Millennials today make up one of the biggest demographics of homebuyers, especially first-time homebuyers, and their changing expectations are putting pressure on real estate agents to evolve and adapt to keep up.
There’s a new normal coming to the real estate industry as shifting consumer expectations meet new technologies.
A growing number of homebuyers want more information when they’re comparing prospective real estate agents. They want to be put in the driver’s seat and get real information without having to give up their contact information and become somebody else’s lead.
Tech startup Nobul has answered that demand. Nobul is a platform that puts more information into the clients’ hands, giving them access to more information about fees and services, as well as verified reviews of the realtor. The platform is best explained by its founder and CEO Regan McGee. In an interview with KRLD News, McGee explains that:
“We built a marketplace where realtors compete with buyers and sellers. … If you’re looking to buy yourself real estate, they compete for your business on our platform. So you get the same brokerages you would get from an advertising platform or just Googling them, except on our platform, they compete in real-time, in a dynamic environment. You get a lower commission, you can add services, you can see their track record, and it’s all done in a consumer-centric app, and there’s nothing else in the world like it.”
How Real Estate Agents Compete with Value-Added Services
Nobul doesn’t have to be bad news for real estate agents. Quite the opposite, it can also put tons of new tools in real estate agents’ hands to find more business and match their services and fees to the unique needs of their clients.
#1 Multiple Commission Options
Realtors understand that not every job is the same, and some will require different services and time commitments than others. The ability to quickly provide more detailed options and compete against other agents on a level playing field will benefit those who justify higher fees with value-added services.
When you provide multiple commission options, you give consumers more choice. If they know what they’re looking for and just need someone to book a couple of viewings and help with contracts, they may opt for less hands-on involvement at a lower price. If they are going to need more hands-on attention, you can justify a higher fee.
#2 Advise on Upgrades
If you’re acting as the selling agent, you can always help your client bring their listing up-to-date and advise on upgrades that will bring a listing more attention and a better price. Agents providing high-end service may not only participate in a walk-through with the client to identify issues but also have a roster of trouble shooters they can call to get them fixed.
The same goes for styling and staging the listing. Knowing what improvements can be made for ROI over personal taste will make a substantial difference.
#3 Concierge Services
Some agents are providing premium assistance through something called “concierge services,” where realtors help busy homebuyers with more of the homebuying process. These services include connecting clients with vetted vendors for things like clean-out services, moving, title insurance, and even finishing touches like utility setup.
There are many ways real estate agents can distinguish themselves on the market through value-added services. As consumer expectations shift, it’s time for realtors to adapt.