Australia’s estate agents are going through the beginning days of an industry-shaking transition, a definitive watershed moment where they must decide what kind of an agent they are, and how badly they want to own their market. In the second of our Agentbox Solutions blogs, we look at the challenges individual estate agents face in this swiftly changing marketplace – and how they can amplify their influence and extend their relevance for years to come.
Today’s real estate agents fit into one of two camps: the haves, and the have-nots. The haves enjoy an attitude of openness, they take total responsibility for their success, and they use technology to communicate and dominate. The have-nots days are numbered. This group are the opposite of early adopters – they blame their Principals or real estate brands for their lack of performance, they resist marketing and they shun technology, thinking old ways are the only ways.
As technology and communications offer unprecedented access to highly targeted slices of the market, traditional prospecting is no longer as effective as it once was. Old systems, old databases – they cost opportunities. So, the individual estate agent must make a decision about the destiny within the industry: what actions should they take to beat obsolescence?
Independence: It’s Yours to Take Back
Many estate agents work in legacy businesses they have grown within and are proud to be associated with. Unfortunately, such legacy real estate agencies might not be implementing the CRM technology, marketing plans or modern ways of doing everyday business that will take the individual agent forward. In such circumstances, an estate agent can take control of their destiny by using their own CRM – in collaboration with or independent of the business they work for.
Depending on your relationship with your Principal, there’s no need to ‘throw out the baby with the bathwater’ or to go to the expense of beginning your own stand-alone agency. You can simply use an advanced CRM like Agentbox marketing machine, managing your own database and operating your business within a larger agency environment. You’ll no longer be compromised by corporate decisions around data or marketing, because you’ll be taking full responsibility for your success.
Prospecting and Performance
Door knocking. Letter-box dropping. Calling through ancient open for inspection lists. At heart, we all know these methods of prospecting don’t cut the mustard: they are time-costly and low on results. As an individual agent, how can you set yourself apart if your agency is hell-bent on old school prospecting methods? Educate yourself and get yourself on the guerrilla-marketing bandwagon. Go to the conferences, listen to the podcasts and then invest in yourself. Don’t expect your Principal to do so – if they do, great: but if they don’t, get on with the job yourself.
Use social media to effectively communicate in an appropriate way with your audience. This doesn’t mean posting listings and hoping for the best: committing to a digital strategy means embracing Facebook Live, using Instagram Stories and developing a consistent, independent brand for yourself. This isn’t free. But it is one of the most important marketing tools in the kit bag of those future-proof agents in the ‘have’ category. You’ll benefit from a CRM that interacts with your social media suite too, improving your time efficiencies and allowing you to reach the right audiences. Don’t worry: the Agentbox CRM has the integrated technology you need to make prospecting about performance again.
Business Units: The New Normal
Once an anomaly, business units within real estate brands are now widely accepted as one of the most efficient ways to build a market-leading real estate practice. Comprised of a listing agent, a buyer’s agent and an administrator, this powerful trifecta has the potential to write huge amount of commission by working to their strengths. The challenge for such a unit is: should we work within the data infrastructure and technology of the agency we work for – or should we utilise our own database and develop our own marketing strategy? Word to the wise: owning your own data and running your own race is the way of the future.
Australia’s top agents work with Agentbox to dominate their marketplace, amplifying their influence with a marketing machine that grows as technology develops around the real estate industry. To learn more about our collaborations with single estate agents, click here.