I am sure everyone has seen or heard of Randy Pausch's "Last Lecture" by now.  For those that haven't, here is a condensed version of his 1 hour lecture, it's about 11 minutes long and worth a look:

http://video.stumbleupon.com/#p=ithct48cqw

Kind of puts things in perspective.

Randy passed away on Friday July 25th, 2008.

It's been a while since my last post.  The market has found me working a bit harder to find the same results I had several years ago. 

I have found a lot of Brokers and agents who have really struggled the last year or so and have decided to just give up and close the doors on their real estate career.  As for me, I am in it for the long haul.  Yes, the market is challenging and yes, it's harder to make a living - but if you just keep doing what you have been doing the last few years you will get run over.  I liken the market to this quote by Charles Darwin:

"It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change."

Change is a good thing, it eliminates the weak and allows the strong to thrive.  I had a good friend of mine call and say she was going to hang her license at another company starting next month.  The moral at the company she is at is down and the ownership is simply unwilling to make changes to move the company in a positive direction.  They feel if they sit back and allow the market to comeback everything will take care of itself.  Good luck with that!

The companies I see not only surviving but growing are those that are willing to get back to the basics of selling and prospecting.  We were all spoiled for many years and this market has been a slap of reality that many of us needed.

I say quit listening to what the media says about the market and go create your own success!

On that note, I recommend reading the book Monday Morning Choices by David Cottrell.  I just finished it and found it to be a great read.

I thought this was a great reminder to all of us from one of the worlds most successful Realtors:

 

Personalized Service is Still King. That's Why People Buy People Before Products or Services.

No one can deny the positive impact the Information Age has had on real estate. A significant number of buyers search online for a home, and there are hundreds of real estate blogs and other Web sites that provide consumers with information about the industry. At the same time, people have begun relying heavily on e-mail when communicating.

While this is all well and good, please never lose sight of this fact: While the Internet and e-mail can be effective in delivering information, it can never replace personalized service. A computer canâ€^TMt close a transaction, just like an e-mail alone will not typically win you a new client.

Our business was built on service, and we all need to be salespeople, first and foremost. Remember to take your clients to tour properties first-hand and not just virtually. Follow-up on your e-mails with a phone call the same way you would have for a postcard or mailer. And, it goes without saying that you should wear your name-tag as often as possible. You never know who might strike up a conversation with you!

Remember, people buy people before products or services.

Jim Weichert

I came across a great quote today that I thought was very applicable to the recent real estate economy:

"You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you."

Walt Disney

 

I think a lot of us have had a good kick in the teeth the last year or so and those of us that are surviving have realized what a positive impact it has had on the long-term success of our careers.  I know it has been a great opportunity for me to find some other, tremendous opportunities in the real estate industry.  I hope the market adjustment has brought many others as much opportunity as it has to me.

 

March 21, 2008 // Franchising.com // MORRIS PLAINS, N.J. - Weichert Capital Properties & Estates, the luxury-home division of Weichert, Realtors®, recently announced that 2007 proved to be yet another prosperous year. Despite dealing with a challenging real estate market through the year, Capital Properties & Estates eclipsed the total dollar volume sales it generated in 2006. The company also experienced its best year ever for sales of $3 million-plus listings.

"We are very pleased with how 2007 turned out for the division, particularly in light of the performance of the real estate market as a whole," said Roger Christman, vice president of Weichert Capital Properties & Estates. "The continued annual success of Capital Properties & Estates is a testament to our exceptional team of highly-skilled individuals and reaffirms that luxury homes do sell in a timely manner when priced appropriately."

In 2007, Capital Properties & Estates increased its national exposure as a result of the continued growth of the Weichert network of companies. Working closely with both company-owned offices and offices of Weichert Real Estate Affiliates, Inc., the franchise arm of Weichert, Realtors, Capital Properties & Estates enhanced its presence in the luxury-home markets of Pennsylvania, Southern New Jersey, North Carolina and South Carolina.

Weichert Capital Properties & Estates' highly personalized approach to marketing multimillion-dollar properties has kept the company at the forefront of the high-end housing market. Listed as one of the most prestigious real estate companies by the 2007 Luxury Brand Status Index (LBSI) survey, Capital Properties & Estates clients have included Wall Street financiers, top corporate executives, successful entrepreneurs, and celebrities from sports and entertainment.

