13 Things To Think About In The Real Estate Industry
The real estate industry is full of concepts and ideas. In fact, people are drawn to this particular field because of its variety. However, not every aspect is meant for every investor. One individual may prefer to go about their business in a different manner than another. At the very least, it doesn’t hurt to look at things differently. We need change to create progress, but what’s really worth breaking or renovating in the real estate industry? Should real estate investors really look for other ways to go about their business?
While the answers to these questions are likely to be varied, here are thirteen ideas to consider:
1. Length of time it takes to respond to leads
It often seems like some real estate agents have money to throw away on advertising and have no interest in actually responding, and closing deals. Some type of (immediate) response is critical. This isn’t just crucial for those that actually want to make money in real estate, it is needed to protect the industry, and keep lines of communication open with consumers. Make sure you are responding to any potential leads in a timely manner.
2. Having to personally be on call 24/7/365
Many real estate agents and investors burn themselves out by trying to be available all the time. While it is great in theory, it is easier said than done. The average Realtor or investor is scared to let anyone down, as any lost lead could mean the loss of a paycheck. Setting expectations well, overcoming objectives before they arise, and leveraging others can help avoid any issues.
3. Paying more for your car lease than marketing
The most recent Realtor Member Profile report highlighted a disturbing trend. A large portion of the investor community is willing to spend more on their car than they are on marketing – something that will make them more money in the long run! A nice ride is nice, but seldom will it actually make you money. Confidence, education, and doing good business can lead to abundant incomes from real estate, even if you decide to keep your modest hybrid. Subsequently, the nice ride will come if the marketing is done correctly.
4. Being last to adopt new technology
Real estate media is doing a great job of highlighting innovations in industry technology. From reading any of these publications for five minutes, you’d think every Realtor had a fleet of drones, was Skyping 12 hours a day, and lived in a hybrid augmented reality world of apps. Kudos to those that are embracing what’s next, but the truth is very few agent, investors and related business owners are. Some are barely able to put down the phone and send an email.
5. Business cards
If you’ve ever attempted to buck the status quo and go out without business cards, you’ve no doubt found you are like a fish out of water. This is even though the only people that really want to collect them are those wanting to market to you. Industry professionals can achieve more with a couple of clicks on their phones than exchanging business cards. But if you have to have them, how can they be brought up to date?
6. Profile photos
Yes you are supposed to fit in with the usual suit and tie options, bland fake background, and keep that brand identity for centuries, but is that really you? Is that photo really breathing authenticity, and attracting business, or something else? Make a statement with your profile picture, but make sure it is the right one.
7. Cookie cutter advertising and promotional material for everyone
There is a lot of talk about standing out and USPs in real estate marketing pitches. Is everyone really expected to look the same? How can this be any good for the average investor? It’s not. Take the time to differentiate yourself from the competition. Anything you can do to get leads to recognize you over your competitors is a good move.
8. “Its all about me”
“1% club,” “sold more than anyone,” “president’s club,” “mega rich from big commissions selling houses.” All great achievements, but does this branding really create a better connection and more trust with home buyers and sellers? Surveys show that consumers want to work with brands and agencies that are all about them. There couldn’t be more disparity.
The real estate and its related industries notoriously allow the limits to be pushed before anything is done. The race to keep up, and ahead, often means letting things slide. Then lenders, rents, false advertising, or fraud gets so far out of control that the government has no choice but to step in, or at least has no excuse left not to act on the whims of some big lobbyists and contributors. The resulting regulations are often terrible for the industry, and worse for the consumers it tries to protect. A little more self-regulation might avoid this.
10. Giving back, paying it forward as the new status quo, not the exception
Whether it is providing affordable housing, building a Habitat for Humanity home, or putting on a charity fundraising dinner, or backpack drive, these are all great things. It’s often needed to make some noise about these things in order to highlight the issues and enroll help. Yet, what if more real estate professionals and companies started giving as the exception, rather than waiting till they are giant corporations with pressing needs to find ways to be responsible and give back?
11. Building with the world, people first
Profit isn’t bad. Money in and of itself isn’t bad. But sometimes greed has led the industry to make big blunders. Fortunately, many are doing great. Green builders have stepped up to invest in better homes for the environment and people, even if it cost them more money. Many landlords have stuck with affordable housing because they see the need, even if they might squeeze out a couple more dollars in the luxury market, and more. As more are influenced by positive peer pressure, the industry, homes, and communities will be far better to live and work in. There will be plenty of income for those that do good business too.
12. Pay and compensation models
Most Realtors and investors make far, far less than their clients think they do. Though many real estate businesses also operate inefficiently because they just copy what has always been done. There could be room to make a change for the better. What is your next move?
13. The D-I-Y approach
DIY, in rehabbing, can be great. Working your way up from newbie to owning your own real estate business is great. But at some point, there needs to be a drastic change of mindset to be able to get to the next level. The same can be said about the old top down style of management. We do need leadership, but every organization and professional can benefit from listening to an intelligent team and allowing them to test new things.
Yes, we are all guilty of most of these things at some point or another. These are traditions, decades old, with millions of dollars in influence behind them. Many have never had the time to think about doing things differently. What if we did?