Real Estate and the Millennials-What Do They Need?

Real Estate and the Millennials -What Do They Need? By Rick Guthrie Thanks for returning back to my blog “Real Estate and the Millennials.” Today it’s about, “What Do They Need”? So far we’ve touched on; “How will They Find Us?; Attracting Talent and “What do They Want”? Now let’s look at what they need. […]

Real Estate and the Millennials -What Do They Need?
By Rick Guthrie

Thanks for returning back to my blog “Real Estate and the Millennials.” Today it’s about, “What Do They Need”?

So far we’ve touched on; “How will They Find Us?; Attracting Talent and “What do They Want”? Now let’s look at what they need.

According to the findings from Pew Research Center, on Millennials, they are Detached from Institutions, Networked with Friendsthey are also called “the generation of digital natives”. Technology to the millennial is not just an impact or a change in their lifestyle like it was to the boomers and gen x generation. No, to the millennial technology is a way of thinking, learning and encompasses a lifestyle they were, for the most part, born into.

Real Estate and the Millennials What do they need?The data points to fewer millennials seeing differences between political parties. This is certainly different than boomers. The average millennial investor has 52% of their savings in cash, compared to other age groups which has about 23%. Definite patterns have been developed certainly not unlike past generations.

Anyway, I’ve put together a few thoughts on what the millennial real estate professional needs to thrive.

  • They need a team environment:

Millennials tend to job hop. It seems to be over 2 major issues. A boss to subordinate relationship, (which they do not like) and fair monetary compensation. The interesting thing though is they would rather make less and be happy then make more and have no fun. They need a fun team environment.

  • The need for open thought and opinion:

Let’s face it, no one likes it when their ideas or opinions are shot down. Keeping an atmosphere that is not openly critical, opinionated or racially and religiously charged is important. 48% of millennials are racially determined as other than white. Racial discrimination will not fare well in the work place to the millennial and rightfully so. In short, they want to contribute as a team, to the end result, with little to no drama. Try not suppress opinions or thought.

  • They need to be represented and included in decisions:

Millennials feel that too much power is in the hands of only a few people. They need to be heard. They need representation in decision making activities when possible. Certainly a company would need to set standards to where millennial leaders could qualify to be involved in the decision making activities. That said, the input from millennial leaders is invaluable to the company and to them.

  • They need and organization who gives back:

This generation is particularly drawn to social and environmental causes. Ensuring that your company is involved in community and or social contributions through a team effort will go a long way.

  • They need an open work environment:

Rigid hours and floor time and the 9-5 attitude is going away. Now for some businesses that’s a tough one. However not for real-estate companies. Having a fun and open office environment that gets everyone in the office to participate in lead generation is a win-win. Having swipe cards for easy after hour access is a must. Maybe finding leaders that are more flexible with their hours to meet with team members after traditional hours could be a plus. Sounds like we may need more millennial leadership.

  • They need a technology driven work place:

I know you’re thinking more dollars but not really. The greatest technology is in the palm of their hand. You have nothing to do with that. What you can do is get friendlier wireless and blue tooth equipment that complements their smart phones, hand-helds and pads. Then get some great furniture and dump the cubicles and those old outdated PCs that they don’t use and are frankly a source of embarrassment for them.

  • They need the opportunity to collaborate:

Everyone, not just millennials, has the need to contribute. This group especially likes side projects. Remember it’s not all about the money. Provide them the opportunity to head up or belong to a committee. Maybe they could work on a community event or plan an office social hour. Provide them the opportunity to train others. This goes a long way.

The fact is that 75% of our workforce will be millennials in 2025. That’s just in 10 years. We need to grow our companies with that in mind. To do that we need to focus in on what their needs are and then meet them. Also, we need to look for that great millennial leadership that we can develop that eventually will replace us…… I know I am! Please call me if that’s you.

 

Research credit links. Forbes, Inman, Brookings, Pew Research Center

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-Seven Steps To Success

List to Last-A Blog Series: By Rick Guthrie #4 Seven Steps To Success Continuing on with my “List to Last Series”, did you practice the appraisal script? Like I’ve said I believe your ability to explain that process is crucial in you getting the proper initial list price. Moving forward I want to talk about […]

List to Last-A Blog Series: By Rick Guthrie
#4 Seven Steps To Success

Continuing on with my “List to Last Series”, did you practice the appraisal script? Like I’ve said I believe your ability to explain that process is crucial in you getting the proper initial list price.

