We all need to understand the reality of this statement.
In the real estate market, the mortgage part of the industry is of vital importance. And the mortgage world has changed recently in a way that is rewriting the rules of the entire industry.
Let me start by saying that the core essentials required in the real estate industry now are absolute professionalism and decisiveness. In my blog about the Law of Attraction, I touched on loyalty, fear, and uncertainty. Those character traits will be the kiss of death in the new Real Estate Industry.
In this new world, there are a few preeminent keys to success. The foundational key is knowledge. Knowledge of the ins-and-outs of the marketplace sets the stage for everything else.
Following from knowledge is the key of having a solid, fact-based opinion. The marketplace, and the average consumer, is filled with uncertainty and requires guidance. You don't want to do the "well, what do you think?" thing. In this new industry, you need to be authoritative and have a professional opinion that provides clear direction.
The third key is recognize the need to incubate clients and understand that the incubation process may take six to twelve to eighteen months to culminate in a transaction. This also requires commitment, follow-through, and systemization.
Next, to earn the loyalty of that prospect, you must provide value on an ongoing basis. This is NOT just sending postcards or newsletters, but is a process of getting to know the prospect on a personal basis and offering items/services that speak directly to their individual wants or needs.
And finally, you simply have to get the result! It is not about price. It is a final grade where the culmination is a "Wow!" experience from the client's point of view.
Despite all the loud voices, the industry is not about lowest costs, cheapest price, etc. It is, instead, about the best bang for the buck. If your compensation is not the lowest in the area, but your services are the best to be found, you will a) obtain the kind of clients you want, and b) avoid the kind of clients who don't appreciate the value of what you bring to the table. (There are enough people in the industry who work from the transactional mindset of cheap price that those clients will find someone else. And those agents are worth what they get paid.)
Now, there are many other keys to success - professional attire, good business planning, etc., but by now those should be basic carry-overs from the old Real Estate Industry.
Yes, The New Real Estate Industry is three months old. You need to jump in quickly and decisively and gain mastery of the new skills required, or, I assure you, you will get left behind.
Greg Polashock is a Real Estate Home Mortgage Loan Consultant and Certified Mortgage Planning Specialist with Cherry Creek Mortgage and resides in Castle Rock, in Douglas County Colorado. He can be reached via email at Greg@GregIsFinancingSolutions.com, by phone at 303-887-0672 or on the web at http://www.gregisfinancingsolutions.com/.
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