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‘Recency trumps loyalty’ in real estate

By Malavika Santhebennur
22 February 2022 | 1 minute read
Tom Panos

Tom Panos has warned that newer agents who have the most recent sales and digital and traditional strategies could race ahead of experienced counterparts.

The founder of Real Estate Gym observed that agents who have been practising for decades could feel entitled to business and listings because they may have sold properties to buyers in the past.

However, while experienced agents could have earned the loyalty of their clients, it is the agent with the most recent sales and listings who would outshine them, he argued.

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“In the new world that we live in, recency trumps any loyalty that you think you’re supposed to have,” he told REB.

Mr Panos’ comments have come ahead of the REB ReInnovate 2022 event in March, where he will speak to agents about how their sector has changed during the coronavirus pandemic.

He said the COVID-19 crisis had fast-tracked the use of technological tools such as digital introductions and price updates, online auctions, and video conferences with vendors, and how an agent lists and sells real estate.

Agents who have modernised their marketing strategies by implementing a hybrid digital and traditional marketing approach, learned how to use retargeting on social media, and produced relevant video content will achieve currency and recency in the real estate market, Mr Panos stressed.

“If newer agents could learn the art of creating a personal brand using both online and offline strategies, they could remarket very quickly against experienced operators,” he said.

“Moreover, experienced operators can’t rely on having repeat customers. You don’t own the customer just because you sold them a house. No one has exclusive rights on past clients.”

Mr Panos encouraged agents to learn “how to hack algorithms” on social media platforms when implementing a marketing plan, as well as how to upload to their CRM systems, and produce effective and targeted content for their audience (including sponsored content).

“You essentially need to learn how to become a high-tech, high-touch agent,” he suggested.

“More importantly, you need to learn how to use text messaging as a part of your communication strategy to stay in touch with your clients.”

However, to avoid being “ripped off in the bleeding edge of the tech space”, Mr Panos urged agents to conduct thorough research of the available tools and their potential benefits for their business.

“Think about whether the tech you’re using is actually going to help you list and sell a house or whether it’s just shiny and looks attractive but doesn’t align with your business goals,” he said.

Furthermore, he suggested that agents could research the strategies of other successful agencies to gauge the effectiveness of technological tools.

“Successful agencies leave clues so you need to follow those clues,” he said.

“Have a look at the real estate agents in each market who are totally smashing it and have a look at what they’re doing. Get close with them and see what’s working because you don’t want to be the experiment.”

During his session at REB ReInnovate, Mr Panos will address how agents could become modern vendor managers by using customer data to educate their clients about the property market.

“The property market has changed in Australia; we’re seeing that vendors aren’t getting their dream prices anymore, so agents need to learn how to become a modern vendor manager,” he said.

“I will also provide daily and weekly checklists that could help agents get more listings and create more sales.”

To gain more insight from Tom Panos around how to implement these strategies in your agency, come along to REB ReInnovate 2022.

Click here to book your tickets and make sure you don’t miss out.

For more information about the event, click here.

‘Recency trumps loyalty’ in real estate
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