Tre Pryor is the recognized real estate expert in the city of Louisville, Kentucky. Tre is the founder and editor of LouisvilleHomesBlog.com, the #1 real estate blog in the city, and he also writes for InsiderLouisville.com and several other industry websites. We recently caught up with Tre to learn more about how the Internet has transformed the residential real estate industry, as well as what challenges home buyers are facing today.
Tell us a bit about yourself. Why did you decide to start a real estate blog?
When I began my new career in real estate, I wanted to learn as much as humanly possible about my chosen field. Having to write regularly for my own blog forced me to dig deep and develop that expertise.
What are some of the qualities or challenges that are somewhat unique to the Louisville real estate market?
Currently, our absorption rate is as low as it’s ever been. Homeowners could sell much more easily than normally, but then what could they buy? It’s a difficult, unbalanced situation to be sure.
Since you’ve been on the World Wide Web since 1993, could you tell us the most drastic way that the emergence of the Internet has transformed the residential real estate industry?
Consumers now have so much information at their fingertips that it’s overwhelming. Some of it is incredible, but some is flat out wrong. It’s difficult for the average person to tell right from wrong when it comes to what homes are actually for sale. Do these websites truly tell us what a home is worth? Which agents know their stuff, and which are simply copying things from other sources? Finding a trustworthy expert is more important now than ever.
What are some of the biggest stressors today for people who are trying to purchase new homes?
There’s always stress associated with any big decision. I would have to say that buyers today are expecting the prospective homes they visit to look more like what they see on HGTV. When sellers don’t go the extra mile to make their house look great, buyers are disappointed. Move-in ready properties in Louisville sell fast and for top dollar.
For people who haven’t experienced the home buying process for a decade or more, what factors should they consider when searching for a new home?
The loan process is much more rigorous and time-consuming. Be prepared for the lender to ask for details about anything and everything. At the end of the day, people are still getting their loans, but they now have many more hoops to jump through than they did ten years back.
When it comes to the frequent changes that occur in the real estate industry, in what areas do you think you fellow realtors could improve?
In my experience, I’ve found that while some agents treat their clients well (otherwise they wouldn’t be agents for long), they do not treat other agents with the same care. Perhaps it’s a small portion of the industry, but it’s not a good trend and actually detrimental to their business whether they know it or not.
When it comes to consumers, each agent should work to go above and beyond client expectations because the barrier to entry is low enough that new agents could come in and take their market share quite easily.
What are some of the most important things you’ve learned when completing your professional development hours?
It’s essential to stay on topic of all legal changes and requirements as they apply to your practice and membership to each industry group. The very last thing you want is a lawsuit to come your way. Never stop learning!
What will realtors have to do to succeed in the future that’s substantially different from what the realtors of the past had to do?
I’m not sure it’s drastically different, but very few agents understand how branding can help them grow a long-term, profitable business. Having a mission that is consistently supported by your marketing messages across all platforms is what separates the good agents from the superstars.
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