Using Jess and Tom as an example, we may better appreciate today's complaints about real estate. Excited is the couple. There's going to be an interstate move, a new business opportunity, and a chance to start a thrilling new life.
What's wrong with them? bringing it about. Their excitement level is lowered by selling their house, looking for a new one, transferring their children's schools, planning a move, and all the other difficult practicalities like handling worldwide pandemics.
Great technology and people can help lessen suffering, but they can never completely remove it. There are plenty of chances to lower friction and improve the trip, but they range from a horrifying move to a moderately annoying encounter.
Whether you're a proptech looking for quick revenue growth or a real estate agent looking to stand out by exceptional performance, if you can answer one or more of the following questions, you'll be one step closer to realizing your objectives.
Over 90% of bad experiences that consumers have when buying residential real estate are caused by three factors related to property transactions. Excellent solutions combine technology and human strengths.
Among all job endeavors, real estate has got to be the most stressful.
As an investor, property manager, mortgage broker, or real estate salesperson, you need to be able to handle a lot of pressure. The only jobs that pay commissions are real estate agents and mortgage brokers. It's said that you consume what you kill. You cannot make money if you are unable to close deals. For those who are unfamiliar with it or are new to it, this can be extremely stressful.
While property managers enjoy a more consistent income, they face a different kind of stress. Managing irate renters, adhering to fair housing regulations, trip and fall risks, addressing habitability problems like mold or bed bugs, and, of course, the persistently irate customer who demands more money from their property and places the blame on you creates stress.
In real estate, there is risk everywhere you look.
Yes, of course, there is always a risk. similar to taking an airplane or a car to work. But as a profession, and as something you depend on for your living, I think a real estate career has to be among the riskiest.
If they are unable to close deals, real estate brokers and lenders actually cannot afford to eat or pay rent. They are thus taking a big risk on themselves each day when they decide to follow this career. Frequently, they battle forces beyond their control
Tenant lawsuits alleging habitability, trip and fall, and fair housing biases are daily dangers that property managers must address. This is made worse when they are property managers for customers who either lack the funds or won't spend them to address neglected upkeep or safety hazards.
By investing their time and money in the search for investments, real estate investors bear the greatest dangers of all. I'm hoping they've made the right choices about what to buy, how much to pay, how much to invest to improve the property, how much to borrow, how to carry out a management plan, whether or not they've missed any unexpected costs, and whether or not they've bought at the end of an uncontrollable real estate cycle.
Communication: "You never call me, even though you promised me the world."
Does this sound familiar? Since the real estate agent is the one who makes the explicit or implicit promise, it is simple to hold them accountable for this. Over 40% of inquiries receive no response at all, according to the biggest portals. Although buyers are promised access to new listings, they are publicized and sold before they ever get a chance to glance at them. Owners wait days for a response following buyer inspections and want feedback. Unaware that their application is even being considered, potential tenants are frantic to find out if it was accepted.
Understanding customer wants makes the communication problem more complex than just assigning blame to the agent. Which communication need is more important if we are to meet Jess and Tom's needs?
Inform: Since technology can combine immediacy and accuracy in a way that no human being can, it will take the lead in this. Artificial Intelligence (AI) powered Virtual Agents can achieve 96% accuracy in real-time, compared to 91% for physical salespeople.
Affects. both people and machines. Data-driven marketing automation can provide mass customization across various customer journeys and a large database. Human connection is a basic requirement for tying motivations and behaviors together.
Encourage. Empathy is a quality that no computer ever possesses when it comes to conquering the emotions connected to big decisions. People who are under a lot of stress or who simply need reassurance sometimes make the finest trusted advisors.
One cannot overstate the value of communication. More than 80% of client complaints during my tenure as the head of a sizable Australian agency were attributable to poor communication. On the other hand, mastering this was frequently the primary positive differentiator propelling market share domination and elevated customer happiness.
On paper, that is, a HUD, it appears like we profit handsomely from every property we sell. The general public is unaware of the amount of money we pay each month on marketing, Realtor Dues, CCS, lock boxes, Supra keys, MLS dues, and CE. It costs money to be a real estate agent.
Desk fees and commission shares were entirely left out. The list is endless, and new people try to offer us stuff every day. Many of us immediately reinvest our paychecks back into our businesses. It's not cheap to sell assets valued at millions of dollars annually.
Conclusion
In summary, even though real estate can be a profitable and fulfilling investment, there are drawbacks and difficulties associated with it. Navigating the complexities of the real estate market can be aided by being knowledgeable, getting competent guidance, and paying close attention to unique conditions.
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