How the Real Estate Bust Has and Will Change Brokerages
For all the harm that the real estate crisis has caused, alot of good is going to come out of it. What this crisis has done more than anything, is make people think very carefully about the real estate industry as a whole; from the buyers and sellers, to the Realtors and Brokerages, to lenders and appraisers.
No one will contest that in the height of the real estate boom, professionals were giving out advice that they shouldn't have given and their brokers were not much better either. But at the same time, buyers and sellers did not do their homework as well. The professionals who sold them their homes, and sold them their mortgages, were simply doing their job. Thats not going to chang in the future.Broekrs and Realtors are going to do their jobs as the market dictates.
What is going to change is the way in which we relate and communicate to our clients. The way Realtors approach their clients and the way Brokers approach thier Realtors is going to change. An open forum is going to erupt. To where transparency is going to rule. In turn its going to lead to a far more profitable and accountable business in the future.
To attain this goal "Options" must be in place for all. From Brokers all the way down to the buyers and sellers, Realtors are going to have to give their clients more options and Brokers are going to have to give their agents more options. The reason we need options is the business model for traditional brokerages and traditional sales is stale. It was over-worked and out-played the last 10 or so years. With the advancements in technology and the ease in which communication is transforming, business models from top to bottom are going to have to change. The cliche "out with the old and in with the new" is a cliche for a reason. Cliche's exist because it has shown it truth throughout history.
Does it mean the big, dominant brokerages are going to disappear? Of course not. However, new emerging brokerages with fresh models are going to gain market share and force these giants to re-think their strategies. In all it will transform the industry for the better!
Innovation is going to be key, automation is going to be key, and options are going to be key.
Rev is enacting these principles to help move the industry in to a better place.
Very best in your quest,
Rev Management Team