There are many things that impact on the real estate industry; the economy, pop culture, interest rates etc. Few things, however, have had the enormous impact that technology has had. Everything from the way a property is marketed, listed, and shown, to the way it is sold and closed, have been forever changed and continue to evolve as new technologies and tools emerge. While many things about the future of real estate are uncertain, we can be sure that technology will continue to reshape how brokers and agents approach their work. In that spirit, here’s a few emerging technologies to keep an eye on in the coming years. Virtual Reality is Becoming Real Virtual tours have been around for a while now and many realtors will develop these as a standard part of the marketing material for a listing. Buyers love these videos, because they give them a sense of standing in the property and looking around and can give them comfort to commit to a visit. Still, virtual tours are not perfect. The rooms they show are somewhat limited and they often fail to convey a proper sense of scale. Overall though, they make buying a property from another state or even another country far more practical and efficient than ever before. The evolution of standard, two-dimensional, 360 degree virtual tour videos is here, however. Virtual reality or 3D viewers can be purchased for as little as $10 online (try Unofficialcardboard.com) and the difference in the viewing experience is extraordinary. By being able to virtually navigate through a home, buyers obtain a more realistic and immersive experience than pictures and standard two-dimensional videos could ever provide. You’ll pay a little to have a company make or convert your video to 3D format, but it will make your brokerage look cutting edge. For elite listings and a tech savvy millennial generation, that can make the difference when it comes to standing out from the crowd. Some brokers have embraced this tech wholeheartedly, buying these viewers in bulk, branding them with the name of their brokerage, and making it a standard part of a listing presentation. Expedited Closing Documentation & Paperless Transaction Management There was a time when the closing process was frequently delayed because agents had to find the time to meet with their clients every time another vital document needed to be signed. Closing meetings could take hours, and cramps of the hand were common after initialing that 37th mortgage page! Thankfully, those days are largely over due in part to e-signature applications like DocuSign, which allow agents and consumers to exchange and sign documents instantly online. Signing up with DocuSign is a breeze and for a small monthly fee, a broker can provide this service to all their agents. Until recently, some closing documents still had to be signed in person and notarized but now services like Notarize allow for that portion to be handled digitally as well. For those people purchasing a property from a distance, this added convenience is invaluable and for brokers and agents, the less bumps in the closing process, the better. Additionally, paperless transaction management platforms helps agents to manage all of their transaction requirements with the brokerage from wherever they are. These software platforms allow documents to be accessed and shared between the agent and broker from anywhere, anytime. Plus it includes checklists and tasks, helps reduce audit time and ensure compliance, all while eliminating volumes of paper files. Geo-fencing & Lead Generation Leveraging the advertising capabilities of social media platforms is not new to realtors, but as Google, Facebook, Instagram, and Snapchat compete to earn their share of advertising budgets, they’re becoming increasingly sophisticated. One exciting advancement is the development of highly targeted geographic ad capabilities in these platforms dubbed “Geo-Fencing.” Imagine that an agent or prospective home buyer is driving around on a Sunday and suddenly they cross within a mile of your listing. Using geo-fencing techniques, an ad pops up on all the smart phones in the car. Or maybe you can target people in the area to come to your open house? Or target another agent’s open house with an ad for a similar home listing? All these techniques and more are possible in the smartphone age; your imagination is the limit. The power of being able to directly target the right people based on their demographics, behaviors, and current location is a promising tool for agents and brokers eager for new ways to stand out and generate real estate leads. Versatility Is Invaluable Consumers continue to demand high-tech capabilities and versatility from their real estate agents, which means you can’t afford to ignore the constant advancements in technology. But no matter how amazing the technology is, Weichert brokers know it will never replace the power of a real human connection or the confidence that can only come from a handshake and looking someone in the eye. Jim Weichert recognized the need for this balance from day one of establishing the Weichert brand and his guiding principles continue to lead Weichert franchisees to success. If you’re interested in staying ahead of the latest and greatest industry technology, visit https://weichertfranchise.com or call 877-567-3350 to find out how you can become a Weichert affiliate. Original content posted on https://www.weichertfranchise.com/blog/how-tech-is-changing-real-estate/
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Welcoming newer or less experienced agents is a wonderful way of adding some diversity and fresh energy to your growing team. However, it is no secret that newer agents often struggle to get up to speed and become productive. While some brokers sit back, wait and watch to see who will sink or swim, smart ones are driven to take an active role that facilitates success.
