Feb
26
What You Should Know About Building a Pocket of Greatness in 21st Century Real Estate
Filed Under Real Estate Marketing | 2 Comments
Do you know which company attained the number one-spot in terms of return to investors on a dollar-for-dollar basis, of all U. S. publicly traded companies from 1972 to 2002?
It wasn’t GE. Nor Microsoft. Not even Wal-Mart.
Who came out number one? According to a 30 year analysis in Money Magazine, the winner was Southwest Airlines.
Think about that for a minute.
There’s Something Wrong with This Picture
You cannot imagine a worse industry than airlines over this 30-year period: fuel shocks, deregulation, brutal competition, labor strife, 9/11, huge fixed costs, bankruptcy after bankruptcy after bankruptcy.
And yet, according to Money Magazine calculations, a $10,000 investment in Southwest in 1972 would have returned more than $10 million by 2002.
Meanwhile, United fell into bankruptcy, American limped along and the airline industry remained one of the worst imaginable. Not only that, airlines that had the same model as Southwest got killed along the way.
Airline executives have habitually blamed industry circumstances, ignoring the fact that the number one best performing investment in the universe of American public companies over a 30 year period–is just like them–an airline.
Now consider a question: what if the people at Southwest had said, “Hey, we can’t do anything great until we fix the systems constraints facing the airline industry?”
Jim Collins notes that he’s conducted a number of Socratic teaching sessions in the social sectors, and in that time says that he’s encountered an interesting dynamic: people often obsess on obstacles in the system.
At one gathering of nonprofit health care leaders he asked the question “What needs to happen for you to build great hospitals?”
The group poured out a litany of excuses.
Confront the Brutal Facts
Next Collins sorted the people into discussion groups and gave them the task of finding one health care organization that made the leap to sustained superior results, and most came up with at least one solid example.
After that, he made them go back into their groups and find one organization that faced comparable circumstances, but did not make the leap.
The groups went to work and for the most part came up with solid candidates.
He finally asked the groups to identify why some organizations made breakthroughs while others facing similar [if not identical] constraints did not.
His point was this: what if these organizations that went from good to great had all given up hope, thrown up their hands and waited for the system to get fixed?
It might take decades to change the entire context, and you might be retired or dead by the time those changes come. In the meantime, what are you going to do now?
This is where the Stockdale Paradox comes into play: You must retain faith that you can prevail to greatness in the end, while retaining the discipline to confront the brutal facts of your current reality.
A Tough But Doable Task
So the question to you is: What can you do today to create a pocket of greatness, despite the brutal facts of your environment?
In the end, greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice, and discipline in strategy, marketing and execution.
Leave a comment if this post was helpful or if you have anything you’d like to add.
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Feb
18
How to Carve Out Your Place in Real Estate History
Filed Under Real Estate Brand, Real Estate Marketing | 1 Comment
In building a great real estate business, there is no single defining action, no grand program, no one killer innovation, no solitary lucky break, no miracle moment, no silver bullet.
Rather, it’s more like turning a giant, heavy flywheel.
Pushing with great effort–days, weeks and months of work, with almost imperceptible progress–you finally get the flywheel to inch forward. But you don’t stop.
You keep pushing, and with persistent effort, you eventually get the flywheel to complete one entire turn. You don’t stop.
You keep pushing in an intelligent and consistent direction, and the flywheel moves a bit faster. And faster and faster. Then, at some point–breakthrough!
Cool thing is, each turn builds upon previous work, compounding your investment of effort. The flywheel flies forward with almost unstoppable momentum.
This is how you build greatness.
The Article That Has Been On My Mind for Months
I’ve been thinking of this article for nearly nine months. Maybe even longer. Probably before I even posted my first article on July 2, 2007.
Since then, each time I’ve posted I’ve always asked myself this question: “Is this helping you [the real estate agent] not only survive but thrive in this current market?”
