Real Estate and the Millennials-Attracting Talent

Real Estate and the Millennials- Attracting Talent Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “Attracting Talent”. So how do we attract millennial talent and how do retain them? I’m constantly searching for more data so I can pass on better information about the millennials. For the […]

Real Estate and the Millennials- Attracting Talent

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “Attracting Talent”.

So how do we attract millennial talent and how do retain them? I’m constantly searching for more data so I can pass on better information about the millennials. For the most part I’m trying to be more effective in coaching them in real estate careers. In my research, with no big surprise, the data points to better communication as being the key element. I think one thing that’s become very clear to me is this fact; we as baby boomers created the millennial. We were the generation that gave awards to our kids for participation before results. We were the soccer parents that took our weekends to make sure our kids were exactly where they needed to be even when it required us to put our plans on hold. We were the ones that instilled in them an attitude of entitlement. It is what it is, so why are we surprised that their attitude of entitlement has manifested itself in the workplace? Is it necessarily a bad thing that they are who they are?

Millennials attracting talent If it was important for us to treat our children differently than we were treated, doesn’t it make sense that we treat our business subordinates in a way that we would have liked to have been treated? It’s just a thought. So we have to realize that, in the work place, we should continue on with that level of support and recognition that we willfully bestowed on our children and graciously offer that to our millennial business associates.

Already some of you have that feeling of crimson creeping up from your neck to your ears. Let me ask you this, do you want and need a business that works with the insight and talent of Millennials or do you want to stand your ground and find the 1% that will lose their soul for your cause? Looking back, now at the age of 53, I thought you could get ahead by losing your soul. Honestly I wish would have been more selfish.

Anyway, I’ve found this incredible youtube that explains a lot about Millennials. It’s called “6 Strategies to Connect with Gen Y/Millennials in the Workplace”. Watch this it is really insightful.

So I promised you that I would share a question and answer I had with my favorite Millennial, my son, about what would attract him to a real estate career. Here’s how that went.

Question: If I was trying to recruit you to a real estate career what would be the some of the top things you would be looking for?

Answer: The more I thought about it I realized that you are dealing with the “ask generation”. Whether it’s through people or the internet, my generation has gotten accustomed to always getting an answer to any question that we have so keep that in mind. As far as the real estate career question is concerned, there are a couple of thoughts that come to mind. One, the money and always being able to make more is a big deal. I agree with one article I read that hit the nail on the head when it mentioned that millennials work to live not live to work. We will never devote our life to only work. We want to show up, do a good job, get paid for it, then go home and enjoy other things. Unpaid overtime is a bazar concept that no millennial will ever be okay with and with a real estate career, that’s a thing that doesn’t really exist. I’d also be looking for places that aren’t going to be taking a larger portion of my commission if it can be helped. The reason millennials jump companies a lot, at least in my eyes, is people want to nickel and dime us, not offer raises, etc. So we will go somewhere else that offers us more attractive benefits or more money compared to other companies. Offering mentoring and help that leads to success and helps build us up and become confident in what we’re doing is huge. I personally want to know the ins and outs of everything I’m doing so I’m not reliant on someone else. Don’t know if any of that helps or not but those are a few.

That’s great insight. If you read this with an open mind, it just makes sense. Please comment on your thoughts and any insight you may have. Millennials please chime in. In short this blogger feels not only are you our future, but we will benefit from you greatly in the workplace. That’s only if we take on the responsibility to improve on our communication skills. Until next time.

List to Last- Explaining The Appraisal Process

List to Last- Blog Series #3 Explaining The Appraisal Process. By Rick Guthrie I hope you’ve tried my A.B.C. listing format. If you haven’t go to www.rickguthrie.com and read that blog. In the ‘’A” section or the Agreement on price section it is extremely important to explain the appraisal process to the sellers. This well […]

List to Last- Blog Series
#3 Explaining The Appraisal Process.

By Rick Guthrie

I hope you’ve tried my A.B.C. listing format. If you haven’t go to www.rickguthrie.com and read that blog.

In the ‘’A” section or the Agreement on price section it is extremely important to explain the appraisal process to the sellers. This well help you get market pricing based off of your comparables. Once a seller understands what the function of an appraiser is and how they protect the lending institution’s interest, you can have more of a business conversation about pricing. Most transactions will obviously have an appraiser involved and believe or not most sellers are not aware of how this works. Until you have that conversation with them I find pricing is more an emotional decision rather than a business decision. I remember a script I learned from someone 15 years ago, it went like this;
     “Mr. and Mr. Seller, once your home goes on the market it is no longer a home but a commodity so   we need to treat it as such”.

The appraiser places a value on behalf of the lending institution on that commodity and the sellers need to understand that. I explain the appraisal process right in the beginning of my listing conversation. My appraisal script is this;

Mr. and Mrs. Seller the first thing I want to you talk about is the appraisal process. Once we get your home listed tonight and a buyer brings an offer, the buyer’s lender, not the buyer, is going to engage the services of an appraiser. The appraiser is determining value for the lending institution. The appraiser is looking for three like properties (apples to apples) that have sold within your area within the last 3 months. They want to find at least one or more that have sold at your contracted price or higher. Do you understand? Certainly a lending institution would not lend more money than a home was worth and you as a buyer wouldn’t want to pay more than a home was worth right?”The Appraisal Process

Now once I have gotten verbal acknowledgement that they understand, I move forward. When you backup this script with great comps and what I call a location of comparables map you’ll find they will choose realistic pricing, which is good for everyone. Poor pricing costs you and more importantly them time, inconvenience and definitely money.

