I was thinking yesterday that “9/11” was 18 years ago. How fast those 18 years went? I was also talking to a client about a training I did last year called “Crossroads” where I shared the evolution of real estate and mortgage originations from a predominantly realtor referral business to a much larger reliance on consumer direct business and referrals from other professionals.
The talk centered about how nobody knew who “Quicken” or “Zillow” was ten to fifteen years ago, and now they are dominant in the market. How Zillow may have started out as a website for houses, but that made way to selling leads, and now trying to eliminate the agent, the lender, and title companies because they believe that those people are not “important” to the quality of the transactional experience.
You would be surprised to see how fast they went from being supportive to the industry to trying to take it over! How fast did that happen? How quickly did they go from begging agents to post heir listings on the site, and getting agents to work with lenders to pay for the lead information back; to now saying out loud that they intend to replace the agents and the lenders and there is nothing they can do about it because the agents and lenders have become dependent on Zillow for their business!
Boy did that happen FAST!
So what is the game plan? What will you do? How will you compete? How will you set your value to the customer? How will working with you be better for that customer? How will it bring greater value to them? How will you create a better customer experience?
Zillow isn’t alone. Other companies are changing the way our industry works. Ever see “Open Door®”? Redfin® ring any bells? Will Amazon® become the beast of “Prime Real Estate” or mortgage? If you haven’t thought about this you really need too! The crossroads are upon us and you will need a plan to compete going forward!
Keep an eye out for your invitation to the October 22nd2019 “Crossroads Webinar” and “Business Planning 2020” event October 29th2019. These two events will help you see the strategies you can use to take control of your business, and thrive in 2020 and beyond!
Questions or comments: Mike@IMTcoaching.com