Moving forward I want to talk about my seven steps to success. Initially you had a great rapport building conversation, with the sellers, when you set up your listing appointment. Then you put together a Kickin’ Listing Presentation using my A.B.C listing format. Now it’s time for the appointment. These are the seven things I constantly do once I arrive and before the actual presentation or conversation. So here are the seven steps to success;

  1. Show Up On Time. Everyone knows you always arrive on time, but don’t arrive early. They’re trying to get meals done or kids to bed or whatever. Just show up on time.
  2. Knock on the door, hand them a card and offer to remove your shoes. Removing your shoes shows them that you respect their property and sets a precedence in their mind.
  3. Greet Everybody. You may see some little ones, hanging around, at their parent’s side seeing who’s at the door. Showing them that they’re important sends a message to everyone. Occasionally you’ll see a retired couple in the living room hanging around. That’s most likely Mom and Dad watching out for their kid’s best interest. Maybe that’s in reverse and it’s the adult kids watching out for Mom and Dad’s best interest. You just need to say hi to everyone. Getting all of the adults to the table for the presentation is important. If you can make that happen you’re golden…Trust me!steps to success
  4. Go to the Staging Area and Lay down your Presentation Packet. This is where the presentation will take place. This needs to be an area where the sellers can be across from you. This way they can see the presentation and you can see them. Preferably the dining room or kitchen table works the best. The reason I place my packet there is to let them know this is where it’s all going to take place.
  5. Ask For a Tour of the Home. Lead the tour if you can. The script may sound like this: “Mr. and Mrs. Seller may I get a tour of your home? Hey let’s start in the kitchen and then we can move to the family room.” The reason I like to lead the tour, if possible, is to show them a “Take Charge” type of attitude. The tour should take as long as it takes and you should have a pen and pad taking notes. Any professional would take that approach. Caution, at this time try not to make negative observations about the condition of the home. We’ll handle that after we go through the presentation. If they ask questions on that topic, during the tour, my script is this; “You know once we get your home listed tonight, I’ll walk through your home with the eyes of a buyer and make some humble suggestions on what you need to do to get you home ready to sell. Fair enough?”
  6. Go Back to The Staging Area and Seat everyone like its Thanksgiving Dinner. The reason I seat them is the couple tends to go to their usual chairs, which is at the opposite end of the table. You want them right in front of you.
  7. Don’t Accept anything to Eat or Drink. What happens is that a great host or hostess will see your coffee cup or water glass empty and they will get up from the presentation to fill it. This breaks your pattern and you don’t want that. When they ask, I just politely say, “No Thanks I’m fine”.

 

So practice my “Seven Steps to Success” and see how that works for you. It gets you and the sellers in a great mindset and sets the stage for an incredible presentation.

 

Try it out and 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!

 

Well it's About Time-The FOCUS Triangle

Well it’s About Time – The FOCUS Triangle By: Rick Guthrie We’re back on my blog series “Plane, Space and Time”. Thanks for reading. I want to continue with the blog, “Well it’s about time”. Last time we ended with the understanding that we would be discussing more on planning. Remember I wrote, “It’s all about […]

Well it’s About Time – The FOCUS Triangle

By: Rick Guthrie

We’re back on my blog series “Plane, Space and Time”. Thanks for reading.

I want to continue with the blog, “Well it’s about time”. Last time we ended with the understanding that we would be discussing more on planning. Remember I wrote, “It’s all about knowing, having and doing”? Let’s expand on that with this great tool. This is too cool!

I would like to give credit where credit is due, but honestly I can’t remember who to give it to. All I know is this tool has morphed into something I got from someone. I’m guessing either Gary Keller and or John Maxwell or a combination of both. That said, I use it all the time. I call it the “Focus Triangle”.

