In a LOT of ways... Its already here.
As an Internet marketing consultant who prides himself in debunking current thoughts on what actually works and doesnt? I invest a fair amount of time with my clients across the Country..
I travel a lot. I mean, a lot.
Because I visit different regions of the country, I get to hear first-hand not only what brokerages and agents are talking about, but also the public at large. Its amazing what you can learn in a Starbucks for 4 hours with 20 $5 cards and a clipboard of questions.
Here's what I can tell you: there has been much speculation these last two years, about what the real estate brokerage of the future will look like. What you may not know, is the brokerages of the future are already here. There are several firms across the country that are rethinking the old paradigm and boldly exploring new frontiers. Here is a one example of such a brokerage, located in Los Angeles, California.
"Well, a typical day here is a bit different than what you might find at other brokerages," says Dane Findley, Marketing Director at Partners Trust Real Estate Brokerage and Acquisitions. "We believe what real estate professionals really want most from their brokerage is cutting-edge coaching and education, and state-of-the-art technology tools, so you'll see that belief reflected in our culture. This is how we spend our time and energy."
At PT, a Social Media Tutorial is presented every Wednesday morning at Partners Trust, during which Associates learn inside tips on using digital media to provide value to their communities and motivate each other to work their social media campaigns. These tutorials include everything from effective blogging tips (each agent has his/her own hyper-local blog) to how to drive your existing clients onto your 2.0 tool set.
Thursdays is Press Room Day -- an editorial story meeting where Associates exchange story ideas for their blogs, offering each other support and constructive criticism. "Each Associate is encouraged to have at least one Social Object, which is a hobby or interest other than real estate, around which an ongoing series of hyperlocal features can be built," reports Findley. "Authenticity is essential. If you want to write about the best dog parks in Santa Monica, or record video segments about your never-ending search for the perfect cup of coffee in Brentwood -- as long as it feels real and interesting to you -- we run with it."
Also on Thursdays is Workshop, when the Founding Partners gather round with their laptops and smart phones to catch-up on their social media channels, conversing on Twitter and Facebook, and leaving comments on local blogs and online forums. "Of course, we spend an enormous amount of face-time out in the field, but it's also important to build into our schedule our journalistic endeavors and social media protocols," states Findley.
Friday mornings is reserved for Enrichment Series at Partners Trust. Currently running is a 13-week group called Think Rich, designed to help Associates explore their own inner-relationships with money. Explains President Nick Segal, "we find that prosperity loves enthusiasm, so we make sure to laugh a lot around here and have a good time." This forward-thinking brokerage invests in the happiness of its Associates, and it shows in the design of the interior office spaces -- replete with water features, textiles, and eco-chic colors and materials -- even the air quality and acoustics have been considered. "Since all Associates own a piece of this Brokerage, each one feels a sense of responsibility and connectedness to the team," says Segal. "When the Associate feels good, they, in turn, provide their clients with a premium level of service. What I mean is, you can't get away with having a boring, stale office and then ask your Associates to be dynamic sales people. It simply doesn't work that way."
As a consultant for Partners Trust, I have shadowed members of the team and I've realized that one of the keys to their success has been a deep commitment, from the top-down, to their social media program. Whether or not to participate in the program is the decision of individual Associate, but the company as whole is fully committed to providing relevant and useful (and often entertaining) information to their clients in between transactions. "Well, let me put it this way," explains Findley, "it's only 11:30am, and I've already filmed one video and posted two blog posts from Associates. Every single one of the Flip cams has already been checked-out from our Concierge Station. That means that my team is out there, bringing their neighborhoods to life by sharing stories and finding the best things to do in the communities of Los Angeles."
Yes, the Brokerage of the Future is a mind-set. A comitment to teach and encourage their agent to spread their wings and move toward new technology while embracing age old social strategies.
If your real estate brokerage is doing something different, or if you know of one that is, please share what they're doing in the comments section. I always welcome success stories of brokerages that are doing new and inventive things that work. (But I may check it out and blog about it, so beware!)
