2 months ago
17
In this executive conversation, Laura O’Connor, COO at JPAR, and Affiliated Network President, shares her insights on the role of the modern real estate professional. With over two decades of experience in business operations and strategic management, Laura has been a driving force in JPAR’s growth and innovation. She believes the onus is on agents to “show up” for clients and communities rather than merely “showing off” past successes. Laura brings a fresh perspective to building trust and delivering value in an increasingly complex real estate landscape.
We have both an opportunity and, I’d suggest, an obligation to show up for our customers instead of focusing our marketing efforts on showing off how great we are.
HousingWire: You have coined an interesting phrase for real estate professionals, “Show up, don’t show off.” Can you expand on that principle? Why is this distinction important for agents today?
Laura O’Connor: In marketing for any services industry, it is common to show that a provider has a lot of customers served. That helps build confidence that the provider must be skilled because numerous people have used them in the past. As online platforms and social sharing have grown in popularity, we saw a shift to ratings and reviews which further help validate that you’re hiring a skilled professional. While these are important and have a place in marketing an agent or a brand, I think of these as “showing off.” They are focused on a “look at me, aren’t I great” message.
Right now, there is a lot of confusion surrounding agency and compensation with news outlets nationwide weighing in on the changes that went into effect August 17th. Homeownership has gotten further out of reach for first time homebuyers with the costs to own a home outpacing the average middle class households earnings in many markets.
We have both an opportunity and, I’d suggest, an obligation to show up for our customers instead of focusing our marketing efforts on showing off how great we are. Show them our value today versus telling them how successful we’ve been in the past.
HW: How important is it to educate clients about the “new normal” in residential real estate post-August 17? How do you recommend agents communicate these changes?
LO: I think that consumer education is the most important role we can play today as a partner for our agents, their business and their clients. We’ve taken this to the next level with our JPAR NOVA app rolling out to all of our offices nationwide starting in Texas in September. We provided guided scripts and learning pathways to ensure our agents are equipped and comfortable articulating what consumers need to know.
We’ve worked with our affiliated owners across the nation to provide templates, guides, resources, scripts and guidance from industry experts within and outside our organization to make sure they are prepared. They are independently owned and operated so they will set their own policy and guidance, but we wanted to ensure they had the best information at their fingertips to help them when building the model for their offices. We’ve even opened up an Independent Owner Mastermind Group so that owners outside of our JPAR Affiliated Network have a place they can come together to talk through the changes and best practices. We enlisted the help of a national trainer to serve as our webinar host and facilitator, and to keep the discussion focused on key issues. We want to ensure the industry comes together and honors the intent of the NAR settlement so that we can continue to be one of the best industries for people of all stripes to build a scalable business while reducing risk and liability.
Second, we’ve established mandatory forms for our agents that are affiliated with JPAR – Real Estate, our real estate brokerage operating in 28 markets across Texas. Those forms serve as buyer and seller education tools to ensure that every JPAR customer or client is getting the same clear guidance to help them understand what changed, why it changed and what their options are when negotiating with an agent for fees and services. We’ve made these forms available publicly so anyone can utilize them to craft their owner policy if they agree with our approach.
HW: With the rise of AI and other technologies in the industry, how can agents maintain the personal, relationship-driven aspect of their business? What balance should agents strike between using technology and human connections?
LO: AI, when used properly, will help the agent have a better connection with, and value to, their customer. That being said, it is hard to keep up with the rapid evolution of AI tools and ensure that our industry is using these technologies in a way that keeps our client data safe and honors the fiduciary responsibilities associated with real estate license law. We take our partnerships with our agents and affiliates seriously and carefully screen opportunities before rolling them out for use. Partnerships, which are all about relationships, are important for any business owner, whether that is at the brand, brokerage or agent business level.
By selecting the best partners for our website, CRM, marketing and training platforms, we are able to tap experts in each field as a way of maximizing the use of AI in the right ways, and at the right times, to best benefit our agents.
AI should be used to help agents stay top of mind with past clients and to create repeat and referral business by pushing the right leads to the top of the pile for personal outreach. As with any technology, putting good information or prompts into the tool means you get valuable information and resources out. Training on prompts, sharing specific tools and detailed training on how to use them are always going to be more valuable than the high-level overviews that prompt agents to use AI in their marketing or customer outreach without providing specific step-by-step guidance. We are excited to launch a comprehensive AI bootcamp for our agents in the fourth quarter of this year, where we can walk through the various levels of understanding AI; its uses and the best way for our agents to leverage AI for their real estate business.
