Reinvent now, but how?
Many brokers not sure where to start.
A few weeks ago, in this column, I offered some suggestions as to things you can do to address the need to recruit the real estate agent of tomorrow, the need to reduce your physical “foot-print”, and the need to have an integrated technology strategy. Most would agree all these things are necessary, however, as I travel around the country, I sense many people are “frozen”.
Not knowing exactly where to start or fully comprehending that everything you need to do to be successful in the new paradigm touches everything else, they end up doing nothing. If we break it down into smaller, “bite-sized” chunks, the task seems much more manageable.
First off, let’s compare the old paradigm to the new one … they are not that different:
OLD PARADIGM
- Physically networking at events.
- Large offices to house agents, computers, meet clients, etc.
- Engaging consumers through local activities such open houses, etc.
- Print advertising.
- Helping someone right away when they walk into your office looking for real estate.
The new paradigm consists of the same activities as before but now improved and enhanced with technology.
NEW PARADIGM
- Supplementing physical networking with online networking through social media sites such as Linked In, Facebook, and Twitter.
- With devices such as iPhones and Blackberries making mobility of agents prevalent, a smaller physical footprint is now possible.
- Engaging consumers online through web 2.0 platforms utilizing enhanced search and chat features.
- Internet marketing, search engine optimization, and listing syndication puts your company in front of infinitely more potential customers.
- Internet lead management systems give you the ability to respond to the consumer immediately.
You are performing the same basic activities however now using a technology-driven platform. Before telephones people spoke. After telephones people were performing the same activity (speaking) but could now do so even if they were not in the same room.
There is another very important fact to internalize… all the activities in this new paradigm are connected to each other so you must take a completely integrated approach:
- You need closings to make money
- You need listings to have closings
- You don’t have to fear “the cost” of listings if you are marketing correctly
- You get Buyers because of listings and web traffic
- SEO, measurable marketing
- You need lead generation to get listings and buyers
- You need listing opportunities and buyers to recruit agents
- Gen X and Gen Y agents want the newest, “hippest”, time-management tools
- You need marketing tools (CRM) and lead management to profit by design
- Instant response, drip email, back-office admin…all to manage YOUR leads
- You need a comprehensive web platform to support all of these efforts
- Cost-effective, web-based, “front-door” of your brokerage
- You need a broker who sees the future of real estate
- Those that reinvent will survive
Michael Pappas, President of Keyes Real Estate, an 83 year old, 1,500 agent, 25 office regional brokerage in South Florida, has helped the company effectuate an ongoing transformation the past several years. “Regardless of the difficult market conditions that certainly frame many of our decisions, we are always keeping an eye on the future and how we can emerge from this trough as a stronger entity. We are truly ‘reinventing’ ourselves every day as we leverage our technology to provide better service to our agents and our clients.”
The time to “reinvent” is now. Don’t be overwhelmed. Break it down into smaller goals that will fit together over time to create a new you!
Filed Under: Real Estate Consulting
About the Author: A nationally recognized expert in franchise business, Jose has been responsible for affiliating, through conversion or acquisition, hundreds of companies representing millions of dollars worth of royalty fees during his franchise business career. In addition, as an authority in the area of acquisitions, mergers, and exit strategies for the nation’s real estate brokerage companies, he is often sought out for commentary and advice on the franchise business topic.
I am an agent on the Gold Coast of CT and have just myself contracted with a consulting company to bring my individual business into the “new paradigm” .Im getting my blog up and going,learning the new technology if you will, and and cotracting to get video going.Youre company is fascinating to me. As a former employee of the New York Times Co, we tried to reinvent ourselves over a decade ago and I was part of the change management team. I left the company years ago out of frustration and look where they are now,on the verge of extinction.
I am the ONLY one in my office pursuing the “new paradigm” and from what I can tell one of the few in the whole county
(Fairfield) who has a blog. Its mindblowing.Our comapny Sothebys Internatioanl Realty recently sent out a email asking how many of us use Twitter etc. Im sure the results were negligable. Hope they dont base their future strategies on that.Just becuase were not doing it doesnt mean we shouldnt or that it wont overtake us.
The business is awful here,even in a highly affluent area like Fairfield County and the single largest expense (offices) remain- as is. Everyhone has a DESK, a phone etc.Ridiculous.Just had to vent.
Have you had any contact with Sothebys? I could offer a few names as a place to start for you. Let me know.
Your comments are very relevant in the current environment. We beleive that there are people such as yourself that “get it” and are willing to break from the shackles of the old paradigm and embrace the things that you are doing.
Bottom line is that people are resistant to change and Realtors are even more so. That being said, there simply is no choice today and I applaud you for recognizing that.