Your Real Estate Practice RecoveryIs Your Real Estate Practice from the Past, the Present or Back From the Future?

Would it not be a cool to be able to travel to the future and have a quick look how Real Estate is  done in the future  and how we then could leapfrog our business and market share .....


I know, we may all be hoping that we get past this current mess first, but we all know "logically" that we will and that a true economic and real estate recovery is just a matter of time and effort....


But what if your really could take a look at real estate say 5 or 10 years from now......
How cool would that be...... and so we just did it ... we stepped in to our minivan  (the DeLorean was in the shop again) and started the time warp process, and you may have noticed the thunderstorms in your area overnight..... yes that was us.... and we apologize, for the lenght of this post, but you can't travel to the future and no have a lot to talk about.......


Now off course we only had limited time and could not possibly cover every part of the continent and every part of the business, but here is our summary..... and yes we did keep a few secrets for our selves  (like the winning lottery numbers for......)

Off course You do not have to agree with and or act on our assessments at all, but this is what our review of the past present and future looked like  and you might want to create your own review and determine if it is time to retool and or sharpen some of the tools you are using today....

So Let's have a quick look at  4 key areas of our business Past Present and Future.
And off course we did not actually travel to the future, and we do not know what the future will bring exactly,  and even if we think we do, we do not know when and to what degree integration will occur, but it is fun to play with these concepts and see where it may lead.

We think, that for the most part, we likely all know where our individual businesses are in comparisons to our competitors and our current local market conditions ........but what about the inevitable or already starting Real Estate Recovery in your market and your own practice.

Business Section Topic Past Present Future
Operational        
  Administration Paper  Computer Web / Cloud
  Research Manual, visit all needed resources Web & Manual Web / Cloud, live feed instant & direct access
  Buyer focused Services tour homes and writing deal Agency, CMA's, many specialized support systems Same & higher integration of technology & fee for service compensations models to cover a variety of options
  Sellers focused Services Seller agency & high duty of care, advertising, & traditional services Single & some dual agency, bundled & or limited services, variety of compensation models Single Agency, full, limited & fee for services, many add ons & options
  Contracts & closings Manual and in person Manual, fax, email, web  Web / Cloud, live feed instant & direct access
  Contract to close  some follow up and assistance mostly face to face great deal of nurturing, hand holding and confirming all is moving in the right direction increased services, ad ons, like concierges, moving assistance, relocation & more
  After Close Mailings & some face to face same +, newsletters, emails, some client appreciation events & benefits High Tech & High touch  follow up systems, & client benefits services & perks
Lead Generation & Servicing Past Clients        
  Topic Past Present Future
  New Leads,  Soft Sell Approach  Advertising, mailing, sphere, Network Web, Social Media, Network, Sphere, Email, Text, Meet ups, ad-words, video Web / Cloud, live feed instant & direct access, mobile, texting, meet up, social media, & Networking
  New Leads,
Hard Sell Approach		 Cold Call, Door knock, FSBO, EXP Door Knocking, FSBO, EXP, Email Blasts, Automated Phone systems, foreclosure, Web  reversed ISP solicitation, door knocking, FSBO websites solicitation, social media blasts and hard sell 
  Buyer Agency Buyer .......What? Some specialized services Distinct and the norm with highly sophisticated systems, services and benefits for buyers
  Developer/ builder Some Agency based  Specialists as well as  Developer Sales staff Agency based specialists & many None Agency Based Builder Developer Staffed or contracted Very Limited Agency Based,  high technology integration and lead capture (selling referrals to Agents)
  Past Clients Services unfocused, and limited focused and with "referral" purpose added services and benefits, concierge, decorating, reno's, maintenance, relo, retirement planning etc.
  B2B Referral  Generation Some semi unfocused, company conventions, and association events Very focused, BNI, Targeted to Niche and objectives, some paid for from 3 rd. party sources formalized in contracted relationships, from your networks, paid for from 3 rd. party
  Personal Referrals Nice when it happened business objective and confirmation of higher than average quality of service and follow up Raised to very sophisticated methods, with benefits programs, rebate, discounts, perks programs etc.
  Other Leads Walk in's, Open houses Farms, Signs, web, email, farm, social media, 1-800, video, networking Mobile / QR/ meet ups/ social media/ and back to very basic face to face offering very high touch services to your Niche
Economics        
  Topic Past Present Future
  Compensation mostly uncapped splits with company mostly a capped split or compensation with company capped compensation and Fee for service
  Personal Marketing costs Mostly Company Mostly Agents direct Agents & sponsored by 3 rd. parties
  Space, Services, Equipment & Operations Mostly Company Mostly Agents, some Company Agents, may see some return to full service companies , and also sponsored by 3 rd. party
  Branding Company only 80/20 Agent to Company 95/5 Agent to Company ratio
  Cost sharing Company most Agent paid most 3 rd. party sponsored
Organizational        
  Topic Past Present Future
  Agency Seller Representation Agency wide Buyer and or Seller Representation, some Declared agency Single Person, Single Agency, and abolishing of any dual agency or dual representation within companies
  Company to  Agent Relationship Employee Independent Contractors & some Company to personal incorporation Company to Personal incorporation, company out of the agency side at all, and strictly a service provider to the single agents.
  Real Estate Boards Old Boys Club with almost absolute local control Service provider with some control over agents and agencies Merges will be a must Redundant as all but a few will services be 3 rd. party services
  MLS the Cat's Mia ow and the a real must. Diminished influence and Value Redundant, technology based service providers will replace anything the MLS  provides, and Anti competition laws will have broken the  NAR & CREA Control
  Regional and National Associations Control almost all Aspects of the industry Reduced Control  Merges will occur and Control will be limited by Anti Trust and Anti competitions laws
  Number of Agents High Realtor to Consumer ratio Increased due to many part time agents Reduced due to high costs, and requirements
  Agents Operations Single Agent Single Agents, Teams, and some "true Businesses" Single Agency will force remaining agents to function and operate as true businesses
  Buyer Agency Buyer What Some Buyer Agencies Single Agency will allow any "none" competing option
  Client Compensation models Full Fee, Full service Some Discounted Fees and Limited Services as well as the traditional models Fee For Service, discounted models and traditional models as well as add on's extra's and specialty services

