There is a massive opportunity today for Millennials in the market place. It may be the largest that we have seen in many decades. The question is, are you ready to open the door when opportunity knocks?
The statistics today are showing that a perfect storm exists for Millennials in the Real Estate industry. Just last year, more than 100,000 REALTORS got out of the business. Furthermore, 41% of all REALTORS are over 60 years old, the average age has jumped from 55 to 58 in just the last few years. Baby Boomers in all industries are turning 65 at a rate of 10,000 a month and will continue that pace for the next decade.
So as the Boomer's clear the field, the opportunities for the Millennials are ripe, but so far, it seems many haven't gotten the message. As of today, only 2% of REALTORS are Millennials,
However, 32% of all home buyers today are, and 68% of all first time buyers are.
In 2015 the median Millennial income in Indiana was 20,000.00/year a full 42% lower than the average for the state. Yet, there is a gold mine waiting for them to start digging right in front of their faces as they watch their friends buying homes. We have a record number of 18-33 year olds living with their parents today, over 50% for the first time in history. That speaks of a massive opportunity to be the ones to help them into homes of their owns. The future of the market going forward is looking very Bullish with the market place needing to build 40,000,000 homes that are not yet here just to house the Millennial generation!
If you want to make your own way with no cap but your imagination, and the systems you employ, you should seriously look into Real Estate. I made this move myself when I was 26 years old and sold more than a thousand homes to those in my own Baby Boomer group.
If you want to know more, or if you have a Millennial friend or family member who is ambitious and just can't find the vehicle to their dreams give me a buzz.
Jim Morgan
317-574-6659
www.abilityplus.com/join
Tuesday, August 9, 2016
Wednesday, July 13, 2016
What Can You Learn From Those Doing It Wrong? ll
Last night, I watched the movie "The Wolf of Wall Street," based on the story of Jordan Belfort and his rise to wealth through corruption and manipulation on Wall Street. My son had watched it some time ago and told me how much I would like it because so much of what I had taught him about sales and leadership skills were in it. The scenes where he was in front of his sales force inspiring them were moving. He was right, but this story once again proves that the skills and techniques he used almost always work to inspire and lead people, be it for the good or for bad. It's not the people skills that are wrong, they are just tools in the hands of the one using them. It is the intent of that person that is the variable.
When I was just twenty, one of my heroes, Zig Ziglar, changed my life from stage when he explained the difference between Manipulation and Motivation. He said, if you are an outstanding sales person, who really has studied and knows the sales skills to do so, can manipulate most people into anything. He then went on to say, if you are so skilled, you should never, ever do so. Zig taught that to do so is manipulation when your motives are for you to win, and it doesn't matter to you if the person you're "selling" wins or loses. He explained that you can use the same techniques to Motivate where you put the other person's wants, needs and desires above your own. There is nothing wrong with you personally gaining as well, but if you focus on their best interest you will win in the long run. "If you help enough other people what they want, you will always get what you want." Zig Ziglar.
I've been blessed to have been in leadership roles in organizations where the top leaders were in fact using these skills brilliantly, and have seen the difference in the intent of the top leader and the impact of all those following them. To see clearly both under one who was all for himself and under those who put their people first. The damage done to the lives of those who were following the wrong guy were devastating. Not as bad as in Belfort's case with people going to jail, but lost businesses, houses, cars, and worse, marriages. One of my mentors spoke to me in the aftermath of the one who imploded, while he may have been the most dynamic, most brilliant public speaker and charismatic person I've ever met, may have been an amazing business leader short term on that magnetism, but couldn't sustain it long-term due to his lack of personal character. He built his business from nothing to a seven figure income per month in less than seven years, and was bankrupt two years later, damaging hundreds, if not thousands in his wake.
These experiences have so impacted my life, it's one of the reasons why I'm so passionate about always putting my clients first. To me, there is nothing so valuable as never having to avert my eyes from the man looking back in the mirror. Could I have sold more in my career if I didn't care about looking out for them more than me, sure, but maybe not for as many years, because it always comes back to roost when you damage people. Ultimately how you sleep at night is the greatest measure of success. If you want to enrage me, let me catch you manipulating people in sales or in leadership roles. To me it's not only an affront to the people that were mislead by mendacious spin of taking a particle of truth you offer and making it seem much better than what it is, you damage the relationships that those in sales and leadership who are truly there to better their clients lives by causing all in those roles to be lumped together in the publics mind.
