A changing role for real estate agents
Realtor Notebook
By Teresa Boardman, Thursday, April 1, 2010.
Flickr photo by Lord Jim.It is easy for most homebuyers to find a home. All they need is Internet access and some imagination. In the 1980s it was much harder to find a home and buyers relied on Realtors to let them know about homes on the market.
Most of my buyers find their own homes. I have little information about homes that the average consumer doesn't have or can't find. I am not at all threatened by the idea that few people need help finding a home. It just makes my job easier.
I stopped marketing my services as a personal shopper, or the person who can find buyers their dream home, years ago. I don't see it as a skill or service that is in demand and I don't believe that most homebuyers would pay for that service when they can do it themselves for free.
Sometimes I have buyers who do need that service and I can provide it. I always offer but also encourage the do-it-yourself search approach.
A good Realtor is so much more than a home-finder or a chauffeur. As I work with informed, tech-savvy consumers, I can clearly see the value that I add for them. It comes down to experience. Most people buy a few or maybe only a couple of homes in their lives.
It is my experience that makes the buyers I work with comfortable with making the largest purchase of their lives. They don't need to be sold a home, they need help finding the right one and they need to buy it with confidence.
If I still used '80s-style marketing, promoting that I can find homes for buyers, I would be marketing myself out of a job. That part of my job in most cases has been replaced by the Internet.
This month I have been working with four tech-savvy, educated buyers, two with master's degrees and two with doctoral degrees. They are working with me for very specific reasons and they met me through my blog.
The reasons have nothing to do with my ability to search the multiple listing service and find that perfect home. In all cases, they are in control of the search and know what they are looking for and where to look.
It doesn't bother me that when I meet them they are often carrying property sheets that they printed off of a large competitor's Web site. They are prominently branded by the competition, but they signed buyer's contracts with me.
If they had asked me which site is the best for local searches, I would have mentioned mine but recommended the competitor's site, because it offers the best local home search on the Internet. ...CONTINUED
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Submitted by Robert Young on April 1, 2010 - 12:56pm.
Absolutely 100% Dead On!
Rob Young
Grand Rapids, MI
Submitted by Brad Yzermans on April 1, 2010 - 1:16pm.
well said. When agents don't really have the experience or industry knowledge, they seem to resort to being home finders and chauffers because they have nothing else to offer. Just like Loan Officers who pitch rate and fees...they probably have nothing else to offer.
Submitted by Barrett Powell on April 1, 2010 - 1:28pm.
Last weekend I met a couple at my office that are looking for land to build a house on. They said they found me via an article I had written on my blog about buying land and erosion control measures now required when you clean land to build.
Funny thing was when we met at my office and I pulled up my website to do some searches they had me go to a competitor’s website to do the search. The other realty company really did have a better IDX search than I did, but the client had chosen to work with me because of… my experience.
So does having IDX search on your site really matter? Or is a blog with good and relevant content enough?
Barrett Powell, Owner/Broker/Consultant
Southern Advantage Companies
RSA Software & Consulting
288 East Street, PO Box 1427
Pittsboro, North Carolina 27312
http://www.REMAXChatham.com
http://wbarrettpowell.wordpress.com
barrett.powell - Skype
wbarrettpowell@gmail.com
Submitted by Cecilia Nault on April 1, 2010 - 1:33pm.
Great point Teresa. The role has changed and we need to respond and represent ourselves as something other than the gatekeeper of MLS information.
As you so succinctly pointed out, today's educated tech savvy consumer does not need us for finding their dream home.
It is the expertise, support,negotiating and overseeing the process that determines our value.
Submitted by Missy Caulk on April 1, 2010 - 1:40pm.
Last year at our General Membership Meeting for the Ann Arbor Board of Realtors meeting a Google employee spoke. He was quite complementary of his local REALTOR.
As he said, I thought I could do it myself with the data, the Google Maps and Google Earth etc.
But, he found out he needed a licensed REALTOR to get in the houses. LOL
Missy Caulk
Ann Arbor, MI
Missy@MissyCaulk.com
www.AnnArborRealEstateTalk.com
www.SearchAnnArborHouses.com
Submitted by Kathy Jones on April 1, 2010 - 1:47pm.
Excellent post, Theresa. When I first heard of Google getting into the Real Estate business, I thought....oh my, there goes my career.
