At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
There’s a lot of doom and gloom about the real estate sales business in the world today. However, I’ve never been more excited about what the future holds for professional agents. When you provide great value and needed expertise, you will always be compensated in line with the service you provide.
Here are seven reasons great agents will always be in demand:
1. Experience
Your experience and understanding of the sales process have value. The more experience you have, the more trust your clients will have in you and your ability to help them achieve their goal of buying or selling a home. It is your experience that will help them avoid potential missteps in the process and it is your experience that will guide them to a successful closing.
We live in a society where everyone is looking for the “easy button.” When you are an agent, if they trust that you will help them through the process with the least amount of hassles, they will be happy to trade your expertise for their dollars.
2. Key local insights
Most of the news reported on real estate is done on a national level. Although trends at the national level are important, it is local details and insights that most affect buyers and sellers. Details like:
- the average price per square foot for homes in different neighborhoods
- local trends on whether inventory is up or down from last month
- local absorption rate trends
- average days on market trends
- whether list-to-sell prices are showing a softening.
These are all local insights that affect how a home is priced or where an initial offer price should be made.
A professional agent shares the insights that help buyers and sellers make the best decision for themselves and their families. Without a true understanding of the local trends buyers and sellers could potentially cost themselves thousands of dollars by making uninformed decisions. Become the most educated agent about your local market and you will continue to be a valued and needed part of the process.
3. Network of local resources
Your network of trusted service providers has tremendous value. Most buyers don’t know a home inspector they are confident they can trust. Most buyers or sellers don’t know a handyperson who does quality work at a fair price. But you do, and access to your extensive network of these resources can set you apart from your competition.
A truly professional agent can recommend resources from babysitters to bicycle technicians. They know plumbers, electricians, landscapers and pool companies. When you are the connection point between your buyers or sellers and the people or resources they need, your worth will be recognized and appreciated.
4. Valuation expertise
If sellers trust Zillow for the valuation of their home before listing it for sale, odds are they are going to get it wrong. Your ability to put together a complete valuation analysis and to present it in a way that sellers can easily understand will help them sell their home for the highest price possible in the least amount of time.
Even if the seller wishes the price was higher, the numbers are the numbers. If they decide to list their home with another agent who said he or she thought it was worth more, they will not forget your presentation. The fact that you provided fact-based analysis will give you a good chance at being the listing agent when the home expires and they are ready to get realistic about the price.
When you show buyers an analysis of the value of the home they are considering buying, they are equipped with the confidence to make an offer based on the knowledge you provided. Your valuation analysis helps them make decisions on offers or counter offers based on facts and with less emotion.
A true professional that can exhibit expertise in the valuation of homes will always be desired.
5. Negotiation skills
If you are an astute negotiator who negotiates on behalf of your client at a high level, your value will outweigh the commission they pay you. You can develop your skills as a negotiator in a few ways. The book Never Split the Difference by Chris Voss is a great place to start, but there are tons of resources available through a Google or YouTube search.
The key is to understand that negotiating on behalf of your client is your job. If you are serious about your job performance and serving your clients at the highest level, then you will always be working to develop and hone your skills as a negotiator. When the value of your skill is more than the expense of your commission there will always be a market for your services.
6. Marketing skills
Effective marketing provides the exposure sellers need to garner the number of showings necessary to maximize the sales price of their home. Have you built a social media following or email list that you can market your listings to easily? Do you invest in top-of-the-line videography and understand how to tell the story of a home in a way that attracts buyers? Do you host open houses, door knock or run Google pay-per-click ads better than other agents?
Marketing skills give sellers the confidence that you can present and represent their home at the highest level possible. These are skills that will always be needed and sought after.
7. Legal navigation through the process
We live in an ever-increasingly litigious society. We began with the value of experience, and this is an area where that experience is paramount. Your ability to help navigate clients through the buying or selling process, avoiding potential pitfalls or liability, is needed now more than ever.
Understand how to properly word contingencies that protect your client. Provide updates on upcoming contingency deadline dates. Be the professional agent your clients need and deserve by understanding your contract completely. By doing so, you will not only be protecting your client but also protecting the need clients will have for your service.
Now is the time to expand your skill set, broaden your knowledge, and provide value at a higher level than you’ve ever provided. By doing so, not only will your business survive these changing times, but it will thrive like never before.
