Real estate is an industry that continues to strive for change. It’s an ever evolving market and as people always say, nothing is constant. So it’s no surprise that the methods we use nowadays are very different from what we used ten years ago. To those who have been in the real estate sector for so long, trying new things may be too daunting.
However, remember that these new methods came from the old ones and are more beneficial for modern customers. We should look at the old and new school systems as two things that can definitely work together.
To help you come up with a better plan for your business, we collected some factors in which the real estate industry has changed over the years. Read it and change the way you do real estate today!
How people look for property
- Then: Do you remember those good ‘ol days when people rely on newspapers for almost everything? Newspaper is the number one place where people scout for properties. Print media gave the world of real estate the chance of getting more audience. What real estate agents usually do back in the day is to put their ads up to those precious papers in hopes of getting a buyer.
- Now: All you need is a wifi and you’re good to go. Technology has changed real estate big time. Now we have real estate portals, social media networks, forums, and email marketing. The possibilities are endless.
The need for an agent
- Then: Real estate is less complicated back in the day. A simple conversation between the seller and the buyer is enough to make a deal. No fuzz, no added paperwork.
- Now: Real estate got more complicated that you really need a third party just to make through a single transactions. Because of the difficult paperwork and added stress, the demand for real estate agents is higher than ever.
Marketing strategy
- Then: Creating placards, brochures, and going door-to-door is the trend before. Real estate agents will literally knock on your door, show you a picture of the house they’re selling, and invite you for the open house.
- Now: But today, customers are getting more and more rigorous when it comes to ads. Simply showing them what the property is all about is no longer enough. You really have to reach out for people.
Loans
- Before: Because of the state of the economy and low buying power, it’s hard for people to get loans from banks. Banks are truly giving people a hard time before they allow mortgage to happen.
- Now: Banks offer loans left and right. This is an effect of the booming economy and banks being more flexible and reasonable.
Presenting offers
- Then: Offers come in big piles of paper. Everything is formal and written or typed down. Both parties, the buyer and the seller, scour through the papers to make sure that they are getting the most out of their deal.
- Now: Presenting offers nowadays are pretty much straightforward. It’s also creatively designed to increase sales and profit.
But despite all the changes, real estate still has its constants. Ethics are still the number one priority of the real estate agents. Providing the needs of the customers first is still the ultimate goal for everyone. Remember that the past shouldn’t affect the future and vice versa. Instead, the two should work together, and we believe that it can bring prosperity to your business.
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