increase your profits...global
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Increase your profits with Global Networks outreach...TRANSCRIPT
Increase your profits with
global referrals
Aida D Turbow
April 2nd, 2009
Frame of reference…
• Today's real estate brokerage industry has grown from a local business to an international enterprise.
• While your primary business may continue to be local, a growing number of transactions have an "international" component to them.
• We will explore, together, how to increase your reach into this expanding market.
Today’s Agenda
• Industry Background
• Technology
• The Internet impact
• How I improve my Referral business?
• How to navigate the networks?
Recession Impact on Housing Market
• Mid-1970s Recession
Little Change in Home Sales.
• Early 1980s Recession
Deep Cuts in Home Sales.
• Early 1990s Recession
Moderate Cuts in Home Sales.
• Early 2000s Recession
Rise in Home Sales.
NAR History
• Prosperity in 1890s launched nationwide building boom.
• Few standards for real estate transactions.
• In 1908, honest brokers
founded NAR.
REALTOR® Membership
• REALTORS® belong to three associations:
• Local association or Board at community level.
• State Association.
• National Association.
• 97% of buyers ranked honesty and integrity as a “very important factor” when choosing a Real Estate Professional.
• 78% of home buyers purchased their home through a real estate agent or broker.
• 72% of recent buyers will definitely use their agent again.
• Ninety-seven percent of buyers ranked honesty and integrity as a “very important” factor when choosing a real estate professional to assist with a home purchase. • 84 percent reported they were “very satisfied” with the honesty and integrity of their agent. • 84 percent reported they were “very satisfied” with the honesty and integrity of their agent. • 84 percent reported they were “very satisfied” with the honesty and integrity of their agent. • 84 percent reported they were “very satisfied” with the honesty and integrity of their agent. • 84 percent reported they were “very satisfied” with the honesty and integrity of their agent.
Home Buying and Real Estate Professionals
as per the 2008 NAR’s Buyers and Sellers Report
NAR International Today
81 Associations in 59 Countries
Technology
We Are Becoming a Single Global Information Society
Internet has opened the international marketplace to more than 1 and a 1/2 billion Internet users around the world.
Population stats and Internet usage
Chart from http://www.internetworldstats.com/stats.htm
Why Focus on International?
• We are all citizens of the Global village…
• …here are the statistics…
The Home Search Process
• 84% of home buyers used the Internet to search for homes.
• 84% of home buyers used a real estate professional during their home search.
Source: NAR’s 2008 Buyers and Sellers report
Technology 101 for today’s market
• Create and maintain a content rich website
• Blog about yourself, the business and your local area
• Post videos on YouTube
• Build a social network
Source: Pat Zaby from patzaby.com
The formula for success
Three key ingredients:• know-how• reputation and• a network of contacts.
That's it. That's the secret”.
Your human capital (what you know)
X
times your social capital (who you know)
X
times your reputation (who trusts you)
= Success
Public relations firm Hill & Knowlton "Return on Reputation”
IT Resources
• Translation tools Google.com/language_tools FreeTranslation.com WorldLingo.com Immobel.com
•Cultural Awareness Tools worldproperties.com ExecutivePlanet.com Realtor.org/international
• Conversion tools XE.com ExchangeRate.com
How I expand my referral world?
• According to Bridget Mccrea , Florida Realtor, April 2009
• “ Get your name out…in popular marketing vehicles…”
Here are some:
• Aplaceinthesun.com: Magazine and property show• Escapeartist.com: Magazine for expatriates living oversees• Fusedworld.com: International Real Estate Directory• Ired.com: International Real estate Digest• Realtor.com : Mark your Listings “international”• Rightmove.com.uk: United Kingdom Property Listings Web site• SIMAexpo.com: Largest Second Home Show in Europe • OPP Russia: http://www.biztradeshows.com/russia/• WorldProperties.com: an ICREA listing site for worldwide properties
Since 1992, more than 2,000 real estate agents from the US and around the world have earned their CIPS designation.
CIPS Designation
Expanding my global referral…REO’s at the top end of the market…• Scotland: 16.6 acres
including a cricket pitch and tennis court
17th Century mansion down to
£ 2.5m from £ 4mJames Freeman from Knight
Frank
LSP Applied Analytics: Reports on
2008 Jumbo Loans
World Venture Management: Asset Manager, based in
CaliforniaMichael Firewalker …gone
shopping on behalf of investors
• Spain: Costa del Sol Beach Villas sold by Banks for 2/3 less
(around € 541,000)
Les Calvert PropertyAbroad.com
“As the global financial crisis grows,
Buyers are finding bargains even at the top of the market”
Judith MatloffFinancial Times, March 28,
2009
International Strategic Alliances
Prudential Florida Realty
Networks…
• Another puzzle? • Or a Jungle…
Developing Business Connections
• Networking at meetings & conventions.
• Online connections.
• Personal and business referrals.
• Tapping into CIPS and ICREA.
International Networks
• AFIRE• Association of Foreign
Investors in Real Estate • http://www.afire.org/
• Building Owners and Managers Association International http://www.boma.org/Pages/default.aspx
• CCIM Institute • http://www.ccim.com/
• Hotel Brokers International• http://www.hbihotels.com/ • The Institute of Real Estate
Management http://www.irem.org/
• Society of Industrial and Office REALTORS®
• http://www.sior.com/about.asp
• CREW Network Commercial Real Estate
Womenhttp://www.crewnetwork.org/
International Consortium of Real State Associations (ICREA)
35 National Associations and 3 Regional Organizations, signed the formal agreement to form ICREA in 2001
What is ICREA?
• An alliance of nearly 30 leading national real estate organizations in the world's major markets.
• ICREA’s primary objective is to assist members of the respective organizations in efficiently and profitably facilitating transnational business.
ICREA Website: www.worldproperties.com
Global New Home Resorts portal
• Brings together brokers and developers to serve customers.
• Fees paid to brokers for successfully introducing developers to site.
Transnational Referral Process
• Protocol binds constituents to terms, rules & standards.
• Entire process occurs online
• In event of dispute, binding arbitration process is used.
Active online communities, today…
• Facebook has 54.5 million monthly unique visitors
150 million people around the world, are using Facebook
in 35 different languages
In 170 countries
• 76 million members in MySpace US
The average MySpace user now spends 266 minutes (4.4 hours)
on the site every month
• Twitter has 500,000 unique monthly visitors
According to Compete, the growth rate for Twitter was 752%
for a total of 4.43 million unique visitors in December 2008
Social media sites…the growing trend!
Face book facebook.com
Linkedin: linkedin.com
• Myspace:
myspace.com• Twitter:
twitter.com
A professional Facebook experience…
…“ I’m hooked on Facebook…It’s Silly yet serious, Professional yet Social”…
Debbie KantorRe/Max Town Centre, Orlando, Florida
What should I do next?
• “When you recognize that the world is changing”…
First order of business:
Chance your current mental model
• Resourcers:Victor K Fung : Competing in a Flat world
Yoram Wind: Transform the Business of your life and the Life of your business
C. K. Prahalad : The Fortune at the bottom of the Pyramid
“Achievement is largely the product of steadily raising one’s levels of aspiration and expectation” Jack Nicklaus
“International relationships are ... preordained to be clumsy gestures based on imperfect knowledge.”
Rebecca West (1892–1983), British author
Thank you for participating in this session
for a copy of this presentation please
email: [email protected]
We extend our sincere appreciation to the Realtor Association of Greater Fort Lauderdale
for their Leadership and technical support, to this session