It’s certainly been a rough few years for the real estate industry. In most cases, there are fewer deals happening, and those which do close, sell for significantly less. Given this, agents need every advantage they can find to stay ahead of their competition and provide each and every customer with the best experience possible. Happy clients (and the referrals from them), after all, are what fill the bulk of agents’ pipelines.
Agents are feeling pressure from both a soft market and from the ever-shifting demands of consumers clamoring for reduced hassle in their transaction, which nowadays includes a completely electronic environment. It’s this shift in the industry that requires agents to take a different approach to their business and adopt the traits of those who are truly “rock stars”. Here are three ways the most successful agents have adapted to the ever-changing industry and market:
1. Client Convenience. It’s a fact: Inefficiency and time kills deals. Agents need to adopt technology that solves real problems, instead of relying on tools (or multiple tools) that solve a portion of the problem or a portion of a business process. Look for a solution that solves an entire business process. Buyers and sellers — especially the younger generation — expect to do most of their negotiating, amending and signing online. This client expectation is what should drive implementation of technology, making everyone’s lives easier, including that of the agent.
Fortunately, there are solutions on the market aiding in digitizing the entire transactional process, like dotloop. Solutions that expedite the transaction can save agents and clients significant amounts of time and money by facilitating collaboration and providing instant access to important information. The solution also provides clients with the option to access and sign documents from the handiness of their mobile device.
The agents who have adapted to this trend, and who accommodate their clients on their terms, are proving to be most valuable. In this market, customer satisfaction is everything, and if you’re not effectively using technology to make your clients’ lives easier, you’re trailing the industry.
2. Redefine Lead Generation. Every agent knows there’s nothing more vital than a Rolodex of happy customers — they’re what keep the referrals coming in. Instead of always looking for the silver bullet, agents should consider selective and attentive presence among their close network of clients and contacts, because the majority of all business comes through an established network of satisfied customers. Nurture your existing relationships to maximize your lead pipeline.
3. 1 Equals 90. The work you do today affects what you experience (or at least what your pocketbook experiences) in 90 days or more. Therefore, the decision to lead generate or not to lead generate, follow-up or not to follow-up, or just plain procrastinate, count each and every day. While you’re contemplating action, your competitor is building a relationship with your past client. Having a strong systematic business running on all cylinders can certainly help you to stay ahead in the now, so you can reap the rewards in the future.
Keep in mind, while technology tools and channels like social media are great business enhancers for communication with clients, do not underestimate the value of face-to-face and responsiveness, hallmarks of every successful agent and something that will never change. Technology should serve to have your back, so you can spend more time with people building the relationship.
There are several common traits rock star agents possess, and it’s evident by their productivity numbers that their methods of business are working. These industrious agents take the time to evaluate their current business structure and the systems they have in place. They often find they don’t need to reinvent the wheel rather repurpose and/or tweak. By focusing their attention on creating robust customer service-based businesses and providing clients with an efficient and fulfilling digital experience, rock star agents are coordinating their steady stream of closings versus some has-been trying to fund their next office bill.
For more information, visit www.dotloop.com.