Real estate has long been a relationship business – basically a baby boomer model – and due to significant changes in the consumer, the industry will no longer be able to thrive and prosper on this basis alone. The consumer is mistrustful and skeptical and the relationship will not stand alone as a way to secure business – going forward it will be based on a combination of relationships and verifiable skills – with the emphasis on skills.
Compound this with the worst downturn since the great depression, a seemingly jobless recovery and tight lending standards – we are the midst of great challenges for the future of our businesses.
In all of this, there is great opportunity for real estate companies. The opportunity exists for companies to move away from an agent centered universe to a consumer centered one and to be of service to the consumer in ways the consumer wants and needs and is willing to pay for. Bottom line – we have to get better at what we do.
It is all here – the way back to profit. Roll up your sleeves, be willing to relearn things you thought you already knew, change real estate service delivery as you know it and prosper!
