When it comes to the Coldwell Banker Global Luxury® program, we talk a lot about excellence. We have made it our mission to deliver excellence to our luxury real estate clients in every endeavor — whether it’s five-star service, award-winning video marketing or innovative digital products that allow our Global Luxury Specialists to reach the world’s wealthiest individuals. But how do you improve on excellence? We are already a global luxury real estate leader. After all, we sold more $1 million+ transaction sides than any other real estate brand last year. We’re already at the top. Where do we go from here?
We must continue to improve on our record-breaking success, which is not easy. However, we’ve been doing it for over 113 years. This year is no different.
I want to share a few examples of how we are building on excellence. Our exclusive partnership with WealthEngine continues to yield results for Global Luxury Specialists all over the world, and continues to improve by the day. In fact, WealthEngine just launched a new enhancement that allows the use of predictive analytics to identify a person’s propensity to donate or spend. This feature can help Global Luxury Specialists further drill down and identify the right audience for their luxury listings. (Global Luxury Specialists can learn more about this new feature by visiting CB Exchange and registering for an upcoming webinar.)
Our luxury certification course is the most unique and rigorous in the industry today, taught by Global Luxury Specialists who sell in the top 5% of their markets. This means that the newest members of the Coldwell Banker Global Luxury program are educated and trained by the absolute best in the industry. We recently announced the 2019 Global Luxury ambassadors who represent the program both in the United States and abroad, and often teach at our luxury certification courses, so I encourage you to get acquainted with them if you haven’t already done so.
We’ve been putting big data and predictive analytics to work for our agents since 2015, but our CBx Technology Suite of products has seen huge improvements this year. The CBx Technology Suite uses machine learning, a sophisticated form of artificial intelligence, to help our agents identify where buyers are likely to come from and predict who is going to buy their listing. Our predictive capabilities will get better over time, because with machine learning, CBx Seller Leads will analyze the accuracy of its past predictions and make changes to them in the future.
Leads generated through CBx Seller Leads are already seeing a 6.5% conversion rate — nearly three times the industry average. We believe that technology will empower agents, not replace them, and that the right tech has the power to improve the entire transaction process for consumers as well. Now that’s ingenuity in action!
Until next month.
Craig Hogan is the vice president of luxury for Coldwell Banker Real Estate LLC and a 20-year real estate veteran. When he is not traveling or offering his insights on high-end real estate trends, he spends time in Chicago, where he enjoys walking his rescue dog Cooper along the lakefront, collecting wine and satisfying his real estate “addiction” with a luxe open house tour or two.