a brokerage, but [...]

By |2018-05-03T21:22:45+00:00June 21st, 2017|Main category|0 Comments

How Loyal Are YOUR Customers?

It is critical for MLSs and Brokers to measure the relationships they have with their customers.  While most MLSs do not have DIRECT competition, they have tons of indirect competition.  MLSs compete against companies that generate leads for agents since that it one of their key roles. They compete against training companies providing CE credit and teaching about technologies. MLSs also compete. MLSs also compete with companies that provide ways to aggregate and distribute real estate listing information for the purposes of monetizes the information flow.  While MLSs have survived well in the real estate ecosystem, some are more well-regarded than [...]

Brokers Can Learn Customer Experience Lesson From Mercedes Benz and Others!

If you have been to a hotel or purchased a car in the past few years, you have likely received high quality customer service as well as a survey and feedback request. According to Gartner, “Today, 89% of marketers compete primarily on the basis of customer experience.” For major companies and brands, the process of issuing a satisfaction survey after the service is complete is long expired. Today’s companies are measuring every touch point that a brand has with the customer, and for good reason! Real estate brokers can improve their performance by going deeper on tracking and improving the [...]

Big Brokers Need To Stake Their Claim Or Risk Annihilation

The start of 2017 has been like no other in real estate. We have just completed our cycle of strategic planning for brokers in real estate and every large broker is facing the same issues. Remember the folklore about the dodo bird. The species lived in a world that was so plentiful; it lost its ability to fly. In the end, that was its undoing. If large firms are not careful, they could walk off the same cliff. Small Firms Are Out Recruiting Large Firms Large real estate firms have become easy recruiting targets for small firms. The big guys [...]

Real Estate in Crisis – Is Nothing Better Than Something?

Real estate is a fascinating industry when it comes to making choices about something vs. nothing. Again and again, we see individual agents, brokers, Associations, MLSs, and Franchises make choices to set something when getting nothing may be the better strategy. I doubt that this article will have any change on the bearing of the industry, but in some small way it may influence one or more decisions today or this week by a few people. Why Do We Sacrifice Long Term Success for Short Term Gain? In our industry, people too often say “yes” to a bad deal. An [...]

Tech Helpline Offers A Great Suggestion for Agents: Make Internet Explorer your old browser

Tricia Stamper is the Director of Technology Products at Florida Realtors and helps run both Form Simplicity, their popular paperless transaction management software, and Tech Helpline, the #1 help desk for real estate agents and brokers. Tech Helpline is really the “Genius Bar” for real estate if you look at a) how popular it is (600k+ Realtors reached in North America) and b) ask anyone who has had to use the service in a crisis to save a deal what great service they provide. Tricia posted a Blog the other day that is the dream of software developers — not [...]

By |2018-05-03T21:23:16+00:00May 4th, 2016|Broker-Agent Information, MLS Insights|0 Comments

Reducing Agent Attrition – Marketing to your Agents

Brokers across America do a great job of promoting their listings to potential home buyers and sellers with attractive flyers, online promotions, open houses, and effective website promotion, not to mention MLS promotion. Most brokers have a well-oiled system for building attractive marketing materials to sell their listings quickly. In my view, there’s a hole in the focus of marketing departments. Very few of the brokerages that we work focus on promoting their OWN brand and service offerings to their OWN agents. Brokers like to complain about the lack of adoption of tools and technologies. They wistfully talk about the [...]

By |2018-05-03T21:23:21+00:00March 16th, 2016|Broker-Agent Information, Marketing|0 Comments

Brokerage Reputation Management Starts With Loving Yourself

Real estate brokers have a difficult time battling the challenges with reputation management. Brokers hire agents. Agents deliver services to the consumer. The consumer judges the brokerage on the service level of its agents. Brokers try to hire well to preserve their reputation. Around and around it goes. Many brokers to do not track their reputation as a Key Performance Indicator (KPI). They track unit volume, agent count, broker dollar, and so many other things. Only a few firms use services like Quality Service Certified or Real Satisfied or Testimonial Tree to measure satisfaction. Those brokerages who are following best [...]

By |2018-05-03T21:23:23+00:00February 15th, 2016|Main category|0 Comments

Brokers and MLSs formulate concerns over new IDX recommendations

There is a work group that recommends changes to NAR’s MLS Policy Committee on changes to the policy. This work group recently submitted suggested changes that, if adopted, would enable RSS and other electronic means of syndicating listings to third parties. Brokers and MLSs alike are very concerned about the potential infringements on the copyrights of brokers and MLSs, and the potential for law suits from home sellers. Broker participants are legally liable for the listing content as outlined in the listing contract with the seller. The broker takes on the legal responsibility for the listing through the contact. Moreover, the convents [...]

Roost to share real estate lessons with other professionals

Real Estate agents are mighty in numbers and skilled in communicating thier services to consumers. Eventhough many are critical of REALTORS, they are leaders in many ways - social media being one of them. Today Roost announced that they are planning to extend the same services they provide to real estate agents to other professional ranks. Here is the letter announcing their expansion. I’m very excited today to announce the next generation of Roost.com.  We’ve taken everything we’ve learned in the last year of building Social Marketing products for Real Estate brokers and agents and put it into this product.  And [...]

By |2018-05-03T21:25:46+00:00March 29th, 2011|Broker-Agent Information, Main category|0 Comments

Digital Life Clean Up

On the eve of welcoming in a new year, there are a couple of Digital Life Clean Up items that you may want to consider. Update your Social profiles If you are like me, you probably have accounts on Facebook, Linkedin, Twitter etc. It is a good idea to look at your profile on all of these social networks and update them to reflect the things that happened in your life this year.  Start with updating your photo. Linkedin There are new features, called SECTIONS on Linkedin that have been added this year when you are updating your profile, you may [...]

By |2018-05-03T21:25:55+00:00December 31st, 2010|Main category|0 Comments

Creating a Broker Technology Plan – Control, Transparency & Profitability (Part 5 of a 5 part series)

Brokers, large and small, face significant challenges they did not face 20 years ago.  Profit margins have eroded and control over their independent contractors has been minimized.   The consumer has taken on a much more vocal role in the process and is forcing transparency and responsiveness never before experienced.   Some of these challenges are related to technology and the advance of the Internet while others are cultural challenges that have come about through the changing broker/agent relationship.  WAV Group’s new white paper explores the issues behind the broker’s challenge to gain better control and visibility into their companies while re-establishing a [...]