Connect with us

Op/Ed

The new way to win in this era of intense competition

(EDITORIAL) As competition in the real estate world heats up and practitioners seek new ways to be competitive, the answer is simpler (yet more complex) than you may realize.

Published

on

How to define “better”

It’s not easy to be better… And saying so doesn’t make it so! What is better anyway?

For world-class athletes it’s faster, higher, stronger. Olympic events are carefully defined and competitors are measured in hundredths and thousandths of a second or an inch.

Service has become a world-class event. Two-thirds of the global economy (80% of the U.S.) has migrated from a manufacturing base to service. That makes service serious business – in essence a world-class event.

Athletes competing at the highest levels train vigorously.  They meticulously track performance, exercise great discipline, utilize technology and employ specialized resources to improve performance.  World-class athletes recognize the value of performance feedback and understand the importance of common standards of performance measurement.

Is there something to be learned from this?

There certainly is!  In business, the consumer is the Olympic committee.  Consumers define the events and judge the results.  Most industries, especially manufacturing and technology, have long embraced faster, higher, stronger concepts and the metrics that go with them.  Common standards have become pretty common.

In the service sector and especially in real estate services, it’s more common for the service provider or each organization to define the event, decide what to measure and to develop its own measurement standards – it’s convenient that way.

But the service provider doesn’t make the rules in today’s economy – the consumer does!  World-class competitors in business today are totally focused on consumer-defined events and are passionate about measuring their performance results with common standards and common metrics.  And the evidence is clear that progress follows process.

As the level of competition intensifies in athletics or in commerce, some other changes emerge: teamwork, specialization, technology, systems, better fitness, performance feedback, improvement and ever tougher competitors.

Applying this to your real estate practice

So what is faster, higher, stronger in real estate service and who really excels?  The measurement standards in real estate services have always been production based…  without the balance of how good or how well.  The belief is that “doing a lot is doing well.”

Do these traditional standards and metrics of “production performance” fit as well today?  Do production standards and measurements without qualitative standards and measurements reflect a consumer centered business environment?  But of course real estate is different.

Real estate service is more like other businesses with the passing of each week.  When brokers and practitioners completely controlled the information, they made the rules and controlled the game.  That’s over, the consumer is in charge.  In the information age “control” of information is at the very least undergoing redefinition.  “Control” comes from responding to the changing needs and interests of consumers by delivering a better, more valuable and satisfying total service experience.  Control comes from attracting customers and retaining them by delivering a superior service experience.  In the professional services arena, that means offering consistency, reliability, accountability, responsiveness and taking responsibility – fixing things when they go wrong.

Real estate sales professionals are like competitive athletes.  They play to win and enjoy winning.  But the rules need to change.  If winning is selling more without truly serving better, that’s losing.  Serving better means delivering more value and greater service satisfaction, measurably greater satisfaction.

Will the independent contractor/agent accept change and respond positively?  They will with enthusiasm…winners always do!  But a meaningful quality service focus that meets the needs of the consumer must also benefit the professional.  Awards, recognition and rewards for professionals must go beyond the single dimension of production.  Production standards should be balanced with quality standards so that everyone’s interests are aligned and everyone benefits.

To make that certain, requires providing systems, support, technology, performance feedback, awards and recognition and unbiased results validation just as it does for any world-class performance.

5 Steps to world-class performance

  • Understanding consumer needs
  • Defining and implementing a real service process
  • Measuring performance and results
  • Learning, improving and raising the bar
  • Recognizing and rewarding superior service delivery
  • Utilizing independent validation of service results

Accepting the reality that today the consumer defines the game and determines the rules, then playing to win… means winning a new way.  The most intense era of competition to serve and retain customers in real estate services is just beginning.  Providing quality service is serious business.  Only those who are serious about service can win.

#SeriousService

Kevin is a Co-Founder, President & COO of Quality Service Certification, Inc. (QSC) and earned an MBA from The University of California – Irvine. With over 20 years of Real Estate experience, his primary focus is on consumer research, developing better service management systems, and sharing the importance of consumer-centric service standards, transparency and accountability to create measurable and meaningful differentiation and long term advantage for those professionals that put customer needs first.

Op/Ed

Why delegation of work doesn’t always lead to productivity

(OPINION / EDITORIAL) Delegation is tricky, and can end up creating more work for yourself if it isn’t done well. Here’s how to fix that.

Published

on

Man talking on virtual meeting, using delegation to get more work done.

Delegating work is a logical step in the process of attaining peak efficiency. It’s also a step that, when executed incorrectly, leads to a huge headache and a lot of extra work for whomever is delegating tasks—not to mention frustration on the part of those asked to complete said tasks. Here is how you can assign work with the confidence that it will be done quickly and effectively.

