Is this Kansas?

My mind can’t be bothered with trivial detail this though!  Hell no man… no time. I’m heading to Inman!  The mecca of Real Estate and all things technology.  Glorious waterfalls of bits and bytes flow at the Palace or so I’m told.  Sunrises filled with countless ideas and ways to save the albatross that is the Real Estate industry.  I grit my teeth with anticipation as the girl with the MAC next to me, (I thought they never used up their batteries???) yammers on about her boyfriend’s lack of job offers.  San Francisco here I come!

I tend to overdo things… set my expectations a little too high (just ask Mrs. Homepartner!) and so I decided to boil my “wish list” for the Utopia that is Inman down to a simple Top Five Takeaways list in hopes of actually seeing my unicorn.  But first some history on why I feel this list is necessary.

1.  Not just innovation, but implementation
Gimme big, bad, cutting edge innovation… I have naughty-hot dreams about this kind of thing at home.  But give me some case studies with metrics and analytics as to HOW you have implemented it and WHAT your clients think of it.  I honestly believe that there’s a growing void between 1. real estate consumers and 2. real estate innovators.  Where each one of our latest and greatest applications may blow the minds of the resident “tech geek” I keep asking myself, “Will it play in Peoria” (and not just because I grew up there.)  Sure, blow my mind, but tell me the bottom line ROI, ROE, or whatever metric you’re using to gauge it’s usefulness as well.

2.  Don’t just tell me… Show Me
I’m really sick and tired of this ongoing brain-orgy of thought revolving around, “the future of brokerage”.  Shut up and show me.  Someone throw $250K at Rob Hahn and let him REALLY give your brokerage a makeover… PLEASE!  I’m tired of talk, I’m tired of speculation.  I want to hear someone tell me that they did cutting-edge-X and the outcome was mind-blowing-Y.  someone please grow a set and try something new.

3.  Talk outside of the Real Estate Industry
I’ve written a couple of posts about this topic (See posts here) and truly feel that the answer as to what ails us as an industry lies out there, but it sure as hell doesn’t reside at your competitor’s office.  I was truly excited to hear that the keynote address was being delivered by Jeremy Stoppelman from Yelp! as I’m a huge fan of their company.  But give me some more.  Let’s talk about implementing an @comcastcares model for real estate, or how you could do what Dell did in the early 2000’s and give your company a 180.  THAT’s what I want to hear!

4.  Give me some kind of measurable return on Social Media
I get it, I’m on it and I like it alot.  But, the next “coach” that gives a webinar on how to scrape leads from Facebook is going to find out why I keep my FOID (Firearms Owner Identification) card active.  Maybe I’m sensative to the subject because I work with agents day in and day out who are on the front lines suffering, but regardless I’m sick of the scavenging from gullible agents.  All I want to hear is that; agent Jim did 5 million dollars in 2008 and now spends # hours blogging, # hours on Twitter, # hours on LinkedIn consistently each week and has seen his business increase by 20% this year.  That’s it. Give me some numbers.

5.  Give me in a “true” brainstorming group
Don’t micromanage it with a preset adgenda… Don’t give someone with 20K follower on Twitter the mic and a powerpoint… Give me a room with 50 of the “smartest” people in real estate today (brokers, agents, and outside people too) and present us with 1. a problem 2. a bigass whiteboard and 3. an infinite supply of good coffee.  Videotape it, stream it live, open up a chatroom and we could conquer any challenge.  Hell, make it a monthly event and charge $19.95 to watch it and we’ll even create a profit stream.

6. (Bonus!) Give me face time my social network
Ok… so this is out of Brian’s hands and rests in mine alone, but this could actually supercede the previous 5.  Online is great, but F2F is the end goal in any relationship.  If I could tell you all that I have gotten out of my brain dumps with Rob Hahn, Eric Bryn, Marc Davison, Brian Boero and more… I would have to request more space from Host Gator.  This is what events like Inman are all about so reach out to those you have never met before and start like this.  “Hey @<insert clever Twitter handle here>… It’s <your clever Twitter handle> good to actually meet you!” It’s not hard, and I personally guarantee the akwardness will wear off after the first time.

