So I’ve been having a ton of meetings as of late with agents worried about their business.  This isn’t new, and I’m sure it’s not specific to the Chicago market, but it’s something that deserves some attention.  Here’s the long and the short answer:

You cannot control a sale – your short term future is not defined by what you do today or tomorrow.  What you do in business today is going to affect your business 90 days out (or more) and should be worked into an actual business plan.  The goal, however, should be to start implementing ACTIONS that will translate into HABITS in your business going forward.

In this short video I discuss the creation of business habits as part of a business plan moving forward, as well as offering some ideas as to what you can do to start creating these habits tomorrow.

As you’ll see at the end of this video I am kind of let down by the amount of true collaboration that we see between agents and coaches alike with regards to sharing of actual implementable actions.  If you have done something in the past that you would like to share with others, or that you know could help someone out, please leave it in the comments.

All the best – Matt

Planning and Habits for your next 90 days in Business from Matthew Dollinger on Vimeo.

Picture courtesy of "Not the First Noel" via Flickr

It was during the follow up to the opening Keynote at BlogWorld Expo 09 when this idea came to a head.  On the stage were big hitters of both new and old school journalism including:

Brian Solis – PR and Web 2.0 mega celebrity

Jay Rosen – journalism professor at NYU

Hugh Hewitt -  American radio talk show host

Don Lemon – CNN anchor and journalist

Joanna Drake Earl – President, New Media, Current TV

The discussion entitled, “The Death And Rebirth Of Journalism” focused much around citizen journalism, it’s benefits to media, the problems due to it, and where to go next.  It was a heated discussion (Lemon – the only “traditional” channel there – who I was incredibly impressed with) fueled on by the media-blitz of Balloon Boy the day before.

I took away three major points from this session (according to my notes):

1) Blogging and Micro-blogging allow the individual (viewer) to choose what they find is important in the world news feed.

2) Traditional media is still focused on a cost structure model – hence why they will highlight “minor or pop” news stories to gain exposure = costs.

3) Distribution issues of news – does the world view (CNN, NBC, Etc.) these major hubs of distribution as “the” most credible for news/current events?

And so – a question started brewing in my mind with regards to this:

“Why wouldn’t CNN or another traditional media player:
1. Put together a “journalism” training class (i.e. how to write, how to quote sources, etc.)
2. Encourage their most “raving fans” to take these classes
3. Turn them loose as “certified” citizen journalists
4. Reap the harvest of “on the ground” stories, well written, and sourced by sending them to editorial?

Imagine, in my case being a huge Keith Olberman fan, MSNBC taps you on the shoulder and says to you:

“Matt, we’d really like you to become a MSNBC citizen journalist, take a couple of basic classes on composition and source citing, write/film/video all the news you feel is news, and then joint publish it with our editorial staff.  It will be great exposure for you as a blogger, bring you a ton of readership, and get your local stories out to those who want to know about them.”

Sounds like everyone wins right?  Not so fast…

In the next session I actually got to pose this question to Robert Scoble who (kind of) answered it after I pushed him on it.

<Paraphrased> “We don’t need big media.  That’s the beauty of social media.  The big brands are dead in the water.  No one “watches” that anymore.  When I was with Fast Company magazine my blog readership didn’t go up at all.  I have 50K twitter followers that are reading my stuff anyway.  Why do we need to “teach” any kind of journalism?  The kid with a $1000 camera can be a video producer on his own.”

Disappointment… Not only did he trivialize the idea I suggested – he actually called a Spade a Spade.

It’s US versus THEM – New Media vs. Traditional – and be damned the idea of actually working together.

Tweet of the day on this subject – “RT @saulcolt: People keep talking about old media & new media…we need to start thinking of just “media” and make it great. #bwe09 via @erin_bury”

I don’t think it would have been so black and white if I hadn’t attended a fantastic keynote the night before by Chris Brogan.  I had never read much of paid Chris alot of attention until he brought up my all time favorite author Tim Sanders - and his book “Love is the Killer App.”  In this book Tim talks about becoming what he calls a “Lovecat” by fulfilling 3 simple tasks.

1.  Share your Knowledge

2.  Share your Network

3.  Share your Compassion

When I sat listening to Robert speak about the question I had presented, it struck me that, “Collaboration for these guys is absolute Bullshit – although it would be in the best interest of the consumer.”  It’s not about “how do we get the BEST news to the public”, it’s about, “do them come to my site, your site, or who’s site to read my “take” on the topic.  It was truly truly disheartening.

In the Dachis Group whitepaper, “Social Business Design”, Peter Kim explains this legacy system of “Us vs. Them” excellently.

