Monthly Archives: March 2018

Top 3 Ways to Build Your Best Business (part 1)

Category:KB Consulting Solutions

Don’t let a great market create bad habits!

Across the nation, the Spring market is well underway!   Our healthy housing economy has resulted in depleted inventory and is significantly impacting our industry!  With mere weeks of inventory available in many markets, there are greater opportunities and challenges than we can imagine.

In the midst of the chaos of the business, it’s important that we maintain great habits and sharpen the fundamental skills that sustain a solid, profitable business!

For the next few weeks, we’ll explore one of each of our top choices to stay on top of your game and build your best business.

REFERRALS:

Communication—How do we communicate at a higher level?

 “Seek first to understand then be understood.”  – Stephen Covey

To communicate at the highest possible level, it’s important to understand behavior styles –

Years of research have revealed that people operate with four distinctive ways of interaction or behavior styles:

• Amiable
• Expressive
• Analytical
• Driver

Do you know and understand your behavior style?  We believe self-discovery is a critical step in high-level communication. Seek first to understand how you think, react and make decisions.  Once you identify your own style, it’s easier to understand others.  Always remember, your job as a professional is to meet others where they are, and not drag them into where you are. (This is a critical step in your growth as a master communicator.  Should you desire additional assistance in exploring this concept. Feel free to contact me!)

Your goal is to speak in such a way that others want to listen to you. And listen in such a way that others love to speak to you.

Contact—Built to last

It’s important for you to know who you know…and know how to stay in touch with each through an effective and consistent marketing strategy.

Build your base!

Your database is your bank and has value beyond belief!  So, how is your database?

• Is it marketable?
• Is it transferable?
• Who is in the database?
  • SOI-COI
  • Past Buyers and Sellers
  • Geo
  • Adoption (with warning)

Let’s take a few moments to explore the significance of the business you’ve built and why this is so critically important:

Reason #1

According to the 2017 Profile of Home Buyers and Sellers (as provided by NAR):

• 90% of Sellers would use their REALTOR® again
• 60% of Sellers used an Agent referred to them or one used previously
• 53% of Sellers used the Agent who sold them the house
• 89% of Buyers and Sellers would use their REALTOR® again
• 12% of a REALTOR®’s business is repeat business
• Average tenure in a home is 8-10 years!

Reason #2

Your database is saleable! If and when:

• Your contact information is dimensional
• Your contact information is “green”
• You remain “Top of Mind”
• Your database is relationship–driven

Consistency—Who, what, when and how…

Now that we have established and have validation that your past buyer and sellers respect your performance enough that they would use you again, how do we make sure that over the next 8-10 years, they remember who you are and know how to find you?

• Essential elements of consistency of farming
  • Budget—build it to be sustainable and consistent
  • Resources—who and what will you use to stay in touch?
  • Delivery
    • Direct mail
    • Digital
    • Social
    • Video
    • Face-to-face visits
    • Client appreciation events
  • Frequency
    • Set it and forget it
    • Leverage and outsource
      • Upwork.com
      • Fiverr.com
• To reinforce, enrich, and sustain the relationship
  • Call them
  • Social Media touches

In a great market, we can serve many buyers and sellers and truly make dreams come true.  In a great market, we can be both productive and profitable.  Our caution is this:  A great market can also encourage bad habits and neglect the fundamental elements that made you successful.  Maximize these great times, build great habits, and develop a referral network that will sustain you in any market!

Be a resource, not a sales pitch!

Improve Your People’s Quality of Life

Category:KB Consulting Solutions

As we approach the final entry in highlighting leadership from the perspective of Captain Michael Abrashoff and the US Navy’s USS Benfold, we look at what we do to improve the lives of others and leave a legacy.  What do we do today that might have a positive impact tomorrow?

The challenge with today’s world and society is that we are wired for a potential nervous breakdown.  Have you thought about that?  With technology surrounding us, our world has changed. The sense of urgency is heightened.  Some things are great…some not.

First, let’s celebrate one great thing about technology…for me.  I’ve never been good at math. Seriously, if you want me to have a major meltdown, traumatic experience…give me a word problem.  And I vividly remember a teacher saying to me, “You must learn this, you will never have a calculator at your fingertips.”  Well, thank you Apple, I guess we showed her, didn’t we!!

Now, let’s consider what is not great.  As previously discussed, the onset of such a high-tech world has taken the high-touch away.  Most had rather text than talk and we’ve potentially raised a generation of screenagers that don’t understand meaningful eye to eye contact, how to read body language or how to socially engage with others.   Let that sink in for a moment. Do you agree?

