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It’s one of the buzzwords thrown around whenever a new player comes onto the real estate scene, but do you know how to deal with disruption and turn it into a win for your agency?
“No matter what business that you're in, you've got to accept that the clients that you've got today may be served by someone else tomorrow,” said Tom Panos, real estate trainer and auctioneer, speaking to REB’s sister publication My Business on the My Business podcast.
Disruption is a popular term used for new businesses that are changing the way services are provided, and the real estate industry is no stranger to new companies aiming to shake up the scene.
“Disruption is happening in every business. Consumers in 2016 have become price-sensitive, and everyone knows the price of everything,” said Mr Panos.
Handling disruption in your industry isn’t about trying to match your services to the services of the new threat. It’s about being comfortable letting the customers who are attracted by low price points and new promises leave, and funnelling in new business to fill the gaps.
“There will always be an element of people that are going to turn around and say, ‘I can buy that product or service at that place, at this price’,” said Mr Panos.
“You have to accept that these people are going to move on.”
He said agents who are concerned about losing clients to new agencies with different offerings should focus on improving their basics rather than trying to outdo the disruptors and retain clients who are likely to leave anyway.
“It means, more than ever, if you're a business owner you need to have a clear marketing and strategy in your plan,” Mr Panos said when asked how to overcome this disruption.
“You no longer can rely that you've got a client for life,” he said.
[Related: The 1 habit of highly successful real estate agents ]
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