Vote to change our VOW

[kensmith]

Will try and play with it tomorrow and get you some feedback.

[Mert]

Hi Matt,

I had talked with you on the phone a long time ago. This is Mert with Falcon Living.

Sorry totally missed this thread, so here is my input slightly late.

Brochures are horrible for the exact reason you mentioned in your own home buying experience. You printed them out and went out on your own to shop for the home. So where is the real estate agent in this process? nowhere.

As far as Connect MLS is concerned, the lead machine, called Dreamtown signs every single lead into ConnectMLS manually (200 a day in number of leads) in addition to their own lead management that pretty much made me realize that automation and lack of realtor involvement in leads simply makes the value of the lead distroyed. A lead management machine should make the client interact the realtor. Without interaction, you got nada. Anyhow this is my two cents. P.S. Can you P.M. me your messenger again. I seemed to have erased it.

[MattL]

Hi Mert --

Originally Posted by Falcon Living Brochures are horrible for the exact reason you mentioned in your own home buying experience. You printed them out and went out on your own to shop for the home. So where is the real estate agent in this process? nowhere.

That would only be true if the following were also true:

1. A consumer could schedule showings without a Realtor.
2. Realtors did not exaggerate, embellish, or flat-out lie when adding properties to the MLS.
3. Realtors completed the MLS listing information in its entirety.
4. There were some advantage to being an independent buyer.
5. Consumers had access to the MLS without a Realtor.

I have always used a Realtor when buying a home (now on my third) because, at the very least, it's the only game in town. Buying directly from the listing agent has to be one of the most mentally-deficient acts (in general) any consumer could undertake. I even think that that statement should be in every Real Estate publication (preferably with coarser language) as a matter of public service.

Originally Posted by Falcon Living As far as Connect MLS is concerned, the lead machine, called Dreamtown signs every single lead into ConnectMLS manually (200 a day in number of leads) in addition to their own lead management that pretty much made me realize that automation and lack of realtor involvement in leads simply makes the value of the lead distroyed. A lead management machine should make the client interact the realtor. Without interaction, you got nada.

As borne out by countless studies and surveys, a successful internet real estate "portal" has a roughly 1.6% conversion rate (depending on who you talk to). Even the most successful rate I've ever heard of is 3.8%. My goal is to dramatically improve the signal:noise ratio in lead management -- automating the arduous task of sifting the wheat from the chaff. There will always be a lot of chaff in this business for myriad reasons, but if we can narrow your "viewport" down to the 20% that are most likely to be wheat, then we've improved your actual conversion rate from 1.6% to 8% without increasing your workload by even a picosecond. From my perspective, DT has merely eliminated the 5-minutes-per-lead pure data entry that you would only have had AFTER they were proven as wheat... the net result is 0% lead conversion gain. If, contrarily, you're saying that DT is improving conversion rates by maximizing the use of ConnectMLS, then I'd say that they're proving that their tools are, by themselves, useless and the value is merely the million monkeys doing administrative work.

My overall goal with the march into the territory we historically left to ConnectMLS is to improve our end-to-end experience and push the "finish line" with our system as close to the final transaction as possible. If there's any featureset that makes you use Connect before that, then we want [a better version of] it in our system, period. While it's easiest to point to ConnectMLS, the same is true of any other lead management tools complementary to ours.

We have really taken on a new commitment (to our customers and ourselves) for the future, with genuine intent to be the best solution in the region without qualification or exception.

Originally Posted by Falcon Living Anyhow this is my two cents. P.S. Can you P.M. me your messenger again. I seemed to have erased it.

Will do.

-Matt

[Mert]

well that zero percent conversion gain in terms of DT is something I will not agree. Since I switched myself to connectmls, my sales have increased rapidly. Does Dreamtown have over 5 transactions per agent per month definitely? Are they productive? yes. Do they get over 6000leads a month? sure. I call using Connect MLS refining a lead rather than having insufficient software (though I do have an insufficient lead management software. Do I need a better dripemail campaign? definitely. Do I respect your search as a great search definitely. Will I be able to use your search anytime soon? due to SEO reasons, sadly no.

In terms of realtors not being used. As a person who also talks to other realtors in other markets, i can tell you that buyer agents in high end markets like California, have moved to a more restrictive teaser IDXs to make sure the loyalty of the buyers as buyers think they can negotiate better with seller agents to cut a few percentage points. You call them idiots, i call them idiots. Does it change the fact? not really. Anyhow merry christmas.

[MattL]

Originally Posted by Falcon Living well that zero percent conversion gain in terms of DT is something I will not agree.

You say that they have lead management tools, yet they still enter every lead into ConnectMLS. I don't see how their tools improve conversion if they acknowledge that all of your leads should be using Connect.

Originally Posted by Falcon Living Since I switched myself to connectmls, my sales have increased rapidly.

