Category: Growth

Consumers – your agents – will be loyal to brands that deliver what they need – dependability, service, exceptional service, or exceptional value.

When a brand consistently meets a need, it becomes a brand promise and the company’s identity. FedEx, for example, the brand promise is “when it absolutely positively has to be there overnight.” FedEx consistently delivers on its promise, which creates an influential association, bond of trust, and loyalty with consumers.

The financial stakes of a transaction have a proportional effect on brand loyalty. Consumers – your agents – have far less to lose by trying another brand of candy than they do another brand of a real estate. As a service-oriented business, you are the brand that you enhance and solidify each time you meet and exceed your client’s expectations. If you have locked in your clients’ trust (and their willingness to refer you) through brand loyalty, you have a massive advantage over your competition.

How do you achieve brand loyalty? Consistently deliver your brand promise and do it better than your competitors. Sporadic high performance will not cut it — every customer (your agents) must have the same great experience. Instead of chasing the next technology tool or widget, think about your service delivery.

Rate your service delivery on a scale of 1 (low) to 10 (high). What will it take to be a 10?

Knowing your agents and team leaders’ anxiety points is critical to achieving a strong brand promise. After all, consumers want brands that meet their needs, but not if the experience is painful.

Action – what action can you take?

Ask your agents and team leaders what worries them most about this market. Then let them know what you will do to address their concerns. That’s one solid way to build brand trust and loyalty.

#WinTheDay

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.

 

Total Inventory For Sale In North Texas Dropped 5%

This blog was written for my North Texas audience, yet in the links below, you can check out the stats in your local area. The North Texas market consistently ranks as one of the top 5 real estate markets across the US.

• Your local stats 
• Mike’s Market Update Webinar

Homebuyers are defying the real estate market in North Texas, and for real estate agents and brokers, this is a critical time to stay informed. For the week ending 2/10/2023, inventory for sale in the DFW MSA dropped nearly 5% while the median new list price remained flat. There is significantly more inventory for sale than we had just a year ago, and buyers are back in the market. The average days on the market range from 56 to 78 days, depending on the price range.

My view, along with the CEO of Altos Research, Michael Simonsen, is that buyers know if they buy now and rates drop, they can refinance in the future, or if rates tick up, they are in an excellent position.

On a national basis, we have record employment levels, and the North Texas area is expanding organically and with new businesses coming into the area. Thus, buyers can afford homes, and with the median rent in North Texas at nearly $2,300 per month, the rent vs. buy decision favors buying.

Looking at the current market as a demand-only equation could be a mistake. Before the pandemic period, a drop in inventory for sale in February was unusual, as historically, many sellers would list to get ahead of the spring market. Sellers are holding onto those 3% mortgages unless they have a compelling reason to move. Regardless, recently-listed properties with a price decrease have dropped from nearly 50% a month ago to 40% this month, indicating a strengthened market.

You can check out the DFW stats or your local city and zip; click here and if you can; participate in the Altos monthly webinar this Thursday, 2/16/2023, at noon central, register here. Topics will include:

– First signals of what Altos is seeing for 2023

– An update on home values and where this is likely headed

– What declining inventory means for the market

– The impact of interest rates and inflation

– How to talk to buyers and sellers about the data

Source: Altos Research DFW MSA for the week ending 2/10/2023

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.

In a world brimming with uncertainty, it’s easy to let fear dictate our actions and confine us within the walls of the familiar. But what if we could replace that fear with something far more powerful?

What if we could harness the transformative power of curiosity?

This isn’t just about asking questions; it’s about cultivating a mindset that thrives on exploration and learning. Let’s delve into the ten habits of curious people.

 

10. A Love Affair with Learning

At the heart of curiosity lies a deep love for learning. It’s a romance that never fades, a relationship that grows stronger with every new discovery.

9. Self-Motivation: The Inner Flame

Curious individuals are driven by an internal desire to grow. They don’t need external rewards to fuel their quest for knowledge; their passion is self-sustaining.

8. Dedicating Time to Wonder

Curiosity requires investment. It’s about setting aside moments in our busy lives to ponder, to explore, and to satisfy our innate desire to know more.

7. The Courage to Admit Ignorance

There is strength in admitting “I don’t know.” It’s the first step in a quest for knowledge, an invitation for others to share their wisdom, and a sign of a mind that is always ready to learn.

6. Living in the Now

Curiosity anchors us in the present moment. It encourages us to notice the details, to fully engage with our environment, and to appreciate the richness of our current experience.

5. Empathy: The Heart of Curiosity

To be curious is to connect with others on a deeper level. It’s about understanding their experiences, emotions, and motivations. This natural empathy builds bridges between people and ideas.

4. Welcoming the Possibility of Being Wrong

There is a certain humility in acknowledging that we don’t have all the answers. Curious minds are open to being wrong because each mistake is a lesson in disguise, a steppingstone toward the truth.