Firstly, realizing that a “one size fits all” approach doesn’t work can be a bit of a blow. It’s certainly easier to assign tasks across the board and wait for them to be completed; however, when you consider how much clean-up work you have to do when those tasks don’t end the way you expect them to, it’s actually simpler to assign tasks according to employees’ strengths and weaknesses, providing appropriate supports along the way.

In education, this process is called “differentiation”, and it’s the same idea: If you assign 30 students the exact same work, you’ll see pretty close to 30 different answers. Assigning that same piece with the accommodations each student needs to succeed—or giving them different parameters according to their strengths—means more consistency overall. You can apply that same concept to your delegation.

Another weak point in many people’s management models revolves around how employees see their superiors. In part, this isn’t your fault; American authority paradigms mandate that employees fear their bosses, bend over backward to impress them, and refrain from communicating concerns. However, it is ultimately your job to make sure that your employees feel both supported and capable.

To wit, assign your employees open-ended questions and thought-provoking problems early on to allow them to foster critical thinking skills. The more you solve their problems for them, the more they will begin to rely on you in a crisis—and the more work you’ll take home despite all of your delegation efforts. Molding employees into problem-solvers can certainly take time, but it’s worth the wait.

Finally, your employees may lack strength in the areas of quality and initiative. That sounds a lot worse than it actually is—basically, employees may not know what you expect, and in the absence of certainty, they will flounder. You can solve this by providing employees with the aforementioned supports; in this case, those look like a list of things to avoid, a bulleted list of priorities for a given project, or even a demo of how to complete their work.

Again, this sounds like a lot of effort upfront for your delegation, but you’ll find your patience rewarded come deadline time.

Continue Reading

Op/Ed

Why men are called ‘creators,’ and women ‘influencers’ (or not)

(EDITORIAL) A sh*tstorm has been brewing regarding why men are supposedly referred to as “creators” while women are called “influencers,” and it gets complicated before it simplicity is revealed…

Published

on

creators v. influencers

According to a recent WIRED editorial, a woman is more likely to call herself influencer, while a man is more likely to call himself a creator, because, “Generally speaking, women consider themselves part of the product, while men separate their notion of self from their labor, considering themselves its “creator.”

Besides being no more founded than “generally speaking” though, this sort of notion first assumes creators and influencers encompass the same job description, with the only delineating factor being gender.

In fact, one of the earliest assertions made in the editorial notes, “Really, the only way to guarantee that people will think of your online celebrity as ‘influence’ is to be a woman.”

When ”really,” there is a world of women who identify as creators and men influencers; the differences can be seen in their varying job descriptions, history, and business needs that each fulfill. Therefore, the issue at hand should not be “why men are called creators and women are called influencers,” but “why we should call influencers ‘influencers,’ and creators ‘creators’.”

And that is what we will explore today.

First, let’s understand what an “influencer” is and what a “creator” is.

Before getting into explanations, and differences, it is important to note that influencer and creator are most always a term people use to identify themselves, so the true meaning of the word is specific to each individual.

Generally speaking though, today’s influencer is someone who has educated themselves enough to be considered an authority in their niche (or can at least present themselves as informed). They use this authority, along with their personal brand,to persuade and inspire their following for gain, which can be monetary, or in the form of free products, and/or free publicity.

Influencers often make their gains by partnering with brands to promote their product, or from creating a product themselves, and selling it to their following directly.

For an influencer, a larger audience or following is linear with gains, so a large amount of their focus is on the numbers – followers, website visitors, comments, and likes. The rest of their focus is in making sure those followers are influenced enough to consume whatever is being promoted.

Why businesses tap into influencers’ networks today.

The sole reason businesses hire influencers is for exposure. We’ve all heard “what good is your product/service if no one knows it exists?” or something similar, and for brands, that is exactly what influencers are hired to help with. They act as distribution channels by bringing more eyeballs which, if done properly, translates into more money.

A creator, on the other hand, is more concerned with the finished product of their work and the creation process it took to get there.

So, what is a creator?

Depending on what they are working on, a creator is an artist, producer, maker, writer, or composer who gets paid for captivating work. This person is usually more passionate about design, brand collateral, video creation etc. than persuading the people who will consume their work.

More followers, higher monthly reach, and increased engagement rates don’t excite the devout creator like strategy, composition, and contrast does. For them, one superior piece of work (think one overall cohesive brand package) is more satisfying than producing a mass of mediocre work.

