Posts Tagged ‘Real Estate Future’

Tom Caraccio

Dan Kennedy & Straight Shooting Sales Both Agree… “We are at the beginning of a New Economy”

The way Real Estate Agents sell their services has changed…Forever!

Those of you that know me and get my monthly Straight Shooting Sales Report would know that lately I have been talking about this new economy topic a lot.

The reason I have been talking about it so much is because this new economy has changed the way business happens. And if you don’t understand how it has changed, or what it means to you then you are destined to struggle soon if you haven’t already noticed a change. This whole new economy was one of the driving forces for us to launch the Rainmakers Inner Circle Coaching Membership, because YOU need a place to plug into for continual business and personal growth and success if you haven’t heard of it yet check it out here

But this post is not about that.

Recently I was reading Dan Kennedy’s new book, “Sales Success in the New Economy” and I came across a page of information that aligned with a lot of things I had been thinking about lately. Dan’s new book talks about the emerging new economy as it directly affects sales professionals.

Here are the new realities… my take are in italics.

  • All the power has returned to the customer/client and he or she knows they have it.

Information is at your customers fingertips. They search before they call. It’s not like it used to be, where they call the biggest or the best company. They know they live in a free market that is open to competition. Plus most markets compete on price not value.

  • The customer’s tolerance for anything ordinary – ordinary products, services, expertise, experiences, for the banal and commonplace, and certainly for incompetence – is zero.

Sad but true, you don’t need to agree with this but you do need to see it for what it is and understand it. You need to think experience, wow, exclusive, appreciation. People want to be cared for.

  • Money will be spent more judiciously, so it will be available only to sales professionals with a much higher level of knowledge, skill, preparation, discipline, and sophistication. A more cautious consumer, striving to be sensible and responsible, will be judging you and trying to determine if you are worthy of his/her trust before he/she buys from you. You will be under greater scrutiny.

Selling is finally becoming a profession. It will be institutionalised and will stop the dreamers wanting to enter it. The person who learns the psychology behind why people buy and studies human behaviour and sales and persuasion will be the sales super star of tomorrow.

  • You must genuinely earn your right to your customers’ interest and support by providing well-matched, specialised, even customised product, service, and value propositions. People now have the opportunity, power, and awareness to demand what is specifically for them and precisely matched to their needs, interests, and desires. They are not going to be on buying sprees, buying whatever is in your wagon that you want to sell.

You could sum this up nicely by saying just this…”You have to get better as a person, better as a professional and better in all areas of your business”

This is all happening right now… With all the advances in technology, the pace of business has changed. How your clients make their buying decisions has changed. How they choose their real estate agent has changed. Information is readily available to them that they armed to the teeth before they even start speaking to an agent.

Add to this the stereotype that real estate agents are untrustworthy, (remember you are right down the bottom above used car sales people), that it’s almost an uphill battle before you start.

Times have changed. You have to earn the right to be their agent; you need to build your credibility and authority, which will earn their trust. Once you have systems in place that can create this for you, you will never worry about losing business to others because you are protecting what is yours. But if you keep doing things the old way, you will be subject to auditioning for listings with 3 or more other agents,  usually resulting in fee discounting to win business.

I’m talking strategy here, a formula that needs to be followed so you deliver high quality “wow” service to all your clients. Starting at lead generation where the relationship begins right through to lead conversion and lifetime referrals. This is the mantra of the New Economy Sales Super Star. This is the way of the future, an honest, authentic and specialised approach to building relationships, therefore building your business.

NOTE: I’m not meant to promote on here but I’m passionate about this and I truly believe this will help anyone wanting to know more about Selling in The New Economy…I have a CD which has 8 principles to building your real estate career, which covers 8 strategies for building relationships the right way, plus simple, cost effective ideas to boost your listings every month. You can get a copy for free and I will even pay the postage check it out here…

Glenn Twiddle

How Much Money Did YOU Leave on The Table This Past Weekend ?

Article by Glenn Twiddle
Founder – QREAS Real Estate Agents Summit
Author of ‘Advanced Hypnotic Selling’

Hi there team,

A few weeks ago I ‘mystery shopped’ eleven agents’ Open Homes. (Well some of them may have recognised me so I didn’t do it myself, so I had a lovely woman go into the properties for me, while I waited in the car and took notes.)

The point of this exercise was not to disparage one agent from another, or even one office from another. I removed the names of the individuals, for legal reasons, and the fact is the ‘who’ here for our training purposes isn’t necessary. What is instructional is these were very real and randomly chosen open for inspections, and I wanted to comment on how we can improve our ‘front line’ service to the people who are effectively paying our wages, the clients.

Now, before you download this and analyse, I want to decribe what I did, precisely, so you can judge for yourself how you might have fared with these criteria.

The ‘follow up call’ criteria (which by the way, by Monday 5pm, out of everyone studied only ONE even called) was this…

Full points – if they called by the end of the day my ‘guest’ visited the open
Half point – If they call by end of trace Monday (I understand we’re still not there yet at the time of this posting)
X – if they don’t follow up by Monday 5pm at all.

The other criteria requiring explanation is the ‘quality of take home material’ heading.

Full points if their material is – a full colour, glossy and presentable flyer or booklet AND/OR is bound so has a spine and can’t be easily discarded with all the other rubbish.
Half points if it’s a full colour, but obviously printed in the office on standard paper, and isn’t bad, but is still not quite of the quality we might want representing our biggest asset
X – if it’s black and white, photocopied in the office, throw away as soon as you leave, rubbish.

That’s about it, the rest of the headings are self explanatory I hope.