When you have your “One Thing” that you need to accomplish, this is a great planning tool and crazy/simple to use. FOCUS triangle   Basically just draw a large triangle on a sheet of paper. In the middle of the triangle write in  what you need to accomplish. On the left side of the triangle write the word KNOW, on the  right side the word HAVE and on the bottom the word DO! Then draw four lines beside  each word and number those lines 1-4. Now as you can see, I have made one up and saved it  so I can grab it off of the computer any time I need it. If you want one, just email me at  www.rickguthrie@kw.com and I’ll get you one. So let’s put together a quick plan for our  Focus Triangle.

Let’s say you wanted to drop expired listing packets tomorrow, it may look like this;

 

What do I need to KNOW?
1. The Newly expired listings from the MLS
2. If they have been re-listed with another Realtor®
3. Quick stats on the property and area
4. Owner Information and if the property is vacant, the owners phone number

What do I need to HAVE?
1. The proper number of expired packets
2. A practiced great expired script
3. Routes and maps to the various expired occupied homes
4. A full tank of gas

What do I need to do?
1. Get up early
2. Door knock those expired listings on the way to the office
3. If no one is home, leave the packet. (I like to roll it up and put it in the garage door
handle.)
4. Follow up with a phone call and put them on a daily 8X8.

There you made an easy quick plan. Now all you have to do is follow the plan. You’re saying to yourself, “That sounds too easy”…… It is!

You can use this for any type of lead generation, marketing planning or just doing the Saturday yard work. When I have a lot I think I have to do, I use this and I start doing the things I need to and should be doing. There is a difference. Again, I would prepare your Focus Triangle the night before so you’re ready to go the next day. Believe me you’ll feel like you’ve accomplished tons!

Blog ya’ soon

Do You Want a Home or a Deal?

Do You Want a Home or a Deal? By: Rick Guthrie Do you know the difference between buyers that are looking for a home and those that are looking for a deal? How are you communicating with your buyers and sellers?  A lot of buyers fall into one of two categories, the first category is […]

Do You Want a Home or a Deal?

By: Rick Guthrie

Do you know the difference between buyers that are looking for a home and those that are looking for a deal? How are you communicating with your buyers and sellers?  A lot of buyers fall into one of two categories, the first category is buyers that are looking for a home and the other is those that are looking for a deal.

Take a look at your buyers and think about what is motivating them the move?  By knowing the difference and adjusting your strategy to better meet their needs you will not only have more success in finding them the best possible home but you will also save time and potentially create a life long customer. Remember if you aren’t hearing their needs and motivations to move then you may be missing the opportunity to help them find what they are looking for.

want a home

Is Your Pipeline Full?

Is Your Pipeline Full? By: Rick Guthrie What does your real estate pipeline look like?  The business of Real Estate has busy and slow seasons like most sales industries. Since it is the end of July most agents know that we are heading into the slower months of the real estate market.  Spring and summer […]

Is Your Pipeline Full?

By: Rick Guthrie

What does your real estate pipeline look like?  The business of Real Estate has busy and slow seasons like most sales industries. Since it is the end of July most agents know that we are heading into the slower months of the real estate market.  Spring and summer are the most profitable months across the nation.  In the fall the market starts to slow down and by winter there aren’t near as many people who are looking to sell or buy a home with the holidays.

A great agent knows that they need to be filling their pipeline to keep their business going over the long winter months.  Lead generating leads to business during the off seasons and leads to consistency.  Be thinking about those who potential clients that say they aren’t going to be ready to sell until sometime later this year.  Those are the clients that you want to be filling your real estate pipeline with for the winter months ahead.  Houses are bought and sold all year long make sure your the one helping in those transactions.

july 25th at noon money and a meal

Well It's About Time-Time Your Management

Well it’s About Time – Time your management By:  Rick Guthrie We’re back on my blog series “Plane, Space and Time”. Thanks for reading. Finally we’re starting to wake up and realize that this whole idea of time management is skewed. The question is how do we manage our time better? Well let’s think about […]

Well it’s About Time – Time your management

By:  Rick Guthrie

We’re back on my blog series “Plane, Space and Time”. Thanks for reading.

