Out with the Old and in with the New
I recently read an article in The Wall Street Journal listing five items that were out in men’s fashion, small brimmed fedoras, (thank goodness, normal fedoras are still in, so long hipsters), Wearing your sunglasses on the back of your head, unless of course you have eyes in the back of your head. Skinny jeans, decorative scarves that don’t keep you warm or serve any other practical purpose and deep cut cowl necks.
Luckily, as a self ordained Beau Brummell, none of these out trends impact my style or fashion sense, however, as this is the maiden voyage of our electronic magazine I thought it appropriate to offer real estate trends that are no longer trendy in the industry. As times change, so do our tastes and preferences in clothes, technology and the business of real estate.
After reading the article it occurred to me that just as certain fashion trends go out of style, the real estate industry also experiences shifts in what is considered desirable and effective. Let’s dive in!
The first thing that comes to mind is discussing payment for services. While once an awkward conversation, today’s NAR’s recent settlement agreement, competitive markets and informed buyers demand more from their REALTOR®. Buyer clients now expect an explanation of an agent’s fees and services, this discussion is beneficial to all parties. Most consumers don’t understand what you do, the services dialogue allows you to explain all you do and gives the client a better understanding of why they need a professional.
When having this discussion, it is important to keep in mind that commissions and fees are set by the brokerage, and it is their purview alone. Boards, groups, and MLS’s have no role in establishing commissions and to do so would be a violation of federal anti-trust laws.
All in all however, having open discussions with your client about your fees and what you do for the client for those fees is a positive trend for today’s REALTOR® and a smart move. Remember as Simon Sinek said, “people don’t buy what you do, they buy why you do it.”
Back in the day paper was king, REALTORS® relied almost exclusively on static or print advertising, a practice that is no longer trendy. With the rise of digital marketing, social media and online platforms, agents must embrace a more comprehensive and diverse approach to reach potential clients effectively. In the past, exclusive access to the Multiple Listing Service (MLS) was a powerful tool for REALTORS®, “Because I can put it in the MLS” is no longer as powerful as it once was. As technology advances and property information becomes more readily available to the public, this exclusivity is no longer as relevant.
Clients now seek agents who can provide added value beyond access to the MLS, such as personalized expertise, negotiation skills, market knowledge and access to buyers beyond traditional geographic boundaries. In today’s complex market a REALTOR® is essential to a smooth and successful transaction, they create wealth for their clients and provide far more value than just having access to the MLS, the successful REALTOR® knows that and can convey why they are essential to the transaction.
Just as fashion trends come and go, the real estate industry also experiences shifts in what is considered trendy and effective. It’s essential for professionals to adapt and evolve with the changing times. By staying informed and embracing modern strategies, both fashion enthusiasts and real estate agents can thrive in their respective industries.
Congratulations to WVAR PR Committee for their tireless work to make our digital magazine a reality. Please follow us on Facebook, YouTube and Instagram. Remember this is your association, we’re here for you. Stay involved, stay engaged and stay safe, thats all for now, enjoy your summer!
