Relationships (Not Technology) Matter Most
2019 REAL Trends Gathering of Eagles
Missed the event of the year? No worries, we’ve got the top takeaways from the conference ready for you.
This year’s Gathering of Eagles brought together leaders from all models of real estate brokerages to hear from industry icons, technology gurus, advertising experts and more. Missed the event? No worries, we cherry-picked the most pertinent tips and quotes from the event. The overarching theme: Technology only serves to help agents facilitate relationships. While the focus has been on technology, the truth is success in real estate has always been—and will always be—all about the relationships.
- Facebook has the power. Well, not really, but Ken Auletta, keynote speaker and author of the book, “Frenemies,” regaled GOE attendees with an insider view of the advertising world. Included in that analysis was the fact that social media is manipulating your decision to take action, buy something or sign up for a service. Of course, we all know that, but we’re still getting sucked in. Something to think about when you’re developing your next Facebook ad: no one likes being manipulated, so consider transparency and reaching out instead of gimmick ads.
- One-stop shops are the future. Robert Reffkin of Compass talked about making his company the “Amazon of real estate.” He thinks that along with the already-in-place Compass Concierge, which allows his agents to be full-service advisors, along with mortgage, title, and insurance components will offer the perfect way to fight the culture of the discounters. He also announced that listings agents always get the lead, even if they’re not with Compass. “On the Compass website, if you’re the listing agent, you get the lead, no matter what. It creates transparency, and creates the foundation for various ways to partner,” he says.
- If you can’t beat them; join them. The GOE iBuyer panel (by the way, they hate the term iBuyer), wants to make the transaction more straightforward for the home seller, so you have something in common with them. One tip: During your listing presentation, give prospective sellers all of their options, so you don’t get left out of the transaction.
- Tech is great. but… Sure, Keller Williams is rebranding itself as a technology company, but their leaders are smart enough to know that technology is about making the transaction more efficient for the buyers and sellers. It won’t take the place of great relationships. Coach Tom Ferry posed the thought that “Agents don’t care about technology. They care about whether their kid is smoking pot, how they’re going to lose weight, and when they’ll get their next listings.” In response, Keller Williams CEO Josh Team said, “I agree they don’t care about disruption on a macro level, but when it hits their bottom line, they care a whole lot. Agents do care about technology because to stay relevant, they need to compete with disruption.” Ferry also mentioned that brokers should not give their managers an office. “Managers should be out on the floor getting to know the agents.”
- Go back to basics. Ninja Selling’s Founder Larry Kendall discussed the relationship-building basics that brokers and agents should get back to ASAP. “Focus on productive activities, and the sales will take care of themselves. We call these activities FLOW. Have your sales associates keep a weekly log of their flow activities (handwritten notes, live interviews, real estate reviews, mailings, etc.) If they are in a slump, your first question is, “Can I see your activity log?” Sure enough, you will notice a drop off in their activities about 45 to 90 days before their production slump. Activities predict production. Do a pattern interrupt! Get them back into the flow again and logging their activities.
- It’s time to tell your story. Author and Coach Mike Staver says to increase productivity, you have to reduce the noise (internal and external). To retain agents, he says you must be willing to tell your story. “Telling people why you’ll go to battle to get them over the hill will do more for you than promising them money. Most agents will tell you it’s not about the money. The higher the percentage of people who leave you for the money; the more likely you will resign yourself that you can’t compete against money,” he says. So, get good at getting to know your agents and telling your story.
Telling people why you’ll go to battle to get them over the hill will do more for you than promising them money.
– Mike Staver