This year continues to present a challenging retail environment, which has now been further disrupted by the Toys “R” Us Chapter 11 filing. Toys R Us did two things over the past few decades that were not the best business decisions for them. The first decision was in about 2001 – 2002 when they chose to use Amazon for their fulfillment and make them the main fulfillment for their toys instead of believing in the internet.
This basically made buying toys off the internet from Amazon something we became very comfortable doing instead of us buying from Toys R Us and fulfilling their own toy orders to their customers on the internet. The second decision and most important decision was to not innovate themselves as a company and began to die from their lack of change and the toy world began to pass them buy. They didn’t change their stores to a place where you could have an experience with the toys. Why couldn’t they make video gaming stations, Lego building areas, slime centers, skate and bike park areas and millions of other toy experience ideas in their retail spaces and would still be alive and well today?
They chose to just sell toys where no parent wanted to really go and besides could just buy it online and not even leave their own home or they just pick it up for cheaper at Walmart while they are buying some groceries or buy it from a YouTube marketer or Instagram or Facebook ad. Toys R Us was not selling an experience and literally died from their decisions and lack of any retail innovation. This is the best example today for anyone in business or any of you in real estate if we don’t change, grow and innovate ourselves and our business and just rest on your laurels and do real estate the same way you did it 20 years ago!!
Our customers don’t just want to buy or sell a house just like they didn’t just want to walk into a Toys R Us and buy a toy any more. They want to have an experience and are willing to go where they can find that experience when buying or selling a home. So let me ask you what kind of an experience do you create for your clients and who is telling your story of what they experienced buying or selling with you? Are you having buyers virtually tour homes on a huge flat screen TV while they choose their short list of homes to physically view? Do you leave time at the beginning of touring homes for a stop through at Starbucks drive thru to pick up their favorite coffee and a snack for their tour? Are you preloading a tablet for your buyers to search homes using Wi-Fi and they are able to make notes on the tablet with a stylus about each home they tour? Are they viewing their paperless purchase contracts on the tablet and then digitally signing their offers on the tablet using Authentisign? Do you present to home sellers on a large iPad or laptop showing them the 3D floor plans, drone videos or interactive virtual reality goggles that their home will be marketed with when for sale with you and your brokerage?
The list of innovative ideas for agents and creating that innovative game changing experience for their clients is endless! The truth is so few agents are choosing to change, innovate themselves and their business and sadly my friends face the similar demise as Toys R Us in the coming 5 years. I challenge you today to commit to making a change with the way you market yourself and your real estate business and become a game changer and market leader in your market place today!
Strength and courage,
Wade
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