The Future of Real Estate Agents
Will the Independent Real Estate Agent Survive?
Who should listen: This episode is for solo agents looking to ensure they remain relevant in this brutal market.
Key point: You’ll discover ideas to separate yourself from the crowd, but also what it means to have a “business mindset.”
Action item: Start asking clients to review you on Google.
The process of buying and selling homes today is no less complicated than it ever was. But that doesn’t mean the real estate industry hasn’t changed from what it was 20 or even 10 years ago. It has changed . . . a lot.
In a nutshell, the difference between then and now is newer technologies and business models.
By accumulating billions of dollars, centralizing data, and pushing technological developments, Zillow, Redfin, Open Door, and similar companies have removed much of the burden of real estate transactions from consumers. They’ve made it possible for consumers to list their houses, search for homes, view tours, apply for mortgages, and quickly close on homes.
Of course, whether consumers can still benefit from the personalized service, attention, and expertise of a qualified real estate agent is an entirely different question. We believe the answer is an unequivocal yes! although, agents will need to find new ways to distinguish themselves and deliver more value.
And this is the nexus of the question—can independent real estate agents continue to survive as independents while confronting the rising dominance of technology-enabled brokers and disruptors?
To Be or Not to Be Independent
Dave Panozzo is a real estate agent and professional development thought leader who helps up-and-coming agents build their businesses. He’s the co-founder and owner of The Panozzo Team in Phoenix, AZ, and has been recognized by Forbes, HomeSmart, the TODAY show, HouseHunters, and HGTV.
For Dave, it simply isn’t reasonable to suppose that independent real estate agents have the resources necessary to compete with the disruptive behemoths that are pushing the market in new directions. With real estate agents earning a median annual salary of $49,700, it’s hard to argue against him.
Even with providing stellar value and unique service, independent agents will still need the best and newest technology to compete. Efficiency will rule the day, and the systems and processes required for the level of service consumers will come to expect are not within reach of the solo agent. It’s a simple matter of economics.
Teams, he says, are better equipped to provide real estate agents with the resources that allow them to be agents and not assistants, bookkeepers, and screeners. There is more money for systems, processes, a streamlined CRM, and other essentials needed to run a business.
Listen to this week’s episode as David shares what it took for him to move from working as an agent to developing a team and running a business. From his take on working with his wife and capitalizing on their complementary skills, to needing to be their authentic selves in all they do, you’ll enjoy the banter and the lessons learned.
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