Meanwhile, in the video below, one of my clients shares with you some of our helpful tips for getting the most out of your marketing and lead-generation efforts:
Jim:
It's refreshing to see a brokerage taking a novel, but well worthwhile approach. I suspect there are some snippets of this in some other firms altho perhaps not this extensive. I, adn others I imagine, will be interested to hear what else you uncover, espe. if we have any influence with our current brokerages.
Jeff
Hi Jim -- Thanks for sharing. I started my own brokerage as I got tired of corporate bureaucracy and lack of innovation. This brokerage seems very cool, cutting edge, and committed to their agents! Bravo!
IMHO The days of the dog n pony show are over - boutique brokerages can offer higher compensations with virtual work from home options for experienced REALTORS who all bring something of value to the table by meeting regularly (at local coffee house conference rooms with wi fi) to help each other's businesses grow and offer coaching and transactional problem solving in this morphing market. It's a paradigm shift only those with vision can embrace:0)
Jeff, It really is nice seeing a brokerage that has chosen to lead and teach rather than recruit and ignore... These guys decided early to use SM to help their agents increase their reach to their sphere...
Chirs, GOOD ON YOU! Check them out and steal some great ideas... It is a HAPPY place to vist.. (I have spent quite a bit of time there)
Jeff, Not sure I agree... If you believe that a Broker can no longer create a live up to a brand promise that creates biz and additional opportunity for their agents.... maybe.
But I am watching it happen...
Thanks for the tips!
I note that alot of the new paradigms for doing business have started out west...which means that it will take how long to take toot here in my area? And, what does it mean for those of us who have embraced the changes ahead of time but are fighting against the grain where we are?
Hello:
It sounds like an interesting approach. In my mind, the brokerage of the future looks a lot like ZiP does today.
Jim - very interesting. It sounds like they have found a way to embrace our changing world.
Sounds like a progressive place! Very cool.
Jim, are you aware of a similar brokerage in DFW?
Sounds like training classes to me.
Thanks for the insight Jim. Me and my wife just launched our own brokerage and we are investing all of our resources in next generation marketing. Social networking and the internet will be the core of our marketing efforts. We see this as the future and want to lead our market. I will be posting more details as our story unfolds, so keep an eye out.
It's nice to see people that "get it" in the real estate industry. Great tips in the video. And thanks for sharing Jim.
Wow Socail Media is spreading like wildfire... I wish we had more tutorials and classes here in NC.... But for now I will keep learning from the kind folks here at Active Rain!
Jim, interesting post...training classes yes, but wondering how the agents respond...certainly worth watching.
Thanks fo the tip of the iceberg, I am sure that what we will see in five eyars is evolving and the results aren't in yet, but change is accelerating. I started real estate back when the franchise sign was supposed to say it all, and now that has no decernable benefit to the public. The good news is web 2.0 and the 3.0 around the corner gives individuals power they never had before and can control their.
It sure seems that Partners Trust understands a simple fact that escapes a lot of brokerages. That fact is that ultimately the clients of a brokerage are the real estate agents. PT seems to be doing things the smart was by offering timely and actionable training for today's agents. Kudos to Partners Trust, I wish you well.
Thanks for the post Jim. The world of real estate has a new life thanks to the technology and the Internet. Today, training and education is "key"!
I say the days of brokers raping agents for their commissions and offering precious little has come and gone.
May they rest in peace.
Is it mandatory that they all show up?
Why?
Because being a former Remax agent and now with KW. I found regardless of what is offered, the agents don't show up.
Sad...
How are they handling that?
Hi Jim, really interesting presentation. Are there any stats to support the effectiveness of these early adapter techniques ?
I just finished a class for our agents on using Social Media as a supplement to their "database" -- I am an early adopter - and am proud to say we have implemented all the components PT has -- and more -- and we are COMMERCIAL! Our web to lead systems bring in buyers and sellers, we author our own content, brand by agent and redistribute monthly. We work in the cloud...it's fun - anyone interested in more info go to www.joinlackmancommercialgroup.com
Colleen Canale
It is interesting to see this end of the social media effort. When we get down the road who knows waht developments we'll see.