So try this appraisal script in your next listing presentation or conversation and see how it works. If you would like to see this in a YouTube video just email me at www.rickguthrie@kw.com and I’ll send you a private link.

As always, “You have a great month today”

 

List to Last-A Blog Series: The Rapport Building Script

List to Last-A Blog Series: By Rick Guthrie #1. The Rapport Building Script Over the next couple of weeks I’m going to go over some great techniques to consistently help you get ink on paper at your listing appointment. Remember the stats tell us that 65% of sellers were referred their agent by someone else […]

List to Last-A Blog Series:

By Rick Guthrie

#1. The Rapport Building Script

Over the next couple of weeks I’m going to go over some great techniques to consistently help you get ink on paper at your listing appointment. Remember the stats tell us that 65% of sellers were referred their agent by someone else or they have used them before. Also, 60% of those sign with the first agent they interview. The moral of the story? Work your database!

Building rapport with sellers before your listing appointment, I believe, is responsible for 50% of your success in getting their business. Let’s face it, if they feel like they know you and are comfortable with you, before you come to their home for the appointment, well that sets them at ease. I’ve used my rapport building script in two ways. Either as a questionnaire in a pre-listing appointment or over the phone days before my listing appointment. I’m a one stepper, which means I really don’t do pre-listing appointments. So the phone is my choice for the rapport building script. You would never have them just fill it out, it just defeats the whole concept of building rapport. My script is designed to do 4 things:

  1. Build massive rapportthe listing the rapport building script
  2. Identify concerns or objections before they come up and before my appointment
  3. Identify the sellers expectations
  4. Identify possible competition

Imagine if you went to your listing knowing what the seller’s hot buttons were. Or how about this; knowing what a concern or objection might be so you could handle it in your presentation before the sellers even bring it up. Would it be helpful if you knew about the 4, 7 and 15 year old that will hanging around during your appointment? Do you think your clients would appreciate a customer estimated net sheet that will show them what they will clear after a successful close? The rapport script asks for their estimated payoff to help you prepare that documentation.

Building rapport before the appointment will open up a whole dialogue that will initially pave the way to a great presentation and then cement a foundation to a long professional/client relationship. My rapport building script asked questions line by line with lines for seller responses. Also, it has an area at the end so you may identify possible concerns or objects and write them in. If you determine that you may have a possible concern that you will have to navigate, you can take it to a coach or manager that may be able to help you with a solution.

If you don’t have a rapport building script of your own, just email me at www.rickguthrie@kw.com and I’ll email you mine.

And as always…..You have a great month today!

 

Rule of Nines- A Recipe for an Instant Profitable Database

Rule of Nines – A Recipe for an Instant Profitable Database By Rick Guthrie So how important is a database? Well according to NAR, 64% of all of home sellers in 2013 found their agent through family and friends or had used that agent in the past. Also, 65% said they would use that agent […]

Rule of Nines – A Recipe for an Instant Profitable Database

By Rick Guthrie

So how important is a database? Well according to NAR, 64% of all of home sellers in 2013 found their agent through family and friends or had used that agent in the past. Also, 65% said they would use that agent again. So I would say a working database is the most important business tool you have. I believe it can be the most cost effective with the greatest return.

All of that said, traditionally I find agents as a whole don’t and won’t focus on their database. Yes, this includes the veteran agents.

New agents, veteran agents here’s a quick way to kick start, immediately, a very profitable database. I call it my “Rule of Nines”. Here we go:

  1. Identify Nine of your closest friends or family. (We call these Core Advocates.)
  2. Get their permission to send them market stats and general real estate info.
  3. Explain to them how important this is to your career and place them on an 8X8 and 33 touch.
  4. Ask them if they could identify Nine of their closest friends and family that you could call to put on the same program.
  5. Explain how crucial this is to your success.
  6. Contact those Nineand put them on an 8X8 and 33 touchThe Rule of 9

Quick Math ….. 9 Core Advocates plus 9 of their Core Advocates is 90 in your database immediately.

Research shows, that for every 12 people you connect with in this way, you should expect to net 2 sales. For these 90 that would be 15 sales. Pretty awesome right? I’m finding that agents with no limitations on their thinking get immediate results from contacting their closest Core Advocates. Now if you have someone who is uncomfortable helping you with this, in my opinion, they’re probably not a true Core Advocate.

 

Once you get this in place start filling the rest of your database using the systems, tools and methods outlined in the book “The Millionaire Real Estate Agent”. If you don’t have this book email me at rickguthrie@kw.com and I’ll tell you where you can get one.

I really encourage you to get this set up quickly utilizing your closest friends and family.

“The rule of Nine and you’ll be fine”

Blog you soon