During Real Estate Connect in San Francisco, a Seller's Panel was brought forth to answer questions on their experiences, thoughts and feelings of working with their agent and the entire process. The best news for their agents was that none of them even thought to rate their agent on any of the online rating portals.
As individual agents, teams, brokers and as an industry as a whole we might want to take a step back and really hear what these seller's had to say about their experiences and feelings about those same. If not, don't be surprised if some smart entrepreneur doesn't come along and offer them the experience they desire and does a round end of our entire industry.
What did the seller's say?
1. 5 out of 6 used an agent that was referred to them by a family member or friend.
2. Most said that the agent who helped them buy the home didn't stay in contact so they found another agent.
Are you working a consistent follow through campaign with your past clients and database? Those first two tell you that is how you will get and keep clients.
3. Not one seller had an agent that asked them how and how often they wanted to communicate.
The biggest complaint most sellers have is the lack of communication from their agents. Find out if they prefer, phone, text, email, Facebook IM or whatever and then honor that. Find out their expectations on communication, or at least set the expectations of how and how often they will hear from you.
4. The websites they used to look at houses, learn about pricing, and other things they wanted to research was overwhelmingly Zillow and Trulia. It really doesn't matter if you like Zillow or Trulia, it matters that your clients do. Just a side note, not one seller said they ever used REALTOR.com.
5. 5 our of 6 sellers interviewed 3-4 agents before choosing one to list their homes.
6. 4 of the 6 sellers Googled the prospective agent's names.
Do you have a Google/Alerts set up on your name and your broker to be aware of what your potential clients can pull up on you?
7. They ALL Googled their own address to see what sites you had them on and how their house looked.
8. Only one seller had an agent who showed up with either an iPad or laptop to their listing appointment.
9. NONE said that their agent made them feel like they were part of the team in selling their house.
10. None said that their agent offered a Showing Feedback tool, but at least half said they would have loved to have one available if possible.
11. All of them negotiated a lower commission.
12. 4 of the 6 believed they could have gotten more for their house if they had hired a different agent.
13. ALL said their agent hadn't done anything to make their lives easier during the sales process. One said he just wished his agent would have communicated what to expect next.
14. ONLY 2 of the 6 felt good about the industry after the process.
There is GREAT OPPORTUNITY in this panel survey for those professionals who are willing to be EXTRA ordinary. It wouldn't take much to be better than what most experience. You can Wow them if you take to heart their comments above and consider how you will provide service that your clients truly are hoping for. I strongly recommend reading Zappo's founder and CEO, Tony Hshieh's, book "Delivering Happiness"
If agents and their brokers don't wake up and understand that today's consumer wants something very different than our industry they will be very sorry they didn't.
Here is a link to the article: Home Seller's Panel Survey.
Monday, July 21, 2014
Tuesday, July 15, 2014
Be Wise, Seek Council.
The man most known for wisdom, Solomon, gave us this advice.
Proverbs 15:22Without consultation, plans are frustrated, But with many counselors they succeed. 23A man has joy in an apt answer, And how delightful is a timely word!…
Are you seeking "many counselors" and strong advice from those who have done what it is you want to do? Isn't it logical that someone who has done what you want to do would be the best person to tell you how?
Just last week our Director of Operations, Jennie Franklin, and I flew up to Minneapolis/St. Paul to council with the Broker Owners and Leadership team for RE/MAX Results, the largest RE/MAX franchise in the World. The owners, John Collopy and Marshall Saunders not only made their time available to us but that of all their department heads. It was truly a whirlwind two days.
We have become accustomed to being the ones that other RE/MAX brokers from around the country fly out to spend time with, and we very much enjoy sharing with them. It was wonderful to be on the other side this time. While we are the 43rd largest RE/MAX in America and always one of the fastest growing they are the largest in the World! Where we have 150 agents they have 850, where we have 6 offices they have 28, where we did 432 million in volume they did 3.8 billion!
What was so exciting was how much of what they do felt very familiar, very comfortable, we found that we felt very much on track, and that we are doing the things we need to be doing. They were once our size and it was easy to ask what they did, what pitfalls to avoid, what they would have done differently could they do it again. We came home as excited as we have ever been with new information ready to put into place.
