Have you considered the options that the public has to find and purchase real estate?
- Internet, this is the number one search source, not so only a decade ago.
- Cable TV
- Bank ads, refinance for zero closing costs
- Direct Mail
- Free trips to spend a few days at the new resort that is part of the new "ultra complex" offering golf, boating, green space, hunting, hiking, club house, shopping...spend three days viewing your new lifestyle.
- Flat rate realty services, pit a price any price....you will probably find something, pay up-front!
- Menu Real estate services, pick how much or how little service you want and advertising after the initial ad that is optional too, and yes pay first in nearly all cases.
- MLS, searches for FSBO's, Realtors, Brokers, Auctions it is all there.
- IDX search sites
- Vacant land, these are listed
- Investment properties, listed in multiple formats
- Residential, private sights and multiple formats too.
- Commercial, more selective and less public because the audience is not as big.
- Buyers Agentsand then the certified Buyers Broker or Agent too.
- Flexible contracts.....meaning a balloon some place....but it sounds good to the public. Creates leads.
- No money down...the old land contract with a new name.
- Rent to own
- Money back at close to buy furniture or that new car to put in the garage.
- The traditional Realtor and brokerage
This is just a few options. I could fill the page with hybrids.
So the traditional Realtors way of doing business is under siege or is it? I read a book "Waging War on Real Estate Discounters"....didn't seem like war....I was in a war. It didn't seem like I needed to change much to keep my clients and gain new ones. The pros have been doing the suggestions for years. Good service, communication, negotiations, closing techniques, financing all the things that are part of our daily business.
What is changing? The speed at which a response is expected. If you get an email or phone call and you do not respond with an hour they are someone else's prospect.....that simple. All emails are copy forwarded immediately to my phone. All office call that are not answered by the forth ring hit my phone, the staff knows this too! Now many make it to my phone!
I was selected by a client because I was the first one to respond. He made 20 calls to various agents and brokers! He had calls coming back to him for over a week, after I had my agency disclosure already signed!
So if you want business you are going to need to respond faster. That is one of the key elements of the "new Internet buyers". Everything is instantaneous, cell phone calls, downloads and your response is expected to be the same way.
How are you keeping up?