“Us” Vs. “Them.” Competitive strategy drives businesses to hunker down behind the physical walls of an office and the virtual walls of a brand. Customers are seen as “targets” whose participation is limited to handing over money. Competitors are seen as “enemies.” Suppliers are viewed as “necessary evils.” This approach to business may produce short-term results, but at the expense of true collaboration and long-term results – everyone benefits when these relationships are viewed as an ecosystem of related collaborators rather than competing interests.

It’s humbling and often-times disheartening to come to this kind of realization.  That the “Us vs. Them” mentality prevails even with supposedly forward thinking companies or people.  Could you imagine the result if someone of the stature of Robert Scoble gave “how to video worthy of the national news” seminars?  Or if an editor at CNN did webinars on “how to write copy like a NYU journalist?”  I think the PR alone would be worth any words of wisdom that your competitors might pick up.

Many will agree with Robert and say that, “the audience you’re looking for isn’t watching CNN” and I will disagree.  Especially at an event like BlogWorld it’s easy to get caught up in the whiz-bang, what’s next society and forget that 90% of Americans still turn on the television or read the Washington Post instead of the Huffington Post.

Collaboration could possibly be the cure all to what ails us – but until we dump the “Us vs. Them” mentality and start operating from a level of abundance (and strict ROI) I think we have a long way to go.

In my last post, “Lovecats, Likeability, and a Plan to Save the World“, I discussed the teachings of someone very influential to me.  Tim Sanders, New York Times bestselling author of “Love is the Killer App“, “The Likeability Factor“, and most recently “Saving the World at Work” has been teaching the ways of the “Lovecat” for years.

As discussed in my previous post, the “Lovecat” method focused on approaching your life and business by “Obeying the Law of Abundance”, and sharing your contacts, knowledge, and compassion with those around you.  This mentality was a predecessor to the Social Web mentality that dominates the “proper” uses of social networks and collaboration today.  Because of this, and his forward thinking towards best business practices, I asked Tim to answer a couple of quick questions for me as to his prediction of business today and moving forwards.

(Q&A between Matt Dollinger “MD” and Tim Sanders “TS”)

MD – Describe how you feel the Likeability Factor and Love is the Killer App have changed for today?

TS – Both are still true.  The L Factor, in particular is important as it can look after you during tough times.  More than ever, we need to inspire others with our outlook.

MD – Any insight into the Lovecat method and the rise of Social Media?

TS – Giving rocks.  The Lovecat method (grow others, trust them to reciprocate) lies at the heart of social media.  That’s why I find Twitter and Facebook so valuable to society.  We must, however, give not take in our social media work.

MD – How would you suggest a company/business transition to “Lovecat” if they weren’t before?

TS – Trial and trial and trial.  If you will give giving a chance, and a reasonable long time line for return, you’ll get hooked on it.

MD – What do you feel the biggest challenge of business today is?

TS – Overcoming the scarcity mindset that’s setting in with the recession.  When we believe that “there’s not enough to go around”, we get fearful and inward thinking.  That’s the enemy to innovation.  It’s time to defiantly be hopeful.

MD – How do you feel Social Media has changed business today – forever?

TS – Social media has made the world more transparent and smaller.  Add video on mobile phones with easy upload and there are no more secrets.  This will force companies to focus on do-no-harm+do-some-good instead of simply being less bad or complying with the law.  Ray Anderson (founder of Interface) once told me that compliance was “being as bad as the law will allow.”

MD – What is the #1 question that is asked of you in your speaking and what’s your answer?

TS – Question: What do you do when others take advantage of your giving nature?  Answer: Look the other way, because it only happens about 10% of the time at the most.  Don’t let your ego tell you that giving never gives back because it does.

The “Law of Abundance” as Tim writes about often should, in my opinion, be the new “Golden Rule” for not only Social Media, but for business and personal growth as well.  Take a few minutes, view the videos below, and share your thoughts… This time the good guys WILL finish first!

Abundance Versus Scarcity Part 1 – Tim Sanders

Abundance Versus Scarcity Part 2 – Tim Sanders

Abundance Versus Scarcity Part 3 – Tim Sanders

Read more posts like this by Matt Dollinger @ www.TheYouFactor.com or follow me on Twitter here.

Epiphany (def): a sudden, intuitive perception of or insight into the reality or essential meaning of something, usually initiated by some simple, homely, or commonplace occurrence or experience.

Many of us have had these monumental life-changing moments of discovery.  Sometimes they come in the form of a higher level of understanding, consciousness, or other moments of clarity.  I can honestly say that I’ve had a couple of these instances in my life, and I consider myself lucky.  But the one that I feel is best serving for today’s marketplace, for the difficulties and challenges we are all facing in the world today, came to fruition in the one of the most unlikely places for authenticity and delivered by a hipster in a suit with a microphone.