Promoting themselves like an influencer isn’t as important as showing their work. Take my close friend, Chad as an example; he produces a podcast that boasts over a million listeners, and averages 20k views on each Instagram video, which you’d never know by looking at his personal profile. There, he has 2.5k followers, posts every four months, and gets most of his comments from old college friends – all of whom work for him. His virtue, like a lot of creators, is in the quality of his work.

Why businesses hire creators.

Creators do for businesses what a boutique ad agency would do, typically for a fraction of the cost. They use their art to build brand assets, establish brand identity, and create campaigns. While influencers are used as “the face,” a creator could be used as a “face” or the behind the scenes person who you never see. In a sneaker campaign for example, a creator might be tasked with taking cool pictures of other people’s street style, while an influencer would promote themselves in the shoes.

Creators and influencers are different and fulfill different business needs, but they are not mutually exclusive.

A creator can do influencer work, and there are influencers who create magnificent work without them in it. It’s a matter of self identity.

Influencers are also inherently tied to monetizing their content or, “…building a platform with he intention of being used by brands for marketing purposes,” according to Natasha Hunes, a Youtuber who self-identifies as a creator. Hunes adds that a creator is in for the self-expression, not money, adding “I don’t think the claim that most women don’t identify as creators is factual.”

Let’s dissect the history of the two terms.

The biggest factor in establishing the difference between creator and influencer is the history of the two. In a response to the WIRED piece, Taylor Lorenz gives an in-depth history of how “creator” predated “influencer.”

It all started in 2011, when YouTube wanted to replace the boring term “YouTube Stars” for a more inclusive way to describe their multi-talented content creators.

“These people were more than onscreen tales,“ said Tim Shey, a former employer of YouTube, “They could write, edit, produce, do community management, and were entrepreneurs.”

During the search, YouTube forged a partnership with Next New Networks, a multi-channel network specializing in viral content, and started a program called the “Next New Creators” program. This program was designed to help independent YouTube stars grow their audience to the point of monetization. The program became such a hit, the word “creator” stuck at YouTube and began to be the phrasing of choice for their press releases, and future programs.

They went on to open a number of “creator hubs” and studios for YouTube creators to collaborate with one another.

From 2011 to 2016, the video platform continued to promote their new world of creators and hit the sweet spot in 2015 after launching a massive creator ad campaign. This campaign plastered different creators’ faces on billboards, taxis, buses, and subway stops all over New York and L.A., as well as in magazines and commercials. All of the language referred to the people in the ads as creators, and that’s when the term became mainstream.

Not long after, other platforms caught on – in 2015, Tumblr also began referring to their power users as creators and launched a division called “Tumblr Creators Network.”

Influencers went mainstream in 2017, two years after creator did, and according to Lorenz, was the response to the rise of Instagram, Twitter, Pinterest, and sponsored posts.

As the “new kids on the block” influencers were initially stereotyped as less worthy than traditional YouTube creators, who had spent years establishing their base on an older platform, and a larger platform than IG, Twitter, and Pinterest. Therefore, Lorenz believes the distinction between creators and influencers are not gender related, but more so “platform-agnostic.” This means you’re more likely to find YouTubers identifying themselves as creators, while IG, Twitter, and Pinterest users typically identify is influencers.

And while I do understand Lorenz’s “platform-agnostic” argument more than WIRED’s position that it is a gender-based distinction, I believe that the differentiation as self-assigned terms are a lot simpler than we think.

Man or woman, YouTube or Instagram, people just want to be called what they identify with.

Creators want to be called creators because they relate more with creating, and influencers want to be called influencers because they enjoy interacting with and influencing their following.

Remember my friend Chat, the podcast producer? I asked why he identifies with creator and not influencer, despite some of his work being influencer-based.

His answer?

“I feel more like a creator.”

And I felt THAT.

Continue Reading

Op/Ed

5 ‘lies’ HGTV tells viewers that impact the housing market

(OPINION EDITORIAL) HGTV has long been a fan favorite for renovations and home searches, but is the information they portray accurate? What influence does this really have on consumers?

Published

on

Man watching HGTV show on tablet device.

It’s no secret that reality television very often does not, in fact, depict reality. One of the most frequently viewed “reality” television networks is HGTV, which features a wide range of home renovation and DIY shows that cater to a variety of home improvement enthusiasts.

While HGTV wants you to get lost in the latest episode of House Hunters, you may be surprised to know that these episodes are in fact, at least partially scripted.

Although there is nothing wrong with enjoying a good home improvement show, especially those ever-addicting home flipping shows like Fixer Uppers, there are a few things HGTV portrays that are less than accurate. Here are five of those things you may want to consider, or have your clients consider before embarking in the home ownership process yourself (or with a client).

