Author: Malcolm Robb

What Does The Future Of The Real Estate Industry Look Like?

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?

 

Best Ways To Get International Real Estate Clients, How Getting International Real Estate Buyers is Different From Local

 

Why Local and International Real Estate Agencies Are Different and Require Different Marketing Tactics.

First of all what do we mean with local and international real estate?


Obviously the property itself is only ever in one place and ‘local’ to who ever is near it. So we are talking about the buyer, is the buyer local to the property or out of the local area or in a different country ‘International’

There are 2 major factors to consider if your client is international:

1. They are not buying the property itself as the primary reason, especially if they have a property in their home country. They are most likely buying the home to give them access to their primary reason… Reasons such as lifestyle, the beach, family holidays, the weather, investment or food and atmosphere are the primary reason or main motivator to get a slice of the primary reason they purchase a home.

2. Getting in front of them in their home country or home location is extremely important. More and more research is done online, before a visit is even planned. If you wait to try and attract them locally when they arrive chances are it is too late. 

Local Real Estate:

When both buyer and seller are local, the buyer knows the area extremely well, or has even grown up in the area. In this case the property is the main factor, the buyer knows the local area well, they know the schools, shops and local attractions – in this case the property itself is the main reason for buying and the area or lifestyle they already have.

How To Attract International Buyers


For the reasons above attracting buyers who are international requires a completely different strategy than what attracts a local buyer.

Often real estate companies are using traditional local real estate marketing techniques to attract international clients. 

To improve your marketing effectiveness with international buyers first identify the primary motivator for buying and advertise those reasons first.

Reasons To Buy Real Estate Where You Dont Live

  • Second Home – Part time living
  • Holiday/Vacation Home – Home for just holidays/vacation
  • Investment Property – Receive an income as well as property appreciation
  • Combination of all or some of the above

When targeting real estate buyers that are not in your local area, traditional marketing such as billboards and magazines only work if the buyer visits your area, this is why online marketing plays such an important role.

 

Depending on the reason the buyer may consider your area is why crafting a message that resonates with that particular type of buyer is key, coupled with the benefits and reasons to buy/invest in your area.

 

If you are looking for international buyers or even buyers that are not in your local area such as out of town or state buyers and would like to learn more click here

 

The Risk Of Indecision | How To Decide Quicker

‘What if I choose wrong?’


People get very uneasy when presented with making a decision, everyone knows that person that takes 20 minutes to decide on a drink, even though they order the same drink every time. And that is just a drink! I am sure you all know the clients that are right for a home but miss out due to indecision. 

note: If you don’t know that person I am afraid to tell you it is you ; )

 

People often worry about “wasting” time, money, energy on the wrong thing. BUT… the truth is with rare exceptions. The only bad decision is indecision, followed by inaction. Time is the most valuable commodity any of us have and the only thing we can not generate more of, if you are constantly wasting time with indecision not only do you avoid some failures you also avoid successes.

 

It doesn’t matter whether you choose right. There is no wrong. No such thing as wasted time, money or energy…IF:
1. You commit to being present and engaged in whatever you’re doing, and
 
2. You approach everything with curiosity and an open mind.

When presented with a new decision give yourself a reasonable timeframe to analyse the option and other similar options, then, when the deadline hits, make the decision! Pick one, stick to it and give it your all.

 

The only way the time, money and energy is wasted is if you choose not to learn and improve along the way.

 

In the end, the only bad decision is indecision, because it leads to inaction and without action, there’s no data. No experience of life. No information to serve as fuel for evolution and progress. No growth. Just stagnation.
Get out of your head and into the world!
 
The only wrong choice is deciding not to choose.
 
When you do that, you automatically lose.
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Would your International Real Estate Agency benefit from a consistent regular flow of quality leads?
Do you want to build a strong pipeline? Do you want to close more deals?
If the answer is YES! Then what are you waiting for?

The Blockbuster Netflix Effect | The Blockbuster Netflix Story

The Blockbuster and Netflix effect, while this might be one of the more well known ‘faux pas’ the truth is, it has happened to multiple companies in multiple industries…. Amazon alone has sent more business to bankruptcy in multiple sectors that most, of course, starting with bookstores.

So What happened?

Well, Blockbuster clearly had the market share, it had loyal clients, 60,000 employees, 9000 locations and a value of over $5 billion!

 So Where did it all go wrong?

They got complacent, they thought they were too big to fail, they stopped innovation and got comfortable and they were punished for it. All they had to do was first start to send DVD’s out to customers homes and then move to streaming online and they would no doubt be worth more than Netflix now. Another reason Netflix did so well was no late fees you simply had to return the DVD to get another and just pay your monthly subscription fee. While blockbuster, on the other hand, made 16% of its revenue from late fees, that’s 800 million dollars made from penalising their customers.

What makes it worse is when Blockbuster was approached for a possible partnership with Netflix the CEO of Blockbuster practically laughed them out of the meeting – well we all know what happened next.



So what can we learn from Blockbuster?

 You are never too big to fail

  Make money from a good service not by penalising your customers

Don’t laugh at new and disruptive ideas


What can we learn from Netflix?

The better service will win

Put the customer experience first

Always innovate and use the latest technology and trends to keep ahead of the competition

Just because you are new doesn’t mean you can’t take over.

 

 If you are looking to disrupt your International Real Estate market share in your area schedule a call with us HERE.