The lockdown diaries, #9: The (real estate) passion economy
If you are in real estate, can you offer something that is totally differentiated than anything else available?
I’m a big fan of the a16z Podcast and loved this episode where they discussed the passion economy that is redefining work. The presenters argue that consumers are broadly shifting their information diets to things that are creator led (as apposed to traditional media sources), have a listen:
You don’t need a mass audience penetration, you need a smaller set of true fans and a passion for the work you do. You need to be knowledgeable in a particular area.
Today a large portion of the population has turned to YouTube as platform to perfect their trade or learn a new skill.
Adaption is the key to survival
I believe that current events are forcing a change in habits, and businesses and professionals will need to adapt to a new normal. The virus is just accelerating the rate of change and pushing our perception of what is possible to do online for a living.
Rise of the super agent and teams
Based on the above, are you doing something in real estate that isn’t just paying bills, but something you are truly passionate about? Maybe as a broker, you have the passion to up-skill new agents and see them succeed. As an agent, you are maybe the real neighbourhood expert that people will turn to if they are seeking any real estate advice or want to know what their neighbour’s home sold for last week. Are you the go-to agent that people know will sell every home they put on the market? Are you the agent that can give honest advice and step away from an overpriced mandate?
In the (real estate) passion economy we will see the rise of super agents and teams. Less focus on the brand, because YOU are the brand. Consumers are increasingly cutting out the middlemen. They are looking for individual experts, not brands.
If you are spending all of your marketing budget on paid advertising for unqualified leads, and not getting referrals, it is time for a mind shift.
We all have an opportunity to show our passion, so you need to find your ‘Why’. Here is a great book from Simon Sinek to find your why:
