As the real estate industry has shifted, one thing is certain and prevalent. Consumer confidence has been shaken.
Foreclosures and bank-owned properties are commonplace and represent one of the most negative prospects of home ownership.
Many sellers today will not recoup their investment, or will realize a much lesser return than they had anticipated. They fear their home will sit on the market for long periods of time and that any future purchase would be unstable.
And while buyers are beginning to return due to lower interest rates, increased inventory, and market-adjusted prices, many are still waiting for the bottom of the market, but are leery of any prediction of its occurrence.
So, what can the industry to begin the process of building consumer confidence, to stimulate sales, and to facilitate a recovery?
Elevate their trust factor. In an uncertain economy, consumers interact with people and brands they trust. They are certainly going to be more selective when choosing a real estate professional, and chances are, they will research their selection for a longer period of time before making a decision.
Building the professional reputation of the individual agent and the industry has never been more vital. As the consumer is now more wary of the industry, they have also become more wary of its members. Agents must consistently display their status as market experts and trusted advisors and then exemplify those qualities to begin to chip away at the fear and doubt consumers feel today when considering a real estate transaction.
The simple display of housing data - regardless of media -- has become a basic consumer expectation. And while rich content certainly attracts a targeted audience, now is not the time to hide in a sea of data.
If the agent is going to remain credible and relevant to the market, they must adjust their brand message to remove the objections of today's consumers. They should start by listing the most common fears of the local buyer and seller - and then overcome those through their advertising and promotions - in a positive way.
After 30 years of good times, bad times and changes in the way consumers shop for homes, The Real Estate Book/RealEstateBook.com has embraced an integrated media strategy - in a calculated and purposeful fashion to strike a balance between advertising and data. Data may attract the consumer, but effective and consistent advertising builds brands and instills trust.
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