The Traditional Real Estate Model Has Changed

The Traditional Real Estate Model Has Changed
The foundation of the real estate economy is based upon the commission earned from the buying and selling of property In every transaction, there is a buying side and a selling (listing) side Real estate companies focus more on the listing side because listings also attract buyers In most markets, if you control the listing market you will have market share (more transactions) The company can also increase market share by recruiting more agents . .Most companies’ recruiting efforts focus on promoting their market share, brand awareness and office culture Agents are attracted by the potential of business opportunities provided by a company’s listings This value proposition is particularly important to newer agents who do not have the benefit of repeat clients and referral business In the past, agents had the opportunity to obtain customers (primarily buyers) by servicing walk-ins, and ad or site sign calls These walk-ins or calls resulted not only from the volume of listings, but also from Realtors controlling the general sales process . .Until recently, the real estate sales process was controlled by Realtors because Realtors controlled the information Only Realtors had complete access to MLS Listings and housing information Even if a buyer saw a house in an advertisement, it usually never contained an address This forced the buyer to call or visit a real estate office for more information and to interact with an agent Buyers were forced to work around the Realtor’s schedule in order to start looking at houses Realtors would also selectively eliminate homes from consideration to help narrow the choices for buyers Although this service was appreciated, it limited the information and amount of homes a buyer would be able to consider The Internet has forever changed this process . .Technology has created a generation conditioned to be instantly gratified This generation wants and expects to maintain control over the process and have access to the information The resources available online has subsequently minimized the occurrence of walk-ins and calls resulting from advertisements Traditional real estate companies and traditional Realtors must therefore adapt to these tech-savvy home buyers . .Unfortunately, there is a generation gap forming between buyers and Realtors The average age of a first time home buyer is around 32 years old The average age of real estate agents is 53, and the average age of real estate brokers is 62 . .For traditional real estate companies to compete effectively, they must learn how to market to the Internet generation and start attracting younger people into the industry .
Source: www.rsstnx.com

Twitter Real Estate Tips Tweet Your Listings
New technologies continue to make business easier and more exciting than ever The recent introduction of social media websites like Twitter, Facebook and LinkedIn are creating quite a buzz among the Real Estate community It has never been easier to connect with people and share your listings . .Twitter provides a large chat room feel where Realtors may list properties and answer questions asked by interested parties It also gives the Realtor a chance to connect with new lenders and real estate investors At Twitter, people choose the people they wish to follow and create a tailored list of friends They may also choose to un-follow certain people at any given time . .Be Honest . .Create your Tweets with honesty in mind Don’t mislead potential clients or trick them into visiting a home that isn’t what they’re looking for A wasted trip may cost you a great lead Home owners have become much more knowledgeable about the real estate business in the last couple of years Mass foreclosures have taught home buyers what to look for and warning signs to avoid . .Be Brief . .Twitter limits each message to 140 characters As a Realtor, certain acronyms are used on a regular basis to describe a home For instance when someone reads “4bed, 2 5 bth” it’s readily understood that the home has 4 bedrooms and 2 and one half bathrooms Make the most of those acronyms while “Tweeting” your listings . .Create Curiosity . .Provide a city name and brief description of the home Links to photos or videos can take up valuable space and should always be shortened by using a service like TinyURL A properly written Tweet may look similar to this: “New Listing Minneapolis Single Fam Home 4bed, 2bth, fenced yard, great neighborhood Starts at $98k ” Thirty-nine more characters allow you to link to the listing on your website or photos . .This example provides valuable information for home buyers and real estate investors They know up front that the home is an affordable single family home in Minneapolis with 4 bedrooms, 2 bathrooms, a fenced yard and a great neighborhood Encourage your Twitter followers to ask questions and answer them promptly . .Obviously the information contained within a 140 character message isn’t going to provide all of the information buyers are looking for Engage in conversation via tweets with followers Really get to know what they’re looking for in a home so you can effectively tweet about listings they may be interested in . .Tweet Open Houses . .Any time you have an open house, Tweet about it Let your followers know when you will be there so they can plan to attend and get information about the property Every professional Realtor knows that getting the interested party to tour the home is incredibly important to sealing the deal . .Tweeting an open house should be done in much the same way as a new listing When you tweet an open house, include the address Make sure your followers know exactly where the home is Interested followers will show up, especially if you’ve already created a relationship with them on Twitter . .Make Use of Media Sharing Websites . .The Internet makes it possible for a variety of websites to communicate Posting your message to multiple sites can be quite time consuming Look for websites that offer the possibility to post to multiple communities simultaneously For example, when you post a photo to FriendFeed or TwitPic you have the option to post it to Twitter in the same instant . .Use these services and others like them to your advantage Don’t spam your followers with message after message, just share the important stuff Keep a close eye on each community website you use and keep communication flowing freely Buyers and investors enjoy building a relationship with their Realtor Be the Realtor that provides them that opportunity .
Source: www.rsstnx.com