If you’ve been in the real estate industry for more than a decade, may it be brokerage or lending, then you may consider yourself as a much experienced person compared to the others. One who has gone through the fire longer, who is now more polished and shinier compared to the rest. Despite the fluctuation in the price index in the past 30 years, there isn’t much significant difference than what we are seeing today. Let’s take a quick look on how things were in the Real Estate industry decades ago.
“Irrational Exuberence” and Home Prices:
“Irrational Exuberence” by Alan Greenspan, a federal-reserve chairman claimed that a crucial downfall has taken place in the stock market in the past. In another point of view, this can also be considered as a positive event as it helped raise the market value of most properties from the years 2000-2006.
These price hike had serious impact on the RE industry that auctions and property biddings stirred disputes and arguments. Competition was stiff and tough among the agents, brokerage and realtors. It was fierce most especially in Florida, California, Arizona and Nevada markets. During that stock market crash, real estate was in a period of excess, and so these markets had to make cut backs by 25% and continue to diminish up to this point.
Low Barriers & High Prices Brought More Realtors:
With the significant rise in the market value of the properties came along a longer list of the National Association of Realtors’ members. There was a huge number of newly licensed realtors in the association due to the fact that it’s fairly easy and cheap to obtain a real estate license in most states.
However, the number of licensees has now dropped since the home prices have started to pick up in 2006. The market prices have been almost constant and the number of licensed real estate agents is expected to continue to decline.
Control of Information is Gone:
Back in the days, only realtors, associations and firms had sole access to the property listed in the market. However, as the age of technology and new level of internet access were introduced, the once contained information and data is now accessible to almost everyone. Having said that, Realtors may still find websites that provides classified information about sold property prices in the areas that they do business in. This info can still be considered confidential that only Realtors can access and utilize.
Websites – Then Blogs:
Internet advancement brought along drastic changes in the Real Estate Industry in the past decades. These changes have been rapid ranging from emerging new websites, to new devices and gadgets, which are both used to either make or break a Realtor’s performance in the market depending on his knowledge. Thus, realtors, investors, real estate agents, brokerage and all sorts of professionals in the industry were forced to learn and adapt the new technology, including marketing through the internet, particularly through websites and blogs. Despite some studies that real estate websites and/or blogs does not really help in generating significant boost in businesses and leads, all seems to struggle to have one.
Blogs – Now Social Networking:
While many believed that real estate blogging is just a “trend” that will eventually go away, many have also told success stories in doing business through “proper” blogging. Proper blogging means writing content that are actually appealing and draws interest to your niche. For example, list a property for sale in your blog/website and add trivial content and facts about that property and the community surrounding it, the kind of information that potential buyers won’t find in a normal property listing websites. Then, position yourself or someone else as the expert in that area and that he is the best person to deal with. This does not only promote the property (attracting more quality lead buyers) but also promoting yourself as a local expert realtor.
Another challenge that most old-time Realtors and Real Estate Brokers have to deal with is Social Media; Facebook, Twitter and LinkedIn are the most common in today’s business generation. The amount of information to learn is overwhelming, and only few have actually claimed that they have successfully improved their business through tweeting, sharing, and posting. But then again, technology is rapidly developing and social media platforms have promised a brighter future for business particularly Twitter.