Connect with us

Business News

What real estate consumers simply don’t understand

While real estate consumers understand how to research homes, what happens after that point remains a mystery, through no fault of their own, but very much to their own detriment.

Published

on

online sales

real estate

A recurring theme within the real estate industry

The speed with which real estate professionals should respond to inquiries via the phone and web has been a reccurring theme for some time, and according to some – speed is a very large part of the recipe for success. When looking at houses online, you will often find contact forms where consumers can email or call the listed agent for more information about a specific property. Some of these inquiries get routed to “buyer agents” who have paid for placement on that listing and some go to the listing agent or brokerage themselves who were hired to sell the property. They go to a variety of places really, something I am confident that consumers do not fully understand as they use the internet to research homes. So I am sure you are thinking, why do they need to know?

This perspective might be met with some resistance by my peers, but I firmly believe that fast response times aren’t a real problem and claiming that they are part of the recipe for success is a bit short sighted. Fast response times are surely not going to solve the perception problem we have as an industry – in fact, I believe it will just perpetuate it. Technology already allows us to send auto-responder emails, text messages, and voicemail options to every inbound inquiry we receive, and soon that competitive advantage will be non-existent. And then, what will be the next trick, the next piece of advice or silver bullet the hundreds of real estate consultants out there give to us as agents?

Why should calling someone back within 10 minutes be my competitive advantage when consumers don’t even know who they are calling in the first place? Surely that’s not the way to build a sustainable business. Let’s face it, buying gum is an impulse purchase, not a home so why should I have to be subject to this criteria? Now speed is what separates a good agent from a bad one? I don’t think so.

Where the focus should truly be

So what is the real challenge? I think it’s about better preparing consumers to focus more on what their desired outcome of the contact really is and by setting up the initial introductions with the right expectations. Are they really prepared to see the one property they’ve been eyeing for a few days? Are they making a big move to another city and need a professional consultation or multi-day tour of neighborhoods and homes, or do they simply have a clarifying question about some of the home features itself?

Further, if the consumer is already working with an agent, they need to be very thoughtful about contacting other agents (if at all). Essentially, your agent should be the information hub of the entire home buying experience. Contacting other agents can be problematic as most of them view every contact as a lead generation opportunity for more business. Consumers can avoid these confusing situations by evaluating and committing to an agent independent of the home research process itself.

Choose your own adventure

If consumers get relegated to just clicking a contact button not knowing (or caring) who might be on the other end, or continue to make cross country trips to evaluate properties and expect to get top notch service the second they land without having contacted someone in advance, it is going to set us all up for failure.

Simply responding quickly to the first inquiry is no longer a service level advantage. If consumers decide this is the difference maker in selecting a real estate professional, then they’re only short changing themselves. Looking at homes is the exciting part of the home-buying experience, but selecting the right agent for the job is often the most important.

The consumer holds the keys when it comes to creating their own best experience. A little due diligence on their own part can be the difference between a nightmare and a dream home come true.

Greg is the principal owner of Fischer Real Estate Services, a Fort Worth firm specializing in customer value and community enrichment. He's also an MBA at TCU, and a proud member of the Naval Reserves. In his spare time - he sleeps.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business News

Leadership versus management: What’s the difference?

(Business News) The two terms, leadership and management, are often used interchangeably, but there are substantial differences; let’s explore them.

Published

on

leadership Startups meeting led by Black woman.

Some people use the terms “leader” and “manager” interchangeably, and while there is nothing inherently wrong with this, there is still a debate regarding their similarities or differences.

Is it merely a matter of preference, or are there cut and dry differences that define each term?

Ronald E. Riggio, professor of leadership and organizational psychology at Claremont McKenna College, described what he felt to be the difference between the terms, noting the commonality in the distinction of “leadership” versus “management” was that leaders tend to engage in the “higher” functions of running an organization, while managers handle the more mundane tasks.

However, Riggio believes it is only a matter of semantics because successful and effective leaders and managers must do the same things. They must set the standard for followers and the organization, be willing to motivate and encourage, develop good working relationships with followers, be a positive role model, and motivate their team to achieve goals.

He states that there is a history explaining the difference between the two terms: business schools and “management” departments adopted the term “manager” because the prevailing view was that managers were in charge.

They were still seen as “professional workers with critical roles and responsibilities to help the organization succeed, but leadership was mostly not in the everyday vocabulary of management scholars.”

Leadership on the other hand, derived from organizational psychologists and sociologists who were interested in the various roles across all types of groups.

So, “leader” became the term to define someone who played a key role in “group decision making and setting direction and tone for the group. For psychologists, manager was a profession, not a key role in a group.”

When their research began to merge with business school settings, they brought the term “leadership” with them, but the terms continued to be used to mean different things.

The short answer, according to Riggio is no, not really; simply because leaders and managers need the same skills to be productive and respected.

This editorial was first published here in June of 2014.

Continue Reading

Business News

Does Raising Cane’s have the secret to combatting restaurant labor shortages?

(NEWS) Fried Chicken Franchise, Raising Cane’s, has turned to an unusual source of front-line employees during the labor shortage- Their executives!

Published

on

White paper sign with black text reading "Help Wanted."

I wouldn’t call myself a fried chicken aficionado or anything, but since chains are designed to blow up everywhere, I have experienced Raising Cane’s.

