The real estate industry is changing. A lot. And for the first time, it’s about more than just the internet and mobile phones. It’s about global economic forces, a growing older population and shifting demand. Agents who adapt to these new conditions will win more listings in market with low volumes. Those who don’t will be left behind as the market shifts into something unrecognizable from its past self.
Real estate agents must be more dynamic than ever.
As the tides of real estate continue to change, agents must be more dynamic than ever. Dynamic agents are needed to navigate these shifting waters and adapt to new conditions. Agents need to be flexible and creative; they must have a willingness to experiment with new ideas and approaches, even if it means going against conventional wisdom or industry norms.
People are moving less often, so they need more help with big purchases.
As the real estate market continues to evolve, it’s important to understand how your business might be affected. While people are moving less often than they used to, this doesn’t mean there’s less demand for real estate agents; rather, it means that buyers and sellers need help with big purchases more than ever before.
The market has changed from quick sales into long-term relationships. In the past decade alone, we’ve seen a rise in millennial homeownership rates by almost 50 percent (from 35 percent in 2005).
This trend has been driven by young adults staying put after college instead of jumping right into homeownership like earlier generations did. Meanwhile, Baby Boomers were forced out of their homes during the Great Recession and many stayed put after they recovered financially because they didn’t want another large expense.
Agents must adapt their business models to win more listings
As the real estate business evolves, agents will have to adapt their business models to fit new conditions. Agents should be using technology in their everyday workflows and marketing strategies. They can use technology to reach more people, automate processes and create content that helps them stand out from competitors.
Embrace change and innovate to win more listings.
In order to navigate these changing tides and continue to thrive, real estate professionals must embrace change. They must also be able to innovate and adapt in order to meet the demands of their clients.
Real estate agents who are able to embrace this new paradigm will be able to provide better service and retain more clients than those who cannot.