You bring up valid points when it comes to defining our value to our clients. I see myself more as a trusted professional advisor, than just a salesperson.
To be successful, you must help your clients make wise real estate decisions. Any real estate agent can sell a house by writing a full price offer and praying for no issues to arise....the good agents are armed with the knowledge to handle any obstacles that come along the way, and most importantly, they help their clients choose the ideal home at the right price. Price is king!
All the best,
Kathy Jones, Broker Associate
Certified Relocation Specialist
Accredited Buyers Representative, ABR
New Home Sales Specialist
Real Estate Investor
www.kathyjonesrealty.com
Helping My Clients Build Wealth Through Real Estate
Submitted by Matthew Hardy on April 1, 2010 - 1:51pm.
A must-read for anyone confused about the role of the internet in real real-estate business life. Perfect clarity Teresa!
Matthew Hardy
CEO/President
Real Estate Success Tools
480-626-4461
mhardy@realestatesuccesstools.com
www.realestatesuccesstools.com
Submitted by Robert T. Boyer, Ph.D. on April 1, 2010 - 2:08pm.
I have been having a similar conversation with a colleague - his view being that real estate agents are dinosaurs and will be extinct before they know it. I have been much closer to the underside of the work and completely agree with your viewpoint.
I have been found on several occasions because today's buyers and investors are still seeking expertise and were able to find me because of my various blog posts.
There is the one additional component that my wife, a broker of 20+ years, frequently comments on, that the role of a real estate agent often goes beyond expertise in real estate - it _almost_ begins to involve counseling as buyers still need a certain level of hand-holding and reassurance.
Robert T. Boyer, Ph.D.
Co-Founder - http://www.FinestExpert.com
Submitted by Richard Johnston on April 1, 2010 - 2:27pm.
Hi Teresa,
I found out years ago that the internet would change the way home-buyers find their homes. In fact, most of the homes I've sold over the years where a direct result of buyers find their home.
Home buyers work with me because I can provide information and knowledge that the internet cannot provide. It's usually the case that people think they know the local real estate market but when they actually start looking and writing offers, reality strikes.
Sincerely,
Richard M. Johnston, GRI, ABR, e-Pro
ReMax Grand Central
818-730-4128 Direct (Mobile/Text-SMS)
http://www.estates.la
Submitted by Brell - Brenda Ellis on April 1, 2010 - 3:37pm.
Hi Teresa,
I always look forward to hearing what you have to say. I think you provide a shining example of what the new world of real estate looks like.
If all we do is to perform a human approximation of Google - we will find ourselves out of work in a high tech minute. It is the challenge of the re-invention that I find absolutely enthralling. It is an exciting time to be on the new frontier of real estate - breaking trail with agents like you that share so well!
Thank you so much!!
Brell
Okanagan Valley, BC Canada
http://www.okanaganheat.com
Submitted by Teresa Boardman on April 1, 2010 - 4:49pm.
Barrett - I think an idx is important on a web site and mine is one of the best . . at least that is what my clients say. I don't have the resources to build a custom solution like my competitors have and someone will always have a better IDX. I think it is good to have on on a web site.
Thanks for all of the comments. I write about real life experiences as an agent and it is nice to have support from my peers. We all have to figure this stuff out and sometimes I feel like I make it up as I go along. Other times I feel like the lone ranger. I guess I am not the lone ranger. :) thanks.
Submitted by Jay Seville -- Arlington virginia condos on April 1, 2010 - 5:13pm.
Dead on. Word for word my experience from past 3 years as a very 2.0 realtor with search engine rankings galore and heavy blog. These people are so much easier to work with than 5+ years ago.
jay seville (broker/owner)
JustNewListings.com Realty, Inc.
http://www.justnewlistings.com/
Submitted by Emily Medvec on April 1, 2010 - 5:49pm.
Everything in this brave new landscape of real estate has shifted, except the agents who have not adapted to making themselves indispensable beyond driving people around and/or finding homes on line. Your post hit the nail on the head. The future is here early and many of us are like you learning as we adapt and sharing with others who listen. Thank you for taking the time to make a difference here.
Emily Medvec,Broker
Santa Fe Properties
1000 Paseo de Peralta
Santa Fe, NM 87501
Best Anytime Cell 505.660.4541
www.emilymedvec.com
www.buysantafehomes.com
www.breakingsantafenews.com
Submitted by Rachel LaMar, J.D. on April 1, 2010 - 6:26pm.
