Adaptability

In today’s market, this is critical. You must adapt by learning more about our ever changing financial world, adapt by changing your presentations to communicate your knowledge of this information and adapt to serve the demands of today’s consumer.

Our financial market is in flux, the oil price roller coaster is in constant motion and the tighter regulations mortgage lenders are faced with, almost daily, as a result of all the foreclosures make our job even tougher. It is crucial to stay on top of what’s happening because the consumer wants to know what it means to them when they are looking to buy or sell. They rely on us to provide them with insight and information to help them make the right decision when considering their options.

Therefore, you need to adapt to the changes we face in our market to differentiate yourself. You need to know how the ups and downs of these key financial sectors influence our market and how it affects our client’s ability to buy or sell. In a sense, you need to become proficient in discussing the financial arena and how it influences the housing market. Adapt your schedule to incorporate a new routine of educating yourself about the financial world and the correlation it has with housing.

Once you understand how it impacts us, adapt your presentations to reflect your knowledge in these areas. If you don’t adapt in today’s market, it will be difficult to survive. The consumer demands more of us and we need to step it up a notch. They want correct information quickly and if they don’t get it, they don’t hesitate to change agents. Adapt to their and become an indispensible resource to them. They will be loyal and will reward you with referrals.
Now more than ever, you need to be passionate about our business. Meet the challenges you face head on and adapt quickly or consider other alternatives. There are opportunities in every market but you need to be in the game to find them. Now is the time to break out of your comfort zone and seize the day by super serving your clients!

Think!

Time management in any business is critical. Think about how are you spending your time? How much time do you spend speaking with past clients? Prospecting for new business? Attending networking functions? Office trainings? Attending offsite seminars? Are you focused on money making activities? What are you doing to advance your business? What is your approach to the business? Do you have consistency in your efforts? Do you have and stick to a schedule? Start with these questions and build upon them. Meet with your team to review and discuss to further your business.

Analysis is also crucial. When was the last time you looked at your business? Do you analyze your business on a monthly, quarterly, semi-annual or annual basis? Today’s volatile times require close analysis on a regular, consistent basis at least quarterly if not monthly. Have you thought about where your business is coming from or not? What is working and what is not? What are others doing that is helping them be successful in our current market? Have you set up meetings to see how they do what they do and see if it is for you? How have you fostered the relationships you have forged recently? What are you “giving” to allow you to ask for new business? Are you discussing the business with others in our industry – builders, lenders, attorneys, title companies, bankers, appraisers, inspectors, other agents and brokers? They can be a valuable resource if you keep an open mind and listen to what they are saying to enhance your business.

Look in the rear view mirror, study the past and learn from it. Ask yourself how the business has changed in the last three years? What have you done to adjust to the change? Where did your business come from in the past and where is it coming from now? Why or why didn’t you change your philosophy or business practices to adjust to the changing market? Have you determined what the opportunities available to you are and how long they will last? What happened the last time there was “an adjustment”? How did you adjust then? How did others adapt and grow their business? What can you bring to the table to differentiate yourself and to bring you success now and in the future?

Change is inevitable. Will you ride the wave of change or get slammed by it? How will you attract new clients and get more business now? In the future? What technology is available to you and how can it make you more productive? How can it help you get new clients, make you more productive and “find” you more time? What new programs are available to help you obtain more clients? Are you “working” the web? If yes, how? If no, why not?
You must learn to earn. What do you do to educate yourself and your team? Do you understand the benefits of continuous learning and the positive effects it has on you, your team and your business? The more you know and understand our business, the market and its trends, the easier it is to communicate with clients. The more knowledge you have, the easier it is for others to refer you. It enables you to add value to others and educate them on how to best handle buying and selling houses. You will become an invaluable resource to those you encounter and they will seek you out to tell others about you.

Give back. What have you done to help your company lately? Have you done trainings, helped recruit agents, been an advocate of its direction, participated in office meetings, trainings, networking events or brainstorming events? Have you provided feedback in a positive, constructive way? Help us grow as we try to help you grow.
Helping you grow. What is your thought process in handling objections, disgruntled clients or team members, implementing new ideas? What and how do you support your clients, team and company? Do you provide encouragement? Exemplify a positive, can do attitude? Do you solicit feedback to help you learn and grow? When do you? What do you learn from it?
Do you have a plan for working B2B? Develop your platform for discussions. Strongly consider the location, setting (for minimal distractions) and frequency. Get to know them and their story. How can you help them? Can you partner on projects? Who is their ideal client? Where can you find them for them? What are their spheres’s of influence? What is your story? What is your brand? How can they help spread your story? Who is your ideal client? Who is your sphere and how can it help them? Share these questions along with stories of success with other B2B partnerships as well as with your clients.

A few additional thoughts: Be the best, do your best, act the best, expect the best and you should get the best! Set excellence as your benchmark. Be in the mindset of helping and giving to others. Develop a servant mindset – give referrals, time, energy and effort in all that you do. Get in the game – assess, review, meet & greet, reach out to others, create opportunities, learn and adjust accordingly.

Now, go sell something!

You can't teach the market, you have to learn from it

Very interesting words as well as true in my opinion. When I heard this, it brought to mind the movie Wall Street. Michael Douglas’s and Charlie Sheen’s characters tried to control or teach the market by obtaining inside information and have the market go where they wanted it to go. In the end, they lost their credibility, their jobs and their money. The arrogance they portrayed has no place in any industry. None more so than in real estate. Our market is in a current state of flux. The mortgage industry changes constantly these days as the government, Freddie Mac, Fannie Mae, and banks try to find programs that will correct the problems that brought us to where we are today. It appears that many times it is an over-correction but it is critical to keep up with these changes as they affect our buyers and sellers. Laws affecting disclosures – both property and associations have changed. Prices are changing from zip code to zip code and from neighborhood to neighborhood so it is essential to see properties, check values and communicate with appraisers to see what trends are happening in areas you are working in so you can give the best advice to our clients whether buying or selling properties. Networking with builders, title companies, and other agents is a necessity as well. Find agents who are active in today’s market. Ask what their clients are saying about real estate, what they think about it, and what they hear others saying about our current conditions to help yourself formulate your opinion. From this information you will “learn” what is happening in the market then you can educate your clients on how to make the right decision. How do short sales and foreclosures affect appraisals, where and how many other houses are on the market in the same neighborhood, area, or zip code that will have an impact on values, what is the absorption rate of properties (number of buyers in the market).

You must “learn to earn”. Find value in what we offer such as our monthly listing exchanges, mastermind groups, Friday trainings, our brown bag lunch series, quarterly meetings and other events we host for you. It was refreshing to hear from John Chapman (Omni Appraisals) when I thanked him for speaking at our real estate information exchanges that he actually thanked me. He said it was a great way for him to get information on the market, to learn what was happening and to hear what agents were experiencing and he was going to spread the word to get more participation. He said he learns something every time he attends and he has been appraising properties for 20 years. I learn something in virtually every situation as well. The concept is to participate, ask questions in an inquisitive non argumentative way and keep an open mind to become a sponge.

Now, go sell something!