In a previous life, I served as Director of Career Development for a Prudential affiliate here in Chicago.  Yearly the Prudential franchises all get together at their national convention for a week long celebration of top producers and branding hoopla.  2005’s celebration, at the pinnacle of real estate’s glory day, was held in Las Vegas.  Somewhere near the end of the convention, in a morning keynote session filled with hung-over agents, (and just as many empty chairs), I met someone that would change my life forever.  I had never heard of him before and hadn’t read his books, but the message that was delivered was timely, embraceable, and (in retrospect) a precursor to where we are today.  The moderator introduced him as the Chief Solutions Officer, (CSO), of Yahoo! and here began my life as influenced by Mr. Tim Sanders.

A skinny guy in an ultra modern suit took the stage, began his presentation, and I was mesmerized.  For the next 45 minutes I didn’t take notes, I didn’t write or check emails… I sat and listened, hanging on every word.  He didn’t talk about marketing strategies, direct mail, or lead capture.  Tim simply preached a message of social karma he referred to as “Love, the Killer App.” and from that moment on, I considered myself a Lovecat.

The three steps to becoming a “Lovecat” and instituting a campaign of “biz love” into your career are as follows:
1.  Share your network with those you connect with
2.  Share your knowledge with everyone who might benefit
3.  Share your compassion with those that need it

Tim went on to use examples of this new mindset, tell stories of “Lovecat Achievement”, and read exerpts from his two books, “Love is the Killer App.” and his newly released (at the time), “The Likeability Factor“.  Each point he made was crystal clear, almost as if reminding me of something I already knew, yet forgotten or locked away deep inside.  And maybe that was it… maybe it was simply professional reinforcement.  someone accomplished and respected in the “new” business world that simply said to everyone listening, “It’s ok to be a nice guy/girl. And not only is it ok, but you will be more successful in business and in life by being a giving, sharing and caring individual.”

I ordered both books from Amazon as soon as we got home from Las Vegas and literally devoured them many times over.  I highlighted, made notes in the margin, dog-eared pages, and clipped excerpts for my presentations.  My “new agent” training began to include an entire section on “Releasing your Inner Lovecat”.  I ordered copies of “Love is the Killer App.” in bulk, began writing notes to people I knew or met inside the cover, and giving them out at random.  I reorganized my reading behavior so that I could become a resource to those around me at work and in life.  Networking events became quests to distribute new found knowledge and share insight with others.  I was more than an advocate, more than a fan, I was a prophet for “biz-love” and I have never turned back.

The Lovecat, Social Media and Karma

I’ve always thought that real estate is the perfect industry for a “Lovecat”.  From the first days of training, agents are taught to cultivate their sphere of influence, ask for referrals, and continually add to their database.  Unfortunately most training programs are focused on the acquisition of contacts and not the engagement of them. As 1000watt Consulting so brilliantly pointed out in their video, “I Am Not A Lead”, we refer to our circle of influence as leads, contacts, and databases.  We capture them, drip on them, and bombard them with the N.A.R. mantra that it’s always a “Great Time to Buy”.  Even now with the evolution of Social Media/Networks, coaches charge hundreds of dollars to attend seminars and webinars geared at adding more and more people to your <insert social network here> “friends”.

But those who are really using this wonderful new technology correctly are different, and it struck me about a month ago when I was re-reading “Love is the Killer App” for the hundredth time.  “Sanders predicted this 5 years ago.”  Back before Facebook was more than a college network, before Twitter was a concept, before Web 2.0… the “Lovecat” mentality was changing the REAL world and how people interacted with one another.  Think about it.  Isn’t this what the mentality of the Social Web is all about?

1.  Share your network – (#followfriday, LinkedIn introductions, Facebook Friending)
2.  Share your knowledge (Twitter link sharing, RSS, blogging, etc.)
3.  Share your compassion (genuine interaction, collaboration, help)

The lines that once divided life and business are forever erased.  My favorite analogy is that our parents were actually part timers in the workforce compared to us today.  We are being forced, whether you like it or not, to embrace a genuinely authentic brand that carries into both our personal and professional lives.  And as we adapt to emerging technologies and spread our network of influence further each day, the  Lovecat mentality becomes all the more important for one reason if nothing else.

“We as people (both providers and consumers) don’t have the time or desire to affiliate with those not providing value to our lives in one way or another.”

This is no difference from one industry to another today.  Online or off, we have come to expect value from those that we choose to associate with in one way or another.  Value might not be the correct term for what we are sharing today, and so I suggest we use a Sanders-ism presented throughout his books, “Biz Love”.

“Biz-Love” is defined by Tim as a relationship where “I promote your growth intelligently in a win-win sort of way. Biz Love could be mentoring an employee in a way that not only promotes the employee’s personal growth, but increases the value of that employee to the company.  Another example of Biz Love could be bringing customers or partners together to increase the size of their network, their capacity, and their growth.”

The question becomes, “How are you showing and sharing your biz-love with your network?

