Team Talk with Raejean (RJ) Myers

June - Half Time Analysis

Here we are at mid-year!  Where did the time go?  Its time to step back and ask yourself a tough question.  If you're not getting the results you want, ask yourself, why not? 

Maybe that's not the case!  Perhaps your business has picked up and you want to do even more!  Bravo if you're in this group. 

Either way, it's time to take a look at where you are and compare it to your business plan.  How do you do that?

First of all, what are your numbers?  Hopefully, you've been tracking your leads, appointments, listings, contracts, closings, and expenses at a minimum.  Days on market, list price to sales price ratio, and a P&L would be even better to name a few! 

Once you compare where you are with where you planned to be, step back and analyze your strengths and weaknesses in the current market (which in Phoenix has changed since Jan. 09).  If you know how to do a SWOT analysis, this is a great time to do another one.  Strengths, Weaknesses, Opportunities and Threats. 

Next, ask yourself what you need to grow (or have more free time).  What has to happen to get you where you need to be?  Maybe its education, maybe it's leverage, usually its more lead generation. 

Just a note on making changes for growth... when you're considering what you need to do, pay special attention to the ones that scare you!  If you're not uncomfortable, you're not growing!  

Now you're ready to re-work the numbers on your business plan and re-establish your goals for the rest of the year! 

If you feel tempted to skip this mid-year analysis, don't!  It's time to be accountable to your business. 

I wish you much success! 

Rj

"Touching" Your SOI versus "Impressing" them...

“Touching” Your Sphere of Influence versus “Impressing” them, an article from Realty Times, examines the difference between "touching" and "impressing" your clients.  The author recommends combining a volume "touching" campaign with a concerted effort to make a good impression on people when you have the opportunity - the Power of One.  The goal is to make the person you just interacted with walk away feeling a little bit (or a whole lot) better than he did before.  Go out of your way for someone, and they'll feel good about you for months, maybe even years - far longer than the impression of a farming postcard, drip marketing or quarterly newsletter. 
http://realtytimes.com/rtpages/20090611_sphere.htm

Life After REO's

Many agents have had the good luck or they did the hard work to be granted REO accounts.  I have observed in a lot of cases the agent becomes so busy trying to handle a much larger supply of listing inventory, that they cease to prospect for any other type of business. 

What happens when the well runs dry?  Sure, the REO market could go strong for years, but this market will shift again.  And then what?  Are you going to be in a position to replace your full listing inventory the good old fashion way?  

We can never stop doing the fundamentals of lead generation. 

Where do agents commonly miss the mark?  Here are just a few to think about:

1.  Missing the boat on buyer leads.  Not only are they losing money now, but they fail to "adopt the orphan buyers".  The biggest complaint from the consumer is still lack of communication/follow up from their agent.  By not capturing the buyers, the agent loses future business as well as now money. 

2.  Agents completely ignore the regular ol' residential resale side of the market.  This is easy to do because the bulk of the business today is lender involved.  However, there is a reason that successful businesses are built in a down market!  In a down market, agents must master the basics and do enough of the right things (lead generation activities) to stay alive.  They must do MORE of these activities than ever before, thus the mastery.  

3.  Agents are so busy scrambling that they do not work on their systems.  They let their database go.  They don't have time to bring talent into their life for leverage.  Basically, they don't build their business to take them to the next level.   

These are very common examples.  What to do?  Get your business plan out (if you "had time" to work on your business plan), and make sure you are doing more than putting all your eggs in the REO basket. 

Recession Marketing Do's and Don'ts

Recession Marketing Do’s and Don’ts, an article from RISMedia.com, offers some do's and don'ts for marketing during a recession.  1) DO send out an e-mail newsletter.  Be sure to collect email addresses from everyone within your sphere.  2) DO try your hand at online public relations.  Write an informative press release that references your Web site.  3) DO hold teleconferences (a.k.a. teleseminars).  Pick a current topic such as short sales or purchasing your first home.  4) DO use pay-per-click (PPC) ads.  PPC ads allow you to target your ads to specific geographic areas.  5) DON'T overplan.  6) DON'T overspend.  7) DON'T fall in love with your ideas.  In other words, if one of your marketing strategies doesn't work, be willing to try something different.
http://rismedia.com/2009-03-30/recession-marketing-dos-and-donts/

SEO and PPC for Traffic - and More for Success...

