My Top 5 Questions for Leading Real Estate Companies of the World

Last week I was asked to pick 5 questions from a list of 13 provided by Leading Real Estate Companies of the World for possible contribution to their blog The Real Estate Beat. Yes, there was a free entrance into the conference at stake, but all the same I thought I would share my responses.

1. What do you think will be the key real estate trends in 2009-2012, and how are you preparing for them?

Personally, I believe that the key trend in real estate will revolve around the agent and their ascendency from typical “RealtorR” to Real Estate Advisor.  I have created a facebook group specifically for this movement and below is our mission statement ala Jerry McGuire.

“Recently, even before the changes in the market, I began talking about what we can simply refer to as “Real Estate 2.0”. This “Migration to Real Estate Advisor” has been fostered by some wonderfully generous leaders of our industry including Marc Davison of 1000 Watt Consulting (www.1000wattconsulting.com ), NikNik and Reggie of My Tech Opinion (www.mytechopinion.com), and others. These innovators of the industry have graciously shared their insight, research and expertise to aid me in our journey.

First let’s start with some definitions:

A real estate broker is a term which describes a party who acts as an intermediary between sellers and buyers of real estate and attempts to find sellers who wish to sell and buyers who wish to buy. (Wikipedia.org)

A professional advisor is an individual or firm that advises clients on investment matters on a professional basis. (Dictionary.com)

Therefore:

A real estate advisor: not only serves to (emotionally and rationally) represent a buyer or seller during the real estate transaction, but also serves to advise on current market conditions, future real estate investments throughout the clients’ life-cycle, as well look out for their the well-being of their investment.

Technology, market data, and industry knowledge are necessities to achieve this next-level of client service we should strive to provide. Empathy, patience, and education are the founding principals on which we have delivered and will continue to build. This complete “Advisor” is not only what the client deserves, but what they need in this time of turbulent markets. This also could potentially serve as our Killer Differentiator that will serve to be your brand, your marketing plan 2.0, and your defining moment.

And so, I welcome you to this group and will leave you with one last definition, and one last request:

Definition:
Collaboration: is a recursive process where two or more people or organizations work together toward an intersection of common goals.

Request:
I would like this group to serve as a collaborative effort for our industry and all of those that work within it. Use it as a sounding board, use it as a brainstorming group, use it to advance your business. Speak. Listen. Ask. Answer. Be Heard. Share. Invite others that you feel can advance this effort to join and do the same. This is a time of defining moments, and as we have seen in our recent election, Change can happen if you want it to.”

1. If you could re-invent your company in any way possible, what would it look like?

I wouldn’t.  I have researched, collaborated, and discussed this topic with hundreds of industry and consultants to the industry about this very topic, and I can honestly say that our company is positioned for the future.  The odd thing is that where we have done a great job of advancing in the areas of marketing, IT, and agent training, it all boils down to one thing.  We have the most magnetic company culture of any organization I have found.  And what does that mean?  That means that not only do our agents believe in the COMPANY, not only do our agents walk onto the street (or e-street) armed with the best tools available, they BELIEVE that the leaders of our company have their best interests in mind, will advise them on how to best adapt to the marketplace, and will put whatever their leaders tell them to do into action.  THAT – is something that you cannot build, outsource, or create overnight.

3. What steps are you taking, or would you like to take, to increase your lead generation and conversion, and how are you managing online (e-leads) and offline (broker, relocation referrals) in terms of personnel and organization?

We are focusing less on the increase of leads and more on the care and attention to detail that we provide the leads that we have.  Our philosophy that I believe in is that this is the era of the consumer.  They have the reigns right now.  They are in control.  They are in the drivers seat.  BUT… they also have too much data and not enough knowledge.  It’s like being in a car with an atlas and you are trying to get from Downtown Chicago to the Lakeview neighborhood.  The consumer (whether online, walk in, relocating, or otherwise) is all seeking the same thing… truthful, honest, compassionate, unbiased knowledge.  And… they would like it on their terms, accessible on their timeframe… not ours.

Also, with all of the advancements in technology that are going on right now, we are forgetting that these are still confused, living, breathing human beings that we are dealing with.  They WANT and advocate, they NEED an advisor.  They still want someone to hold their hand, drive them around and advise them on their best decisions… but they need a little more courting right now.

1. How do you expect to use online social networking as a primary tool of generating new and repeat business?

Personally, I hate the fact that all social media and online source come down to “how can I capture business?”  That’s not what this should be all about.  Social media in the marketplace should be used on the following levels from my belief.

1. Sharing of Knowledge:  As I said above the floodgates of information have been opened with the DOJ settlement and there’s no going back.  If you FORCE me to put in my information somewhere, I am going to CNTRL – T (open new tab in Mozilla) and go somewhere else to get it for free.  Unfortunately, some of the places that I am going to go and get it for free are not as accurate as the data that we keep under lock and key.  So my thought is that the job of the agent using social media should be to take the data that is there, put it into a medium that is appropriate (Facebook users probably don’t want to see my Excel charts – maybe video?) and distribute it out there.  THIS is the law of attraction in working order.
2. Communication – The nice thing about some of the social media platforms out there is that the user can access whatever they want at their own time discretion.  I believe that Time is the most important element in our lives right now and, just because you call me and it’s convenient for you, doesn’t mean it’s convenient for me. That’s why I love Facebook, FriendFeed, and Twitter.  I can check out what my friends are doing now, yesterday and two weeks ago.  I can become connected to them through the pictures of their vacation, their Twit about where they ate, or where they went last weekend.  Vice Versa, they can do the same for me and even though they may live in Califonia, they could see that I just shoveled 2 feet of snow.  Then, we all become more than “leads”, we become connected, and possibly friends.
3. Differentiation – In my online profiles I have a short bio that tells the following about me.  “Former bartender, cow-milker, globe-trekker, marketing manager, consultant and more turned real estate coach 2.0. I focus on bringing the best of technology and branding to agents across the country.” This doesn’t tell a ton about why I’m great at my job, but it sure as hell makes me a little different.  Check out my facebook page and you’ll find out that I love dogs, cooking, skiing, traveling, etc…  and that sets me apart.

1. What gaps do you see between your current sales agents’ technology capabilities and the typical customers you will be working with this year?

I actually fear that we are moving too far ahead of the typical consumer on many levels, and that we are so concerned about being “cutting edge” that we don’t necessarily make our processes friendly to our consumers.  Since we are one of the most innovative industries out there, it’s in our blood to move forward… but to do so without curtailing it to our consumers or using it to increase the overall “customer experience” is madness and where many in our industry fall down.  Ask yourself, or any other brokers this question, “Before you launched your new website/widget/marketing campaign… how many of your past/current clients did you ask to review it? “  My guess is that you’ll have a big phat zero from most of your brokers.  We are innovating on OUR terms… not on those of the end client.  Why?  Because it’s ten times easier to read a study or statistics and base it on that than it is to stand in front of a Target with a Handycam and ask people what they thing.  Well, maybe it’s not just easier, but it’s a great way for us not to have to listen to them, and hear what they might think of us.

Share your thoughts… I’ve shared mine.

Matt Dollinger

The You Factor