Being a Real Estate agent today is very different than it was in the past. After over 18 years in the industry, here are 3 key differences I've noticed.

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1. Information About The Market

Information used to be very scarce and many homeowners relied heavily on Real Estate agents to guide them through the process of buying or selling a home. Unfortunately, this meant that many people were vulnerable to unprofessional and unethical practices. In particular, many uninformed people would take their agent's word at face value, without carefully reading through all of the documents or considering their long-term goals for the property. As a result, what often happened is they ended up overpaying for a home or signing onto unfavorable financial terms.

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Fortunately, things have changed in recent years. With the rise of online resources and with everything being more open and transparent, there is now a greater focus on "consumer protection". People today are much better equipped to make smart decisions about their homes. There is now much more access to information about neighborhoods and market trends, giving savvy buyers an edge in their decision making process.

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As a result, Real Estate agents have had to adapt their business models to stay competitive. Instead of simply acting as middlemen, they now need to offer their clients a comprehensive suite of services that goes above and beyond simply finding a home. In other words, being a realtor today requires a far higher level of customer service, professionalism and expertise than it did in the past.

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2. Selling Properties

In the past, Real Estate agents would often quote a lower price for a property in order to make it easier to sell. This tactic often resulted in a quick sale, but it also meant that the homeowner was not getting the maximum value of their property and this would've impacted them in their future property and asset planning. This caused many homeowners to feel misled about the true value of their property. However, this practice is no longer as common as it once was. In today's market, people are more savvy and are often aware of the true value of a property before they even begin their search.

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Now, Real Estate agents need to strike a balance between attracting buyers and getting the best possible price for their clients, so that people will trust them with the job of being able to sell their properties at the highest price. By being upfront about pricing and ensuring that their clients are realistic about their expectations, they can help to ensure a smooth and successful transaction.

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I've personally experienced this many many years ago, with a long time client who entrusted me with selling their home at $380K. Due to lack of research, I underquoted the selling price to my client - and when I discovered the average transaction price, which was much higher than what I quoted, I faced an inner conflict:

Should I tell my client?

What if it changes my client's impression of me and my abilities?

What if I told my client about the higher transaction value, will he have higher expectations for me?

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Some agents might've chosen not to tell the truth as it makes things easier for themselves. However, I felt the need to be fair and just to my client, whom I took upon the responsibility of serving, so I told him the truth in the end. After having a more educated and informed discussion with my client, we went ahead and managed to sell the property above the average transaction price of $435K!

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3. Understanding Clients' Needs & Interests

"Do first, talk later" That was the mindset most agents operated with in the past. They didn't really bother about their clients needs and goals. There were many cases where clients were left in an "Overpromise, Underdeliver situation".

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It's a familiar scene: The client is eager to sell a property, so he/she signs up with a Real Estate agent who promises the world. But then, as the process drags on, it becomes clear that they're not living up to their promises. The client is left feeling disappointed and frustrated, wondering what went wrong. When that happened, unprofessional and unethical agents in the past might even influence clients to buy a new property first, after which suggesting to the client to sell their current property at a lower price - all because they couldn't manage to sell it at the initial promised price.

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Fast forward to the present, where homeowners are more educated and well informed, things have taken a turn for the better. Professional and ethical agents will put their clients' core intention as their focus. This is how I've operated my business for over a decade, and how I teach my agents in BSA to do the same. No two Real Estate clients are alike, so I always recommend it's important to tailor your approach when proposing a plan for their property. This means taking the time to understand your client's needs and wants, and then presenting them with options that meet their budget and requirements. For example, if I'm working with first-time home buyers, I will be patient and take the time to explain the process step-by-step. On the other hand, if I'm working with experienced property investors, they'll likely have a good understanding of the market and what they're looking for.

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In either case, it's important to gather the right information, propose the right solutions, and ensure a win-win situation by taking your client's background into consideration. By being client-centric and taking the time to understand their unique situation, you can come up with a proposed plan that meets their needs and results in a successful sale, purchase or upgrade.

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Summary

In recent years, the Real Estate industry has undergone a period of maturation. This has led to a number of positive changes, including increased transparency, more efficient processes, and higher standards of professionalism, ethics and customer service.

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These changes have made it easier for buyers and sellers to navigate the market, and they have helped to increase confidence in the industry as a whole. As the entire industry continues to mature, we can expect to see even more positive changes that will make buying, selling and upgrading property, simpler, more straightforward and more value-added to everyone.

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