A couple of days ago, I encountered a shocking revelation about a prominent company in the real estate industry. Alarming as it was, it can be an eye-opener on the other hand.
Zillow is a group of companies that offer varied services in real estate like providing lists of properties, whether for-sale or for-rent, from hundreds of real estate brokerages. It is a digital platform where individuals easily search for business prospects.
However, a not-so-good story about the company circulated in one of Reddit's forums. A Reddit user expressed dissatisfaction over Zillow's listing service. Accordingly, he received inaccurate listings shaped by the many errors or missing details to where fellow Redditors agreed.
I am not sure if it's a coincidence, but I saw the same issue tackled by a famous YouTuber in real estate, Karin Carr. She created video tips and guides, which made way for more organic leads to find her. That is now her advocacy in generating leads, thus sharpening her disapproval of Zillow's business framework.
In one of Carr's videos, she was brave enough to call out this platform. She allotted almost 11 minutes to articulate Zillow's misleading brand, urging co-realtors to cease their virtual transactions or coordination with them. She pointed out that they ask so much for this listing and give back consumers less to nothing. What's even worse is that the continuous use of such could be taxing and financially damaging, she added.
Considering these no-value or unsure listings, life in real estate is indeed a roller coaster ride. You win some, and you lose some. Kyle Hiscock, in his article, said that most real estate agents' downfall is due to overtaking of risk. They keep on doing things that are not bringing them investment returns as fast as they assumed.
Realtors are slow to realize if their cash flow is falling apart. When they do, they do not have enough savings in the bank. And to avoid that, Hiscock further advised those who decide to operate full-time in real-estate to save money in the bank sufficient to cover their expenses for at least six months.
But the real problem here is that realtors seem to miss the other even more pressing issues - one is financial mismanagement in real estate. They are so focused on gaining leads. They spend so much on things that are taking them to nowhere. They fail to see that this weak strategy is indeed the actual cause of their monetary failures.
To back that up, the following questions are what realtors keep neglecting, so financial mismanagement happens. It is not because they find this self-assessment useless, but because they do not want to face their possible challenges other than targeting clients:
1. What's my actual net worth?
2. How much is my money left in the bank?
3. What's the score of my credit card?
4. When will I start fixing my finances?
5. How much money do my competitors make?
Even if you are not a realtor, but if you relate to those questions, you can also make your financial management better through the following:
1. Mark the date when you will review the returns and expenses.
2. Make a to-do list of the things you will do next.
3. Seek professional advice.
4. Track your income.
5. Research financial trends.
Here's one more tip! The above recommendations are a few tasks of remote freelancers. That's right! People hire a remote virtual assistant to support them with these monetary responsibilities. On top of that, there are several other things you can do. You can also find a remote staff who can do manual research for potential and organic clients, making your database more valuable and meaningful. You can break ties from some of those ineffective digital platforms that offer listings while ensuring your finances do not go out of hand.
Want to work with virtual assistants? Meet them here and be a real-estate-ready realtor!