Dec
23
8 Solutions to Keep 2009 from Going Down in Flames
Filed Under Social Media, Strategy | Leave a Comment
First, thanks for reading. And responding. This blog would be nothing without you.
Second, thanks for your leadership. Your courage. Your honesty. Credibility. Tough love. Thanks for being a real estate agent who upholds the standard. Who excels at winning. And winning right. You inspire me.
Third, you’ve got a rough road ahead of you. But you don’t need me to point that out to you. I only want to give you solutions. My main motivation in writing this post is to give you an early Christmas present. An idea…a direction…that will hopefully guide you to success in 2009.
So, here’s a list of 8 solutions to your current economic, real estate woes. Hopefully these will keep you from pumping a ton of money into something that returns little to nothing. When you’re finished, let me know what you think.
1. Start from scratch.
Halt the progress, purge all your current baggage and re-evaluate what you are trying to accomplish. You need a clean slate for 2009.
Andy Grove said “Insanity is doing the same thing over and over expecting different results.” You’ve got to get the fundamentals down. But once you do that…tackle new opportunities.
2. Think like a king.
You probably haven’t been doing enough of this lately. But you need to think like a king. Or queen. Someone who is in charge. Who’s sovereign. Someone who’s responsible for results. Someone who won’t let the vision go dormant or accumulate complicated layers. Who rolls heads when there’s trouble. [Go ahead. You can do it.]
3. Create a dedicated team passionate about real estate.
Your career is so important that you dedicate your life to it. You depend upon it. Your family depends upon it. Charities depend upon it. All of your resources should place it at the same high priority. Otherwise, you dish out a half-baked product.
4. Create a unique selling proposition (USP).
The book Made to Stick demonstrated that an idea spreads when it is simple, unexpected, credible, concrete, emotional or a story. Or a combination of all the above. Southwest Airlines “exists to provide the lowest airfare.”
Why do you exist? What makes your business better than the other ones out there? Let’s spell it out: USP.
5. Filter and test every idea through the USP.
Every idea you come across must live or die based on how it sizes up to your USP. RD suggested Southwest offer chicken Caesar salads on the flight. The CEO asked, “Will that help us provide the lowest airfare?” The answer was no.
6. Define metrics.
What will determine success or failure: Sales? Houses sold? Listed? Buzz? Penetration? Recall? Website visits? All of the above?
7. Determine an economic engine.
Low maintenance ideas require little to no funding. High maintenance ideas require more funding. You need to decide if you want any idea to be a low or high maintenance idea…and then build strategies and creative to match the revenue required.
8. Meet a new person everyday.
Via social sites like Twitter or LinkedIn or flesh and blood events, get to know more people this year. At a miniumum, make a goal to meet 365 new people in 2009.
Deep and wide relationships cultivates success. Especially if you get to a point in 2009 that you feel like you can’t make it, somebody will be there to lift you up.
Merry Christmas.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
Related Articles
10 Critical Strategies for New Real Estate Agents in Any Market
Michael Masterson’s Productivity Secrets
Guarantee Your Success With This Strategic Planning Tool
Dec
12
Why Breaking This Childish Habit Would be an Ugly Mistake
Filed Under Real Estate Negotiation | Leave a Comment
It’s often not until your child is grown that you appreciate some of their childish habits.
Take persistence, for example. If you have children, especially teenagers, you know that sometimes you may give in to their demands just to be able to get on with your life. The same tactic works quite well in the business world.
Professional Negotiator Peter Stark tells the story of a son who is a master at asking for something over and over again, from many different creative angles, until he accomplishes his goal.
“At one time,” Peter explains, “my son’s major life goal was to own a Nintendo 64 game. He asked for one almost every day for a period of two years.
“His creative questions included, ‘Could I buy it with my own money?’ and ‘Could I buy a Gameboy until I can get the big version that plays on the television?’
“He also asked why other parents I respect bought their kids a Nintendo 64. The questions went on and on.
“I even told him, ‘Nintendo is a dead horse in our house, and if the horse is dead, you should get off it!’
“Refusing to give up, my son creatively asked the following great question: ‘Dad, is it important to you and Mom that I can make quick decisions in complex situations?’ When I said ‘yes,’ he came back with, ‘Great! I think Nintendo 64 helps kids make quick decisions in complex situations.’”
After two years Peter relates that his son finally got his Nintendo 64.
Your Turn
By looking at this example, can you see why persistence is such a successful tactic? Do you understand why hanging in there is so important?
If not, think about this: 45 percent of leads turn into a sale for someone. You want that person to be you. So hang in there–even when you want to lavishly wet yourself.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
Related Articles
Negotation Tips for the Obscenely Timid
5 Unbeatable Reason for Using Audacity to Get the Most Out of Real Estate Negotiations
The Oldest Negotiation Trick in the Book
Dec
3
Does the thought of negotiating make your throat go dry? Palms sweat? Heart hammer your rib cage? If so, you’re not alone.
But never develop the chops to handle your own in a boardroom and people will eat you alive. Your clients will scold you. And you’ll have a Pollyanna negotiating reputation…which doesn’t result in more business.
In other words, if you neglect to build your negotating skills, your real estate career will be short. Fortunately for you, you can solve your problem–rather quickly I might add–by mastering these six fundamentals.
1. Start with a Fair Price and Offer
There’s no question that significantly overpricing your home will turn off potential buyers. Likewise, making an offer that’s far lower than the asking price is practically guaranteed to alienate the sellers. It might seem obvious but asking and offering prices should be based on recent sales prices of comparable homes.
2. Respect the Other Side’s Priorities
Knowing what’s most important to the person on the other side of the negotiating table can help you avoid pushing too hard on hot or sensitive issues. For example, a seller who won’t budge on the sales price, might be willing to pay more of the transaction costs or make more repairs to the home, while a buyer with an urgent move-in date might be willing to pay a higher portion of the transaction costs or forgo some major repairs.
3. Be Prepared to Compromise
“Win-win” doesn’t mean both the buyer and the seller will get everything they want. It means both sides will win some and give some. Rather than approaching negotiations from an adversarial winner-take-all perspective, focus on your top priorities and don’t let your emotions overrule your better judgment.
4. Meet in the Middle
Can’t decide who will pay the recording fee? Can’t agree on a close-of-escrow date? Arguing over cosmetic repairs? Splitting the difference is a time-honored and often successful negotiation strategy. Pay half the fee. Count off half the days. Fix half the blemishes.
5. Leave It Aside
Politicians and corporate executives are famous for their “for future discussion” agreements. If you have a major sticking point that’s not material to the overall contract (e.g., the purchase of furniture or fixtures), finish the main agreement, then resolve the other difficulties in a side agreement or amendment. This technique allows both sides to recognize and solidify basic areas of agreement, then move ahead toward a fair compromise on other terms and conditions. Summarizing the points of agreement in writing is another helpful strategy.
6. Ask for Advice
Successful REALTORS® tend to be experienced negotiators. They’ve seen what works and what doesn’t in countless real estate transactions, and they’ve established a track-record of bringing buyers and sellers together. Consult a trainer about negotiating strategies, win-win compromises and creative alternatives.
Leave a comment if this post was helpful or if you have anything you’d like to add. And if you like what you read, subscribe to the Real Estate Marketing Blog.
Related Articles
How to Create, Build and Protect a Fearsome Negotiating Reputation
Unforgettable Negotiation Advice: Discover His Thumbscrew
How to Tell If Someone Is Lying