I’ve always felt that posts that talk about this negotiation tip or that prospecting tip sometimes miss the point–the greater point: survival and greatness are founded on doing the basic but essential stuff over and over again.
Think about it: If you are lost child stranded in a forest on the side of a mountain, it only makes sense to teach you how to stay warm, find food, filter water and seek shelter. Ignore these basics and your chances of survival are slim.
That’s how I view your helping you carve out your relentless focus on the highest money-making activity you love to do best [what Jim Collins calls the Hedgehog Concept].
Carving Out Your Place in Real Estate History
By sustaining this relentless focus on what you do best, you build results. Those results in turn attract resources and commitment and clients, which you use to build a bigger, stronger business. A sustaining, compelling business. A business that competitors have to reckon with.
If you do that now you may not be a millionaire in two years [assuming you are not a millionaire now, of course] but you may be able to stay above the water with some greenbacks in the bank to boot.
Just think what will happen in a good market.
However, maybe you are in a hot market like Austin. Then you definitely understand this:
People want to feel the excitement of being involved in something that just flat out works.
When clients and prospects begin to see tangible results–when they can feel the flywheel beginning to build speed in an individual [whether it's by consistent recognition of you by advertising or word of mouth]–that’s when most people line up to jump on board–whether they are clients or colleagues. They sense something big is happening and what to get on board.
This is the success of the flywheel. Success breeds support and commitment, which breeds even greater success, which breeds more support and commitment–round and round the flywheel goes. People like to support winners! Jim Collins
Examples of Financial Success in Non-Profits
In the real estate business the driver in the flywheel is the link between financial success and a growing reputation. Take a look to the social sector to see what I mean.
Does Harvard truly deliver a better education and do better academic work than other universities? Perhaps, but the emotional pull of Harvard overcomes any doubt when it comes to raising funds. Despite having an endowment in excess of $20 billion, donations continue to pour in.
Does the Red Cross truly do the best job of disaster relief? Perhaps, but the brand reputation of the Red Cross gives people an easy answer to the question “How can I help?” when a disaster hits.
Is the American Cancer Society the best organization for conquering cancer or the Nature Conservancy the most effective at protecting the environment? Perhaps, but their brand reputation gives people an easy way to support a cause they care about.
Conclusion
When you have a relentless focus on the highest money-making activity you love to do best, you will naturally create the flywheel effect.
This focus attracts believers, builds strength in your business, demonstrates results and builds the brand. It’s a cycle that feeds itself.
Consistency distinguishes the truly great–consistent intensity of effort, consistency with focus, consistency with core values, consistency over time.
Look at people like Joe Girard, Jim Rohn or Roger Dawson.
Enduring and great real estate or sales people preserve their core and stimulate progress, separating core values and fundamental purpose [which should never change] from mere operating practices, cultural norms and business strategies [which endlessly adapt to a changing world].
Remaining true to your core values and remaining focused on your Hedgehog Concept means, above all, rigorous clarity not just about what to do, but equally, what to not do.
And that will help you make your mark in real estate history.
Leave a comment if this post was helpful or if you have anything you’d like to add.
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Feb
15
10 Easy but Essential Tricks to Persuasive Real Estate Blogging
Filed Under Real Estate Copywriting, Real Estate Prospecting Ideas, blogs | 4 Comments
Amazing, isn’t it? How when you listen to one of your favorite bloggers and you say to yourself:
“Why didn’t I think of that? It seems so obvious…so easy.”
The masters of blogging–people like Brian Clark, Leo Babauta, Hanan Levin–always seem to come up with the perfect phrase…a few words…sometimes even just one word…that grabs you by the lapels and drags you into their post.
The perfect words make you want to read whatever they’re writing before they’ve even mentioned what it’s even about.
It’s the art of persuasion. Right?
But let me assure you right now that it’s less of an art and more of a science.
The art of persuasion is something you can learn. And the good news is the fundamental building block to any good persuasive writing–or speaking–is simply rapport.
