The Internet and everything that comes with it has affected personal, public and professional landscapes. We now exist in a digital world, and for better or worse, it has changed the way we do business. Is it a question of shape up or ship out How do professionals keep up with the times and what are the pros and cons of doing so
A staggering 85 of agents entering the industry have no sales experience. Combine this with minimal real estate knowledge and a lack of skills in several key areas, and were left with an industry destined for high failure rates. To counter this, education is paramount. This chapter looks at two popular selfimprovement options: designations and coaching.
There have been major changes to the traditional real estate business model in the past couple of decades, but in order to survive in a tough industry, brokerage companies need to keep evolving. These 10 powerhouse firms have done just that and are reaping the rewards.
Two decades ago, the real estate industry waited with bated breath as terms like disintermediation and new business models were thrown around, and many thought brokerage companies and agents were going to disappear entirely as a result of changing technology, the Internet, and the collapse of commissions. While its been far from the doom and gloom anticipated, the industry is changing rapidly, and recently there have been increased calls to again look at reengineering the real estate brokerage model.
Prior to the Internet, the protection of data was taken for granted. With the move to a digitized world, security breaches in all industries, including real estate, are a given and identity theft has become one of the fastestgrowing crimes in the world. While government agencies and corporates are coming up with measures to combat these crimes, its up to individuals to safeguard their personal information.
The real estate industry is saturated with agents and there are now fewer traditional transactions to go around. In order to stand out in the market, there are a number of things savvy brokers can do, including using the Internet to your advantage, building a team, having a solid business plan, acquiring a competitor, trying a new business model, using a virtual assistant, and diversifying your business.
Gone are the days of the real estate industry being a boys club dominated by older white faces today, increasingly, minority groups such as women, a wider range of ethnic groups, and younger generations are shattering glass ceilings and taking on leadership roles, helping to bring about positive change in the industry.
The economic downturn has hit the housing market hard, affecting all segments of the industry and resulting in a downward spiral of foreclosures, mortgage debt, and shortsales. While government, financial institutions, corporates, and lawmakers have begun intervening to jumpstart a recovery process, a solution is a long way off and agents and brokers need to be aware of the challenges and be able to navigate difficult situations to facilitate any future buying and selling processes.
Once the crucial center of a healthy, functioning real estate brokerage industry, the Multiple Listing Service (MLS) now find themselves facing controversy and a fight for survival in a world where digital is taking over and changing the property landscape and effecting all key players. Can the MLS move with the times or is it time to move on
In the rapidly growing digital age, how consumers receive information is everchanging. Real estate agents and brokers need to move away from oldfashioned ways of marketing their businesses and listings and learn to use and embrace the tools of technology.