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Op/Ed

Realtors have reached the technology “Red Zone,” but can they score?

(TECH NEWS) Technology was developed to improve the real estate transaction, then disintermediate agents, but did it all just become a big distraction with a marginally improved process?

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Realtors remain standing

Though more than 90 percent of home buyers begin their search for homes on the internet today, the Digital Age has not disintermediated real estate agents as many claimed it would 20 years ago. In fact, a greater percentage of buyers worked with an agent in 2015 that in 2005.[1]

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The pressure of expertise

Years ago visionary leaders like Bill Chee and Richard Mendenhall understood that Realtors would have to make the transition from gatekeepers of information to masters of the technology if they were to survive and thrive in the Digital Age. Only they could become the critical link consumers would need in a world full of too many data and not enough knowledge.

Realtors had to be experts, not only in selling and buying houses, but also on the technology that makes the transaction faster, more transparent, more participatory, more efficient—and more profitable.

Realtors as a whole have made the transition in a remarkably short time. They have led one of the more remarkable technological revolutions in the history of modern commerce. The game is not over. Real estate professionals have reached the red zone but won’t cross the goal line until they master the glut of technology tools available today and create the level of seamless service demanded by a new generation of tech-savvy consumers.

Consider:

– Inside brokerages today, technology chaos reigns. Most brokerages have no technology plan.  Many are managing relationships with five to eleven vendors, and many applications have overlapping features and few, if any, ever work together. Very few brokers have a company intranet where all of the technology tools provided to staff and agents are collected on a single landing page.

The cumbersome nature of this lack of organization leads to the poor adoption of new technology by agents, and low degrees of satisfaction by brokers. [2]

– Huge numbers of Realtors are not using the technology their MLSs provide them. Only 58 percent of Realtors log into the MLS daily. That is about the same percentage that closed a single deal or more in the first six months of 2015, according to a study by the WAV Group funded by Realtors Property Resource (RPR).[3]

– Transaction management is hobbled by a lack of integration inherited from the days before digital technology. The key players in the transaction — the broker, the agent, the lender, the mortgage broker, title, and escrow — remain siloed.  “The overall effect is to produce something like what you see at a wedding dance: mostly middle-aged people busting their idiosyncratic moves with a little sense of rhythm,” wrote Brian Boero of 1000 Watt Consulting two years ago.[4]

Has it become a distraction?

Has the technology that promises to make the transaction more efficient and profitable for real estate professionals, in fact, taken them away from their sweet spot — helping people buy and sell houses — to spend valuable time and energy trying to sort out what to buy and how to use it?Click To Tweet

“Brokers and agents have become vendor managers, but that is not how they want to spend their time.  There is no shortage of tools available to the Realtor today, and they spend valuable time each week trying to understand what’s available and adapt it to their needs. Realtors want someone else to provide the technology solutions they need,” says Prem Luthra, president of Elm Street Technology and a veteran of more 20 years in real estate technology

The wrong solution can be costly. “Consumers are into immediate gratification right now. I have personally seen a consumer who has found a listing on a site click on ‘get information’ or ‘schedule a showing,’ wait for two, five, ten minutes then go to another search portal, look up that same listing and click again. Realtors are paying for that lead multiple times, which is not a good use of their time or money,” says Luthra.

Finding the solution

New platforms that simplify and make it easier for agents to maximize their investment in technology promises to be an important part of the solution. Luthra’s company, for example, is combining Listingbook’s popular client servicing platform with MLS-powered features and new technology that relieves agent workload by providing automated blogging, automated listing postings to social media channels, automated property tour videos, and mobile responsive IDX websites.

Wouldn’t be ironic if the new technology that makes using technology easier becomes the key that helps agents cross the last few yards to the goal line set by Realtor visionaries two decades ago?

* Join the conversation about this editorial on Facebook. *

[1] https://economistsoutlook.blogs.realtor.org/2016/10/19/internet-real-estate-agents-some-things-change-others-remain-the-same/
[2] Broker Technology Adoption and Satisfaction Study, WAV Group, April 2014
[3] https://www.pncrealestatenewsfeed.com/study-shows-wide-variation-in-agent-productiv
[4] “Seeds of Change” 1000 Watt Consulting, 11/7/14

Op/Ed

8 lessons on how to keep work-life balance in 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 clients over a For Sale sign marked sold.

8In 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.

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Op/Ed

Tips to become one of those people who is good with their money

(EDITORIAL) In real estate, it’s difficult to anticipate which years will be the busy ones and which will be eerily empty. So how do you manage money?

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I’m a firm believer in making mistakes. Specifically, the all-out, crash-and-burn kind. You know those people who say “own it” – yeah, that’s definitely me. That’s the sort of high-risk, high-reward mentality that leads to really thrilling moments onstage and in life. And when the reward is that intense, so is the loss. It’s the same with money.

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My formal background is as a professional opera singer. The level of training for a full-time career in the field includes Olympic-level physical, emotional, and intellectual training. Opera singers don’t use microphones, which means they must use their bodies in a perfect, practiced physiological balance to become a human megaphone.

They learn several languages, with enough facility to jump into rehearsals with colleagues who are relative strangers, singing about passionate love, and infuriating politics while maintaining that physical balance in a foreign tongue.

