There have been a number of articles discussing the future of traditional real estate brokerages. Predictions that the next few years may mark the end of an era of real estate brokerage as we know it today. Dramatic transformation of the industry is unavoidable due to the proliferation of large real estate portals, fee for service type brokerage companies, revolutionizing Internet technologies, and the restructuring and liberation of multiple listing service data.
What has resulted is two things: continuing consolidation into larger and larger real estate brokerage companies that control multiple segments including mortgage origination and relocation or a new paradigm real estate model that supports buyer representation, agent employed, technology driven fee for service. The impact of this plus the push to change the traditional role of the agent as only a transactional middleman, places a downward pressure on commissions.
To provide a wide array of real estate contract support prior to, during the course of as well as after the house acquisition, brokers must change their approach in order to bolster declining real estate profits. Real estate services have extended into residence finance loan, title services, insurance coverage, residential warranty and home repair work type professional services.
The Internet and telecommunications advances have enabled a new kind of real estate. The consumer has more information available through national real estate portals such as Zillow and Trulia and begins a home search long before contacting a real estate agent. These portals may have made more real estate data available but added a middle man between agents and their clients. This has increased the amount of money spent in real estate marketing to consumers. The agent recommended on these portals is not necessarily the best agent but the one who paid the most to be in front of the consumer. The data published by the portals tends to be less accurate and less comprehensive than that of local brokerages.
Long gone are the days where agents could simply put a sign in a yard or an ad in the newspaper to be successful. Agents must become masters of many skills that help their business and be experts in their market. Real Estate has traditionally had a relatively low barrier to entry, ability to be your own boss and high income potential. Agents only had to display minimal proficiency to pass a licensing exam and then were left to their own devices to acquire continuing education.
Nowadays, new agents face more stringent education requirements, continuing education and years of transaction experience to advance. The mindset of the traditional agent, fueled by competition and the attitude of putting their commission before the needs of the client, has ultimately been the undoing. Agents must now provide the highest level of service to everyone by becoming a master of technology and expert advisor rather than behave as a traditional agent who guards their best secrets and fears the competition. Real estate agents who are committed to the success of others around them will find more success. They will need to understand a variety of things in addition to real estate, such as marketing, people, sales, negotiation, and finance.
Successful agents will differentiate themselves as consumer focused professionals who provide good counsel to clients and colleagues and learning every facet of the real estate industry. This attitude of sharing builds trust and cultivates clients who listen to the agent's advice, respect their authority and get genuine guidance and predictable results.
The only way to avoid becoming obsolete is to reinvent your role before the marketplace does it for you. When the concept of real estate brokers arose, there was no Internet. Brokers controlled all the information so that from afar, there was no way to know anything about a property. There were far fewer ways to advertise properties too. The role of the real estate agent needs to focus on what services can you provide that a client can't already do online. This means collecting, managing and sharing information rather than simply using the same information that everyone else has. Be absolutely trustworthy by doing the right thing proactively. Find a way to create and shape a role that significantly benefits clients.
This paradigm shift that is materializing in the real estate business will definitely impact more traditional brokerages that have recruited, joined with and promoted self-employed agents. Realtors continue to contribute a beneficial customer service which many of us desire and need. Currently the established broker business design focuses around primarily adding more real estate agents to the roster that are incompetent when it comes to client care, ethical values and sales techniques. The effect is a reduction in the caliber and variety of service in general. Typically the real estate broker collects a much bigger part of the commission from underproducing realtors which results in a public opinion problem for the entire business. Sales agents who are top producers see a heftier commission basically because they generate the most return. The value of the brokerage is very much diminished by this larger split with an agent.
This model must change to build consumer confidence in an industry where there is so much data available to the public. The opportunity for the new brokerage is to curate content for their customers to help determine the relative value of data and sharing that information with buyers, sellers and investors. Brokers can apply the same strategy to strengthen their agent relationships by making technology choices. Brokers can provide the service of constantly evaluating technology and making choices for the agents.