If you are building your business, who are you seeking for council? Look for those who have businesses that you admire and would love to emulate and buy them lunch, find a way to get to ask them about how they did it, and what they are doing that you need to adopt. Look for those who's lives are those you would like to as well. These mentors do not have to be everything you want to be, you can learn from one aspect you want in your business or life and from someone else on another area.
No matter what you do, find them, and learn.
Tuesday, June 17, 2014
Is It Possible You Are Paying Way Too Much For Admin Work?
Is it possible that you are paying WAY too much for your admin work? If you are doing it yourself to save money, I almost guarantee it! What is the value of your time? What is your most productive activity? What activities by you actually generate the most income?
You say you cannot afford to hire someone to help you with your administration and marketing duties? I completely understand, I stood firmly where you are now. I am cheap, I openly admit it. I used to hedge it and say I was frugal, but as I have grown older I now can embrace who I really am. When I first started a career of selling new homes for builders, my builder provided an assistant for me one day a week so I could have a day off. If I wanted someone to help me any other day, I would have to pay out of my pocket and hire them myself. My mentor kept after me to hire someone to do my marketing, to help with paperwork, so I could focus on the phone and getting in front of more people. My thoughts were that I was good at multitasking and there was always down time.
My mentor challenged me to do an experiment, I was instructed to go through my calendar and for every hour I was with a client face to face I was to divide that number into my income. The results were stunning, for every hour I spent face to face I was earning 250.00, and this was my first year in the business far from my peak earnings, and it was 1983! What is your time worth if you divided it by those activities that are your peak activities, be it getting on the phone, face to face appointments or maybe the Buffini Drop Bys?
Some of you might be about to become ill thinking that you have been paying maybe thousands of dollars an hour to stuff envelopes, create marketing flyers, or drive to drop off those flyers in flyer boxes at your listings. Because some of you have been doing exactly that!
That is why we at RE/MAX Ability Plus focus so hard on taking all those obstacles away from our agents, let someone on our staff do it. We have created dozens and dozens of programs that agents can choose to do what they needed done a la cart so they can focus their time on where they actually maximize their businesses. Why waste your time stuffing envelopes, stamping postcards, driving flyers out to listings, or any myriad of activities that need to be done, but not by top dollar agents.
This could be why the agents who join us see an average of 31% increase to their businesses their first year, I am not talking commission, that is usually much higher, but business volume. To make this illustration I pulled the numbers of a couple agents who joined us already at the top of the game, but with the ability to focus on more production rather than busy work the numbers have been mind blowing.
Team One: After 17 years with a large local independent as one of that companies top teams their first half year with us was a 68% increase in business over the last year with their old company, the first full year added another 63% to their business, the next year was another 35.5%. If you look at the full two and a half years they grew their business 259%!
Individual Agent Two: After being recognized as the # 1 Individual Agent for another national brand for the State of Indiana and # 3 throughout all of the Ohio Valley saw her business grow by 81% after just 9 months with us the first year and added another 49% her first full year. Overall in a year and nine months increased her already impressive business by 172%!
There is more to their stories, but freeing them up from tedious tasks to set them free to grow was a large part of it.
What are you doing that you should look for someone else to do to set yourself free?
You say you cannot afford to hire someone to help you with your administration and marketing duties? I completely understand, I stood firmly where you are now. I am cheap, I openly admit it. I used to hedge it and say I was frugal, but as I have grown older I now can embrace who I really am. When I first started a career of selling new homes for builders, my builder provided an assistant for me one day a week so I could have a day off. If I wanted someone to help me any other day, I would have to pay out of my pocket and hire them myself. My mentor kept after me to hire someone to do my marketing, to help with paperwork, so I could focus on the phone and getting in front of more people. My thoughts were that I was good at multitasking and there was always down time.
My mentor challenged me to do an experiment, I was instructed to go through my calendar and for every hour I was with a client face to face I was to divide that number into my income. The results were stunning, for every hour I spent face to face I was earning 250.00, and this was my first year in the business far from my peak earnings, and it was 1983! What is your time worth if you divided it by those activities that are your peak activities, be it getting on the phone, face to face appointments or maybe the Buffini Drop Bys?
Some of you might be about to become ill thinking that you have been paying maybe thousands of dollars an hour to stuff envelopes, create marketing flyers, or drive to drop off those flyers in flyer boxes at your listings. Because some of you have been doing exactly that!
