Thursday, January 26, 2023

I hope you’ve enjoyed a productive, healthy start to 2023.

I find this time of year energizing as we reflect on the past and commit ourselves to reach new heights in the year ahead.

I believe 2023 will be a time of opportunity for our Board and members. Elevating the public image of REALTORS® has been a significant strategic focus for us in recent years.

Beginning in 2019, we increased monthly member dues by $10 in the aftermath of significant negative attention from the media, government, and public. These funds allowed us to launch a public advertising campaign that ran from 2018 into the first quarter of 2020.

When the pandemic hit, we shifted our public image investments away from television, radio, and online advertising toward comprehensive public research. We recognized that public behaviours and attitudes were changing. People were adapting their housing needs and media consumption habits.

Through our research investments, we found that Realtor public trust was suffering from a perceived lack of transparency. The rise of pandemic-era bidding wars caused the public to feel that the offer process lacked fairness. 

We also identified a lack of public understanding about the positive role that Realtors and the real estate profession play within the market and our communities overall. 

From these learnings, we’ve broadened our public image strategy to demonstrate, through actions more than ads, that Realtors are committed to greater transparency. 

We have implemented some measures already, such as making client instructions to delay offers irrevocable and publicly posting previous home sale prices for all active listings. Later this year, we will roll out other initiatives to make the multiple offer process more transparent to everyone involved. This will be a collaborative effort with other boards in the region.

We are also working with marketing experts to modernize the REBGV brand. We want to increase public awareness about the role that REBGV and Realtors play in our communities.  When we, for example, donate to charity or advocate for affordable housing solutions, we want the public to know that it’s on behalf of Greater Vancouver Realtors. 

Part of this process involves assessing REBGV’s vision, mission, purpose and name to see what changes are needed to achieve greater brand alignment. By reducing uncertainty around who the Board is and the Realtor members we represent, our research tells us that we can be a more effective public voice and advocate on your behalf.

This public image and branding work is a key pillar among the key strategic initiatives that we will focus on in 2023. Watch for other communications in the weeks ahead that highlight our other strategic priorities this year. For the most detailed update on the work happening at your Board, I encourage you to come to our AGM on March 24 in Burnaby.

Watch for meeting details soon.

Wishing you all the best in the year ahead!

Sincerely,

Jeff King
CEO
Real Estate Board of Greater Vancouver