“Biz-Love” The Only Differentiation in a Commoditized World

“Biz Love” isn’t just THE way to personally run your business, it also serves as THE true differentiator in a world overwhelmed with choice as Jack Trout discusses in, “Differentiate or Die”.  That almost every element of life has become a commodity, is something we can see in business or walking through our local grocer.  True differentiation has become so few and far between, that when something actually STANDS OUT, it becomes more than a brand, more than a product/service, it becomes a movement.  And when I think about brands that have achieved this “movement” status, every single one of them… EVERY ONE… operates from this Lovecat principle.  Think about it…

DELL – facebook videos on how to use social media (sharing their knowledge)
Amazon – if we don’t carry it we’ll introduce you to someone who does (sharing their network)
Southwest - have an emergency and need to change your flight? no problem (sharing their compassion)

I would argue that every business or brand that TRULY stands out to you today is capitalizing on providing their network, associates, clients and the general public with an incredibly high quotient of “Biz-Love”.  I might also suggest that this mentality could possibly be the only true differentiator left.  Service and Quality have become run-of-the-mill expectations.  Price can be a factor, but cannot be considered a differentiator.  Your “Social Karma”, “Biz Love” or “Network Value Quotient” are true differentiators that will set you apart from those around you, ascend you (and your business) to another level, while building a network, or movement, of raving influential fans.

Life, Likeability, and Lovecats

Probably one of the most important, yet underestimated, outcomes of operating from a position of abundance rather than scarcity, is it’s effect on life as a whole.  So many, including some of my best friends like Rob Hahn, spend so much time trying to calculate the metrics behind what I call a Social Karma Initiative, that they tend miss the big picture influence.

Human beings are emotional creatures. We all have certain needs in our lives.  The need to be loved.  The need to be heard.  The need to be understood.  We are also, (whether we admit it or not) ego-driven in both our lives and business.  By approaching life as a “Lovecat”, we are able to feed these human desires and in doing so, live life in a happier, more content, positive state.  In his book, “The Likeablity Factor”, Tim discusses a study that shows that people who were categorized as “more likeable ” typically had better relationships, were more successful, lived longer, and judged their overall quality of life HIGHER than those “less-likeable”.

In today’s world of financial insecurity, job instability and crisis it’s hard to see the forest from the trees.  We tend to focus on “right here right now” results rather than long-term influential goals.  Something like “Social Karma” or “Biz-Love” seems trite while contemplating next months mortgage, a looming car payment, or if we’ll have a job next quarter.  But think about this… From the network that you currently have, “who is doing better in life?”  The Lovecat or the person living in scarcity?”  Take it a step further.  “From those in your network… who would you recommend if a business opportunity arose?” Again, I’m assuming that the first person you thought of fit into the definition of a Lovecat.  Likeability and the Social Karma you provide to those around you make you memorable, enjoyable, and indespensible in our overly chaotic world.

The world as we know it is forever changed and we must change with it.  And where I believe, and can see in my own life, that the “Lovecat”, “Biz Love”, and “Likeablity” are absolute MUSTS to compete in business today, they are far from the silver bullet.  They are principals to set for yourself and your business.  Most importantly, they are a set of values that each and every one of us can put into place tomorrow for they are inherently grained into our DNA as human beings.

And so my challenge to you, regardless of your position or industry, is to purchase “Love is the Killer App”, devour it, share it with everyone around you, and join me as a “Lovecat” in the world.

Read More from Tim Sanders at:

www.SandersSays.com

www.TimSanders.com

or on Twitter @sanderssays

Culture IS Innovation

I take a lot of pride in the company that I work for.  It’s a little company called @properties out of Chicago, IL that has some pretty sweet stats for only being in business for 8 years.

• $1.9 Billion closed for 2008
• 1st in market share for the city year to date
• Highest Sales price to List Price of any major Chicago Brokerage
• Lowest Days on Market of any major Chicago Brokerage
• 4th in market share for all of Northern Illinois
• 750 agents, 5 offices, and only 20K square feet of office space

Most importantly though, we have a 99% retention rate of agents.  This statistic is almost unheard of in the real estate industry today.  We do little or no active recruitment other than our current agent population referring agents that they think would like to work here.  It’s a great place to work where people feel supported, appreciated, wanted, and that we are invested in their success.  How is this all possible?  I’ve boiled it down to one word… CULTURE.

Culture (as defined by Wikipedia) refers to the set of shared attitudes, values, goals, and practices that characterizes an institution, organization or group.

Innovation (as defined by Wikipedia) means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations

In essence, we at @properties are Innovating through Culture.

Why am I making this parallel?  Because we are very proud to say that today it was announced that we are a Top 5 Finalist for Most Innovative Brokerage and Franchise. And what does this “Innovation” award mean to me? (disclaimer: I am speaking for myself and not for @properties)

It means that the industry might actually look past bells and whistles when discussing innovation. That the  Culture of a company might finally fit into the, “means of radically doing something different” and take it’s rightful place at the forefront of importance for success.  It means that our agent population logged into the Inman site and told them, (in their own words on their own time), that they LOVED the company they worked for and believed that our methods and “culture” of doing things inspired their success.

