I guess I should start by saying, “EVERYTHING has changed!”
I started selling real estate approximately 22 years ago. I remember the days where the MLS published books with all of the listings. Listings were not online and there was no such thing as an MLS. We thought eh fax machine was going to change our business forever.
Today, we use email for everything. It won’t be long before we are completely paperless.
From an agent’s perspective, here are a few things that have changed the way we do business.
1) Fewer agents are Prospecting by Telephone – Prospecting is still getting done yet agents are outsourcing this activity to the Philippines. This is driving down the cost of prospecting while increasing the number of contacts that are being made by a real estate team.
2) Seller Lead Capture – There are so many companies creating ‘Home Valuation Tools’. Agents are taking these little widgets ad posting them everywhere. If you are on Facebook, you have seen them. I currently use a company called Bold Leads to help me with this function.
They actually figure out who is most likely to sell, find them on Facebook and deliver a specific ad to that potential seller. I just took another listing this week from this service.
3) Communication is automated – More and more agents are using auto responders and drip email blasts to communicate their message. Of course, this is very efficient yet we have to wonder if we are missing out on relationship building.
The consumer demands immediate communication and this is pushing our industry towards automating this process.
I have been using Infusionsoft real estate campaigns effectively. Those that are using them are reporting great results.
4) Transparency – The consumer often knows more about a property in the MLS than an agent does. Real estate agents are no longer valued because of the information they can provide.
So, if the consumer doesn’t value information than what is the value of an agent? Interpretation of information is our value.
Remember, we are advisors and consultants. Just because the consumer has the information doesn’t mean they have the information they need to make the best financial decisions.
5) Agents are Marketers – The most successful agents are those that know how to properly price and position their listings for maximum exposure. It is more about marketing a listing than listing a property. Anyone can list a property yet those that know the ends and outs of marketing are thriving.
Every property is listed on the internet. Just Google your address and see what comes up. So, getting it on the internet is no longer the key; It is knowing how to market the property.
6) Agents are focusing on coaching – Technology companies are starting to dominate the real estate market. More and more agents are seeking coaching from companies like The Mike Ferry Organization or Top Agent Mindset. Technology is a new competitor. Some are friendly and some are looking to replace the agent. When something so powerful enters is the game of real estate. It is critical that agents stay on top of their game. These coaching companies are thriving today.
7) Top Agents are Collaborating – We are seeing more and more Top Agents working under the same company these days. In the past, they all wanted to be at different companies. They wanted to make their own name for themselves, they were afraid that others would find out their secrets or they just want to be the top dog.
This is changing because the market is becoming so competitive that they are now working closer and communicating more than ever. They figured they could cut cost and increase revenue by brainstorming together. Watch how some markets will be dominated by this growing trend.
There is no doubt that the market will change more and faster in the next 2 years than it did in the past 5 years. As agents, we need to stay on top of things.
Do not sit back and relax thinking you can coast through a real estate career. Take your career serious and learn what you need to learn to take your business to the next level.
I wish you the greatest success.