There have been many changes in the real estate markets as well as the economy in the past 6 years. I won’t bore you with the details of what it was like in 2005 selling real estate because you already know. What I did think about the other day is the distinct contrast between how real estate agents conducted business in 2005 versus how it must be done today. The following list are just a few distinctions that describe the difference.
Reflect on how real estate agents acted in each area for the two different years.
Lead Generation
2005: Wait for leads to come to you. Too many leads, can’t call them all.
2011: Phone calls, mailers, door knocking, work COI. Agents will work all day to find a possible lead.
Closing Strategy
2005: Take their order like you are a waiter in a restaurant. Agents didn’t have to sell, buyers would buy anything.
2011: Share important information and guide the client to a logical decision. People are making more informed decisions today.
Relationships
2005: Who needs them?
2011: If you don’t have a relationship with your client then you don’t have a client.
Negotiations
2005: “If you don’t buy it today, someone else will tomorrow for more money.”
2011: “Mr. Seller, if you don’t take this offer, another one may not come around for a long time.”
Lead Follow Up
2005: “If they don’t call me then it’s your loss”
2011: If you don’t follow up fast, your lead becomes another agents commission.
One thing that is clear to me is that in 2005 we didn’t have to work for business. Sales would fall in agents laps without effort. Often, when things come to us without effort, we get lazy and let the ego get out of control. Look at the above list, the industry was lazy in how we handled lead generation and lead follow up and let our egos get out of control in the way we communicated during negotiations and closing strategies.
I feel lucky that I started in the business with my father 17 years ago. He taught me the way they did things in the old days. You know what I am talking about. In the old days, relationships mattered, you had to beat the bushes for business, the best closing strategy was providing good information to your client and you actually called people back in a reasonable time frame. In the ‘old days’, your job was to serve the client and those who provided the best service attracted the most business.
What’s interesting is that the way they did it in the old days it the success model for today’s Top Producing agents. One of the agents in my office asked me what it would take to be successful today and I told him to do the opposite of what everyone did in 2005.
I think it is important that we understand the contrast between then and now. I have shared this with the agents in my office and they each found value. I hope you or someone you know will find value also.
If you every need someone to serve one of your referrals in the Myrtle Beach real estate market, please contact me.