That is why we at RE/MAX Ability Plus focus so hard on taking all those obstacles away from our agents, let someone on our staff do it. We have created dozens and dozens of programs that agents can choose to do what they needed done a la cart so they can focus their time on where they actually maximize their businesses. Why waste your time stuffing envelopes, stamping postcards, driving flyers out to listings, or any myriad of activities that need to be done, but not by top dollar agents.
This could be why the agents who join us see an average of 31% increase to their businesses their first year, I am not talking commission, that is usually much higher, but business volume. To make this illustration I pulled the numbers of a couple agents who joined us already at the top of the game, but with the ability to focus on more production rather than busy work the numbers have been mind blowing.
Team One: After 17 years with a large local independent as one of that companies top teams their first half year with us was a 68% increase in business over the last year with their old company, the first full year added another 63% to their business, the next year was another 35.5%. If you look at the full two and a half years they grew their business 259%!
Individual Agent Two: After being recognized as the # 1 Individual Agent for another national brand for the State of Indiana and # 3 throughout all of the Ohio Valley saw her business grow by 81% after just 9 months with us the first year and added another 49% her first full year. Overall in a year and nine months increased her already impressive business by 172%!
There is more to their stories, but freeing them up from tedious tasks to set them free to grow was a large part of it.
What are you doing that you should look for someone else to do to set yourself free?
Friday, May 16, 2014
Your Company's Culture Is Your Company's Brand
Times they are a changing!
Used to be a company's Brand was created by a few people meeting in a room to decide what Brand Positioning was going to be. Then they spent a ton of money buying advertising to tell people what their Brand was. If they were able to spend enough money, they were able to build a brand.
Today is a very different world. If companies like it or not, with the Internet connecting everyone together, companies are becoming more and more transparent. An unhappy customer or a disgruntled employee can blog about a bad experience with a company or an agent, and the story can spread like wildfire. Hopefully you are protecting yourself with Google Alerts on your name and your company to be aware of what is being said.
The good news is that the reverse is also true. A great experience with a company or agent can be read by dozens, if not thousands or even millions of people almost instantaneously as well. The problem is you cannot possibly anticipate every possible touch point that could influence perception of you or your brand. For example, if you happen to meet an employee of a company at a bar, even if the employee isn't working, how you perceive your interaction with that employee will affect how you perceive that company, and therefore that brand. It can be a positive or a negative influence. So every employee can affect your company's brand, not just the front-line employees that are paid to talk to your customers. Yesterday one of the executives at RE/MAX LLC was telling a story of a "Boys" weekend in Vegas with RE/MAX President, Vinnie Tracy, this executive was getting a little goofy and Vinnie reminded him that "They're everywhere" to make sure you don't do or say anything you don't want your clients to brand you with. A few seconds later one of their clients, a RE/MAX agent walked up and said Hi to Vinnie. That is great advice, you too on a level large or small have "them everywhere."
At RE/MAX Ability Plus we decided that the Brand we want is about the very best client services on the planet. So everything we do is to create that "Wow!!!" experience with our clients. ( for us our clients are our agents.) We believe that if we can Wow our clients, they will in turn better be able to Wow their own clients when they help them buy and sell their real estate. We believe that client service shouldn't be a department it should be the entire company.
The cost to try to buy a brand with advertising only gets you so far. If you ask most people what the "brand" of the U. S. Auto industry is today, odds are the response will not be in line with what the automakers project in their advertising. So what are you to do if you cannot just buy a brand you want?
What's the best way to build a brand for the long-term? In a word - Culture.
If you get your culture right, most everything else like great customer service, building a great long-term brand, and passionate employees and customers will happen naturally. The company's culture and brand are really just two sides of the same coin. The Culture comes first and it creates the Brand, because ultimately your Culture Becomes Your Brand.
How do you build and maintain a culture that you want? It starts with being selective who you choose to join your company. Do they have the skills, the professionalism, the relevant experience to come and make an impact? Are they also a cultural fit, are they passionate, positive, do they value what you value in how business is to be done? One of the companies most recognized as THE culture based superstars is Zappos, they are hyper critical in their hiring process of making sure people fit their culture. Once they do hire they put everyone no matter what the position they were hired for through the same four week training program working in customer service. They also offer to pay every new employee to leave if the employee doesn't feel they're a fit after going through training and seeing how things really work there. When Amazon bought Zappos they now offer the same 5,000.00 check for any new employee who decides this isn't the right job for them. That is putting their money where their mouths are, they want to make sure their employees are there for more than just a paycheck, that they believe in their long-term vision and want to be part of the culture. On average less than 1% take them up on it.