To me… this is well deserved.  Not for me.  Not for the PR.  But for everyone involved in our company organization.  From the people at the front desk that stay late to help an agent finish a CMA, to the incredible IT staff that bleeds patience setting up an iPhone with our Microsoft Exchange Server, and everyone in between.

It says that our Holiday party at a time when companies were cancelling theirs was the right decision.  It says that our softball/volleyball tournament every summer builds friendship and brand.  It says that having 2 full-time coaches to support agents builds more than just friendships.  It says that not only providing cutting edge tools, but taking the time to educate and show agents how to use them makes all the difference.

Long story short… It says to me that a company culture can be revolutionary, radical, and yes… innovative.

Below is a video I  shot of Thad Wong, (one of our owners/founders along with his partner Mike Golden), at the Northwestern University’s Kellogg School of Management where he and I spoke to a group of MBA Leadership students.  Watch this video and you’ll understand how culture can not only change a company, but radically alter and industry.

If you would like to hear more or learn more about our company culture and what we’re doing differently… drop me a line.

Matt Dollinger

The real estate market is a changing animal, and one that those aligned with it must adapt to, or be left behind.  In this presentation done at the Chicago Sparkt event, I discuss the future of the real estate brokerage model, the future of our industry, and the rules for our changing industry.  Social media and other technology will influence our marketplace and only be embracing CORRECTLY will we be in a position to capitalize on this new landscape.

(FYI – the projector was disabled for the first 10 minutes!)

Matt Dollinger – The Rules for a Changing Game from SPARKt on Vimeo.

Neo – “Why do my eyes hurt?”

Morpheus – “Because you’ve never used them before.”

One month ago I took the red pill and woke up from the RE.net Matrix.

I think it’s important to point out here that this is not a swipe or downplaying the importance of the RE.net community. The contributors and discussions that are shared there often times border on the level of brilliance. I have learned immensely from the leaders and contributors there.  This is simply a personal account of how I began to look outside the Matrix, and what I learned when I got out.

“The answer is out there, and it’s looking for you, and it will find you if you want it to.”

My red pill came in the form of a face to face discussion outside departure terminal 2 at Ohare. My friend and I discussed the future of the RE industry, its pitfalls, and the stonewalls that hinder it’s progress forward. We debated in circles again and again, only to come to the same conclusion; that there were obstacles that cannot be overcome by us alone. We parted, and the conversation haunted me until I realized something that Henry Ford quoted beautifully:

“Obstacles are those frightful things you see when you take your eyes off your goal.”

This is when it came to light. There are obstacles that I alone, (or even collectively), cannot overcome, and was allowing them to obscure my vision. These immovable mountains were limiting my path and, although needed to be recognized,  could not consume my eyes. I needed to get out. I needed to wake up. I needed to leave the comfortable nest of recurring problems and debates and exit the Matrix. I chose the Red Pill.

“Remember… all that I’m offering you is the truth and nothing more.”

My rebirth began at a Starbucks on the corner of Halsted and Irving Park in the Uptown neighborhood of Chicago, IL. It was lacking in the drama of wires, plugs and membranial goo but was just as mentally freeing. It started with a simple whitepaper compiled by one Peter Kim of micro-celebrity fame entitled, “Social Media Predictions 2009”. And as it downloaded into Firefox, I could almost hear the whine of the Matrix in the background.

“I know Kung Fu”

The whitepaper is a collaborative effort born by Peter containing the smartest voices of Social Media today. Names like Brogan, Armano, Handley and Jaffe (to name a few) replaced the characters of Mouse, Dozer and Trinity on my journey of rediscovery. None of them balked at the challenges of registration, DOJ, or physical office space. They looked beyond it to a world of possibilities unhindered by these obstacles. I smelled the possibilities, sensed the pains associated, and was excited.

“I’m trying to free your mind. But I can only show you the door. You’re the one that has to walk through it.”

My next steps through the door of “awakening” forced me to retool my surrounding and purge my Reader. Blogs that I had read for years made their way to an icon resembling a garbage can and were replaced with titles like, “Logic+Emotion”, “Groundswell”, and “Influential Marketing”.

I felt disloyal abandoning old friends I held in such high regard that guided my infant footsteps in the RE.net Matrix, but knew it was something that had to be done. I also did so knowing that there were those in the Matrix that would combat, lash out, and fight my newfound mindset. But I needed to see the forest from the trees.

“He’s beginning to believe.”