It's refreshing to see a brokerage getting into that type of continuing education...not just the laws of the state and the rules of the mls, but really useful tools to help agents make better contacts. The future will be theirs.
Great post! Gives us a lot to think about! If we don't get out of the box, we will suffocate.
Exactly the kind of boutique brokerage that I'm looking to find - Value added is key, as agent are looking to maximize the hard earned dollars to find the best ROI. It is simply quality and relevant training and administrative support to gain leverage on the activities that net the highest return - so simple, but so few brokers grasp this.
Hi Jim - Thanks for sharing. I loved the video, and passed it along to my broker.
Jim, I work for a homebuilder in Phoenix that is putting a lot emphasis on social media and allowing the sales people to create our own brands within the builder. My niche has been video marketing, but not the way most people do it. I saw people making videos that were informative, polished, and professional, but they weren't getting any activity off the videos because they were boring. I started making funny videos that had a message about our company but was mainly goofy comedy routines. Some people don't understand the comedy, but the people that do, have been passing my videos around and I'm getting a ton of feedback. Check out my youtube page to get an example of what I'm up to. If anyone needs ideas, I love sharing different and unique ways to get positive attention.
Jeremy Smith-Phoenix Az.
I forgot the page. www.youtube.com/jeremysmith01
David Kropp
Have BIG Dreams, Love life,
and do something nice for others TODAY.
Very good post, my company is moving in the same direction here in Fort Worth. I admire ya'll out there to blaze the trails for us.
Allen-Good Luck
Joe-Some signs have no value... SOme do. This is the point of PT. Brand so that each agent gets a benefit from your reputation...
Jeff, But then shy have a broker... just go get your license and not have any split. I agree the two extremes work. The middle? Not soi much.
Jena- I will check it out.. what is their website? Thats speaks volumes.
Missy- It is amazing. When I give a meeting I get 80-90% of the agents in attendence. NOT manditory.
Betty- Part of SM is letting people know who you are... (That includes uploading an avatar)
Colleen-Glad you liked it...
Dana, Really? what could Dane have done to improve it?
Great post jim...you had some very good thoughs. i love technology!!!
Great info. Thank you. It confirms what I have been doing for 9 months now and will force me to expand even further.
Do you have a business relationship with this PT company?
Thanks for this informative post. No doubt life is evolving daily and at a rapid rate.
Thanks for this informative post. No doubt life is evolving daily and at a rapid rate.
Some insightful comments here on AR!
Marcus: I believe that, too. A brokerage can decide right from the beginning how passionately they feel about servicing its most valued clients: the agents. Happy agents provide better value to their communities than miserable ones. It sounds obvious, but it is more true than many people realize.
Marcy: Thanks so much for the kind words about the video -- tip #5 ("think under-produced") means that it's often better to knock out a real video quickly, than to do 40 takes until you have a "perfect" one that seems less from-the-heart (it sounds like Jeremy has found that to be true, too!).
Joe: I suspect you are absolutely correct that all of this is just the tip of the iceberg. One of my younger (and smart) collegaues enjoys telling me every week what will happen when computers can fix themselves and become smarter than people -- and he grew up with many of these technologies that still seem so new to the rest of us! What will the business world look like ten years from now!?
When I traveled to a convention put on by my webmaster, I met some very interesting people. One gentleman worked at a Florida brokerage where he was their webmaster, utilizing 2 different website providers.
Each agent was assigned a specific area and they were fed leads from the different websites, including their own that was managed by the webmaster. IOW, each agent was given a great website that was set up for success and also got leads from the company website. These people did not have to prospect or pay anyone else for their lead generation.
And guess what? They had a 50-50 split! I couldn't imagine it but the webmaster told me the agents were making more money with this split with no marketing fees and in a specific territory than they ever earned before.
They were area experts, they ruled their territories and their websites were hyper-local to their areas. Another broker I met ran his office somewhat similarly. If I had a local office that worked similar to this (providing real leads that made it to closing) I'd give it a try although it would sure be difficult going from 100% (with small fees) down to 50%. But the idea intrigued me enough that I would join an office like this to compare earnings.
