The real estate industry is one of constant change, influenced by countless factors beyond the control of agents. The economy, population growth or decline, urban development and infrastructure—even new taxes can change how the market acts from one day to the next.
One example of this is CASL, the Canadian Anti-Spam Legislation.
Under CASL, starting July 1, 2017, agents will need explicit consent to send digital marketing to anyone in Canada. That means the e-newsletter—a popular component of a REALTOR®'s marketing—now risks falling afoul of CASL and falling victim to fines from the CRTC.
CREA has provided a helpful guide to realtors on how to ensure your real estate business is compliant with CASL.
CASL compliance is just another item in a seemingly long list of changes that force real estate agents to be continually learning, and adapting their business to oncoming challenges. In this particular case, the challenge is a change to the way you can market yourself.
In short, the old days of spaghetti marketing are over.
One way enterprising agents can adapt their business to the challenges CASL is presenting would be to move to a more referral dominated practice. Why? CASL has exceptions in place allowing agents to contact individuals referred by friends and colleagues. However, to get these referrals, you are going to have to provide an exceptional service to you current clients, so they feel like you have something special to offer their friends. They're putting their own reputation on the line for you after all.
In the traditional model of real estate, there was a distance between the REALTOR® and the homebuyer. Typically, agents only interacted with their clients during the buying and selling phase of the home ownership cycle. This represents three months out of the typical seven-year real estate cycle—less than four percent! Save for this, agents had to continually market themselves to discover new leads—that's where spaghetti marketing came in, after all.
CASL has exposed as an opportunity, an opportunity for innovative agents to take charge, and shift from spaghetti marketing to delivering a value based system directly to the home owner. In this system, agents are able to be there for their clients, providing a constant service at all stages of the home ownership cycle. With this personal relationship, your homeowner is not only more likely to use your services again and again, but they're also more likely to refer their friends, family, and colleagues.
This is a new way of thinking about real estate. But, real estate agents are always learning, always finding new ways to excel and looking to take your business to the next level.
To help you build and maintain this new kind of dynamic relationship with your home owners, you're going to need a new suite of tools within this business model. A set of tools that can help you provide support to your homeowners across all stages of home ownership, allowing you to become a valued asset for your homeowners beyond the time of the buy and sell.
You can always build your own. Or you can find someone providing all these services in one, convenient location for you.
That's where we at HIA® can help you.
If you want to learn more about the relationship cycle and how to approach real estate from a new angle, keep your eyes posted to this blog and our social media accounts.
And stay in the loop with HIA®.