The more I read, the more excited I became.  Here were REAL ideas addressing REAL problems REALLY differently.  It wasn’t the latest app, CRM or other technilogical whistle that was going to solve the problems of the modern day economy – it was a complete renovation of business as a whole.  I started to realize that for every great idea, for every vision that was forward thinking in the RE.net, there was somebody, that was there… fixed in their ways.  They were unable to try something different, something that might be the way to change the industry.  I started to believe that this… this open eyed view I was experiencing, past the boundaries of real estate, could actually do it.

“Fasten your seat belt Dorothy, ’cause Kansas is going bye-bye”

One of the best things that the Matrix has done, has been to validate some of the newer tools for change.  Twitter, Facebook and Social Media as a whole are now, (thanks in large part to the RE.net), viewed as amazing methods of differentiation – foundational brickwork for industry innovation.  Unfortunately, this has also (unintentionally I believe) influenced boundaries to be created that ideas and solutions must exist within.  These boundaries got me thinking, “Are we truly ‘innovating’ if we’re using Zillow’s iPhone app or Trulia’s Voices?”  Aren’t we actually “implementing other’s innovations”?  Where are the truly new and ground shaking ideas from within the industry?  Haven’t these “benchmarks” actually caused us to implement and accept rather than question and adapt?  Who said we had to play within the confines established or the rules laid out by others?

The companies (outside the RE.net) we view with such adoration didn’t necessarily work on this model.  Zappos, Dell and Comcast (the regarded leaders in innovative implementation) utilized something BIGGER than what was in their industry.  They looked past what AT&T, Shoebuy, and IBM were doing and took risks.  They WROTE the rules, they didn’t follow industry standards.  In an awesome post, “Brands will Learn by Doing.  Get Over It“, David Armano talks about this risk – and the fact that mistakes will be made, and that’s ok.  Only by taking these risks, listening to what our consumers have to say about them, and then learning/adapting from it will our efforts be rewarded by R.O.E. (Return on Engagement).  Only after “Doing” will we be able to learn and adapt accordingly.

“There is a difference between knowing the path and walking the path.”

So what are the solutions that on the horizon?  What is so amazing that I have learned by looking outside the RE.net Matrix?

Below is a small sampling of my thoughts that I have learned along my journey so far:

1.  Let Love Rule - For brokers this means that you need to put down the battle axe that you’ve been grinding with your agents over commission splits, etc.  Lead by Love and you will see the emergence of an entirely new business model in your company.  Yes, there will still be those agents that try to milk you for all you’re worth, but for every one of them, there will emerge 10 “lovecats” that if shown they are loved, will become your most loyal soldiers.  For agents, get over the whole “buyers are liars” mentality and show your clients some love.  They have trusted you with their most valuable asset and you (some have not) have neglected them since the market has turned.  They are worried, they are scared, they are in need of an Advisor and not a trinket of your affection.

2.  Learn by Doing (Listen, Learn, Adapt) – Those companies that take the biggest risks and LISTEN to the results will have the biggest competitive advantage.  Ask your internal folks, your clients, and your advocates for ideas and then commit to trying them out and listening.  Break free of the chains of brokerage and start managing from a position of innovation.  The market is not coming back to 2005 and your website isn’t going to save you.  Only by taking substantial risks are you in a position to reap the rewards.

3.  Education is the Key - Empower the most passionate on topics that your clients/agents find important and expose them.  Allow them to talk unbridled about their thoughts and insight into these topics.  Find outside experts that are more passionate and knowledgeable than them to validate their theories (To see what someone inside the RE.net has done check out what Reggie Nicolay has done here).  Call businesses in your marketplace that are doing things differently and invite them to speak directly to your agents.  Teach the basics in a new manner (see David Armano’s presentation on ‘Thinking Visually’ here).  Try something new.  Take your top 10 agents and go on a field trip to the Apple Store for a crash course one “how to create an long-lasting customer experience” – FYI – I did… and it was amazing!

4.  The Social Web is the Human Web - Those that are seeing the highest return (retention, engagement, branding) on social media are those that are engaging clients with live, human, passionate people.  Eblasts and other mass-marketing serve a “touch point” purpose, but for true engagement, there are few that can hold a candle to the humanness of Comcast’s Frank Eliason.  Frank is passionate, he is empathetic, he is genuine… and he is human.  The social web is called just that for a reason – because it begins, exists, and ends around people.  (For more insight – check out the Notorious R.O.B.’s post ‘It aint the Technology’)

5.  Trust your judgement (and that of your team) - If there’s one thing that I’ve learned as of late, it’s that YOU know your clients, market, and agents better than any consultant, guru, or expert.  At a recent conference of Leading RE Companies of the World, Rob Hahn and I sat in on a group of brokers discussing their future outlook.  What we learned was that there is NO “One Size Fits All” solution for the future of your business.  Knoxville, TN is not Chicago, IL or San Diego, CA for that matter.  Where some ideals (client care, humanizing your company, educating your agents, innovative thinking) are necessities to do battle in today’s marketplace, hyperlocal (and ITS PEOPLE) is your audience.  Not the brokers on Inman, not the RE.net on Twitter, and not me.  Your local audience is your “collective” and that which you should focus on engaging.  Be yourself and be authentic… you can’t be all things to all people.