I’m pretty sure the Cane’s sauce is just barbecue mixed with ranch, but hey, when you’ve got a good idea, keep with it.

In the further pursuit of good ideas, the company has resorted to an intriguing method of boosting staff in a world where the lowest paid among us are still steadily dying of Covid, and/or choosing to peace out of jobs that they don’t find worth the infection risk.

Via Nation Restaurant News: “This is obviously a very tough time, so it was a joint idea of everybody volunteering together to go out there and be recruiters, fry cooks and cashiers —whatever it takes,” said AJ Kumaran, co-CEO and chief operating officer for the Baton Rouge, La.-based quick-service company, from a restaurant in Las Vegas, where he had deployed himself.”

The goal of this volunteer mission, which involves 250 of the 500 executives deployed working directly in service roles, is to bolster locations until 10,000 new hires can be made in both existing locations and locations planned to open.

It’s obvious that this is a bandaid move – execs exist for good reason, and in terms of sheer numbers (not to mention location and salary changes), this is hardly tenable long-term. But I can say this as someone who’s gone from retail to office, and back (and then forth…and then back again) several times – if this doesn’t keep everyone at the corporate level humble, and much more mindful of employees’ needs, nothing will.

The fast-food world is notorious for wonky schedules only going up a day before the week begins, broken promises on hours (both over and under), horrendous pay, and little to no defense of employee dignity in the face of customers with rank dispositions. With the wave of strikes (Nabisco, John Deere, IATSE) making the news, and lack of hazard pay/brutal physical attacks over mask mandates still very fresh in workers’ minds, smart companies are hipping themselves to the fact that “low level” employee acquisition and retention needs to be much more than the ‘work here or starve’ tactics that have served since the beginning of decades of wage stagnation. The best way for that fact to stay front-of-mind is to go out and live the truths behind it.

In Raising Cane’s case, the company also announced that they’re upping wages at all locations — to the tune of an actually not totally insulting $2 per hour, resulting in a starting wage of $15 and a managerial wage of $18.

Ideally, paying people more to cook, clean, and customer service all in one job will actually attract people back to fast food work. Seriously consider the fact that the people cleaning fast-food toilets are the same people making the food that goes into your mouth. The additional fact is that it’s better for everyone’s health when they’re paid enough to care about what they’re doing and stay healthy themselves.

Of course, one does also need to consider how much inflation has affected the price of goods and housing since the ‘fight for $15’ began almost a decade ago in 2012. Now, raising wages closer to the end point of multiple goods still might not be enough!

AJ Kumaran continued, “The chicken prices are through the roof. Logistics are very hard. Shipping is difficult. Simple things cups and paper napkins — everything is in shortage right now. Some are overseas suppliers and others domestic suppliers. Just in poultry alone, we have taken significant inflation.”

That’s global disruption for ya.

It remains to be seen whether this plucky move can save Raising Cane’s dark meat, but I’m very pro regardless. Send more top-earning employees into the trenches! No more executives with 0 knowledge of how the sausage sandwich gets made.

No more leading from behind.

Why not? What are ya? Chicken?

Continue Reading

Business News

Unify your remote team with these important conversations

(BUSINESS NEWS) More than a happy hour, consider having these poignant conversations to bring your remote team together like never before.

Published

on

Woman working in office with remote team

Cultivating a team dynamic is difficult enough without everyone’s Zoom feed freezing halfway through “happy” hour. You may not be able to bond over margaritas these days, but there are a few conversations you can have to make your team feel more supported—and more comfortable with communicating.

According to Forbes, the first conversation to have pertains to individual productivity. Ask your employees, quite simply, what their productivity indicators are. Since you can’t rely on popping into the office to see who is working on a project and who is beating their Snake score, knowing how your employees quantify productivity is the next-best thing. This may lead to a conversation about what you want to see in return, which is always helpful for your employees to know.

Another thing to discuss with your employees regards communication. Determining which avenues of communication are appropriate, which ones should be reserved for emergencies, and which ones are completely off the table is key. For example, you might find that most employees are comfortable texting each other while you prefer Slack or email updates. Setting that boundary ahead of time and making it “office” policy will help prevent strain down the road.

Finally, checking in with your employees about their expectations is also important. If you can discuss the sticky issue of who deals with what, whose job responsibilities overlap, and what each person is predominantly responsible for, you’ll negate a lot of stress later. Knowing exactly which of your employees specialize in specific areas is good for you, and it’s good for the team as a whole.

With these 3 discussions out of the way, you can turn your focus to more nebulous concepts, the first of which pertains to hiring. Loop your employees in and ask them how they would hire new talent during this time; what aspects would they look for, and how would they discern between candidates without being able to meet in-person? It may seem like a trivial conversation, but having it will serve to unify further your team—so it’s worth your time.

The last crucial conversation, per Forbes, is simple: Ask your employees what they would prioritize if they became CEOs tomorrow. There’s a lot of latitude for goofy responses here, but you’ll hear some really valuable—and potentially gut-wrenching—feedback you wouldn’t usually receive. It never hurts to know what your staff prioritize as idealists.

Unifying your staff can be difficult, but if you start with these conversations, you’ll be well on your way to a strong team during these trying times.

This story was first published in November 2020.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!