LSTAR S STRATEGIC PLAN 2014-17 INTRODUCTORY COMMENTS Welcome to the London and St. Thomas Association of REALTORS (LSTAR) 2014-17 Strategic Plan. In setting our course for the next three years, your Directors recognized that we can t rely exclusively on past successes to assure success going into the future. Accordingly, we reviewed a wealth of information about the rapidly changing marketplace, evolving REALTOR needs and the challenges faced by our REALTOR Association Community in keeping pace with and better coordinating our efforts on behalf of Members information which significantly influenced the directions and priorities outlined in the new plan. Thanks to all those who helped us to set a focused course for the coming years. With your assistance and support, LSTAR can continue to make meaningful contributions in the coming years and ensure that our Members, volunteers and industry partners experience real value from the work we do. President Jim Holody and Executive Vice President Betty Doré OUR STRATEGIC DIRECTION AND PRIORITIES For our new 2014-2017 Strategic Plan we have adopted a balanced scorecard framework. This business model ensures that our strategic directions and priorities work in harmony with one another so that we may fulfill our mission and achieve our aspirations for the future. The model will also help to align our operational plans and activities so that we can better integrate our work and will allow us to better monitor, gauge and report our progress. For each of these areas we have set a few critical strategic priorities LSTAR s highest level "promise" to our Members. Each priority also sets a clear direction for operational leadership to begin aligning the resources and operational plans required to deliver on these promises. OUR MEMBER PRIORITIES LSTAR exists to provide services and value to its Members, to remove or minimize barriers and obstacles and, wherever possible, to make their work easier. LSTAR 2014-17 Strategic Plan Page 1
1. Promote REALTOR value in the marketplace. 2. Segment, better understand and focus services on meeting our Members' known issues, interests and needs. 3. Ensure our Members have access to the best MLS. 4. Advocate and lobby for REALTOR interests. 5. Communicate and engage with our Members in meaningful ways. OUR STAKEHOLDER PRIORITIES LSTAR recognizes that, in addition to our REALTOR Members, there are other important stakeholders who influence or are critical to both the industry's and LSTAR's success. These include the community of local, provincial and national REALTOR associations, the regulator (RECO), large firms, local governments, community partners and the community at large. Through our planning discussions we were reminded of the critical role LSTAR must play to work in partnership with these various and important stakeholders. 1. Proactively enhance relationships, collaboration and integration of REALTOR -focused solutions with our REALTOR association community; 2. Build and maintain strong, focused partnerships with local community partners/sponsors; 3. Ensure our technology providers are keeping our REALTOR Members at the forefront of high quality, high value solutions; and 4. Ensure Quality of Life principles are advanced and recognized in our community and charitable work. OUR PEOPLE PRIORITIES LSTAR could not possibly deliver the volume or quality of service without the dedication of a talented team of people that includes both staff and volunteers. Through our planning discussions we were reminded of the pride people take in their work and how they strive to provide the highest levels of service possible to meet the ever increasing and diverse needs of Members. 1. Ensure we have the right people, skills and capacity in the right jobs; 2. Ensure we have a strong succession and transition plan in place for leadership; and 3. Ensure we shape and support a culture of service excellence, quality and continuous improvement. LSTAR 2014-17 Strategic Plan Page 2
OUR INTERNAL SYSTEMS PRIORITIES Balancing resource efficiency, effectiveness, quality service, and Member accountability is a delicate act. As a larger REALTOR Association, LSTAR has benefited from strong and stable resourcing and has done its best to walk the delicate line between high-value and low-cost. Through our planning discussions we were reminded of the importance of making the best use of increasingly thin resources; ensuring technology is used to optimize work, that processes are streamlined and that work efforts are focused on only the most important priorities. 1. Ensure our core business processes and systems are up-to-date, progressive, effective, efficient and documented to enable reliable use and knowledge transfer; 2. Ensure that our assets, investments and key Member solution systems are optimized; and 3. Ensure we have up-to-date, good-practice governance that aligns with our plan, looks out for our Members' future and is sustainable over time. OUR FINANCIAL PRIORITIES Our Members expect the highest level of financial stewardship from LSTAR. Despite ongoing challenges to keep membership dues fair and reasonable, LSTAR has been diligent managing its financial realities. Throughout our planning consultations we were reminded of the critical importance of assuring the long term financial viability of our organization. 1. Ensure that Member dues are fair and reasonable and allow for a sustainable Association over the long-term; 2. Be prudent with our Members' resources; focus investments on activities that will deliver the highest overall member value; and 3. Continue to ensure Member trust through sound and transparent financial policy and reporting. IMAGINING OUR FUTURE As we discussed our strategic priorities we also considered what successful implementation might look like, both over the short and long term. LSTAR 2014-17 Strategic Plan Page 3
