Last week, Xperience CEO Chris Suarez met with Keller Williams co-founder Gary Keller and other top agents. In this week’s Xperience Friday Partner Call, Chris shared Gary’s thoughts on thriving during the shift that is starting to be felt across the country.
This shift is different from the last one. While we are going through a slight economic shift, we are also experiencing a shift in the industry from competition, technology and changes in the economic models in real estate. It will be the largest shift in the number of available transactions and agents. There will be a peak in membership for the National Association of Realtors and a dramatic drop in the number of pending transactions. We don’t expect an average drop in sales price. This is not a slow down in home value, equity or what consumers can do in the market. The financial future is not going to be dictated in this shift — except maybe yours and how you handle the shift.
What to focus on during the shift:
- Lead Generation: Organizations that are built on lead generation will succeed. Organizations built on lead receiving will have a difficult time getting through the shift.
- Value Proposition: There are three things to get very clear on when related to your value proposition.
- Know your market, city and neighborhood better than anyone else. If you do not, study it. Be the hyper local expert.
- Know your product — houses. Go to your next three inspections and ask questions, learn more about construction. Study home details. Know real estate.
- Know service providers and provide your clients with the service providers who will help them — before, during and after the transaction.
Gary shared six things he would include if he was to rewrite Shift.
- Value Proposition: Focus on the value proposition as mentioned above.
- Economics: Where are you spending money unnecessarily? Then, lower your costs 1%, 2%, 3%.
- Training and Coaching: Training and coaching will help us win the game.
- Market of the Moment: Know who is showing up in your market to buy houses. Understand your clients’ motivation.
- Recalibrate Your Numbers: The same activities that were leading to success two months ago, or even last week, may not get you to the same level of success. Recalibrate your numbers.
- Re-message: There is never a lack of buyers. We must message to our sellers that we are working with a lot of buyers.