Technology has made it easier for a boutique brokerage to operate effectively with fewer people to manage business operations. Collaboration is the best way to solve difficult problems and is a rising trend as a means for brokerages to provide more value to a team of agents. Setting high standards for customer service and training agents on a common technology platform fosters outstanding agent performance because of the nurturing office environment. One of the benefits of collaboration for brokers and agents is a smoother, more consistent delivery of services to the customer. Another is the increased sense of belonging that can reduce agent turnover. The collaborative approach support specialist roles which enhances the collective knowledge and skill set of the entire team. The team approach is more effective in assuring the individual's success.
The consumer trend is to seek trust, transparency and a better real estate experience. Mobility, speed and personal service are critically important in serving today's savvy consumers. Success in real estate requires that agents understand local markets and sharing that information with consumers through their preferred communication channels (email, phone call, text, social media, etc.) Most buyers now prefer to spend hours searching portal sites like Realtor.com and Zillow largely because of the trust issue with real estate agents. They are demanding greater transparency at every stage of the buying process. But when a buyer is ready to act, they want an immediate response. Consumers are also relying on their Facebook friends and other online sources for referrals to real estate professionals. Social media is where everyone looks but you have to build trust online and provide valuable information not sales pitches. Consumers still rely on agents for help sorting through data, negotiating the transaction and walking them through the whole process.
A strategy that is working well has the brokerage taking more control over agent training, technology and service delivery to create a strong consumer brand. The broker has to generate online traffic in order to compete with lead-generation companies and find other ways to provide value to their agents. The broker builds the web experience, creates videos and reaches out to the consumer so that the agents can deliver outstanding service to the client. The mobile, social and digital technology opens up a new world of information making consumers less dependent on agents, brokers and MLS systems for information. The real value that agents provide is asking the right questions and providing wisdom. This is a uniquely valuable service provided by real estate professionals. Simplification in all areas will provide a market advantage to the agent or broker.
The ActiveLife Realty Team has embraced this brokerage model and places emphasis on outstanding service to clients. By fostering a culture of cooperation and collaboration amongst the team members, the brokerage empowers agents who work together to ensure the best possible real estate experience for clients. As in any business, when the team members are happy, uncompetitive and confident in their abilities, this positive atmosphere is transferred to the client.
This specialty brokerage was created in 2009 as Gardiner Real Estate by Broker, Alice Gardiner and joined later that same year by Sandy Hanner. The brokerage firm was established with the mission of working hard for each client and maintaining high ethical standards. Both principals in the brokerage had worked for the builder and developer of Sun City Texas, so the business focus was on helping clients find the best home for them in the community. Twenty-five years of combined experience in Sun City Texas and the familiarity with all facets of newly built and resale houses in the community was and continues to be a unique value the brokerage provides to clients interested in buying.
The brokerage was renamed Sun City Realty in 2011 to reflect the niche market in which the brokerage primarily worked. Then in 2013, it became evident that the active adult market would be expanding in the area as other builders sought to take advantage of the largest wave of retiring baby boomers. Sun City Realty then became the ActiveLife Realty Team and added two agents to assist clients. In late 2014, the builder of Sun City Texas announced the expansion of the community with the purchase of an additional 1500 acres. The ActiveLife Realty Team has expanded their marketing niche to include all master-planned communities in the Central Texas area with emphasis on 55+ communities.
Now the ActiveLife Realty Team has developed technologies to manage clients, transactions and marketing, provides training and support to agents, overseas and maintains the quality of transaction management, and nurtures a team approach to every aspect of customer service. The brokerage has implemented many of the changes that provide more value to clients and only works with buyers. Having always been focused on delivering quality lead-generation to agents, the ActiveLife Realty Team has built a website that provides so much information to consumers that by the time they respond to calls to action to subscribe to the newsletter or get a free "Buyers Guide", they are already qualified leads that have found a trustworthy and transparent source for their real estate needs. The fact that the ActiveLife Realty Team of agents are only buyers agents and the website educates consumers in regards to the distinct advantages to having unbiased representation in real estate dealings, solidifies that trust. The ActiveLife Realty Team is the future of real estate for a more consumer oriented business model.
