Earlier this week I sat in on the webinar with former Realtor.com CEO Allan Dalton who gave his overview of the current state of the Real Estate industry (as well as pitching his 1ParkPlace products…sheesh!) and what he feels Realtors need to do.
Nothing too new, but always good to hear and recognize that the game is changing.
In a recent Harris Interactive cross-industry consumer survey on ‘respectable professions’, Real Estate agents came in near the bottom of the list (fireman and doctors came in at the top). In another survey that Allan had done, it showed that Realtors were not that influential in the purchase or sale of a home.
Allan sees this as a wake up call to business-as-usual. His take on it and how to remedy it:
1) Agents need to create value in their profession, so that they are seen as professionals. He sees this done primarily through providing education and information to the consumer, based in experience and knowledge.
In recent years there has been more focus on transaction and closing a deal rather than providing expertise and information.
Get out of the fee-for-service and into fee-for-skills framework. Doctors and lawyers get paid for their skills, not just their service.
2) This economy calls for a different approach to marketing not only because it is a harder market, but because the face of marketing is changing – people want and need information and to be educated in their approach to buying or selling.
3) Content marketing is King!
Getting information to the consumer is key. There are many ways to do this (brochures, websites, blogs…) but Allan feels that email is still one of the most powerful tools initially.
Brochures and materials are important to provide before sitting down with your client so they are informed.
We need an information IDX, not just property IDX! Content needs to be constantly updated and current.
(my note: Blogging and blog based websites are a great way to increase content and updated content)
4) Realtors are great at networking but aren’t great at ‘belonging’ or creating something for someone to buy into. Allan says be an educator and give them a reason to ‘join’.
5) Pricing Mindset
Price should be presented as ‘pricing strategy’, not a set price.
Insted of a CMA, provide a MMA – master market analysis…estimated value ‘as is’, and how to enhance value of the property over time.
There was much more. To listen to this webinar you can go here:
https://www2.gotomeeting.com/register/887228619
