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Op/Ed

The 10 skills every successful real estate pro shares

(EDITORIAL) It isn’t slick business cards that make a real estate pro successful, it’s a constant striving for improvement. Here are the 10 skills the most successful among us share.

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NAR committee

“Success is not final, failure is not fatal: it is the courage to continue that counts.” -Winston Churchill

Churchill’s quote may be shared with lame inspirational imagery on Facebook in an effort to make people think the poster is an inspiration, but his words are timeless and a universal truth. People enter the real estate profession with big dreams and expectations and are often met with the brutal reality that it is a lot of grunt work.

Once in the industry, what separates the successful from the failures? There are 10 skills every successful Realtor shares, no matter their expertise:

1. Education level

Successful real estate pros continually educate themselves, and not just in the “I have 6 hours of legal updates to take before I renew” way, but through webinars, earning designations and certifications to refine expertise, continuing education, and so forth.

Resting on laurels is never an option for successful pros, because they’re constantly seeking the competitive advantage. Further, they are educated enough to educate people around them, be they consumers or fellow agents – the skill to effectively convey a message is a sure sign of being educated.

2. Negotiation skills

Those at the top of the food chain can negotiate well, and we’re not talking about haggling at a rug bazaar, we’re talking skillfully navigating the transaction from start to finish, knowing the laws and processes so well that they aren’t just worried about their bottom line, they’re taking their fiduciary relationships with clients ultra seriously.

It’s not about being cutthroat, it’s about being extremely knowledgeable and being able to get the best deal possible (and convey that to) a client, who in turn refers to them because of their wicked value proposition.

3. Communication skills

Real estate agents are famous for not calling anyone back. It’s true, let’s be real. But those at the top not only have the systems in place to handle calls when they’re unavailable or funnel leads through the most effective pipelines, they treat their clients like gold. Which means communicating at every phase of the transaction. No one at the top lands a client then just shows up at the closing table, it just doesn’t work that way.

Emails are routed properly, social media connections are groomed effectively, and systems are in place to deal with incoming communications. Further, they are able to communicate complex legal terms simply and concisely to clients, and they make the process look easy. They’re very hands on.

4. Tech-savviness

The most successful in the industry aren’t necessarily programmers, but they’ve vetted the endless systems they have working well together to get consumers from point A to point Z effortlessly. Many are left behind, duct taping together old crappy technologies, while the successful agents tend to be ahead of the curve and are thirsty to always improve (see #1). This doesn’t mean they’re Twitter experts and want to come talk to your office about the benefits of tweeting, it means their site won’t look like it was half-assedly built in 1999, they aren’t using outdated tools, they’re pushing technologists to serve them so they can better serve their clients.

5. Marketing skills

If you ask someone that is successful about their toolbox and methods, you’ll be in for an hours-long conversation. Marketing is second only to negotiation skills when it comes to a Realtor’s value proposition, so they don’t just slap up a flyer in a yard, they have endless digital analytics in place, they (and/or their team) follow up on every single opportunity not only for leads but feedback. They tweak. Then they tweak again. And again. And again. Marketing skills isn’t just knowing what a modern logo looks like, but what a good ROI is on a specific type of ad, which listings require a re-shoot, expertise on a farm area like school ratings, and so forth. It’s a science and an art that separate the successful from the others. By miles.

6. Problem solving

The most successful in the industry are creative and think well on their feet. When problems arise, they can confidently offer an immediate and effective solution, which requires experience and education (which yields refined judgment). If a sale is falling through because the buyer wants the hot tub to convey, but the seller plans to take it with them, they know when to let go of the damn hot tub and when to hold on, as well as what to offer each party to create a win-win.

This also applies to knowing when they’ve expanded too quickly or too slowly and need to add team members and navigate those waters of operating a business to scale.

7. Team building

Speaking of teams, there is more team building to a successful agent’s tale, no, it takes a village – relationships with all types of vendors they can call in a pinch, title professionals that are effective, photographers that are skilled, and so forth.

The most successful in the industry are networkers with a purpose that have refined their pitch (and they know “I help people buy and sell homes” is forgettable, but “I specialize in luxury properties on the north shore” yields more referrals), and know that their team expands far beyond their four office walls.

8. Leadership

Successful real estate pros are typically quality leaders. They know how to motivate every actor in a transaction, motivate their team, and get everyone to work toward a common goal. To be honest, these qualities are often natural when you combined the aforementioned skills.

9. Risk takers

Most people don’t think of Realtors as risk takers, but inherent to success is a refusal to settle. Even if there is a market area dominated by a successful Realtor, they know that the pipeline always has room to grow. They’re the first to try new technologies to speed up a transaction or better serve a consumer, they’re the first to add or subtract an offering to refine their methods, they’re willing to try out new agents that show promise.

They also know how to balance risk for the sake of success versus risk for the sake of taking risk. In real estate the “fail faster” mentality of Silicon Valley tech doesn’t make for a successful veteran agent or brokerage.