And to build that rapport, you need to cultivate behaviors that will make people trust you and make them feel it’s in their best interest to follow your lead in what Greg Swann called the larger conversation of the blog sphere.
So, with that in mind, here are some ideas, big and small, for making yourself more persuasive:
1. Before you write a blog post, ask yourself “What do I really want out of this post?”
Ask soul-searching questions to understand your true motivation: money, fame, power. You’re looking for what makes you tick, what drives you. But you’re also looking for the purpose, the plan and the result. This is really a question you need to ask yourself long before you even record your first post so you know the direction you want the blog to go. That’s planning on the micro level. Planning for each post is on the micro level.
2. Develop the knack for making the other person feel like the center of the universe.
You’re blog post is not about you. Period.
3. Be quick to compliment.
If someone leaves you a comment, thank them. Especially if they are a first time visitor. And comment on other people’s blogs. Wait, that’s the next point…
4. Train yourself to visit other people’s blogs. And leave comments.
If you want comments on your blog…you have to leave comments on other blogs. Also, making your daily rounds on the real estate blogging circuit help you to note what people are talking about…which leads into my next point.
5. Listen to anybody with an idea. And see how you can help them.
Follow the maxims of legendary 3M leader William McKnight: “Listen to anybody with an idea. Encourage experimental doodling.”
And get involved. If you come across a blog that is interested in working on joint projects, email them and share your idea. If you don’t have an idea, tell them you be interested in doing some of the legwork.
6. Try to arouse positive emotion.
When writing blog posts, avoid negative emotion. You know what negative emotion is? Just read the Fox News home page and you’ll see what I mean.
People respond better when you give them positive, life-fulfilling information. Stuff that builds on their business, their lifestyle. Granted, always harping on the doom of the housing market will attract a crowd…but it will probably be a crowd of pessimists.
You, my friend, are better off being an optimist.
7. Take a clue from your audience.
Occasionally ask for feedback after your posts. Encourage people to give you thoughts about what they’d like to here. Keep an eye on your analytics, like news feed subscriptions, page visits and posts-to-comment ratio.
Really make an effort to communicate in a manner that matches your message to the receiver.
8. Hone your sense of humor.
It really, really helps if you are witty or clever.
9. Practice being a better questioner.
Follow up all posts by asking, “What do you think? Was this blog useful?”
Better yet, ask more pointed questions at the end of posts to root out opposing thoughts. You might have a good idea, but with the help of someone else arguing for a differnt side of the coin…you might unearth the best idea.
10. Keep your perspective.
Remember: Even though you’re passionate about your point of view, lighten up. Tomorrow’s another day-and another opportunity to persuade.
Well, that’s it. Leave a comment if this post was helpful or if you have anything you’d like to add.
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Feb
8
Images Are Powerful Symbols but Not Communicators
Filed Under Persuasion, Real Estate Copywriting, Web Design | Leave a Comment
At the Visual Ideology site, you can take a visual political test that suggests which images portray political ideas the strongest.
Be prepared to be confused.
The “test” is rather frustrating, and I gave up, clicking through images without thinking because I did not know what I was supposed to do [possibly this is part of the test] just so I could get through the end.
What was most confusing is that there were no instructions. In my mind, this was a good example of something crucial we have to understand about images:
Images are powerful symbols that work on our souls, but images alone are incapable of communicating what we want people to do.
With a simple task we need at least a little coaxing. On the other hand, on a more complex task we need more coaxing. Otherwise we are asking people to interpret images on their own, which can be dangerous [read: they leave the website].
And whether visitors read all of the copy or not is not the point–it’s there if they get confused and need instruction.
Now, an elegant combination of copy and images was done well at the Interface Research survey.
Simple tasks with simple instructions.
Way back when David Olgivy proved repeatedly that long copy always outsold short copy with photo…but–and here’s why we need both copy and design–the right amount of compelling copy with the right photo doubled the previous results.
Political consultant Frank Lutz has made a fortune on a simple idea: it doesn’t matter what you want to tell the public–it’s about what they want to hear.