Prospective buyers worldwide can click onto the Capital Properties & Estates' Web site, weichertcapital.com, to access virtual tours of select properties that provide 360-degree perspectives. Visitors can also opt to take an "audio tour" on select properties, in which extensive photos of the luxury home are synchronized with a voice-over that walks the visitor through key rooms, highlighting unique details and special features.

For more information on Weichert Capital Properties & Estates contact Roger Christman at 1-800-785-3000 or click on weichertcapital.com.

Weichert has nearly 18,000 sales associates in more than 500 company-owned and franchised sales offices in key markets throughout the U.S. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. For more information, Weichert's customer service center can be reached at 1-800-USA-SOLD or at Weichert's Web site, http://www.weichert.com/. Each Weichert franchised office is independently owned and operated.

I just finished reading The Starbucks Experience and I would highly recommend it to anyone looking to grow their business.  I think Starbucks is one of the greatest companies of our time and this book gave some great insight into their operation.  There are many aspects of Starbucks that apply to the real estate business and to entrepreneurship.  One of the greatest quotes from the book was "We are in the people business serving coffee".  I believe we are in also in the people business helping dreams come true.

The book also talks about how Starbucks delivers such a quality and consistent level of service.  I have found in my experience it can be difficult for Brokers to accomplish this.  Each agent is unique just like each Barista is unique at Starbucks.  However, with the right systems in place consistency and quality can be accomplished.

Here is a link to the book on Amazon: http://www.amazon.com/Starbucks-Experience-Principles-Ordinary-Extraordinary/dp/0071477845/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1205505166&sr=8-1

Enjoy!

 

Wade

For those of you looking for a fun and easy read, I just finished the book by Seth Godin called "The Dip".  It was recommended to me by another agent who is going through a tough time in the real estate market.  It is a quick read about knowing when to quit and when to stick with something.  I think it can apply to just about everyone that has been in the real estate business for a few years or more.  It really had some good points about when times are tough if you should continue to struggle through or just simply give up.  Seth Godin points out that quiting isn't a four letter word and in fact it can sometimes be better than struggling through something when there is no light at the end of the tunnel. 

Here is a link to the book on Amazon: http://www.amazon.com/Dip-Little-Book-Teaches-Stick/dp/1591841666/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1205193398&sr=8-1

I recommend it!

Good reading,

 Wade

Thanks to all those that replied to my questions regarding agents individual needs and wants. 

As I continue my project it seems as though in this market  a good number of agents aren't just looking for the next highest commission split or a way to make money off of other agents they recruit.  The good agents seem to understand that they are salespeople that need continued support and training from their Brokers to succeed.  It seems as though the years of who is going to give me 110% of my commission have begun to disappear and agents are looking for tools and support. 

I find it sad when agents are simply thrown into the pool to swim with no lessons or life preserver.  It seems to not only damage the reputation of that Broker/Company but the entire industry.  We have all been frustrated working a deal with an agent that has no support or training; but yet some agents still choose to dismiss how important that can be to their success as an agent and to the success of the buyer and sellers! 

 

I am working on a recruiting project right now and find it interesting the number of different real estate models that have become successful over the years.  It seems that in todays market agents are just looking for the next highest commission split and have no concern for training and support services.  Maybe I am wrong??? 

I was hoping some of you could help me answer some important questions when it comes to a career in real estate.

 

1. As a real estate professional what do you look for in a real estate company when deciding where to hang your license?
2. Are you willing to sacrifice high commission splits for better training and support or do you just look for the best split out there?
3. Is a professional office space important to you or is working from your home office okay?
4. How much do you look to your Broker for assistance?
5. Do you depend on company advertising or find that marketing yourself or your team is more effective?
6. How important is the reputation of the company and does it turn you off if the company has a bunch of part timers working there?

 

I am looking for some comments from new agents, experienced agents and Brokers. 

I am wondering if anyone out there is familiar with Connect Realty?  I here they are offering high commission splits to their agents but no support, office space or training.  I am interested in learning more.......