ViewPoint’s interactive hopes to help homebuyers better visualise where they might be buyingGetty Images/iStockphoto
For years, the relationship between real estate agents and homebuyers was the same: House-hunters would hire an agent, give them an idea of what they were looking for and their agent would find potential homes for them to view.
Then along came the Internet and the dynamic began to change. Customers suddenly had the ability to do some of the searching themselves. While the information age hasn't meant the end of the real estate agent, access to information began slowly disrupting the traditional model.
But while some in the industry saw trouble ahead, Bill McMullin saw opportunity.
In 2010, Mr. McMullin created ViewPoint Realty, a market-leading online experience where potential clients can check out properties on an interactive map and then get professional service from licensed agents when they're ready to list or buy a property. Mr. McMullin says he founded ViewPoint because he realized that consumers were visiting multiple real estate websites to find property and listing information.
"We recognized the need and opportunity for a comprehensive online resource which enabled consumers to explore and research real estate," says Mr. McMullin, CEO of the Bedford, N.S.-based company.
"With ViewPoint, it's one-stop shopping."
To differentiate his business from the competition, Mr. McMullin hired a team of engineers to build and maintain the ViewPoint.ca platform. Most other brokerages outsource their technology, while ViewPoint is completely self-contained technologically. They design, write and manage all the software that runs the portal.
"Our marketing strategy is also quite different from other brokerages," says Mr. McMullin. "At ViewPoint, we're focused on recruiting consumers [by] satisfying their demand for information, whereas with most other brokerages, they are focused on recruiting agents. It allows our agents to focus on serving customers rather than trying to find them."
The centerpiece of ViewPoint's platform is their interactive map. The ViewPoint map provides information on every single property in Nova Scotia, not just those that are for sale.
"Consumers love maps," says Mr. McMullin. "We knew this when we started ViewPoint, but the popularity of our map has exceeded our expectations. Our users spend 90 per cent of their time on our map. Consumers love to discover and learn via exploration and the map is the best way to do this."
Mr. McMullin's concept is proving to be effective – in only five years, ViewPoint Realty has become Nova Scotia's largest real estate database.
"The real estate industry certainly is changing, albeit more slowly than some would have predicted. It is being disrupted by innovations in software, the Internet and new business models," he says. "Regardless of the state of the market, the most efficient operator will prosper. We are constantly looking for ways to streamline how we acquire and service consumers."
There's a lot of opportunity to innovate when you're in an industry that's stuck in the past, says Winnipeg-based growth strategist Ryan Caligiuri. "Every industry is ripe for opportunity, but there's especially a lot of untapped potential for companies in those industries that haven't seen a lot of innovation. The challenge is that it costs time and money to really innovate."
When it comes to real estate, Mr. Caligiuri agrees that technological advances are the greatest factors driving disruption in that industry. He sees ViewPoint Realty as one of the forward-thinking companies that will change customer behaviour.
To drive innovation in an industry that's overdue for it, companies need to first identify what the opportunities are, says Mr. Caligiuri. That starts with asking yourself some important questions: "What have you learned from customer insights? Have you asked customers, what will make this easier for them? What do they hate about the experience?" he says.
When it comes to creating game-changing innovations, Mr. Caligiuri suggests three main areas of research are essential. First, there's "tech-mining" – finding out what kinds of patents and systems exist in your industry.
"Secondly, look to the gurus and do some 'wisdom-mining,'" he says. "Who out there in your particular space is innovating? Who is really pushing the boundaries and what can we learn from them? Every industry has those people, but a lot of us don't look to them. They're on the leading edge, they're trying to disrupt, so what can we learn from their research?"
Lastly, Mr. Caligiuri suggests "future-mining" – looking at the mega-shifts and mega-trends that will be driving the future of your industry.
"Access to information is a massive trend that is already here and is only going to become more prevalent," says Mr. Caligiuri. "So what are the mega-shifts and mega-trends that are happening in your industry? What is the next step to creating greater connectivity between you and your customers?"
Once you have your great idea, communication is key, says Mr. Caligiuri. "If somebody has a big idea, they're excited and they want to communicate it, but what I tell every entrepreneur is, you need to focus on the four main points: Customer, problem, promise, proof.
"Who's the customer? What's the problem you're solving? What's the promise you're going to make to solve that problem? And the proof – how exactly are you going to do it?"
Innovation in a well-established industry can be scary, says Mr. Caligiuri, but his personal philosophy is: "Innovate or die."
If that message sounds dire, says Mr. Caligiuri, "it's the absolute truth. You either change with the marketplace or the marketplace will force you to change."
This content was produced by The Globe and Mail's advertising department, in consultation with CIBC. The Globe's editorial department was not involved in its creation.