Q.
Jack Ma said the future money is DATA. What do you think?
A.
Read further on:
Agent Positioning
Agent Positioning 2
GAP - Barrier or Opportunity?
In property business of estate agency, agent positioning is very important.
Currently, almost all agents position themselves as "AGENT of SELLER". Simple, they want to be paid. No buyer is paying commission for a service.
It is just like you buy a hand phone from a Brand Manufacturer, say Samsung, you pay a profit to the hand phone store.
The hand phone storekeeper (agent) takes money from Samsung for a NEW GALAXY phone sold!
Imagine you are a buyer of hand phone. Would you pay for a fee, asking a storekeeper to recommend you a phone? Then, you pay him a commission, and he sells you the phone at no mark up?
No, right?
Let us say a very ridiculous situation - you don't know a thing about hand phone. Yet, you need to buy one. So you appoint him to source for a phone within a budget. In this case, how much would it take for him to show you so that it is worth your fee?
Hard to define right?
That is about DATA.
The big talk about DATA is that it can be used to sell things to the right audience, spot on and reduce error and quicken time channeling big revenue in sales. That is exactly what is described above. You pay him a fee for showing you the best phone for your fit. And, you buy that phone and don't waste your time anymore. The phone manufacturer will manufacture the very type of phone and don't waste the resources on other phones.
In Real Estate, this is not so simple.
Property DATA is hard to collect. The variables are many. If you include FengShui, it is even more daunting to imagine.
However, with this DATA, a buyer will be attracted to select the right fit for his property. That is all that is needed, right?
Then, it takes two hands to clap! You have the DATA, but what type of audience needs DATA?
Simply put, not everyone reads the tech-magazine to buy a hand phone right?
Therefore, you need to study your market segment. The more sophisticated investors, the business people who use property to make profit, operator of businesses, offices, plantation land, etc.
It is less of the First Time Home Buyer group. So, know your segment!
Therefore, the three things a successful estate agent should master are:
1. Right mix of DATA.
2. Right fit for the GAP.
3. Right system (strategy) for long term sustainability.
These are never easy things to achieve. It ranges from networking to computer skill, inputting of raw data, analytical mind to research and presentation of the right DATA to the right audience resulting in a perceived VALUE INFORMATION.
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