For a case in point, watch the video “Give Us What We Want” to see how one word increased public opinion from 50% to over 75%…
“Estate tax” versus “death tax.”
This simple change brought a bland, background issue screaming to the front of politics.
Just one word. By itself.
Just curious: Can you think of any images that have revolutionized an issue on its own merit?
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Feb
4
Britney Spears Reputation Management Mistakes You Should Avoid
Filed Under Real Estate Brand, Real Estate Marketing | 2 Comments
Reputation is possibly your most important asset. Thus, reputation management is crucial to your success.
The classic example of reputation management can be found in the small town.
Population is so tiny interactions between members are frequent. More importantly, most interactions are face-to-face and positively identified–that is, there is no question who said or did what.
Thus, reputation accrues throughout one’s lifetime. In a nutshell, one’s individual reputation depends both on one’s own actions and experiences. [Yes, reputation is a lot like your brand. Think back to Bill Leider's post, "What Is a Brand?"]
I’ve said in the past that there are ways to go about becoming the most irresistible person at a party. Gauging by the comments, this topic resonated with people. But I should have added a warning: don’t become the party.
Britney Spears doesn’t seem to understand this.
The Grammy-award winning singer rocketed into success in less than 4 years and seemed to have ahead of her a brilliant career. But something unraveled. She failed to manage her actions, her experience–in essence, her reputation.
I like to thing she compromised her values [because, as you will see, she did have values] to please the world.
What follows is a brief history of her sad career to date and the the 6 reputation management mistakes she made. The mistakes you should avoid.
1. Spears posed for Rolling Stone.
The shot garnered widespread criticism for the mixing of wholesome innocence and sex.
But why the criticism? Didn’t Madonna do the same with sex and Catholicism ["Just Like a Prayer" video. Beware: content spotty.]?
I think the difference is that Madonna was controlled. Her image was not the same as her lifestyle. Besides, Spears was only 18, pointing to her lack of direction, experience and foresight. This will show up later.
The lesson for you: know what you are doing. And if you don’t, educate yourself. More importantly, figure out the consequences for your actions early in your life or career. Create a moral compass to live by. Anything that doesn’t fit into that narrow set of values, ignore. Think long term.
2. Spears declared she’d remain a virgin until marriage.
Noble, indeed. But hardly believable considering her childhood trauma, overt sexuality [see point 1] and relationship with fellow pop singer Justin Timberlake.
Spears’ statement is an example of a statement that lacks credibility. If you want to make a bold, noble statement, make sure that your lifestyle–both private and public–supports it. Otherwise you simply get the requisite cock of the head, the “yeah, right,” the wide swath people cut to stay away from you.
3. Spears ruined her restaurant through mismanagement and debt.
Early 2003, Spears entered territory she didn’t belong. And wasted dollars and time and reputation.
The same goes for us. We need to remain experts in our area of expertise. Going after money in an arena we know nothing about is doomed to failure. And failing by debt and mismanagement will remain on our reputation scorecard for a long time. Unless you move to a different state, of course.
4. Spears first marriage lasted 55 hours.
The reputation lesson to learn here is that you need to understand what you are getting yourself into. Otherwise you could look like a fool that people avoid [see point 2].
Spears requested the annulment to childhood friend Jason Allen Alexander on January 4, 2004, because she “lacked understanding of her actions to the extent she was incapable of agreeing to marriage because…[they] did not know each other’s likes and dislikes….”
The impact on Spears’ reputation is clear: she is either a naive or simple girl. Neither virtue that instills confidence in people.
If you want people to believe in you, steer clear of rash, uninformed decisions and opportunities. Build a foundation of credibility through perfection by making consistently wise business choices.
Your reputation will love you for it.
5. Spears does chaotic reality TV show.
Any particular reason you need to make public to millions of people your immaturity, abrasiveness or irrationality?
