Alrighty, everyone. It is now time to break out our collection of Specifics. This week, we thought we would do something a little bit more fun. Instead of hearing it from us on what real estate is, and how to be incredibly successful in it, we figured we would let others tell you about it. **Pushing the spotlight over. Introducing our three preferred real estate podcasts! From these podcasts, you will absorb what the real estate market is like, tips and tricks, behind the scenes, and humor! Let’s get started with the first act.

Tom Ferry Podcast Experience

Tom Ferry is the founder of Tom Ferry Real Estate Coaching. He is also a renowned icon because his coaching actually works. Stated on his “about” section of the website, their mission is to, “hold professionals accountable to fulfill their greatness.” Additionally, his podcasts and blogs are extremely beneficial when it comes to reviewing every facet of the real estate industry. From high-end clients to just starting out, Ferry has it all.

Ferry has four podcasts: Mindset Monday, The Tom Ferry Show, Podcast Experience, and Throwback Thursday. Of course, as indicated by the subtitle, we are focusing on the Podcast Experience, but we do recommend taking a gander at his other shows. The episode we recommend for first-time listeners is “Episode 44: Optimizing & Operationalizing Your Business with Jeff Mays.

Episode 44: Optimizing and Operationalizing Your Business with Jeff Mays

Jeff Mays is one of our national speakers, coach, and broker/owner of Coldwell Banker Prime. With over 26 years in the real estate market, Mays and Ferry have a wonderful sitdown discussion on the keys to success in operating your business. Mays also dives into the consequences of not being organized, as well as the importance of organization, which summarily, brings greater structure to your business. In this episode, Mays and Ferry decipher what causes and creates growth. Their answer: GETTING ORGANIZED. Or as they like to chuckle about it, “operationalizing your business.” Before diving into the world of real estate or any type of professional service, you first must deduce what you want and why. From there you should implement a schedule. 

“Great growth comes when you get ticked off.”

Jeff Mays. 

Nowadays agents and other professionals who specialize in giving quality service, wing their plans. According to Mays and Ferry, this is a big no-no. Further, Mays and Ferry highly suggest doing things efficiently, the same way each time. AirSend can help you take back control of your time. With AirSend, take the liberty to maximize efficiency by doing everything from one platform; send messages, upload documents, assign tasks, and have a powerful built-in file organizer. AirSend. Connecting people to get work done.

Another interesting key point that Mays points out is that we spend our working days avoiding the hour of power. In other words, tasks that should only take two hours to complete, end up taking 8 hours to complete. Because of this, burnout happens. With structure comes with more time. A system Mays suggests that helps with creating organization is simply following your checklist every day. If you are more of a visual or analytical person, take the time to create a Kanban or a Scrum board. With Kanbans and Scrums efficiency becomes fun.

To close out the episode Mays and Ferry propose several questions. In order to operate and maximize op-edge (maximum operationalizing) what is your exceptional service? How do you personalize your services to make your customer service exceptional, and therefore worth remembering? This should be one of your top questions you must ask yourself every day when creating your business. This question will not only define what your business is, but it will also be the essence of which you stand for. 

Whew! What a great first act! It’s always best to blow away the audience with one of your best acts, however, in this blog post, we have two more amazing acts that will guarantee blow the socks off your feet. Or perhaps blow your mind away. Let’s move on to our second podcast.

Real Estate Rockstar Radio

Pat Hiban is the host and founder of Real Estate Rockstar Radio. His mission is to find and interview rockstars in the real estate industry (who would’ve guessed). Pat Hilban is also a New York Times Best Selling Author, and he is now delivering his insight into his triweekly show. Each episode addresses success, failures, tips, and tricks within the bustling industry. The episode we suggest listening to is, “Episode 865: Success Through Service With Commerical Real Estate Expert Jonathan Keyser.”

Episode 865: Success Through Service With Commerical Real Estate Expert Jonathan Keyser

With more than 20 years in the Commercial Real Estate Industry, Jonathan Keyser has become one of the most famous commercial real estate agents. Not because of his talent of surviving in a cutthroat industry, but by actually doing what he believes is best: reaching success by helping others reach their success. Thus came his business Keyser Real Estate. In today’s episode, one of the leading questions that frequently are asked is, “how do you grow and prosper in the real estate environment?”