The Impact of Mentorships In Brokerages As a busy business owner with limited time for experimental programs, you may be wondering if a mentorship program can really improve agent productivity. The short answer is that yes, it does, and in fact this strategy has benefits for both the mentor, and mentee. When implemented correctly, a brokerage mentorship program will:
Types of Mentorships Not all mentorship programs are created equally. When implementing your own program(s), it is important that you select a program that is best suited for the agents in your brokerage. Here are three of the most common and proven models: Group Mentorships: In this model, one mentor takes on several mentees. Although it can be an efficient method, it is important that the chosen mentor can handle the demands of multiple mentees and embodies the kind of character that is positive and enjoys helping people. Peer Mentorships: In peer mentorships, new agents are paired with peers of the same experience level. For some, this is an effective way of encouraging collaboration, healthy competition and support, and may be a quicker way for each new agent to realize some commission revenue. One-On-One Mentorships: The most popular model involves pairing an experienced agent with one new mentee. Even in this model, the mentor must have a coaching mindset and not consider it a burden. To really make this work, the parameters of the relationship really need to be set up clearly by you, the broker, as a win/win for both parties. Tips for Success with Your Mentorship Programs Unfortunately, you cannot “set and forget” a mentorship program within your brokerage and expect optimal results. Here are some ways that you can ensure you are setting your mentors and mentees up for success with their new relationships: Match Personalities and Skill Sets: It is not enough to simply match your agents up by their personalities. You should also take into consideration professional strengths and weaknesses to ensure both parties get the most out of their work together. Act As Middleman: Occasionally checking in to make sure that both sides are getting what they need from the relationship can help keep things on track. In some cases, complacency or unrest can creep in and checking in from time to time can uncover any underlying issues preventing progress. Don’t Use Them As A Crutch: Mentorship relationships are not meant to be used to supplement poor performance or put the mentor in an overly dominant leadership position. This will only undermine you as their true leader. At Weichert, our business coaches teach our franchisees how to leverage mentorship programs within their brokerage. And this is one way to support your new agents’ productivity as they enter the real world, smart brokers will provide additional training and coaching opportunities to ensure that the right practices are instilled. Weichert, for example, offers its Fast Track training to bring new agents up to speed on proven techniques and tools to help them be productive quickly. Its online University provides 24/7 online training on almost every real estate subject imaginable. Weekly webinars provide regular tips on trending topics and new tools. Plus, our service team is there to guide brokerage management on any questions they may have and our network of owners around the country are always very ready to share information on what has been successful in their companies. For more information about the full suite of coaching and training programs and the support available through the Weichert system, visit our website at https://www.weichertfranchise.com or call us at 877-567-3350. Original content posted on https://www.weichertfranchise.com/blog/use-mentoring-to-help-new-agents-be-more-productive/ As we all know, one of the biggest challenges we’ve been faced with in the recent real estate market is the supply of listings. They are at a premium. So how does your company be the brokerage of choice when it comes to competing for listings that are out there? The good news is that by stepping up your game and in some cases, rethinking techniques both tried and new, you really can improve your ability to compete and win these clients. By delivering a stellar experience before and during your listing appointment, including an equally powerful listing presentation, you can give yourself a tremendous competitive edge. Here are some key ingredients of both.
Provide a Listing Experience. We use the term “experience” here with great deliberation. The days of throwing a quick CMA together based on a few publicly available local sales is not going to cut it. In 2019, if you really want to stand out to buyers and sellers, you’re going to have to do more than that. The client experience with you starts the moment you first contact them to the day you complete the transaction (and beyond!) and every moment in between. Use all the tools and technology at your disposal to show them you are energetic, up-to-date and on top of the details. Don’t let your agents be tempted to discount commission. Instead, agents should use the entire listing experience as an opportunity to showcase their value by explaining how their skill set and resources will deliver the most desirable results. The entire client experience must show that you are professional, tech savvy, and someone they can trust to navigate the process. Trust. Getting to know the client and their needs should be built in to the listing process, in addition to creating the presentation itself. Taking the time, demonstrating that you have listened, truly understand the home’s unique attributes and that you will do what you say you will do, will go a long way toward reassuring the Client that they will be in good hands. Be Detailed. Be Consistent. And Show Exactly What You Will Do. The listing presentation itself can speak volumes. A powerful template used consistently by your agents is the first step to ensure all clients receive a consistent experience from your brokerage. It should be customized to the sellers to make them feel special. The other benefits to having a set template is that it will give off the impression that much time was spent putting it together, adding to the consumer experience. The plan should walk the seller through all the steps of the process and clearly outline all the agent will do to sell the home. This helps paint a picture for the seller and puts their mind at ease that the agent has it together, is organized and