As I write this I think I better understand why I fight against what I perceive to be corrupt politicians at all levels taking advantage of the people they are supposed to serve. In business I've long been that guy who calls out others for misleading advertising or sales spin. Just this week I sent a recruiting advertisement back to a competitor calling them out for its grossly misleading message and pointed out line for line where it misled. I'm all for competition, but it offends me for anyone to "sell" people something that's not true.
Again, if you build your career around what is best for your clients first, you need not be afraid to learn and apply those universal sales skills, but please use them for good.
When I was just twenty, one of my heroes, Zig Ziglar, changed my life from stage when he explained the difference between Manipulation and Motivation. He said, if you are an outstanding sales person, who really has studied and knows the sales skills to do so, can manipulate most people into anything. He then went on to say, if you are so skilled, you should never, ever do so. Zig taught that to do so is manipulation when your motives are for you to win, and it doesn't matter to you if the person you're "selling" wins or loses. He explained that you can use the same techniques to Motivate where you put the other person's wants, needs and desires above your own. There is nothing wrong with you personally gaining as well, but if you focus on their best interest you will win in the long run. "If you help enough other people what they want, you will always get what you want." Zig Ziglar.
I've been blessed to have been in leadership roles in organizations where the top leaders were in fact using these skills brilliantly, and have seen the difference in the intent of the top leader and the impact of all those following them. To see clearly both under one who was all for himself and under those who put their people first. The damage done to the lives of those who were following the wrong guy were devastating. Not as bad as in Belfort's case with people going to jail, but lost businesses, houses, cars, and worse, marriages. One of my mentors spoke to me in the aftermath of the one who imploded, while he may have been the most dynamic, most brilliant public speaker and charismatic person I've ever met, may have been an amazing business leader short term on that magnetism, but couldn't sustain it long-term due to his lack of personal character. He built his business from nothing to a seven figure income per month in less than seven years, and was bankrupt two years later, damaging hundreds, if not thousands in his wake.
These experiences have so impacted my life, it's one of the reasons why I'm so passionate about always putting my clients first. To me, there is nothing so valuable as never having to avert my eyes from the man looking back in the mirror. Could I have sold more in my career if I didn't care about looking out for them more than me, sure, but maybe not for as many years, because it always comes back to roost when you damage people. Ultimately how you sleep at night is the greatest measure of success. If you want to enrage me, let me catch you manipulating people in sales or in leadership roles. To me it's not only an affront to the people that were mislead by mendacious spin of taking a particle of truth you offer and making it seem much better than what it is, you damage the relationships that those in sales and leadership who are truly there to better their clients lives by causing all in those roles to be lumped together in the publics mind.
As I write this I think I better understand why I fight against what I perceive to be corrupt politicians at all levels taking advantage of the people they are supposed to serve. In business I've long been that guy who calls out others for misleading advertising or sales spin. Just this week I sent a recruiting advertisement back to a competitor calling them out for its grossly misleading message and pointed out line for line where it misled. I'm all for competition, but it offends me for anyone to "sell" people something that's not true.
Again, if you build your career around what is best for your clients first, you need not be afraid to learn and apply those universal sales skills, but please use them for good.
Wednesday, June 15, 2016
If You Want More Give It Away!
The lesson of giving and receiving was clearly shown to me this last few weeks on building a team for a political campaign. It was truly amazing what happened and taught some very powerful lessons.--lessons I am still ruminating about how to duplicate in other areas as effectively.
The idea of giving away and having what you give come back to you is ancient and has been told many times in many ways. It is found in the Bible many times and there are many religions and philosophies that also speak of it.
In Luke 6:38 "Give, and it shall be given unto you; good measure, pressed down, and shaken together, and running over, shall men give into your bosom. For with the same measure that ye mete withal it shall be measured to you again."
