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Should brokerages have an internal communication strategy?

(BUSINESS) It’s not common to have an internal communication strategy, but your brokerage should. Here’s how to set it up.

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internal communication strategy

It’s never a bad time to start fresh, personally and professionally. Help your organization by taking into account what’s happened in recent history and where you want to go. From there, you will determine what steps are necessary to achieve your goals.

Writing an internal communication (IC) strategy can be the first step in mapping your goals and is virtually unused in the real estate industry. According to All Things IC, an “internal communication strategy is like a map, an outline of your organization’s journey. It’s the big picture of what you want to achieve.” This can be done by a brokerage, or an independent agent alike.

Great! So, where do you start? First, know what an IC strategy needs to address. This includes the where, how, what, and why.

Write down the current state of the company, then state where you’re heading, or where you’d like to be. Create a list of objectives to support this.

Then break into your “how.” Explain how you are going to get to where you want to be, as well as how long it will take and why.

You’ll then venture over to a “what” by outlining what is involved along the way to your goal. Then, throw in a little “why” by explaining why this approach is the best for the job.

Go back to “how” and tell how you’ll know when you’ve reached your destination. This part will require tangibles, measurements to support a change in reaching your goal.

Finally, give one more “what” and address what will happen if you don’t change the way you’re currently operating. If things are working for your organization, that’s great! But, there is always room for improvement.

For an internal communication strategy, it is important to include the following: a title, an issue/purpose, structure, executive summary, audience segmentation/stakeholder mapping, a timeline, channels, measurement, communication objective, approval process and responsibilities, key messages, and an appendix.

Now, what was missing from the initial inclusions was a “who.” So, who should be the one to write this document?

Well, it needs to be someone with a strong understanding and implementation for internal communications. This can be done internally by someone on staff who is an expert; or, it can be outsourced to an expert. Regardless of who writes it, make sure it is clear and concise for the audience at hand.

What is most important to remember is that writing an internal communication strategy is just half the battle. Your work is not done once this document is agreed upon by the leadership team. And finally, you must be willing to enforce what’s written on these pages and be ready to make the changes you’ve outlined.

Staff Writer, Taylor Leddin is a publicist and freelance writer for a number of national outlets. She was featured on Thrive Global as a successful woman in journalism, and is the editor-in-chief of The Tidbit. Taylor resides in Chicago and has a Bachelor in Communication Studies from Illinois State University.

Real Estate Brokerage

Former WeWork exec launches specialized real estate startup studio

(REAL ESTATE BROKERAGE) A real estate startup studio by a former WeWork executive is using technology to reinvent real estate, starting in Asia.

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Two pairs of hands at a real estate startup meeting table with post-it notes.

Former WeWork executive Dominic Penaloza is reinventing real estate in Asia by launching Asia’s first PropTech innovation studio. Called REinvent (“RE” is short for “real estate”), this “real estate startup studio” focuses on tech specifically for the real estate industry.

Consisting of a mix of 45 technology and real estate industry veterans, REinvent is an in-house, full-time, and full-stack technology development organization. All designers, engineers, real estate operators, etc. are based in offices in Singapore, Shanghai, and Taipei.

REinvent is backed by four of Asia’s largest property companies. JustCo is the leading co-working company in Asia-Pacific, which is backed up by these big property owners in Asia, Singapore sovereign wealth fund GIC, multi-national property developer Frasers Property, and one of Japan’s leading real estate companies Daito Trust.

According to the company’s website, REinvent’s mission is to “reinvent real estate using its core competencies of technology product development, business model innovation, and venture building.” Through its “innovation studio”, REinvent hopes to create a repeatable process that creates a “large and profitable standalone PropTech business.”

So far, REinvent has two ventures in its portfolio. Switch is an on-demand platform for workspaces. With over 2,000 workspace desks across 25 different locations, individuals and businesses can book a space to work in and pay by the minute. Also, the company offers what it calls “Switch Booths”. These private work pods look pretty cool. They look like you could be in some sort of sci-fi and outer space container. And, when you’re not in the office or at home, they might offer you the right amount of peace and quiet needed to jump on a quick call.

The company’s other venture is SixSense. This software is like “Google analytics for space.” Using artificial intelligence, SixSense gives you data-driven insights so you can better optimize and utilize your space. But, it doesn’t just offer spatial analytics. The software also provides a social distance detection service. It can automatically measure if social distancing rules are being complied with, and it can send out overcrowding alerts to teams in real-time.

“We believe the future of real estate is when people will consume it as a service. This would unlock the world’s most precious asset so that more people can use it in more ways, adding a new dimension to the relationship between the landlord, tenant, and non-tenant,” said Penaloza, CEO of REinvent.

