“The Next Big Real Estate Startup? Why Pannazz Is Here To Stay”
LOS GATOS, CALIFORNIA, UNITED STATES, April 15, 2021 /EINPresswire.com/ — Today, real estate brokers are challenged in many ways. Public perception has changed. Ten years ago, if a person wanted to find a house in New York or the Bay Area, one had to pick up the phone and call an agent. Today, all the details are available on the smartphone where one can browse and compare options. Shopping behavior has changed. People shop differently and seek instant gratification. Pannazz was born with the idea of simplifying the real estate buying experience for the modern real estate buyer. Also for brokers, Panazz aims to redefine the tricks of the trade to get it more streamlined and effective. But there are other challenges too.
Agent advertising spending has been increasing but there is no clarity on where the return of investment is coming from. Pannazz Founder Mahnaz Westerberg says, “This is a painful process for us. We used to advertise in the newspaper. Our seller was happy. Buyers were looking at it. It was done there. We knew we were spending $1,000 for flyers, or whatever, a month of the money is that. We knew exactly what the return on investment was for us.
Right now is a time for us to regroup. We have to double down in gaining knowledge of the market and be able to have a voice and connect with the public, sellers, and buyers. We have to use those tools for our benefit. We have to make an extra effort, right now, to brand ourselves differently.”
That’s where Pannazz comes in. Talking about how the idea happened, Mahnaz Westerberg says, “Let’s suppose that, today, I have a client who wants to buy a house in New York. I have to go through so many different sites to find one agent in New York, for instance, or in Nebraska. I still don’t know how many companies are out there, how many brokers are out there. It takes me, as an agent, so much time to do it. Everything that is provided right now, the challenge we are facing, every site that is provided is serving a company to use real estate to get eyeballs to sell advertising to them. As a broker, I have a really hard time. We have nothing right now I can use to connect and see an agent’s performance in New York or Nebraska, and make a decision, and quickly scan their portfolio, to see their track record, and connect them with my client. I don’t have that opportunity. It takes me a long time to do it. Panazz aims to reduce this gap.”
The other issue is that in real estate brokering, referral agencies take a big chunk of the deal. Says Mahnaz Westerberg, “Referral Agencies take 50% of our income to connect us with somebody else. I am saying, “Why should we do that?” These are the expenses that we didn’t have before. Not only are we challenged by technology, by the economic changes that we are facing, by social behavior that we are seeing, but we are also getting distracted. We have less and less time to double down on our knowledge. As agents, we constitute only 2% of the entire society’s population. We are good at reading people’s minds, providing them with what they want. That insight would be the real value that technology cannot provide.”
For an agent, networking plays a big role in delivering real client value. Reemphasizing the role of agents, Mahnaz Westerberg says, “Agents understand each neighborhood. Agents can help them with all the disclosures and documents and forms. Also, we can protect them. We help them to see and negotiate on the things that matter to make their dream happen. Networking is huge for us. We are expert negotiators. We spend hours and hours on negotiation. Negotiation makes buyer and seller a winner or loser. We have access to properties that are not in the market often, or before they come to the market. Agents can negotiate for them. We do not make the market, but when we are good at it, we are part of the market. We can help our clients be guided toward what they want. We are representing and protecting them, like an attorney. We know how to win the game for them.”
By developing new capabilities and sharpening their skills, brokers can be more impressive as an agent and as an industry. That’s my focus, says Mahnaz Westerberg, “Pannazz was created to be intuitive. We could use it to increase our talent and our focus on our business customer service. By understanding how to use technology to our benefit, as a leading industry, we can free ourselves from tasks that are not productive and will not bring any value to our life and the life of our clients and our capability to make our client’s dream happen.”
Source: EIN Presswire