One of the great advantages of focusing on culture for us, when we are recruiting agents from other firms, unlike most companies, we don't just give them a handful of names and contacts to ask about us. We say come in and ask anyone, we give them access to our entire roster on our website and say ask whoever you like whatever you like. It is one way for us to be as transparent as possible, which is a big part of our culture.
At the end of the day, just remember that if you get the culture right all that other stuff - including building a great brand - will all fall into place!
Used to be a company's Brand was created by a few people meeting in a room to decide what Brand Positioning was going to be. Then they spent a ton of money buying advertising to tell people what their Brand was. If they were able to spend enough money, they were able to build a brand.
Today is a very different world. If companies like it or not, with the Internet connecting everyone together, companies are becoming more and more transparent. An unhappy customer or a disgruntled employee can blog about a bad experience with a company or an agent, and the story can spread like wildfire. Hopefully you are protecting yourself with Google Alerts on your name and your company to be aware of what is being said.
The good news is that the reverse is also true. A great experience with a company or agent can be read by dozens, if not thousands or even millions of people almost instantaneously as well. The problem is you cannot possibly anticipate every possible touch point that could influence perception of you or your brand. For example, if you happen to meet an employee of a company at a bar, even if the employee isn't working, how you perceive your interaction with that employee will affect how you perceive that company, and therefore that brand. It can be a positive or a negative influence. So every employee can affect your company's brand, not just the front-line employees that are paid to talk to your customers. Yesterday one of the executives at RE/MAX LLC was telling a story of a "Boys" weekend in Vegas with RE/MAX President, Vinnie Tracy, this executive was getting a little goofy and Vinnie reminded him that "They're everywhere" to make sure you don't do or say anything you don't want your clients to brand you with. A few seconds later one of their clients, a RE/MAX agent walked up and said Hi to Vinnie. That is great advice, you too on a level large or small have "them everywhere."
At RE/MAX Ability Plus we decided that the Brand we want is about the very best client services on the planet. So everything we do is to create that "Wow!!!" experience with our clients. ( for us our clients are our agents.) We believe that if we can Wow our clients, they will in turn better be able to Wow their own clients when they help them buy and sell their real estate. We believe that client service shouldn't be a department it should be the entire company.
The cost to try to buy a brand with advertising only gets you so far. If you ask most people what the "brand" of the U. S. Auto industry is today, odds are the response will not be in line with what the automakers project in their advertising. So what are you to do if you cannot just buy a brand you want?
What's the best way to build a brand for the long-term? In a word - Culture.
If you get your culture right, most everything else like great customer service, building a great long-term brand, and passionate employees and customers will happen naturally. The company's culture and brand are really just two sides of the same coin. The Culture comes first and it creates the Brand, because ultimately your Culture Becomes Your Brand.
How do you build and maintain a culture that you want? It starts with being selective who you choose to join your company. Do they have the skills, the professionalism, the relevant experience to come and make an impact? Are they also a cultural fit, are they passionate, positive, do they value what you value in how business is to be done? One of the companies most recognized as THE culture based superstars is Zappos, they are hyper critical in their hiring process of making sure people fit their culture. Once they do hire they put everyone no matter what the position they were hired for through the same four week training program working in customer service. They also offer to pay every new employee to leave if the employee doesn't feel they're a fit after going through training and seeing how things really work there. When Amazon bought Zappos they now offer the same 5,000.00 check for any new employee who decides this isn't the right job for them. That is putting their money where their mouths are, they want to make sure their employees are there for more than just a paycheck, that they believe in their long-term vision and want to be part of the culture. On average less than 1% take them up on it.
One of the great advantages of focusing on culture for us, when we are recruiting agents from other firms, unlike most companies, we don't just give them a handful of names and contacts to ask about us. We say come in and ask anyone, we give them access to our entire roster on our website and say ask whoever you like whatever you like. It is one way for us to be as transparent as possible, which is a big part of our culture.
At the end of the day, just remember that if you get the culture right all that other stuff - including building a great brand - will all fall into place!