Consider the following…

1. Realtors work a lot harder/longer than people think

Unfortunately, HGTV often portrays real estate agents as people who do the bare minimum for their clients, when in fact most Realtors® go above and beyond for their clients.

According to CheatSheet, Sissy Lapin, author and co-founder of ListingDoor, stated shows like House Hunters “make the agent look like they’re just these lazy people who show two houses and negotiate $1,000 off the asking price,” rather than showing the whole host of duties a good agent performs for their clients.

Good agents tackle the whole home buying process; informing clients about what they should consider when selecting a home, negotiating a better deal, and making sure that they do their very best to ensure nothing goes wrong throughout the entire process from start to close.

This is not the impression a potential homebuyer would get from HGTV alone. Realtors are an amazing asset to have on your team when you’re considering buying or selling a home, and they do a lot more than HGTV portrays.

2. Over-emphasizing the importance of new features

HGTV shows make a production out of showing homeowners frantically searching for the “perfect home” with all the “must have” features. In all fairness, sponsorship from the latest and greatest in home innovations is how they make some of their money. While it’s certainly understandable that most homeowners have a list of things they want in a new home, worrying sellers into thinking they won’t be able to sell their home unless they have these highly coveted features is an entirely different thing.

Lapin commented, “I can’t tell you how many times that I go into a house and they’re like, do you think it would add more value, or do you think it would sell faster if I put in granite countertops?” In fact, like many other trends in homes, consumers are moving away from granite to other sustainable materials. But you would never guess this if you believe everything HGTV is promoting on their shows. Again, the key is to do your own research. Consult a professional and inquire as to what would increase your home’s value.

3. Downplaying the expense of renovations

If you took what HGTV shows to heart, you’d be inclined to believe that major home renovations can be completed in mere hours for a few hundred dollars. If you’ve ever seen Property Brothers, you know the brothers function on extremely fast renovations schedules and very low budgets. This is likely not the situation you’ll encounter if you decide to renovate your own home (or a project home). Even contractors have complained that these types of shows are giving people an inaccurate picture about renovation expectations.

“Remodelers say that shows such as Love It or List It and Property Brothers, which often cram whole-house remodeling projects into too-small budgets, give clients the wrong impression regarding pricing and time constraints,” notes Tim Regan, writer for Remodeling.com. Also, according to CheatSheet, some renovations may not even be up to code.

One couple who appeared on Love It or List It are suing the show’s production company stating their home was “irreparably damaged” and a that a licensed architect was not hired.

To ensure your next project goes smoothly the best thing you can do is consult with a licensed, bonded, and insured contractor. They will be able to give you a time table and price range that is more realistic than what you see on HGTV.

4. Location, location, location

While not as important as the other factors on this list, in my opinion, it is certainly something to be considered. HGTV shows like House Hunters very rarely focus on the importance of location with the home buyer.

Lapin stated in one episode, she watched as a couple chose a home because of its stylish features even though it meant they would have to make a 45 minute commute to work. While everyone is entitled to make their own choices, Lapin makes a good point in stating that she would have “made [her] client make that drive to work three days in a row” to see if they would still enjoy the location of their new home.

This is one of the many benefits to having a Realtor® on your side: they know the ins and outs of home values, location, and more. Getting your information from a Realtor® will take you a lot further (and very likely save you money) than the information you can get from HGTV programming.

5. Buyers know more than some think

Contrary to what HGTV would like you to believe, buyers are not naïve. For the most part, buyers are real-world savvy and have a good idea about what they need and the price range they can afford. This is the age of digital technology, and most buyers are putting that technology to use, researching before they set out to buy something.

Sites like Zillow give buyers an idea of what’s available for how much, and they can even see what the home looks like without getting out and driving to the location. HGTV tends to show buyers that don’t know what they want or how much they can spend.

This is likely done to make their professionals seem more knowledgeable, but in reality, as Lapin states, “the buyer, the consumer, is very savvy and I feel like that’s not portrayed. Buyers have a lot of confidence now.” This isn’t to say most buyers don’t still welcome guidance from a professional, but they do have a general idea of what they want and what they can spend, by and large.

Instead of viewing HGTV as an example to follow, or representative of the market as a whole, it should be treated as entertainment.

While there are some aspects of the show that may be useful to some viewers, such as window replacement and selecting new flooring, it definitely shouldn’t be held as the gold standard for service or the home buying experience.

Consumers’ best bet is to consult an industry professional who can give you a more realistic picture of cost and time.

Continue Reading
Advertisement

Our Partners

Get The Daily Intel
in your inbox

Subscribe and get news and EXCLUSIVE content to your email inbox!

Still Trending

Get The American Genius
in your inbox

subscribe and get news and exclusive content to your email inbox