Some call it the Law of Circulation. Whatever you call it, there is great power in it.
Our story started when a friend and I came to the conclusion that Indiana was going to be the turning point in the 2016 Presidential nomination process and that there was no political ground game started here to run that campaign. So on March 28th, we started a grassroots Facebook group to start building one to get the campaign ready for the May 3rd Election Day. Our group started with 2 people and soon grew to more than 500- even before the first campaign employee was hired for Indiana and was more than 4,400 just 36 days later on Election Day. We had more than 40 people who accepted Administrator positions on this group who could add, delete, block and more. They had the full powers that the two of us who started it had. It was this core group who were spread out into all nine congressional districts who created the pony express sign brigade to move campaign signs and materials to every county and most cities and to polling places all over the state. The national campaign joined us and we worked together. They cited that they had never run into any such grass roots effort in any other state, and our candidate won in a landslide.
The point of this story has nothing to do with politics other than that was the arena that this lesson was learned. The lesson was actually twofold. One, that we shared a common goal. Two that we gave away power and ownership of the site to others. We chose people we knew first and then people those we trusted knew and trusted and gave them full authority over what went on in the group. Gave them ownership. It was truly magic. It took a life of it's own. My original partner called me one day asking who changed the name of the group, I had no idea, but someone did. I looked at it and thought it looked better so I still have no idea who did it, and don't care. This is tough for a recovering control freak.
What I'm excited about is that just Wednesday of this week, in our company, we were pushing more power out to others to take as well. This to me is something I have been wanting to do for at least two years if not longer. I can't wait to see what dynamic results spring from this.
Have you a team that you could empower more? Could you let go of things that you have been controlling to someone who could do it for you, and trust them to make changes to what you have always done? Could you benefit from the brainpower and energy of others around you to help your business grow by letting go a bit more?
Thursday, May 12, 2016
Done Beats Perfect Every Time
In an industry of control freaks, I was one of the freakiest. I have to admit I love the commercial where he says "I'm not a control freak, I'm a control enthusiast." Boy could I relate. I hated giving up control over any and every aspect of my business. I would be known to say things like, "You just can't hire good help these days," and "No one has my work ethic any more," and "If you want something done right you have to do it yourself." Are any of you ever guilty of saying, or at least thinking the same things?
What I kept struggling with is a basic math problem, to make more money I had to trade more time, I could never figure out the equation to have more money and more time. The worst part is there is a cap to both, there is only 24 hours a day, 7 days a week and 365 days a year and unless I figured out a way to multiply my time I was stuck. Anyone else ever find that?
I grew up on a farm, and we did it all. We were mechanics, livestock wranglers, mid-wives, nurse maids, drove large machinery, you name it we did it. I started doing all those things as early as six years old. Life on the farm is deadly dangerous, and most especially to children, so I still hear my dad in my ear admonishing me to think out every possible consequence to whatever action I was doing. To check, double check and triple check lug nuts on wheels, or any other myriad of possible calamities. He was precise in how you put on things like lug nuts, stacked things, everything was explained how doing it wrong could kill you. Maybe I have an excuse to be a control freak.
However, something popped into my mind the other day driving, I had my tires rotated and was reminded how often we all trust others to do things for us, and to do them right. I didn't stand there watching to make sure they put the lug nuts on alternating then tightening around to make sure they were on properly and yet I was driving down the highway at high speeds. How often do we get on planes and never see the pilots, or approach oncoming traffic at 60 mph each and a closing speed of 120 mph a handful of feet apart and not think about the other driver?
We trust strangers with our lives daily in so many ways, but we often don’t trust anyone to help us in our businesses. I have so often heard agents talk about how they couldn't let someone else do their marketing, their paperwork, work with buyers, whatever --because no one does it as well as they. It might be said in somewhat different words, but that is the meaning.
It isn't until we learn to trust other partners, that we learn that Done beats Perfect Every Time. It is only then do we have a chance of duplicating our time and actually harvesting more time and money into our businesses and lives.
Monday, April 11, 2016
What Is The Single Most Important Requirement In All Your Business Relationships?