“You don’t have to be ruthless to win.”

Jonathan Keyser. 

Indeed. Keyser’s argument, in its essential form, is to create success by helping others succeed. Keyser uses his statement and likens it to hunting and farming. When we hunt, we think for ourselves. How do I survive? With farming, there is patience, care, attention, and resulting in eventual growth. The way farming is applied to Keyser’s argument is simple. Invest your time in people and relationships. Much like growing a tree in your backyard. Every day you must water it, tend to it, and care for it.

The idea of investing in relationships leads to successful futures. However, this is a long game, one that takes on average five years to complete. But, as Keyser boldly admits, he was miserable with the way he was killing it in the industry. He found himself misaligned with his values and for that, he reinvented himself and blossomed into a fruitful success. The way investment in relationships work is that they prove valuable in the long run. With value comes referrals.

“You truly can create extraordinary success by helping others succeed.”

Jonathan Keyser.

So, how do we apply this value to relationship building? Well, according to Keyser, you must provide a different level of service. Think about your clients’ families, the values you want to create, and how you would like to share these values. Note, doing the right thing because it is the right thing should not be the guiding business principle. Selfless service is brought on by the most self-interested strategy. 

“Being kind is not being weak.”

Jonathan Keyser.

The way to best implement the selfless service ironically is through the self-interested strategy, and here’s why: the self-interested strategy should be implemented in the mindset of how you can help others effectively and to the best of your ability. This type of mindset actually increases production, business, and service.

Your approach should have one major task: with every client, you interface with, what are three ways you can be of service to them without expecting anything in return. Through building relationships, be very present, listen, and ask probing questions. Think about who are the people that can impact you and how can you help them in return. Keyser continuously stresses that serving people takes a lot of work, but the endless success is worth it. Finally, Keyser departs some words of advice to all rookies and experts in the real estate world and the business industry: Think big. 

Well, how was that podcast for an awesome act? But don’t start quieting down. We still have one more seat rocker to show ya, that will, like the others, inspire the hell out of you. 

BiggerPockets Real Estate Podcast  

BiggerPockets is a company that caters towards helping realtors become successful. They offer content, tools, valuable tips, deals, financing, finding partners, and how to avoid mistakes when making the best investing opportunity. Their mission statement: BiggerPockets is a complete resource for anyone looking to succeed in real estate investing. With all that being said, allow us to finally lift the curtains for the final act. The episode up for discussion today is, “Episode 359: Using an Agent to Find Your First (or Next) Deal With Ryan Meinzer, Stephanie & Hero Cruz, and Rob Kishi.”

Episode 359: Using an Agent to Find Your First (or Next) Deal

Before diving into this episode, we would first like to note that we will be giving a short summary of one out of the three guests. This way you can go find out who BiggerPockets is, and the other essential house hacking tips you can learn. The entirety of this episode revolves around various types of house hacking. House hacking is a great real estate investment strategy when owning multi-family rental properties. House hacking is when you live in one of the multiple units of your investment property as your primary residence, and have renters from the other units pay your mortgage and expenses.

The first guest on the show is Ryan Meinzer. He recalls his experience of house hacking in the most expensive part of the country, California. What is remarkable about his technique is that he is living for free. One of the key tricks that Meinzer implements is the TIC: Tenancy In Common. TIC is a joint tenancy between at least two people. Meinzer gives the example that if you have a duplex, two people own the property together, but they respectfully finance their respective units. The perks to this are that prices were significantly marked lower.

Another perk Meinzer mention is having an agent for assurance and giving the boost of confidence we all need when making a huge financial decision. This, of course, is one of the definite perks and hacks to house hacking. For more information on house hacking and what has worked and not worked for people trying to get in the game, check out the rest of this episode.

Each podcast mentioned brings in their own expertise and specialized knowledge to real estate. From what you need to know, to the secret hacks no one tells you about. Additionally, anyone can learn some insight into the real estate industry and what to look for as a client. With the final act done that concludes this blog post on our favorite real estate podcasts. 

