12 minute read
The Experts at CMG Financial
How to Maintain a Successful Joint Venture Long-Term
Commentary by the Experts at CMG Financial
Advertisement
The name says it all. A joint venture partnership is just that: a partnership. Any successful long-term joint venture partnership depends on two equally involved entities mutually invested in the organization, financially and operationally. A partner who is only partially invested is only partially committed to the joint venture’s success. A long-term joint venture partnership depends on shared goals and an equal desire to achieve those goals.
Building the right team is essential—the ability to attract and retain talent is the foundation of any company. When recruiting loan officers for the joint venture, it is vital to identify the loan officers who are already working successfully within your agent population. Converting these loan officers to your new joint venture is the fastest way to earn your agents’ trust. These loan officers have demonstrated their value to your company and have a successful rapport with your agents. Your agents will know what to expect from these loan officers, and the joint venture gives everyone the advantage of a unified customer experience.
A common agent concern that comes up when forming a new joint venture is, “How will I know that the loan officer and new company will take care of me in the same way that I am used to?”
Agents may be hesitant, as they believe that any significant change will disrupt their workflow and inhibit their ability to effectively serve their customer base. This is a common concern that the right mortgage partner will answer. It is important for your selected mortgage partner to be able to support the mortgage operations and offer consistent service to its referral partner and their agents. Leveraging existing lender relationships solves that problem because the agents will know what to expect. However, if you are unable to recruit existing loan officers, speak to your agents to find out the qualities that are important to them in a loan officer. As a broker, you may think you know, but every agent has different needs. When you are thoroughly engaged in the new talent acquisition process, you truly serve your agents and offer them a unique opportunity to take more ownership over the customer experience.
As a partner to a joint venture, you have greater access to new products and new technology, which allows you to strengthen your existing repertoire and create a new type of home-buying experience for your clients and agents. To take your company further, we recommend that you integrate the customer experience early on and make sure this new experience really is the best-in-class service you’ve promised to deliver. The key is to make sure your new loan officers are involved; leverage them to answer questions for your homebuyers who are working with an agent, and help their other customers identify an agent. The power of knowledge for both industries works hand in hand.
In most cases, the home-buying process starts with the mortgage company. So not only does a joint venture give you the advantage of working with a loan officer you know and trust, but you also get the opportunity of earning new business before your competition. Through a successful joint venture partnership, you maintain the same tone, cadence and focus of your current real estate brand while cultivating new business earlier in the buying funnel. RE
For more information, please visit https://www.cmgfi.com/jv-partners.
On set in Los Angeles while filming new TV spots for the ‘That’s Who We R’ campaign.
Elevating the REALTOR® Brand
The Next Wave of ‘That’s Who We R’
Commentary by Karen Bebart
In February, the National Association of REALTORS® (NAR) launched five new, visually dynamic TV spots telling stories of how REALTORS® open doors to opportunity for their clients and serve as trusted allies within and beyond the transaction. A novel “frozen moment” technique tricks time and allows the viewer to peek into the future to visualize and internalize the emotional journey people experience when opening the door to a new chapter and living their dreams of homeownership or opening a business.
NAR launched the foundational “That’s Who We R” campaign in 2019 and built on that groundwork in 2020, leveraging the power of our iconic REALTOR® trademark and increasing its recognizability with consumers. The world took notice, as 2.93 billion media impressions reinforced the REALTOR® brand last year, and the campaign earned a slew of prestigious national awards and accolades. In 2021, the campaign focuses on “opening doors to opportunity,” kicked-off by five heartwarming spots.
We get a glimpse of buyers’ dreams turned into reality as we watch a young woman running the food bank she envisioned, an expectant mom who sees her growing family thriving in a larger home, a condo owner enjoying time with friends, and a business owner finding the perfect spot for a new hair salon. In each case, a REALTOR® helped make it happen.
NAR’s Consumer Communications Committee is tasked with oversight of NAR’s consumer ad campaign. According to 2021 Chair CJ DelVecchio, “REALTORS® make dreams possible by opening doors to new opportunities every day. Whether helping find a new home or commercial property, REALTORS® are caring and trusted advisors, competent navigators throughout the real estate process.” The ads capture the relationship between REALTORS® and consumers, and illustrate why prospective clients should seek a REALTOR®’ s expertise and integrity to help realize their goals and aspirations.
