Having just wrapped up the 2009 Swanepoel TRENDS Report at the end of last year I’ve been thinking a lot about our research on where the industry is headed. Without fail Stefan once again put his finger on the most critical issue facing our industry … change.
Over the years the report has been addressing the growing need for the industry as a whole, as well as the individual, to make the transition from agent-centricity to consumer-centricity; from the transaction to the relationship. At the dawn of 2009 and in light of the revelations of 2008 this change is clearly no longer optional.
You can get all the details in the 2009 Report but my thought this morning is … so what do we do about it? How do we define the change as individuals and make that change? I won’t suppose to have the answer to that one but there is one overriding theme that kept coming to the surface as we researched this year’s report … maximize your chance for success by addressing your weakness.
Perhaps in more specific terms I think the most beneficial action we can take is to identify what skills are going to be required in the years ahead and establish a plan to acquire those that we don’t have. It’s going to be a whole new world out there when the dust settles and the market returns. The consumer will be driving the bus and we no longer hold the keys. They are becoming far better and more versed on the transaction than ever before and their view of our position in the process is changing.
We all know that the consumer has access to far more information than ever before and its growing. The problem is “information overload” – they don’t know how to deal with it. What information is important? Whose information is valid? “What does it mean? And therein lays the path to your future success. And if you are going to take that path you are going to have to become a provider of that information, an interpreter of it and a counselor of how to use it.
If you believe that statement to be true, then the next step is to take a hard inventory of what you know and what you don’t. Then establish a plan to acquire the missing skills, and don’t limit yourself to those skills that may be specific to your market niche. As I have mentioned before, while you may not be specializing in the foreclosure market you certainly need to understand how Short Sales and REOs are handled – your customers’ needs drive that, not your personal interest. Are you prepared to address that need with the information they need to make an intelligent decision? Stop and think of all the potential questions you may get from your customer across the industry. If your goal is to be at the forefront of tomorrow’s real estate industry then the choice is clear – you need to have that information or be well versed in where to get it.
So what’s the bottom line here? Are we supposed to become know –it-alls?
Not hardly. From a professional’s perspective it’s all about being where you can get access to the information, skills and knowledge you need to be your customers trusted and valued counselor … there’s that concept again; relationship.
From a broker’s perspective you need to ensure that you provide that access and promote it. Individuals can no longer survive by just remaining the center of the transaction and brokers can no longer afford to keep those that do on the team. Education, knowledge, information and the skills to use them are the keys to successfully engaging tomorrow’s consumer. Remember, they have moved into the drivers seat and if you want to stay on the bus you need to be able to provide them the information and answers they want; when, where and how they want them.
Information is no longer about who has it … it’s all about what you do with it. It’s a broad subject and your customers are going to be looking for someone who is interested in helping them sort through it rather than just getting the transaction established and closed. We’ve heard it before and it’s truer today than it was yesterday; pre-closing – closing – post closing. It has to become a lifelong relationship.
To help brokers provide access to the knowledge and skills necessary to accomplish that goal RealtyU created its Real Estate eUniversity. It was designed to address the 3 most prominent needs of the brokerage community: Productivity, Recruiting and Retention. It is a complete education, training and career development resource center that is an economical way for brokers to get a privately-branded Intranet for their company. It’s an Intranet that provides comprehensive training for every agent, on-going education resources, business planning and accountability systems, career enrichment paths and essential skills courses. They have assembled over 200 experienced, top producing real estate agents nationwide as their faculty to help mentor and guide agents through the changes they need to prepare themselves for 2009 and beyond.
To learn more about what the Real Estate Online University has to offer both the brokerage and the individual you can visit www.reeuniversity.com for more information and a demo. It may be just the tool that will take you and your team over the top in tomorrow’s “changed” real estate industry.