Finally we’re starting to wake up and realize that this whole idea of time management is skewed. The question is how do we manage our time better? Well let’s think about that and then re-boot. Everyone is saying the statement of “time management” is incorrect because you can’t manage your time. I guess it’s about how literal your perspective is. To me, if we’re bent out of shape about the statement, “Time Management”, we’ve just wasted time on semantics. But hey, I’ll play. The definitions of time;

it's about timeAs a Noun:
The indefinite continued progress of existence and events in the past, present, and future regarded as a whole. (Yep we really can’t change this one)

As a Verb:
Plan, schedule, or arrange when (something) should happen or be done. (Now we’re talkin’)

So let’s say for argument we’re using the word “time” as a verb. So let’s manage how we plan schedule or arrange.

I suppose everyone does this different. My way has been a trial and error until I found others who have mastered this. I believe that developing a plan or a schedule is a learned skill. I heard John Maxwell explain in a seminar once, that he liked to plan his day the night before and have one important item that he was supposed to accomplish the next day. Then if he accomplished that one item before 11:30 his day was a success and everything else was gravy. When I adopted that attitude everything changed for me. So over the next few blogs I would like to strategize on how to time your management. See what I did there with that whole noun verb thing?

So let’s pick an activity that we could time (…verb). One that, if we timed it right, we could be more productive, make money or have more time (….noun) to ourselves. Well as real-estate professionals that points to lead generation. Right? So for the next few blogs in the remainder of the series it’s about timing your lead gen.

To start out for now, do a little house cleaning for me. In your space, remove distractions. Here are some common distractions that effect how you time your management.

  • Interruptions
  • Web/Email
  • Cell phones (Voice mail, Texts)
  • Crisis from team members or staff
  • Home office (family interruptions, distractions and so on)
  • Not being able to just say no

I’m sure you have more. If you have constant distractions, it will effect the timing of your lead generation. You really need to look at your diet, sleep and exercise too. They take a toll on your ability to time yourself.

So house clean today and I’ll share more later on the planning. It’s about knowing, having and doing. You’ll love what coming next…… it’s too easy!!!

Did You Triangulate?

https://www.youtube.com/watch?v=ivMMkHaG5bs Did You Triangulate? Rick Guthrie the Team Leader at Keller Williams Fairfax Gateway, in Fairfax, Virginia talks about triangulating in Real Estate to build your core.  The Triangulate Challenge has some pretty awesome rewards too!! You could win a trip to Orlando, Florida for Mega Camp which is the first place prize.  So go […]

https://www.youtube.com/watch?v=ivMMkHaG5bs

Did You Triangulate?

Rick Guthrie the Team Leader at Keller Williams Fairfax Gateway, in Fairfax, Virginia talks about triangulating in Real Estate to build your core.  The Triangulate Challenge has some pretty awesome rewards too!! You could win a trip to Orlando, Florida for Mega Camp which is the first place prize.  So go out and build that core of yours and not only will you be increasing your chances of winning the prize but you also will be growing your business.

did you triangulate?

Choose Not to Participate

Choose Not To Participate By: Rick Guthrie You must be thinking why would I choose NOT to participate? Fairfax County Virginia has tons of social events and organizations to help you get your business name out there but, do you really think that is the best use of your time to increase your business? With the […]

Choose Not To Participate

By: Rick Guthrie

You must be thinking why would I choose NOT to participate? Fairfax County Virginia has tons of social events and organizations to help you get your business name out there but, do you really think that is the best use of your time to increase your business? With the Real estate market in Fairfax County Virginia, there will always be peaks and valleys or ups and downs in your business.

By going to professional meet ups and joining a few organizations around town some people will maybe decide to use you to help them sell their home or buy a new one down the road.  I think you should take a look at where your leads are coming from.  Many agents are finding that by participating in local organizations that they aren’t really getting as many leads as they thought they would and that their time could be better spend in other areas of their lead generation to find leads. I’m not saying to stop coaching to your child’s sport team or volunteering at their school events, just cut back on participating in things that you joined thinking they may  bringing in the some great leads.

Concentrate on your book of business and keep a pipeline of leads full. Then you’ll always have business and will not have to participate in the ups and downs of the market. Your business will be constant. By focusing more on your business database, triangulating and not participating in time consuming activities, and events that have little to no benefit to your business, you will be controlling your business not the market.

 

 

Real Estate market in fairfax county virginia