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You’re a real estate expert. You know your city; you know the neighborhood; and you’ve run the comps. But your client just won’t listen. They go on and on about how their great aunt who lives not far from here — maybe thirty minutes — sold her house for $20,000 above the listing price you’re suggesting, and that was 3 years ago. And their cousin sold his for $25,000 above that. And maybe you’re just not the realtor for them.

What do you do?

Do you walk away from the client? Do you argue?

According to George J. Thompson in Verbal Judo: The Gentle Art of Persuasion, no. While it is always within your rights to walk away, that should be your last option. And arguing is both unprofessional and ineffective.

Here is a step-by-step guide on how to get real estate clients to listen, especially when they don’t want to.

Step #1: Stay Calm

Never get upset.

Mushin, which translates to “no mind,” describes a state of being with no ego — no biases. A person in this state is calm and centered. No matter what is happening, she remains undisturbed.

In the book, Thompson says professionals must practice Mushin, especially in high tension situations. He stresses that the moment you show anger is the moment you lose power and any hope of controlling the situation.

Source: Pexels

Step #2: Deflect and Refocus

The two natural reactions to hearing something unpleasant is to grin and bear it or to argue and get sucked in. Neither option leads to a good result when you’re dealing with a difficult real estate client.

Instead, deflect and move forward professionally.

Deflecting phrases include:

  • I appreciate that
  • I’m sorry you feel that way
  • I hear that
  • I understand that

So you might say, “I understand that your great aunt sold her house for more, and I’m sorry you feel that I might not be the right realtor for you…” When deflecting, it’s important to use more than one phrase so you don’t sound abrupt.

After you’ve deflected, it’s time to refocus. The refocusing words are BUT or AND. For example, “… BUT I’m just trying to help you achieve your goal of selling fast.”

When you are deflecting and refocusing, always sound calm and interested; and make sure that everything you say after your refocusing word (BUT or AND) is professional and goal-driven.

Source: Pexels

Step #3: Ask, Explain, and Paint a Picture

Once you’ve refocused the conversation on the goal of your client selling their house, the next steps are as follows:

  1. Ask them to do what needs to be done in order to achieve the goal.
  2. Explain why it’s important.
  3. Present them with their options by painting a clear picture.

In an actual conversation, asking, explaining, and painting a picture look like this:

“Will you let me list your house for $480,000?”

If your client says no or appears unconvinced, add context. Tell them why it’s important they list at $480,000.

“It’s important that we list at $480,000 because that’s the highest you’re going to get in this buyer’s market, and I don’t want to waste your time or have you be disappointed down the line when your house doesn’t sell.”

If your client says no again or is still wavering, present their options.

“If you list at $480,000, you’ll be relaxing in front of the TV in your new home in under a month. If you list for more, you’ll be stuck here for months and will end up saying to me — let’s lower to $480,000. That happens all the time. So let’s list right the first time. You might even be able to move into your new house before Christmas.”

When presenting the options, paint a clear picture and follow this sequence: good, bad, reminder of good. Painting a clear picture helps get your client in touch with the reality of the situation, and sandwiching the bad scenario between the good makes it more likely they will choose the appealing option.

Source: Pexels

Being a realtor can be frustrating, especially when you’re trying to help your client but they don’t want to listen. Using these techniques from Verbal Judo: The Gentle Art of Persuasion will help you manage your conversations with clients to help you both achieve the goal of getting their house sold.

AirSend is a versatile digital workspace for professionals to share files, send messages, and complete tasks. See how AirSend can help your real estate business here.

Have you ever wondered if there’s another way to grow your real estate business? One that doesn’t involve cold calls, door knocking, or sending cards and emails to old clients that you know just end up in the trash.

Traditional real estate sales methods are high hustle and low pay-off. Maybe that’s why 87% of realtors fail within the first five years of business according to the National Association of Realtors.

Other reasons for such a high failure rate include the low barrier of entry for becoming a real estate agent and the way large brokerages recruit and train agents like they’re creating an army of clones. They teach every new agent the same ways to find sellers and buyers, the same tactics on how to land clients, even give everyone the same scripts to read from.

This leads to an overabundance of agents and brokers competing neck-and-neck for a limited market — what we call a red ocean.