BUILDING A COMPREHENSIVE STRATEGY
These television ads are part of a fully integrated media strategy, primarily aimed at first-time homebuy-
ers across multiple outlets. This includes traditional and streaming audio and video across highly rated cable networks and local broadcast affiliate stations, a diverse array of social platforms, and digital publishers like Vox, Attn:, and The Daily Beast, where we can tell deeper stories through our branded content partnerships. Grounded in a data-driven strategic plan, every media placement is carefully considered, tracked, measured and analyzed to inform next steps in the campaign. Resulting metrics show that we are moving the needle in brand comprehension and increasing the likelihood that consumers will use a REALTOR®, a member of the National Association of REALTORS®, when they need an agent.
INVALUABLE ASSETS - ALL FOR YOU
Mass messaging keeps the brand top of mind and educates the public on the REALTOR® difference, and you and your agents can tap into and extend the power of NAR’s national campaign. Leverage it locally by utilizing the many marketing assets, including logos, print and banner ads, and social assets. In 2020, NAR introduced the Photofy app, which holds a library of campaign images and animated gifs, to make sharing on social platforms easy. Images can be selected, personalized and shared in only a few taps.
ENSURING AUTHENTICITY
Creating authentic content was critical, and we were fortunate to have a Consumer Communications Committee that offered key input about wardrobe and other important details. DelVecchio and Vice Chair Justin Knoll provided indispensable insight on scripts, casting and even music, ensuring the new spots feel authentic, so members can “see” themselves in the spots.
FILMING IN A PANDEMIC
Filming took place in Los Angeles in December, and safety was our first priority. We took every measure to protect the cast and crew, including hiring an on-set COVID officer and requiring and providing ample PPE, sanitizing stations, and repeated testing. We were also able to do some good. The “Food Bank” spots were shot at an actual food bank, and the 2,000-plus pounds of food used for the shoot were donated to the food bank. We also donated the wardrobe and props to a local charity.
ENGAGING IN THE CAMPAIGN
This is your campaign, so don’t miss a chance to share in its success. Encourage your agents to open doors to opportunity for themselves and use the print, web and social assets for 2021 by accessing them at ThatsWhoWeR.realtor, or downloading the Photofy app at photofy.com/nar. RE
– CJ DELVECCHIO 2021 Chair, NAR’s Consumer Communications Committee
Karen Bebart is the director of Consumer Brand Advertising for the National Association of REALTORS®.
2021 Real Estate Newsmakers: The Hall of Fame
By RISMedia Staff
Last month, RISMedia announced its 2021 Real Estate Newsmakers and, for the fourth consecutive year, its 2021 Newsmakers Hall of Fame—a select group within RISMedia’s annual Newsmaker honorees, which celebrates icons in the industry for their longstanding and/or exemplary service.
SHERRY CHRIS
President & CEO Realogy Expansion Brands Chris currently serves as president and CEO of the Realogy Expansion Brands portfolio, which includes Better Homes and Gardens® Real Estate and ERA®, focusing her efforts on guiding the strategic growth of the brands within the division. Chris most recently served as president and CEO of Better Homes and Gardens Real Estate. Under her leadership, the brand grew significantly across more than 40 states and six countries. Well-known for building brands based on next-generation consumer insights along with her innovative marketing and sales acumen, Chris’ tech-forward mindset has been proven to usher brands to the next level in the industry.
ALLAN DALTON
CEO & SVP Real Living Real Estate and Berkshire Hathaway HomeServices Serving as CEO of Real Living Real Estate and senior vice president of Berkshire Hathaway HomeServices, Dalton is one of the most iconic real estate leaders in the industry today, providing leadership, strategic vision and executive decision-making for each brand. Dalton has spearheaded the governance of Real Living and is a valuable contributor to the Berkshire Hathaway HomeServices executive team. Over the course of his career, Dalton has created myriad programs for brands and companies, leaving a permanent imprint on the real estate industry.
