wav group shift in real estate technology webinar
TRANSCRIPT
The Shift in RealEstate Technology
Sponsored by: CoreLogic
Facilitator: Victor Lund Co-found Partner, WAV Group
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Agenda• We will discuss three perspectives on the emerging
new trend in real estate technology.
• Mike Audet of the WAV Group will review the recent WAV Group whitepaper on “The Shift in Real Estate Technology”.
• Harper Thorpe of CoreLogic will outline how they are crafting their broker solutions to accommodate the new technology paradigm.
• Leading California Real Estate broker, Alan Scearce, will explain the business benefits of embracing the new strategy.
• Q&A
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Participants• Mike Audet – Co-founder and Partner with WAV Group Co-founder & Chairman - RE Technology
• Harper Thorpe - VP Broker Services, CoreLogic
• Alan Scearce – COO, Prudential California Realty
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Why Are Things Shifting?
• Pressure in industry has changed• Rules are all different• Pressure is causing real pain, real
problems• Technology has solved some problems• Technology has created new problems• Good technology today is about
“connections” and “data” as much as “features”
• Agents today need tools that match their world not big “brick and mortar
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Key “Shift” Drivers
• Technology - the need for “Connections and Integration”
• Data – we need to connect to much more “Data” today
• The need to move beyond MLS limits
• The need for “Control”
• Usability - the need for “Ease of Use”
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Agent Super Glue
The glue will be technology not buildings
The glue will be technology not buildings
Brick & Mortar
Technology
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Our Old Technology World
•MLS was the center of our universe•Data needs and integration needs were minimal
MLS
MLSMLS
Agent WebAgent Web
Tax DataTax
Data
AgentProductivity
Tools
AgentProductivity
Tools
Broker Office
System
Broker Office
System
Broker WebBroker Web
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
The New Technology World
• Brokers will be at the center• Brokers will be the “data hub”
MLSMLS
Marketing
Tools
Marketing
Tools
Agent Web
Agent Web
Tax DataTax
Data
AgentProductivit
y Tools
AgentProductivit
y Tools
Broker Office
System
Broker Office
System
Broker Web
Broker Web
External Data
Foreclosures
REOsLists
External Data
Foreclosures
REOsLists
LeadsMarketin
g List Source
LeadsMarketin
g List Source
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Agent Needs• CRM tools• Prospect management• Access to additional
market information, i.e. foreclosures, REOs
• Drip marketing • Lead generation• Flyers, brochures• Marketing campaigns• CMAs
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Broker Technical Needs
MLS 2MLS 2 MLS 1MLS 1 MLS 3MLS 3
Any Real Estate FirmAny Real Estate Firm
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Unique•Interface•Training•Forms•Data fields•Tax system•CMA•Statistics•Reports•Support
Company Website
Company Website
Internal Systems/Tools•Accounting•Back office•CRM•Document Mgt•Transactions•Showing system•Ad management•Market stats•Social media•Marketing•Lead generation•Lead management•Agent sites
Internal Systems/Tools•Accounting•Back office•CRM•Document Mgt•Transactions•Showing system•Ad management•Market stats•Social media•Marketing•Lead generation•Lead management•Agent sites
External Systems/Tools•Mortgage•Title•Foreclosure info•3rd party advertisers•3rd party sites•Franchise systems•International partners•Leads generation
External Systems/Tools•Mortgage•Title•Foreclosure info•3rd party advertisers•3rd party sites•Franchise systems•International partners•Leads generation
Large Real Estate FirmLarge Real Estate Firm
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
It’s All About Data• Not just MLS and tax data anymore• REOs• Foreclosure• Short sales• Marketing/sales lists• Leads• Sales trends• Valuations• Prospecting tools• Statistics• Demographics• Neighborhood• Lifestyle information• Rankings
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Ideal Broker System
• MLS integration
• Broker is the hub
• Data flows freely
• Single or few different interfaces
• Control from Back Office to Web
• Agent Super Glue
Brokers
MLS 2
MLS 2
Lead MgtLead Mgt
MarketingTools
MarketingTools
Agent Web
Agent Web
Tax DataTax
Data
AgentProductivit
y Tools
AgentProductivit
y Tools
Broker Company System
Broker Company System
Broker Web
Broker Web
External Data
Foreclosures
REOsLists
External Data
Foreclosures
REOsLists
LeadsMarketing
List Source
LeadsMarketing
List Source
Doc MgtDoc MgtCRMCRM
Ad MgtAd Mgt Social MediaSocial Media
CMACMA
ML S 3
ML S 3
Tax DataTax Data
MLS 1
MLS 1
Tax DataTax
Data
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Prudential California
• 5 MLSs• 285 agents• Agent Achieve• Key Benefits
Company wide contact management Communications to multiple clients/prospects easily Ease of education, brand company wide Company created marketing tools Recruiting and retention Multiple MLSs with single interface internally
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Key Benefits• Cloud based• Control of brand across entire company• A single interface to train and support
agents on• Control over multiple MLSs when needed• Stronger lead generation and management• Single CRM/Contact management interface• Centralized marketing campaigns• Ability to create uniform lead generation,
presentations, forms, CMAs, brochures company wide
• Reduced data costs• Strong recruiting and agent retention tool• Agent Super Glue
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Keys to Understand• Products have to be EASY
• Connections have to be seamless
• Agents need data not just products
• You have to Evangelize your solution
• Number 1 – commit to technology upgrade
A Strategic Approach to Software
The AgentAchieve StoryBy
Harper Thorpe
