Real Estate Re-Invented?

Three Concerns for today’s Real Estate Agent.

FIRST, don’t get FAKED OUT.

The news media frequently publish reports on “slumping housing markets,” “ mixed signs of a recovery,” “real recovery,” “fake recovery”, blah, blah, blah …, there’s so much confusion out there about “The Market” that I am certainly no longer looking to the news media for the answer.

Too many times we can get caught up in relying on the market for our successes or failures, but as my friend Bill Nasby says; “The market is between your ears” and he’s exactly right. Truth is, people always need to move and that means buying and selling. So just because prices slump, and/or the market is hurting doesn’t mean we have to starve to death while waiting for things to come around.

My best advice then, is to be ALERT and ACTIVE. Alert, as to new opportunities, buyer or seller incentives, new loan programs, new local programs etc., and active, in the form of PROSPECTING, yes I said it, prospecting. I know there are hundreds of new programs out there extolling the virtues of working only by referrals, or we’ll send you leads! – you don’t have to do any prospecting! – these are all preying upon the fear of prospecting and promise to keep you knee deep in new leads and transactions!

OK I’ve personally tried almost a dozen of these things, paid thousands of dollars, and kept coming back to the TRUTH, that there is no substitute for prospecting. So if this is something you don’t enjoy or can’t bring yourself to do – you might as well look for another job. But if you have the will and stamina you can be amazingly successful – even today. (I’ll say more on ways to prospect in another post)

SECOND, remain current with Technology.

This is another area where “old school” agents that refuse to adapt will at some point learn that the market has passed them by. With 90%+/- estimated numbers of new home buyers and sellers using the internet for their own real estate purposes, if you fail to keep up, you will be left far behind.

My advice stay up on current methods and resources, do some discovery of your own, become educated so that when clients talk about it – you are already ahead of them. Use the technology and let clients know that you understand how it all works.

THIRD, understand what you are worth.

OK, here’s one of the most asked questions from a potential seller to an agent: “So, are you willing to discount your commission?” I’ve heard this so much that I expect it and am ready for it every time I speak with a potential seller. There is so much caving in by agents out there that there are even companies forming that are specialize in discounts! This behavior is nonsensical! Don’t you believe that you are worth a full commission? I know I am worth it!

Here’s some good advice I learned from Floyd Wickman; Seller: “are you willing to discount your commission?” Agent: short laugh,” no.” Then move right past it.  I know how simple that sounds but it works. If you can’t even negotiate your own wage, how can you expect to protect your client’s fiduciary interests?

The real TRUTH, you must believe in yourself, that you do offer a valuable, professional service that is worth a full commission!, that this is a career and that you do take it seriously.  Otherwise you are only hurting the future of this business, and your potential for earning a living – so go out there and be worth something!

This is the greatest business ever! If you work it right you’ll love it!

Much success!

About Gary Thompson ... "Your Utah Realtor!"

Growing up in Utah was all I ever knew, that is until I got to live in many great places, like Nottingham England; New York City; Maui, Hawaii; Denver, Colorado and Albuquerque, New Mexico! And when it came time to finally settle down, I chose Utah again! What a great place to experience the outdoors, be involved in the community and raise a family. I have gotten to know the best neighborhoods, things to do and places to see - all while working on my craft as a professional Realtor® - so if you are looking for a great place and a great experience, I love to put my skills to work for you! Thanks for keeping me in mind! - I'll work hard to be your Utah Realtor!

Posted on June 14, 2010, in Real Estate. Bookmark the permalink. Leave a comment.

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