HW: What are some specific examples of how agents can “show up” for their communities beyond professional expectations? Can you share any stories of agents impacting their local areas?
LO: I’ve had the opportunity to travel around Texas recently visiting with our agents in a variety of markets to learn from their boots on the ground experiences. I’m amazed and impressed by the commitment that they have to their customers and their communities. You name it, I’ve seen agents doing it. There are first time home buyer trainings, podcasts on specific community outreach, radio spots, and more.
Our industry has, by necessity, focused largely on the compliance portion of the changes from August 17th; but the best agents are using these changes as an opportunity to reach out and educate the consumer on topics like seller concessions and low down payment programs that can help cash-strapped buyers achieve their dreams of home ownership without compromising and trying to navigate the homebuying process on their own.
When you see a veteran, single parent, or a young family light up with excitement when they realize they may be able to own a home for less than they are paying in rent, that is when the job becomes a passion. Agents do this all the time and can benefit their business by leveraging these opportunities in their marketing efforts. After all, doing good is good for our communities and our business.
HW: Traditionally, metrics like deals closed and total volume have measured agents’ success. How do you think we can shift the focus towards more qualitative measures of success, like community involvement and client advocacy?
LO: If I have one request for our agents at JPAR, it is that they update their professional bios on their websites, LinkedIn profiles and other social accounts. Highlight ways in which they give back and contribute to individuals and their communities. That’s where the magic is, and our industry needs to be recognized for all the contributions made which extend far beyond fiduciary responsibilities and other aspects of the home purchase – home sale process.
Real Estate professionals have long been the resource that people turn to for advice on mortgage professionals, title companies, plumbers, contractors, and other vendors. We need to focus on those agents that have invested in learning about loan programs, community programs and other resources specific to the customers they serve, whether that is investors, veterans, first time homebuyers, move-up buyers, downsizing sellers or luxury. Education, community outreach, and local market expertise are differentiators which will continue to set agents apart from all others.
We are excited to roll out a program, Simplify with JPAR, in Q4 that will help our agents provide local market recommendations, and provide the ability for them to customize outreach for each homeowner, so their value continues well beyond the sales transaction. Continuing to add value that supports our agents and their clients is what makes our job as brand leadership rewarding!
HW: Looking ahead, what changes do you see for the industry down the road that will underscore the importance of showing up rather than showing off? How can agents prepare for these changes to better serve their clients and communities?
LO: I think everyone understands that we are in the first mile of a marathon, and change will continue to occur in terms of our best approach to working within these new guidelines. We have to do better as an industry, with every decision made looking through the lens of the client and how we best serve them in their home ownership and wealth building objectives.
In the next five years we will see agents and brands growing market share by harnessing the power of AI to provide customized support and guidance at the individual household level. Online chatbots will improve the initial experience a consumer has when interacting online so when the agent takes over the relationship there is already a level of trust and value that has been established. Training technology powered by AI will provide brands and brokerages the ability to translate their educational training for both agents and their clients in hundreds of languages at the touch of a button. It will become more important than ever for agents to partner with the right brokerages and brand to ensure they are getting the right tools and technology that will enhance the efficiency of building their business while protecting their client relationships. I’m proud of the fact that we are leading the way with our use and development of these agent resources.
Homeownership is still one of the most important elements of living the American Dream. We have an important role to play in standing up for legislation and local level initiatives that will help ensure more Americans are able to pursue that dream. We have a consistent presence across nearly all our markets with agent and owner participation in associations and other groups that work on behalf of homebuyers and homesellers to protect and expand their rights. I would like to believe that the leadership we’ve exhibited in this area will be a flame that spreads to a raging inferno where all agents feel obligated to show up for their communities and clients not just during the sale but also more broadly.
If we are all focused on the homeowner experience, we will start to realize that we are all playing for the same team and it isn’t who has the name or phone number in their database that wins. It is the person that delivers the best value to the customer while respecting the relationship ties built between an agent and their client that will thrive during any market.
English (US) ·