It's no secret that while we were riding the wave of a wild real estate ride that straddled two decades, cataclysmic changes happened in the way consumers search for and buy real estate. Unprecedented and increasing access to property listings and more has changed the buying behavior of the consumer in an irrevocable way.
Bear with me for a little history. As an industry we reacted- by buying up web sites as a way to market our properties and ourselves. Our initial sites, mostly templates, looked much like print property ads along with glossy online brochures about ourselves. But they were online, so we thought they were pretty cool. We spent lots of time and money turning our sites into online magazines, with a plethora of school and community information. Then our sites became more sophisticated, with better platforms to generate inquiries and capture leads - our appearance looks strikingly professional. Now, like the social creatures that we are, we have embraced social media as our newest toy, to connect with and expand our referral network. Some credit is certainly due: the web evolves and our industry follows fairly close behind.
I give you this short summary not to bore you, but to ask you to look back and ask yourself - was there ever a point where we changed ourselves? The whirlwind market of the last decade masked the changing behavior of our customers and blinded us to what they need from us. We showed property and negotiated contracts with customers in much the same way as we did twenty years ago. Business thrived, driven by a boom market where everyone thought they were winning. While the real estate market wore this happy mask of overabundant business, we didn't really notice what was happening. Let's face it, we were just too busy.
But now the mask is off. The economic downturn has brought us face to naked face with a consumer who has access to the same information that we do. With some dedicated study, they can gather as much raw data as a real estate licensee. For years we have been warned that we will no longer be needed. We‘re a little complacent, because of course, we are "doing the Internet" - and some are doing it quite well. Now we realize the undeniable power of social media to foster what we really love - relationships. Relationships and referrals have sustained our business as far back as we can remember. But are friendships enough? When our customer has increasing information and access to properties, what do they need when they actually meet us face to face? Are we ready to discover the answer and act on it?
As the third generation in my family to hold a real estate license and a broker of a real estate company, I am challenged by this question. I also believe in the value of my profession, so I ask myself every day -What is our new value? How do we discover it? How do we provide it?
Our value doesn't lie solely in being the trendiest technological user, even though we must relentlessly pursue improvements. Expert performance on the web is a given. I believe the answer for our relevance stands firmly within the human equation - where our technical expertise and personal knowledge and skills meet to give customers what they want.
We start by having the courage to ask customers what it is that they from us - because they do need us when we can provide what they cannot attain from themselves. For years, we have validated our profession by likening ourselves to attorneys, accountants and physicians. But have we checked our skill levels against the specialized knowledge that these professions provide? We must demand stronger entry and educational requirements with a higher degree of real estate knowledge - things like data interpretation and specialization. We must hone our skills in communication, representation, and negotiation.
Change is causing us to redefine our value. It will require a lot of hard work at a grassroots level. I call it reclaiming our professional significance. Let's make it a mission.
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