By Mark Sacco, Realtor®, Manager
Have you heard the rumors? Are you spreading the rumors? I’ve heard it before and I’m sure we’re going to continue to hear the rumor that real estate agents are a thing of the past.
Well, “the past” is writing this article and let me share that this couldn’t be further from the truth. What is true is that business-as-usual is a thing of the past. Yes, indeed, the real estate profession has changed, dramatically, and for the better. For example, years ago consumers would be at the mercy of real estate agents to show them what homes were available, what homes were on the market, what sellers should do to prepare their home for sale and how they should price.
On the buy side, agents could pick and choose homes that they felt were a good match for their customers. They could also pick and choose those homes that offered the highest commissions and only show those homes. (Yes, it is possible that your choices were limited to what your agent brought to you. That can’t happen today, and that’s great!)
On the sell side, an agent would “price” a home by picking and choosing “comps” that they determined were appropriate. Sellers would base their pricing decisions based on their agents’ advice, which was based on those “comps.” Now, if that agent was in a hurry or had limited time to research past sales, or had little experience in pricing or go-to-market strategies, those recommendations could have been off target, by a lot.
Well, as we all know, neither of these scenarios above is typical in today’s market. In fact “real estate sales” has changed dramatically by moving the consumer to the center of the real estate world, rather than the agent.
This shift has happened because real estate data and information typically reserved for professionals is now generally available to consumers – and consumers are gobbling it up like crazy. They are using their smartphones, tablets and AI enabled devices (like Amazon’s Echo and Google Home) to shop and to learn. They are using these tools to compare homes, to compare agents, and to compare services. To learn about past sales, days on market, inventory, price changes and trends. And to engage their peers and the community at large – all to help with their real estate decisions.
Net-net: The consumer is empowered, educated, and much more capable than most believe. As a result, those agents who are NOT providing value beyond “the basics” will in fact be a thing of the past in no time flat.
Beyond the basics. That’s a great topic. Let’s explore that for a moment (and in more detail in my next article).
In real estate, “beyond the basics” refers to strategy, both on the buy side and on the sell side. It refers to exceptional customer service that leverages a well-established network of service providers who work together as a team, bringing both buyers and sellers to their final destinations. It refers to a professional real estate practice that leverages best practices at every turn, and a practice that ensures that buyers and sellers understand what their agents are doing on their behalf.
Is your agent doing that for you? Is she or he helping with strategy? Helping to educate you on the process, the “what-if” scenarios? Is she or he engaging you in the process to the degree that’s right for you and are YOU engaged by holding them accountable?
Welcome to next-generation real estate!
Mark Sacco, Realtor®, Manager
EXIT Beacon Pointe Realty
96 W. Main St.
Northborough, MA 01532
Direct Line: 617-744-9352
Each office is independently owned and operated.