Adrian Erimescu’ opinion about the Real Estate agent of the future. An opinion that counts
Many people usually think that “if you are powerful, everyone should know it”. Adrian Erimescu, general manager of www.imobiliare.ro belongs to the new generation of successful Romanian managers who believe that “the more powerful you are, the less you should try to force people to accept it”.
Adrian is one of the most influential persons in the Romanian Real Estate world and he is constantly trying to come up with new ideas and projects. He invests resources (time and money) to train, propose, change or fight for a better business environment in the market. A few days ago he published an article on Wall-Street regarding the new role of the Real Estate agent. I think you should read his opinion carefully. It is an opinion that counts.
The new real estate agent: How we want him to be and how he wants to be
All that the crisis has left behind seems to be insolvencies and bankruptcies, unemployment and goods with doubtful quality, mostly produced in China. Still once in a while we find ourselves as witnesses to small miracles. In the face of the economic difficulties, there are people that have decided to act against the current, to pull through.
There are examples in every industry: editorial teams that decide to brave life on their own, to invest and take over the management of the publication that is facing bankruptcy, entrepreneurs are breathing and doing it well and the much blamed real estate agent seems bent on reinventing himself, becoming on the one hand responsible and on the other aware of the fact that there is a need for him and he can respond by bringing added value.
Having traveled extensively through the country on business, I have met hundreds of real estate agents throughout the year. The conclusion is: luckily, the crisis that we are dealing with has left traces behind. We’re not only talking about a new economy but about a new real estate agent.
The new real estate agent is as concerned about transactions as the one before the crisis. Now, however, he understands the road he must take to get there. He’s active in trainings and sales workshops, negotiations, management and leadership workshops, he reads business books and invests time and money in his professional and personal development. The smartphone, the tablet, the CRM or online promotion are part of his daily life. The new real estate agent uses work instruments, he normalizes his work and measures his results.
The post-crisis real estate agent doesn’t stop there. He gets inspiration from mature market working systems, the main approach being the exclusive representation. In this system, the broker represents only one party in the transaction not unlike a lawyer. If he’s the owner’s agent he will council him in establishing listing prices, he will promote the property efficiently, he will screen the interested buyers and he will collaborate with the other agents on the market in order to reach the buyers. When he represents the buyer, he will make sure that his client is making the best choice and will assist in negotiations. Having the guaranty of his commission upon the sale, he will invest more money and energy in all the stages of the transactions as opposed to those that limit themselves to the role of intermediary.
Gone are the days of residential transaction sales. The new real estate agent pays much more attention to the relationship with the client, property owner or buyer; he listens to their needs, he understands the context and gives advice. The post-crisis real estate agent is much better informed and responsible: he uses market studies, comparative analysis and gives arguments back by concrete data. He keeps his client informed at every turn and balances emotions, generating security in a transaction where a lot of money is, usually, at stake. Sometimes a debt that will last for several decades.
The new real estate agent works as part of a team and collaborates with other professionals in his field. These collaborations are more easily formed between agents belonging to the same agency but dialogue is ever more present between brokers from different agencies. Together with responsibility, respect for one profession increases and with that trust is quickly built between colleagues.
He has a reduced portfolio of properties that allows him to better use his energy. The post-crisis real estate agent separates and specializes on different types of properties, for example: houses priced at over 100.00 euro in the north part of Bucharest. He becomes an expert.
He plays fairly, which involves a higher level of ethics but also a long term vision about his own role. The new agent isn’t afraid to talk about failure and success, he appreciates the best and refuses to work with those that are not serious. The new real estate agent is careful when it comes to reputation and brand.
It is somewhat strange but what is happening right now is a come-back of a set of values, chief amongst them responsibility and common sense in business, even on the real estate market. Of course things are far from perfect but the real estate profession seems to be on the right track.
I propose a mental exercise: leaving aside the emotional baggage, have you met professional real estate agents?