The Times are a Changing

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An exploration of whats happening in real estate agency in Australia

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The Times are a Changing

  1. 1. !   The  times  are  (always)  a  changin’   A  tribute  to  the  future  
  2. 2. Clients   !  Inman  Connect  –  USA  –  Ambassador     !  Ray  White.  Corporate  and  individual  franchises   !  LJ  Hooker  New  Zealand.  Corp  and  franchises   !  REIV.    Trainer  and  Events   !  REINSW.  Trainer  and  Events   !  REIQ.  Trainer  and  Events   !  Clubs  Queensland.  Trainer  -­‐  Events   !  NaJonal  Speakers  AssociaJon.  Speaker   !  Trade  Union  Club  of  New  South  Wales.  Tradies  -­‐  Staff  Trainer  and  MarkeJng   !  Pacific  Hoists.    Online  Strategy.  
  3. 3. Areas  of  support   !  Trends  analysis   !  MarkeJng  Think  Tanks   !  Behavior  analysis   !  Online  Strategy  and  ImplementaJon  processes   !  Product  review     !  Strategic  alliances   !  Management  and  team  coaching   !  ImplemenJng  Change  
  4. 4. Lets  look  at  some  changes   ! Changes  
  5. 5. What  happened  to  Kodak  ?   #nochange  
  6. 6. What  happened  to  Holden  ?   #nochange  
  7. 7. Qantas  were  stuck  with  an  archaic  system   #nochange  
  8. 8. ?...      92  Million  reasons  to  smile…    
  9. 9. Taxi!    
  10. 10. Uber!  
  11. 11. lyft!  
  12. 12. 58/31                ?  
  13. 13. 58/31       How  well  are  You  communica/ng?    Are  you  speaking  their  language?   Franchisor  to  Prospects?   Franchisor  to  Offices?   Offices  to  Teams?   Offices/Teams  to  Consumers?                      Are  you  really  relevant?   50%  of  the  worlds  populaJon  is  under  30  
  14. 14. How  well  is  our  industry  dealing  with  ‘Change’   ..“We  can’t  rely  on  the  things  that  got  us  this  far  to  get  us  to   through  the  next  stage”..   ..’Its  what  the  girl  does  when  she’s  finished  her  real  work”…   .**  .”  As  we  conJnue  to  invest  in  our  businesses  future,  we   believe  the  best  place  to  be  is  at  the  intersecJon  of   innovaJon  and  technology  “…      **  Old  stuff  sJll  works!  Just  be  sure  to  test  and  measure  that  it  actually  does.  
  15. 15. How  well  are  you  fuelling  your  machine?   !  Inman  Conference  and  NYC  Real  Estate  Study  Tour   !  Sponsored  by  REIV  REIQ  REISA  REIWA  Training  Depts   !  Tour  Leader  -­‐  Me   !  Jan  25  –  Feb  3  2015   !  Real  Estate  Tech  Conference   !  Visit  4  offices  in  NYC  and  Washington   !  Visit  New  York  Times  Office   !  Network  with  other  tech  and  innovaJon  minded  peeps   !  Or  just  go  visit  3  really  great  Pros  every  year.     !  #jfdi   •  *Bevan  2000  
  16. 16. All  my  friends  are  dead   2014  Real  Estate  Industry   Behavioral  Trends  Report   Factual  and  Anecdotal  Study   -­‐USA,  Australia,  NZ   -­‐October  2014   -­‐Franchises,  REI’s,  Independents,  Agents,   Salespeople,  Admins,  Sellers,  Buyers,   Tenants,  Investors.  