What is the single most important thing that must be in place to succeed in any business venture? It is always that you and any partners, team members, or those who you work for or works for you is that you have aligned interests. It is critical that you all either prosper together or feel pain together or it isn't a question of if a problem will appear, it is simply when.
What does aligned interests really mean, and how does that look in real life? One of the things I often explain to agents is that there are some popular business models that sound excellent on paper, but are creating a misaligned interest between the agent and their brokers, where one loses if another gains, this is a problem waiting to happen.
Consider this if the plan has a cap, where at a rather low level, the agent no longer pays the broker or main company any further fees this sounds awesome, but let's look at it deeper. Let's say that I'm your best friend who is your top producing agent at a Cap company and you're my Broker. By February each year I produce enough business that I cap and have no more fees to the house until the following January. However, you still have to provide basic services to support my business, but won't receive any compensation. You still have rent to pay on the building, staff to pay, utilities, office expenses keep going and actually climb as my business climbs. So once I have capped your net income on my business actually drops with each transaction you have to provide services for I grow my business.
This is a gross misalignment of business interests. Not only are you not rewarded for helping me grow, you're actually punished.
Now let's look at the model we use at RE/MAX Ability Plus where you as an agent hire us to support your business. There is a fee structure that covers overhead and your receive 95% of the gross commission, then the potential profit to the broker is 4 of the 5% with the 1% going as the franchise fee to RE/MAX. That means that the profit we look for is 4% of the gross commissions of each of our agents and the only way we can increase the net profit is to help our agents grow their businesses. So if you are a 5 million dollar agent and want to be a 10 million we are 100% committed to help you do so. If you are a 10 million who wants to be a 20 million you have all our staff at your side helping you. The interests are aligned, the ONLY way we can increase our net profit is to help you increase yours and for every extra 1,000.00 we can help you make each year we make an extra 40.00.
Our only question is How Big do you want to go?
What does aligned interests really mean, and how does that look in real life? One of the things I often explain to agents is that there are some popular business models that sound excellent on paper, but are creating a misaligned interest between the agent and their brokers, where one loses if another gains, this is a problem waiting to happen.
Consider this if the plan has a cap, where at a rather low level, the agent no longer pays the broker or main company any further fees this sounds awesome, but let's look at it deeper. Let's say that I'm your best friend who is your top producing agent at a Cap company and you're my Broker. By February each year I produce enough business that I cap and have no more fees to the house until the following January. However, you still have to provide basic services to support my business, but won't receive any compensation. You still have rent to pay on the building, staff to pay, utilities, office expenses keep going and actually climb as my business climbs. So once I have capped your net income on my business actually drops with each transaction you have to provide services for I grow my business.
This is a gross misalignment of business interests. Not only are you not rewarded for helping me grow, you're actually punished.
Now let's look at the model we use at RE/MAX Ability Plus where you as an agent hire us to support your business. There is a fee structure that covers overhead and your receive 95% of the gross commission, then the potential profit to the broker is 4 of the 5% with the 1% going as the franchise fee to RE/MAX. That means that the profit we look for is 4% of the gross commissions of each of our agents and the only way we can increase the net profit is to help our agents grow their businesses. So if you are a 5 million dollar agent and want to be a 10 million we are 100% committed to help you do so. If you are a 10 million who wants to be a 20 million you have all our staff at your side helping you. The interests are aligned, the ONLY way we can increase our net profit is to help you increase yours and for every extra 1,000.00 we can help you make each year we make an extra 40.00.
Our only question is How Big do you want to go?
Monday, March 14, 2016
"But I Don't Want To Change!!!" Sound Familiar?
Why is it that personal growth only comes out of your comfort zone, and often by stepping into pain? I guess it really doesn't matter if we like it or not, but that is just how it is, always has been and will always be. So, ultimately it always comes down to a decision, your own decision, that only you can make.