Joetta, Yes. I consult to them.. and watch in amazement...
Usually when the brokerage of the future is discussed, the business model is a large part of the discussion. Is this brokerage equally innovative in other areas .. ie. commission splits; retainers or pre-pays on marketing costs by sellers -- to be reimbursed at closing? ala-carte' services offered to the Sellers? .... and other similar non-traditional approaches to the business model. While I appreciate the sneaky-peek at how they are implementing and innovating with social media, I am of course wondering about the supporting business model.
Absolutely!! Great information, Jim. Brokers need to be bringing VALUE to their agents and provide all the top and leading tools to them to help them build their businesses.
Too many Brokers seem to be stuck in the old models, and have no clue how to really help their agents in today's technology.
Great post! Social media is helping many agents across the nation, but this is the first I have heard of a brokerage giving such great support for this platform. I love that we still find inovators in today's real estate business!
Daniel.... Really? There are 400 million people on facebook alone. How can being front and center of those eyeballs NOT create business... In addition, this is not just about Social Media... this is a Internet Marketing platform...
Do you want stats on whether Internet Marketing works?
I agree the future real estate brokerage needs to focus on not only the education of their agents but as importantly their prospects (hopefully turn clients).
I realize you are a Social advocate (as this is your business) but I am weary that you might see the future of real estate through your own spectacles. Although social media has it's place in a brokerage, I disagree that it needs to be the foundation of the business (which is what it appears to be at PT-although I am sure the article was geared to that direction).
There are many more, and probably more important components, to building a successful real estate brokerage than a crew of happy, socially comfortable agents. Being the agent that has his/her 'nose to the ground being seen in their society through volunteering, sponsoring events and at neighborhood functions (and gathering "real" insights into their community) is a much more an effective means of generating business (arguably not as efficient).
Technology has created a cocooning society whereby we hide behind our technology (answering machines, call display etc.) and start to believe what we read (to a point where we sometimes doubt the authenticity and question the perspective-case in point), as opposed to establishing good relationships on the street by contributing to the neighborhoods of our community.
I don't discount some of the benefits of social mediums for establishing an awareness. I believe however, that a 'community' based real estate brokerage that offers people more of a personal presence and contribution to their society/ community will deliver a more top of mind awareness than the millions (no billions) of blogs that, not only consume time but become informationally overwhelming and offer a two dimensional personality.
"The more things change, the more they remain the same" is a truism that applies here and one cannot discount the power in a person to person relationship! Yes, the 'assembly line' brokerages that herd agents and ignore education are failing.
The boutique brokerage that operates on a global level by having agents placed within communities they live, whereby they educate and socialize via 'the street' and utilize technology as a tool (not a means) to more efficiently conduct their business, IS the future of real estate brokerages (the old corner store philosophy on a grandeur scale).
Hey Jim,
I'm a fan of yours... Thanks for sharing about a company here that implements the things we talk about all day.
For Daniel, Friday I closed a deal that was brought to me over twitter. If I had not been listening to my community on that channel, this deal would not have happened, so yes, SM is bringing in business.
It's a very good approach, it will be one of the many models of the future, not the only one of course, but very common of course.
I'm an agent in Marin County, CA and work for Area Pro Realty, a "virtual brokerage". Nearly all agents work from their home offices and come together only once a year, if that. This broker is commited to providing us with the best technology tools, including a website, 800# hot line, etc. The chief technologist broadcasts an internet based radio program once a week. Just recently, an introductory video was produced regarding social networking, and the follow-up is a daily email to agents that enroll in the program suggesting what we do each day to further our social media presence. There are suggestions for beginner, intermediate and expert-level social media-savvy agents.
This brokereage is being franchised nationwide. Info can be found at www.areaprorealty.com.
Thanks for this information! I'm trying to take my office in a similar direction, and training is something that has been on my mind.
The future of real estate is very exciting. The need to be on top of cutting edge technology is evident, particularly when we work with younger clients. There is still a need for personal service, which will never be replaced by social media. If we don't adapt to changing times, we will not be in business for much longer.
