Focusing on Client Access is the Key to Your Success

Focusing on consumers and how they shop for real estate is the key to success for REALTORS® in today's market, according to an article written for Inman News by Andrea Brambila.

Brambila compares the real estate world to what has happened in the music industry since the Napster sharing craze broke open the music industry forever and eventually led to legitimate direct-to-fan music marketing and distributing platforms.

"Traditionally, (the way) to be successful as a recording artist was to sign a deal with one of those major record labels, and because they were the gatekeepers, the deals they signed were very favorable to them and not to the artist. Now they can route around those guys," says Mike Masnick, founder of the Techdirt blog.

The real estate industry has much been the same. Advances in technology have changed the role of most industries based off of the "gatekeeper model", also known as middlemen.

"What technology and certainly the Internet have created are ways to break down that system in that you don't necessarily need to use the same gatekeepers as you used in the past." states Masnick.

How have REALTORS® roles changed? The majority of consumers begin their search for a product or service online and with all the information available to them via the internet, the best role for a real estate professional is no longer as the "gatekeeper" but as an enabler of information.

Bernice Ross, Real Estate Coach and author agrees that you need to change your approach, especially along generational lines. Ross says you need to be a "trusted advisor" to younger buyers who are looking for someone to supply them with the necessary information to make buying and selling decisions.

Much like has happened in the music industry; "providing more value to the customer, rather than being the biggest or the baddest or most well-known in the market, becomes more important." explains Masnick.

Masnick offers the example of Redfin, an online real estate website with offices across the U.S. which offers consumers more in-depth listing data than most brokerage firms. Consumers can get extensive information and shop online and then a Redfin agent can help them close the deal.

"In some ways, a service like Redfin ... (is) about empowering the user to do more directly with the technology," he added.

The real estate industry has to adapt to the new business model of offering better online services. In today's tough competitive market, REALTORS® must offer tremendous value that people want to pay for. Ross adds that the "trusted resource approach" works with all generations.

Read the full story at Inman News.

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