Big tech is crushing Realtors across the country by selling leads and controlling the consumer.
The leads they sell have a negative return on investment according to NAR because they go to more than one broker. Essentially brokers are paying to compete with one another.
Their power, money, and influence will only grow in the coming months and years. So, what can you do to protect your livelihood and grow your career in real estate?
Here are the only truly sustainable sources of advantages I know of over big tech…
Learn faster than your competition. These tech companies have more data than we will ever have. They see trends before we do. However, we are local and can follow local news, community groups, charities, and much more. We are hyper-local. They will be Metadata and we will be microdata. Go micro and get your ear to the ground Learn what the people are saying and doing in the community.
Empathize with the community members. We are human and tech is digital. Give a human connection to the lead, customer, client, and community. Lead with your heart. The person that does this the most will succeed.
Communicate more effectively. This will be difficult because big tech has automated property searches and delivers them at lightning speed by text, email, and even phone calls. That is why our communication must become ultra-fast but, also effective. Humanize and personalize the messages. We can’t send a million emails a day like big tech but, we can send 10 ultra humanized and personalized emails that make an impact.
Be willing to fail. This will not be easy. Nothing worth fighting for is ever easy. This will take courage to lead with your heart and fight for your community. Be willing to fail more than anyone else this year. Don’t pay attention to the number of failures or even the failure itself. Pay attention to the time it takes you to get back up. Narrow that timeline. The best rebound the quickest.
To succeed we must acquire a new set of skills. The way the consumer buys and sells real estate is changing faster than ever. There are more agents and more tech via for the same piece of business. To get ahead you must adapt ahead of the competition. Adapting is a fancy way of saying learn and acquire skills that align with today’s ever-changing real estate industry.
Nick McLean Real Estate Group
Text Real Estate Questions 5096701071