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Op/Ed

The dos and don’ts of balancing your life with your real estate career

(EDITORIAL) Your real estate practice can be overly consuming if you let it. With discipline, you can have a good work/life balance.

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Real estate agent shaking hands with couple over a For Sale sign marked sold from Zillow

In your real estate practice, you have a plate, and you can only put so much onto that plate before things begin to fall off into the cracks. These cracks are what I call “fires” – you know, those things that become emergencies because simply put, you let them.

What I am about to share with you at first glance may come off as cold, however, I believe that with a little thought, some practice, and your own tweaks, you can realize the income you want and afford time with your family – all while elevating the respect you deserve from your real estate clients.

Balancing work and life in real estate is no easy feat.

At no point in my real estate career have I ever allowed myself to appear too eager or desperate for a client, and my clients always felt special and cared for, even though I observed a strict daily schedule. The following is how this can be accomplished:

Lesson one: You know your threshold of how many clients you can handle at once. Your pipeline should be full, and the next client in line for your services should know you’re worth waiting for, and be assured that the same care and attention will be shown to them as soon as they are “next” (never answer a client call while with another client, or this will not work for you). A client became “next” when an offer was accepted on one of my existing transactions. My threshold was originally four clients. If my pipeline was expanding quickly, I brought on agent assistants. As they waited their turn, my assistant held their hand and kept them busy with pre-qualification, buyers agreements, and the like.

Lesson two: When I took on the next client, clear rules of the road were established. I do not leave the house (home office) until 10. I have better things to do with my time than to sit in rush hour needlessly. Some like this time for phone time, however, your undivided attention is not always given, and the possibility of missing vital details while driving and negotiating grows exponentially (as do safety risks). My phone calls were made from 8am to 10am before I left my office.

Lesson three: All of my appointments were set on the half-hour – I’m not sure why, but it worked and I was always on time, as were my clients. The same went for phone calls. Schedule them on the half-hour. You will find, for example, that if you grab lunch at noon, you’re ready for business again at 12:30.

Lesson four: Be home either before or after rush hour. I preferred before. The implied impression of my work hours with my clients worked in my favor nearly 100% of the time. Why? Because I skipped the salesman b.s. of showing them more expensive homes first – I actually took them to the home described in the range they wanted. I set the proper expectations in the first place. I listened to my clients, and they appreciated it. The day they may have waited for my undivided attention gave them immediate results, and they loved it.

Lesson five: If you cannot show your buyers their next home within five showings, either you’re deaf to their needs and wants, or they don’t intend to buy – if you’re experienced, you know it when you see it, and they’re wasting time for the next customer in your pipeline. Place them on a drip campaign with a buyer’s agreement in place, or refer them.

Lesson six: Decide when your workday ends. Mine was at 5:30. However, from 8:30pm to 10pm I would work on offers, faxes, enter listings, answer texts, and emails.

Lesson seven: Not every client was right for me. For example, I have a zone of travel. The markets I work in. Working outside of that zone takes up time from my clients in travel, and time from my family. Refer them, or if you’ve tapped into a further away zone, build your team. Teams can grow and shrink as needed.

Lesson eight: You are a business. Real estate is a business. You have business hours, and you have you time. My you time was with my family, but I love marketing, so I added a 6th half-day for my marketing, blogging, and the like.

As my business grew, my referral network grew. I utilized an assistant until an indie brokerage was established. We had a clear code of how we conducted business, encouraged our buyer’s agents to adapt their business model as I’ve described, and never allowed an unseasoned agent to handle more transactions than their limit. Inevitably my threshold grew to six, but it took time.

With the technologies we have today with instantaneous communication, it’s very easy to allow things to creep onto your plate. So my final lesson is to utilize an assistant frequently.

It is possible to work and live but it takes discipline and a set of business rules for yourself that you’re accountable to besides just the Code of Ethics. It’s about being honest with yourself, and never being so desperate that something can’t wait a minute.

Op/Ed

5 ways consumer behavior has changed due to the pandemic

(EDITORIAL) The pandemic 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.

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5 cards showing what people think is most important due to the pandemic.

COVID is still affecting businesses in multiple ways, all dependent on the industry. One thing that affects every business, regardless of industry, is customer behavior. It’s no surprise that customers are changing their behavior to meet the challenges of the pandemic. Near the start of the pandemic, Google released a playbook of information regarding behavior that may help your business. Use this information to help you shift your marketing efforts going forward.

