In the business of real estate much has evolved in the last decade. In today’s day and age, everything is done online. There are many changes to note when looking at the comparison between the old way versus the new way of conducting business in real estate. In this blog post, we will be taking a look at new methods in the business that have been added, and categories that have seen a major change.
Earning Business as an Agent
Real estate agents are best known for going door to door to connect with homeowners to earn new business. Cold calling, sending out postcards with current listings, recently closed properties, and market insights are all other ways of having boosted business. These are still popular practices in certain cities, the method of earning business has advanced with the times, as there are more options available to agents looking for new clients. Now, many agents will reach out electronically with email campaigns that can provide insights to open rates, click-through rates, and valuable information. Advancements in technology can be done in different ways with real estate agents having more time to dedicate to clients and closing deals.
Advancement of Social Media
Social media has proven to be a game changer for those who are in real estate. In the past, a real estate agent may have taken an ad out in the paper or purchased a spot on the local billboard or bus bench. Social media provides the opportunity for professionals too. promote themselves and their business, as well as engage and interact with the community and their clients. You can be as public as you want with social media, by sharing personal information, videos, and photos to give clients a look into their lives. Agents are given the power to offer market insight, and expert knowledge, and finally, educate their followers on real estate information and trends.
Management of Reputation
Word of mouth was once the primary source of receiving referrals for both businesses and clients. If neighbors had an outstanding experience with a real estate agent, that information would be passed along to the rest of the community and family and friends. With social media, an online reputation of a real estate agent has to be spotless and measures up to high standards. Any bad review could affect future business opportunities. It is important more than ever to ensure that clients are satisfied with their agent. A great way to manage a reputation is by building testimonials from happy clients on social media pages, blogs, and websites.
Promotions & Advertising
To successfully make sales, it is essential to be good at promoting whatever product it is you are trying to sell. Successful real estate agents understand that listing a property with proper pricing and positioning it for maximum exposure to promote closings. Agents spend money on advertising properties online, placing ads in newspapers, creating email campaigns, and using social media to gain exposure to their listings.
Agents also spend money on professional staging as well. Years ago, buyers would scan through the paper, circling homes for sale they were interested in. It is safe to say that exposure to listings would be extremely limited if that were still the same being said for today’s standards of listing. New methods of advertising and promotion beat the conventional way of marketing properties without intrusive ways of building a business while winning over new clients.
Communications Between Buyers & Sellers
Communication between clients and real estate agents was limited to phone calls in the past. There are various methods today of effective communication including social media, text messages, email campaigns, and virtual video communication. Many real estate agents can develop strong friendships with their clients, more informal and friendly if you will. Therefore, communication between buyers and sellers has changed. The use of drip email campaigns to stay in touch with prospects and clients are used. Directly communicating via text to provide timely responses. Communication has been altered between agents and clients, with digital content and direct communication being available 24/7.
Management of Transaction
Innovation in the industry with advancements in technology and communication are the main reasons business in real estate has changed. The way that transactions are handled is more efficient and streamlined. A phone call has been the primary tool for trade used when conducting business in real estate for decades. Now, millennials and younger generations that are buying homes prefer communication over text and email. This is important when it comes to homes on the market receiving multiple offers. Various apps can be used for the legal signing of documentation on mobile devices without the need to travel with paperwork for physical signatures.
The business of real estate is the backbone of assisting clients in buying and selling property. There is much that is involved with every transaction than simply processing offers and paperwork. It is known that buying and/or selling a home can be an emotional experience, and can often warrant a stressful time for families and individuals. Agents are there to provide support, top-tier customer service, and knowledge to their clients when guiding them through transactions.
Agents have put more of an emphasis on customer service to exceed client expectations to provide a stress-free, smooth process while the industry remains fierce and crucial for agents to act as more than just market experts to sustain their business. Many things tend to stay the same, and yet there are some things we see that has changed dramatically.
With the recent COVID-19 pandemic, we have seen the industry forced to further evolve- these days we see far more virtual tours, and meetings set up via Zoom calls, and nearly all paperwork completed via DocuSign. Like any business, real estate to has evolved with the age of technology and the world and professional realtors try to make these adjustments seamlessly without affecting clients.
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