SEO and PPC for Traffic - And More for Success, an article from RISMedia.com, examines how you can stand out and get found online.  All of your signage - yard signs, decals and magnetic vehicle signs - should display your website address.  Business cards should display your email address and website address.  Sometimes people prefer to get information from a website, rather than calling.  All printed materials - letterhead, signature blocks on emails, newspaper ads, homes magazine ads and promotional items - should include your website address.  Social and business networking present additional opportunities to promote your website.  While MySpace tends to attract the younger set, it's a great place to connect with first-time homebuyers.  Facebook not only attracts consumers, but lots of business people as well.  For LinkedIn, business is the main focus.  Twitter, on the other hand, started out to be just "here's where I am or what I'm doing" posts.  However, businesses have learned how to effectively using Twitter as well.  Read more here: 
http://rismedia.com/2009-03-09/seo-and-ppc-for-traffic-and-more-for-success/

Real Estate Outlook: Housing Positioned for Growth

I could not resist posting some good news!  I know that no one can really know when things are going to turn around, but I choose to put my energy on the positive! 

 

Real Estate Outlook: Housing Positioned For Growth

by Kenneth R. Harney

No economist has more information at his or her disposal than Federal Reserve chairman Ben Bernanke, and what he told Congress last week should be encouraging news for anyone interested in real estate: The recession that has gripped the country painfully for 18 months will "end" later this year - moving us into positive economic growth.   Read the rest of the story at:

http://realtytimes.com/rtpages/20090303_realestateoutlook.htm

How Engaged are You in Your Own Business?

I just returned from Keller Williams Family Reunion (our annual convention).  The keynote speaker was Clint Swindall who wrote a book called Engaged Living.  I haven't read the book yet, but I plan to. 

Clint said being engaged in our business is what is going to get us through this recession.  Which is scary when you take into account the next fact that he shared.  He said there are three types of people:

26% of people are engaged, productive, loyal.

55% of people are disengaged.  They're really just showing up, doing the minimum amount they can and collecting a paycheck.

19% of people are actively disengaged.  Whether consciously or subconsciously, they tear down the culture.  They are the ones starting the pity parties in the hallway. This is 1 in every 5 people! 

Clint may be talking about employees in a company setting, but the same applies to you and me.  It would be a good exercise for all of us to take a hard look at ourselves and find out where we fall in the above percentages.  Perhaps we were engaged and then the shift in the market hit us hard and soured our attitude?  When you're a real estate sales person and your attitude shifts to disengaged, the only person you hurt is yourself (and your family). 

Ok, this blog is getting me down - let's shift this.  How would we re-engage?  Here are some of my ideas, and I'd like to hear what works for you. 

1.  It starts with mindset.  I'm adopting something Gary Keller said at convention.  He said "this is the best opportunity for the biggest professional defining moment in your life."  We have to stretch; we have to grow into areas we might have been avoiding (short sales and REO's for example) - but this is how we grow!  Those that come through this will be better because of it. 

Think about a time when you have had the most personal growth in your life.  Got it?  Now tell me, was it a comfortable time for you?  My guess is NO.  And on a scale of 1 to 10 it was probably on the high end of that scale. 

So how comfortable are you now doing some of the activities you didn't have to do prior to mid 2006?  Not very comfortable?  Good, you are growing professionally!  Well, that's if you're doing the right things.

2.  That brings me to #2 which is choose the results you want and then choose the effort.  Yep, I heard that at convention, too!  If you haven't filled out the MREA Economic model worksheet (Page 131 of The Millionaire Real Estate Agent Book), do so immediately! 

3.  Take action!  Get a coach or a peer partner at least to help you stay on course and stay positive!  Focus on lead generation, appointments and conversion rates.  Stick to the basics and the fundamentals and be an opportunity warrior! 

I like this quote:  "Life isn't about finding yourself, it's about creating yourself."  Author unknown

Rj

What I've Learned at KW Family Reunion so Far...

Wow - so much information; so little sleep! Good thing I know shorthand! 

On the first day, I attended Gary Keller's Vision Speech.  It wasn't all that I wanted to hear, but I know Gary - he's a researcher.  I trust what he tells me, and I trust his predictions. 

Here's some of what he said.  I believe you can download it all... KW agents should have gotten an email from KWRI with a link. 

