The 5 Biggest Challenges Facing Realtors Today

the 5 biggest challenges facing realtors today

The Real Estate profession has long been erroneously maligned as a pure "dog-eat-dog" world with everyone out for themselves. While Realty does afford a greater opportunity than most professions for one to indulge in their... Machiavellian tendencies, it is the way infrastructure of the profession that opens the door for such behavior, rather than a black hole attracting bad actors and unethical professionals. We write this because we are entering an era of unprecedented cooperation, even amongst bitter rivals in premier Real Estate markets. With the abundance of data, the speed of information, and the prominence of social media, it's easy to see why so many otherwise independent Realtors have now found new ways to expand their practice and involve new methods, ideas, and key players for the benefit of all. Yet, even with this newfangled positivity, there are significant challenges our team faces that are as relevant today as ever. Without further ado, here are 5 challenges facing Realtors today!

online branding

ONLINE BRANDING

Realtors are expected to communicate, advocate, and fight for the best deal on behalf of their clients. It's what you do outside of these basic expectations that set you apart. It could be your origin, place of birth, the properties you specialize in, the way you treat your clients, or something about you that makes you... you. There's always an angle to stand out from the crowd, and with a profession that has the same requirements and expectations across the board, the ambiguity leaves space to be yourself while you work.

inventory shortages

INVENTORY SHORTAGES

This is as true in 2022 as it has ever been. The housing demand for people moving to Florida far exceeds the supply. Despite their breakneck efforts and round-the-clock work, there is simply no way the housing can keep up with the demand. For the next few years, expect a glut of buyers and slim pickings from the housing market. While this has been an ongoing dilemma, the sociopolitical factors that were spurred on by the pandemic, and in some cases, crime have had many New Yorkers, New Jersians, New Englanders, and even Californians searching for greener pastures (or bluer seas) here in South Florida.

adaptation to new tech

ADAPTATION TO NEW TECHNOLOGY

Believe it or not, this isn't an issue strictly reserved for our seniormost Realtors at Champagne & Parisi. Adaptation to new technology doesn't just mean learning new interfaces and how to use new devices. It's just as important to know the why as the how. These challenges aren't exclusive to marketing and outreach technologies, as the lead systems and communications apparatus we make use of will also continue rapidly evolving. Thankfully, our industry provides a robust quantity of training materials and technical support so you can focus on what you do best.

failure to leverage referrals

FAILURE TO LEVERAGE REFERRALS

In marketing, we call this "third party affirmation." In layman's terms, this overtly fanciful term simply means referrals and recommendations. Look into your own life, and how your purchasing decisions may have been influenced by the trusted suggestion of a friend, or by the mob of 5-star reviews that can't possibly all be fake. It's rare for someone who has a great relationship with their Realtor to cease working together on future projects, and even rarer for that friend not to recommend them to someone in their life asking for help. Stay current with your past clients, keep in the loop, check in on them and encourage as many reviews as possible.

competition with online listing portals

COMPETING WITH ONLINE LISTING PORTALS

Online portals like Zillow, Redfin, and more create substantial competition for local Realtors to stay relevant. Realtors and potential clients should see sites like this the way they'd see an automotive website like Edmunds. These websites provide a cursory overview of the car (or in this case, the home) but do nothing more than show pricing and basic descriptions. While SEO is central to competing with these portals, it's the extra effort and personal touch you provide as a Realtor that will slay the dragon and keep you in sole focus for current and future clients. 

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