The residential real estate brokerage industry appears to be about half way through a 10 -15 year industry transition. This major shift is creating a fundamental change in the way homes are being bought and sold and the role the real estate professional is playing therein. During this time of re-engineering there is of course confusion and frustration and, above all, huge opportunities.
To single one or two trends is impossible. Change is the thrust of all my books and whitepapers and the entire theme of Swanepoel TRENDS Report. The 159-page 2007 edition was published in February 2007.
Here are my top 10 trends to watch for 2007:
1. The Impact of New and Existing Real Estate Business Models
2. The Democratization and Standardization of Real Estate Information
3. The Importance of Competing, Combating or Collaborating with Web 2.0
4. Finding New and Better Ways to Work with the New Consumer
5. Dealing with the Growing Poor Image of the Real Estate Industry
6. The Changing Consumer and Realtor Demographics
7. Understanding the Race for Brand Recognition and Critical Mass
8. The Opportunities of Globalization, Immigration and Minority Markets
9. The Changing Role of Realtor Associations
10. The Legacy of the Bubble, Exotic Loans, Fraud and Declining Commissions
There are many progressive companies, each for different reasons, are driving change and leading the way:
Dynamic real estate brokerages include:
RE/MAX
EXIT Realty
HomeServices
Weichert Realtors
Real Living
Progressive Associations include:
Houston Assn of Realtors
California Assn of Realtors
Wisconsin Assn Realtors
San Francisco Assn of Realtors
Greater Las Vegas Assn. of Realtors
Interesting new business models to watch include:
RealEstate.com
Trulia.com
Zillow
Global Realty Marketing
World Properties International
The real estate industry is blessed with a large number of entrepreneurs and leaders and to attempt to select the best would undoubtedly leave someone off so I am not even going to attempt to offer any names.
Study after study says consumers want:
• Faster Response;
• More Efficiency;
• Expertise;
• Added Value; and
• Lower Commissions
Everyone should research every trend, every business model, every nook and cranny, every book and every report. Knowledge is power.
Brokers should focus on looking for that one idea that will spark a new direction, a new strategy, a new method or a new service that will lead to them to improved achievement.
Realtor Associations should focus on looking for ways and services they can adapt or add to their offering so that they can better serve a broader and changing membership base.
Try the simple 7 point plan:
A - Automate (as many of the repetitive tasks as possible)
B - Build (your business continuously)
C - Change (constantly - never underestimate change)
D - Diversify (your company by adding ancillary services)
E - Execute (diligently, whatever you decide to do)
F - Focus (on one task or one project at a time)
G - Grow (and adapt your business continuously)
There are many great books and it really depends what you are looking for:
If you are looking for something new in business read The Last Link: Closing the Gap That Is Sabotaging Your Business by Gregg Crawford or Made to Stick: Why Some Ideas Survive and Others Die by Chip and Dan Heath.
If you thinking outside the box try Somebody's Gotta Say It by Neal Boortz or The World Is Flat by Thomas L. Friedman
If you find yourself often thinking about life in general read The Secret by Rhonda Byrne, The Purpose Driven Life by Rick Warren or For One More Day by Mitch Albom.
If your time is limited check out The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read, 1001 Books You Must Read Before You Die or Books that Changed the World.
And of course, if you are interested in the future of the real estate industry, read my annual Swanepoel Trends Report.
Learn more about the Trends Report.
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