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August 15, 2018

What Will Consumers Expect in the Future?

What will consumers expect in the future?

Consumer expectations haven't changed over the last 25 years. Consumers want: Speed, Convenience, Choice, Value-Add, Quality, Service, Discounts and Information.

The Real Estate Professionals and companies that survive the major changes taking place in this industry are those that can quantify what they do and how they earn their money, those who can create a "compelling argument" and "value proposition" for the consumer.

One method of doing this is to look at what consumers, not just real estate consumers, but all consumers are looking for today as they shop for products and services. These items can be referred to as "Consumer Demands" and when you look at what you do, how you do it, and how you market it, bring as many of these driving forces to bear as possible:

Speed - think of fast food. The quicker you can take care of the administrative aspects of a purchase or sale, the more valuable you are to the consumer.

Convenience - think of Seven Eleven stores. Also, remember that people will often pay a premium for convenience. What do you do for the convenience and comfort of your clients?

Choice - the more alternatives initially, the more consumers like it, but then they narrow it down. Don't we all enjoy the choice from ice cream (31 Flavors) to Coffee (Starbucks)? What can you do to give your client more alternatives?

Value-Add - people like to get MORE than they pay for. This is a value-add. Real Estate Professionals provide value-added services every day, but few take the time to reinforce it to their clients. Have you ever cleaned or painted a house for a client after a sale? Helped them move something or something like that, an extra, that WASN'T in the listing agreement but you did it anyway? That's "Value Added."

Discounts - If it is convenient enough, you will use a coupon. Lots of people look for discounts in everything they do. This doesn't mean you should offer discounts, but you must be aware that for many this is a "driving force" so play to your strengths in your marketing.

Quality - Are you willing to pay more for quality? Many people are.

Service - think of Nordstrom's which prides itself on its service. Think of Hertz. Number One in their business and also the most expensive. Isn't that what you would like to emulate, to be the most expensive and Number One?

Information - this is the age of information! Consumers won't BUY a toaster or a microwave without first buying a copy of "Consumer's Guide", let alone a piece of real estate. Make it quick (speed) and convenient for your clients to GAIN access to lots of (choice) information.

Deliver the above at every available opportunity and your clients will not only love you, but they will also send you more business.

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