Pamela J. O’Connor serves as president and CEO of Chicago-based Leading Real Estate Companies of the World®, the largest global network of 700 premier independent real estate firms, with 5,500 offices and 170,000 associates producing over $370 billion in annual home sales in over 35 countries. The company also owns RELO Direct®, a full-service relocation management company, and Luxury Portfolio.com, the fastest growing luxury property website in the world.
Pam has managed real estate and relocation organizations for the past 28 years. She was the first woman to head a major real estate network and previously held marketing positions for WSB-TV television in Atlanta and a major national real estate development firm as well as co-owning Bryson-O’Connor Public Relations in Atlanta. She has served as CEO for three networks which ultimately consolidated under Reliance Relocation Services, Inc. in 1998. Reliance initially operated under the RELO® brand name, transitioning to Leading Real Estate Companies of the World® in 2005.
Pam is a Senior Certified Relocation Professional (SCRP), and served on the first Industry Advisory Council of Worldwide ERC (Employee Relocation Council). She has received ERC’s Meritorious Award, President’s Award, and its Distinguished Service Award on three occasions. She is an honorary lifetime member of the Metropolitan Atlanta Relocation Council and a current member of the Corporate Relocation Council of Chicago. She serves on the Board of Trustees of Worldwide ERC’s Foundation for Workforce Mobility and the Board of Directors of the John Dickson Kidney Cancer Foundation, and has served on the Advisory Board for NAHREP, the National Association of Hispanic Real Estate Professionals. Pam has written numerous articles on real estate and relocation and has been a featured speaker at many industry conferences including ERC, the Inman Real Estate Connect conference, Real Trends’ Gathering of Eagles, and the National Association of Realtors, where she was featured in the 2007 Power Broker Forum of leading women in real estate.
In 2006, Pam was named one of the top 25 thought leaders by the National Association of Realtors as well as one of the top 100 most influential people in real estate by Inman News in both 2006 and 2007.
She is a 1972 honors graduate of the University of Tennessee with a Bachelor of Science degree in journalism. Born in New York City and raised in the South as the daughter of a career Navy family, Pam lives with her husband, Tom, and daughter, Molly, in the western suburbs of Chicago.
· Shifts in communication channels and strategies:
1. A dramatic shift in the way we engage consumers FROM print and spam and one-way advertising TO online research, blogging, social networking with consumers talking to consumers about us, home stories instead of home features, and permission marketing.
2. The growth of non-traditional internal communication (company blogs, intranets, list-servs) as the “virtual hugs” keeping associate morale up in this market and reinforcing the company culture and connection.
· Era of consumerism – Consumers are king and their demands will force the elevation of knowledge and expertise among real estate professionals who wish to thrive in this new age of real estate. Success will depend on “mass customization” to appeal to micro markets (Gen X/Gen Y, seniors, multicultural, luxury, military, single women, etc.).
Google – They are connecting consumers to real estate in new and very granular ways, and they have a major influence on how real estate websites are being structured and populated in terms of content.
(Surprise! J) Leading Real Estate Companies of the World® - We are changing the conversation about brands and making it chic to be a local or regional brand with its own personality and the freedom and flexibility synonymous with independence. This is borne out by:
1. The success we’ve had in converting significant #1 or #2 long time national franchisees to our network, despite hefty brand conversion costs.
2. The strength of local brands (44% of the top 88 markets have a LeadingRE independent as the #1 company).
3. The proliferation of regional franchise brands run by large independent brokerage firms rather than pure franchisors.
Technology players like Trulia and Zillow – They are driving brokers to be better on the technology front in order to stay in the game…not necessarily by just feeding these entities but by innovating themselves to keep their websites at the fore.
We’re blessed to have many of these, but here are just some that stand out:
· Lennox Scott, John L. Scott, Seattle – Lennox is always looking around the corner to anticipate what consumers want and determine how technology can make it happen, sometimes before the well-capitalized VC technology companies that typically get rock star status.
· Pat Riley, Allen Tate Company, Charlotte – Pat is constantly experimenting with new concepts to create consumer and agent solutions, whether it’s a
· Steve Murray – Steve led the movement toward transparency in measuring sales production with the first “Top 500” survey. He created (with his sister) an upscale publication (lore) that chronicles the stories behind the people in our business. He spots trends every month in his publications based on his daily interactions with industry leaders. And he generates provocative discussions at his leadership conferences, often challenging the status quo.
