There’s a coffee shop I go to on the Gold Coast. For all intents and purposes it shouldn’t work; it faces away from the beach, it’s on a busy highway, and it’s in a rather stand alone location. Yet it’s always packed.
The question is – why? It’s because it does the things that matter extraordinarily well. The coffee is excellent, the vibe and energy of the staff are amazing.
The business is obviously focussed on being successful, as all businesses are and should be. But the real focus is on the experience; the attention to detail in the little things.
As markets across Australia begin to change, this attention to detail in real estate is now more vital than ever before.
The quality of your presentations, the detail in your follow up, the willingness to create platforms to have meaningful discussions with owners – it’s not one factor, but a combination of everything that will allow your business to thrive and survive when all things around you suggest that you shouldn’t.
Just like my coffee shop, if you get the detail right, every day is a good day.
Remember, the market is a cycle – it moves and it changes. You have no more effect on the way the cycle ebbs and flows as you do of controlling the ocean tide.
You didn’t cause the property boom and nor will you be the cause of any softening or correction.
What you can do is attach yourself to process and structure that enables your vendors to reach a premium price no matter what stage of the cycle we’re in.
Recent research has shown me that most real estate offices generate enough leads through enough channels to light up a small country town.
The future of our industry is not about generating more leads, it’s about adopting a better understanding of lead nurturing and conversion.
As an industry, are the sins of our past starting to catch up with us?
As I’ve seen the emergence of companies such as Rate My Agent and Open Agent, I realised these portals have been created to fill a need. As an industry we need to ask ourselves, what is that need?
Was it the need of consumers to feel comfort around their selection of their real estate agent?
Or is it the fact that there was an identification that most property owners in Australia don’t really have a meaningful relationship with a real estate agent?
Perhaps this growing trend has been fuelled by an opportunity created by an industry that isn’t as customer-centric as it should be.
Energy and hype in the market is such a wonderful thing. It creates momentum, it provides cash flow to further develop and in many ways can only ever be seen as a great thing.
But so often through these times – as we enjoy this part of the cycle – businesses lose shape and detail becomes less important. Adherences to processes and structures seem a waste of time.
Let’s look at other industries, no matter how busy QANTAS gets, their detail to safety remains intact. No matter how busy a 5 star restaurant gets, its detail to what’s presented on the plate remains intact.
As we hurtle through a seemingly wonderful market, does the detail still remain important in your business?
I was asked recently what I thought was the most important thing to do when building a real estate career.
I believe it’s to fight the magnetic force of average. This is such a powerful force across not just our industry, but society as a whole.
Having visited thousands of real estate businesses over the past 10 years, it’s the business leaders who go to their offices every day and fight this unwavering force.
You see, it’s being average that unwinds and unravels our goals and ambitions.
Everyday we attend training sessions and conferences, listen to podcasts (and even read blogs!) in an attempt to fulfill our potential. I can put my hand on my heart and say, ultimately, it’s the battle against average that will determine your outcome as an agent.
Average starts with the little things that don’t seem to matter and before long it captures too many people.
I recently read on Facebook a conversation discussing who is the most influential real estate coach in the country.
Without a shadow of a doubt that kudos belongs to the owners of real estate businesses across the country.
These men and women encourage, support, direct and create an environment for people to succeed every day.
Our research shows that the best agents actually work out of the best businesses.
These are the people who deserve all the credit – everyone else is just a support act.
Anyone who thinks otherwise has probably never owned a real estate business.
If I were to ring most agents and offer them a referral listing the majority would gladly give me 20 per cent, which means that every lead has inherent value – that being the average sales commission multiplied by 20 per cent.
In my work at the moment, I’m looking at identifying how many leads slip through the cracks. When you put a dollar value to this – the value of the leads that are wasted – let me tell you, that number is frightening.
When my children were young it always amused me when they opened a packet of chips and the bag was half full.
I can’t help but think we give our vendors and buyers a similar feeling when – after they’ve helped us make tens of thousands of dollars – we give them a settlement hamper that has more packaging than it does gifts.
I think all of these people and the value they provide is far greater than a basket half full of shredded paper.
An obligation of any real estate team is to provide a pathway to move leads from cold to warm.
As an industry we are extraordinarily focussed on – and talented at – dealing with leads when they’re hot. In fact I would argue that the majority of industry training is directly pointed at that end of the spectrum.
It’s imperative that you find yourself in a business that is supportive at the other end – the cold. For the journey that is rewarded the most is the one that brings the leads in from the cold.