Earning Business: Real estate agents are known for going door-to-door and knocking on doors to connect with homeowners to earn new business. Other ways of boosting business include cold calling and sending out postcards with current listings, recently closed properties, and market insights. Although these are still popular practices in certain cities, the method of earning business has significantly progressed, and there are more options available to agents looking for new clients. Many agents are reaching out to clients electronically with email campaigns that can be tracked and provide insights like open rates, click-through rates, and valuable information that could result in a hot lead.
Social Media: Social media has been an absolute game-changer for real estate professionals. Back in the day, an agent may have taken out an advertisement in a local paper or purchased a spot on a billboard or a bus bench. Even though some agents still swear by this type of marketing, social media provides an opportunity for real estate professionals to promote themselves and their businesses and engage and interact with a community and their clients.
Reputation Management: As little as a few years ago, word of mouth was the primary source of referrals for new businesses and clients. If a neighbor had an outstanding experience with a real estate agent, they would pass the information along to the rest of the community, friends, and family members. These days, real estate agents have to ensure that their online reputation is spotless and measures up to high standards. A single bad review online could severely affect any future business opportunities.
Advertising Promotions: Real estate professionals are in the business of sales, which inevitably means that they need to be perfect at promoting the product they are trying to sell. The most successful real estate agents become marketing geniuses – they need to earn business, grow their client base and promote their closings.
Communication with Buyers Sellers: In the past, communication between clients and real estate agents may have been limited to phone calls. Today various methods of communication can be utilized – including social media, text messages, email campaigns, and virtual video communication. Many real estate agents develop strong friendships with their clients, and the relationship between a client and an agent can become more informal and friendly. This means that communication with buyers and sellers has also changed.
Transaction Management: You maybe noticing a trend in this article – a lot of the ways that the real estate business has changed are because of innovation in the industry and advancements in technology and communication. This also means that the way a transaction is handled has become more efficient and streamlined.
While some things stay the same or see slight evolution, others have completely changed in the industry. Living through the COVID-19 pandemic has also forced the industry to evolve further – these days, we’re seeing more virtual tours and meetings via Zoom or FaceTime, and almost all paperwork is completed through DocuSign.
Like any other business, real estate has had to evolve with technology and the world, and professional realtors are making the adjustments seamlessly without affecting their clients.
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