What has resulted is two things: continuing consolidation into larger and larger real estate brokerage companies that control multiple segments including mortgage origination and relocation or a new paradigm real estate model that supports buyer representation, agent employed, technology driven fee for service. The impact of this plus the push to change the traditional role of the agent as only a transactional middleman, places a downward pressure on commissions.
To provide a wide array of real estate contract support prior to, during the course of as well as after the house acquisition, brokers must change their approach in order to bolster declining real estate profits. Real estate services have extended into residence finance loan, title services, insurance coverage, residential warranty and home repair work type professional services.
The Internet and telecommunications advances have enabled a new kind of real estate. The consumer has more information available through national real estate portals such as Zillow and Trulia and begins a home search long before contacting a real estate agent. These portals may have made more real estate data available but added a middle man between agents and their clients. This has increased the amount of money spent in real estate marketing to consumers. The agent recommended on these portals is not necessarily the best agent but the one who paid the most to be in front of the consumer. The data published by the portals tends to be less accurate and less comprehensive than that of local brokerages.
Long gone are the days where agents could simply put a sign in a yard or an ad in the newspaper to be successful. Agents must become masters of many skills that help their business and be experts in their market. Real Estate has traditionally had a relatively low barrier to entry, ability to be your own boss and high income potential. Agents only had to display minimal proficiency to pass a licensing exam and then were left to their own devices to acquire continuing education.
Nowadays, new agents face more stringent education requirements, continuing education and years of transaction experience to advance. The mindset of the traditional agent, fueled by competition and the attitude of putting their commission before the needs of the client, has ultimately been the undoing. Agents must now provide the highest level of service to everyone by becoming a master of technology and expert advisor rather than behave as a traditional agent who guards their best secrets and fears the competition. Real estate agents who are committed to the success of others around them will find more success. They will need to understand a variety of things in addition to real estate, such as marketing, people, sales, negotiation, and finance.
Successful agents will differentiate themselves as consumer focused professionals who provide good counsel to clients and colleagues and learning every facet of the real estate industry. This attitude of sharing builds trust and cultivates clients who listen to the agent's advice, respect their authority and get genuine guidance and predictable results.
The only way to avoid becoming obsolete is to reinvent your role before the marketplace does it for you. When the concept of real estate brokers arose, there was no Internet. Brokers controlled all the information so that from afar, there was no way to know anything about a property. There were far fewer ways to advertise properties too. The role of the real estate agent needs to focus on what services can you provide that a client can't already do online. This means collecting, managing and sharing information rather than simply using the same information that everyone else has. Be absolutely trustworthy by doing the right thing proactively. Find a way to create and shape a role that significantly benefits clients.
This paradigm shift that is materializing in the real estate business will definitely impact more traditional brokerages that have recruited, joined with and promoted self-employed agents. Realtors continue to contribute a beneficial customer service which many of us desire and need. Currently the established broker business design focuses around primarily adding more real estate agents to the roster that are incompetent when it comes to client care, ethical values and sales techniques. The effect is a reduction in the caliber and variety of service in general. Typically the real estate broker collects a much bigger part of the commission from underproducing realtors which results in a public opinion problem for the entire business. Sales agents who are top producers see a heftier commission basically because they generate the most return. The value of the brokerage is very much diminished by this larger split with an agent.
This model must change to build consumer confidence in an industry where there is so much data available to the public. The opportunity for the new brokerage is to curate content for their customers to help determine the relative value of data and sharing that information with buyers, sellers and investors. Brokers can apply the same strategy to strengthen their agent relationships by making technology choices. Brokers can provide the service of constantly evaluating technology and making choices for the agents.
Technology has made it easier for a boutique brokerage to operate effectively with fewer people to manage business operations. Collaboration is the best way to solve difficult problems and is a rising trend as a means for brokerages to provide more value to a team of agents. Setting high standards for customer service and training agents on a common technology platform fosters outstanding agent performance because of the nurturing office environment. One of the benefits of collaboration for brokers and agents is a smoother, more consistent delivery of services to the customer. Another is the increased sense of belonging that can reduce agent turnover. The collaborative approach support specialist roles which enhances the collective knowledge and skill set of the entire team. The team approach is more effective in assuring the individual's success.
