Brokers as Information Resources Moderator: Virginia Cook, Special Liaison for Large Firm Relations, NAR
Participants: Mike Pappas, President, The Keyes Co.—Miami, Florida
Bob Hamrick, President & CEO, Coldwell Banker Premier Realty—Las Vegas, Nevada
The Power Broker Roundtable is brought to you by the National Association of REALTORS® and Virginia Cook, NAR’s Special Liaison for Large Firm Relations. Watch for this column each month, where we will address broker issues, concerns and milestones.
Virginia Cook: The information highway is cluttered with a plethora of data and statistics on home buying and selling. What was once the exclusive domain of brokers and agents has evolved into a massive free for all, with consumers gaining easy access to an abundance of information. Often lacking, however, is a proper analysis and interpretation. Savvy brokers who package information in ways benefiting consumers and agents can differentiate themselves in an increasingly tight market. Read on.
VC: Explain the importance of providing relevant information to agents and consumers.
Mike Pappas: We believe information is power when utilized correctly. We tell our people we don’t want “secret silent agents.” We want them to communicate weekly with customers to provide information and enhance overall customer satisfaction. If you’re not providing information, you’re not providing service.
Bob Hamrick: Information is king. Anyone who has information and can effectively present it will be perceived as the authority in the marketplace. It is absolutely critical that agents have good information.
VC: How do you provide information to agents that helps differentiate your company in an increasingly more stable market?
MP: We’re preaching tremendously to our agents that motivated buyers will buy from motivated sellers. “Wannabe” sellers won’t ever sell. With this in mind, our Broker Metrics management tool dissects the MLS in hundreds of ways, providing robust information on sales levels, trends, competition and other data. Managers are encouraged after a home has been on the market for 30 to 45 days to use the information to help reduce home prices. Agents are given a full set of tools through the Keyes Full-Service Marketing System, which combines all forms of media and data—trend charts/graphs, Internet, direct mail, television—to reach the homeowner’s goals.
BH: The way in which we differentiate ourselves is through better education and market knowledge. For example, we provide statistical information about our marketplace. Last year, we had a low of 2,700 listings; we’re at an all-time high now of 20,000. We also show agents monthly MLS sales and pendings and compare them graphically to the previous year. If you have 25% more listings in a month and 10% less sales, I say there is a 35% change in the marketplace. Our agents are empowered with that information. It positions them as the market authority and is very effective as long as they’re comfortable with the numbers; they have to own it.
VC: How do you accomplish this with consumers?
MP: Our agents get dashboards of all hits made on Realtor.com®, so they can report back to homeowners with information about their properties. This helps sellers make healthy decisions about changing the price of their homes. Our Showing Desk also logs in all appointments and schedules of showings by other brokers. We provide associates with a report that they then share with homeowners so that sellers can price their properties appropriately. And our automated direct mail program allows agents to mail out postcards to consumers alerting them of new listings, sales, and pendings.
BH: It’s important to show reality. We often have listings from other companies that expire from the marketplace, and they expire because the sellers don’t know the realities of the market. When we represent them, they’re more disappointed with their previous agents for not having shown them the reality information, and we end up getting the listings and getting the listings sold. Also, because the Las Vegas marketplace is of interest to the media, we are able to provide statistics to news outlets that get to the consumer. |