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Harper Thorpe• VP Residential Real Estate Solutions,
CoreLogic
• 30+ years as a Sales and Marketing Executive
• Developed industry-leading value-based reseller programs at Hewlett-Packard
• Joined Sonic Eagle (AgentAchieve) in 2004, which was acquired by First American/ CoreLogic in 2006
Harper Thorpe
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Leads &Contacts
MarketingTools
MLS &Prop Data
Agents
Real Estate Technology 1.0•Multiple systems and passwords•Duplicate data entry•No ties to broker or company•Different tools for each MLS
Before AgentAchieve - 2002
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Agents
Real Estate Technology 2.0•Single sign-on and intuitive user experience •Integrated systems meant less data entry frustration•Technology became pillar in recruit/retain strategy•Operable across multiple MLSs
INTEGRATEDTOOLS
BR
OK
ER
PR
OV
IDED
SO
LUTIO
N
Real Estate Technology 1.0•Multiple systems and passwords•Duplicate data entry•No ties to broker or company•Different tools for each MLS
First to Market - 2003
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Business Objectives - 2004Business Objectives - 2004
• Broker Relevance: Brand support and countering the forces that disintermediate the Broker’s role (Yes, it was an issue then as it is now)
• Agent Relevance: Viewed as expert by internet-savvy consumer (Remember when the internet was considered the enemy by many Realtors)
• Adoption: “The 12:00 is still blinking on the VCR” (Less true of user base everyday, but still our design mantra)
• Virtual Office: Fostering community among remote participants and enabling a mobile workforce (Already anticipating the evolving technologies)
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Technical Requirements
• Agents must be compelled to use AgentAchieve
• Intuitive, consistent user interface
• Integrated / single sign-on solution
• “food and water”
• Broker must be able to configure AgentAchieve
• Match to Broker’s business practices
• Permission-based access to functionality
• Hierarchical and departmental deployment
• Broker, Office, Regional and Agent websites
• Company intranet, shared calendars and documents
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
AgentAchieve - 2005
Single sign-on = Delivered modularly but seamlessly integrated
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Then and Now
• Who Are Our Broker Customers• Multifunctional organizations that can include important
revenue-generating divisions or partnerships that provide ancillary services
• What Do They Need• A data-rich, work-flow based application that creates unique
opportunities for Brokers to identify, target and manage revenue opportunities
• How We Must Deliver• Alignment with their sales, marketing, and business processes
that doesn’t require them to adapt to a vendor’s products and services to realize the benefits
• How We Can Help• Provide capabilities (including data) that “un-level” the playing
field in favor of Brokers
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
The New Technology World
MLSMLS
MarketingTools
MarketingTools
Agent Web
Agent Web
Tax DataTax
Data
AgentProductivit
y Tools
AgentProductivit
y Tools
Broker Office
System
Broker Office
System
Broker Web
Broker Web
External Data
Foreclosures
REOsLists
External Data
Foreclosures
REOsLists
LeadsMarketin
g List Source
LeadsMarketin
g List Source
• Enhancing the Broker’s value proposition to both agents and consumers
• Serving the Broker’s “remote” agent community
• Eliminating traditional boundary conditions both technical and geographic
• Giving our Brokers an unfair advantage through technology and data
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Today’s Challenges
• Brokers need to differentiate themselves with agents and consumers
• Brokers need nurture their agent community via unified agent experience
• Brokers need to better manage expenses by targeting their sales and marketing activities
• Brokers need to provide consumers recommendations beyond the generally available data
• Brokers need to control service and brand everywhere including websites and social media interaction at all levels
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
AgentAchieve - 2011
ListSource
ProspectCheck Realist
CoreScore
ePropertyWatch
REAS
AgentAchieve
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
AgentAchieve - Building on a solid foundation•Systems that generate leads (hand-raisers not click-throughs)•Systems that prompt agent actions that convert leads•Agents compete and success is rewarded •Smarter solutions through data integration•Systems that support alternative financial models
The Future is Upon Us
Prudential California Realty
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Alan Scearce
• Alan Scearce, Executive Vice President/Chief Operating Officer
• Strong marketing background
• Developer of one of first broker technology platforms
Alan ScearceEVP/COO
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Alan Scearce
• Implemented Agent Achieve - November 2009
• 285 agents
• 5 Multiple Listing Services
Alan ScearceEVP/COO
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Key Needs
• Control
• Contact management and CRM resource
• Lead routing
• Multiple MLS platform
• Marketing toolsAlan Scearce
EVP/COO
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Key Benefit• Adoption – ease of use
• Single sign on
• Agents are in contact with customers and prospects
• Distribution of company wide marketing materials
• Consistent branding and compliance on agent websites
Alan ScearceEVP/COO
2011© WAV Group, Inc. All Rights Reserved Confidential www.wavgroup.com
Contact Information
• RE Technology– Victor Lund – [email protected] 805-709-6696
• WAV Group– Mike Audet – [email protected] 716-839-4628
• CoreLogic– Harper Thorpe – [email protected] - 925-849-3750
Ext 101
The Shift in RealEstate Technology
Sponsored by: CoreLogic
Facilitator: Victor Lund Partner, WAV Group