So the questions raised by this post really are:         Your Real Estate Practice Recovery

  1. Are you working to catch up to the present from how it used to be?
  2. or are you now looking to the future in order to ensure   an ever "Increasing Share " of your local market...


Your Real Estate Practice RecoveryYou see, regardless of what the market conditions are all around you, if you have the systems, activities and operations in place and they are working at higher than average levels of efficiency, you will increase your proportional share of your local market and over time that will translate in a huge leap in increased business overall as your local real estate market recovers, and trust me.....

The Real Estate Market will (and in many places is already) be recovering (to be convinced of the inevitability of the real estate recovery, just read the links in the comment section of the good news is good for business contest post or review the recovery train group and or  the success group.
Your Real Estate Practice Recovery
so Let us know what your trip back from the future told you as to what (if anything) your real estate practice may need to be the best it can benow and in the Future........


 

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Peter Pfann
  Greater Victoria Real Estate Consultant & Associate Broker at;
FAIR Realty, Victoria BC.
# 102 - 1564 Fort St. Victoria BC, V8S 5J2
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20 Comments on Is Your Real Estate Practice from the Past, the Present or Back From the Future?

JUL
31
2011
307,260 Points 3 Featured Posts Outside Blog

A very good post. I like the graphics too. Thank you for posting it!
3:54pm • #1
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi John,

thank you for your feedback about real estate in the future, have a Pfanntastic Future......
4:04pm • #2
412,313 Points 15 Featured Posts Outside Blog Called Shot Master

You did a great job of illustrating how far we have come in the real estate business in a very clever way.