The consumer trend is to seek trust, transparency and a better real estate experience. Mobility, speed and personal service are critically important in serving today's savvy consumers. Success in real estate requires that agents understand local markets and sharing that information with consumers through their preferred communication channels (email, phone call, text, social media, etc.) Most buyers now prefer to spend hours searching portal sites like Realtor.com and Zillow largely because of the trust issue with real estate agents. They are demanding greater transparency at every stage of the buying process. But when a buyer is ready to act, they want an immediate response. Consumers are also relying on their Facebook friends and other online sources for referrals to real estate professionals. Social media is where everyone looks but you have to build trust online and provide valuable information not sales pitches. Consumers still rely on agents for help sorting through data, negotiating the transaction and walking them through the whole process.
A strategy that is working well has the brokerage taking more control over agent training, technology and service delivery to create a strong consumer brand. The broker has to generate online traffic in order to compete with lead-generation companies and find other ways to provide value to their agents. The broker builds the web experience, creates videos and reaches out to the consumer so that the agents can deliver outstanding service to the client. The mobile, social and digital technology opens up a new world of information making consumers less dependent on agents, brokers and MLS systems for information. The real value that agents provide is asking the right questions and providing wisdom. This is a uniquely valuable service provided by real estate professionals. Simplification in all areas will provide a market advantage to the agent or broker.
The ActiveLife Realty Team has embraced this brokerage model and places emphasis on outstanding service to clients. By fostering a culture of cooperation and collaboration amongst the team members, the brokerage empowers agents who work together to ensure the best possible real estate experience for clients. As in any business, when the team members are happy, uncompetitive and confident in their abilities, this positive atmosphere is transferred to the client.
This specialty brokerage was created in 2009 as Gardiner Real Estate by Broker, Alice Gardiner and joined later that same year by Sandy Hanner. The brokerage firm was established with the mission of working hard for each client and maintaining high ethical standards. Both principals in the brokerage had worked for the builder and developer of Sun City Texas, so the business focus was on helping clients find the best home for them in the community. Twenty-five years of combined experience in Sun City Texas and the familiarity with all facets of newly built and resale houses in the community was and continues to be a unique value the brokerage provides to clients interested in buying.
The brokerage was renamed Sun City Realty in 2011 to reflect the niche market in which the brokerage primarily worked. Then in 2013, it became evident that the active adult market would be expanding in the area as other builders sought to take advantage of the largest wave of retiring baby boomers. Sun City Realty then became the ActiveLife Realty Team and added two agents to assist clients. In late 2014, the builder of Sun City Texas announced the expansion of the community with the purchase of an additional 1500 acres. The ActiveLife Realty Team has expanded their marketing niche to include all master-planned communities in the Central Texas area with emphasis on 55+ communities.
Now the ActiveLife Realty Team has developed technologies to manage clients, transactions and marketing, provides training and support to agents, overseas and maintains the quality of transaction management, and nurtures a team approach to every aspect of customer service. The brokerage has implemented many of the changes that provide more value to clients and only works with buyers. Having always been focused on delivering quality lead-generation to agents, the ActiveLife Realty Team has built a website that provides so much information to consumers that by the time they respond to calls to action to subscribe to the newsletter or get a free "Buyers Guide", they are already qualified leads that have found a trustworthy and transparent source for their real estate needs. The fact that the ActiveLife Realty Team of agents are only buyers agents and the website educates consumers in regards to the distinct advantages to having unbiased representation in real estate dealings, solidifies that trust. The ActiveLife Realty Team is the future of real estate for a more consumer oriented business model.
About the Author:
Make sure to explore all of your choices for living an active life in a master planned or active adult community. Get all the facts about active adult lifestyle communities and home ownership choices from the experts for Central Texas.
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