  17. 17. Interim  findings   !  Age  of  industry  entrants   !  EducaJonal  levels  of  new  entrants   !  Premises   !  MarkeJng     !  RelaJonship  Management   !  Consumers  are  confused  at  how/why  we  do   business  
  18. 18. Where  do  YOU  fit  in?   ! Self  Assessment  and   Workshop  
  19. 19. Survey   !  Please  rank  the  three  most  important  challenges  facing  your  business   today  from  the  list  provided  below:   !  Keeping  consumers  informed  and  up-­‐to-­‐date   !  Rising  costs  of  operaJng  the  business   !  Keeping  up-­‐to-­‐date  with  new  technology  for  connecJng  with  customers   !  Staffing:  retenJon  and  recruitment  demands   !  Understanding  and  using  technology  within  our  business  effecJvely   !  The  emergence  of  new  business  models  within  the  industry  (eg.  BouJque   agencies)  
  20. 20. Survey   !  Are  you  considering  making  any  significant  changes  to   the  way  you  conduct  your  business  in  the  near  future?     !  Yes,  I  am  definitely  implemenJng  some  significant   changes  in  the  near  future   !  Possibly,  I  am  currently  considering  my  opJons   !  No,  it’s  business  as  usual  for  us   !  *Share  examples  please  
  21. 21. Survey   !  If  the  lease  for  your  business  premises  was  to  require   renewal  for  a  further  3-­‐5  years  today,  how  likely  would   you  be  to  commit  to  a  further  3-­‐5  year  period?   !  I/we  would  definitely  renew  the  lease  on  our  premises   without  quesJon   !  We  would  probably  renew  the  lease  on  the  premises,   but  we  would  debate  the  pros  and  cons  beforehand     !  We  would  possibly  not  renew  the  lease   !  We  would  definitely  not  renew  the  lease     *Assume  not  owned  personally  or  smsf  
  22. 22. Survey   !  Where  do  your  sales  leads  come  from?  Please  tell  us,  from  the  following  list,  which  are  the   three  most  important  sources  for  genera/ng  sales  leads.  Only  rank  the  top  three  most   important  channels.   !  Online  real  estate  portals  (eg  realestate.com.au,  domain.com.au)   !  Agency  websites  eg.  Ljhooker.com,  raywhite.com  professionals.com.au  )   !  Shopfront   !  City  Newspaper  real  estate  secJons  –  eg.  The  Age,  The  Courier  Mail,  The  Sydney  Morning  Herald   !  Local/Regional  Newspaper  real  estate  secJons   !  For  Sale  Signs     !  Direct  markeJng:  eg.  lener  box  drops/pamphlets  in  lenerboxes   !  Personally  managed  database  (Q:  does  this  mean  by  individual  reps  or  business  as  a  whole?)  
  23. 23. Survey   !  Does  your  business  use  a  CRM  system  to  manage  and  maintain  rela/onships  with  past  and   current  clients?   !  Yes   !  No   !  If  a)  to  above,  ask:   !  Please  indicate  how  strongly  you  agree  with  the  following  statements:   !  My  reps  and  I  diligently  use  our  CRM  system  to  manage  and  maintain  our  business  relaJonships   !  I  believe  there  is  scope  for  my  business  to  use  our  CRM  system  bener   !  We  have  a  CRM  system  but  we  don’t  use  it  very  much   !  Our  CRM  system  needs  to  be  improved  or  modified  in  order  to  serve  our  business  bener  
  24. 24. Survey   !  How  much  /me  do  you  spend  prospec/ng  for  staff   each  week?  Please  select  the  answer  that  most   accurately  reflects  your  situa/on,  if  you  were  to   average  it  out  over  the  course  of  a  week.   !  Less  than  3  hours   !  Between  half  a  day  and  a  full  day  each  week   !  More  than  a  day  each  week  
  25. 25. Survey   !  What  would  you  do  if  you  knew  that  inside  12   months  that  your  most  dominant  compe/tor  was   going  to  go  100%    digital?...   !  1.  Ignore  it.  We  have  a  winning  formula  now     !  2.  We’re  already  highly  digital  (explain  how)   !  3.  Engage  a  strategist  to  move  first  and  trump  them    
  26. 26. Survey  
  27. 27. Profile  of  Australasian  Agent  2000-­‐2010     ! 10  years  or  more  of  service    =  +  or  – You.  200  Mgmts.  2  Salespeople.  Sells  a  few.  Owns  Bldg.  Partner  is  PM/ Bookkeeper.  Age  55-­‐65.  Small  mortgage.    Loyal  to  brand.     !  Research  notes   !  *One  major  franchise  has  started  another  brand  to  rebrand  their  10   years  +  veterans  to  open  up  poorly  serviced  trade  areas.   !  Average  age  for  enrollments  in  licensing  courses  has  dropped   !  Second  and  third  gens  are  ramping  up  the  customer  service,  tech,   markeJng  and  sales/mgmt  volumes.  
