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January 30, 2024

The Real Estate Industry 2.0: Adapting to Market Dynamics, Digitalization, Mindset, and Commission Structures

Here is the news, folks, straight from the mouth of real estate maven and trainer, Bernice Ross, blurb-wise for your reading ease:

Market Dynamics

– COVID-19 flipped the real estate market on its head. Dizzy anyone?
– Urban flight trend? More like urban flight marathon with buyers scooping up anything that even remotely smells like a house.
– Supplies are at an all-time low, like unicorn-level rare. With high demand, prices are literally going “to infinity and beyond.”

Evolution of Digitalization in Real Estate

– High-tech home tours are now a thing. Thank you, VR. Keep your 3D glasses handy.
– Digitization speeds up transactions. Who wants to carry around paperwork anyway? My hands are for coffee and scrolling memes on Facebook.
– eSignature is the new autograph. Sorry, fancy pens.

Importance of Mindset

– Agents need to adapt or risk going extinct. I hear the dodo bird was a real nice species.
– Finding opportunities in challenges is the name of the game – sort of like ‘Where’s Waldo’ but with better payout.
– Striking a balance between work and life is essential. Yes agent, you are allowed to sleep!

Commission Structures

– Flat rate commission structures are gaining traction. Somebody say “budget-friendly” and hear sellers rejoice!
– Competitive commission rate is the new “bait” to hook clients. If you want a bite, you must have the right bait!
– Commission structures getting more transparent. Crystal clear – like our intentions of keeping those commish dollars reasonable.

Hot Take

So, unless you’ve been living under a rock (which might have been snapped up already due to the market conditions), you’ll know that the real estate industry has changed more than Lady Gaga’s outfits in a concert. You’ve got everything from urban folks making a beeline for the ‘burbs and country life, to tablets replacing mountains of paperwork, and the increasing call for an agent who can juggle clients, life, and technology like a Gold-Medal Level circus act.

The market isn’t just experiencing a makeover, but a complete redefinition. We’re talking about that Ugly Duckling turning into a Swan kind of transformation here. For real estate agents facing these dynamic times, the survival recipe includes a pinch of adaptability, a dollop of tech-acceptance, a big scoop of strategic mindset, and a strong base of transparent commissions. And the secret sauce is, and will always be, balance. And by balance, we don’t mean tightrope walking while signing contracts. But hey, if that works for you…

Welcome to the real estate sector 2.0 – unpredictable, faster than light, and ready to surprise us in the least expected ways. Certainly an interesting ride for all agent roadrunners. BEEP BEEP!

Original article: https://www.inman.com/2024/01/29/powerful-takeaways-you-need-to-know-from-inmans-ceo-connect/

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Martin Towers


Martin is an ex Real Estate Agent turned digital marketer and entrepreneur now specialising in helping Realtors all around the world

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