Wednesday, April 16, 2014
As A REALTOR You Have To Prove Your Value To Your Clients, Do You Ever Ask Your Broker To Prove Theirs To You?
Now more than ever you as a REALTOR are being asked by clients to show your value in a transaction. You should have a compelling argument because they still desperately need you to guide them through the real estate transaction. However in a very short span of years that role has dramatically changed from simple keeper of the information to guide through the myriad of data. They need your expertise to sort through, comprehend and advise and council them to protect them from making mistakes in some of the biggest financial decisions of most of their lives.
It was only 18 years ago when the very first listings were being put on the World Wide Web as it was called, and that was only the very early adapters who were online them. Keep in mind the Internet was not available for public, consumer and commercial uses until 1995. Back then we got MLS books each week with current listings available. So REALTORS saw their value in the marketplace tied to being the keeper of information. They are the only ones who knew what was on the market other than by seeing a sign in the yard. As information became readily available to the consumer those agents who failed to adapt and provide deeper and more valuable services fell away into history like those weekly books.
Before the MLS and those books each Broker kept a file of their offices listings, and as an agent you had to go to their office to see what they had in inventory. So the value Brokers provided to agents was a place to find and market their inventory. The Broker was the Information Depository, and the agent was entrusted to market that information. We have all seen the panic that rumbles through our industry every time a new way information slips out of our protection to the public without us, that old information paradigm runs deep in many of our DNAs. Please understand it is your expertise and ability to guide, not your data that gives you value.
As you continue to be asked to explain your value, have you ever thought to ask your Broker to explain theirs to you? Have they evolved into a new service industry serving your business needs, or are they operating the same basic business model they were twenty years ago with just a web presence added? As an agent it is likely that your single largest expense per year is what you pay your broker in splits and fees, likely more than you are paying for your house, your taxes, or any other expense. What are you receiving for your investment?
Last week I was meeting with a very sharp young agent who just got his license and suggested a couple of other Brokers to begin his career since we do not accept brand new agents. He was sitting in our Carmel office and was in love with the culture and excitement he saw all around him and asked who was most like us, and I had to tell him no one. That all the others were in a different business than we. That there are many excellent companies and successful business models out there, but they are all in the Real Estate business, and we are in the Top Producing REALTOR business, it's our clients (our agents) who are in the Real Estate business. Our business is serving them so they can be more effective serving their own clients.
So once again, what business is your Broker in, and what value do they bring to your ever changing world current to today's world? Are they relevant, or are they doing the same things they were during the Mad Men days?
It was only 18 years ago when the very first listings were being put on the World Wide Web as it was called, and that was only the very early adapters who were online them. Keep in mind the Internet was not available for public, consumer and commercial uses until 1995. Back then we got MLS books each week with current listings available. So REALTORS saw their value in the marketplace tied to being the keeper of information. They are the only ones who knew what was on the market other than by seeing a sign in the yard. As information became readily available to the consumer those agents who failed to adapt and provide deeper and more valuable services fell away into history like those weekly books.
Before the MLS and those books each Broker kept a file of their offices listings, and as an agent you had to go to their office to see what they had in inventory. So the value Brokers provided to agents was a place to find and market their inventory. The Broker was the Information Depository, and the agent was entrusted to market that information. We have all seen the panic that rumbles through our industry every time a new way information slips out of our protection to the public without us, that old information paradigm runs deep in many of our DNAs. Please understand it is your expertise and ability to guide, not your data that gives you value.
As you continue to be asked to explain your value, have you ever thought to ask your Broker to explain theirs to you? Have they evolved into a new service industry serving your business needs, or are they operating the same basic business model they were twenty years ago with just a web presence added? As an agent it is likely that your single largest expense per year is what you pay your broker in splits and fees, likely more than you are paying for your house, your taxes, or any other expense. What are you receiving for your investment?
Last week I was meeting with a very sharp young agent who just got his license and suggested a couple of other Brokers to begin his career since we do not accept brand new agents. He was sitting in our Carmel office and was in love with the culture and excitement he saw all around him and asked who was most like us, and I had to tell him no one. That all the others were in a different business than we. That there are many excellent companies and successful business models out there, but they are all in the Real Estate business, and we are in the Top Producing REALTOR business, it's our clients (our agents) who are in the Real Estate business. Our business is serving them so they can be more effective serving their own clients.
