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Part III: To Chauffeur or not to Chauffeur |
May. 19, 2008
Categorized in: Welcome to my Blog!
The National Association of REALTORS® (NAR) researches many aspects of real estate. One of the areas they monitor is the ever changing needs and wants of the public when it comes to what they look for in a REALTOR®. Since the beginning of 2008, the public has reordered what they want from us. They have now told NAR loud and clear that they want to work with those that have a 1) professional reputation, and a 2) deep knowledge of the marketplace. Little wonder with all the negative news in the press and elsewhere about the “softening economy,” the problems in many housing markets, foreclosures, and corporate scandals to name just a few.
The long term trends from that research also tell NAR that all generations, both in the US and international clients, want everything about real estate now, immediately. Of course how they want to receive that information may vary depending on their generation and cultural background.
Many in our industry already know that depending on the generation and cultural background of the client, depending on the use of technology by that client, and depending on their personal wants and needs, the answer to the question on how they want to receive information can vary widely. That is why you need to look at the market or markets in which you want to operate and decide how and if you can meet their wants and needs.
Everyone has easy access today to a flood of information on real estate and the economy; from the Internet, from the mail, from all news sources, from magazines, from HGTV, from Blogs, from social networking sites, from their friends at back yard BBQs, and from their neighbors at the grocery store to name just a few. They know the information they receive is not all correct. What and who can they believe when they have a real estate question?
The answer is…their “trusted advisor.”
So…how do you establish yourself as “the trusted advisor?”
Start with defining the specifics of what you do and what separates you from the rest of the pack. Take some quiet time and really think it through. This has to become your “raison d’être,” your reason for being, your cause. Clients want to know what is your “value proposition” – what do you bring to the table?
You can look at it as fixing something that is wrong i.e. someone wants to successfully sell their home and they can’t, or someone wants to successfully buy a home but they are confused, or someone wants to maximize the income for a property they own and want managed in a slow rental market. Or you can look at your career as something you do because you believe in the right to own, use, and transfer real property. You might consider it “service above self;” Rotary’s slogan. (Please say more than - it is a great way to meet people make money.)
Whatever you identify, it must give your career meaning and value; for you and for your clients.
There are new trends we might use to interact with clients, both new and old; 1) e-mail; 2) websites; 3) individual property websites; 4) Newsletters both paper and/or electronic; 5) Blogs; 6) Social networking sites, to name just a few. However, just because you have a website or an e-mail address or even a Blog, does that mean that someone will trust what you say? No.
It is more how your clients use various methods of communication coupled with how you use the various means communication that makes the difference.
It is also about what you are willing to do to become the knowledgeable expert within your marketplace. You need to go out and get the facts and information that makes you the expert. And then you need to keep current on that information.
Does it take time and mean that you have to do some research? Absolutely; but it is worth it.
For example: What has sold or leased each quarter in each category in each of the past 5 years? How does that compare to the sales price or listed lease price? How many properties are on the market for sale or lease today? What is the average marketing time today for each category of property and how does that compare to properties on the market the last 5 years?
What is your economy based on? What are the trends in the unemployment rate? Are people moving in, or out, or is it stable? What has your economy been like for the past 5 years; year over year? What is it like today? What is happening today that may influence it in the coming years? These are not all the questions you need to have answers to; but it is a start.
You not only have to be educated on the market, you need to continue to educate yourself by taking advantage of the professional REALTOR® courses given within your area and on-line. Start with GRI, the “college level” REALTOR® courses that will be the base for your career and don’t stop: move to the e-PRO courses, and then to CRS, CRB, ABR, SRES, IREM, CCIM and on and on or wherever your career goals and interests take you.
That is enough for today. Sit and think about the answers to these questions. Next week we move to defining your role, the keys to establishing a great reputation, and adopting the habits and skills of the “trusted real estate advisor.”
Take care!
The National Association of REALTORS® (NAR) researches many aspects of real estate. One of the areas they monitor is the ever changing needs and wants of the public when it comes to what they look for in a REALTOR®. Since the beginning of 2008, the public has reordered what they want from us. They have now told NAR loud and clear that they want to work with those that have a 1) professional reputation, and a 2) deep knowledge of the marketplace. Little wonder with all the negative news in the press and elsewhere about the “softening economy,” the problems in many housing markets, foreclosures, and corporate scandals to name just a few.
The long term trends from that research also tell NAR that all generations, both in the US and international clients, want everything about real estate now, immediately. Of course how they want to receive that information may vary depending on their generation and cultural background.
Many in our industry already know that depending on the generation and cultural background of the client, depending on the use of technology by that client, and depending on their personal wants and needs, the answer to the question on how they want to receive information can vary widely. That is why you need to look at the market or markets in which you want to operate and decide how and if you can meet their wants and needs.
Everyone has easy access today to a flood of information on real estate and the economy; from the Internet, from the mail, from all news sources, from magazines, from HGTV, from Blogs, from social networking sites, from their friends at back yard BBQs, and from their neighbors at the grocery store to name just a few. They know the information they receive is not all correct. What and who can they believe when they have a real estate question?
The answer is…their “trusted advisor.”
So…how do you establish yourself as “the trusted advisor?”
Start with defining the specifics of what you do and what separates you from the rest of the pack. Take some quiet time and really think it through. This has to become your “raison d’être,” your reason for being, your cause. Clients want to know what is your “value proposition” – what do you bring to the table?
You can look at it as fixing something that is wrong i.e. someone wants to successfully sell their home and they can’t, or someone wants to successfully buy a home but they are confused, or someone wants to maximize the income for a property they own and want managed in a slow rental market. Or you can look at your career as something you do because you believe in the right to own, use, and transfer real property. You might consider it “service above self;” Rotary’s slogan. (Please say more than - it is a great way to meet people make money.)
Whatever you identify, it must give your career meaning and value; for you and for your clients.
There are new trends we might use to interact with clients, both new and old; 1) e-mail; 2) websites; 3) individual property websites; 4) Newsletters both paper and/or electronic; 5) Blogs; 6) Social networking sites, to name just a few. However, just because you have a website or an e-mail address or even a Blog, does that mean that someone will trust what you say? No.
It is more how your clients use various methods of communication coupled with how you use the various means communication that makes the difference.
It is also about what you are willing to do to become the knowledgeable expert within your marketplace. You need to go out and get the facts and information that makes you the expert. And then you need to keep current on that information.
Does it take time and mean that you have to do some research? Absolutely; but it is worth it.
For example: What has sold or leased each quarter in each category in each of the past 5 years? How does that compare to the sales price or listed lease price? How many properties are on the market for sale or lease today? What is the average marketing time today for each category of property and how does that compare to properties on the market the last 5 years?
What is your economy based on? What are the trends in the unemployment rate? Are people moving in, or out, or is it stable? What has your economy been like for the past 5 years; year over year? What is it like today? What is happening today that may influence it in the coming years? These are not all the questions you need to have answers to; but it is a start.
You not only have to be educated on the market, you need to continue to educate yourself by taking advantage of the professional REALTOR® courses given within your area and on-line. Start with GRI, the “college level” REALTOR® courses that will be the base for your career and don’t stop: move to the e-PRO courses, and then to CRS, CRB, ABR, SRES, IREM, CCIM and on and on or wherever your career goals and interests take you.
That is enough for today. Sit and think about the answers to these questions. Next week we move to defining your role, the keys to establishing a great reputation, and adopting the habits and skills of the “trusted real estate advisor.”
Take care!
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