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3 ways to thrive in the face of disruption

29 March 2017 Tamikah Bretzke

With more than 40 years of experience in the industry, one of America’s top real estate professionals has shared his knowledge on staying ahead of the curve and achieving “superstar success”.

With more than 40 years of experience in the industry, one of America’s top real estate professionals has shared his knowledge on staying ahead of the curve and achieving “superstar success”.

Ahead of his talk at AREC on the Gold Coast later this year, Bob Wolff shared three things real estate agents and property managers can do to thrive in the face of industry disruption.

1. Provide competitive customer service

Mr Wolff said the emergence of online platforms aren’t so much a disruption to the industry, but rather fresh competition within it.

“Competition within the real estate industry has been around for more than a century,” he said.

“What the consumer has today is many more choices with respect to sourcing information and engaging a real estate professional [and] I believe this choice on the part of the consumer is misinterpreted as disruption.”

Mr Wolff said the trick to staying ahead of the curve is through providing excellent customer service.

“I strongly believe that professional real estate people add significant value in any transaction … [and] as long as we, within the industry, adamantly continue to do the right thing and place people first, there will always be a need and a role for us to play in real estate transactions.”

2. Improve your knowledge, improve your business

Mr Wolff said a competitive environment often compels real estate professionals to “upgrade their skill level” provide greater levels of service by keeping up-to-date with trends and changes in the industry, and implement modifications in their businesses.

“There is absolutely no doubt that providing an incredible level of service is a major benefit to all players concerned,” he said.

“That’s why many real estate professionals have attended the AREC conference over the past 20 years, as this event is time-tested in providing Australian property professionals with the latest industry developments.

“Once applied, these enhancements and modifications to our business models provide a higher level of professionalism.”

Mr Wolff said if property managers and agents can’t find new ways to add “more value” to a transaction, they risk losing out to “third-party advocates with technology-based platforms and internet models that are attractive to Millennials”.

To counteract this, the real estate mogul recommended the industry “keep looking for that next best idea”.

“Adding these constant little improvements to solid fundamentals of great customer service and a caring philosophy will bring you significant results in your career.”

3. Play the part

Mr Wolff concluded by saying that if he were looking for a professional, he would engage with an agent or property manager who “looks the part, sounds the part and acts the part”. He said all property professionals be mindful of the role they play within their business dealings.

“At the end of the day, this is a business transaction, so I would look for someone that looks like a business person and has the energy and attitude, as well as the commitment for completing the task at hand.

“In addition, I would look favourably on those that truly ‘tuned in’ to what I am attempting to achieve with my property.”

3 ways to thrive in the face of disruption
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