So, let’s consider applying what Captain Abrashoff found useful and successful in improving the quality of life of his sailors and consider applying to our industry.

Fun with Friends Makes a Happy Ship

As mentioned in previous blogs, real estate is a tough business. Those who win, play hard to do so.  Those who are full-time professionals, play wholeheartedly and too often get their hearts broken.  Therefore, your office and brand should be their refuge.

• Your “ship” should provide a haven of safety and comfort
• Celebrate victories publically and loudly
• Provide opportunity to fail forward, learn, grow, and be successful
• Seek to catch professionals doing things right and celebrate their activity

The First Priority: Good Food

If you’ve ever been in a workshop with me, you know I believe in food, fun and recognition.  I’ve seldom met a REALTOR® who was not an excellent cook; if not, they know the best eating establishments in the area.  Good food is the key to celebration of what went well and to heal what did not.

As a professional REALTOR®, this is also true for your sphere and all you serve.  Good food and recognition is a great way to show gratitude and appreciation.  As you build your budget, it is critical to acknowledge people with acts of kindness and if they are tasty, the experience is all the sweeter.  Pop-bys might include everything from a simple snack to something of meaning that speaks to your model and personality.  Some brilliant examples I’ve experienced with my Coaching Clients include:

• Agent appreciation activities such as:
  • Bowling night with beer and brats
  • Family picnics
  • Ball games
  • Wine tasting events
• Pop-bys have included:
  • Pecans with an amazing recipe for a pecan pie
  • Champagne or Cider (allowing them to choose either or both!)
  • Seasonal gifts with food themes

Entertaining your way to retention is the secret sauce of most. Watch your budget and allow sponsorship (as a Broker and an Agent) and celebrate and show gratitude.  A great way to give back!

Add to Your Crew’s Bottom Line

We believe the most effective way to do this is to provide consistent and effective training, coaching and education.  As the landscape shifts again and again, professionals are often concerned with “what’s coming next.” As a leader, we need to be serving as the “spotter” for what is coming their way.

Being overwhelmed is almost always a result of being underprepared. That is every professional REALTOR®’s fear. The fear is that the market will leave them behind.  To add to the bottom line of your agents, customers, and clients, know what is next.

In Heavy Times, Lighten Up

In addition to providing a safe haven, often we serve and provide strong shoulders.  Coaching and leading is about compassion, empathy, thinking fast on your feet, being prepared and most important, listening.  Listening aggressively.  Living in curiosity–not judgement.  We all stumble, many fall.  As a leader, you should be the safety net. And a strong shoulder. When times are hard and heavy, lighten things up as a trusted advisor, navigator and friend.  It’s a huge part of true, authentic leadership.  Recognize, you may be the only encouragement and support they have.

The Secret of Good Work? Good Play

My bet is that if you read the profile of a most successful REALTOR®, you see things like “work hard, play hard”, “play to win”, etc.  Success in this industry is extremely competitive. Day after day you work to put yourself out of business.

Pause and think about that for a moment. A successful sales person works relentlessly to close the deal and essentially put themselves out of business, get up the next day and hunt for the next opportunity to serve.  Hmmmm…..

If that is the description and definition of good work or a good day or a successful day, doesn’t it make sense that good play is essential?

Most professionals thrive and jump with joy for the opportunity to be recognized, celebrated, and acknowledged by their peers.  It is the responsibility of the leader to provide the opportunity.  Be creative and schedule events that allow everyone to shine.  Everyone.

The Captain of the USS Benfold celebrated his sailors as often as possible.  He worked diligently to catch others doing things well for the opportunity to congratulate, brag, and highlight their efforts and results.  We recommend you do the same.

To build and improve the lives of others, be a resource not a sales pitch.

Generate Unity

Category:KB Consulting Solutions

This topic is so dear to my heart.  And it starts with a very simple question. Why on earth have we participated in “Diversity Training” for the past few decades?  What confused individual or group thought it would be a good idea to gather people of all kinds and discuss how we differ? Who on earth thought it would be good to start debates, inspire hatred and divide so many by pointing out why we might not get along?

Here is my next career venture. I want to host opportunities for these same individuals and groups to gather, discuss, explore and celebrate how we are ALIKE!  Now some of you may say, but Kathy, we already do that…I’m not so sure.

