The Profession of Real Estate . . . or is the word Profession an Overstatement? Part V
·
How do I look?
It
really matters how you look. Many real estate agents and mortgage
consultants, both men and women, dress like they are in high school and look
like they do not take the business of real estate or lending seriously. If you have been out of high school for 10 to
30 years why haven't you grown up? If
you live and work in Hawaii then you might get away with a casual approach to
your attire, but in the big city? Give
me a break! Be a grown up and put on a suit
and tie for God Sake! Ladies, wear a
dress or suit. The purchase of a home is
the most important decision that most people will make in their lifetime. Can you dress up for it? The transaction represents the acquisition of
their greatest asset and liability and will be the catalyst to building wealth
over time. Respect the job and dress
professionally every single day. There
are no casual days if you are in the office or working in the field. Dress up for the client and as you start
to evolve as a person, you will dress up for yourself. There is nothing that helps your confidence and keeps you on your a-game
than looking sharp and being well-groomed.
How do you look?
a. Your business cards matter:
As real
estate agents and lenders we shouldn't spend more money on lunch than we spend
on our business cards or name badges. Don't be penny wise and dollar foolish. Your business card is a statement about you and
not just information on how to contact you.
Your prospects have already researched you on Google from their iPhone
or computer. Make the investment in
weighted card stock with impressive graphics, raised lettering, embossed
lettering or anything that will make the statement you want to make about yourself. Even a minimalist black and white card that most
attorneys use can be on heavy card stock or linen. A professional business card just says that
you care about the details and are a stickler for the details. Everything about you—your grooming, your suit,
your shinny shoes, nice pen, professional business cards, nice looking watch, clean
car, good smelling breath, white teeth—can be interpreted and translated into
how the client responds to you and sees you as a business partner, advisor, or
facilitator of a transaction. Right or
wrong your business card will make an impression. So what kind of impression are you trying to
make? Do your business cards matter?
b. Your website matters:
Are
you proud of your website or embarrassed by it?
Whatever you feel, your clients probably feel the same way and may be looking for another service provider. There
are agents who need to take their website down because it looks really
unprofessional. You can obtain a
professional website for free or pay at the most $300 with all the bells and
whistles. Call me and I will give you
the company that can build it for you. They are highly successful and
reputable. If you are really serious about
your presence on the Internet, including social media integration as well as
video and branding, your costs will be much higher. I have the resources for high end websites as
well. Just call me. There is no excuse for not having a
professional website that is making you money.
If you do not have the money to build a professional website then there
are probably many other important things you need to do that will also require
money. I recommend that you join a team
until you make the money you need to build your business right. You need to be in business the right way in
order to succeed. The number one reason
why businesses fail is because of the lack of capital. In this age of technology your must business must have a strong presence on the web. The good news is
that it doesn't cost a lot or take a lot of work. The bad news is that the competition is
fierce . The barrier to get started in real estate is low because the cost of the technology
continues to decline. Real Estate agents are all over the web. So your focus must
be on content, customer service and value added services. Is your website important to you? Does your website stand out?
c. Your voice mail and email
matters:
There
are agents who do not have voice mail or branded email. If you are still using your personal Gmail account for your business,
you are not really in business. You are
playing business. Learn to use Google
apps and create business email accounts.
Have you heard of Grasshopper or the numerous virtual office phone
systems out there? Look bigger than you
are through a professional phone system. It is ridiculous to be in business and not
have a professional business phone line and a professional voice mail and/or answering
service. First, please answer your
phone, and if you cannot someone should be checking messages and calling the
client back within 30 minutes at the very latest. There are lenders and agents who have voice
mails that actually state that they will return your call within 24 hours. I have never left a message for anyone who
says they will call me back within 24 hours.
A message like that is not good for real estate or lending customer
service. If we were in 80s maybe, but
not now. You have 10 minutes to call me
back or send me an email or have someone call me; especially if I do not know
you. That's it. I am moving on to someone who will answer their
phone. If I am a client already, it
wouldn't bother me because I trust you and respect your business and know that
you are busy and will call me back. Why? Because I am your client already. But if
I am not a client, I would think you are too busy for me and I am moving on
because we do not have a relationship.
Can you tighten up your voice mail and email? Can you be better? Or is it good enough?
d. Your professional & production
standards matters:
How
are real estate firms or mortgage companies any different than a stock brokerage
or investment advisory firm on Wall Street who every year recruit from Ivy
leagues schools? Look at the job
requirements to work for successful firms selling stocks and bonds or financial
advisory services on Wall Street. First,
you need a financial or business degree and possibly the securities license in
hand to even apply at some of these places.
Second, you are taken through a series of personality tests, aptitude
tests and multiple interviews. Then, your
sales skills are tested and your production and professionalism is closely
scrutinized. The firms on Wall Street
have raised the bar and continue to do so.
Top Law Firms are the same way.
Top universities are also the same way.
Not everybody can get into a university or even a state college for that
matter if they do not meet their academic standards. The real estate and mortgage industry, on the
other hand, has relaxed and gone completely in the other direction. It is rare to see a real estate agent or
mortgage consultant in a suit unless it's a Christmas party. It's even more rare to see them with a degree
or advance degree. Degrees are not absolutely necessary but an
education or designations in real estate does raise the quality of people you
hire when you are putting together a great team. The average annual compensation for most real
estate agents in the business is barely above the poverty line. Raising the bar is not the typical real
estate office business model. But, employing hundreds of agents is the
model. The majorly of agents have zero
closing and or close one to three deals a year and the top 10% close 80 to 90% or more of all of the business in the
industry. What is your business model and does it represent your
professional standard? Or is it good
enough? Do you have professional and
production standards? Here is a challenge for broker owners to
consider: Everyone on your team must
make money or they cannot work for you.
You are no longer interested in their monthly desk fee or any other fees
you may charge to cover their expense for being in your environment. It is a
privilege to work for you and to be in your environment. You want closings and
you want them to live the company brand whatever that is. If they cannot do it then you let them go
because you are trying to establish your operation as the place where only
productive people work. You are trying
to create an environment and culture of success. Now, be prepared because you may fire most of the agents working for you and you are doing them a favor if you do. To be held accountable is a blessing
everybody needs. Just look at your own
life and the time when you were forced to deal with your own circumstances and
had to make a change in your behavior. Here is one alternative to termination - make
the low producing agents assistants to you and try to double or triple your own
production while training and mentoring them. If they are humble, they will jump at the
opportunity if you are a successful agent/broker. But it they are not, they will leave and
place their license with another broker who has no standards. If they choose to stay they must work for you
full time as your assistant to learn how to be a productive and a successful
agent. Choose the agent wisely. Leaders are developed. Yes they are also born, but if the leadership
gene they have is dormant you will have an opportunity to bring it out if they
will want to succeed and be mentored and trained.
The
days of hiring agents off the street and paying top commission if they can't
close 50 deals a year are over. If you
are still hiring like this then you are unwise and need to fire yourself and focus on producing and closing
50 deals a year yourself. Hire a manager
who can recruit producers and train new agents to become producers. Make a decision about who are you? What do you want to achieve? How do you want to do it? Do your professional and production standards
matter? I hope so.
Be the Brand you want to see in the
world. The Power Is Now!
Be the Industry Professional you
know you need to be in your business. Your Power Is Now!
Comments
Post a Comment