We’re often told that change is a constant, and nothing could be truer in the real estate industry right now as we navigate housing shortages, changing regulations, technology shifts and the ever-present force of AI.
CoStar Group’s acquisition of Domain has already delivered a clear mandate for change – both within our business and across the industry.
CoStar Group’s purpose is to digitise the world’s real estate and we have already seen the positive impact of this on our business, and our customers.
With more change on the horizon in the coming years, setting out clear goals and supporting your teams to navigate through the uncertainty to reach them is paramount.
So how do you lead through change while remaining authentic to yourself and your customers?
Set clearly defined goals
Teams can come adrift very quickly without a clearly defined goal, and a roadmap for achieving it. Change naturally comes with a lot of uncertainty and outside noise.
As a leader, you will never have all the answers as you navigate change.
Focusing on the things you can control, and showing confidence and calmness through the process will help you steer your team through the uncertainty.
Often large goals can feel unattainable or intimidating at the start.
Breaking them down into quarterly and weekly goals and celebrating milestones along the way ensures continued alignment for you and your team and helps remain on course to achieving your goals.
As a sales leader it’s important to focus the team on mindset and the actions and outcomes that are most controllable, while market conditions change region to region, month to month.
This means ensuring consistency in communication and customer engagement, building and progressing your pipeline and converting leads.
Moving forward agents and agencies can expect their Domain account partners to deliver enhanced service levels and valuable market insights as part of our commitment to delivering more value for our clients.
Build confidence through proof points
In any industry, data is key to decision-making. As a leader, you need to be across the data points, while also ensuring your teams are properly equipped to talk about them in-market.
Having the data is one thing, but equally important is the ability to talk to what it means.
Build confidence through data and show your customers what that means in real terms.
CoStar Group’s investment in the Australian property landscape is already delivering benefits for our customers.
Increased investment in marketing has seen us set records in our audience growth.
Domain achieved a record-breaking 49.3 million total visits in October, growing 47% year-on-year, while Domain app visits grew two times faster than our nearest competitor in October.
And we’re investing in products that streamline processes for our customers.
Our Skylight App gives customers access to real-time data and analytics, enabling them to work more efficiently, win more listings, and drive better campaign outcomes for their vendors.
These investments aren’t just driving success for Domain as a business, they’re providing exceptional additional value for our customers.
We know our increased audience, coupled with our investment in products our customers want, drives higher engagement, views, and inquiries through to our agents and their vendors’ listings, putting them in a better position to sell faster and for a better price.
Maintain trust and authenticity
Nothing is more important than relationships in real estate.
In my 25 years in the industry, including the last 13 at Domain, I’ve been fortunate to build lasting relationships with customers across the country.
As a sales leader, this means not only representing the brand, but advocating for those that work within the industry and championing diversity in real estate at a leadership and ownership level.
As we navigate through change at Domain, we’re committed to doing it in partnership with our customers and ensuring their needs are at the centre of our decision-making.
We’ve increased our investment in real estate trainers, ensuring our customers are supported to achieve their professional and business goals.
And from 1 December, we’re removing non-property third-party advertising from our homepage and our agents’ listings pages to create a better experience for our customers and their clients. Your listing- ad-free!
In a highly competitive industry, earning the trust of our customers means ensuring alignment with the values of your business and living those values in every interaction.
Authenticity comes through open communication, actionable feedback and created shared pathways for growth through product and strategy innovation.
This is an exciting time for Australia’s real estate industry.
Now is the time to be building resilience within yourself and your team, and arming them with the necessary tools to help them navigate the changing landscape.
Change will never feel impossible if you approach it with an open mindset, stay true to your values and set a clear north star to head towards.