Suggested.
4:17pm • #3
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Kathy,

Thank you so much for suggesting the back to the future approach, and we are glad you enjoyed it, and hope it has given you some inspiration to assist your business and career,

Have Pfanntastic future
4:21pm • #4
309,748 Points 28 Featured Posts Outside Blog Called Shot Master

This is a Pfanntasticpost. Very thought provoking analysis of where we need to be going.
7:48pm • #5
548,445 Points 3 Featured Posts Outside Blog

Wow, Peter and Linda, you have done a lot of research... I can remember learning in a Grade ten course that the only constant in the future would be the rate of acceleration... thanks for the glimpse into a possible future...
8:01pm • #6
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Dave,

Thank your, we hope it gives you some ideas and suggestions for your own business and possibly no shortage of future sales....
8:48pm • #7
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Chris,

You are too kind, and we likely have been in the same course, (mine was the Dutch version off course....

We can see the acceleration of progress in technology and applications in our business almost daily, so who knows where we will be

fully emerged 3d or even 4 d expeiences....seems pretty cool to me.
8:51pm • #8
335,521 Points 23 Featured Posts Outside Blog Called Shot Master

Wow it sure is hard to imagine working without a computer. How times have changed!

 

Thinking of you in Costa Rica!
10:48pm • #9
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Cathy,

Yes the pre-pc days where filled with running all over town finding stuff that now takes minutes.

Int he next few years I suspect we will be able to get just about instant anything....

Have a Pfanntastic Future
11:09pm • #10
AUG
01
2011
879,351 Points 10 Featured Posts Outside Blog

Peter and Linda - this really puts one of Barrie's favourite sayings "the more things change the more they remain the same"  out to pasture. Change is inevitable and having been around long enough to have seen all the items in your past column I look forward to what the future offers.
12:50am • #11
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HI Kathy,

Thank you Kathy the Pfunn part is off course that we very much influence and dictate what the future will look like and as such we can make a huge differnce in how we experience this "scary" thing called change....
3:10pm • #12

Excellent! Interesting take on MLS "Redundant, technology based service providers will replace anything the MLS  provides, and Anti competition laws will have broken the  NAR & CREA Control". It is a whole new world. How does this work "Single Person, Single Agency, and abolishing of any dual agency or dual representation within companies"? There will be listing brokerages with agents that do not work with buyers? In Florida there is the transaction broker relationship with "limited" representation, this replaced dual agency, but I am not sure I understand how brokerage offices can have single agency if they take listings and work with buyers as well, unless they do not show their buyers their listings. Very informative and fun blog. Thanks!
11:00pm • #13
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Fred,

thank you for your comments,

In time I believe the real estate companies as we know them today wil just be admin and service provides, and have no agency relationship with any one at all,  and any agency will rest just with the individual agent and dual agency will not be acceptable.

 
11:18pm • #14
AUG
02
2011
Outside Blog

Be interesting to get your insight on the types of housing product that will be on the market in the future.

After all it is the REAL ESTATE that is the product on our " shelves " .
6:42am • #15
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

HI Keith,

Housing it self was not the focus of our review, as we really just wanted to take a hard look our industry and how it has evolved over time and in application....

We will in the future (no pun intended) certainly touch on the evolution of housing and also more about the ways in which technology has changed our business and daily activities.
9:41am • #16
AUG
07
2011
859,562 Points 8 Featured Posts Outside Blog Called Shot Master

Peter and Linda, I enjoyed comparing these different perspectives on the past, present and future of real estate so much...I just re-blogged it to share with others who may have missed this post! :)

Leilani
6:53pm • #17
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Leilani,

Thank you for your kind words, and we appreciate you reblogging our back from the future post, we had a lot of fun creating it and may eventually do a follow up article on this topic. thanks again
8:19pm • #18
AUG
15
2011

Really makes me long for the past. When you had to work to get info and make contacts you lost 99% of your competition, now a good computer and a good hookup, a smart phone, puts you further into the game more quickly. It's sad to see, oh I miss the days when I could take a new agent under my wing willing to make the effort and put theim into the top 20% in a year. 
Brian Park, Broker
6:11pm • #19
470,704 Points 24 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Brian,

thanks for the feedback, and you are so correct , that was an exciting part being the manager or trainer, is showing the ropes to new agents, and seeing them take flight.....;0)
10:31pm • #20


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Victoria Real Estate Results? PAY-LESS! Peter Pfann, (250) 213-9490

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