JOAN DOCKTOR
President Berkshire Hathaway HomeServices Fox & Roach, REALTORS® Serving as president of Berkshire Hathaway HomeServices Fox & Roach, REALTORS®, Docktor has been instrumental in the growth and profitability of the company. In 2020, she quickly adapted to leading the firm’s more than 70 offices, 5,500 sales professionals and 700 employees virtually, holding daily meetings with leadership and forming a plan to keep everyone safe and business moving. Docktor kept the company informed and used weekly videos and blogs to stay personally connected and engage with agents.
J. LENNOX SCOTT
CEO John L. Scott Real Estate Scott is the third-generation chairman and CEO of Seattle-based John L. Scott Real Estate, founded in 1931 by his
grandfather. A longtime industry advocate and thought leader, Scott is also a member of the National Association of REALTORS®’ Strategic Thinkers Advisory Group and the Large Residential Firms Advisory Group. In 2020, Scott and his team introduced the concept, “Everything Video: LIVE Communication,” realizing that, during these challenging times, presenting an engaging presence online is crucial.
VINNIE TRACEY
President Realty ONE Group A well-known industry veteran, Tracey serves as president of Realty ONE Group, partnering in building the company’s overall strategy at the executive level while leading the growth of the company around the world through franchise sales. In 2020, Tracey provided much-needed strategic direction, inspiration and motivation during live Town Halls throughout the year, and he continues to be a mentoring figure to many, both within the Realty ONE Group network and beyond.
DAN FORSMAN
President & CEO Berkshire Hathaway HomeServices Georgia Properties As the president and CEO of Berkshire Hathaway HomeServices Georgia Properties, Forsman is the leader, visionary, motivator, protector and supporter of more than 1,550 associates in 22 locations. After kicking off 2020 with great success, the pandemic, a microburst of a recession and a contentious presidential election presented many challenges, none of which Forsman wasn’t able to overcome. From the safety and comfort of his employees to ensuring real estate was deemed an essential service, his continued support and resources never wavered.
LESLIE APPLETON-YOUNG
SVP & Chief Economist California Association of REALTORS® (C.A.R.) Appleton-Young, who joined C.A.R. in 1984—a statewide trade organization with more than 195,000 members—directs the strategic thinking for the association, guiding the research and economics team to analyze and interpret trends, and foster understanding of the economic and housing market landscape. She has overseen the development of key programs, such as the Diversity Initiative, and the Housing Affordability Fund, C.A.R.’s philanthropic arm, which promotes homeownership for first-time homebuyers and low-to-moderate-income buyers.
CAMERON MERAGE
CEO & Founder First Team Real Estate Early in his career as a top agent, Merage completed hundreds of transactions involving millions of dollars. He drew upon this experience to create the strategic vision for Orange County, California’s First Team Real Estate, founded upon the principles of unwavering commitment to client service, value creation and unmatched knowledge of the local market. Amid the pandemic, Merage shifted his team to a remote work environment and launched the Helping Community Heroes program, offering a free 1/4% interest rate reduction for essential workers.
CRAIG CHEATHAM
President & CEO The Realty Alliance Cheatham is president and CEO of The Realty Alliance, an invitation-only network of some of the largest, full-service real estate firms in North America. Comprising nearly 70 residential real estate firms, which are home to more than 120,000 agents collectively, The Realty Alliance members also operate mortgage, insurance, title/settlement, concierge, commercial, property management and other related business lines. In his role, Cheatham is responsible for coordinating the network’s significant influence on industry policy.
ROSEY KOBERLEIN
Chairperson Long Companies After nearly four decades in real estate, Koberlein now serves as chairperson of Long Companies. In this role, Koberlein will focus on strategic planning for the company’s direction and growth, both organically and through acquisitions, and step away from the nuts and bolts of daily operations. In 2020, Koberlein led Long Realty through the trials of the pandemic and shutdown to success. In addition to her local commitments, Koberlein frequently speaks at the national level. RE
To learn more about the 2021 Real Estate Newsmakers Hall of Fame, and meet all 300 2021 Newsmakers, go to RISMedia.com/2021-Newsmakers. For consideration for the 2022 Real Estate Newsmakers, please email nominations to Maria Patterson, maria@rismedia.com. Official online nominations will open this spring.