So once again, what business is your Broker in, and what value do they bring to your ever changing world current to today's world? Are they relevant, or are they doing the same things they were during the Mad Men days?
Friday, March 14, 2014
What 3 Specific Innovations/Changes Will Impact the Real Estate Business The Most in the Next 3-5 Years?
My favorite time of the year to get my geek on, the "Swanepoel TRENDS Report 2014" is out! In this Real Estate trade magazine they interview the top minds in the industry and ask them a series of questions to help us get a peek into what they anticipate will be our coming attractions. You will likely get a few blogs from me with my thoughts on different parts of this year's book
For today, we will explore this question and the answers:
"Which three specific innovations/changes will, in your opinion, impact the residential real estate brokerage business the most over the next three to five years?"
Gary Keller, Co-Founder of Keller Williams wrote;
"Since looking backwards is a great way to forecast forward, I see three events already underway that I believe will strongly impact the real estate industry for the next three to five years: agents expanding their borders, the expanded use of predictive analytics, and the progressing battle for online listing data."
He went on to say how he believes that the greatest innovation we will see will not come from technologists, but from real estate agents. He believes Top agents will continue to monetize their systems by expanding into new markets. That agents will move their value proposition from "information provider to information interpreter. His third trend is the ongoing battle over who will provide the public with their listing data. This will not go away until the war is won. The outcome isn't decided at all, and brokerages are beginning to realize that if they don't step up and become the solution they will at some point become expendable.
Brad Inman, Founder and Publisher of INMAN news;
"1. New and better products will be created. They sky is the limit on innovation.
2. Smaller tech companies will be gobbled up, as REALTOR.com, Trulia and Zillow square off in heated battle.
3. Brokers who don't innovate or partner will be left in the dust. Old ways are most threatened at times like this.
4. Agents will be offered more and more products and better ways to do their job. Their growing independence will be even more emboldened.
5. New business models will be tried, further challenging the old guard.
Finally and most importantly, the consumer will enjoy a better experience, buying, selling and renting homes."
Curt Beardsley, VP Product Marketing Move, Inc.:
"Today, several complete - or nearly complete - data compilations of nationwide listing data exist. Over the next few years, brokerages, software systems, and agent tools will begin to directly interact with these standardized compilations through APIs and direct interfaces - and not the underlying content providers (MLSs). This single access point for regional and national listing content will render the number or structure of these content providers irrelevant to the users. many of these content provider systems will remain, but some brokerages will begin to directly interact with the aggregated compilations, relying on peer-to-peer and other alternative agreements for cooperation and compensation."
Pam O'Connor, President and CEO of Leading Real Estate Companies of the World:
"Globalization;
The world is shrinking, and as various economies ebb and flow, we have seen investment from foreign buyers increase to represent seven percent of all U.S. sales, and as much as thirty percent in states life Florida and California. Even in interior markets like Iowa's Quad Cities, multi-national companies are bringing in expats, so today's consumer wants to know that his or her home is exposed Globally. Depending on how the U.S. economy grows or stagnates, residents here may also look to other countries to invest. Creating connections to other real estate professionals around the world, and developing platforms to achieve property exposure globally will become more prevalent as time goes on. This trend is already very much a factor in the luxury market."
(Being with RE/MAX, I loved reading her comments on how critical it was for a global reach, no one is as connected globally as is RE/MAX today.)
Jack Miller, CEO T3 Experts:
"Millennials don't care how you're used to doing business. Millennials have grown up with technology that works remarkably well, and the won't suffer the industry's retro technologies - and retro mentalities - either as consumers or practitioners."
The overall tenor of the group was a feeling of optimism and a belief that the industry would continue to evolve into something relevant for tomorrow's consumer. Yet, they believe that those who are not part of the change, are not pushing the envelope will soon not have to worry about it any longer because they will no longer be in the business, be they agents or brokerages.
I guess to put it in an old way of saying, it is up to you to Lead, Follow, or get out of the way.
For today, we will explore this question and the answers:
"Which three specific innovations/changes will, in your opinion, impact the residential real estate brokerage business the most over the next three to five years?"
Gary Keller, Co-Founder of Keller Williams wrote;
"Since looking backwards is a great way to forecast forward, I see three events already underway that I believe will strongly impact the real estate industry for the next three to five years: agents expanding their borders, the expanded use of predictive analytics, and the progressing battle for online listing data."
