Comparisons Of Old Vs New Ways of Doing Business In Real Estate
Agents who have been in real estate for a long time have their ways of dealing with their clients. The newer agents, on the other hand, rely on technology to accomplish their tasks swiftly. In that way, it makes them more efficient than ever.
So, what is the most effective way of handling business in real estate? the classical or the contemporary one?
As we all know that real estate has been highly regarded by most businessmen in that it requires less input and offers huge output. Secondly, the hike in the business itself is the result of greater demand. With time changing drastically, the processes and methods to do this business have also changed tremendously, which could be identified immediately.
Recently, there are so many changes observed in the way business is done in real estate. Let’s figure out the differences between the old ways and the new ways of doing business in real estate:
Social media has been an absolute game changer for real estate professionals. Back in the day an agent may have taken out an advertisement in a local paper or purchased a spot on a billboard or a bus bench. Even though some agents still swear by this type of marketing, social media provides an opportunity for real estate professionals to not only promote themselves and their business but also to engage and interact with a community and their clients. Social media allows agents to be as public as they want to be by sharing personal information, videos, and photos and giving clients an inside look at their lives. It also gives agents the power to offer market insight, expert knowledge, and tips as well as to educate their followers on real estate information and trends. This is a great tool to establish market dominance and engage with buyers and sellers alike. The only challenge that has come up from social media is that it requires a significant time commitment to create content, manage social media pages and interact with an audience. Many real estate professionals have chosen to outsource this work to professional marketers and social media managers who assist with branding, strategy development, content creation, and management.
Advertising & Promotions
Real estate professionals are in the business of sales, which inevitably means that they need to be good at promoting the product that they are trying to sell. The most successful real estate agents become marketing geniuses they need to earn business, grow their client base and promote their closings. Agents will spend their own money on advertising a property online, mailing postcards, placing ads in newspapers, creating email campaigns, printing flyers, and using social media to even further boost the exposure of their listings. Agents also spend money on professional staging and photography to present the property in the best way possible so that they can attract the largest number of buyers. Years ago, buyers would look through the local paper and circle homes for sale that they were interested in if that were the only form of advertising used today, it’s safe to say the exposure of the listing would be extremely limited. Some agents are so innovative in their marketing that it is not uncommon to find advertisements for a newly listed property in unexpected places like shopping malls, parking lots, and even at airports. These new methods of advertising and promotion beat the conventional ways of marketing properties through cold calls and door knocking, which are considered to be effective, but intrusive methods of building a business and winning over new clients.
Comparisons in Marketing Scheme
Before, you would have to go door-to-door and cold calls on the telephone to sell a house. Now, you will just be staying in one area and handing over to the people those size, quality, and catchy full of colors brochures or postcards. This eventually made the technique in marketing better.
No need for a Broker and Estate Agent:
In the old times, an agreement between the buyer and the seller would be enough to finalize the purchasing or selling of a home since the process was just so easy.
Yet, in the present time, a broker is required considering that handling real estate has become quite hectic. The estate agent will represent the seller or the buyer and manage everything from searching for the customer to dealing with all the paper works. And in return, they are paid for the overall deal.
Issues of LOANS:
Previously, loans were not easily available and interest was too high.
At present, almost every bank offers loans, and the loan application process has been simplified a little.
Therefore, the contemporary methods to do business in real estate have turn out to be more effective and quicker. However, we should always remember that understanding the buyer’s and seller’s needs and wants is the topmost important
As little as a few years ago, word of mouth was the primary source of receiving referrals for new businesses and clients. If a neighbor had an outstanding experience with a real estate agent, they would pass the information along to the rest of the community and other friends and family members. These days, real estate agents have to ensure that their online reputation is spotless and measures up to high standards. A single bad review online could severely affect any future business opportunities. This is why it is more important than ever to ensure that clients are always satisfied with their agents. One
Communication with Buyers & Sellers
In the past, communication between clients and real estate agents may have been limited to phone calls. Today various methods of communication can be utilized including social media, text messages, email campaigns, and virtual video communication. Many real estate agents develop strong friendships with their clients, and the relationship between a client and an agent can become more informal and friendly. This means that communication with buyers and sellers has also changed. Many real estate professionals will use drip email campaigns to stay in touch with prospects and clients. This is a very efficient way of communicating and keeping clients informed about important real estate news and market trends. Also, real estate agents will also directly communicate with clients via text message to provide timely responses. Social media has also altered communication between agents and their client’s buyers and sellers can directly message an agent about something they have seen on the page, engage with photos on various platforms, and digest all types of videos and other digital content 24/7.
Real estate is the business of assisting clients with buying and selling property, but there is so much more involved in every transaction than simply processing offers and paperwork. Buying or selling a home is an emotional experience, and it can be extremely stressful, which is why it has always been important for an agent to provide support, knowledge, and the finest customer service to their clients as they guide them through every transaction. With the rise in social media and review websites, agents are putting even more emphasis on customer service to exceed client expectations and provide a smooth, stress-free experience. Clients will expect their agents to be a partner during the real estate process and to be available to answer questions and provide guidance at all times. The competition in the real estate industry is fierce and agents must be more than just market experts to build and sustain their business.
As you can see, while some things stay the same or see slight evolution, other things have completely changed in the industry. These days we’re seeing more virtual tours, and meetings via Zoom or FaceTime, and almost all paperwork is completed through the mail. Just like any other business, real estate has had to evolve with technology, and the world and professional realtors are making the adjustments seamlessly without affecting their clients. If you would like to learn more about how our team at Edge Breakers Properties business, or about our featured properties please don’t hesitate to contact us. We look forward to speaking with you, working with you, and making all of your real estate goals a reality!