Every day, new technology alters our world and the way we live in it. Jobs once reserved for highly skilled professionals are increasingly being performed for next to nothing by algorithms and automation systems: stock brokers must now contend with commission-free trading apps; lenders are competing with algorithm-based underwriting software, and realtors are being challenged by hybrid brokerage companies with tech-friendly services that appeal to Millennials. Below is what you need to know to stay competitive in today’s high-tech world of real estate.
Position traditional service as superior to hybrids
While a hybrid brokerage would describe your personalized service as a weakness, it’s your job to position it as your strength. Drive home how delicate and important experience and personal relationships are in real estate. Buying a new home shouldn’t be left to experimental software, even if it’s the latest trend. Your value lies in the ability of your agents, and you must market this distinct advantage.
It’s not bad to experiment
Try out a hybrid model, letting it coexist with your traditional business approach. If you find certain technological tools like digital docs, on-demand showings, and eSign useful, then incorporate them into your long-term plan. Offering proven, traditional brokerage services along with cutting-edge tools create a strong selling point.
Learn from the competition
As hybrid brokerages take on a greater share of the workload, figure out which services they offer where you can also excel. If you’re hesitant about changing your business model internally, consider working closely with a signing service, mobile notary, or title company to provide the same seamless service as your competitors.
Work with your local MLS
As a real estate broker, you have rights to your local MLS. Use this resource to its fullest potential, gathering information on hybrid brokerages.
If you can’t beat them, join them
Once you’ve done the research and gathered all the data, you may decide that the hybrid model suits your purposes better. If this is the case, remarket yourself and hire a technologically proficient staff to redevelop your brand.
Expand your team
If you’re looking for a less drastic measure than altering your business scheme, consider hiring a mobile notary or creating a team to deal with document preparation and retrieval. Delegate responsibility.
Don’t Show Bias
As you meet with interested buyers, make sure to present all their options without bias toward hybrid brokerages. Stick to your selling points.
Find your niche
The goal of all businesses is to find a niche. There’s enough space in the real estate industry to accommodate businesses with a variety of specialties and approaches. Learn from the competition and carve out a place for yourself.
Where Vanguard Title Fits in
Vanguard Title has developed close working relationships with realtors and lenders across Michigan. We support realtors from contract to closing, facilitating resales, refinances, closings, and more. For more information on our services, please visit our homepage.