Full Service Still Important To Consumers

To better serve a smarter, more diverse client base, Realtors constantly need to hone their professional skills and use a wide array of technological tools while simultaneously providing traditional real estate services.

Those were among dozens of observations offered to more than 800 real estate professionals who attended the annual Realtor Expo presented recently by Southland Regional Association of Realtors, serving the San Fernando and Santa Clarita Valleys.

Studies of today's home buyers and sellers show that while technology is playing a larger role in competitive approaches to buying and selling homes, consumers continue to prefer more traditional methods.

Alice Martin, an expert who studies trends for the National Association of Realtors, said that today's consumers are "smarter, want autonomy, more personalized services, and more choices for less money."

"These are just some of the powerful forces washing over the real estate service business," Martin said, noting that the consumer mantra today is "It's all about me."

Buyers are willing to do more work for lower fees, she said, yet in the end they still want a full-service broker who offers one-stop benefits.

The generational differences alone are enough to drive any professional crazy.

"The greatest generation, baby boomers, gen-X'rs, millennials born after 1980 -- each group communicates differently and each has a different view on homes and what they really need," she said. "It's not just a face-to-face business anymore," Martin said. "Realtors need to be prepared to communicate differently."

Facebook, Second Life, U-Tube -- are examples of social media that consumers use extensively today, meaning that real estate pros miss a chance to connect if they show a lack of familiarity with and presence on these Internet sites.

For example, Martin said today's home buyers and sellers are focusing on remote employment, want more virtual offices, are more willing to telecommute -- trends which influence the size, location and requirements of a home a buyer might be interested in purchasing.

Although most buyers use the Internet at some point during the home search process, more often than not they turn to a professional to help them actually purchase a home.

In fact, more buyers wind up finding the home they eventually purchase through a Realtor than via the Internet. Despite the advances and advantages of technology, most sellers continue to favor full-service brokerages, where professionals handle all aspects of the transaction process, from listing to closing.

That service includes everything including preparation of the home for sale, pricing, marketing, showing the home, contract negotiations and closing. True, in a bid to get lower fees, some sellers are willing to do more work -- show the home themselves or prepare a contract -- yet, those typically are limited to more experienced individuals who understand the process and know the local ordinances.

In the end, eight out of every ten sellers use a full-service brokerage.

Those who understand the value of using a professional say that a professional's reputation is the single-most important factor in their decision. The next most important factors are that the agent is honest and trustworthy.

"Become a trusted advisor," Martin urged the professionals attending the workshop. "Being accessible and responding immediately are important," she said. "Trust is key and experience is essential. Indispensable means knowing more about the market than anyone else."

Successful agents understand that even with the explosion of the Internet, full service is still king.