  1. Consumers are using multiple devices more than ever before.
    With kids home trying to do school, parents who are working from, and people who are still searching for their next job opportunity, 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 more Americans are staying home. Telemedicine is another hot search topic. People are looking for ways to stay to themselves and be protected.
  3. Consumers want to stay connected online.
    Google announced that in April 2020, 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 restrictions may be easing, but consumer behavior will forever be changed. Your business can use this information to change your marketing to meet consumers at their point of need.

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Op/Ed

Redoing your home office for the new year? Get rid of these 5 things

(EDITORIAL) Since many of us are working entirely from home now, we are probably getting annoyed at our home office, so let’s take a crack at minimalism!

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Home office set up with monitor, keyboard, and mouse.

The pandemic has changed human behaviors. As more people stay home, they’re seeing (and having to deal with) the clutter in their homes. Many people are turning to minimalism to reduce clutter and find more joy in their own space, including their home office. There are many ways to define minimalism. Some people define it as the number of items you own. Others think of it as only owning items that you actually need.

I prefer to think of minimalism as the intentionality of possessions. I have a couple of dishes that are not practical, nor do I use them very often. But they belonged to my grandma, and out of sentimentality, I keep them. Most minimalists probably wouldn’t.

They say a messy desk is a sign of creativity. Unfortunately, that same messy desk limits productivity. Harvard Business Review reports that cluttered spaces have negative effects on us. Keep your messy desk, but get rid of the clutter. Take a minimalistic approach to your home office. Here are 5 things to clean up:

  1. Old technology – When was the last time you printed something for work? Most of us don’t print much anymore. Get rid of the old printers, computer parts, and other pieces of hardware that are collecting dust.
  2. Papers and documents – Go digital, or just save the documents that absolutely matter. Of course, this may vary by industry, but take a hard look at the paper you’ve saved over the past month or so. Then ask yourself whether you will really ever look at it again.
  3. Filing cabinets – If you’re not saving paper, you don’t need filing cabinets.
  4. Trade magazines and journals – Go digital, and keep your magazines on your Kindle, or pass down the print versions to colleagues who may be interested.
  5. Anything unrelated to work – Ok, save the picture of your family and coffee mug, but clean off your desk of things that aren’t required for work. It’s easy for home and work to get mixed up when you’re working and living in one place. Keep it separate for your own peace of mind and better workflow. If space is tight and you’re sharing a dining room table with work, get a laundry basket or box. At the start of the workday, remove home items and put them in the box. Transfer work items to another box at the end of the day.

This might seem like a little more work, but all these practices will give you some boundaries.

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Op/Ed

Decades in the making, real estate’s innovation propels industry through pandemic, into the future

(EDITORIAL) Our minds are plagued with uncertainty as the pandemic reshapes all sectors, but this unique insight helps us to see the clear path forward.

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Bob Goldberg, CEO at The National Association of Realtors

In unprecedented times, people reflexively become gripped with fear and trepidation, but industry leaders can assess the bigger picture and not only take stock, but forecast what emergence will look like. The following guest column from Bob Goldberg, CEO of the National Association of Realtors® does just that – he takes stock of today’s realities and offers unique insights into changing the status quo.


Commercial real estate, an industry many feared would suffer broad, lasting distress as a result of the pandemic, fared better in 2021 than just about anyone expected.

The multifamily market, in fact, had a historic year, as the National Association of Realtors®’ Commercial Market Insights Report pointed out last month. Vacancy rates hit 35-year lows and median asking rent grew at a record pace amid a recovery in household formation.

Meanwhile, demand for U.S. industrial space continues to significantly outpace supply, and NAR economists expect the demand for commercial real estate to strengthen throughout 2022.

Given where we were less than two years ago, it’s natural for us to ask, how did this happen?

How, when offices were left vacant, urban cores were abandoned, and even more existing business activity turned online, has commercial real estate survived, or, in some cases, thrived?

The reality is that real estate – both commercial and residential – has been evolving alongside a changing market for decades.

Innovations which had been years in the making were perfectly positioned and perfectly timed when the pandemic began. New, cutting-edge technologies allowed families to relocate, transactions to close, and commerce to continue even as much of the nation ground to a halt in early 2020.

Indeed, without the broader market activity that has been catalyzed by our industry – with home sales hitting 15-year highs and demand for multifamily and industrial real estate booming – this period of relative economic prosperity would have been more distant, more elusive. 