I found your ideas soo refreshing and with it! The video was short and sweet, as it should be... Definitely the way of the future.....
Thanks for the DUH! information as usual. Not useful at all. The only thing these people should be blogging or video blogging about is how to get more followers and friends on social networks and tips and tactics for that. You can follow all of that but if you only have 5 followers on your twitter or a facebook fan page with 10 friends, who all your family. It's not going to work for you. Start building your own brand with a content management system and get out from behind the computer. Those are my tips!
Using technology is awesome and I definitely commend those who have taken the leap into online marketing and using social media platforms for their business. However, it's so important to recognize that facebook, twitter, mobile technology, virtual offices are tools and NOT replacements for face to face interactions or phone calls. Having an online strategy is becoming necessary but losing yourself in the gadgetry can hinder your efforts. This is a business about relationships and being able to provide value and service to others. Inevitably there will be those who spend all of their efforts trying to 'master' social media that they're missing the basics. It's important to apply both an online strategy in tandem with an offline strategy. Good post,
-Briddick
Using technology is awesome and I definitely commend those who have taken the leap into online marketing and using social media platforms for their business. However, it's so important to recognize that facebook, twitter, mobile technology, virtual offices are tools and NOT replacements for face to face interactions or phone calls. Having an online strategy is becoming necessary but losing yourself in the gadgetry can hinder your efforts. This is a business about relationships and being able to provide value and service to others. Inevitably there will be those who spend all of their efforts trying to 'master' social media that they're missing the basics. It's important to apply both an online strategy in tandem with an offline strategy. Good post,
-Briddick
> "we find that prosperity loves enthusiasm, so we make sure to laugh a lot around here and have a good time." This forward-thinking brokerage invests in the happiness...
Really smart. Great article Jim.
@ Briddick
Well said.
Social Media is here and it is the office of the future. I think old fashioned personal service and contact is going to make a come back too.
Love the concept, but it takes the exceptional agent/consultant to make it work. You have to be very good at structuring you time and schedule in order to make this concept work.
I am so pumped about getting my social media going. Thanks!
Thanks for your comment, Briddick, and we at Partners Trust could not agree more. It's a point we emphsize often and support with tools to help us stay in front of our clients in a personal way.
As I'm certain is the case with many real estate professionals on Active Rain, my real estate business has been primarily repeat and referral for many years now. If ever I find my business waining, I need only increase the level of my personal interaction with what we call our "relationship list" (our highly valued and much loved past clients and referral sources), to experience a nearly instant upswing in business activity. While social media is one way to stay keep top-of-mind consciousness with our client base, there absolutely is no substitute for value of reaching out personally touching those who have supported our business in the past and those we would like to have the opportunity to serve in the future.
I was speaking the other day with another Realtor who recounted an experience he had with an very knowledgeable agent in a part of the country where he was considering purchasing a second home. He's a very qualified and serious buyer. On a recent trip to the location, he met an agent who showed him several properties. After returning home, he continued to receive daily "auto-notifications" from the agent of properties new to the market for several weeks, never once picking up the phone, or even a pen, to personalize the interaction. He then had an opportunity to refer a friend of his who was thinking of relocating to the same area in which he was considering the purchase of a vacation home.
Of course, his first thought was of the agent who had shown him properties in this same location. However, because this agent had never reached out to him in a personal way, he said he simply could not feel good about referring his friend to this highly qualified agent. Even one phone call after he left to come home could have been this agents salvation.
Another thing Jim Marks and Dane Findley (my beloved spouse) at Partners Trust drive home to us often - the number of Twitter followers, for example, one has is not nearly as meaningful as the number of people we engage on social media channels in a way that's interactive and equitable. Just sending 140 character broadcasts to the Twitter-verse will be much less likely to further my business unless I am also willing to engage in conversation with an intention to create value for those with whom I am communicating. Again, back to the importance of creating and maintaining relationships. The engagement and conversation is one thing I most appreciate about the Active Rain community of professionals.