So far, the company seems to be headed in that direction.

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Real Estate Brokerage

Applying for a home? Robots and automation may decide your fate

(BROKERAGE) The next background check you have run may not be in the hands of another human being. Is this automation helpful or harmful?

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Man signing application may only be seen by automation

Leasing approval for your next apartment may not reside in the hands of a human being.

Automation has become an integral part of the decision process for landlords when it comes to deciding who to accept as tenants. Screening tools such as ScorePLUS from CoreLogic use a “statistical lease screening model” that calculates a score and determines a potential tenant’s overall risk. CrimCHECK, another product from CoreLogic, can be used by landlords to search a database of more than 80 million booking and incarceration records across 2,000 facilities. This type of software helps landlords and large apartment complexes streamline their processes and reduce manual reviews of leasing applications.

Housing advocates, however, view such automation as more of a problem than a solution. According to advocates when screening tools bypass human “judgment calls”, those decisions fail to take into account critical details and attempt to solve complex choices with a simple pass/fail algorithm. Eric Dunn, director of litigation at the National Housing Law Project, says that nuance is lost when landlords solely rely on automated screening tools and don’t always capture extenuating circumstances around a possible tenant’s record.

Large automated systems often have inaccuracies as well. Monica Webly, the deputy director of litigation at the Legal Action Center, has said that such checks are “notoriously” inaccurate. For example, a record might end up including information from someone with a similar name, leading to a denial in a renting application for a tenant.

“I’ve looked at more criminal records reports than I could count, and I would say that well over half the ones I’ve looked at had some kind of inaccuracy,” Dunns said.

Companies like CoreLogic have faced lawsuits over such inaccuracies. In 2015, a South Carolina man sued the company after he was flagged by a CoreLogic tool as a registered sex offender due to someone with a similar name. While the man was eventually able to resolve the issue, the process took weeks and cost him the apartment he was applying for as a result.

As automation increasingly becomes a part of our everyday lives, scenarios like the above will become more common. Although software like CoreLogic can help landlords process information faster and reduce human error, it comes with its own set of downsides. How to strike the right balance for things such as leasing applications, is the million-dollar question.

At least not all automation has such drawbacks.

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Real Estate Brokerage

7 red flags that could scare off potential home buyers

(BROKERAGE) While houses are selling quickly right now, there are some things that will almost definitely turn a home buyer off.

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Open home and kitchen that home buyers will be considering.

The process of buying a home is incredibly overwhelming – as is the process of selling a house. There are so many aspects that potential home buyers are investigating when they enter a spot that’s for sale.

Without realizing it, many sellers can be hurting their chances of selling by overlooking simple things. The Ascent recently determined seven things that scare away potential buyers. Let’s dive in.

We all know the market is hot right now and houses are selling like crazy, but there are certain things that just cannot be ignored.

  1. Listing an unrealistic price: Be realistic about what your house is worth and don’t be misleading. People can easily search the worth of the houses around yours and do some digging to find out if what you’re listing is representative of what the house is worth.
  2. Skipping the deep clean: This is never a good idea – especially this year. The cleanliness of your house is akin in the buyer’s mind to the overall upkeep and maintenance of the house. They assume that if you don’t clean, you don’t care.
  3. Personalization: Since you’re moving, try and pack up some of your family photos and leave up less “personal” items (or color choices) to better help the potential buyer envision themselves living there.
  4. Expecting payment for features that are high maintenance: Things like pools and hot tubs don’t always return their value. Many home buyers aren’t interested in keeping up with that maintenance and it’s unreasonable to charge them for the assumption that they’ll keep up with it.
  5. Believing “It’s okay if this doesn’t work”: If your shower head is broken, the A/C is messed up, or a ceiling is cracked, you should do all you can to replace or repair it before listing your house. If you can’t, don’t expect anyone to pay the full listing price.
  6. Being nose-blind: Like those Febreeze commercials tell us, it’s common that we go nose-blind to our surroundings simply because we’re so used to them (i.e. a smoker doesn’t notice their house or clothes smell like smoke). Go back and check off deep cleaning, and then ask someone you really trust to come in and tell you how the house smells to an outsider. Trust me, this will be one of the first things a buyer notices.
  7. Leaving pets home during showings: Due to the unpredictability with strangers – or the potential allergies the strangers may have – it’s best to make arrangements for your pets to be elsewhere during showings.

At the end of the day, you have to look at your house from an outsider’s perspective. Getting feedback and opinions from friends and family can help this process.

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