Success One Year from Now? Road map in place for regional MLS. Public perception favours REALTORS more. Financial and fee strategy completed; sustainable dues system in place. Governance review finalized. EVP Succession planning underway. More integration of services amongst the Community of REALTOR Associations. Improved communication with members. Improved Government Relations. Improved recognition of volunteers. Happy REALTORS Success Four Years from Now? Shared regional MLS. Solid understanding of Member demographics and segmented Member needs. Focused, high-value member services. New CEO with smooth transition. Great communication and engagement with members. Higher membership involvement. Governance review completed and recommendations implemented. Even happier REALTORS SOME CLOSING THOUGHTS It s been said that failure does not occur in strategy, but in execution. That means we must depend heavily on our Members, staff and volunteer leadership to achieve both our short and longer term priorities. Guided now by a revitalized mission, a clear vision for what is possible and a strong trackrecord of success, the LSTAR Team is committed to achieving each and every one of the important goals set forth in this Strategic Plan. As we put in place the operational plan to make these priorities come to life, we will take care to focus only on that which will deliver true value to our REALTOR members. We will also endeavor to work more closely with our REALTOR association community and with our local community leaders to ensure our priorities are being advanced in the most collaborative way. Moreover, we will remain prepared and nimble, so that we can respond quickly to the new, unforeseen opportunities and challenges that are likely to arise along the way. Thanks once again to those of you that took time to provide input and feedback to our new plan. Your commitment and thoughtfulness has helped to ensure a sound long-term plan for LSTAR. Respectfully, Jim Holody, 2014 President E.L. (Betty) Doré, Executive Vice President LSTAR 2014-17 Strategic Plan Page 4
2014-17 STRATEGIC PLAN "AT A GLANCE" REALTOR Association System Focus: REALTORS are our only customers. They pay all of our bills and deserve the very best from all of us. Local, provincial and national REALTOR Associations must coordinate and work more cooperatively together to ensure REALTOR success. REALTOR Association System Mission: Supporting REALTORS to succeed in their chosen profession. REALTOR Association System Vision: REALTORS are chosen as the trusted, respected voice and experts for all things real-estate. LSTAR Mission: To provide our REALTOR Members with the support and tools they need to succeed in their profession. LSTAR Vision: REALTORS are recognized as the professional go-to source for all things real estate. LSTAR Quality of Life Values: Ensuring economic vitality; Providing housing opportunities; Preserving our environment; Protecting property owners; Building better communities. Balanced Scorecard Strategic Priorities Member Priorities: 1. Promote REALTOR value in the marketplace. 2. Segment, better understand and focus services on meeting our members' known issues, interests and needs. 3. Ensure our members have access to the best MLS. 4. Advocate and lobby for REALTOR interests. 5. Communicate and engage with our members in meaningful ways. Stakeholder Priorities: 1. Proactively enhance relationships, collaboration and integration of REALTOR -focused solutions with our REALTOR association community. 2. Build and maintain strong, focused partnerships with local community partners/sponsors. 3. Ensure our technology providers are keeping our REALTOR members at the forefront of high quality, high value solutions. 4. Ensure Quality of Life principles are advanced and recognized in our community and in charitable work. People Priorities: 1. Ensure we have the right people, skills and capacity in the right jobs, 2. Ensure we have a strong succession and transition plan in place for leadership, LSTAR 2014-17 Strategic Plan Page 5
3. Ensure we shape and support a culture of service excellence, quality and continuous improvement. Internal System Priorities: 1. Ensure our core business processes and systems are up-to-date, progressive, effective, efficient and documented to enable reliable use and knowledge transfer. 2. Ensure that our assets, investments and key member solution systems are optimized. 3. Ensure we have an up-to-date, good-practice governance system that aligns with our plan, looks out for our REALTOR members' future and is sustainable over time. Financial Priorities: 1. Ensure that member dues are fair and reasonable and allow for a sustainable Association over the long-term. 2. Be prudent with our members' resources; focus investments on activities that will deliver the highest overall member value. 3. Continue to ensure member trust through sound and transparent financial policy and reporting. LSTAR 2014-17 Strategic Plan Page 6