It is a irrefutable fact. The Destruction of the Modern Realtor® as we know it is simply a matter of time. Of course, that’s not to say that the Realtor® will go the way of the Tyrannosaurus Rex. It is my belief that the role of the traditional Realtor® is evolving into something more, shall we say… futuristic.
If you are to believe Inman News, it is going to be a time of great change. One of the biggest areas of change is that of technology and the harnessing of personal information at the consumer fingertips. At any time, potential home purchasers, or Investors will be able to in a few clicks on their smartphone, be able to determine volumes more data than the average salesperson can produce.
If you doubt what I am saying, then you need look no further than your own hip. Chances are, you are one of the 1.75 Billion (Yes that is Billion) smartphone users in the world in 2014, then you undoubtedly know the power that is available in your palm. With the advance of 3G and 4G Technology, smartphones, and tablet devices are the wave of the consumer future. Generation X is only now becoming the main buying generation. As they are becoming more and more communication saavy, we no longer ask if they have an email address, we think Twitter.
So what does this really mean? In the days past, Realtors® had an exclusive “lock” on information. Information was and is the determining factor in finding a good deal in Real Estate. The better your information, the better your position could be in negotiations. As Agents traditionally represented the Seller in times past, it was incumbent upon the Buyer to do their due diligence. Only after much kicking and screaming, did the National Association Of Realtors finally adopt buyer agency in 1993. Now, with the Internet, the role of even a Buyer’s Agent is in question. Previously, a Buyer’s agent’s job was to protect your interest, and assist you in locate a home quickly.
Looks Like Darwin is Operating…
Now, if you are like me, you can instantly see why this is important.
Okay, so if you are new, or still don’t get it. Let me explain.
- In today’s marketplace. 90% of all buyers begin their search for a home online. Now for an Investor that almost certainly is 90% or more.
- They do massive amounts of research online. As technology improves, imagine what will be possible 2-6 years from today? Think Groupon, with massive growth in less than 8 years.
- With Mega Companies like Zillow, Trulia, and Realtor.com getting into the buyer acquisition and lead management… the role of the Broker for the average agent is certainly worth rethinking. In his recent article, Brad Inman wrote “Fast-growing and well-capitalized platforms like Zillow, Trulia and realtor.com are already delivering better and better consumer experiences that far outpace what most brokers are capable of.” (click here for article)
- With the ability to provide hyperlocal information on a National basis, what can be accomplished with this information?
It wasn’t that long ago that a practice called “Redlining” was in common. In fact, maps like this one were common. So, my question is this. If you are able to find out this type of information now.. Crime reports, Sex Offenders, Storage Tanks, Unemployment and more… heaven only knows what we will be able to find out in the future.
As Realtors® guardianship over the information we have previously held in jealous storage quickly evaporates, what does that mean for the practitioner?
“Fast-growing and well-capitalized platforms like Zillow, Trulia and realtor.com are already delivering better and better consumer experiences that far outpace what most brokers are capable of.”
In my opinion, it means that we need to appreciate and understand that if your sole means of bringing value to the market is by becoming the “holder of the information”, then you’re days are numbered. In an environment where people expect FREE on the Internet, you cannot reasonably expect to get clients and customers in the traditional way.
How then do we bring value to the market as Investors and Wholesalers and Realtors®? By understanding that the information you possess is what makes you powerful. How do you choose to use the information you have? By withholding, you limit your ability to help others, yet, on the other hand, you don’t want to help the world for free… what do to?!
Our value, our Unique Selling Point, must be that we know “What To Do.”
In an information soaked age, knowing how isn’t the problem. We all know how.
What we need is the Step by Step What to Do…
How to lead your prospect to the right decision to achieve the goals that they have set for themselves is via learning the Sales Process. Once you learn the Sales Process, and how to work with prospects during their sales cycle, then you will be able to reproduce business at will. Just like you feel like you sometimes just need to know Step by Step What To Do,Your clients need that same reassurance.
Believe in your plan. It’s better than theirs. Trust me. At least you have been spending your time researching this subject and learning how to make it happen. Your clients will believe it when you do! No matter what you do however, the smart thing to do is to learn how to Sell, then buy and sell for yourself as well as your clients. At the end of the day, you are your own best client!
Until next time!
p.s. Want to learn what our Two On One Coaching clients are learning, and why they don’t care about fewer homes on the market?