A View into the Process of Real Estate Series:
Part One

David Camp, SVP Business Development

September 2014

Over the next several months, I am going to address the process of real estate and issue a challenge to consider the whole before focusing on one part of the process.  With this challenge, I am going to provide one assignment for the month.  The purpose of the assignment is to drive change in our thinking and implementation of practical solutions that are measurable.

The continued debate and dialogue related to the creation, cultivation and close of Internet-related leads is an important discussion, but does it deserve the amount of time our industry gives it?

There is much more to the creation of qualified opportunities than engagement of the consumer online.  How much time are the perceived industry leaders giving thought to the life of the consumer relationship?

Consider this reality, marketing efforts today are increasingly complicated as various channels and sources have to be evaluated, qualified and measured.  Is social marketing effective?  How does video impact listing promotion?  Is listing syndication right or wrong for your business?  How does the unique elements of your market impact strategy?  There is a significant amount of fixed and variable data elements to consider.

Thus, I would argue the science of marketing is what matters most and that requires analysis of the whole consumer marketing process.  In addition, you have to implement tools to constantly evaluate this marketing process as the dynamics of consumer engagement change rapidly.

So as an industry, let’s shift the conversation to debating the whole process and ask ourselves questions such as:

 


Assignment One – Get Property Aligned

Driving process improvement requires that you have the right partners, technology platform and business alliances.  A company must be properly aligned with those seeking to constantly improve, not just aligned with those who agree with your view.

So, to get properly aligned act on the following:

  • Start the Right Conversation – real talk about current state, current threats and how your company can be best positioned; don’t put your head in the sand.
  • Consider the Right Business Partners – evaluate your strategic business partners; do you have partners that can help you grow, can your partners scale and can they challenge you to improve your business?  Keep this in mind, it is not just about innovation today but the resources to innovate into the future.
  • Evaluate the Internal Team – it is often the most difficult part of the conversation, but there are times when a business will outgrow its team members and change is required; failure to make these changes can imped improvement.
  • Create the Right Alliances – form strategic alliances with industry peers that can challenge your thought, share failures and successes; seek out these relationships and think out of the box.