And so the Fall of 2012 begins as Real Estate Agents and Brokers everywhere find themselves at a crossroads. There is much to consider and think about. The landscape is changing so dramatically, so rapidly that it seems more difficult than ever to distinguish your business from the competition. Even NAR and the local MLS’ are in on the act as they provide technological advantages for their Realtor membership as a means of survival.
The boutiques may not be aware of it yet, but the days of generating business based solely on the fact that they’ve been ensconced in the community for decades are numbered. It will take longer for that change to occur in some towns than others, but rest assured it will happen.
Change
Quoting author H. Jackson Browne, as in yesterday’s blog post, “Change is hard because people overestimate the value of what they have and underestimate the value of what they may gain by giving that up.” Yet regardless of changes in technology, the market for well crafted messages will always have an audience.
Differentiate
Creativity and innovation, of course, are ways in which to ensure that your message is heard. In one of his many distinguished books on business strategy, “Differentiate or Die,” published as far back as 2001, marketing expert Jack Ries details the imperative nature of differentiating one’s business from the competition in order to remain relevant.
Execution
Yet study after study suggests that the thing that keeps a business ahead of the competition is excellence in execution. Both are significant, but while innovation is important and perhaps imperative, execution is even more so. Perhaps marketing and strategy expert Stephen Burnett was correct when he commented, “Do your work with your whole heart, and you will succeed – there is so little competition.” What do you think about that?
What about the direction of the real estate industry makes you uncomfortable?
Do you consider your business immune to those changes?
Please let us know in the comment section below.
Expand your mind, increase your business and receive your dose of “The Daily Tonic” everyday.* It’s always brief, informational and thought provoking.
Simply go to the top of this page or the home page of thedailytonic.com, enter your email in the navigation bar to the right and click “subscribe.” Of course your email address will be kept private.
[...] This has huge implications for your real estate business. In the age of transparency, Realtors understand that it has become more of a challenge to distinguish themselves from others. So much of what a Realtor offers can be offered elsewhere. Exposure for a listing on multiple websites, social media, print media and so on and so forth. Of course, as I’ve addressed in at least one previous blog post, the value is in the execution. [...]