There is a challenge facing the industry, and that is the divide between operating as an individual and as an office, according to one expert.
Tom Panos, a recognised real estate trainer, said that what is happening to the real estate industry is known as the hairdresser effect.
“What happens is the hairdresser effect; when the hairdresser goes so does the customer, and that is what has happened in real estate. Real Estate sales agents have control of people,” Mr Panos said on his Facebook Live series.
He said that the divide was causing conflict between personal and office brands.
The real estate coach said: “What’s happened is the personal brand of the office has been affected because every single agent now has their own personal brand.
“On the one hand, you want office brand presence; on the other hand, the sales person cares about their personal brand.”
Mr Panos said that social media had allowed agents to create their own brands despite what this may mean for the business.
“Each person focus[es] on their own personal brand which might not be aligned with the business strategy of the office,” Mr Panos said.
He placed part of the issue in the hands of companies, like realestate.com.au’s Agent Elevate for promoting the agent above the office.
“It allows the real estate sales person to invest money in their own personal brand online in a far easier way,” the coach said.
Mr Panos ultimately believes that despite the conflict, there are positives and negatives to the issue.
“I believe that you as an employee are an audience builder and the business benefits. I also see that the business can suffer if agents do ridiculous things,” the coach said.
Upon opening it to the commenters, Mr Panos’ followers seemed to agree that it had to be a mixture of both to be effective.
One commenter stated that “it’s a two-way street, so brand yourself and your company, people will be attracted to both.”
Another said that “both the individual and the business need to leverage each other’s brands”.