Am I asking too much?  I don’t think so.  Although a teleporter ride from the airport would be nice.  Maybe next year… and if you’re out there in San Francisco and you’re looking to hook up and wrap… 773.354.9681 is the cell.  Looking forward to talking to you IRL.

Matt

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

There are plenty of causes for the situation that we are in.

Brokers have given into split-exploitation, failed to move on cutting-edge technology, tried to grow by quantity instead of quality, and failed to move ahead online.

Agents have thrived on their independence, attempted to brand themselves apart from their company, expected your company to provide more and more for you, and failed to continue your education *this is not about intellect*.

So what is the cure to all of this?

BROKERS:

*Bridge the gap between your agents and make amends. Listen to their problems. Get involved. Offer CUTTING EDGE advice or hire a real estate coach who knows Business 2.0 to help them.

*DON’T give long lectures about, “Back to Basics” regarding postcards without meaning and cold calls. These work for some, but not for all.

*LISTEN and ENCOURAGE to explore emotional branding of their brand in alliance with yours. Help them to brand themselves and take it to the street.

*OFFER BUSINESS PLANNING AND ADVANCED EDUCATION: Help them learn about FHA financing, LEED certification, understanding social networking and more.

*Understand that you are on the same side. Cut the Us vs. Them bullsh*t and get over it. Your business depends on them.

AGENTS:

*Don’t wait for your broker to embrace new technology. Get out there, read blogs, contribute, subscribe to Fast Company Magazine, talk to innovators in the market.

*Realize that your Broker might not know exactly what to do right now with regards to business. This is a journey and something you might be making together.

*Embrace radical changes your broker might be making. This might not make sense, but all movement is better than standing still

*Focus on doing at least ONE THING each week focusing on your differentiation, and then communicate WHY you are doing it to your clients

*If you company or your broker are unable to provide you with cutting edge business planning, training, or coaching look outside. There are plenty of us out there willing to share our experience

*Understand that you are on the same side. Cut the Us vs. Them bullsh*t and get over it. Your business depends on them.

It’s not enough to be forward thinking anymore… you need to be forward doing as well. Align yourself, and align your business for success. Luckily I work for one of these companies… so they do exist.

Thoughts?

Matt Dollinger
@properties
www.TheYouFactor.com

Are you investing in Real Estate MARKETING or Real Estate ADVERTISING?

Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm of its products to its existing and potential customers.

Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.

- Quick Test - Based on the definitions above, categorize the following real estate “marketing” efforts:

• Just Listed Postcards – ___ (Advertising) ___ (Marketing)
• Email Drip Campaigns – ___ (Advertising) ___ (Marketing)
• Direct Mail Campaigns – ___ (Advertising) ___ (Marketing)
• Online Banner Ads – ___ (Advertising) ___ (Marketing)
• Farming a Neighborhood – ___ (Advertising) ___ (Marketing)
• FSBO’s and Expireds – ___ (Advertising) ___ (Marketing)
• Informercials – ___ (Advertising) ___ (Marketing)
• Grocery Carts ___ (Advertising) ___ (Marketing)
• Cold Calls – ___ (Advertising) ___ (Marketing)
• Agent Websites – ___ (Advertising) ___ (Marketing)

I could go on, but I think you get the idea. Here’s a newsflash though… ALL OF THESE ARE FORMS OF ADVERTISING BUT DON’T HAVE TO BE!

So, how could we turn some of these “Advertising” efforts into “Marketing” campaign?

Just Listed Postcard to renters featuring a property suited for First Time Buyers – Marketing

Email Campaigns focusing on things to do in your town, or information specific to their buying needs

Direct Mail Campaigns focusing on the psychographics of your database (See Understanding Your Clients Post Here)

Farming a Neighborhood and sending them to a website like the one of my past agents developed www.510werie.com

FSBO’s and Expireds can benefit from the information and help you can provide to them (80% of them will sign with a Realtor, 70% will sign with the first Realtor they talk to, and they’ll probably use you on the buy side if they like you and feel you helped them)

And the list goes on…

It’s time to innovate, and bring yourself and emotion into the equation. By reading, living, and incorporating the true definition of MARKETING listed above, you will be taking the first steps forward into a new level of business.

Matt Dollinger