Is this the year you seriously address the significant trends that are driving so much change in our industry?
Yeah, yeah, I know you’ve been busy making up ground as the market improved, but it continues to move on. It’s a different world out there.
I know you understand today’s business environment poses many challenges, and the industry has been slow to adapt to the seismic shifts that have occurred. But what about YOU and your business…what happens when you allow other brokerages to become the change agent in your market?
To help you get a hold of the challenges your business is facing, I want you to meet the Drivers of Change complicating business for the real estate industry:
The real estate transaction has been commoditized… did you notice? Between RESPA, CFPB, state, and local regulations, can you honestly tell me the way you actually transact a brokerage deal, mortgage, or settlement significantly different from your competitors. Face it, everyone has to play by the same rules so it’s really tough to change how a transaction is done. That leaves you one choice, find ways to differentiate your brokerage in other ways if you hope to connect with today’s savvy consumer whose expectations are molded by their experience at Apple, Starbucks, and Zappos.
The Internet and mobility continue to drive change and there is no going back. Remember when it was enough to say you had a website? Now you have to be able to provide quality information on not just homes but neighborhoods and you better be doing it such that your prospects can check things out on their tablets and smartphones in a very easy, intuitive, and enjoyable way. If you are skimping in this area, and many still are, you need to accept that if you engage consumers online you will be driving leads and, eventually profitability.
Gens X and Y are savvy and intuitive for the value you bring to them — this includes both agents and consumers. They communicate differently, and live much of their lives online. The real estate industry has been slow to develop the tools and support strategies that satisfactorily meet their expectations, or relate to them in ways they can understand.
Rapid cultural shifts continue to change our country and, thus, our industry… what are you doing to attract multi-cultural agents? You would have to be living under a rock not to recognize that today’s Asian, African, and Hispanic immigrants changing the landscape are the Eastern, Western, and Southern Europeans that came through Ellis Island a hundred plus years ago. You have an opportunity to embrace their cultures and create opportunities to recruit these agents that can bring with them another important way to differentiate and grow your business.
Over the next month, I’ll be delving deeper into each of these drivers of change in the real estate industry. I am extremely excited about what lies ahead this year. I am also firmly convinced that if you tackle these four areas you’ll be way ahead of the competition and making money for years to come.
Here’s to an awesome 2015!
For more information, visit www.pcmsconsulting.com.
