Real Estate agents from coast to coast have evolved in many ways over the years- improving their sales pitches, more carefully selecting their clients, and most notably, integrating the use of technology into their business.
Believe it or not, there are old-timer brokers and agents out there that dig their heels into the ground when it comes to change, particularly when it involves learning about a new technology. While 1980’s era “technology” –phone and fax- might be suitable for some, the reality is that agents who aren’t taking advantage of tech are getting left in the dust. It may be hard to believe, but there are a staggering amount of agents out there that don’t even have their own website to showcase their properties. Let’s take a look at how this affects their business, and in turn, their paycheck.
While over 80% of today’s real estate purchases originate from an online listing or advertisement, the older (and more stubborn) crowd still have a hard time adapting to the times, and thus will sell fewer properties than agents who take advantage of the many tools that are so widely available.
Let’s compare two agents: We’ll call the old-school foot traffic and print media agent ‘Bob’, and ‘Sally’ will be an agent that uses some of the most basic real estate technologies for her business. Let’s say that they both get listing contracts for similar houses in similar neighborhoods for around the same price.
Bob takes some photos of the home with his trusty old camera and takes the film to the lab to get developed. The next day, he picks the best photos and submits them along with a very short caption to the local newspaper or real estate advertising magazine for print in something that may come out in the next week, or possibly next month. Once the newspaper and real estate magazine have been published and are circulating, Bob patiently waits at his office for someone to walk in or call his office phone. In the best-case scenario, someone calls and makes an offer the same day the paper comes out. The very soonest this could be is in around a week, given photo development time, cropping and editing, writing ad copy, and waiting for the local paper to publish his ad.
Sally, a little more with the times, swings by the property and takes several pictures with her smartphone. Before she’s even left the property, she has selected the very best images, whipped up a quick description, and listed the property on not only her own website but on the local real estate multiple listing service for other agents to see. Stopping for coffee, she places a free craigslist ad to get the property in front of even more people almost instantly.
Now, let’s compare the two. Bob not only has way more steps to take and costs to incur, but his property is seen by far fewer potential buyers. Sally has her property online, properly advertised, in front of way more people, and it didn’t cost her a cent. Not only that, but she spent a fraction of the time Bob did getting all of this accomplished. Bob could be the most charming fellow in the world, and Sally is still going to sell circles around him without spending any money. Technology is your friend! Take advantage of the resources available at your fingertips, and watch your business flourish.