Source: GIPHY

Don’t Swim with Sharks – Create Your Own Waters

Blue ocean strategy says businesses that create new markets instead of struggling in existing markets find opportunities for growth that are rapid and highly profitable.

There are many well-known examples of this. Take Canon — the company that spawned the personal desktop copier industry. Or iTunes — Apple’s strategic answer to the illegal music file sharing boom that started in the late 90’s.

Instead of catering to office purchasing managers like its competitors, Canon saw that secretaries used copiers and printers every day and had different requirements that were not being fulfilled. The company built compact, accessible desktop machines that offered secretaries the features they wanted.

Apple took advantage of the shift from physical CDs to digital music by providing a legal way to buy individual songs at low prices — something that had never been done before. The company generated additional value with improved sound quality and a polished user experience.

In both cases, the companies saw opportunity in previously ignored demographics and formed new markets by offering products that provided enormous value at low prices. In other words, they created blue oceans — market spaces free of competition — through value innovation.

Source: Pexels

Value innovation is the key to creating a blue ocean. It is the combination of increasing end user value and decreasing price.

More Customer Value + Lower Price = Value Innovation

By providing a leap in overall value for customers, you make the competition irrelevant. You no longer have competition. Instead of fighting for your life in the bloody, shark-infested waters of a red ocean, you have a market all to yourself —  a blue ocean.

Value Innovation in Real Estate

So how do you apply blue ocean strategy to your real estate business? It starts with a shift in mindset and ends with asking a few questions.

Traditional business paradigms are all about beating the competition. You ask yourself, “What is my competition doing, and how can I do it better?”

What that looks like in real estate is: how can I run more ads? How do I make more cold calls? Where do I find better leads? It looks like spending more on social media advertising, slick logos, and fancy flyers.

And what blue ocean strategy says in response is STOP.

Source: Pexels

Stop trying to beat your competitors because the more you try to beat them, the more you start to look the same. Don’t assume that because a competitor is doing something, you should too. Stop using predetermined industry practices as a benchmark for your business.

Instead, shift your focus from your competitors to your customers.

Remember, value innovation is the combination of increasing customer value and decreasing price.

So how do you do that? Four words, or questions:

Eliminate. Reduce. Raise. Create.

  1. What factors or processes can I eliminate that the industry takes for granted?
  2. Which standards in the real estate industry can be reduced?
  3. What standards should be raised?
  4. What can I create that the industry has never offered before?

Case Study: REX

One example of a successful real estate business that has, knowingly or not, followed blue ocean strategy is REX.

Founded in 2015, REX has since raised $115M and grown to 64 employees. It has done so through value innovation — offering customers a giant leap in value at a much lower price.

Let’s see how.

Eliminate

REX saves its customers time by assigning each customer a pre-screened agent and photographer, eliminating the hassle of choice.

Trying to find the best real estate agent to help sell a home or a good photographer to take professional pictures takes time. The process starts with research, then interviews, then making a decision — a long process that comes with no guarantee that you’ve made the right choice. REX removed that obstacle.

Reduce

Instead of charging the traditional 5 to 6% commission, REX charges a reduced fee of 2% to sell a home. The company can do this because it eliminated the traditional agent/broker commission structure.

Raise

REX raised industry standards by implementing artificial intelligence and big data to provide its customers with more accurate home pricing and marketing.

Without the help of big data analytics technology, pricing and marketing a home is more art than science. Every real estate agent is taught to run comps and knows the result is an educated guess at best, and quality of marketing varies agent to agent. REX changed that.

Create

By combining the above elements into an easy-to-use digital platform and system, REX created a simpler way to buy and sell homes.

What now? Think big.

Source: GIPHY

You might be wondering — what does this have to do with me?

The same techniques that we have been discussing that worked for REX can work for any business, no matter how big or small.

Whether your goal is to start a multi-million dollar real estate business or beat last year’s sales, asking and implementing the four questions that lead to value innovation will help you generate more value for customers — leading to happier clients and a wealthier you.

So go ahead and eliminate, reduce, raise, and create.

AirSend is a versatile digital workspace for professionals to share files, send messages, and complete tasks. See how AirSend can help you as your business grows here.