As is the case for most things in life, hard work and sacrifice are to thank. But we can also credit a principal that is perpetually in focus at NAR – innovation.

Renowned economist Theodore Levitt once said that creativity is thinking up new things, while innovation is doing new things.

It’s been American real estate’s collective, remarkable ability to continue doing new things that has made this revival possible, a phenomenon which has benefitted consumers everywhere along the way.

Through our tech growth program, REACH, and our association’s investment arm, Second Century Ventures (SCV), NAR has been on the cutting edge of innovation in real estate technology for more than a decade.

Some of the more than two dozen companies from the REACH portfolio which were instrumental in the industry overcoming lockdowns and social distancing measures include BoxBrownie.com and Immoviewer, which specialize in 3D 360 tours and floor plan renders; UbiPark, a contact-free smart parking solution; and Loop&Tie, a bespoke gifting platform that helps real estate professionals engage with clients and employees from afar.

Overall, SCV has allowed Realtors® to seed some 160 technology companies that engage in everything from digital title and escrow transfers to virtual staging tools and automated marketing campaigns. E-signature services provider DocuSign and remote notarization platform Notarize are a few of the most recognizable entities, but a host of others have imagined the revolutionary resources which will soon be commonplace in our industry.

Residential markets reaching 15-year highs in the midst of a pandemic without tools like these is simply unimaginable.

In the commercial sector, too, these innovations have proven invaluable. Some of the 30 new technology companies supported by REACH Commercial which have been leading the charge these past two years include Lulafit, Pear Chef, and Cove. Indeed, just months after the pandemic broke, Cove launched new software platforms to help tenants and building owners return to work safely once stay-at-home orders were lifted.

As Bisnow highlighted at the time, these innovative new resources were created to help companies track the occupancy of their spaces, set cleaning schedules and conduct health checks, while their employees could reserve desks, stagger arrival times, and form elevator queues.

Looking ahead, we must retain the aptitude for progress that propelled real estate through COVID in order for our industry to thrive through the seemingly endless string of market transformations.
 
One of the true bright spots in an otherwise tragic circumstance is that this pandemic has made people more aware of the places and spaces we occupy. How all of us live and work in these spaces has changed forever. Naturally, this new mindset has generated a renewed focus on sustainability.

Real estate’s motivation to engage is obvious.

The First Street Foundation, which developed the Flood Factor tool employed on realtor.com® and elsewhere to provide flood risk assessments for hundreds of millions of properties, engaged on a recent study which estimated structural damage from U.S. flooding will exceed $13 billion in 2022.

More severe flooding events and property damage are the most widely known consequence of climate change, but its impacts do not stop there.

CoreLogic’s 2020 Wildfire Risk Report reported more than 1.9 million homes – with an associated reconstruction cost of almost $650 billion – were at elevated risk of wildfire damage. The regions most at risk, perhaps unsurprisingly, are metro areas in California. 

NAR offers grant resources to state and local Realtor® associations in effort to make communities more resilient, encouraging new and unique strategies that foster sustainability and combat the potentially damaging impacts of climate change. In Oregon, for example, the Rogue Valley Association of Realtors® – a region devastated by wildfires in recent years – used a Consumer Advocacy grant from NAR to coordinate a two-day training and certification program for home inspectors conducted by the National Fire Protection Association.

Henry Ford is claimed to have noted that if he had asked his first customers what they wanted, “they would have said faster horses,” rather than the automobile. Whether Ford said this or not is today the subject of some digital disagreement. But that’s irrelevant.

Truth is, we often don’t know what we need until we’re faced with a moment of distress or distraction or despair. A once-in-a century global pandemic, for example.

No one knows the future, and very few know what they will want at any, undetermined point in it. All we know for certain is that the future will be different than today.

And if we’re not changing the status quo, we might just find that we’ve become it.


Bob Goldberg is CEO of the National Association of Realtors®. Since assuming the role in August of 2017, Bob has overseen transformations that have positioned NAR as real estate’s leading figure in the fight for diversity and inclusion; the industry’s primary driver of technological innovation; and as an association lauded for a genuine, unwavering commitment to its members. As part of the responsibility NAR has to more than 1.5 million REALTORS® worldwide, Goldberg has overseen the formation of a number of initiatives which have influenced the market and proven immensely valuable to NAR’s general membership.

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