  28. 28. Profile  of  Australasian  Agent  2012+   !  32+      -­‐  Either  Gender  –  Uni  Degree  in  MarkeJng  and  or   business  management.  Private  financial  backing.  Strong  social   connecJons  online.  Savvy  to  online  markeJng.  Not  as  familiar   with  print.    Ruthless  business  and  people  decisions  re  costs.   !  High  Invest  in  self  educaJon.  Low  tolerance  to  BS.   !  First  5  years  associated  to  franchise,  then  self  branded.     !  Not  confined  to  geography.  Believe  in  the  ‘People’  business   !  Informal  work  spaces.    Flexible  work-­‐life  balance.   !  Highly  mobile.  Use  smart  devices  as  natural  extensions.  
  29. 29. New    players  tools   !  Dedicated  to  databases  and  relevant  data  comms   !  Research  and  use  Big  Data   !  Web  and  behavioral  savvy  to  tech   !  -­‐Proficient  in  Mobile  devices  and  the  Cloud   !  -­‐Pop-­‐up  sites  and  targeted  campaigns   !  Challenge  ‘the  norm’   !  Social  media  relaJonship  savvy.  
  30. 30. What  are  the  Consumers  saying?          ?  
  31. 31. Hear  it  Direct   !  Half  Day  Consumer  Panels  –  Live  audience   !  -­‐6  Buyers   !  -­‐6  Sellers   Feedback   Want  relevant  info,  not  spam   Want  to  see  videos  including  the  neighborhood   They  don’t  want  to  be  your  friend     They  don’t  care  about  your  awards     They  want  a  professional  connecBon.  Sincerity.   They  want  to  know  you  care.   They  want  you  to  explain  the  process   They  want  to  be  listened  to  (and  heard)   They  only  use  you  because  they  believe  they  have  to..    (for  the  moment)…  They   believe  tech  will  change  that  in  Bme.   Strongly  quesBoning  our  fee/Value  
  32. 32. Recruitment   !  USA   !  Larger  firms  (20+)  are  .75  -­‐  1  day  p/wk  prospecJng  for  staff.  Its   straight  numbers  for  them.   !  Build  Database  of  cold  to  hot  prospects   !  -­‐Email  campaigns    (Build  RelaJonships  and  recognize  orphans)   !  -­‐Community  and  Club  events   !  -­‐Social  media  interacJons   !  RecruiJng  on  ‘shared  values’.    <<<  Huge!     !  *Happy  Grasshopper  
  33. 33. Technology   !  Move  to  the  Cloud  for  speed,  cost,  accessibility,  maintenance   !  AdopJng  mobile  devices  for  all  team   !  Moving  to  Paperless  for  cost   !  ‘One  best  way’  for  office  technology  soluJons   !  Use  of  Google  soluJons   !  Designated  tech/data  officer    
  34. 34. Marketing   !  TesJng  and  measuring  every  form  of  markeJng     !  Researching  Big  Data  and  moving  before  and  with  trends   !  Having  a  clearly  idenJfiable  #POD.  Far  beyond  ‘Average’   !  Magnificent  markeJng  presentaJon  and  or  person  to  present   !  InvesJng  FAR  beyond  the  franchise  online  offering.   !  -­‐  Lead  gen  sites.    -­‐Dedicated  CRM  plan  and  person   -­‐  Online  ads  eg:  FB  and  Google  retargeJng   -­‐  Salesperson  sites.     -­‐  Video-­‐  Video  –Video   -­‐  Strategic  social  engagement    
  35. 35. How  well  are  you  fuelling  your  machine?   !  Inman  Conference  and  NYC  Real  Estate  Study  Tour   !  Sponsored  by  REIV  REIQ  REISA  REIWA  Training  Depts   !  Tour  Leader  -­‐  Me   !  Jan  25  –  Feb  3  2015   !  Real  Estate  Tech  Conference   !  Visit  4  offices  in  NYC  and  Washington   !  Visit  New  York  Times  Office   !  Network  with  other  tech  and  innovaJon  minded   peeps  
  36. 36. Change  or  Die  

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