(Side note – while I was at Leading RE a broker from Texas came up to me and handed me a golden dollar.  He told me that he wanted to say how much he respected the fact that I wore a suit every day to the sessions (to get away with the fact that I only shave once a week!)  This small vintage-Carnagie token has stood out as something I won’t often forget.  It wasn’t flashy, it wasn’t cutting-edge, but it was HIM and it was AUTHENTIC)

“Welcome to the real world.”

The world does not look all sunshine and roses outside of the Matrix. There are challenges here as well, obstacles that I will face, and lessons to be learned from the RE.net Matrix. One cannot exist without the other in our world any more than it could in the movie. But, I for one, can attest to the fact that this world, outside the argumentative noise of existing problems, looks like one with solutions on the horizon.

Matt Dollinger

The You Factor

]]> http://theyoufactor.com/2009/05/13/looking-beyond-the-renet-matrix/feed/ 18 http://theyoufactor.com/2009/04/23/word-of-mouth-marketing-in-a-social-web/ http://theyoufactor.com/2009/04/23/word-of-mouth-marketing-in-a-social-web/#comments Thu, 23 Apr 2009 22:16:58 +0000 Matthew Dollinger http://theyoufactor.com/?p=250

Is this your Marketing Strategy?

Word of Mouth Marketing (WOMM) is what most real estate agents are referring to when they say they are “Working by Referral” or “Sphere” related business.  This is the oldest and generally the most regarded form of marketing because it depends on a personal and typically genuine recommendation from one consumer (or provider) to another.

As defined by Wikipedia:

Word of mouth is a reference to the passing of information from person to person. Originally the term referred specifically to oral communication^[1] (literally words from the mouth), but now includes any type of human communication, such as face to face, telephone, email, and text messaging.

With the invent of Twitter, Facebook and blogs these mediums have allowed for “more” recommendations, (through RT, Link sharing, Posting, and Online Reviews).  The question becomes:

• Has this increase in WOMM QUANTITY taken away from the QUALITY of an actual referral?

Or

• Have the “identities” attached to these recommendations (profiles, online identities, Open ID’s, etc) substantiated these claims?

This question is one that demands a much deeper discussion and understanding, and not where I want to go with this post.

However, the idea of WOMM can be explained best visually through a recent post by David Armano who ran a contest for the best visual representation of Word of Mouth Marketing.  The winner, Mario Vellandi, submitted the entry below.

David and I were both impressed with the same breaking down into Promoters, Passives and Detractors.  This is a classic case of the saying, “bad experiences tell 10 people”.   Overall this is a great representation of the overall WOMM model.

What I WOULD like to see is how could be analyzed using today’s metric models.  Let’s say that more and more of the WOMM is NOT actually done via “mouth” but done via highly-viral technology platforms like Twitter, CitySearch, and others.  If a disgruntled recipient “used” to tell 10 people, how broad is their reach NOT with Social Media and online review sites?  Isn’t the actual effect magnified by a power of 100?

This only amplifies the need for a serious listening model to be overlying the tech world in a “comcastcares” format.  Imagine, based on this model alone, if one of the Detractor’s concerns had been addressed immediately

By addressing the conern of one Detractor, the individuals could have prevented an entire chain of eventual Detractors from forming, thus maintaining his/her brand reputation.  Listening is the key here and a strategy that should be implemented immediately through Twitter, Google Alerts, and other programs.

WOMM is still THE most respected and effective form of marketing available, but with the power of the web, could turn against you in a minute’s time.  With proper prepartation, message creation, and simple analyzation of past messages for improvements, etc. many of the common pitfalls we face could be avoided.

Summary: Start with creating a solid “brand aware” message before broadcasting and then keep your eyes and ears peeled.

Matt Dollinger

Jerry was a race car driver, And he drove so goddamned fast
He never did win no checkered flag, But he never did come in last
Jerry was a race car driver, He’d say el solo number one
With a bocephus sticker, On his 442 he’d light em up Just for fun

- Primus, “Jerry was a Racecar Driver”

The 1969 Camaro 302 V-8 was my dream car since I was a little boy, so please pardon the analogy of this post.

Picture the Camaro above as representing the American Real Estate Brokerage.  It was built a strong chassis, road gripping tires for any environment, and an engine that churned perfection.

It has been a tradition in it’s marketplace.

Born on the assembly line of Motor City, the unions created this work of art with their bare hands.

Dirty, greasy, made of molten steel, it consumed the elements around it

Long celebrated for it’s brand of muscle, power, design and air of freedom.

