Why agents need to adapt to changing consumer behaviour

Looking back to 1987, when I first set foot on the planet of real estate marketing, very few, if any, real estate businesses studied the consumer. Instead companies focused on service delivery in their local suburbs. I remember many management meetings spent simply brainstorming on how to excel. ‘Towards excellence’ was the main aim and the glue that held sales teams together.

This possibly came about as traditionally the estate agent had control over information which could not easily be accessed through other sources. Clients turned to estate agencies to gain knowledge and information when it was time to buy a new home or sell an existing home.

At the turn of the century however, computers, connectivity to the internet and cell phones changed the way business is conducted as people have gained access to much more information than ever before.

Over the last 12 years, as computer software has evolved in a bid to help companies enhance the customer service experience, many have learned the importance of sharing data. This means sharing the need of your clients with someone else; allowing the customer access to what he/she is looking for. Yet many local estate agents still live in fear that someone else will beat them to giving the customer what they want.

There is no doubt that the consumer has changed the real estate industry. This shift in consumer needs and behaviour has resulted in some real estate agents realising that the relationships they failed to build with their clients can cost them dearly.

The true difference between the way things work now and the way they worked then is still evident in the delivery of excellent customer service. Before the year 2000, every real estate agent operated as if the customer belonged to them, ignoring the fact that the customer will keep on shopping around until they find what they want. These estate agents held onto the customer and shared his/her needs with no one else in the company, even if they could not deliver what the client wanted.

The magic of today’s strategies is that once the customer enters the company, the entire team operates together – servicing each and every need of the customer. The entire team assists the buyer/seller/landlord/tenant as one person simply does not have the time to respond that quickly and be available at all times.

We ought to recognise by now that the customer cares about service delivery rather than the income sheet of the agent.

Many leading real estate agencies have realised that in order to enhance their customer service experience, they had to review their approach, truly listen to their clients’ needs and transform their experience when it comes to the selling or buying of property.