21st Century Real Estate Business

Brokers and agents must embrace the fact that the market is ever changing and competitive. We asked several Real Estate Agents the same questions, and got a consensus that we wanted to pass on to you to help you do business in the 21st Century real estate market. We asked several Real Estate Agents the same questions, and here are the areas that top producers and leading edge companies felt today's Real Estate Agent must concentrate on to stay in business and increase revenues:

Q:  What do you think is the single most important trait clients are looking for in a Real Estate Agent?
A:   Good service and knowledge. Buyers expect a high level of service from their agent in return for the value of the home they are buying. They want their agent to be knowledgeable about real estate home prices and trends. Respond quickly to their requests via telephone or email.

Q:  Is use of technology important?
A:  The use of cutting edge technology is crucial in staying in business today. Real Estate Agents and brokerage companies that are not constantly keeping up with technology will soon be out of business. You must update your systems on a regular basis and implement new cutting edge technologies into your business.

Q:  What methods of lead generation should Real Estate Agents use to generate more revenues?
A:   All methods. These methods in include: Real Estate Agent websites and other websites such as Fizber.com, referrals, signage, ads in newspapers and magazines, and social networking. Real Estate Agents cannot rely solely on referrals.

Q:  What are the biggest challenges Real Estate Agents face?
A:  Making changes. Not getting stuck in old business practices that don't work. Giving more attention to better service, obtaining more education and knowledge and embracing technology. Concentrating on lead generation from multiple sources and not just one or two sources.

Q:  Why is changing your business niche to adapt to the times necessary?
A:  If you don't change your business niche, you will have a hard time surviving in the ever challenging and changing market place. For instance, if you used to concentrate on listings only, you will want to switch to REO's and short sales as well, since right now they are the majority of properties that are on the market for sale. If you concentrate on buyers, then you will want to market to investors and first time homebuyers, baby boomers as well.

Q:  Why do you need a business plan and budget?
A:  A business plan and budget will help you focus on the number of real estate transaction you need to make in a month or year and how much they cost you. By having a budget and goals, you will stay focused to reach your goals.

Q:  What do you enjoy about selling real estate?
A: The independence of having your own business, flexible hours, the rewards of helping someone find their dream home and the lucrative salaries.

Keeping one step ahead of the competition with improved websites, easy to use tools, cutting edge technology and education and changing your business niche should be the goals of today's real estate professional. The old rules and ways of doing business no longer apply.