3. The Endless Fascination with Life

For the perpetually curious, boredom is a foreign concept. They find wonder in the mundane and see the extraordinary in the ordinary. Life is a never-ending novel, and each day turns a fresh page filled with potential stories.

2. Listening Without Prejudice

To truly listen is to silence one’s own biases and judgments. It’s about giving space to different perspectives and soaking in new ideas like a sponge. Curious souls listen not to reply but to understand, and in doing so, they often find unexpected insights.

1. The Relentless Pursuit of Questions

Curious individuals understand that every question is a doorway to a new realm of knowledge. They are not deterred by the sheer volume of the unknown but are instead energized by the thrill of discovery. They ask “Why?” and “How?” and “What if?” with the persistence of a detective on the trail of a mystery.

Looking Forward: The Power of “What If?” and “Why Not?”

As we look to the future, curious people often play the game of “What if?” and “Why Not?” They envision where they want to be in 1, 5, or 10 years and align their actions with their vision. They challenge their goals and assumptions, ensuring that their path is not just comfortable but truly fulfilling.

Curiosity is not just a habit; it’s a way of life. It’s the antidote to fear, the spark of innovation, and the key to personal growth. So, let’s ask ourselves:

• Are we nurturing our curiosity?
• Are we doing things that support our vision?

The answers might just lead us to a life of endless wonder and discovery.

 

Three decisions the top 1% work on more than others:

1. What they focus on
2. What meaning they attach to things
3. What they do in spite of the obstacles they face

Bitter or better?
What can I learn from this, or why me?
I’ll do this until I get better or quit?

#100DaysOfSuccess

 

L>C=W

The knowledge economy drives continuous learning.

The top 1% are lifelong learners, and curious. Millennials are leading the way in continuous learning.

Learn more, earn more.

In a world of rapid change and increasing complexity, the winners will be those who can keep their L>C. That is, the learning rate must be greater than the rate of change and greater than the rate of their competition.

“Ancora Imparo.” This translates to: I am still learning. ~ Michelangelo

 

What does your real estate practice have in common with toothpaste?

More than you might think.

Example – What would happen if I squeezed a toothpaste tube with the CAP on?

You and your business have a capacity, and that capacity is only as good as the systems you have in place. My favorite saying is: “a system will produce what a system will produce, nothing less, nothing more.”

Not getting the results you want?

Be hard on the systems and soft on the people.

• What systems in your business are at or near capacity?
• Are you squeezing the tube with the Cap on?
• What SOPs (operating procedures) do you need to have in place, so your business is flowing with the “cap off?”

In 1955, Northcote Parkinson came up with the theory that the demand for an economic good expands to match its supply. In economics, this is called “induced demands.” It’s why, for example, expanding roads never actually reduces traffic congestion because more drivers show up to fill those extra lanes.

The same is true for work, hobbies, and school.

Work always expands to fill the amount of time you make available to complete it. For example, if there are six months available to complete a project, you’ll spend six months working on it. Give yourself only one month, however, and you’ll get the same amount of work done in one-sixth of the time.

Lesson 1:
Assign a time frame to everything. Ask yourself and your team: “how much and by when?”

Lesson 2:
Lead with profit

In traditional accounting models, sales growth is what leads to profit; what’s the saying: you have to spend money to make money. But what happens is you can sacrifice profit for the sake of growth. Ideally, we can do both… yet in a shifting market… our task is clear:

Lead With Profit

Flip the script: profit leads to growth.

“More growth can happen when there’s less money.”

Say that again.

“More growth can happen when there’s less money.”

Become More Resourceful

When there’s less supply available, we become more innovative in extracting more value from what remained. So, taking our profit first and having less money available for operating expenses facilitates growth because it forces us to be innovative.

Lead With Profit – How?

1. Effective lead generation
2. Lead conversion
3. Number of Size of Transaction (per person productivity)
4. Cost of lead, cost of a sale (client acquisition cost)
5. More referrals – Google My Business (reviews and your closing photos) and more
6. Reduce the break-even point and or raise prices

A system – your systems – will produce what a system will produce, nothing less, nothing more. If you are not getting the results you want: be hard on the systems and soft on the people.

 

Lessons from an NBA coach: “We are learning to win!” 

Several years ago, I had lunch with NBA Coach Scott Brooks (Oklahoma Thunder), and my notes came up in my memories today; they are just as relevant now as they were then: 

• Never accept NO as it relates to your dream 
• Create a BURNING desire to get to your goals and break them down into daily activities
• Can’t is not a word. There is always a way… get resourceful and figure it out
• Character counts: being a good role model of integrity, honesty, and giving back all matters. Your players watch you.
• Don’t be afraid to have tough conversations, even with your superstars
• Focus on the process and the activity; the results will follow

When going through a losing streak, we focused on the fundamentals and the mental state of “we are learning to win!”

Learning to win! 

#WinTheDay

 

PS: Looking to increase your real estate team or office recruiting game? Book a demo to find out how we can 5X your ROI.