If you’re over a certain age there’s going to be times you feel you can’t keep up with our industry’s latest new tech. Your younger, high energy competitors have dived in and you’re worried you’re missing out on the ‘rivers of gold’ it brings. You’ve been convinced you need a polished video for every listing; got to build your social followers; when’s your next Insta post?; make sure you’re using the new AI platform for prospecting! Exhausting.
I meet lots of agents who privately question their relevance because they don’t want the continual change to their career and business required for so many new innovations. They ask me about selling up, despite loving their work and being completely unsure what they’d do post-property.
As someone who’s been in your shoes, weighing my future as an agency owner, I know the questions you ask yourself. “Maybe it’s time?” “I like it the way I used to sell and rent real estate.” “How can I get listings and managements when I can’t show clients the same modern marketing or use the latest apps?”
So here’s a story to give you reassurance.
Recently my wife and I have been searching for an investment property. I’ve been to lots of open homes, made lots of enquiries and a couple of offers. And yes, there’s been some impressive ads and presentation media and tech that’s really quite polished. But there’s been one key theme in almost 3 months of house-hunting.
Lots of real estate agents don’t make phone calls.
Last Saturday for example: 6 open homes attended and just 2 call backs. Usually I might get a text or two as well. And yes, I’ve been in a busy part of the market where I know agents are flooded with interested buyers. I don’t expect rolled gold service but the lack of response to enquiries and inspection attendance has actually floored me. Aren’t buyers our future sellers?
And then this happened. I saw an apartment one Saturday; called the agent to make an offer; submitted by email at 2.30pm and had his associate call to say it was received and they’d be discussing with the sellers at 3pm. We submitted a cash offer, waived the cooling off and it was for more than a comparable sale 2 months earlier. Guess when I got a call back about my offer?? I haven’t!
It’s been 11 days since I submitted an offer to buy a property and still no call. No text. No email. No craps given.
Oh but yes, their marketing is pretty cool and I’m sure they’re right onto their prospecting with some artificial intelligence. But would I ever use or recommend them? Are they building a future pipeline and referral income?
Now I’m not suggesting you don’t have to innovate in real estate. All of us have to stay up with client expectations. But how about calling people and making some real connections?! Using some human intelligence!
If you still enjoy picking up the phone, meeting people and selling, and running a real estate business, bugger the latest tech and just keep doing that! Don’t retire just yet – maybe you’ve got a lot more to offer than you realise!
And when the market turns (as we know it will) that agent who never called me back will be left wondering why he’s got no listings to share with his Insta followers. He might be ready for retirement sooner than he thinks.
If you think you might be ready to sell or would just like to chat confidentially about your rent roll and agency, please call me on 0423 332 022.
PS: Speaking of real estate tech, how do you determine what’s truly essential for your business? And what isn’t? If you’re in Brisbane on May 7th come along to the REIQ’s Business Leader’s Breakfast. Peter Schravemade of Reach and the Proptech Association will help make sense of this important question.