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March 20, 2013

1

Staying On Top of Advances In The Real Estate Industry

by mark mclean


Have you heard the old expression, Nothing is as constant as change? True words to live by. On my morning run I extended my route through an area that I am quiet familiar with but hadn’t really stepped foot into in a number of months. I almost couldn’t recognize the new Liberty Village. I tried to think back to a time before all the tall buildings were there. Before the stores, and restaurants. It doesn’t seem that long ago that this was just a big old unkept field. Like many other neighbourhoods, the pace of change has been unmeasurable. While developers, planners, architects, construction crews are all scrambling to keep up, so to have the real estate agents that have carved out clever little niches to service these areas. Obviously they are the ones who have recognized that a need exists and have taken the time to build a strategy around becoming the expert in their neighbourhoods. It is the concept of “hyper local marketing” to the fullest.
So too have advances in social media and technology, particularly in real estate, changed the way we reach out and build connections with buyers and sellers. This technology simply didn’t exist 10 years ago and if the notion of “nothing is as constant as change” holds true, the way we do business ten years from now is probably going to be even more different. One of the favourite water cooler chats between agents who started 15+ years ago usually starts with “remember when we had tear sheets and carbon paper?” New rules regarding agency, representation and education have come into play and sooner than later we will have a new Condominium Act (as full disclosure, I am the chair of the Condominium Committee for TREB and we are involved in helping rewrite this legislation). It is safe to say that yesterday’s agent is either welcoming these new rules and technologies and trying to adapt or are simply getting left behind.
So, the point of all this is, like changing neighbourhoods, OUR business is in a constant state of change. The information playing field has changed. Once we were the keepers of the information. If you wanted to buy a house you HAD to contact us. Now available properties are as easy to find as a parking space downtown….well almost. Our new role is that of trusted advisor and with that comes a lot of responsibility. What are you doing today to guarantee that you are going to stay out in front of your competition?

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1 Comment Post a comment
  1. Apr 26 2013

    I have created Commission Lock to stay relevant. The industry has to realize that in order to be a trusted advisor you have to give the client a very compelling reason to keep you on their team and then pay you for it. And, like it or not, you have to show your client your value by saving them money on what is most likely your client’s largest transaction.

    Reply

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