Gary first asked us if we see our future and present as half empty or half full.  We started talking about the current recession and what everyone is calling an "economic crisis".  Gary pointed out that in Japan, the symbol for crisis is a combination of two other symbols... one for danger plus one for opportunity!  Isn't that interesting!  He said to look at the word crises as an acronym:

C = circumstances

R = requiring

I = immediate

S = shift

I - in

S = strategy

I love that!  A lot of things worked when things were going well.  But now, each of us us needs to create our own STIMULUS package.  Gary warned that the next 180 days will be the toughest economic days we've seen. 

Our economy is an equal opportunity; unequal reward economy!  This is why we must be opportunity warriors!  Our conversion must be better than ever. 

Sales declined 13% in 2008.  The number of first time home buyers increased to 41% of home purchasers!  So all the first time home buyers that got pushed out of the market in the boom are now able to get back in! 

In the 4th quarter of 2008, only 6 states saw an increase in sales:  Arizona, Nevada, California, Minnesota, Virginia and Florida.  Everyone else decreased.  (Yay Arizona!)

Mortgage rates of 2008 were about 6% and ended at 5.1% - an all time low since Freddie Mac started its mortgage survey in 1971!

Speaking of 1971, mortgage rates were 7.48%, gas was 40 cents per gallon, monthly rent was $150, postage was 8 cents, and the average sales price of a home was $25,250.  Today mortgage rates are around 5.25%!!! Wow!

1 in 54 housing units filed for foreclosure in 2008.  420,000 hybrid ARMS are to reset in 2009.  45% of homes on the market in the 4th quarter of 2008 are distressed sales.  In Arizona, 1 in 22 are in foreclosure! 

Realogy - who owns Coldwell Banker, C-21, ERA, Better Homes and Gardens and Sothebys had a $50 million dollar loss in the 3rd quarter of 2008.  Keller Williams is DEBT FREE and is outpacing the market and still growing!  How great is that! 

One more note on spending by age group.  45 - 54 year olds have the biggest spending power right now!  Second to them are the 35 - 44 year olds! 

What does all of this mean?  Gary says this is your best opportunity for the biggest professional moment in your life! 

More later!

Rj

The Etiquette of Effective Lead Capture

The Etiquette of Effective Lead Capture, an article from RISMedia.com, examines why most Web sites and blogs are not effective when it comes to generating business.  Here are some tips for making your Web site more effective:  1) Every page should have an email link that is easy to find; 2) Put your phone number on every page; 3) Offer special reports about your local market that you deliver via email; 4) Offer lots of statistics - buyers want to know what the market is doing and sellers want to compare their home to recent sales; 5)  Consider offering a weekly or monthly email newsletter that features in-depth stats.  Make sure consumers can find great information on your site for free - don't force users to sign up for stuff that they can get more easily elsewhere.   
http://rismedia.com/2009-02-17/the-etiquette-of-effective-lead-capture/

Four Truths for Team Leaders:

Whether you're a team leader for a market center like me, or you're a mega agent leading your own real estate team, these are great points!  Basically, it boils down to cutting your expenses, creating the right mind set & accepting the market we're in, focus on prospecting, and knowing your USP or Unique Selling Proposition (why people should do business with you)!   I thought I would share: 

FOUR TRUTHS FOR TEAM LEADERS:

1.  The Keller Williams model was built as a direct result of the recession in the late 1980's.  Don't forget that.  If you've violated our model in some way, you may have to get back to it quickly.  Watch your budget.  Get with your ALC and cut it to the bone, right now.  Lead by example. 

2.  Watch out for the "I'll wait til things return to normal syndrome."  A lot of people will try to follow this.  Those people usually end up having to get out of the business.  The facts are that things never turn back to the way they were.  They go through cycles.  Each cycle is a little different and each cycle takes time.  There are no quick fixes or easy answers.  

3.  Prospecting and basic prospecting training are now the keys.    They will help you maintain and grow your market center.  Also, moving your people quickly (and, quick is like NOW) to the market segments that have sales is the other big key.  You must look for them, know them and see them coming.  You cannot waste time getting your people to where the action is.  Getting there first is a massive competitive advantage. 

4.  Recruit harder than ever.  Don't forget new agents and small companies.  The recruiting issues you may encounter (the cost of being at their current office, our better economic deal, being in control of your own business, training, and consulting) will be in big demand.  Teaching them how to deal with the down-shift will be something they cannot get where they are.  Show your vision, strength and commitment to the industry - and, it's agents.  Talk market shift and strategies daily.  Explain our premise and our economics. 

Now, more than ever, the Keller Williams models and strategies make sense.  Tell everyone to remember this: 

"If you are an opportunist...this is one of the real opportunities of your career."