10. Advocacy

What most outsiders don’t know is that most successful Realtors are advocates for homeowners and homeownership, often involved at the local, state, or national level with volunteer efforts. They serve on committees, they communicate the importance of homeowners’ rights to politicians, they volunteer at places like Habitat for Humanity and are typically deeply involved in a non-superficial way in their community.

The takeaway

Real estate is a profession that anyone can enter if they can pass a basic test, but the most successful are those that know resting on laurels and refuse to stop growing, stop pushing, stop educating themselves and others, and they refuse to stop advocating. That’s what makes the industry so wonderful, and why we will always advocate for those in the trenches.

#REsuccess

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

Op/Ed

5 Consumer behavior shifts caused by the pandemic

(EDITORIAL) COVID-19 has changed the way a lot of people look at and act in the new world. These are the biggest 5 changes you should be aware of consumers.

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consumers priorities

COVID-19 is affecting businesses in multiple ways, depending on the industry. One thing that affects every business, regardless of industry is customer behavior. It’s no surprise that customers are changing behavior to meet the challenges of the pandemic. Google just released information that should help your business. It’s estimated that over 4 million people are staying home around the world to slow the spread of coronavirus. Use this information to help you shift your marketing efforts.

  1. Consumers are using multiple devices more than ever before.
    With kids home trying to do school, parents who are working, and people who are furloughed, content is being consumed at record rates. According to Google, Americans are watching 12 hours of media content each day.
  2. Increases in search for critical information.
    Online grocery shopping and cooking videos are top searches these days while Americans are staying home. Telemedicine is another hot search topic. People are looking for ways to stay home and protected.
  3. Consumers want to stay connected online.
    Google announced that in April, Google Meet hosted over 3 billion minutes of video meetings. YouTube has seen an increase in “with me” videos. People are filming themselves going about their day to connect with their friends and family. Virtual events have changed how people meet up.
  4. Routines are changing to be “internet-first.”
    Telecommuting is a top search these days as consumers try to find ways to work from home. People are looking for exercise options that can be managed at home. Consumers are using the internet to find options that keep them socially-distanced but connected to their routine.
  5. Self-care is taking a higher priority.
    Meditation videos are being consumed at a higher percentage than before. People are looking for books, games and puzzles to stay occupied at home.

Consider Your Business Against Consumer Behavior

COVID-19 restrictions may be easing, but consumer behavior may not change much until there is a vaccine. Your business can use this information to change your marketing to meet consumers at their point of need.

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Op/Ed

5 Secrets to a more productive morning in the office

(EDITORIAL) Productivity is king in the office, but sometimes distractions and other issues slow you down. So what can you do to limit these factors?

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distractions stop productivity

Regardless of whether you’re a self-proclaimed morning person or not, more efficient mornings can be catalytic in your daily productivity and output. The only question is, do you know how to make the most of your mornings in the office?

5 Tips for Greater Morning Productivity

In economic terms, productivity is a measure of output as it relates to input. Academics often discuss productivity in terms of a one-acre farm’s ability to produce a specific crop yield, or an auto manufacturing plant’s ability to produce a certain number of vehicles over a period of time. But then there’s productivity in our personal lives.

Your own daily productivity can be defined in a variety of ways. But at the end of the day, it’s about getting the desired results with less time and effort on the input side. And as a business professional, one of the best ways to do this is by optimizing your morning in the office.

Here are a few timely suggestions:

  1. Eliminate All Non-Essential Actions


    Spend the next week keeping a log of every single action you take from the moment your eyes open in the morning until you sit down at your desk. It might look something like this:

    • Turn off alarm
    • Scroll through social media on phone
    • Get out of bed
    • Eat breakfast
    • Take shower
    • Brush teeth
    • Walk dog
    • Watch news
    • Browse favorite websites
    • Get in car
    • Starbucks drive-thru
    • Arrive at office
    • Small talk with coworkers
    • Sit down at desk

    If you do this over the course of a week, you’ll notice that your behaviors don’t change all that much. There might be some slight deviations, but it’s basically the same pattern.

    Now consider how you can eliminate as many points of friction as possible from your routine. [Note from the Editor: This may be an unpopular opinion, but] For example, can you skip social media time? Can you make coffee at home, rather than drive five minutes out of your way to wait in the Starbucks drive-thru line? Just doing these two things alone could result in an additional 30 minutes of productive time in the office.

  2. Reduce Distractions


    Distractions kill productivity. They’re like rooftop snipers. As soon as they see any sign of productivity, they put it in their crosshairs and pull the trigger.

    Ask yourself this: What are my biggest distractions and how can I eliminate them?

    Popular distractions include social media, SMS, video games, news websites, and email. And while none of these are evil, they zap focus. At the very least, you should shift them to later in the day.

  3. Set Measurable Goals and Action items


    It’s hard to have a productive morning if you don’t have a clear understanding of what it means to be productive. Make sure you set measurable goals, create actionable to-do lists, and establish definitive measurements of what it looks like to be efficient. However, don’t get so caught up in the end result that you miss out on true productivity.

