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People ask me what business am I in? my reply may just shock you

By
Real Estate Broker/Owner with GoodBuy Homes NJ Essex & Union County Real Estate specialist 0791869

SOOOOOOooooo for the most part all of us are Real Estate professionals right? So that means we are in the housing business right? WRONG! well at least I'm not...

I was asked the other day what business was I in? and my quick response was "People" not houses.  Let me explain.  In this wonderful world of Real Estate most Agents/Brokers/Loan Officers etc.  feel that they are simply in the housing business so they study the neighborhoods, they know all about the available inventory and for you loan officers you know all of the numbers. Now keep in mind all of these things are crucial to being successful (so please do not take this section, dissect it and feel otherwise) but once again none of that matters if you don't have clients aka "People"

Speaking solely from a Real Estate Agent/Broker perspective we have to remember that we are in the lead capture, cultivate and close business (The 3 C's) So the core of our business is "People" I teach those around me that you must make a connection with people then you can showcase your knowledge of the neighborhood, market and houses in which they seek.  Spend a substantial time building relationships with people; these people will be the ones that call you for help or refer you to friends and family in need.  "People" are at the root of all businesses (of course) but we some time lose sight of that.

A lot of professionals understand this and that is why they join groups and chapters in various fields outside of their base to meet new people. They spend money and time in social media trying to touch more "People".

If you want to be successful in RE, Build your rolodex, keep in touch with those in it and they will come. Make it so when these people think Real Estate they think of you.  Become a local expert and be the go to guy/gal for Real Estate.  Make your presence felt.  Do not simply become another agent in a flock of others...Be different.

 

I leave with this example that is a little different but sort of the same...

In 1974, Ray Kroc, the founder of McDonald’s, was asked to speak to the MBA class at university of Texas at Austin. My friend was a student in that class. After a powerful and inspiring talk, the class adjourned and the students asked Ray if he would join them at their favorite hangout to have a few beers. Ray graciously accepted.

“What business am I in?” Ray asked, once the group all had their beers in hand. No one answered, so Ray asked the question again. "What business do you think I am in?”

The students laughed, and finally someone said, “Ray, who in the world doesn't know that you’re in the hamburger business.”

Ray chuckled. “That is what I thought you would say.” He paused and then quickly said, “Ladies and gentlemen, I’m not in the hamburger business. My business is real estate.”

Ray knew that his primary business focus was to sell hamburger franchises, but he never lost sight of the location of each franchise. He knew that the real estate and its location was the most significant factor in the success of each franchise. Basically, the person that bought the franchise was also paying for the land under the franchise for Ray Kroc’s organization.

Today, McDonald’s is one of the largest owners of real estate in the world, owning some of the most valuable intersections and street corners in the world. And the amazing thing is McDonald's gets all this real estate for free. Their franchises pay for it.

Ray knew what his business was and what he wanted to do.  He wanted to own pricey real estate all over the world and used hamburgers to do it.  Now with that said we all want to sell millions of dollars of real estate but remember you need "people" to do it.

 

If you like it....LIKE IT!

 

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