In real estate, there's no such thing as business as usual. New business models, competition from outside industries, economic and market conditions, and legislative issues drive an ever-changing business landscape.
But perhaps the two biggest revolutionary forces in the industry are consumers and technology. In this issue, we'll take a look at emerging technology and the future of real estate consumers, from Stu Siegel's upcoming keynote address at this year's Real Estate Cyber Expo and Convention on 2/14. Be sure to check out Stu and another guy who's had some success in real estate, Dave Liniger, as they deliver their keynotes.
» Maintaining Your Information Advantage
» Three Principles of the Customer Revolution
» Boost your farming
Maintaining your information advantage in the Internet age
The days of real estate consumers depending on agents for all of their information are over. Free real estate information is available all over the Internet, and today’s consumers have no trouble finding it. As a real estate professional you still have access to the most important information. Take advantage.
The information advantage for agents and brokers isn’t gone, but it’s more of a challenge. You must be familiar with the information sources consumers use and how your exclusive information matches up. For example, today’s consumers will almost always have home value estimates from an online site, but you have the ability to not only deliver a detailed CMA, but also the expertise to explain why the CMA is superior to the internet estimate.
Similarly, consumers may have some basic information on the overall market, but you have many more sources for identifying market trends more clearly and on a localized level. Use pending sales to add more current information to recent sales data for a better picture of the market than consumers can get on there own.
Another way to illustrate to consumers that you are an expert is with the presentation of data. A wealth of information can be obtained from internet sources, but often consumers don’t have this information in a manageable form. By creating a professional looking report or summary with maps, charts, and graphs, you are using your knowledge to interpret the available information and present it to the consumer in a simple and understandable manner.
Here are four ways to maintain an information advantage:
One of the best ways to understand your audience and manage their expectations is to see what they see. Find out what sites they are visiting and check them out. It’s easy to explain the difference between a basic online estimate and a CMA prepared by a real estate professional.
You have MLS information that consumer’s don’t have. For example, local pending sales can provide insights on where the market is going, as opposed to the "rear view mirror" of recent sales. By analyzing MLS data, you can provide information about local market trends that may be quite different from today’s broad indexes.
Neighborhood information: "the neighborhood" is consistently the most important factor home buyers site in choosing where to live. If you’re not providing neighborhood information, you’re only giving homebuyers part of the information they need to make the best buying decision. And sellers can almost always use neighborhood information to position their homes in the best light for a quicker sale.
The Internet provides large volumes of unstructured information. If you can provide visual knowledge - relevant neighborhood information in charts, graphs and personalized maps, you have a powerful tool to connect with customers.
For more about the future of the real estate industry, join Stu Siegel for his keynote speech at the National Real Estate CyberConvention & Exposition on February 14. View details and register for free.
Three Principles of the Customer Revolution 
Patricia Seybold is a well-known author who champions the idea that today, all businesses are e-businesses, and the most profitable businesses in the future will be built around customers, not products or services. She has three principles of the customer economy. Let's see how they relate to real estate.
1. Consumers and technology are reshaping and transforming real estate. The ease in which consumers can obtain a great deal information and the speed of communication are two ways we are seeing this transformation.
- Consumers not only want access to information that they have found on the Web, but they want you to share your information freely with them, including your own expertise.
- Consumers expect agents and brokers to have the ability to either validate the information they have gathered, or explain why their information isn’t relevant and provide the supporting data.
- Regardless of the content of your customer communications, make sure you’re using the right channels. Today, that could be email, video, instant messaging, or text messaging to your client’s cell phone.
- Whatever the communication channel, you can be sure a quick response is expected.
2. In a successful brokerage, it’s easy to see how a large base of prospects, clients and contacts translates into future profitability. In fact, having a strong client / referral network often means the difference between success and failure when market conditions get tough.
- A lot of us have created networks of people and resources that help us provide higher service levels and get transactions done. And these types of relationships are also one of the strongest reasons for prospects to use your services.
- What buyer or seller doesn’t want to work with a real estate professional who has valuable local connections? If you have a strong network in place, be sure to highlight the benefits of your network in your marketing materials.
3. Agent experience is important, but customer experience matters even more. On your website, in your marketing materials…is the focus on your experience and your sales awards - or on how your clients and prospects will benefit?
Bottom line, it’s important for agents and brokers to deliver a customer experience that’s remarkable, that builds loyalty. When someone asks your clients what it’s like to work with you, it would be OK if they said you were a good salesperson or a good negotiator, but wouldn’t you rather hear:
"Working with that agent was a great experience."
Agents providing the best customer experience today will develop the most valuable client and referral relationships in the future.
For more about the future of the real estate industry, join Stu Siegel for his keynote speech at the National Real Estate CyberConvention & Exposition on February 14. Go here for more information and complimentary registration.
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