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Amanda McMillan, CEO of Chicago Home Partner a Real Estate organization in Chicago IL, presented the following slides at the Real Estate Tech South 2011 conference in Atlanta, Georgia. This presentation focuses on the need for Real Estate professionals to become "Premium Brands" and not only increase the level of service they provide their clients but also outlines a communication plan for agents to use with their clients to help exceed client expectations.
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Creating Valuable Real Estate Services:
A premium business of service, quality and profit.
Amanda McMillan@homepartner
Chicago, ILwww.ChicagoHomePartner.com
Who am I?
We are all the same.
The same tools…The same data…
The same opportunities…
Why should you listen to me?
2010 was my best year35+ transactions
$350k in GCI18 closed - 6% listings (Chicago average 5%)
A quick look at our industry and our clients.
Realtor® Facts:• 750,000 Realtors® in 2000• 1.4 Million Realtors® in 2006• 1 Million Realtors® as of 2011• 40% made less than $25,000• 16% made more than $100,000
Courtesy of NAR 2010 Member Profile
The Mindset of the Home Seller• 41% of sellers who used a real estate agent
found their agents through a referral from friends or family.
• 23% used the agent they worked with previously to buy or sell a home.
• 55% of sellers reported that they were satisfied with the process.
• 78% of clients would NOT use the same Realtor® again.
Courtesy of NAR 2010 Home Buyer & Seller Profile
That means 77% of sellers did NOT use the same agent to SELL their
home they used to BUY it.
Courtesy of NAR 2010 Home Buyer & Seller Profile
That means 45% of sellers were NOT satisfied with the process of
selling their home.
Courtesy of NAR 2010 Home Buyer & Seller Profile
The Mindset of the Home Seller
If these are the top things a seller is
expecting from an agent wouldn’t they pay
a premium to receive ALL of these services?
The Mindset of the Home Seller
If 77% will not use their original agent at X% and 45% were unhappy with the process…
Might they be willing to pay more to be satisfied
to have their expectations surpassed?
Would YOU pay a “premium” to have your expectations for a
service surpassed?
It’s time to become a Premium Brand.
Apple computers – a study in premium price brands.
What It Means: Services, support, training, and live customer service can bolster pricing in an age when consumers can be
easily frustrated by customer service – so long as these value-adds are perceived to be part of the product itself by consumers.
“
”
How does this work in Real Estate?
A Client First Mentality• Less Transactions• Increased Service• Better Communication• Higher Quality• Higher ROI per transaction
Moving from a focus on “value” to making your services “valuable”
3 Components of a “Premium Brand” Agent
1) Be a Better Agent
• Raise the Bar• Create Long-Term Clients• Advise Clients Accordingly• Pricing Correctly
2) Provide & Demonstrate Value
• Perception• Understanding• Communicate
3) Become Valuable
• By Exceeded Expectations through our services, they in turn become valuable.• Differentiators• Essential Client Communication• Tools and Approaches• Client Maintenance • Interpreting the market
Why is “better agent” #1?
Only by Communicating, Explaining, and Consistently
Delivering Valuable Services can you command a “premium”.
Establishing a Premium Service• Listen to what THEY perceive as Valuable• Explain the services associated • Discuss the importance of said services• Set expectations for services provided• Outline how you will communicate services• Demonstrate these consistently• Never settle for less than “premium”
Make the Listing Process Valuable(2 Step Process)
Step 1 – Establish Value• Establish Value (hear, understand clients)• Find and understand their Point B.• Familiarize self with listing• They want to show why their house is
special.• List of “changes & modifications” to property
Step 2 – Options Meeting• Options (rent, sell, wait, etc.)• Marketing Introduction• What I do• Why I do it • What it means to you
• Marketing Plan needs to be “fluid”• Statistics• Communication Plan
Stand-out Branding
40
Stand-out Branding
41
Virtual Tour Statistics
42
43
Listing Value Tools
44
Reverse Prospecting
45
Cross Platform Branding
46
Syndication Statistics
Online Distribution Portals
47
Client Sharing on Social Media
48
LEAP Real Estate Systems
49
Competition Analysis
50
Client Communication Tools
Client Communication Tools
51
Step 2 – Pricing Analysis• Analysis of the Market• Macro (National) – Micro (Local) –Hyperlocal (Specific)
• Comps – Big Sample Pool• Include Cancelled Comps• Above & Below Market• Acid Test
Step 2 – Pricing Analysis• Technology Used Discuss Pricing• Keeping Current Matters – Steve Harney• Agent Metrics• Median Pricing• Supply and Demand• Target Price Range
• Cloud CMA• Realist Tax Records
Keeping Current Matters
Agent Metrics
Cloud CMA
Realist Tax Records
Is it all about a higher commission?
59
No, it’s about a different approach, a different way to run your
business.
Quality vs. Quantity Focus
I limit the number of listings that I will take on at one time.
I limit the number of buyers that I will take on at one time.
I am able to deliver better results due to this commitment.
Essentially, I am able to deliver a quality product/service that my
clients are willing to pay a premium for.
I provide a premium service.
I provide a premium service.
YOU can provide a premium service.
Figure out what a premium brand means to you.
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