Landlords are now less likely to simply engage your services and stay on your rent roll for their entire investment journey – so how do you fill in the gaps?
Disruption is one of the buzzwords thrown around whenever a new player enters the real estate scene. But do you know how to deal with disruption and turn it into a win for your PM career and your agency?
“No matter what business that you’re in, you’ve got to accept that the clients that you’ve got today may be served by someone else tomorrow,” Tom Panos, real estate trainer and auctioneer, said.
Disruption is a popular word used for new businesses that are changing the way services are provided. The real estate industry is no stranger to new companies aiming to shake up the scene.
“Disruption is happening in every business... consumers in 2016 have become price sensitive and everyone knows the price of everything,” Mr Panos told PM's sister publication My Business on the My Business Podcast.
Handling disruption in your industry isn’t about trying to match your services to the services of the new threat, it is about being comfortable letting the customers who are attracted by low price points and new promises leave, and funnelling new business in to fill the gaps.
“There will always be an element of people that are going to turn around and say, ‘I can buy that product or service at that place, at this price,’” Mr Panos said.
“You have to accept that these people are going to move on.”
Mr Panos said real estate professionals who are concerned about losing clients to new agencies with different offerings should focus on improving their basics rather than trying to outdo the disruptors and win over the clients who are likely to leave anyway.
“It means, more than ever, if you’re a business owner you need to have a clear marketing and strategy in your plan,” he said.
“You no longer can rely that you’ve got a client for life.”