He went on to say how he believes that the greatest innovation we will see will not come from technologists, but from real estate agents. He believes Top agents will continue to monetize their systems by expanding into new markets. That agents will move their value proposition from "information provider to information interpreter. His third trend is the ongoing battle over who will provide the public with their listing data. This will not go away until the war is won. The outcome isn't decided at all, and brokerages are beginning to realize that if they don't step up and become the solution they will at some point become expendable.
Brad Inman, Founder and Publisher of INMAN news;
"1. New and better products will be created. They sky is the limit on innovation.
2. Smaller tech companies will be gobbled up, as REALTOR.com, Trulia and Zillow square off in heated battle.
3. Brokers who don't innovate or partner will be left in the dust. Old ways are most threatened at times like this.
4. Agents will be offered more and more products and better ways to do their job. Their growing independence will be even more emboldened.
5. New business models will be tried, further challenging the old guard.
Finally and most importantly, the consumer will enjoy a better experience, buying, selling and renting homes."
Curt Beardsley, VP Product Marketing Move, Inc.:
"Today, several complete - or nearly complete - data compilations of nationwide listing data exist. Over the next few years, brokerages, software systems, and agent tools will begin to directly interact with these standardized compilations through APIs and direct interfaces - and not the underlying content providers (MLSs). This single access point for regional and national listing content will render the number or structure of these content providers irrelevant to the users. many of these content provider systems will remain, but some brokerages will begin to directly interact with the aggregated compilations, relying on peer-to-peer and other alternative agreements for cooperation and compensation."
Pam O'Connor, President and CEO of Leading Real Estate Companies of the World:
"Globalization;
The world is shrinking, and as various economies ebb and flow, we have seen investment from foreign buyers increase to represent seven percent of all U.S. sales, and as much as thirty percent in states life Florida and California. Even in interior markets like Iowa's Quad Cities, multi-national companies are bringing in expats, so today's consumer wants to know that his or her home is exposed Globally. Depending on how the U.S. economy grows or stagnates, residents here may also look to other countries to invest. Creating connections to other real estate professionals around the world, and developing platforms to achieve property exposure globally will become more prevalent as time goes on. This trend is already very much a factor in the luxury market."
(Being with RE/MAX, I loved reading her comments on how critical it was for a global reach, no one is as connected globally as is RE/MAX today.)
Jack Miller, CEO T3 Experts:
"Millennials don't care how you're used to doing business. Millennials have grown up with technology that works remarkably well, and the won't suffer the industry's retro technologies - and retro mentalities - either as consumers or practitioners."
The overall tenor of the group was a feeling of optimism and a belief that the industry would continue to evolve into something relevant for tomorrow's consumer. Yet, they believe that those who are not part of the change, are not pushing the envelope will soon not have to worry about it any longer because they will no longer be in the business, be they agents or brokerages.
I guess to put it in an old way of saying, it is up to you to Lead, Follow, or get out of the way.
Monday, February 17, 2014
How Do You Filter Your Choices?
You have to make countless decisions every day, many quickly as you navigate through the different areas of your professional, personal, and family life. How do you filter them to help you to confidently choose your options and move on to the next ones?
There is a very under utilized tool to help you called a Mission Statement. Yeah I know, we all have them at work and have no idea what they say, they are just a dusty plaque in the lobby in most cases. Those, in my opinion are not mission statements, but vanity plates trying to sound good with zero connection to anyone in the organization. If used properly a mission statement is simply a filtering tool to run your choices through to help you make the decision that is in line with your vision.
At RE/MAX Ability Plus we have ours "To Inspire Agents, Create Opportunities, and Support Their Dreams" is part of our DNA. We do not do anything without first running it through this filter to make sure that there is a fit with our Mission. Recently we had a great example of how this works in our agent's best interest. One of our agents who joined us last year, came to realize that Real Estate wasn't her passion after working with the passionate agents here. She sent me this email, we were able to visit later, but I was moved to tears to know that we were exactly who we promised to be in our Mission Statement for her. We did Inspire, Create, and Support her Dreams! I am so proud of her for chasing her dreams. Here is her letter.
I
assume Jimmy has broken the news: I am retiring from real estate. I
wished I could have told you in person, but want to at least send you a note
thanking you for everything.
As I
told Jimmy today, real estate is just not the right fit for me. Working
at (Brand X), the office being what it was, I just assumed everyone was unhappy.
