Are REALTORS® meeting their clients’ needs?

Keeping businesses current and competitive requires routine review of operations, according to Karel Murray, a real estate coach based in Iowa.

“REALTORS® should take a look at their business and see how changes could help their business improve,” Murray said. “You really should consider whether you are delivering what the customer wants or are you obsolete?”

She highlighted six areas to consider:

• Social networking is transforming how people connect. Many REALTORS® are using social networking but they don’t have a strategy. “Some people are freaking out, especially those who aren’t Internet savvy. If you don’t care about the Internet or how it works in your business, then I guess you can niche-market the older consumer,” Murray said.
• Video is king. “REALTORS® should be using quick audio or video clips to relate to their consumers,” she said. “With the Logitech Quick Cam or the Flip, it’s easy to create one- to two-minute videos and you add a human touch.”
• Tighten the advertising belt. “We’re seeing a shift in the market and you should be considering the cost versus the benefit for advertising. It also translates into going ‘green’,” Murray said. “Most people are getting what they need on the Internet. You need to capture your leads and connect with those consumers.”
• Sales prices are declining but not as rapidly as in 2008. Murray said that means REALTORS® need to close more transactions to earn the same money. “You need to consider how you are going to make up the difference,” she added.
• Be more creative to reach the public. Consider how to capture their attention, identify the target audience and then find the best way to connect with that audience.
• Buyers and sellers need you now more than ever.  REALTORS® should build up their competence and reliability so they can complete a flawless and seamless transaction. “That will help you build a solid foundation on which to create long-term relationships with your clients,” Murray said.
• Focus on what works. “Sometimes you need to slow down in order to speed up,” she added. “Identify what works for you and your clients and what is the most cost effective to have the greatest impact.”

“The real estate market really changed in the last two years,” she said. “Keep an eye on these changes and then implement only those that are truly effective and efficient.”