This is the most exciting time I have ever seen in the real estate industry - that from one, like many of you, who remembers when a contract was one page (oh, how we love to recount that story) and when we waited each week for the book of new lisitngs to be brought to our office, our first notification of their existence. To be a part of Partners Trust, which not only has embraced social media with an uncommon level of commitment, but which realizes and supports deep relationships within the company and with our beloved clients, is truly a dream come true.
I think that our industry is shifting MO and I am quite happy to see it happen. Let's face it, the over inflated mega high overhead real estate offices where agents sit around on $3000 sofas eating donuts is becoming a thing for the history books. When I opened my brokerage a little over a year ago, my business coach told me to keep overhead low, embrace form and function over fluff and be high tech. An office isn't what you need, but providing a real estate resource center for your agents is exactly what you need. So far, I am pleased. I have exactly three people who "permanently" office in our resource center and that would be me, my mom (business partner) and our assistant. We are wireless, with work stations, coffee bar, conference room, killer professional development, technology and marketing skills development, webinars, and agent support. The first thing I direct my sales associates to do is buy a domain name...at least one...get on Active Rain to open a blog and buy a Flip video camera. This is where business is going and those who try to hang on to the past MO will be joining the dinosaurs in the near future. The biggest concept for brokers to get their head around is to be brutally clear about what their value proposition is and don't stray from that. Every model isn't for every agent and when you truly understand what you are, it takes the guess work out of who fits into the model you operate. Love the post, love the concepts and ideas and I am excited to see this direction in our business!!! Thanks!!!
All of a sudden I want to be a broker. lol. I think the times of doing "what you're supposed to do" are gone. Thanks for the post. I have a lot to think about...
GREAT POST! I want to add my 2 cents. Here's a brief history of my company operating out of Florida. Check it out!
“Why would you start a real estate company during the worst period of the last twenty years?” I have lost count as to how many times I have been asked that question. Both industry professionals and novices insisted on an answer. I have come to believe that the more people think you are crazy, the more likely it is that you are a part of something special. It is always a good time to start a business so long as it is creative and innovative. Sandals Realty is both, and it directly addresses the following:
The role of the BROKERAGE has drastically changed over the last ten years, due to the overwhelming migration to the web and to wireless technology. Agents are connected, clients are connected, and the BROKERAGE is no longer the source of information exchange between them. This is a fundamental shift, and the industry has been sent scrambling for a solution.
The History of Sandals Realty
Sandals Realty is a product of a changing industry. In early 2006, two young Brokers, a developer, and a real estate attorney decided to challenge conventional wisdom by creating a unique Brokerage concept that was unlike anything else before it. Together, the group inspected and scrutinized every aspect of traditional real estate brokerages and found them to be (in many ways) incompatible with the way real estate agents (and clients) performed their daily activities.
They found that while the wireless and internet revolution had been adopted by REALTORS and CLIENTS, it had not yet been embraced by real estate companies, or BROKERAGES. This insight was the catalyst for the creation of Sandals Realty. After exhaustive research, the group had reverse-engineered a real estate brokerage that would address the major shortcomings of the old methodology and formulas, while embracing the timeless values of best practices and responsible business. Among the many innovations was a revolutionary three tiered commission structure that allowed agents of differing experiences to CHOOSE the ONE PLAN that best fit into their business. It was named AgentChoice℠, and it instantly struck a chord.
They also refined the office layout. Instead of the traditional “bull-pen” they opted for open space, round tables (so agents and their clients could collaborate on the inevitable web search), robust wireless technology, live networking events, café-style working environments, and private board rooms. No one actually gets a desk of their own (they aren’t in the office anyway). This allows the new model to recruit drastically more agents than was previously possible, and thus, offer superior commission plans. This illustrates the law of large numbers, and it is the basic theory behind the concept. More agents, less fees, more transactions, sustained growth, and increased market share.
The result is an extraordinary new concept that (simultaneously) achieves better commissions, redefines workspace, increases efficiency, produces happier agents, and suggests a solution for the problems facing the BROKERAGE industry today.
In 2007, in the midst of tremendous growth, the company decided that in order to bring this unique concept to all of the REALTORS® in North America, it would have to be offered as a franchise. So the process began.