While this behavior might pay the bills for rock stars, it’s not likely to get you any kind of lasting success or brownie points. People might like to gape at your weaknesses, but it’s highly unlikely they’ll ever want to work with you. That wide swathe they cut for you…they’ll make it wider.
Of course, the best way to avoid publication of your weaknesses is simply to minimize them. And this means, investment in personal growth is one of the wisest decisions you could ever make.
6. Spears shaves her head.
Clearly, at this point, she is devastated by her life. She has no control over her emotions and appears to be tormented. From a reputation management perspective she needs intervention–someone to take control of her life for her.
For you this means having accountability, reporting to a mentor.
Don’t think you can weather the storm by yourself or that you are smarter than anyone else out there. An isolationist attitude will level you flat.
Find a friend, pastor, executive or relative you can easily trust and cultivate a relationship with that person. Ask them to hold you responsible for your actions. And to take you by the collar when you stumble.
Also, consider creating a small group of peers you respect to bounce ideas off of. Even if you have “the best idea in the whole world” and you know beyond a shadow of a doubt that it’s going to work, discipline yourself to run ideas by other people. They might just save your career.
Conclusion
Spears short music career is a history of a life spiraling out of control. Perhaps it is psychosis to blame, evidential in behavior that ranges most recently from crying uncontrollably as she walks her dog to faking a British accent to shopping manias at all hours of the night. But something like this doesn’t develop over night.
It’s sad, and overall speaks to the point that she needs help. And the final point to drive home to you is this: it’s probably safe to say that her misery was in part due to the fact that she surrounded herself with the wrong people.
Make sure you don’t make the same mistake.
Feb
1
Wendy Kopp’s Elegant Idea to Growing Your Business
Filed Under Leadership, Real Estate Sales Tips | 6 Comments
Last Monday I asked the question: “Why would anyone in there right mind work with fewer people?”
If you still think it’s either impossible or a bad idea to limit who you work with, read this following story. It should convince you of the power of selectivity. [via]
The idea: convince Harvard graduates to teach in America’s roughest public schools
In th spring of 1988, Wendy Kopp graduated from Princeton with an idea: why not convince graduates from leading universities to spend the first two years of their careers teaching low income kids in the public education system?
She had no money, no office, no infrastructure, no name, no credibility, no furniture, not even a bed or a dresser in which to store her clothes. Leaving Princeton, Kopp moved into a small room in New York City and approached the Mobil Corporation.
Once Mobil agreed to grant $26,000 of seed capital to fund her idea, Teach for America, Kopp spent the next 365 days in a juggling act–convincing top-flight people to join her bus with the promise that she would convince donors to fund the bus… while at the same time convincing donors that she would convince top-flight people to join her bus….
One year later, Kopp stood in front of 500 recent graduates from colleges like Yale, Harvard and Michigan. These graduates assembled for training and deployment into America’s under served classrooms.
And how did she convince these graduates to work for low pay in tough classrooms?
First, by tapping their idealistic passions. Second by the making the process selective.
She basically said to all these overachieving college students: “If you’re really good, you might be able to join our cause. But first you have to submit to a rigorous screening and evaluation process. You should prepare yourself for rejection, because it takes special capability to succeed in these classrooms.”
Selectivity led to credibility with donors, which increased funding, which made it possible to attract and select even more people into the programs.
As of 2005, more than 97,000 individuals applied to be part of Teach for America and only 14,100 made the cut, while revenues grew to nearly $40 million in annual support.
Wendy Kopp understood three fundamental points.
First, the more selective the process, the more attractive a position becomes–even if volunteer or low pay. The same is true if people are paying you.
Second, the social sectors have one compelling advantage: desperate craving for meaning in our lives.
Purity of mission–be it about educating people, connecting people to God, making our cities safe, touching the soul with great art, feeding the hungry, serving the poor, or protecting our freedom–has the power to ignite passsion and commitment.
Third, the number one resource for a great organization is having enough of the right people willing to commit themselves to mission.
In real estate, this translates to creating momentum–a flywheel–that will eventually turn by itself.
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