Technology is getting really interesting in the real estate market, but always remember that the future comes one day at a time and that I think it has something to do with tomorrow that there always is one and that everything can change when it comes. Our industry seems like it is changing every couple of months.
Full Service vs. Low Service. The gap in services will widen further as real estate companies are recognized as either a Walmart or a Nordstrom. Many players are entering the market to chase the billions of dollars in commissions shared in a real estate transaction, but most take the Low Cost/Fee, Limited Service, Help Your Self approach. Bickerstaff Parham is a full service brokerage firm and always will be. Consumers want to work with an experienced local agent.
Cyber fraud is everywhere. In our text messages, emails, voicemails, websites, etc. So you've got to warn your clients about potentially fraudulent activities that may occur once a transaction begins, because the criminals are watching what we're doing. One way to protect yourself is to use a Google Titan Security Key. I haven't used it yet, but as real estate professionals, I think it's important to assess how you're protecting your information and your clients. You should consider changing your passwords every 3months.
The Henry's are here. High Earning Not Rich Yet. I've talked about different demographics, different generations and now we're starting to break down the millennials. By the time we're done, they're going to have like seven different subsets of their entire generation. HENRYs are millennials earning $100,000 or more a year in household income. So they're earning good money but they're not rich yet because they don't have anything to show for it.
They don't have cash to put down on the house and they're still borrowing money. What's interesting about the Henry's is how they value luxury goods and it's not by price, they value luxury goods by first quality and then excellent reputation or recommendation.
The enemy of mastery is not mediocrity. It is distractions. The addiction to distraction is ruining many potentially awesome lives. 2018 was full of distractions and I believe we will see more of them in 2019. And that's sort of what makes the future scary sometimes. If you don't know what you want to accomplish, there are plenty of things to distract you along the way to prevent you from accomplishing any of them. So I want to challenge you all to be thinking about some of the things we discussed today, but also stick to your plan, the business plan that you've laid out for 2019. Follow those plans. Real estate is still very slow to change because it's a people business and requires us HUMANS to change.
Buyers and Sellers want an experience, they want to work with someone that can carry them all the way through and if you keep doing that, you're going to have a solid place in the future for as long as you're in the business. It's going to be a long time before you can just walk in a store and by house.
I’m excited about the future and what's coming down the line for us because it has the possibility to add value to our clients. The technology is just helping you communicate with them. It's not replacing what you say or do with them it just allows you to not have to physically be there face to face with them, which is why there's always going to be a place for Real Estate Agents.