I got to RE/MAX Ability Plus and found a company full of people that were not only
happy in real estate, but truly seem to love what they do, from you and Jimmy,
to the agents, to the staff. You practice what you preach, and encourage us all
to follow our dreams. It made me realize something was missing and real
estate wasn't going to fulfill it. I have a great opportunity to get
back into law, either outright or through a few more credit hours of school,
and I have to take it.
I am
immensely grateful to you and Jimmy for your encouragement and support. I
could have wasted years of my life at (Brand X), never realizing there was an
issue. The first time I met with you this spring, I felt more excited
about work and the future than I had in years. I realize that in the end, the
career choice was not real estate, but you both have instilled a sense of optimism
and drive that has been lacking the past couple of years. Your passion
for your job and your company is contagious and I know that is why your agents
are successful, and why RE/MAX Ability Plus is successful.
I
wish you the best of luck in your future endeavors. I know you and Jimmy
will go far, and I still believe that you are the best real estate company in
the state. I will gladly refer business to you, knowing that past client
and friends will receive the best service around! I hope you will keep in
touch and that our paths will cross again. Jimmy has encouraged me to
come to the Christmas party. I hope to see you there if I can make it!
Best
wishes,
How could we be more successful fulfilling our Mission Statement than that?
Mission Statements help you not beat yourself up struggling with decisions, it makes your day go faster and with much less stress. You simply filter the decisions through your values in the statement, it will either fit or not.
Have a work one, a personal one, another for your marriage and one for your kids, any others that might make your life easier.
For me, my personal mission statement has long been, "Have Fun, Make Money, and Make a Difference." If I am in a job that fits all three, life is good, if not, it's time to look.
When I married Jodi, 30 years ago next June, my Mission Statement was "Make Her Always Feel The Slipper Fit." No matter how our finances were it helped me to find ways to truly make her understand how special she is to me.
For my role as Dad, it is "To Raise Healthy, Happy, Successful Adults." That way when I had to make decisions that didn't make for happy children, I never had to doubt my intentions.
When you make a Mission Statement, be sure that it is short, simple, easily at the tip of your tongue and something that you are truly passionate about. If you do, you won't be so exhausted at the end of the day from fighting and second guessing yourself on they myriad of choices you must make every day.
There is a very under utilized tool to help you called a Mission Statement. Yeah I know, we all have them at work and have no idea what they say, they are just a dusty plaque in the lobby in most cases. Those, in my opinion are not mission statements, but vanity plates trying to sound good with zero connection to anyone in the organization. If used properly a mission statement is simply a filtering tool to run your choices through to help you make the decision that is in line with your vision.
At RE/MAX Ability Plus we have ours "To Inspire Agents, Create Opportunities, and Support Their Dreams" is part of our DNA. We do not do anything without first running it through this filter to make sure that there is a fit with our Mission. Recently we had a great example of how this works in our agent's best interest. One of our agents who joined us last year, came to realize that Real Estate wasn't her passion after working with the passionate agents here. She sent me this email, we were able to visit later, but I was moved to tears to know that we were exactly who we promised to be in our Mission Statement for her. We did Inspire, Create, and Support her Dreams! I am so proud of her for chasing her dreams. Here is her letter.
"Dear
Jim,
How could we be more successful fulfilling our Mission Statement than that?
Mission Statements help you not beat yourself up struggling with decisions, it makes your day go faster and with much less stress. You simply filter the decisions through your values in the statement, it will either fit or not.
Have a work one, a personal one, another for your marriage and one for your kids, any others that might make your life easier.
For me, my personal mission statement has long been, "Have Fun, Make Money, and Make a Difference." If I am in a job that fits all three, life is good, if not, it's time to look.
When I married Jodi, 30 years ago next June, my Mission Statement was "Make Her Always Feel The Slipper Fit." No matter how our finances were it helped me to find ways to truly make her understand how special she is to me.
For my role as Dad, it is "To Raise Healthy, Happy, Successful Adults." That way when I had to make decisions that didn't make for happy children, I never had to doubt my intentions.
When you make a Mission Statement, be sure that it is short, simple, easily at the tip of your tongue and something that you are truly passionate about. If you do, you won't be so exhausted at the end of the day from fighting and second guessing yourself on they myriad of choices you must make every day.
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