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Amid Disruption, Real Estate Agents Can Preserve a Profession

Written by Posted On Wednesday, 18 September 2019 11:38
Amid Disruption, Real Estate Agents Can Preserve a Profession

On average, people only buy or sell their homes a handful of times. And historically, the vast majority have relied upon real estate agents to help them. Yet a New York Times article seems to suggest that professionals considering real estate careers in certain cities might as well take up a different trade rather than join a vibrant occupation.

The Times’ piece — based on an analysis by WalletHub — outlines the hottest (and “nottest”) real estate markets. It misses a major point, though: Numbers are certainly important in real estate, but they can never replace or illustrate the personal involvement so important in transferring property between consumers.

Of course, readers might assume that real estate agents have become unnecessary. And at worst, they could be seen as relics. With Zillow, Trulia, and even Redfin at the ready, can’t real estate become merely transactional? The short answer is “yes,” but that “yes” is conditional. Digital platforms can augment the process, but they can’t replace the art of guiding individuals through a time of significant change. Only a living, breathing, and caring agent can do that.

Relationships Over Transactions

Real estate is hardly emotionless. In most cases, buyers and sellers undergo a change that brings them to the real estate world. Maybe they’ve received a job promotion, or perhaps they’ve experienced the opposite and must downsize. Regardless, they’re likely to be unfocused and anxious — leaning on their agents to help them stay on track.

I’ve personally walked a newly divorced mom through her life-changing separation and handled all the legwork to get a home ready when the sellers lived across the country. These weren’t transactional tasks; they were human, compassionate ones.

Sure, you can put in offers or get a loan through an online portal. That’s a transaction. But the portal will never provide expert guidance, share neighborhood insights, or offer tips on trusted local tradespeople. Only a well-coached, professionally driven agent can do those things, no matter the ZIP code. First, however, an agent needs to attract a following.

Getting Noticed Amid Digital Disruption

How does an agent get attention when digitization seems so attractive to potential buyers or sellers? The answer lies in seeking seasoned real estate coaches who are willing to share proven systems. A great coach helps agents improve their personal habits, productivity, and leadership skills to stay relevant. Perhaps most importantly, coaches help agents find their “why” — the reason they took up this profession in the first place.

Knowing your “why” pushes you to think beyond challenging clients and ride rocky economic periods with grace. Agents who don’t have a concrete “why” (beyond earning loads of money in commissions) end up with few referrals and short careers, even if they’re in so-called hot spots like Denver or Seattle. After all, they’re not any more motivated than a faceless Trulia.

Let’s be clear: Zillow and its ilk have become excellent resources and time-savers for agents. However, they should be viewed as tools, rather than, say, one-stop shopping oases. Emerging (and even experienced) agents can accept the presence of digital portals while simultaneously preserving and expanding their profession by joining coaching networks.

When they do, they gain several key advantages that help them better elevate their careers.

Understanding how to showcase their value. Most agents underestimate the value they provide to their clients because their mindset doesn’t allow them to believe they’re important. When agents know their markets, they can become their clients’ trusted advisors. This is why coaches push real estate agents hard to become the very best versions of themselves. As a result, the relationships agents foster by staying in contact long after a sale or providing unbiased options become more meaningful.

Knowing the intricacies of documentation. Trulia doesn’t care why the purchase and sale agreements have moved from a few pages to book length over the past 20 years, but buyers and sellers do. Trained agents can help clients understand confusing terms, contingencies, and disclosures before signing. Most people find legalese complicated and don’t want to pore over every clause or addendum for red flags. Coached agents can encourage and affirm their clients because they’ve had the training not just to know the paperwork, but to explain it in layperson’s terms.

Enjoying the continuous learning aspect of the job. After nearly three decades, I’ve seen many “rookies of the year” lose momentum because they don’t focus on the long haul. Successful agents must constantly improve in hard and soft skills. Those who embrace the fact that they’re never going to know it all — but try their hardest to know a heck of a lot more — will be happier and more successful than those who don’t.

Digital real estate services aren’t going anywhere, and that’s OK. After all, online portals are wonderful tools for real estate agents, coaches, and brokerages because they help everyone stay in touch and on top of data. Still, they can’t usurp the power of physically putting keys or a check in someone’s hands (and doing so with a smile). It’s not about where you are or what the digital landscape looks like; it’s about who you are. Here’s to hoping more agents take “best and worst” lists with a grain of salt rather than giving up on a profession with so much worth.

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Jeff Thompson

Jeff Thompson is managing partner at Windermere Group One. WGO is a member of Windermere Real Estate, a real estate network comprised of 300 offices and over 6,000 agents throughout the western United States. Jeff is truly passionate about helping build companies by building their people. He leverages his 25-plus years of experience in real estate to coach other managers and brokers. Jeff credits much of his success to hard work and a willingness to partner with good people. 

www.windermere.com/

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