Six months ago, I made the claim that 2017 is the year of the broker, the year that brokerages must stand up to the threat of alt-brokerages and disintermediating tech companies. The chief way they can do this is through nurturing and protecting their most important asset — buyer data.
It’s critical for brokerage executives to take action to protect their brokerage’s buyer demand data. It’s not only smart to protect a key asset, but it also represents a massive business opportunity for both a brokerage’s agents and its executives.
As a brokerage executive, it’s your job to know everything about your business: consumers, agents, listings, the market.
January is a time for predictions for the year ahead — and this year, strangely, I’ve noticed a sense of pessimism surrounding the broker-centric model of real estate. To many, it seems as if the end of brokers is near. Yet as I spend time with brokerage executives and study technology trends, I come to a completely different conclusion. The doom and gloom is unwarranted.
If you’re a broker or an agent in any booming metropolitan area, you’ve heard the excuse over and over again, “It’s a low inventory market.” Granted a low inventory market typically indicates a seller’s market, which means sharply rising prices, a torrent of offers on every home and discouraged crowds of battle-beaten homebuyers.
Here are three reasons your offer-gen strategy is broken and some suggestions on how to fix it. First, it’s a no-brainer that people are looking for homes online when 9 out of 10 buyers are using the Internet for their home search and 43 percent found their home online.
Last year, in a given month, close to 100 million unique users visited the top three national portals (as reported by Inman). This is the massive number of consumers eligible to become online leads every month — and yet, what was the number of homes actually sold? Just shy of 5 million in all 12 months of 2014.