I was just reading a research study indicating that 95% of workers want to or plan to seek a new job in 2024! For real estate brokers, this is a two-edged sword… in one way, it opens up opportunities for recruiting and talent attraction. In another way, it’s a watch out for our own staff and agents.
My good friend and colleague Steve Murray from REALTrends did a study in the last downturn – 2008 to 2012 – and found 15 companies that grew substantially during that downturn. He found ONE common trend. It was:
“They got closer to their people. No matter how close or connected they thought they were, they were intentional about getting even closer. More connected. More relevant.”
Retention: how can you get closer to your organization?
Talent Attraction: what events or activities can you do to get closer to your own organization and invite others to experience your culture?
Recruiting: who do you (or your team) need to get closer with to see what’s possible?
One way is our TCF+ methodology:
# of Weekly Intentional Touches:
# of Weekly Conversations:
# of Weekly F2F Appointments Scheduled:
# of Weekly Database Additions:
# of Weekly Referrals you earned from your Agents and Outside Influencers:
# of Weekly DRIS (Data, Recognition, Insight, and Stories) follow-ups you sent:
What is measured improves.
For those in the program, I’d love to hear your success stories and your numbers for the week.
For those not in the program, let’s chat about what’s possible.
For all of us, 2024 is the year to Build Back Stronger. January will not TEXT you back…
A trend we all need to pay attention to… have you adjusted your marketing?
A recent study from LendingTree shows that single women own 2.7 million more homes than their male counterparts, with roughly 13% of those women holding the titles to their homes, compared to 10% of men.
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Single women who live by themselves are more likely than single men who live by themselves to own a home in 47 of 50 states.
The ONE Thing is a great book by Gary Keller. It got me thinking: what is the one thing you can execute over the next 7, 14, or 28 days?
Have you heard the story of Olympic ice skaters? It goes something like this… skaters training for the Olympics were monitored during routine practice sessions. On the ice without “supervision” athletes performed about 80 routines in 1 hour. Then, the coach came on the ice with a whiteboard, asked the athletes to document their routines, and monitored the session… routines increased from 80 to 100 in the same amount of time.
I’m often asked why I prefer group fitness classes over working out on my own… well the answer is above. Who’s going to push you more, yourself or your trainer?
In business, do you resist tracking and measuring your numbers? When performance is tracked and measured, performance improves… when performance is tracked, measured, and reported to someone, it EXPONENTIALLY improves.
So what’s the ONE thing? Increase your level of accountability.
Avocado toast, Insta, and TikTok can only go so far… nearly 69M Gen Z and 72M Millennials. They won’t live with Mom and Dad or Sis forever. Oh, and ahead of them? 65M Gen X’ers.
Do the Math…
#WinTheDay
#ListToLast
95% of respondents express a desire to own a home.
Adam Smith, some 233 years ago, nailed it with the concept of supply and demand. Unfortunately, he is not here now to experience “clickbait!” If you are reading a headline like “Home Prices Are Falling,” be skeptical.
Despite significant mortgage rate increases and affordability challenges, a resilient economy combined with demographic forces of demand, there simply are not enough homes for the number of qualified buyers.
Demand did drop in 2023, yet so did supply. And Adam Smith nailed it – supply and demand forces worked. To place this in perspective, at this time in 2019, there were 822,000 homes for sale nationally: today? 546,000.
Just like Wall Street, consumers love stability and predictability. As mortgage rates stabilize and normalize, we are seeing slightly more immediate sales vs. last year. This is a leading indicator that 2024 will be stronger than 2023 from a sales perspective.
Other leading indicators? For newly homes listed, Altos is reporting a few percentage points higher on the initial list price vs. the same time a year ago, and immediate sales of those homes are slightly ahead of last year.
Price cuts? Trended over time, we see about 33%; nationally, we are at 38%, so a few percentage points higher – more than normal. I suspect these relate more to affordability than other factors.