Earlier this month I was assigned the leadership role for a team of our staff to compete with teams led by Jimmy Dulin and Jennie Franklin to see which team will take the most steps with our "Fitbits" each month. My immediate reaction was anything but positive, I am careful not to take on challenges that I know I don't care about the outcome. Further, there was a deep emotional reaction. I had been doing my level best to hide an old high school injury where my hip would fall out of joint that had not been snapping back for the last few years. So I normally try to take a few steps as possible per day because there is a price for each one. So, now all the staff gets to see exactly how many I take per day, this was horrifying to me.
This little device took on the role of the Junior High bully that mocked, made fun of, and exposed my weakness for all to see, I was transported back to 7th grade. As I tried to get past the emotions and find a resolution the first thought was I had to mute this new bully. In seventh grade, it was learning that running from it, or just living with it were not solutions I could live with. Standing up and fighting the seemingly endless stream of the school "hoods" that everyone was afraid of that my antagonist would set up turned the tide. Not hiding, but standing up ended it. So I realized I had to quit hiding my current embarrassment and admit my challenge with my hip and that my daily numbers would reflect it.
The next step was learning a new style of leadership I had never had to do before. I'm a huge believer in that in all things you must have aligned interests to have success. I have always believed in leadership by example, to never ask anyone to do anything I wasn't willing to do and do more of than anyone else. Now I had to find a way to cheer them on, while not really carrying my own weight. I started deep diving into leadership secrets from competitive rowing coxswains, who are doing exactly that. Trying to learn how to find an aligned interest when taking more steps was not my personal goal while wanting to help my team reach their own. This led me to understand that my own interests were to learn a new leadership style, and to gain the freedom of no longer worrying about what other's might think if my infirmity was exposed.
For years I would talk about how you would see a defensive back in football who gets burned on a big play often comes up limping coming back to the huddle. It is known as the "loser's limp" trying to make an excuse for not making the play. I had to learn to lose my own "loser's limp" of hiding my own limp to protect my own ego. This has been a learning experience so far, and has been strangely liberating. Now on to helping my team reach their own individual goals.
Do you have a loser's limp you are hiding that might be holding you back? An imaginary bully whispering in your ear? You can defeat them by taking away the thing they hold over you, for me it was openly admitting it. What will free you?
Earlier this month I was assigned the leadership role for a team of our staff to compete with teams led by Jimmy Dulin and Jennie Franklin to see which team will take the most steps with our "Fitbits" each month. My immediate reaction was anything but positive, I am careful not to take on challenges that I know I don't care about the outcome. Further, there was a deep emotional reaction. I had been doing my level best to hide an old high school injury where my hip would fall out of joint that had not been snapping back for the last few years. So I normally try to take a few steps as possible per day because there is a price for each one. So, now all the staff gets to see exactly how many I take per day, this was horrifying to me.
This little device took on the role of the Junior High bully that mocked, made fun of, and exposed my weakness for all to see, I was transported back to 7th grade. As I tried to get past the emotions and find a resolution the first thought was I had to mute this new bully. In seventh grade, it was learning that running from it, or just living with it were not solutions I could live with. Standing up and fighting the seemingly endless stream of the school "hoods" that everyone was afraid of that my antagonist would set up turned the tide. Not hiding, but standing up ended it. So I realized I had to quit hiding my current embarrassment and admit my challenge with my hip and that my daily numbers would reflect it.
The next step was learning a new style of leadership I had never had to do before. I'm a huge believer in that in all things you must have aligned interests to have success. I have always believed in leadership by example, to never ask anyone to do anything I wasn't willing to do and do more of than anyone else. Now I had to find a way to cheer them on, while not really carrying my own weight. I started deep diving into leadership secrets from competitive rowing coxswains, who are doing exactly that. Trying to learn how to find an aligned interest when taking more steps was not my personal goal while wanting to help my team reach their own. This led me to understand that my own interests were to learn a new leadership style, and to gain the freedom of no longer worrying about what other's might think if my infirmity was exposed.
For years I would talk about how you would see a defensive back in football who gets burned on a big play often comes up limping coming back to the huddle. It is known as the "loser's limp" trying to make an excuse for not making the play. I had to learn to lose my own "loser's limp" of hiding my own limp to protect my own ego. This has been a learning experience so far, and has been strangely liberating. Now on to helping my team reach their own individual goals.
