How the Internet Has Changed Your Real Estate Business
The Internet has revolutionized every aspect of our lives, so it’s no surprise that it has also changed the way in which we navigate the real estate market. With the rise of the Internet, many people theorized the end of the real estate agent because access to information for everyday individuals became that much easier; however, people soon found out that you can’t just “add” a house to your shopping cart online. It turns out buying and selling a home is a much more involved, arduous process that does require a real life expert. It is for this reason that the number of people who use and trust realtors has increased. People still need the expertise of a trained realtor.
As a realtor, your goal has remained the same throughout your career: you want to sell a lot of houses. You have always run on the model that pushes you to become the first person in front of a buyer or seller at the exact moment that they were ready to buy or sell. However, this model has changed with the rise of the Internet and consequent change of the real estate market. It’s no longer good enough to be in front of buyers of sellers when they’re ready to buy or sell- you need to get in front of them when they're ready to learn. In this way, you are taking a business that was once unpredictable, and creating a more predictable, steady flow of clients.
How do you become that person? How do you stop running a business that doesn’t align with the current market anymore? Ask yourself this: where is your business coming from? Are you running on the old word-of-mouth model? You shouldn’t be. While referrals are great, 92-96% of all buyers and sellers are starting their search or home valuation online. 70% of these people will go with the real estate professional they have a conversation with. Be that person.
While it’s easy to cling to the old, times and technologies are changing- and you need to change too. As realtors, we need to utilize the platforms that our potential clients are using. In today’s real estate world, there is a real disconnect between consumers and professionals because we’re so hung up on the models that used to work.
We became so used to referrals that we no longer know how to close effectively. Maybe you’re trying out digital marketing for the first time. You’re running ad campaigns and creating landing pages, or you’ve hired a company like ours to take care of that for you- but, nothing is converting. It may be easy to say that the leads suck, but let’s reflect on how you’re following up with these people. It may just be that you’re so stuck in the old way that you’re missing out on new, fresh opportunity. 30% of all people who fill out online valuation forms list their houses within the next 12 months. What does that tell you? It should tell you that the leads generated from digital marketing do not suck. Your follow-up does.
If you lack the proper guidance and training of today’s market, you’re effectively losing up to tens of thousands of dollars. You need to learn how to navigate today’s marketplace. How? I’ll break it down into five, easy-to-follow steps.
Commit to something different.
In coaching we walk people through the exact steps they need to take to create a sustainable, predictable business. Sometimes all it takes is a willingness to learn new things to excel. Regardless of your desire to get outside, expert help- you need to commit to doing something completely different.
Commit to something else
Once you’ve done something different, try something else. We will never get anywhere by doing the same thing day after day, especially when a day may drastically differ from the next.
Don’t be swayed by the good times
It’s easy to want to change when your business is going through a rough patch. You listen to a guy like me, you begin researching coaching programs, or you start looking into new strategies; however, as soon as your business picks up, you throw any desire to change out of the window. Don’t do this. Sometimes things are good, but overall, your business is unpredictable.
Make a commitment to YOUR potential
Don’t compare yourself to others. You need to work based on your own potential, which is drastically different to someone else’s potential.
Stop making excuses
The first step to changing is accepting responsibility. There may be a million excuses in the book, but those excuses won’t change the situation that you are in.
Overall, the real estate landscape has changed, and likely will keep changing as technology advances. You want to be open to these changes, and be adaptable in the way you navigate this new, exciting marketplace. Don’t miss out on new opportunities because you’re stuck adhering to the old standards. Get out there and try something new.