    “There’s a big difference between movement and achievement; while to-do lists guarantee that you feel accomplished in completing tasks, they don’t ensure that you move closer to your ultimate goals,” TonyRobbins.com mentions. “There are many ways to increase your productivity; the key is choosing the ones that are right for you and your ultimate goals.”

    In other words, set goals that are actually reflective of productivity. In doing so, you’ll adjust your behavior to come in proper alignment with the results you’re seeking.

  4. Try Vagus Nerve Stimulation


    Sometimes you just need to block out distractions and focus on the ask at hand. There are plenty of ways to shut out interruptions, but makes sure you’re also simultaneously cuing your mind to be productive. Vagus nerve stimulation is one option for doing both.

    Vagus nerve stimulation, which gently targets the body’s vagus nerve to promote balance and relaxation, while simultaneously enhancing focus and output.

  5. Optimize Your Workspace


    Makes sure your office workspace is conducive to productivity. This means eliminating clutter, optimizing the ergonomics of your desk, reducing distractions, and using “away” settings on apps and devices to suppress notifications during work time.

Make Productivity a Priority

Never take productivity for granted. The world is full of distractions and your willpower is finite. If you “wing it,” you’ll end up spending more time, energy, and effort, all while getting fewer positive results.

Make productivity a priority – especially during the mornings when your mind is fresh and the troubles of the day have yet to be released in full force. Doing so will change the way you operate, function, and feel. It’ll also enhance tangible results, like income, job status, and the accolades that come along with moving up in your career.

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Op/Ed

5 Side hustles that could turn into your new career

(EDITORIAL) With COVID throwing all jobs out of whack, maybe now you can explore something new and actually make a career change. Here’s 5 side hustles to try.

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side hustles

When you think of finding a side hustle, you might picture yourself finding an obscure job as a bike courier three nights a week or maybe even walking your neighborhood dogs. Both of these positions can be fun and pay extremely well depending on who you work for.

There are endless opportunities for part-time, enjoyable, profitable side hustles. However, if you take on any of the following side gigs, you could end up with a new career.

1. Day trading

Day trading is the purchase and sale of a stock, bond, or security all within the same day. Many entrepreneurs are drawn to day trading because it’s fast-paced and risky, but with the right skills, day trading presents a potential for serious profit.

If you’re curious about day trading, RJO Futures published a guide on how day trading works. RJO’s article explains that whether you trade from a large firm or on your own, you’ll need three tools:

  • Access to a trade desk. This will give you instant order actions the moment your trades are placed.
  • Analytical software. Analytical software will help you identify key indicators to inform your next move.
  • Access to news outlets. Day trading – specifically day trading futures – is volatile. Prices move by the second and having access to news outlets will give you a heads up if your market might be affected.

Be aware that if you enjoy day trading and get good, you might want to go full-time. It’s possible to turn day trading into a career, but the learning curve is steep.

2. Investing in real estate

Real estate is a lucrative industry, but it’s not for everyone. Popular among entrepreneurs, investing in real estate requires long hours of study, extensive research, and getting your hands dirty.

Usually, real estate investors have side hustles to supplement their income. However, many people get into real estate as a side hustle and end up turning it into a career.

If you want to get started in real estate, don’t jump to investing right away. Take the expert advice from the folks at Bigger Pockets and start by learning about the industry. Get a part-time job as an assistant property manager to pick up industry knowledge and learn your local landlord-tenant laws. If you’re going to invest in real estate to rent out, you’ll be a landlord at least for a short period of time until you hire a property management company.

If you know someone who can help you make your first investment, you don’t need to wait. However, to be successful you have to think outside the box to gain a full spectrum of industry experience.

3. Content writing

Every business needs content writers and many are willing to settle for any level of proficiency. If you have any writing skills, you can easily pick up some content writing gigs on job listing sites.

If you love writing, you might start out writing one blog per week and decide you want to pursue writing full-time. If it’s truly your passion, stick with it and you’ll find the right clients who will pay you generously for your work.

4. Coaching

Whatever people are struggling with, there’s a coach to save the day. Life coaching and business coaching are the most popular, but you can coach people on anything you’re passionate about.

Being a coach isn’t easy. Even people who intentionally start a career as a coach struggle. What most people don’t realize about coaching is that passion does not equal profit. Coaching is a hard sell, but life coaching is especially difficult. Running a coaching business requires more than business skills – you need to be proficient at helping people solve their problems.

If you’re good at helping people solve their problems, there’s a chance you might get addicted to being a coach. There’s nothing more satisfying than helping people grow and transform their lives.

5. Thrifting

It’s not hard to find sellable items at your local thrift stores. However, you need an eye for what people want to buy. If you’ve got that eye, you could end up with a new career.

For example, Natalie Gomez, a former merchandise planner at Macy’s, took on thrifting as a side job and wound up making thousands of dollars. Gomez was interviewing for a new job when she realized she was already making a good living selling clothes.

Enjoy your side hustles

Even if you don’t turn your side gigs into a career, take on gigs you enjoy. Money is necessary, but it’s never worth sacrificing your happiness.

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