Lessons learned

This year for many has been a challenging year, but for many of us, a rewarding one. During this time of year, we are provided the opportunity to reflect, respond and rejuvenate to get us prepared for another year of opportunities in the real estate business.

Let’s look back at the year to see what we learned to make us so successful? First, we had learn how to keep up to date with all of the changes we were faced with in the market from financing to pricing properties properly whether working with buyers or sellers. Next, we had to learn how to work more effectively and efficiently with the right clients – educating them was the key. Additionally, we had to go to more networking events and find the right people at those events to network with to aid us in getting more business. Also, we had to work to expand our database to enable us to get more referrals. In addition, we had to improve our lines of communication with our sphere to show how we differentiate ourselves from other Realtors to gain their trust and their business.

In a nutshell, we had to go back to basics in all aspects of our business from educating ourselves and clients to improving customer satisfaction as well as revise our presentations. We had to ask for more referrals – but only after providing excellent service. We had to conduct more buyer interviews and go on more listing appointments in order to find the right clients. We had to learn how to work with short sales, banks and agents. One critical aspect of the business is to know that any market doesn’t last forever and we must treat people in the business with respect or you won’t have a respectable career. The “Golden Rule” is critical to remember when dealing with everyone involved in the transaction. Be an agent of integrity, professionalism, and responsiveness to forge relationships with everyone you encounter in the business and build a career that transcends markets and you will become a success!

There were many obstacles we had to navigate over and around in the areas of finance, pricing properties properly, determine trends and where the market was heading, and how to best handle consumer confidence. How has this helped? It has made us better sales people, more professional in the eyes of clients and has helped us develop better relationships and a stronger client base to propel us into the future. How will you respond to next year’s uncertainties?
Let’s look to the future, what challenges may affect our economy, our business and in the end, us? Here are a few areas that may affect the real estate business is 2009 that we need to consider: the continued bailout of our financial market, the auto industry and their potential bailout or not, consumer confidence as a result of the recession, and the proposed mortgage solutions to help stave off foreclosures. How will you handle these issues? Use these opportunities to develop niches?
Use the next few weeks to develop your plan of action to make the most of next year and what it will bring us in the real estate arena. Find ways to recharge your batteries such as spending time with your family or friends, donating time to charities, setting up accountability groups, networking groups, etc. Reinvent yourself for next year – it is going to be exciting! Get it? Got it? Good!

Resolutions…will you resolve to reach them this year?

As we move towards the end of the year, thoughts of setting New Year’s resolutions come across many of our minds. There are some old standbys…lose weight, exercise, eat healthier, stop smoking, etc. – we’ve heard them all before. This year, let’s focus on your business. Let’s resolve to break old, bad habits that aren’t working for you in your business and resolve to make this your best year ever in real estate!

Start by making it happen and stop waiting for it to come to you. Be proactive not stagnant – set realistic goals, set a plan of action and attain them. Get on the phone and call your sphere – now is a great time to ask them about their holidays. Get involved in networking groups to build your business to business referrals – you scratch their back they will scratch yours! Get involved in associations and be an active participant in them to gain exposure. Host client appreciation parties or participate in the ones the office provides you.

Get educated. Read all you can about the market. Read books on real estate. Preview properties. Go to trainings. Get a designation. Go to seminars and conventions. Go to our Real Estate Information Exchanges. Research trends in our market. Become “the” expert to your sphere.

Set a schedule. Many people don’t know what they are going to do day to day. More people plan a vacation or holiday party than they do their life OR business. Realize what it takes to be a success in the business, put it in your calendar and do it. Put regularly scheduled office events, open houses, seminars and conventions in your calendar now. When you put it in writing it is more likely to happen!

Become accountable. This one is huge! When you have someone to work with to help you achieve your goals, you are more likely to attain them. This is one of the most important “blocking and tackling” drills in your business. Make sure you and your partner or team members keep the feedback on this piece of your plan positive so you can stay on track. When negativity creeps in, people drift and no longer will participate in accountability programs.

Practice, rehearse, and practice again your presentations. Think of common objections you hear and what the answers are or ask someone for help in getting the right answer. If you know what you are going to say and when in conversations or in meetings, you look more professional and will gain more respect from those you encounter which will lead to more referrals!

Give excellent service, give the right answers or go find them for clients, give referrals to other “experts”, give back to the community, give back to your company and then ASK FOR REFERRALS!

Treat others with respect. Return phone calls promptly, keep a cool head, communicate effectively and be responsive to others and their needs. Be punctual. Do what you say you are going to do – be reliable.

Lastly, be positive. Be an optimistic realist. Give the right advice in the right way. It will help propel your business.

These processes are not rocket science but they may seem daunting. Don’t let them be. Take on small, manageable tasks each of the next 7 days and you will be on your way to a successful year. As the saying goes, you eat an elephant one bite at a time. Don’t let setbacks set you back – keep plugging away and work your plan so your plan will work. Make adjustments when necessary and ask for help when needed. As they say in the Special Olympics, some dream of success, others wake up and work for it! I say, wake up and work for it! Get it? Got it? Good!

An enlightening evening!

The other night I had the privilege of being invited to the 20th Annual Washington Business Hall of Fame induction ceremonies. My friend, Bud Morrissette of Interstate Van Lines was my host. The guest list was a virtual who’s who in Washington Business so it was a great networking event as well as an opportunity to hear what these great business leaders believe had made them so successful in their careers. The inductees included Richard Fairbank of Capital One, Linda Rabbit of Rand Construction, Donald Graham of the Washington Post – sorry Chris, Mandell Ourisman of Ourisman Chevrolet and my personal friend, Milt Peterson of the Peterson Companies. Having Milt get into the Hall of Fame was a nice surprise as I had no idea what the event was about or who was to receive awards prior to my arrival.

So, do you know what I found out? They are similar to many of the beliefs we hold true about our businesses I am sure. First, you need to have a vision, a passion to serve your clients and your community – always give back, continue to learn and grow, work harder than others in your field, be innovative, be focused, and finally, there is no better place to conduct business than the Washington area. Some other thoughts Bud and I had were that we need to get out and get in front of people to get opportunities, and then take advantage of those opportunities. You can’t wait for things to happen, especially in today’s environment. Those who wait won’t last. Be proactive, be involved, be optimistic, and your chances for success will be greatly improved. Again, it isn’t rocket science and as a matter of fact, one of the presenters said you don’t need to be a genius to make it in business you need to be a leader as well as have the qualities mentioned previously.

Another one of my conversations worth repeating from last night is the one I had with my buddy, Wes Foster. I have had the opportunity to visit the Taj Mahal off Lee Road a few times and each time I have been there Wes wasn’t there. After some small talk about the building and news about real estate, I asked him why he hadn’t been there on either of my visits. He said, “The market is bad, very, very bad and it’s going to get worse. I need to be on the road to find the answers but it is bad out there and who knows when it is going to get better?” Can you imagine? The vision, attitude, direction and leadership of any company starts at the top and filters down and resonates throughout the organization. Attitude isn’t everything but it is pretty damn close. Negative attitudes – the cancer of any business – are hard to flush out of organizations and if it is at the top, look out!

We are uniquely positioned in today’s market to take advantage of other’s beliefs about where things are and where they are going so let’s get busy and DO IT! Get it? Got it? Good!