“At some stage something’s going to come through that will change the ball-game so you seriously need to consider what’s coming through and assess whether it suits your business or not”. Peter Schravemade
Topic – Meet the change head-on
Mentor – Peter Schravemade
- AI is helping understand buyers and sellers better
- Are ‘out of the box’ CRM’s worthwhile?
- Tech improving and changing how agents work
Marketing Monday – How good is your communication with a seller during a campaign? Listen to what Matt Lancashire does.
Kasey: Hi, Kasey McDonald here from the Property Management Training Academy, and coming to you from Miami in Florida with Pete Schravemade from BoxBrownie, hi Pete, how are you?
Pete: Really good, thanks Kasey.
Kasey: Experiencing some conventions with you over here in the States, just wanting to know maybe what are the key differences that you’re seeing with some of the major events that you’re attending here compared to those in Australia.
Pete: Well, I supposed there are a few key differences we see in organisation of the conferences, but also in how they’re put together. A lot of the american events tend to be soley based around networking rather than necessarily a conference perse, I mean that’s from a sponsor’s perspective, a lot of the things are very similar with regard to the speakers and the formats. Here in the States, they also have a heavy reliance on what we would call is professional development, so that they’ll be getting their CPD points, and whatever else on certain days. They always have an emphasis on the sponsors actually providing valuable content to the people who attend. And I see that as being a large difference between the majority of the Australian events and the American ones. Even though there are, you know that’s a generalisation there are events in Australia where this does happen, it’s a large point of difference across the board.
Kasey: Tara Bradbury and myself had the BoxBrownie crew and you in particular on tour with us for RETG events, so it was great for you to actually share some educational content, and know what BoxBrownie are doing on a different scale. Another question for you in regards to the tech differences and your thoughts on the the realtors are embracing the new technology that’s out there compared to those in Australia.
Pete: Australia’s very measured, almost unlikely to take on new tech for the fear that it may not be something that is of value to their business. And it almost crosses over into trepidation rather than something that I suppose is healthy. Whereas in America there tends to be over-reliance in new tech coming through, have to be a part of the new phase. But some of the new tech we see coming out over here is really really cool. Like predictive analysis on where the next buyer is coming from or where the next seller is coming from.
Pete: Some of the algorithms that they’re developing with AI at the moment are just insane and the way that they go about it, to give you an example, Kasey McDonald goes out as a home-owner and buys 3 tins of paint, a couple of throw rugs, maybe a new lounge for her living room. AI detects the sale is going through and then will send her contact details, or as much as they have, to a broker who will then assess that Kasey is more than likely to be renovating either for sale or to rent the property, so then a call will go through. And I mean as much as that might sound scary to a lot of people that is the public data that is currently available in America. That’s one type of cool tech.
Pete: Aside from that there is an absolute cesspool of CRM’s over here, CRM’s just meaning Contact Resource Management. A lot of our franchises in Australia will have Contact Resource Management built in, if you’re part of a larger group that will come as part of it. Sometimes you will pick an out of box solution, whereas here I could name nearly 15 or 20 CRM’s that are out-of-the-box but also customizable for your business in the area of sales. So there are 2 tech ideas that are sort of floating around the industry here and very prevalent in every conference I go to.
Kasey: And so would you say that we’re not embracing some of these as well in Australia compared to how they’re doing it here?
Pete: It’s a different ball-game, in America everyone is on the edge, trying to go; “I want the latest tech.” And sometimes they will adopt that tech not actually assessing as to whether there is value for that tech in that business. Or whether they’re gonna see value out of it. Sometimes they will adopt the tech just to be on top of the tech. Whereas Australia is almost completely conservative when it comes to new technology, there’s almost a trepidation, a fear of the unknown, maybe we shouldn’t do it on the off-chance that it doesn’t benefit our business. In both markets I think assessments need to be made, if technology is not suiting your business or the direction forward as far as, whether you’re selling, whether you’re renting, whatever your core business is, even if it’s both, if it’s not benefiting that then a real decision has to be made as to whether you proceed with that technology or not.
