The real estate marketplace in the modern 21^st century has undergone significant changes – an evolution that has been in the making for several consecutive decades. This unchecked progress has been driven by enhancements in technology, evolving consumer preferences, remote work preferences, shifts in demographics, sustainability priorities, swings in economic trends, and other factors impossible to predict (Think - Covid-19 pandemic and more).

‍The result – seismic shifts in the real estate marketplace that require real estate professionals and stakeholders to stay current and on top of changing trends to navigate an evolving landscape successfully. 

Why Understanding the Modern Real Estate Marketplace Matters

Among the most noticeable changes to the real estate market has been the technological integration that has touched each facet of the real estate process – often streamlining the beginning stages of what used to be the typical buying process. The National Association of REALTORS® (NAR) offers these remarkable statistics regarding the technological impact –

• In 2020, 97% of all home buyers, when searching for a home, used the internet – independent of their age or generation.
• 76% of home buyers used a mobile/tablet device when searching for a potential home; however, millennials were found to use these mobile devices nearly twice as often as those who are members of the Silent Generation.

Examples of how the digital/internet has truly revolutionized real estate from its humble beginnings include the following –

• The ability to search for available property listings – that includes not only photos but online three-dimensional virtual tours of the property and neighborhood – via drone footage – before a buyer has to spend time, money, and energy physically viewing the property.
• Real estate has become more globally interconnected – with players and other real estate investors now capable of participating (i.e., bidding, buying, selling) in a transaction from anywhere in the world. 
• Data-centric decisions – using powerful programs to assess vast amounts of analytics, data, and metrics, can be made about market trends, pricing strategies, investment opportunities, and trending inclinations – with greater certainty.
• Real estate professionals must proactively try to remain engaged with a broad potential audience, leverage their digital platforms, and implement digital marketing content and strategies.

Long-term professional relationships – today or in the future will always be built on effective communication – whether it be in person or virtually. Remember to maintain honest, transparent, and two-way communication to make sure customers feel supported and understand you are there if they need your help and guidance. 

Why Proactively Fostering Lasting Relationships is Essential for Real Estate Professionals

Building lasting relationships is crucial for most professionals whose work is commission (or non-salaried)-based, which would include real estate professionals and investors. Creating and fostering long-lasting professional relationships in today's highly competitive market can potentially create the one reason why a previous client – given the choice of similar, available real estate agents - chooses you to represent them. 

Building professional relationships in a real estate market that is increasingly defined by competitiveness and complexity offers these benefits –

• Building lasting relationships is an essential component required to establish/maintain trust and credibility with previous/current and future real estate clients. 

• A transaction related to real estate typically involves significant amounts of money, legal consequences, and emotional investments, which is why buyers/sellers are more likely to select a professional they have learned to trust during these challenging transactions and times.  ‍
• Clients are simply more likely to choose to be professionally represented by a licensed agent with whom they have an established positive and trusting relationship rather than someone with whom they have no experience.  
• This establishes the beginning of goodwill.‍
• This creates loyalty that often leads to repeat business and potential referrals of new business.
• This allows a real estate professional to provide the most effective and personalized service. 
• Real estate markets experience fluctuations and, over time, traverse a four-stage cycle. Clients and real estate professionals understand that lasting relationships allow real estate licensees and other professionals to better understand their client's changing needs in response to larger market issues and economic influences.  
• Repeat business and referrals are powerful sources of new clients and contribute to the growth of a real estate professional's business. Clients who are pleased with your professional service and the outcome of their transaction are more likely to become repeat clients and even refer family, colleagues, and friends to use your professional services.  
• Long-term relationships can lead to additional professional development opportunities. Satisfied customers may choose to use your talents in other facets of the real estate realm for various investment opportunities.

As clients' needs and circumstances evolve over time, maintaining lasting relationships allows real estate professionals to adapt to the ever-changing needs of their new, current, and established real estate clients. In the world of real estate – like in most things in life – your ability to adapt to changing conditions is directly connected to staying ahead of your competition. 

Building Lasting Relationships in Real Estate – The Take-Away

Building lasting relationships contributes to a positive reputation for yourself, your community, and the industry as a whole. As importantly, it helps generate a positive client experience – whether buying or selling real estate.

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Senior Contributor: Judi Kutner - Realtor

https://www.linkedin.com/in/judi-kutner-08224013/

Throughout her career, Judi has contributed to financial and real estate publications and various education endeavors including authoring hundreds of hours of continuing education coursework to meet state/ARELLO standards for licensees. She currently holds a Florida real estate license and has held a NY Mortgage Broker's license, a Florida Community Association Manager license, plus several SEC licenses during her career. A skilled writer-influencer for the financial and real estate industries - Judi is also a passionate photographer/videographer/artist and Reiki Master – interests that enhance her ability to communicate the important effectively but often hidden subtleties that make a difference in understanding and succeeding in real estate and business. As a proficient business writer, Judi’s goal is to share her passion for (and three decades of knowledge about) the many fascinating facets of the financial and real estate worlds.

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