Digging Deep into the Relationship between Consumers and Their Agents

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By Paige Tepping

RISMEDIA, Dec. 10, 2007-The key to success in the real estate industry, say Power Brokers, is maintaining and nurturing a healthy relationship between consumers and their agents.

“We need to have a better understanding of the models we use within the real estate industry and the way in which they will attract the consumer,” said John Featherston, president and CEO of RISMedia, and on of the moderators of the company’s 12th Annual Power Broker Forum, held during the Annual NAR Conference & Expo.

“Building trust and proving yourself as a reliable agent takes time and you must deliver what consumers want, when they want it, and how they want it,” said Laurie Keenan, president of Prudential Real Estate Affiliates. “Understanding where the consumer is and what they want is the first step in establishing this relationship.”

Every agent needs to have a system in place that will bring the agent and consumer together, she said.

“In uncertain times, the number one thing everyone is looking for is certainty,” said Tami Bonnell, president, U.S. Organization, EXIT Realty Corp. “Agents need to take their knowledge and share it with the consumer. For too long, dotcoms and other media have been taking Realtors’ knowledge and putting their own spin on it, causing the consumer to get two different sets of information. Realtors need to be consistent with their service, so the consumer doesn’t go elsewhere for that information.”

The sharing of information has never been more important, according to the eight panelists. With mortgage troubles and higher inventories, it’s more important than ever to not only educate consumers but also ensure that agents are as informed and knowledgeable as possible.

“The information you provide draws the consumer to you. People are going to go to whoever is doing the best job of getting them the information they need,” said Laurie Keenan, president, Prudential Real Estate Affiliates.

Added Dottie Herman, president & CEO of Prudential Douglas Elliman: “We have to take control of our industry. Give consumers the information they want and need-whether that’s directly from you or on your Web site. Listen to your consumers and what they have to say, what they are asking for.”

And just as agents need to listen to consumers, brokers must do the same with their agents, said Sherry Chris, president & CEO of Better Homes & Gardens Real Estate. “For the first time in a long time, agents are going to their broker/owners and looking for help,” she said.

Brokers can help their agents by providing them with the proper tools and information to figure out what technology is best for them and their business.

“Technology companies are constantly moving forward and have forced us to open our eyes and see what the consumer needs-good communication,” said Chris. Using the available tools can only help real estate professionals foster the relationships they have with their clients, she said.

Added Jim Sherry, co-moderator and president of Innovative Solutions: “We need to know how to make change work for us while at the same time keep up with technology and current trends. Knowing how to share our information and put forth a positive image is key.”

“We have the chance to get back to the basics,” said Margaret Kelly, CEO of RE/MAX Int’l. “Consumers are looking for help and information and we need to learn how to become a better resource to the consumer.

“We can’t let intermediaries come in between the consumer and the agent,” said Kaira Sturdivant Rouda, president, Real Living. “We have to be at the top of the information-giving chain.”

Being open to change and keeping up with the ways in which different generations like to receive their information will be beneficial in the long run.

“We need to weigh the possibilities and figure out the best way to work with the consumer, whether it be as a solo agent or a team,” said Pam O’Connor, president & CEO, Leading Real Estate Companies of the World. “We want to help the next generation of home buyers become successful in their endeavors.”

By keeping the lines of communication open, real estate practitioners are remaining competitive and showing consumers that they are aware of the changing industry, said Annie Hanna Cestra, COO & EVP, Howard Hanna Real Estate Services.

“Leaders have to illuminate the path for success,” said Featherston. “It’s the only way you will thrive and be profitable.”

For more information on RISMedia events, visit http://rismedia.com/events/.

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