Teresa,
I completely agree with you that times have changed and the buyer is empowered with the ability to acquire information that before they could not access. With that our role changes too.
I have come across buyers who are very independent in their home search, and even seem to distrust Realtors. It makes me feel good when I talk to them and see that trust begin to develop--that comes from experience.
I believe Realtors have MORE value today, not only from an experience standpoint, but also because we help to protect the rights of our clients throughout a legal transaction. As you mentioned, a home purchase is a big decision. With that comes the potential for problems and legal consequences. An experienced Realtor can help guide the clients through this process. This is what we offer our clients and the value is significant.
Rachel LaMar, J.D., SFR
Broker Associate
San Diego, CA
http://www.RachelLaMarRealEstate.com
760-310-9466
Submitted by Richard Fisher - Morro Bay Realty on April 1, 2010 - 8:28pm.
Today we are advisors and processors. The advise the Buyer is looking for comes from Education and Experience in the field of Real Estate and often times local information. The proceesing is handling the correct forms, the escrow, the lender and bringing everything together in a timely matter to close escrow. Today most Buyers are looking at being able to handle the forms over the Internet such as recent Buyers found the property on the Internet, visited it's Website, flew in, looked at the property and told us to send the forms to their next destination,one in Indonesia & one in Mexico. Within 24 hours the Purchase Agreements were all signed by both the Buyer and Seller and in Escrow. We use all electronic processing using ZipformsOnline, DocuSign and TransactionPoint for them to reveiw the Documents 24/7 at their leisure. We closed in 10 days with the proper processing. Hopefully by the end of this year we may be able to sync our TransactionPoint directly with Escrow/Title for faster processing and eventually recording any time and weekday.
Richard Fisher
Broker
Morro Bay Realty/Western Heritage Realty
Submitted by Chris Freeman on April 2, 2010 - 7:13am.
T,
Even being in the real estate industry, although on the tech side of things, and having complete access to the most up-to-the-second listing data I used a real estate agent for my last home purchase. They were an invaluable resource and consultant for us.
Since the company I'm with builds IDX searches, I assumed that I required no help with the home finding process. Somewhat ironically, our agent also found the house where we now live.
Technology should make your work simpler and easier not compete with you for a job.
Chris Freeman
Chief Technology Officer
WOLFNET www.wolfnet.com
Submitted by Mollie Wasserman on April 2, 2010 - 3:17pm.
Teresa, great article!
Years ago I wrote the following Real Estate Warning which has been copied (sometimes without attribution!) by hundreds of agents and brokers. I think it's more true today than when I wrote it:
REAL ESTATE INTERNET WARNING ©
Despite advertising claims to the contrary, the internet is NOT an experienced Real Estate Professional. It cannot consult, counsel, advise, have knowledge of local laws and market conditions, make judgments, own the result, or most importantly, understand your individual goals and needs and care about you as a Client. Furthermore, while the internet can provide information, it cannot interpret it. To obtain an accurate assessment of any data you're receiving online, please contact us.
(I welcome anyone to use this on their site or blog as long as they attribute where they got it from.)
Mollie
Mollie W. Wasserman
Founder: Accredited Consultant in Real Estate®
Course and Coaching Program
Direct Phone/Fax: (508) 613-9101
http://www.TheConsultingTimes.com
Author: http://www.RippingTheRoofOffRealEstate.com
Submitted by Frederic Guitton on April 12, 2010 - 7:17pm.
I don't think I would be worried about the internet replacing RE Agents. Websites don't sell houses, people do. Webistes are today's best tool to be found and connect with prospects. New technology is shifting the way home buying is done today. The internet is alowing agent to increase their marketing reach without dramatically impacting their marketing spend.
We must never forget that it is still all about communication and interaction as you pointed out. I would also point out that one of the misconception is that the customer knows what they want. I don't believe that's always true. It takes years to really know a market. They know what they want based on what they know.
Great agents will always have the quality of asking the right questions, having great interactions and explore options for their clients. Real Estate buying is more of a partnership today than it has ever been and that is great to watch!
Frederic Guitton
Live Chat|Live Web Solutions
http://www.activSalesAgent.com
(800) 945-5551 x 7717
fguitton@activSalesAgent.com