It has stood strong in its customer loyalty and commands an air of respect as it growls down the street.

Individuals around you looked, looked again, admired, and yearned for it.

People loved the Camaro… but its time has come and gone.

Today brings about the Toyota Prius of Real Estate Brokerages with 60 MPG, integrated bluetooth technology, super computers that allow analyzation of all systems in the car and aerodynamic design to aid in efficiency.

The Prius complies to all environmental standards, provides awesome safety to it’s drivers.

Engineered by robotics to be near flawless

Tweaked and streamlined in every way it rolls silent, brand-less, sophomoric, almost afraid to make noise.

The brokerage of tomorrow works its way into our homes and resides in garages across the United States.  Cold, Plastic, Unloved, Uncherished, it resides only to serve the purpose of it’s owner… never to experience the warm, wet embrace of a chamois on a sunny Summer day.

Where’s the love?

In countless posts across the Web, from 1000watt consulting to Inman to a post by Ashfaq Munshi over at FOREM and even the Notorious R.O.B. the topic of real estate brokerage’s future (and office) are dotting the radar.  But through all of the speculation, the insight, and the fanciful brainstorming (see my post for this here!) there’s one huge element missing.

Where’s the warm, wet chamois on a sunny summer day?

Here’s what the real estate brokerage of the future looks like in my muscle car mangled mind.

Welcome to the Brokerage of the Future, (a.k.a The 2010 Chevy Camaro)

Throughout the Leading Real Estate Companies of the World conference last week I submerged myself in both Geek Estate and Brokerage Estate as deep as I could go.  This is what I realized:

Geek Estate Thinks…

• The brokerage house of the past is dead, buried and old
• Twitter will solve the worlds’ real estate issues
• Faster, sleeker, interactive communication is not only expected, but demanded
• SEO, Lead Capture, CRM and Drip are the new biz-love words of the future

Brokerage Estate Thinks

• There’s a distinct rift between The Agent and The Brokerage
• I need to own the technology (fear)
• You can’t “love” an avatar
• The “family” brokerage I built is dead and gone
• There’s no way I can learn all of the technology that’s out there

I think that both are right… but both are dead wrong.  Where’s the mutually beneficial relationship?

The 2010 Chevy Camaro is a kickback to yesteryear and embraces tomorrow with both arms.  Brand, loyalty, love, mpg, innovation, design, efficiency, performance, power, technology are blended into a streamlined modern-day muscle car of the future.

My Thoughts on How to Transform you Brokerage into a Muscle Car?

1. Get a GREAT website that will help generate business (check out this link to see some of the best)

2.  Partner with a company like Onboard LLC. to provide local information to the consumers

2. Invest in a couple of local citizen journalists to teach your agents how to write great copy

3. Invest in some great Email marketing programs like MailChimp

4. Hire a couple of Temps or Interns to take agent created content and send it out to their clients

5. Use the copy that they write to power your company’s blog to engage your client and create killer SEO

6. Create an internal designation to create/educate The Best Realtors in your market

6. Align yourself with financial planners, attorneys, mortgage brokers, and inspectors to teach your agents advanced education and client “life cycle” marketing

7. Align yourself with the local school to teach your agents about client psychology

8. Open your doors to the consumers and answer ALL of their questions

9. Give the agents a 5% bump in commission if they will work virtually

10. Invest in something like homefeedback.com where it will automatically send out feedback requests

11. Send an email to all of your agents (Right Now) that tells them how much you appreciate all of their hard work, commitment, and encourage suggestions to capitalize on the market

The brokerage of the future will understand this and embrace all of these things and work dilligently to keep the culture and brand your company has created (or work hard to create this culture if you’re a newer brokerage).  Twitter can’t give a handshake.  But realize that the client DESERVES and EXPECTS the most cutting edge online experience that you can deliver.  It’s not one or the other… the goal should reside somewhere in the middle between 1969 and Prius.

And if you achieve this happy medium…  you will have created something admired, yearned for, desired and loved by not only the consumer, but your agent population as well.

Matthew Dollinger

The You Factor

Twitter Ten commandments

The Ten Commandments of Twitter

(Real Estate Version)

1. Thou shalt completely fill out thy profile
2. Thou shalt read Nik_Nik’s E-book before posting (Download it Here)
3. Thou shalt LEARN from those you follow FIRST
4. Thou shalt embrace a mentality of COLLABORATION
5. Thou shalt SHARE thy knowledge with those around you
6. Thou shalt READ thy article before sharing
7. Thou shalt NOT SPAM THY LISTINGS TO TWITTER
8. Thou shalt SHAMELESSLY PROMOTE thy new blog post
9. Thou shalt not base your Twitter-worth on FOLLOWERS
10. Thou shalt HELP new Tweeps learn these 10 Commandments

Share your additional Twitter Commandments below and share these with your Tweeps!

Matt Dollinger

The You Factor