Man, getting tired of it snowing around Chicago every, single weekend this December! Anybody have a better way - or a bigger snow thrower?
In 1998, it was Spencer Johnson's Book, "Who Moved My Cheese?" that gave many Real Estate Practitioners pause for thought about the changing real estate market. Boy, if we all had an inkling of what was coming up in 2007.
Not only has the cheese moved, but the cheese factory has cut production drastically, and the cheese maker's customers are very worried if they can qualify to BUY the cheese.
Those who FINANCE the purchase of cheese can't simply invite everyone to the table anymore. And, many who gorged on the cheese just a year or so ago have a horrible belly ache.
I read another story somewhere the other day, I believe it was in USA Today. It spoke about a family that might not have enough money to buy their kids Christmas presents, because their loan rates reset upward by several hundred dollars, and they just can't afford too many toys this year.
The lender who made them the loan is not in the business anymore, the story continued. (I spoke with one of my Loan Broker Partners, a very successful Branch Manager here in Downtown Chicago - who has seen 40% of his full-time staff leave this year. A few, he says, are now bank tellers!)
This past Wednesday afternoon, several of our Team Members, along with several other associates from our office, attended an incredible, day-long seminar at the Sheraton Hotel in the Streeterville Neighborhood of Chicago. The speaker was Keller Williams Mastery Coach Tony Di Cello. The topic: "Thriving in a Shifting Market - Dare to be Remarkable!"
He started his talk with a short quote from Keller Williams International Founder Gary Keller -
"The market shift is exposing us, all of us in the Real Estate industry. It is exposing our lack of skills, our lack of consistent lead generation, our lack of a strong mindset, and a lack of the basics for selling."
Wow, cold water in the face, you think?
Just a few years ago, Real Estate Selling was automatic. Mortgage Lending was automatic. Nearly everyone got a loan; nearly everyone got a new home. Today, we have to be better than just good, in order to survive! We have to set GOALS, and BENCHMARKS TO MEASURE if we are achieving them. We have to COMMIT. We have to go back to the BASICS.
We have to FOCUS MORE CLEARLY on the DOLLAR-PRODUCTIVE ACTIVITIES that gets our client's properties sold, for the best dollar in today's market, with highest efficiency. FOCUS ON GETTING MORE REFERRALS, ESPECIALLY FROM YOUR BEST CLIENTS.
We have to become experts in WHAT REALLY WORKS (the first 25 things on THAT list . . . PRICE, PRICE, PRICE . . . you get the idea), You have to have the GRACE NOT TO MUSCLE, the STRENGTH NOT TO KISS UP, and the STAMINA NOT TO LOSE.
In addition to being in the Real Estate Business, Tony explained that we are in the LEAD GENERATION BASIS equally. We have to PROSPECT. We have to HUNT. No new business this year, no old business next year, right?
This is especially the time, he continued, to LEVERAGE YOUR ABILITIES, TRAIN & DELAGATE TO ASSISTANTS, ASSISTANCE, OR MARKETING PARTNERS. It's time to LISTEN MOST EFFECIVELY, instead of just talking.
It's time to know your BUSINESS NUMBERS, your MARKET'S CURRENT SALES STATISTICS, and BLOCK YOUR TIME, for your business and personal life, as if your very career and personal lifestyle depends on it - because it does!
Now is the time to PERFECT YOUR LISTING PRESENTATION (and make it more concise!). BETTER QUALIFY YOUR BUYERS (no taxi service in 2008, and no non-exclusive buyers in MY car).
You must PRACTICE, PRACTICE, PRACTICE OBJECTION HANDLING TECHNIQUE (OHT) DIALOGUES, and your PRICE REDUCTION DISCUSSION.
And, are you ready for this one?
You have to FIRE TOXIC CLIENTS WHO REFUSE TO BELIEVE IN YOU!
Sorry, folks - the all-day discussion of last Wednesday afternoon is not posted on the web. But I would be happy to discuss our experiences in detail with you - just drop us a line, or call.
It was incredibly powerful!
Merry Christmas, folks!
DEAN & DEAN'S TEAM CHICAGO
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