Although we are commanded (scriptures) and encouraged (society) to celebrate one another, something has gone wrong.  But not in my industry!!!

There are several things about my industry that makes me extremely proud.  Almost without exception, real estate breathes and lives unity. Within our associations, brands and brokerages, we are one.  We work collaboratively to provide housing for all.  There is commitment to serve homeowners and provide alternatives for those who cannot (for whatever reason) participate in home ownership and often put them on the right path to purchase, if that is what they desire.

The REALTOR® community as a whole “gives back” at an extraordinary level.  Keep in mind, when a licensed REALTOR® contributes to a cause, we are giving from commissions earned, not a salary, not a guarantee, not from fear, but from faith. Faith in each other and faith in you.

I have often said, a healthy tribe of REALTORS® greatly resembles a beautiful box of crayons.  Regardless of condition, shape or color, where they’ve come from, where they’ve been, or what they believe, each contributes their best.  As the most diverse group of individuals on the planet, we show up and work for others truly exemplifying servant leadership on many, many levels.

Because of our actions and results, we are the poster children for Unity Training.

Thank you for who you are, how you serve and for those who work to be a resource and not a sales pitch.

Go Beyond Standard Procedures

Category:KB Consulting Solutions

This week’s leadership discussion pulls at my heart and gives such great energy.  How do we step out of standard and achieve extraordinary results?

Captain Michael Abrashoff references this in his book, It’s Your Ship.  He discusses that SOP (Standard Operating Procedure) as it is known is the Navy, is safe, proven and effective yet seldom generates outstanding results.

Think about that for a moment.  Standard operating procedure seldom generates outstand results.  So, how do we break out of “standard” in the real estate industry and achieve extraordinarily outstanding results?

Keep your Priorities in Focus

In the military, you must be combat ready at all times.  Constantly, your state of readiness may determine life or death consequences.  Believe it or not, the same is true in real estate.  The “life” of your business is defined and determined by your readiness.

Therefore, to keep your priorities in focus is a critical step.  It seems simple, to sell homes, right?  Well, as you know, simple is not always easy.  We encourage you to challenge standard and ask yourself these questions:

• What is the objective? (And there may be multiple)
• Within each objective, what is the priority?
• What do I need to do today, to achieve the objective?
• What can I do better?
• What do I need more of, what do I need less of?

Stay Ahead of the Competition

Forward planning and gathering competitive intelligence provides tremendous advantages, thus opportunity.

• What do you know about how the competition operates?
• What value added resources will they provide to:
  • Hire and retain talent
  • Secure more marketable listings
  • Represent more buyers
  • Serve and grow an ever-changing industry

After gathering the information, evaluate your SOP and discern what adjustments and modifications you should make to stay ahead and moving forward to capture your share of the market.

Push the Envelope for Innovation

This one is tricky.

Words of caution:  Avoid shiny objects and “the next latest, greatest…” whatever.

Push and challenge the standard yet watch the ROI on each innovative initiative.

Track. Measure. Assess. Value. Measure again.

Volunteering Benefits Everyone

Healthy growth within your team or organization will result in a strong, contagious increase in the vibe. You will experience a shift within production and attitude. As the environment is stimulated and vibration increased, you will experience an amazing occurrence.   People will step up!  You will sense an enhanced ownership and positive attitude shift within the tribe.

Let the love flow!  As people step up and desire greater ownership and opportunity to celebrate success, allow them to find their space, volunteer and participate.  Celebrate their role and show gratitude for their ownership.  With this…you will move well beyond SOP!

Go for the Obvious. It’s Probably a Winner.

Sometimes the perfect solution is so obvious that we miss it. Especially in today’s climate where we feel we need to be harnessed into the latest technology solution.  What if…your solution is not cool, complex or expensive?  What if it is simple, efficient and right in front of you.

Simple is not often easy…but simplifying how we do business may ease your budget, efforts and return much greater results.

Don’t Work Harder. Work Smarter.

Going beyond standard procedure is not at all about working harder. It’s not more hours, more weekends and burning more energy. It’s about consistently evaluating what is being done, how it is being accomplished and most significantly how you can accomplish greater results, hit your objectives and achieve your goals.

Maybe it’s technology related, maybe it is not.

One of the many things that I absolutely love about this industry is the ever-changing landscape that we strive to champion every day.  There is unlimited opportunity each day to go beyond standard procedures, challenge status quo and derive extraordinary results.  Go!  Make change!

Always serve, and work to be a resource, not a sales pitch.