has a very clear plan to get the job done. An agent simply giving a presentation that’s “All About Me” is not going to make the seller feel that the agent has their best interests in mind. Make the Impression Last, Even After You’ve Gone One of the common reasons that a listing is lost is that potential clients are left with too many unanswered questions after the agent leaves. One of the best ways of solving that problem is to give a comprehensive, professionally branded listing presentation, but make sure you leave behind something that summarizes all you discussed for them to review and digest. Branding: A beautifully branded booklet that unifies your brokerage mission statement, your company values, and what makes you unique will showcase how committed you are. You can bet that sellers will see your listing presentation as an example of how you would represent them should they hire you. Marketing Strategy: It can be easy for sellers to become confused between the offerings of various agents vying for their business. If the listing presentation clearly explains the marketing strategy that you plan to use for their property and the unique capabilities of your brokerage, it will be easy for them to understand what your team brings to the table. Systems & Tools: Buyers and sellers are more educated than ever and they will favor agents that have proven systems and high-tech tools on their side. Outlining the technology resources that you implement to deliver the best possible results will show them that they are not just hiring an agent, but rather a large extended infrastructure of people, processes, and technology that brings diverse expertise and action to the problem of selling their home. Weichert franchisees and agents have experienced first-hand how a listing presentation that incorporates each of these elements can elevate the overall listing appointment experience and significantly improve their success rates. Through our DOORS listing presentation and associated processes, Weichert agents clearly communicate their value, expertise, available resources and detailed, multi-channel approach to their marketing. Give Yourself An Edge As an independent broker, it can be hard to stand out from the pack. That’s why you need to make the most out of every listing lead you get. That’s also why a partner like Weichert can be so valuable to you. One of the investments we make on behalf of our affiliates is a great Listing Presentation and providing a system of listing a property that includes all the things discussed above. With our tools and an agent’s attention to the customer, it’s a winning combination for your brokerage again and again to help you win the listings game in your market. For more information about this and all the tools and systems available to Weichert affiliates, visit weichertfranchise.com or contact the team at Weichert Franchising today at 877-567-3350. Original content posted on https://www.weichertfranchise.com/blog/how-to-win-the-real-estate-listings-battle/ Your agents have mastered the topics taught in the state’s licensing program. They understand the listing and selling process, property valuation, and closing the sale. They’ve passed the tests covering liens, leases, and real estate law. But now what? Becoming a productive real estate agent involves more than meeting educational requirements or managing clients and transactions. Learning doesn’t end once real estate school ends. The right training is needed to transform ‘real estate students’ into engaged, productive agents who are expert lead generators, effective networkers, and savvy marketers.
What Are the Ingredients for a Good Real Estate Training Program? Real estate lead generation is one of the most challenging aspects of an agent’s role. The sink-or-swim approach of some real estate agent management models falls short of delivering the results your agents want or the results your brokerage needs for long-term success. Instead, effective training programs for your brokerage will create success for agents by focusing on specific, relevant activities:
Ongoing training helps new agents enhance their skills and veteran agents stay at the top of their game. There’s always more to learn. Regardless of their experience level, agents want to align with a brokerage that helps them succeed by showing them how to apply their knowledge to real-world, real estate situations in ways that work. Promoting the fact that your brokerage offers an ongoing training and coaching program will go a long way to helping you meet your recruiting goals. Your investment of time and resources to build their talents will increase agent engagement and their satisfaction with your brokerage. By creating an environment focused on growth and success, you’re more likely to retain your talented team of agents and attract new ones. Real estate agent retention is a growth strategy and ongoing training is an important element of your retention plan. We recognize that real estate’s fast pace makes it challenging for independent brokers to find time to develop the tools and training needed to keep agents up-to-date. The ability to tap a “plug n play” network of proven processes and training is one of the most often-cited reasons that brokers enjoy affiliation with a real estate brand like Weichert. The Right Training Leads to Agent Success Weichert training programs provide practical instruction at every level on proven processes and systems that have lead many Weichert Franchisee’s to real estate success. Our brokerages have access to things such as:
A regular program of ongoing training for the agents in your brokerage is a boon to both productivity and retention. But what about you? Brokers deserve their own system of ongoing education and support and it takes a village to provide it. That’s why Weichert supports its brokers though so many different manager-level trainings, networking opportunities, and personal coaching sessions. Not to mention the benefit of a network of peers who are always willing to share their experiences with each other. Continuous training for agents and brokers? Yes, please. Training is the Weichert way. Call us today at 877-567-3350 or contact our team to learn more about partnering with Weichert to take your brokerage to the next level. Original content posted on https://www.weichertfranchise.com/blog/education-makes-them-agents-but-training-makes-them-productive/ |
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