Sunday, 05 April 2020

ABD Development's Co-Broker ‘Education’ Risk is Paying Off

Written by Posted On Monday, 20 August 2018 14:23

What began as a “let’s try one and see what happens” almost three years ago, is now the baseline co-broker marketing event for Providence, one of central Florida’s largest and most successful master-planned communities.

Co-broker sales grew from 20% to 80% the first year and are holding at that number now, according to Matt Brown, vice president of sales and marketing for the gated 2200-acre golf course community in Davenport, Fl, about 30 miles from Walt Disney World. Prices range from $250,000 to over $1,000,000.

What Brown wanted to try would be different. Brown was not sure how his six builders would respond to his suggestion to “teach Realtors how to build a new homes niche, instead of how our homes are built.”

“Our six builders asked ABD Development to provide a consistent, measurable co-broker marketing strategy, something that would draw Realtors to their models every month.”

The solution: free monthly seminars at the Providence clubhouse, including lunch and a reason to tour the builders’ models..

“The situation was crystal clear then, and it is crystal clear today. Home builders need qualified, motivated prospects, which Realtors control and Realtors need saleable inventory to sell, which home builders provide. Both parties know it.

Sponsoring a seminar was not the risk. The risk was in the content. We would teach them how to build a new homes niche for the long haul, not to sell just our new homes, but sell new homes for any builder.

“The idea being that if we could help them make sales they may have lost, be they new or resale, we would build a loyal following because we were helping them grow their business, not just asking them to help us grow ours,” Brown said.

Brown credits his builders for approving the unorthodox approach to co-broker marketing. Providence builders include DR Horton, Lennar Homes, Park Square Homes, FID Capital Group, ABD Development, and Emerald Homes

“Our job as the developer is to deliver co-brokers to their models. That is what we are now doing every month,” Brown said, and it is up the builder to sell his homes.”

“We knew Realtors would like the community, the builder’s homes and prices, and low monthly fees because we don’t own the golf course. 

“We knew they could and would apply what they learned to sell new homes throughout the area, but we would get our share, maybe more than our share, to level the playing field, which due to our off the beaten path location would not be easy, according to Brown.

Today 2306 Realtors have completed the course, with another 400 projected to complete the seminar by the end of the year.(Ed's Note) 

Monthly seminars gave us much more than an education baseline. The seminars gave our builders and the local Realtor community a consistent, regular group of newly trained Realtors visiting their new homes inventory and models.

According to surveys completed by 288 Realtor graduates, fifty-eight percent have five years or more experience, and most have sold more than one new home, according to Brown.

Capturing the participation and loyalty of these established agents is just as important as introducing new agents to our community,” Brown said.

How To Build A New Homes Niche seminars help Realtors better understand how to protect their commissions, how to qualify their resale prospects for new homes, how to find the right inventory on demand, what is and what is not negotiable, why Realtors don’t need to learn construction, and more, according to Brown.

“By helping our broker community establish a new homes niche, we established a growing niche of Realtors who remember us when they have qualified, motivated prospects whom they believe will find their dream home at Providence,” Brown said.

Perhaps one of the graduates said it best. He said he spent six weeks with a couple showing resales who kept wanting to see more homes. After taking the course, he showed them a Providence home and did “exactly what I was taught. They bought that very day. The onsite agent was terrific.”

What did you apply that you were taught?

“I introduced them to the onsite agents and did not say another word,” said the agent.

“That example, says it better than I ever could,” Brown said, and it makes us feel good about taking the risk to establish education, not events, as our co-broker marketing baseline.

To see the details of the online course, click here.

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David Fletcher, NHCB

Lifetime Achiever David Fletcher is Founder and CEO of New Home Co-Broker Academy LLC, home of the New Home Co-Broker (NHCB) designation. More than 4,000 real estate agents have completed the  Academy's course, How To Build A New Homes Niche, a three-hour online course based on research, case studies and David's  long career recruiting, training and supervising onsite teams, who sold more than $3 billion new homes and condominiums.

Along the way, he wrote Condominium Sales and Listings and has been the featured speaker for the National Association of Realtors and a present at the International Builders Show. He served as chair of the Sales and Marketing Council for the Florida Home Builders Association. 

He started in real estate as the project manager for Bay Island, of the first major condominium communities in Florida. During this time, he obtained his Florida real estate broker's license, served as chair of the Sales and Marketing Council for the Florida Homebuilders Association, earned his MIRM designation, and served as president of the Florida Condominium Developers Association. It was here that he leaned to work with local Realtors, 

After a successful three-year run, he brokered 27 lender workouts, 11 rental conversions, a TPC golf course, and more than 1000 condominium units in six different communities. 

He recruited, trained and supervised onsite sales teams for more than 70 communities, always insisting on co-broker cooperation in his listing agreements. 

He has been a contributor to Realty Times for 16 years and contributed to Inman News for 3 years. 

His education philosophy is based on these simple assumptions:

  • Builders need qualified buyers. Realtors need saleable inventory. 
    Today's home shoppers expect their Realtor to help them navigate the buying process whether it be for a resale or new construction. 

To lean how you or your office can benefit with our popular online new homes course, visit our website. 

newhomecobroker.com

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