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The Rising Value of Information in Today’s Real Estate Market

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RISMEDIA, July 20, 2010—In order to find success in today’s real estate market, real estate professionals must not be content with simply having great content. Instead, they need to go one step further and focus on how they distribute that content and how quickly they get it to their intended audience. Industry experts L.P. Finn III and Thomas Skiffington discuss how to raise the value of information in today’s real estate market in this month’s RREIN Roundtable debut.

Participants
L.P. Finn III
, COO, Coach Realtors, Long Island, New York
Thomas Skiffington, Owner, RE/MAX 440 and RE/MAX Central, Perkasie, Pennsylvania

In today’s business world, content is most definitely king. But it’s not enough to just have great content—it’s about how you distribute that content and how quickly you can get it to your intended audience. The real estate industry is no different.

As consumers increasingly gain access to information through technology, the goal of the real estate professional is to be first out of the gate with the right information…at the right time.

For the debut of our new column, “The RREIN Roundtable,” we ask two of our esteemed members of RISMedia’s Real Estate Information Network® (RREIN) to share their insights on the rising value of information in today’s real estate market.

Real Estate magazine: How does information empower agents to make lasting connections with consumers?

Thomas Skiffington: Information definitely gives an agent the edge over the competition. Agents are experts in their field and consumers want information so they can make good, sound financial decisions in regards to real estate. Knowing what can and cannot affect your sale helps agents and consumers keep their transaction together and not have deals fall apart, which is costly to clients, agents and real estate companies. Once clients realize they are getting accurate information they can rely on, then the agent becomes the expert in their field and consumers will continually call and refer that agent to others.

L.P. Finn: Right now, real estate agents and brokers are facing a fork in the road. One path leads to eventual failure. This path of failure is lined with old ideas, outdated ways of doing business and the inability to stand apart from the crowd.

The other path is one of success and is lined with fresh ideas. One of these fresh ideas that successful agents and brokers will embrace is “market share through mindshare.”

To be successful in the future, brokers and agents must capture a positive place in the consumer’s mind. By providing valuable, relevant and correct information, agents and brokers can set themselves apart in the mind of the consumer.

The ability to convey thoughtful insight (information) will allow Realtors to connect with consumers on a higher level. It is human nature to be drawn to people with intriguing ideas; why can’t a well-informed Realtor be the center of the conversation?

RE magazine: Why is information so critical to succeeding in today’s real estate market?

LPF: If you recall, back in the 1970s and 1980s, there were quick, animated shorts on Saturday morning television called “School House Rock.” The tagline of these educational segments was “Knowledge is Power.” Now apply this simple tagline to modern real estate. The broker or agent with the most comprehensive knowledge of marketing, digital technology, modern business practices and consumer trends can apply this knowledge to create a successful business.

TS: In today’s fast-paced society, it is important to be the source of information so consumers come to you for information prior to selecting a home or an agent. You want to be the one people turn to for good and reliable information. Whether using a blog, social media, website, newsletters or mailings, it is important to spread industry information to your current and past clients. Once they realize you are a reliable source of information, they will refer you to their friends and family.

LPF: In the past, brokers were able to succeed by following their “gut instincts,” catching a great market or by having overwhelming energy and charisma. Those days have passed—the modern broker must make prudent business decisions based on correct information.

For more information email rrein@rismedia.com.

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