Okay. Why?

Originally Posted by Falcon Living Does Dreamtown have over 5 transactions per agent per month definitely? Are they productive? yes. Do they get over 6000leads a month? sure. I call using Connect MLS refining a lead rather than having insufficient software (though I do have an insufficient lead management software.

If every single lead is in Connect, then you're doing the refining. Unless ConnectMLS has changed dramatically in the past six months, their tools still expect near-constant action from the Realtor for every lead.

Originally Posted by Falcon Living Do I need a better dripemail campaign? definitely. Do I respect your search as a great search definitely. Will I be able to use your search anytime soon? due to SEO reasons, sadly no.

You just have to pay for the custom templating, that's all.

Originally Posted by Falcon Living In terms of realtors not being used. As a person who also talks to other realtors in other markets, i can tell you that buyer agents in high end markets like California, have moved to a more restrictive teaser IDXs to make sure the loyalty of the buyers as buyers think they can negotiate better with seller agents to cut a few percentage points. You call them idiots, i call them idiots. Does it change the fact? not really. Anyhow merry christmas.

Well, that's a problem with IDX as a whole (and why it's going away) and why the VOW/IDX hybrid (sometimes called VOW 2.0) just doesn't work. As soon as the buyer finds another site that does show the entire MLS with clear, discount fees (read: RedFin), why bother with the guy who's playing games and withholding information?

-Matt

[kensmith]

Couple of changes to the upgrades that would make them even better.

I like the rating system in the fav listings.
- can the agent add comments? (Most important)
- can the agent change the rating? (Just to save clients time)

The "add a listing for review" is very cool.
- When I add it can I make a comment? (would be very helpful)

I will spend some time and take a few leads myself and play with these functions over the next couple of weeks. Not placing them into Connect and see how the response is.

[kensmith]

Now for the conversation about adding to connect being a waste of effort. IMO it isn't when your conversion increases by moving them over. If I can take 100 leads and get 3 deals instead of 2 just by spending 5 minutes per lead and moving them over to connect it would be stupid not to do so.

Now if you keep improving your product and moving them isn't needed then there would be no need to spend the 5 minutes.

One of the biggest things that I am running into currently is that when a lead is in Connect the agent gets all emails and questions about properties. Currently the way the VOW is set up I get tehm all and have to forward them. Think you told me there was a way to fix this, just don't remember what it was.

[MattL]

Originally Posted by kensmith Now for the conversation about adding to connect being a waste of effort. IMO it isn't when your conversion increases by moving them over. If I can take 100 leads and get 3 deals instead of 2 just by spending 5 minutes per lead and moving them over to connect it would be stupid not to do so.

Sorry, my point was that DT is not really increasing conversion. You (the agent) are increasing conversion through whatever you're doing in ConnectMLS, which isn't an advantage, because every Realtor has it. They're improving warm-lead productivity, but (again, as far I as I know) also increasing the amount of time you spend on cold leads.

Originally Posted by kensmith Now if you keep improving your product and moving them isn't needed then there would be no need to spend the 5 minutes.

... and that's what I want to do. Maybe you should set me up as a client so you can (precisely) point out where our system is deficient.

Originally Posted by kensmith One of the biggest things that I am running into currently is that when a lead is in Connect the agent gets all emails and questions about properties. Currently the way the VOW is set up I get tehm all and have to forward them. Think you told me there was a way to fix this, just don't remember what it was.

Yeah, the way the system currently works, all contact is managed by the agent who owns the site. The workaround is your sub-agent also having a PMPVOWs site, which would allow the lead to be transferred thereby assuming the sub-agent's site personalzation. I know it's not the solution you're looking for, but we need to proffer some value to the sub-agent having a PMPVOWs site of their own.

-Matt

[kensmith]

Every agent might have Connect, but most don't bother to use it. And those that do don't use it fully. But really that isn't important as I would just like to see your solution have everything in one place.

Matt If you remind me after Christmas I will be glad to set you up as a client in Connect.

If they have their own VOW would I be able to see everything? Would I be able to take a lead and change it from one agent to another once it has been assigned? Basically would I have the same amount of control as I currently do?

[Mert]

OK as far as Matt's comments are concerned,

DT, Ken and I use the connect mls because there is a bigger customization factor then any vow can ever give. Not too many agents use it because not too many agents get constant leads like Ken and I do. It means your product works for 95% of real estate brokerages. . DT website program is simply the lead gatherer, not lead converter (not saying they are better than yours). Most internet users are not savvy enough at least for now to even realize that RedFin exists even if they wanted to. SEO still rules the day for my niche market (not 100% of the market). Any how you are absolutely right in terms of it being cheaper. But cheaper is not better at least for now to gather leads. Again, I do congratulate you on your success as it truly is, it just does not appeal to the minority as much as it should(in this case Ken and I).