In this episode of the Marketing Genius Podcast, we had an awesome conversation with Michael England about the changing market, changes in advertising, and how Michael and his team are helping agents navigate those changes.
Michael lays out three changes that are happening currently that are affecting the real estate industry:
- Market Changes
- iBuyer Movement
The market has never been stagnant and will forever change, and if you don’t shift the way you approach your business to best fit those changes, you’ll be left behind.
Michael explains that even seasonal changes can affect what you need to focus on. For example, when the school year starts the market tends to slow down, or when the summer begins the market speeds up. Michael explains that agents need to be aware of this so that they can best position themselves to create the most value for
In times when the market is slower agents need to focus on business development:
- What platform should I use
- How do I farm a neighborhood
- How can I pick up more listings
- How can I market to my database more effectively
While iBuyer platforms like Zillow, Open Door, and Offer Pad seemed to have paused during the Corona Virus Pandemic, they are repositioning themselves to come back even stronger. Michael explains that the reason that these platforms are performing well is that this trend is consumers telling agents exactly how they want to buy and sell their homes. Conveniently. Convenience seems to be as important as cost to many consumers and some will even pay a premium for it. Agents need to be aware of this and focus on how they can make their process more convenient for their leads.
Just like the real estate market, technology is rapidly changing the way we approach business. Michael has been in the industry since agents were using Craigslist for leads and had the opportunity to watch, as social media marketing became the new strategy. Recently, however, technology has shifted again and agents no longer have the ability to market to as many demographics. Michael tells us that with these changes agents need to rethink how they advertise and use their online presence to enhance what they do offline. For example, if you are the kind of agent that likes to door knock, post a video targeted at the neighborhood you’re going to visit. This gives you the opportunity to let people know who you are, know what you’re doing, and turn that possible lead warm.
For agents looking to be successful with a changing market, iBuyer platforms, and new technology Michael explains that you need to have a multifaceted approach to advertising and constantly be looking for the next best thing. If you’re the best agent to ever use Facebook but you haven’t tended to your other platforms, what can you do when Facebook changes its advertising policy? What do you do when Zillow increases its market share in your area? In order to be prepared and resilient when changes come, you have to be attacking things from multiple angles.
Learn about how you can successfully navigate the rapidly changing real estate industry and increase your brand awareness in this compelling interview.
Learn more about Michael by connecting with him on Instagram: @mikewengland