What does the future of the real estate industry look like?
Will you be able to navigate the rapid changes in the industry, and not only survive but thrive in this fast changing world of technology and information.
In the past, effective marketing techniques such as magazine, newspaper and exhibitions proved effective, then things moved online, with portals and google searches and platforms like google Adwords supplying the bulk of business to agents in the 2000’s. However as things mature online and with the addition of social media and video platforms there is now an extreme level of competition online, search engines are all but useless, unless your website is in the top half of page 1 in search results and google Adwords is not as cheap as it used to be.
Exhibitions and portals have also seen a sharp drop in effectiveness the reason is simple, people can do all the research they need online, they can watch videos and even go to google maps street view to get to know neighbourhoods. Why would people travel all the way to an exhibition that is on a set day at a set time where you are bombarded with many agents all trying to get your details when you can get the information when and how you want from the comfort of your own home.
What is the solution?
As we move into the 2020’s things are changing and those who don’t change with the times will die off just as quickly. The good news is ‘the more things change the more they stay the same’ as the internet matures the more it mirrors real life more effectively, every agent knows that relationship building is the most effective method for building your brand, a loyal client base, and referrals, and that has not changed, with the use of technology it is now possible to build and nurture relationships organically and automatically on a much larger scale. Moving forward the successful agencies will be the ones that can build strong relationships and loyalty with the largest client base, it is not just about getting clients but keeping them as anyone who has competed for clients on portals knows well.
This is where automated relationship funnels come into play, one of the most common issues agents and agency owners face is the ‘follow up’ staying in contact without annoying your potential client is a skill and staying in the minds of your clients is as important as getting them in the first place. We know an agent can deliver when a client is ‘hot’ and ready to buy now, but what about the other 99% of clients who want to buy but are not quite ready yet? How will you know when they are ready, how will you stay fresh in their minds you can’t keep calling them every month asking “are you ready to buy yet?” that’s not how a good relationship is built. Now while a basic monthly newsletter with properties is a great place to start to really build customer relationships and loyalty it needs to be taken to the next level. Like any relationship, it needs nurturing, the problem is how can one person do this without being overwhelmed and letting buyers slip through the cracks.
What do we see for the future?
Imagine building a private client base of thousands of people that have voluntarily signed up to your content, you provide them with value, interesting information, and content that keeps you and your business in the hearts and minds of your ideal client. Over time you develop trust and loyalty while also sparking desire. As time goes on the client base of thousands of people is cultivated. As the early stages of the relationship building are automated this frees you or your agents up to concentrate on the ‘hot’ clients while not forgetting about those who are not ready yet. Over time more and more clients contact you when the time is right for them.
Looking further ahead, imagine what can be done with a target list of 1000’s of potential ideal clients, imagine inviting 1000’s of people to come to an open house all you need is in your pocket right now or maybe even in your hand, a live video open house shown to thousands of people that have signed up to the viewing and can watch a home tour live and from the comfort of their own home and home country. Do you think this is will increase sales?
One thing is for sure this is the future of the international real estate and not in 10 years, not 5 years, it is now. You see, the future is easy to predict when you know how to look… the future is available now and those who capitalise on it sees the most benefit, as soon as it becomes mainstream and everyone is doing it, that is the time to move on. Take cars for example; do car companies brag about electric windows now? No but in the 90’s it was a hot selling point now they are standard on all cars. Now the hot selling point is cars that park and drive themselves. So only the best and most effective agencies are using these techniques but they will become mainstream sooner than you think did you think 10 years ago cars would be parking themselves when most people struggle with that?