I was in a large real estate office recently, meeting with two new clients, and it was teaming with people walking up and down halls, doing all kinds of “Realtor” activities. I had a thought as I walked to my meeting room…” most of these people aren’t going to be successful long term.” Many of them need help and guidance to not go the way of the dodo bird. It seems every month something is trying to disrupt the real estate industry and change upon change is coming right at us. Many people forget to dodge and weave when these adaptations and changes find our business. These people are heading towards extinction in the real estate business, but they don’t know it. Here are 5 traits of the soon to be extinct Realtor.
Lack of Adaptation
Thinking you have things figured out is usually when things change and you have far more to learn. Over my nearly 14 years in the Title business, I have met many Realtors who try to demonstrate their extreme knowledge of real estate by the number of years they have been in it. Hate to break it to you, but the number of years you have done something doesn’t always correlate to your success. The way real estate marketing, sales, and transactions are being done today and tomorrow aren’t how it was done in 1995. How I run and work my Title business today is not how I did it in 2005 when I got started. Realtors that refuse to accept and adapt to change as it applies to consumer behavior, offline and online marketing are fading into the darkness.
How Realtors use technology and other mediums to reach consumers, portray their value propositions and convert clients is continuing to change. It’s the same reason you hear an agent talk about how they used to dominate a real estate farm and now they don’t. They still market to the consumer the way they always have, but not how these consumers respond to marketing now.
Refuse to Leverage
Leverage is key to growth in most business, especially real estate. The agents that want to do every single thing on their own are finding 15-18 hours days are the norm, and real estate isn’t very fun anymore. Gone are the days where clients come running to the Realtor wanting information and the Realtor has them like putty as they have all said information. Then they go look at homes, buy the property, close escrow and that’s it.
Now we have full on marketing teams who handle social media, videos, updating websites, transaction coordinators, advanced CRM’s, buyer’s agents, concierge people (yes that exists) and more. The high performing Realtor is the center spoke of that wheel. Agents who don’t want to leverage anything and refuse to learn new things to expand their business models are finding the job harder and tougher to compete.
No Online Presence…Only Offline
This is a big trait of the soon to be extinct Realtor. I get it…most agents come into this as a second or even third career. They aren’t necessarily marketing savvy, and never had to market online. With this being said, we know people look for information about everything online…including real estate. Having your head shot on a company website and a short bio isn’t going to get it done long term.
When a prospect looks you up or is searching for information where you work, you need to be relevant. If that means learning some SEO skills, how to post videos to YouTube, and running successful Facebook ads–take the time and money to invest in yourself. Trust me…it pays off.
Own your website, brand everything around your business and promote everywhere your clients put their eyes. Using an only offline marketing strategy is the sign of someone refusing to adapt. Those who think this is something they never need to do will see business falling away to agents who show up where prospects are looking.
Ever received an email from someone still using hotmail or AOL? What runs through your head? “How long have they had that?” Or…“why are they still using it?”
The email itself isn’t horrible, but it is a telling sign of an agent not recognizing better ways of doing things, or simply refusing to adapt. If their email is from the 1990’s, what else in their business is completely outdated? Likely that agent will have real issues marketing to and connecting with younger buyers and sellers. Their clients are at the end of their home selling life cycle and after those last transactions happen…then what?
No Longer Hungry
If you take the first four signs of the soon to be extinct Realtor, the last one is almost inevitable. When you are not adapting, learning, and wanting more to grow, you are headed the other direction. In an age of many up and coming strong Realtors who are marketing machines, it is hard to compete when you have lost your hunger for success.
Perhaps this Realtor already had great success and is heading off into the sunset, but that also means they are leaving the business. I think that can be a great place to be but unfortunately, most Realtors don’t get to retire as they dictate.
Need Marketing Assistance to Grow?
These traits apply to loan officers and Title Sales people as well. That is why as the Director of Sales and Marketing at Stewart Title, I want to help as many clients as I can so they stay relevant to their target audience. Take a moment and fill out the form below and let me know how I can help you!