Unlike the Olympics, regular opera singers don’t get endorsement deals. (Okay, famous tenor Plácido Domingo is sponsored by Rolex, but that’s a particularly singular example.) So despite its extreme training, opera is a medium that requires its artists to manage themselves as freelancers. Freelancers and be-your-own-boss types, I know you feel me:

It’s difficult to anticipate which years will be the busy ones and which will be eerily empty.

Preparing for financial uncertainty

So how do you manage finances with so much up and down?

Invest time instead of money. I rethink how I’m approaching my everyday needs. I’m talking about what methods of transportation I use and how often; I’m talking about regular doctor’s visits or self-care; I’m talking about any payments that you owe regularly. Is there any way to reassess seemingly non-negotiable expenses? Can you refinance a mortgage? Can you drop the gym altogether and commit to really learning and developing an exercise routine? Find something convenient you can replace with a free education; the Internet is an insanely abundant resource and should be milked for information.

Develop multiple interests and invest in them. I am a professional singer, but I also love to cook and am serious about it. I write frequently and across a wide spectrum of interests. I read avidly. When you invest in other ideas and interests, you make yourself a more powerful candidate for the workforce, and you give yourself more ability to seize opportunities. Who knows – you might find yourself pivoting careers.

Design a financial contingency plan before you need it (but go broke at least once). Do you have a place to crash if you can’t afford your own place? How much money do you really need to get through the month? How far can you stretch $50? If you can’t define your limits, you’ll never be able to develop a plan with thoughtful security.

What’s life without risk?

The freelancers who truly succeed are the ones who failed. It’s that Oscar Wilde quote, right? “Experience is merely the name men give to their mistakes.” And so have I before, and so will I again. The only way forward is up. I’m going to take my experience along with me for the next chapter. I hope mine will help color yours a little, even if with a passing thought. Dare to lose it all — and see where it leads.

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Op/Ed

Tips to combat lack of participation in virtual meetings or online events

(EDITORIAL) Even after the pandemic, virtual meetings and online events have no end in sight. But how do we get people to participate?

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Online conference call on skype, without Meet Cam widgets.

Online meetings are here to stay and increasing participation is key to making them fun and inviting for everyone involved. Those little icons of our faces and initials showcasing the fact that cameras are off-strike dread in the heart of the presenter. Or even worse, the camera-on view of the ceiling fan or mic-on sound of the smoke detector that needs a new battery.

Instead of leaving the success of an online meeting to chance, presenters can help make their meetings more fun for everyone with a few easy practices.

Send out an agenda with meeting expectations early. If attendees know the time investment, expectations, and what will be covered, it’s easier for them to be involved. Do you want cameras on? Share that. Be specific with what that means. If you don’t make that expectation clear, be prepared for bookcases instead of people, ceiling fans instead of people, and other distractions. Do you know specific questions you will be asking? Include those in the agenda so people can be thinking about them ahead of time. Often people don’t talk because they don’t understand what you want them to say or they’re not sure you really want them to participate.

Ask participants to help create the agenda ahead of time. What questions do they want answered? What do they need from you?

Let people know you will be asking questions regularly and answers are appreciated either on the mic or in the chat. If you can, include when you will be taking questions or opening up for conversation in the agenda. The chat feature can run seamlessly throughout the meeting. Allowing and encouraging the use of the chat feature regularly increases participation and leads to a more conversational feel for the session. If you can have a co-facilitator who can answer questions on the chat so they don’t get lost, that helps. If you don’t have one, consider asking an attendee to watch to help make sure questions are answered throughout the meeting.

Break the meeting up into sections. Don’t throw all the information out at once. Instead, make sure you pause regularly for feedback and questions and answers. If the group is large consider breakout rooms where smaller groups can answer questions, work through agenda items or participate in roundtable discussions, then come back to the large group with their ideas and answers.

Know your end destination. What’s the purpose of the meeting? What do you want or need to accomplish? Make sure everyone involved knows what that is and why. That helps keep everyone focused.

Set a time limit for responses if needed.

Be prepared. It’s even more important to be prepared for your online meeting than in-person meetings where you have multiple resources at hand and the energy of the crowd to bounce off of.

If these online meetings are a regular occurrence, consider adding a fun element like bringing your pet or plant to the meeting day. If it’s a brainstorming session, consider creativity ice breakers. And again make sure attendees know the expectations.

Use the poll feature to help encourage participation. Then follow up with participants to go deeper with those answers.

Instead of asking are there any questions at the end, ask everyone to either tell at least two things they learned or share two things they still have questions about. Again utilize the chat feature here. Some people are more comfortable chatting than speaking on the mic.

Consider offering prizes and give-aways to those participating. It’s not always necessary, but it’s fun when you can.

If you can, run the meetings live instead of recorded presentations with the leader in front of a slideshow. The sit and get PowerPoint and speaker presentation leads to bored participants who aren’t invested in the content. However, if that’s not possible, make sure you have a real-time chat session available for participants who are watching and make sure your slides are light on text. That chat session can change “sit and get” boredom to excitement, fun, and learning for all.

As always remember the meeting needs to last long enough to cover what’s essential but should be short enough to keep people engaged. Use surveys to gather meaningful feedback throughout the meeting and at the end. You can’t get better without feedback from your participants.

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