Do you have a loser's limp you are hiding that might be holding you back? An imaginary bully whispering in your ear? You can defeat them by taking away the thing they hold over you, for me it was openly admitting it. What will free you?
Monday, February 15, 2016
Are You Speaking The Language Of Success?
In any industry, and Real Estate is clearly guilty, we tend to speak our own language. We use terms and acronyms that we know and understand when we speak among ourselves, but habitually use them with our clients as well. Those outside our industry may not use things like CMA or escrow everyday.
Over the last month I was slapped in the face how much this is true in our industry, and it came from viewing the most recent commercials from two of the three largest lead generating portals, Zillow and REALTOR.com. I'm not going to get into the benefits of one over another, or my belief that there is no reason for REALTORS to have a preference beyond a direct return on investment to their own businesses. What I do want to point out is how brilliantly they can teach us about language and how to communicate with our clients.
REALTOR.com's newest campaign is directly targeting their paying clients, they have tapped into the emotions and fears of those who pay them for their product, REALTORS. They attack Zillow directly, they speak to our frustrations with the bad information found on Zillow. In fact they name Zillow by name seven times to only three times for themselves. It is clear that their goal is to reach REALTORS and connect to them, and not so much home buyers who do not have these emotional concerns over Zillow. You can see it here.
REALTOR.com commercial
Zillow went a completely different direction, their most recent commercial shows a couple traveling looking at homes on Zillow.com and deciding on a home to bring back the child they were flying to meet and adopt into their lives, and the new home they will live together. This clearly is targeting the emotions, dreams and desires of families and how they see their homes, or want to.
You can see it here. Zillow commercial
Looking at the views on the two videos their impact is crystal clear. REALTOR.com has had approximately 6 thousand views in a month, Zillow has had approximately 143 thousand views each of the last seven months. It seems that REALTORS are watching REALTOR.com as they targeted them to and families looking to find their dream homes are watching Zillow's. Who knows which approach is right for those companies, because both actually make their money selling to exactly the same customer, REALTORS. One chooses to go after their customer directly the other to their customer's customers to sell a connection.
The most important part for each of us is making sure we are communicating to the people we need to, and in a way that resonates with them. I would suggest watching both several times and consider how you then can also target, communicate and connect with whom your business depends upon.
Over the last month I was slapped in the face how much this is true in our industry, and it came from viewing the most recent commercials from two of the three largest lead generating portals, Zillow and REALTOR.com. I'm not going to get into the benefits of one over another, or my belief that there is no reason for REALTORS to have a preference beyond a direct return on investment to their own businesses. What I do want to point out is how brilliantly they can teach us about language and how to communicate with our clients.
REALTOR.com's newest campaign is directly targeting their paying clients, they have tapped into the emotions and fears of those who pay them for their product, REALTORS. They attack Zillow directly, they speak to our frustrations with the bad information found on Zillow. In fact they name Zillow by name seven times to only three times for themselves. It is clear that their goal is to reach REALTORS and connect to them, and not so much home buyers who do not have these emotional concerns over Zillow. You can see it here.
REALTOR.com commercial
Zillow went a completely different direction, their most recent commercial shows a couple traveling looking at homes on Zillow.com and deciding on a home to bring back the child they were flying to meet and adopt into their lives, and the new home they will live together. This clearly is targeting the emotions, dreams and desires of families and how they see their homes, or want to.
You can see it here. Zillow commercial
Looking at the views on the two videos their impact is crystal clear. REALTOR.com has had approximately 6 thousand views in a month, Zillow has had approximately 143 thousand views each of the last seven months. It seems that REALTORS are watching REALTOR.com as they targeted them to and families looking to find their dream homes are watching Zillow's. Who knows which approach is right for those companies, because both actually make their money selling to exactly the same customer, REALTORS. One chooses to go after their customer directly the other to their customer's customers to sell a connection.
The most important part for each of us is making sure we are communicating to the people we need to, and in a way that resonates with them. I would suggest watching both several times and consider how you then can also target, communicate and connect with whom your business depends upon.
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