· Brad Inman – Brad created a place where real estate and technology could come together with his “tech marketplace” conferences, and he led the industry in the use of video to engage consumers. While not all of his “picks” have survived the chaotic real estate tech world, they have all played a role in making traditional brokerages step outside of their comfort zones and adopt new strategies to remain relevant and competitive.
• Character – Consumers want real estate professionals they can trust and rely upon (honesty, transparency, advocacy, caring). They want to know that it’s about them and their unique needs, not about the agent’s production level.
• Competence – They want brokers and agents who:
1. Know more than they do about the market, transaction technicalities, neighborhoods, trends, etc.
2. Have the skills to negotiate on their behalf and advise them on real estate investment dynamics.
3. Are efficient and respectful of their time and resources.
4. Make the home buying/selling process convenient and seamless.
• Connection – They want to feel a kinship with the agent, a sense of a common agenda and goals that are in alignment. They want someone who listens to them, who is accessible and responsive and keeps them informed so they feel in control of the process. They want someone who communicates as they wish…phone, email, texting, etc.
In general, regardless of profile or price point, consumers want value, and they’ll pay for it IF they see that it’s delivered. So the other key is that associates must do a better job of telling consumers what is being done for them, much of which is behind the scenes.
Brokers – By being much more selective about whom to hire and retain, by providing deep educational and professional development support along with consumer-facing tools and systems, by measuring results and consumer satisfaction, and by holding agents accountable for performance and how they represent the company’s brand.
Associations – By using their influence to raise the entry barriers to this business, by migrating the “bodies” revenue model (individual membership fees) to somehow attract committed professionals and reward performance/business contribution, by being more company-centric and less agent-centric, by seeking out brokerage leaders who have proven themselves through their own companies’ success rather than those who simply have the time to navigate the politics to be elected, and in general, by operating more like for-profit organizations.
Properly structuring compensation plans to provide for profitability, even if it means losing associates who don’t want the company to make money.
Taking a “hope is not a strategy” approach by carefully analyzing all costs and cutting in advance of the need, and not letting ego get in the way of closing that office or cutting staff if necessary…agents need to work at a “safe” (financially healthy) place.
Spending less on traditional advertising and more on innovation, their websites, and new ways to touch consumers.
Networking with smart brokers in other markets and undergoing peer reviews to objectively assess strengths to build on and weaknesses to correct.
Do effective succession planning to provide a comfort level for stakeholders, so that what the broker has built can be sustained.
We regularly focus on industry trends and try to develop solutions. Here are a few of those:
1. Creating LeadingRE Institute (manager/associate education forum) and Inside.LeadingRE.com (extranet for diverse business resources for our varied stakeholders…agents, brokers, relocation teams, marketing/recruiting/IT managers) to augment the professional development provided by members and help ensure that our members walk the talk of our bold name and set a high standard of practice.
2. Leading in the global arena with members in 38 countries, developing cross-border referral capabilities, hosting international conferences (Rome in September) to develop business relationships, developing LuxuryPortfolio.com (our high-end division website) in 9 languages and 22 currencies….the first real estate site to do so.
3. Innovating in the technology area with our “Future Tense” technology education/best practices/benchmarking initiative; our new “blogging as a service” Propopoly microsite network being launched this fall; and our consumer-centric SEO content strategy on RELOHomeSearch.com designed to connect our members with consumers.
4. Continually refining our various lead generation programs that support our members’ profitability, through over 40,000 broker referrals a year processed through the network, quality Web traffic/leads, and corporate relocation referrals.
5. Serving as a kind of network “laboratory” or catalyst with many venues and opportunities for the best practitioners to learn from each other, enhance their skills, and innovate for the future….conferences, webinars, list-servs, blogs, CEO Exchange peer review groups, Inside extranet platform, etc.
Good to Great (Collins) – great management principles to follow
Meatball Sundae (Godin) – guidebook to “new marketing” strategies
Firms of Endearment (Sisodia) – insights into engaging consumers effectively
Go Put Your Strengths To Work (Buckingham) – good coaching strategies for managers
The Essential Drucker (Drucker) – wisdom from the best management guru
When God Winks: Power of Coincidence (Rushnell) – why to trust your gut…things happen for a reason and sometimes you have to read the signals and grasp opportunities that come to you serendipitously
· Think “outside in”: Consumer as the customer/client, sales associate as the partner.
· Innovate: Anticipate what consumers may need and create it before the competition does.
· Emphasize performance (standards, accountability) and relationships (people as the priority, technology as the tool).
· Prioritize: Be deliberate about spending enough time on “high gain” activities and hold yourself accountable for results in these areas through a coach or some other method.
Email Pam