By 2008, Sandals Realty had attracted and recruited more than one hundred and fifty quality agents, during a period in which the market and other traditional brokerages were in complete confusion and disarray. It had become clear that this would be the direction for the industry in the coming years.
In 2009, the company continued to make strides. Recruiting well over 250 agents and selling the first three franchises. And with the addition of more corporate and franchised units in 2010, as well as a proprietary professional social networking site for REALTORS®, the growth is expected to accelerate quickly in the coming months.
End-Note
As we continue to influence this major shift toward the new era of real estate, we write our story, and re-write old formulas with a sense of humility and wonder. We are committed to reaching every coast, every town, and every market across North America and collaborate with REALTORS® as we embrace this new and exciting environment teeming with opportunities, innovations, and synergies.
Written by:
Ernesto C. Rijavec, Managing Member, Sandals Realty International, LLC
Thanks for ALL the great comments... some quck thoughts...
I am NOT an SM koolaid drinker. Sm done efficiently, with a strategy and purpose as part of a total Internet Marketing works. But SM done just for branding with out a traffic consideration or without other tools, like SEO or GA can be ineffective. SM will never taek the place of calling expires or simply building your Sphere in traditional ways...
SM is a POWERFUL addition for recruitong and RENTENTION of your sphere..
You need to bring your ONLINE relationships offline and your OFFLINE relationships online...
Jim, thanks for getting this conversation started. Appreciate all the responses and #62 and #65 really piqued my interest. As President of Partners Trust, I WHOLE-HEARTEDLY agree that Social Media is but a tool and not a means to an end (until we achieve one of our lofty goals of dominating, through organce SEO, the top ranking for Los Angeles Real Estate becuase of our massive amounts of content and strategic application). Our Associates must interface, directly, in person to bring the "humanity" of the process which is the ultimate "close" in this business. The perspective of the article speaks to our social media focus and yet that is but one of many opportunities to make the phone ring and get us more business. I also appreciated the comment that social media becomes a veil that associates may hide behind to keep them from risk taking and engagement. It can be very true and that is why you need associates to be both thrill seekers, polished pros and willing to learn new ways to grow their business. Social media is but one play in the book. So thank you all for sharing your insights about what I truly beleive are good works. I'm seeing direct and tangible results from our efforts and a company that, seven months in existence, in this crumby market, has turned the profitability corner for April and projected May. I'd say our USP is working just fine and growing, adapting and getting better by the breath. Cheers to all of us in the trenches. We deserve the success we create.
It sounds like their agents are going to get help and training that is useful in the new real estate world.
Thank you! Great ideas. THIS is the type of dialog I enjoy! My two cents: Brokerages also need to employ additional services, such as AUCTION, unbundled marketing services (check your state-specific laws), foreclosure avoidance counseling, NICHE education, etc.
In addition, the industry needs to instruct our PAC and trade associations to promote license requirements for the sale or lease of wind, solar, water and mineral rights. I am a long-time broker and an impassioned consumers' advocate. I am now working in the wind industry and I see, first-hand, the need for consumer protection in negotiating these "other" land-related contracts. These matters should be regulated and compliant to a professional Code of Ethics. For that reason, I am training licensees to transition to green jobs; but I would love to see the National Association of Realtors and lawmakers pursue new legislation that requires a real estate license for land agents in the now-exploding energy fields. The landowners of America need us, because we are ready and willing to be accountable. Canada has long required training and licensing of Land Agents. We don't have enough of them; please consider transitioning to this niche.
Let's keep the ideas flowing!
Nick - thanks for the post. I'm comment #65. I sent you a separate e-mail on this topic.
-- Danny
I see the future and it is HERE. Things have certainly changed in the last 45 years and I am just enjoying the ride.
Jim:
Virtual Homes Real Estate is an innovative company that evolved from a merger between former RE/MAX franchises and a leading Internet marketing company. By combining experience and technology with exceptional training and support we are ideally positioned to lead our industry in meeting the needs of home buyers and sellers.
