You just lost your database.
Could that happen? According to Google, 54% of respondents said they were open to working with a different company. (Half!!!!!!)
Josh Team, President at Keller Williams Realty, recently stated: “The world’s changing, market share is up for grabs, and the people that are doing things in different ways have an opportunity to seize the moment,” Team said.
Keller Williams has an exclusive-to-the-industry data-sharing partnership with Google that provides the international real estate franchise with data to help guide its technology road map. One of the recent insights from Google the company shared is that 54 percent of consumers are willing to try a new brand, during the pandemic.
Do You Have a Real Database?
Before we get all fancy about how you need to nurture that database, here’s a basic question: Do you actually HAVE a database? Yes, we think all agents have databases, and, better yet, have them in a CRM (Client Relationship Management system). But, our experience as managers and instructors says that’s not accurate. Unfortunately, agents wait–and wait–and wait–to start putting their contacts in a database. What are they waiting for? Maybe to see if they like real estate? If they really have to create a database? I don’t know. What do you think?
The World Has Moved Way Past Scraps of Paper and Index Cards
You just can’t run your business anymore with scraps of paper around, or with clients on index cards. Well, you can do that. But, you sure won’t compete with those agents who have vibrant, robust databases AND touch base regularly with those in their databases. It’s just too hard to remember when to take actions, what actions to take, and what messages to give when you’re trying to keep all that disparate information in your head or on scraps of paper. And, remember, that
half of those people you don’t keep in regular contact with would gladly work with someone else
Millions want Virtual Tours: Are You Providing?
Data from Google also showed that there are 15 million consumer leads–potential clients looking for virtual or three-dimensional tours. A third of the consumers that Google surveyed recently said they won’t be comfortable going out in public in the near future and prefer a contactless option to do business.
There’s also been a 400 percent increase in searches around 3D or virtual tours. Key search terms include, “virtual home tours,” “virtual open house” and “3D tours.”
Offering and advertising these services is an opportunity for agents to take market share, or retain their existing customers.
What Are You Doing Differently Now to Provide Value?
Yes, there are cut-rate agents and companies who are just ‘transactional’. They just process transactions. They don’t create relationships and they don’t retain clients. But, if you want to get paid well for your work, step up to providing exceptional value–the value your clients say they want.
What do you see with your competition? Is it becoming easier or more difficult to retain your market share?
Check out Up and Running in Real Estate to organize and run your business like a pro–when you’re new.