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The New Real Estate

The last few years have seen a massive shift in how real estate is done. The basics of real estate sales still work and work well. In addition to knowing how to get deals closed, today’s real estate market requires you to know a lot more about how information moves.The two areas where the real estate industry has seen a gigantic shift is in: 1 – the crumbling of house values;
2 – the heavy emphasis on systems and technology to close transactions.

Where Have all the Values Gone?

[apologies to Paula Cole and her song Where Have All the Cowboys Gone?]

Seemingly, the halcyon days of real estate are behind us when you could list a home, throw a dart to choose the price and the home would sell in a week. Sellers were ecstatic, agents elated and buyers were just happy they purchased before things got too expensive.

Then the house of cards collapsed…

Now, agents have to justify to sellers why their home is worth 20-50% less than when they purchased. Buyers are having a field day applying the boot to sellers that NEED to sell.

Agents, meanwhile, have adapted as they know best. Some, who saw the declining values as never-ending and too much work, bolted the industry. Other agents, comfortable with their communication skills and an eye for the long term, saw the drop as their time to shine. These agents KNOW in their hearts that by serving their clients well, during the period of a down market, they will reap the rewards when the market turns…

Transparency…there’s that word again

Systems/Technology + Real Estate = Happy Consumer and Real Estate Agent

Web 2.0 has pushed many industries to figure out how to connect with consumers in the online realm. Heck, even the “online realm” line is getting blurred…Smartphones keep us connected to our “friends behind the monitor” no matter where we go.

Twitter is indicative of just this level of blurring. Twitter has also made agents re-think how they do business…not just in closing transactions, but also in marketing and prospecting.

The real estate industry, agents in particular, have flocked into the new Social Media. And it makes good sense why we have too. Agents are a naturally social animal. We go to Chamber networking events, we flutter around social gatherings picking up area information, clients and referrals simply by being who we are.

Some agents are very good at being duplicitous in who they are at a networking event and who they “really” are. This is the disconnect for some when it comes to SocNets (Social Networks) online.

This increase in constant exposure that this new web gives us is a two-edged sword: those who are willing to put themselves out there in this manner will gain more business, but you MUST maintain who you are or your online presence will feel forced or somehow manipulated.

Ginny Cain McMurtrie over at the AgentGenius.com, writes a great post on transparency and aligning your online “image” with your overall professionalism.

Simply put:

This new space is about the natural flow of conversation and information. Not that you can’t sell, share your personal life, make editorial comment or show humor, it’s about doing all that as you.

If you are looking for a wider audience to talk with about real estate in your neck of the woods, by all means jump on the SocNet bandwagon! But remember, it’s a two-way street. You will need to engage others for them to continue to engage you.

photo: jurvetson