How to Take Control of Your Business in a Changing Market

Real estate agents in the United States have historically been amongst the highest paid in the world. Where sellers in other countries typically pay around a 2% commission to sell a home, US sellers pay between 5-6%. Why the high costs? Agents have long required sellers to pay a 2.5% commission to the buyer’s real estate agent as well as their own listing agent. However, this practice is on its way out. In a recent landmark Supreme Court case, the National Association of Realtors (NAR) and Keller Williams were found guilty of conspiring to inflate or artificially support high commission rates. This legal development marks a significant shift for sellers, as they are no longer required to offer commission to the buyer’s agent in order to appear on the MLS. The amount of compensation paid, if any, is now up to the seller.

While some agents may resist this change and still negotiate commissions, others are allowing sellers more freedom at this time. The shift is expected to significantly reduce the cost of selling a home, removing barriers and increasing housing inventory. Sellers can now expect total commissions as low as 2.5% to 3.5%, a notable departure from that previous 5% to 6%. What does this mean for agents? More competition in the industry and incentive to differentiate themselves to provide value to their clients. In light of this shift, we’re breaking down two of the best strategies for how to take control of your business in a changing market: owning your website and being a hyperlocal agent.

Owning your website

In today’s digital era, owning a strong website is essential to your career in real estate. Your website is a marketing hub that funnels traffic from all other online profiles and social media pages to one place. It serves to generate new leads, educate buyers and sellers and draw more attention to your listings. Because customers want to buy and sell with a realtor they can trust, they are likely to research or follow up with referrals by seeking out agents online. In fact, 97% of them do. But why is ownership of your website so important?

Maintaining independence

Falling under your firm’s website umbrella limits your control of incoming leads and limits your freedom moving forward. Agents who choose to leave their brokerage are faced with the task of not only creating a new website, but rebuilding their online presence from scratch. Avoid that headache and build your personal website with its own search engine optimization today. That way, it will stay with you no matter where you decide to hang your real estate license in the future.

Defining your personal brand

A single-page profile on a company site is not a sufficient representation of your personal brand. Not only that, but agents then end up competing amongst themselves within the same firm. Defining your personal identity requires your own website. This will increase brand awareness and attract more quality leads – people who want to do business with you specifically. Your website is your opportunity to take control of your business and stand out. 

Educating and informing

Beyond your own services, your website is a place to educate clients and provide valuable resources. Focus on creating content that can help guide potential clients throughout their buying or selling process. When you provide tools like a mortgage calculator, home buyer’s checklist, access to MLS listings and virtual tours, your website becomes a go-to resource for clients. 

Using analytics reports

Website ownership grants you access to rich analytics reports, most likely unavailable on a brokerage website. These reports provide valuable information about how visitors reach your website, keywords used in searches, pages visited and what content drives the most traffic. Agents can use this data to better understand their visitors’ behaviors and make changes to their website content accordingly. 

Being a hyperlocal agent

Searching for a home on a real estate website is no match for working with a hyperlocal agent. That’s an agent who narrows their focus to a very small area, often one or two neighborhoods, with which they are incredibly familiar. Buyers cite the neighborhood as the number one factor when choosing where to live, so they want an agent who knows that area inside and out. From schools to shopping, local events and amenities – there’s a lot to know. Of course, the more clients you help, the more solidified your reputation as the hyperlocal agent for your neighborhood will be. To take control of your business and become a hyperlocal agent, there are a few steps you’ll need to take.

Getting involved in the community

Interacting with locals and forging connections will lead to referrals and new clients. You’ll define yourself as a person rather than just a name on a business card. And when it’s time for clients to buy or sell a home, they’ll remember you. Ideas include sponsoring youth sporting events, charities, volunteering and joining community improvement boards. With summer just around the corner, the marketing opportunities are endless!

Partnering with local businesses

Many small businesses are open to mutually beneficial partnerships. Consider contacting some in your target neighborhood to discuss potential collaborations. Working together will of course increase your reach, build credibility and put money back into the community.

Adding local information to your website

Use your website as a local insider guide to help residents discover everything there is to love about your area. Highlight great restaurants, new businesses, parks and quirky local history. This will drive traffic to your website, generating leads and solidifying your reputation as the local real estate expert.

Leveraging social media

Join online groups on apps like Facebook and NextDoor dedicated to your local neighborhood. Engage with your community, answer questions, offer neighborhood real estate reports and insights that establish you as a pro. Try creating some short videos highlighting different areas in the neighborhood, posting regular updates on homes and photos from community events. Great content will add value to residents’ lives, increasing your engagement and bringing you new clients. It’s an easy way to make meaningful connections with local residents while also keeping your finger on the pulse of your area. 

Ready to take control of your business? Our team at WinningAgent has made it easier than ever to launch your own fully integrated website with a variety of real estate focused themes! Let us know if you have any questions or comments in the thread below. 🙂