The Tuesday 3Pack

Here to help you impress.

3Pack of building goodness: 1. Building News Story, 1. Lesson, 1. Technology Showcase.

In today's newsletter:

1. US Proptech Forum (today @ 12 ET)
2. NAR $1.8B jury verdict on MLS transactions?
3. How to know when to address your customer experience
4. Lotworks: Eliminate the headache in lot management.?

US proptech forum today (Tuesday March 26, 2024)

US Proptech Council is kicking off their seasonal forum listen to Proptech founders & industry leaders discuss the following topics:

1. What major market pain points do you see that technology hasn't solved for yet?
2. What factors lead to greater adoption of a new technology and prevalence in the market?
3. What challenges are you facing now?
4. What's the next evolution of AI in residential proptech?
5. Are you prepared for the wave of homebuying once interest rates come down?

Register here.

NAR $1.8B jury verdict on MLS transactions?

A landmark legal settlement, where the National Association of Realtors (NAR) faced a $1.8 billion jury verdict and subsequently announced a $418 million settlement.

WSJ points out that despite the advent of digital real estate platforms like Zillow and Redfin, the role of agents remains pivotal for MLS listings, albeit at a high cost to consumers.? This could precipitate significant changes in the industry. This development prompts a reevaluation of the real value provided by agents, especially when the primary benefit they offer—MLS access—could arguably be provided at a fraction of the current commission rates, traditionally around 6%.?

How could this affect homebuilders?

Data

• Nearly all residential transactions involved agents due to MLS listing necessities.
• Most new home sales do not go on MLS, mostly sales office driven.?
• Homebuyers are suing for ease & transparency.
• The industry standard commission rates hover around 6%.
• Significant legal actions have resulted in multi-million dollar settlements against NAR.
• The internet's role in offering comprehensive real estate data has lessened the exclusive utility agents once held.

The Big Picture

The intersection of technology, legal rulings, and evolving consumer expectations is steering the real estate market towards increased transparency and efficiency. This could be a canary in a coal mine; customers are demanding (and sueing!) for more transparency.

The Bottom Line

Adaptation is key for home builders. Embracing digital marketing, virtual showcases, and alternative service models will become essential to remain competitive in an evolving real estate marketplace and demanding customer expectations.?

Read more

In homebuilding, differentiating your brand goes beyond the structures you create; it's significantly defined by the customer experience (CX) provided throughout the entire journey, from initial contact to post-sale. Recognizing the need for improvement in CX and taking strategic steps to enhance it is crucial for building trust, loyalty, and a strong market reputation. But; it is often regarded the last & least funded part of the homebuilder P&L.? When should you commit to change?

• Early Warning Signs: Look for increased response times, lower customer pulse scores, and signs of decreased satisfaction, such as negative reviews and a drop in referrals, indicating areas needing prompt attention.
• Key Areas to Address: Focus on improving communication, ensuring transparency, offering robust after-sales support, and personalizing the customer journey to enhance overall satisfaction and loyalty.
• Implementing Changes: This involves collecting and analyzing feedback, gaining cross-functional support, defining clear metrics, mapping out the customer journey, setting realistic timelines, and leveraging technology to improve efficiency and communication.
• Measuring Success: Use a balanced approach of leading and lagging indicators, celebrating successes, and learning from setbacks, with tools like Net Promoter Score (NPS) and customer satisfaction scores to gauge progress.

Elevating customer experience in homebuilding is a strategic investment that not only addresses current challenges but also anticipates future needs, ensuring the brand's sustainability and growth in a competitive landscape.

Read more

Problem they solve:

• Traditional lot and land management processes are often inefficient and outdated, relying heavily on spreadsheets, which can hinder collaboration, slow down project management, and impede real-time decision-making.

How they solve it:

• LotWorks offers a cloud-based platform that replaces spreadsheets with real-time, collaborative tools for managing master-planned communities. It enables streamlined processes for land developers, sales teams, and builders, enhancing project management and client engagement through customizable solutions and comprehensive integration

Trusted by builders and developers across North America, LotWorks offers customizable solutions for lot management, property visualization, and land asset management, aiming to streamline processes for land developers, sales teams, builders, marketers, and management teams. The platform enhances client engagement and project management, with features that support decision-making, collaboration, and comprehensive integration of land development processes (LotWorks).

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