Pete: And so I would encourage all business owners, all broker owners whoever you are out there, you still need to consider tech. At some stage something’s gonna come through that will change the ball-game so you seriously need to consider what’s coming through and assess whether it suits your business or not. So don’t be trepiditious about it, but also don’t just jump on new tech because it’s a fad.
Kasey: Just wanting to see where you see tech changing the landscape, is it already? And where you may see that happening more in the future?
Pete: Yeah it’s definitely changing the landscape over here and I believe that it will always change the future. Technology at the moment is probably in its largest boom time as far as property is concerned at the moment. I’ve never gone through a period, we’ve gone through the 90’s 2000’s where the internet came and a lot of changes came about as a result of that. At the moment I’ve never seen as much technology that could potentially be a game-changer hit the market. The AI that I spoke about earlier, and predictive analysis is one of those.
Pete: But certainly in my ball-game which is digital marketing, I believe more immersive forms of display are going to be more prevalent. And we’ve all seen the 360 photography, 3D tours, virtual tours all those things with goggles and glasses. I’m kind of predicting in the next ten years there’s a lot more of that and a lot more of it is immersive to the actual user. Whereby potentially at our real estate office we have a theatre where we’re able to walk people through and demonstrate the differences in switching between a living room at a prospective property 1000 km away and the dining room. So I believe immersive tech in display marketing is going to change the world there.
Pete: Even as far as property managment is concerned, how many property managers are currently using 360 photography to do regular inspections? Well there are 5 or 6 agencies here in the states that have embraced that and it has reaped dividends. The lack of extra inspections they do and the more qualification of the prospective tenant when they’re hitting the property is quite an asset I think from a property management perspective.
Pete: So there are more than that, and I suppose to answer that question there’s a lot more meat to it. The style of agencies that are coming out here, Compass and Redfin and Purple Bricks are all making an impact over here in the US, and to an extent in Australia. And I haven’t spoken about that style as opposed to what we would have in Australia is the traditional Ray White’s, LJ Hookers, Harcourts and all the other brand names like Remax that come along as part of that.
Kasey: I have just done an event actually with Brad, and he was showing us an example of how we could certainly start to utilise that more from property management, you did just touch on that, around, looking at maybe from a routine inspection perspective to start with. But of course in Australia with our heavy regulations we’ve got some restrictions on what we have to do, what we’re allowed and not allowed to do and certain forms and things that have to be presented on. I see that introducing that and embracing that technology to start with is going to be an absolute benefit to property managers and I would encourage everyone, including the business owners, to invest in one of those cameras. Can you just talk through where they could potentially look at buying one of those, or what costs are involved?
Pete: Sure, so the camera that you’re talking about is a RICOH-THETA-V, that’s R-I-C-O-H, T-H-E-T-A, and the model is V. There is also an S, the V is the one I’d investigate, just because it’s the latest model, it’s more superior, it’s faster. Now a lot of property management companies are using that they’re sending out general inspectors I suppose, with those and they’re taking 360’s of the property that they’ll then carry back to headquarters. They’ll then be uploaded to a server, and the role of the property manager will largely be checking those 360’s.
Pete: Now they’ll still be I suppose a property manager vising that property as required, but a lot of the general maintenance solutions are as part of that RICOH-THETA-V, now most camera houses in Australia sell them. Certainly Amazon in Australia does sell them, but they’re about $600, from memory, if you do a quick google search you’ll find plenty of shops that are available to supply them. They’re pretty hard to find on the shelves, and I’m not really sure why that is in Australia, it’s just the way it is so keep an eye out they’re definitely valuable, even, not just from a property management perspective but if you’re any kind of agent and you’ve got a 360 camera and you want to do an early claimer, 123 Smith St is about to hit the market for x number of dollars, and I’d like to give you a quick glimpse of that, here’s a 360 of that, it’s a really really interactive way of demonstrating that property and I guess whetting the appetite of those prospective tenants or purchasers.
Kasey: Thanks very much for joining me today.
Pete: Thanks for having me.