Real estate 2008: New media replaces
old advertising, traditional agents become guides

In 2008, we can look forward to more of the same – which in real estate means constant change. Although many observers expect the national housing market to remain flat for much of 2008, the pace of industry and technology innovation never slows.

One global trend impacting real estate is the declining effectiveness of traditional mass advertising. Years ago, advertisers could reach the majority of real estate consumers through just a few channels. Radio, television, print and outdoor display ads were all real estate pros needed to promote their practices. Today, it’s no longer enough to promote your services or listings through a single advertising channel and wait for the phone to ring.

In today’s Web 2.0 and social media world, people get real estate information from the Internet, email, podcasts, instant messaging, video feeds, networking sites, Blogs and more. It’s a challenge for real estate professionals to understand various marketing channels and be proficient in their use.

It’s also a great opportunity to develop deeper, one-on-one relationships that turn prospects into clients. The real estate information today’s buyers and sellers find on the Internet ranges from current and relevant to outdated and awful. This gives real estate professionals the opportunity to guide clients and provide them with the most current, relevant and local information available.

The ability to translate information overload into local market and transaction knowledge has become a required survival skill. Listing information is freely available, but that’s only part of what’s needed to make effective buying and selling decisions. Agents must supplement listing information with neighborhood information and understand current market conditions.

For example, in the South Florida market, agents must master the complex property tax and insurance issues that affect every real estate transaction. As industry groups push to preserve profitability and consumer interests strive to contain costs, state lawmakers struggle to come up with a viable solution. Unsure of what do to, many buyers and sellers wait on the sidelines until some type of legislative resolution is reached.

As a wise marketer once said, your personal brand is less about what you say, and more about what you do. Today’s real estate consumers are not looking for a salesperson to say something. They are looking for a trusted advisor to do something – successfully guide them through increasingly complex decisions and transactions.

The market is challenging, and opportunities will be limited for real estate salespeople. But opportunities always exist for savvy agents who understand how market trends and challenges affect individual transactions. If this skill set sounds like a combination of agent, futurist, economist, insurance expert and tax attorney, welcome to real estate 08!

For more about future real estate consumers, download Domininon Enterprises' complimentary Special Report.