This study is completely factual. The study was undertaken on April 17 in Brisbane. I have removed the names of the individual agents so as to avoid personal embarrassment, but seriously, the results here are not as gfood as they could be with a few minor tweaks and improvements.

Now, of course, my criteria might be different to other people and of course future sellers who visit your open house have their own criteria, but some of my recommendations for improvement might be food for thought for you who are reading this and want to improve.

I am putting a challenge out to all real estate agents, and I will be persoanlly inviting these agents, who by the way, aren’t bad, this is the standard out there. Some of these agents, in fact, in many ways, are as good or better than some of their competitors. (Well, not the ones who just didn’t show up….Yes 2 out of 11 were complete no shows to an advertised Open House !!)

But I will be inviting these people to come to an event I am taking part in called QREAS, the Real Estate Agents Summit. click the link for more info. Because I PROMISE them, I can double their commissions if they spend just one hour with me. DOUBLE !!! AT LEAST !!!!

Ok, here’s the results. Comments welcomed from agents.

Mystery Shopper Results  –  click or download this file.

Note after the fact – I note on my secret shop that we had a no show (well I note we had two). I just spoke with one of the agents who wasn’t there at the advertised time, and he had on his records 2pm and the Courier Mail printed in the paper 1pm.

From the sounds of it, following the discussion, the agent seems very competent and it’s a shame a mistaken Courier Mail mix up was on the day I did my investigation. (Better it was me though than a serious buyer or seller though)

Lesson here is – be brutally, brutally picky when it comes to proofing your ads amd setting up ‘game day’ because if I was a future seller, that mix up could have potentially cost the agent in question a commission, potentially $10,000 +

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Greg Vincent

Future Of Real Estate Agents Commission 2010

I am currently in the process of conducting a survey of real estate agents and their thoughts about what they feel could have the greatest affect on their commissions throughout 2010.

There’s been a fantastic response to this survey so far, and it’s generated a lot of discussion and interest within the real estate industry already.

For example, earlier this week I spoke with radio announcer Kevin Turner for REUncut about some of the feedback and what can be derived from just one part of the survey so far, here’s the interview…

Interview: Future Of Agents Commission 2010

From some of the feedback I’ve received,  it’s very obvious that discount services are having an impact & don’t appear to be going away any time soon…
Future Of Agents Commission 2010
Going forward it appears that real estate agents are going to need to focus on implementing ways that they can deliver a greater level of service, improve response times, adopt different marketing strategies, become more innovative and provide lots of evidence that they are worth every cent of their commission.

Those agents that do will be able to thrive, regardless of who enters their marketplace.

To share your thoughts and opinions about this important issue affecting our real estate industry, make sure you have your say by clicking the link below to complete this quick survey (easily completed in under 90 seconds).

Please Click Here to access the Future Of Agents Commission 2010 Survey

Note: The survey will close on February 19th 2010 and results will be compiled & an extensive report will be released right here at the Real Estate University shortly afterwards.

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Terri Cooper

The 5 C’s That Will Shape Our Future

What do you think will be the greatest influence on us as agents in the years to come?

I see change coming at a rate of knots and unless we get on board I think we will be swept onto the rocks! I have put together some thoughts and would love your input!

There Are 5 Main Factors That I Believe Will  Shape Our Future

Real estate professionals need to think differently about the future. We need to do more and we need to move faster. Like it or not – CHANGE IS HAPPENING!

Within the next five years the real estate industry will significantly have changed and my feeling is that brokers and agents (and trainers!) who don’t adapt now will not enjoy the benefits of the next economic upswing.

Many of the leading companies of the next few decades are already starting to emerge and the time to stake our claim is now. How do we do that?

Can we look in more depth at five factors that I think will characterize our future:

1. Change
Change is real. It is neither bad nor necessarily good. However it is constant and ever present. If we are not constantly evolving then it is likely that we will be left behind. We don’t need to look any further than the skyrocketing effect of Social Media which is now being utilised for business – a far cry from the banal chit-chat of early days.  Change in our industry is not something new, nor should it be deemed unexpected. It will however alter the way we do business, especially in regard to our client relationships.

2. Complexity
Most adjustments in life are usually hard and therefore we by nature resist them. We sometimes have to deal with many changes occurring at the same time that it can become overwhelming but I am beginning to see that to get on board with these changes is starting to bring me so much closer to my colleagues and clients but is freeing me up to embrace even more new things!

This is where leverage comes in – if the new technology (for example) is out of our area of interest or expertise, then we need to find someone who can fill this gap in our business strategy. Find someone who LOVES to do what you hate and that’s exactly what I have done by working with Greg Vincent.

3. Confusion
Change together with the complexity can create stress and confusion for us. We become bewildered by the new and often fixated with the idea that we cannot do something. As certain as there are new things we do not know, so also is the fact that we can master any new product, service or skill if we really want to – even if it involves finding someone to show us the way! If you don’t have any desire to master a new skill, then employ someone who can do it with their eyes closed!

4. Choice
I think that every scenario provides options and alternatives. Failure is more often than not self imposed barriers. Each problem, obstacle and impediment has more than one solution and we have the capability of discovering it. It just requires commitment, focus, time and execution.

5. Courage
If we resist change it seems to come and hit us in the face anyway! So why not welcome it? Make it work for us . Find the thread from the past that we can carry into the future – build on our existing knowledge by adding new knowledge, grow our skill sets by expanding our horizons and remain competitive by embracing innovation. Rather than resisting or fearing the change, why not be one of those who are helping to shape the future of the industry!

I see great times ahead!!