Our company provides consumers with an interactive Internet portal that offers tools and dynamic information without commitment. Our Internet marketing system generates leads that are qualified by the inside sales team for distribution to agents working from their home offices.
This system attracts agents that rely on qualified lead generation, technology and training to develop their careers .Our suite of web based tools and training program assists the agents in lead management and conversion. Our proprietary real estate CRM (VH LeadCentre) is a web based tool that manages all business opportunities for agents. The Virtual Office model minimizes expenses for agents and the company facilitating growth in all markets.
Our expansion model outside our service area is to partner with agents and Brokers in their local markets. This affiliate program provides the opportunity to utilize an Internet marketing system, technology platform, training and support to grow their business.
Jim,
Thanks for the very interesting post. Obviously lots of us are interested in this topic. The comments and conversation is great.
I find it most interesting that so many view the way PT is approaching things as essentially just a different way to provide "training". IMHO this is missing the point. What is being advocated here is not that agents learn new tricks, but that they undergo a very significant shift in their understanding of how to reach and influence people.
As I see it, the old paradigm for agents involved two simultaneous tracks: a) networking face to face in the community, and b) advertising using traditional static media.
The use of social media does not in any way imply that traditional networking is unimportant. In fact it reinforces its importance and actually suggests that traditoinal advertising be replaced by something very similar to traditional networking.
Traditional advertising as we have known it for the last 50 years or so has been relatively effective and surprisingly easy. Run a bunch of ads and you're good to go. The more ads you run (in the right places) the more exposure you'll get and the more business will follow. There is still a role for advertising of this type, but it is an increasingly specialized (and limited) one.
The revolution, or "cultural shift" as Dane calls it, is happening because static advertising is very rapidly being replaced by dynamic, participatory "social media". Many who dabble in social media continue to think of it as just another type of advertising. They think if they copy their ads into Facebook or Twitter or Youtube (or like a few have done in the comments here) they have entered the wonderful world of social media.
Not so. You enter the world of social media when you start interacting with others. The big question is "How should I interact?" - which is to ask, "What is the best way to get results from my participation?"
In spite of what many gurus seem to suggest there is no obvious answer to this question. As far as I can tell, effective interaction may involve "content" as Dane suggests, or it may just involve engaging in a lot of small talk with your new friends. The good news is that you can get involved without spending a lot of time or money. The key is interaction - which makes it much more akin to traditional networking than to traditional advertising.
My own personal experience is that if you don't understand the participation thing your use of social media will indeed be a waste of time.
Jim - it's great to hear that as the industry that I have been a part of for some 36+ years there are brokerages that get it and are changing to keep pace with the advances the consumer expects of us. I really like the closing sentance of Ricks post (#96) just above me here ..... you have to participate or you are wasting your time
Hi Jim,
Great post. Our company is doing some very interesting things albeit we are in the Manufactured Home Industry. We have recently launched a new page on our existing www.onthelevelcontractors.com website, http://www.onthelevelcontractors.com/permanent-foundation-manufactured-home/hud-certified-foundation-systems/for-sale-by-us, whence we are now offering private homeowners and RE brokers and lenders who specialize in Manufactured Housing the opportunity to post free adds on our "For Sale By Us" page in an attempt to further optimize our nationwide online exposure in this market.
It will also put us in touch with many new RE professionals and individual homeowners across the country. We are already a nationwide company with a very strong website presence that generates literally thousands of hits every month and feel that our online presence will help the many RE professionals and homeowners who don't quite have the same online presence that we do. I'd like to look at our approach as a form of "Piggy Back online marketing." I'm sure I can't take credit for coining this concept but I'm confidant it will work for us and anyone who wishes to take advantage of our offer.
At 64 years old with a very savvy wife and partner of 37 years, a 30 year old daughter who has made our whole website presence a tremendous success and a 27 year old son who thinks outside the box I truly believe in the whole concept of social networking/marketing. We have also launched an On The Level FaceBook page and plan to make a very aggressive run on this site as well as others in the near future.
Thanks again for some refresing insight.
John DL Arendsen
I saw the future and it is now. That is how I feel about the social media.