10 Ways To Take Responsibility In Business + What Is Parkinson’s Law
And Why Should You Care?
The top 10 list for taking more responsibility in your business… starting with number 10:
Ten: Take responsibility for your thoughts, feelings, words and actions.
Nine: Blame less.
Eight: Complain less.
Seven: Refuse to take anything personally.
Six: Make yourself happy.
Abraham Lincoln said this more than 150 years ago, “Most folks are about as happy as they make up their minds to be.”
Five: Live more in the present moment.
Four: Use the power of intention.
Three: Work expands to the time allocated (Parkinson’s Law)
Two: Start with and assume positive intent.
One: What would #1 be for you?
What would #1 be? How about: “Don’t place your monkey on my back?”
What is Parkinson’s Law?
Parkinson’s Law is the old adage that work expands to fill the time allotted for its completion.
The term was first coined by Cyril Northcote Parkinson in a humorous essay he wrote for “The Economist” in 1955. He shares the story of a woman whose only task in a day is to send a postcard – a task which would take a busy person approximately three minutes. But the woman spends an hour finding the card, another half hour looking for her glasses, 90 minutes writing the card, 20 minutes deciding whether or not to take an umbrella along on her walk to the mailbox … and on and on until her day is filled.
Deadlines can cause procrastination or even prompt people to fill their time with trivial matters.
Implication?
One: Assign a “time limit” to everything. Example: in the next hour, I will complete ____. If you say, it will take 30 minutes to get your shipping done or 90 minutes, both are right. The work will expand to the time given. Allocate your time!
Two: Putting projects into the context of larger goals and creating timelines in days rather than weeks are two strategies to help overcome Parkinson’s Law.
During the COVID lockdown, I wrote a blog titled, “Doing The Right Thing Is Always The Right Thing,” today’s unveiling of the recent lawsuit settlements brought that to mind.
I’m writing this from Tahoe, where I was part of a panel with the Realty Alliance on scaling your business. All the companies attending are the best of the best, yet some have 100 years or more of operations. You create a 100-year enterprise by always doing the right thing.
Some 20 years ago, I worked with buyers, and a co-op commission came up that was $1.00. Because I had adequately educated my buyer clients, I could show homes of any commission level—the right thing.
Today’s news released by all the major real estate news outlets summarizes some of the settlement points; only one is breaking news, in my view. The summary:
Significant
Redfin no longer requires agents to be NAR members.
Anywhere, company-owned operations no longer require NAR membership and encourage franchisees to do the same.
REMAX company-owned regions no longer require NAR membership and encourage franchisees to do the same.
Note: in most areas there is no procedure to have a hybrid membership brokerage – you are all in or all out.
Implication: Significant policy discussion at the local associations. And the decoupling of NAR, state associations, and MLS. The watch out – this could be like CPA’s not having GAP (generally accepted accounting principles). The wild wild West will not serve the consumer.
I’m a fan of the local and state associations and NAR. I see the value, the advocacy, the standards, the services like RPR, economic reports and research and so much more. More on this in another post.
I’m also a fan of freedom of choice… those who deliver the most value will not struggle to maintain members.
The Right Thing – Nothing Really New
The settlements also include the following:
Anywhere will prohibit their brokerages and agents from claiming buyer agent services are free and will also require agents to include the listing broker’s offer of compensation for prospective buyers’ agents as soon as possible in each active listing.
Agents must disclose that commissions are entirely negotiable and not set by law.
No minimum commission requirements
No technology or manual method that enables the sorting of listings by commissions offered.
The implication here? Nothing new – for over 20 years I’ve taught my agents to do the same, and executed my practice with these principles. Bringing these practices to a higher level of awareness is a good thing. Yet here is what I know, those who deliver the most value will not struggle to create thriving real estate practices.
For the vast majority of my REALTOR® colleagues – regardless of your brands position – is leadership and service not abdication. Get involved and be the change you want to see.
