The Era of Social

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While real estate brokerages were trying to out-market each other, buyers and sellers were blogging about their experiences and communicating with one another in digital formats.

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The Era of Social

  1. 1. THRIVING IN THE ERA OF SOCIALindustry gained a strong professional foothold, which was followed by the 70’s, 80’s and 90’sand the emergence of franchises and electronic MLS systems. Changes in the industry were forthe most part internally driven.Fast-forward to the 2000’s. The industry underwent rapid changes that were no longer internallydriven. External dynamics had shifted control to the home buyer from a position of dependenceto one of choice that established a new benchmark in the value proposition expected from thebrokerage.As each new generation is offered choices their standards go up. As an industry we haven’tnecessarily kept pace. Home buyers and sellers have a choice of communication mediums andeasy access to data. They expect a choice not to commit and possess an increasing sense ofentitlement.An agents reliability, responsiveness to clients needs, and empathy with customers still remainsthe most important factors in measuring overall service quality (with empathy being the majorfactor leading to agent referrals). To focus on who will win is to miss the point about homebuyerand agent relationships: The new doesn’t replace the old; the new and the old combine.Traditional strategy is where the broker’s market advantage is defending against competitors.Focusing on scale, efficiency, and productivity means you are on the fast track to irrelevance inthe eyes of the consumer.Service delivery that is consumer and lifestyle focused is what builds relational equity in today’smarketplace. To thrive in the Social Era, the customer should be viewed as your partner andconsidered a source for value creation and competitive advantage rather than just another enduser of your service.While real estate brokerages were trying to out-marketeach other, buyers and sellers were blogging about theirexperiences and communicating with one another indigital formats. What we did realize was that it wasn’tall about the technology.Real estate brokerage emerged as a full-time occupationin the late nineteenth century. By the early twentiethcentury, the professionalization of real estate brokerageaggressively spread across the country, setting in motiona new American middle class that was home ownershipdriven. Beginning in 1940 and through the 1960s,starting with the post-World War II building boom, theCopyright 2013 Oscar Gonzales

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