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.

Real Estate Millennials-How Will They Find Us?

Real Estate and the Millennials- How will they find us? By Rick Guthrie Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “How Will They Find Us”? Studying our new largest generation, the Millennials, has become a real passion of mine. Not just for helping with real estate […]

Real Estate and the Millennials- How will they find us?

By Rick Guthrie

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, “How Will They Find Us”?

Studying our new largest generation, the Millennials, has become a real passion of mine. Not just for helping with real estate careers here in Fairfax County, but for basically general knowledge. As with anything, our assumptions about others might not be accurate. Being a baby boomer and the parent of millennials, I felt that I knew what made the millennial generation tick. I thought that I knew all I needed to know. I must admit that I had some insight but most of my assumptions so far have been wrong.

I think back on how many times I’ve said, “kids of this generation know everything just ask ‘em, they’ll tell you”. I’m sure you’ve heard that too. The fact is…. they kind of do. Information is always at their fingertips and they will research that information at the drop of a hat if needed. The majority of my generation, in all humility, was researched challenged. Unless Mom and Dad fell prey to the Encyclopedia Britannica sales person or you had a good handle on the Dewey Decimal System, information was not easily forth coming. So for the most part, information came from the media and had a certain amount of subjection and or opinion. So we can assume, especially with the media inaccuracies of late, this practice doesn’t hold up for Millennials most of the time. I actually believe that they enjoy watching us banter over inaccurate information.

So what’s the point? The point is if we want to understand the Millennials we need to research Millennial how will they find usCharacteristics. The problem that I’ve had is researching very subjective and opinionated views. Sound familiar? Yep back to my old Boomer ways. So I’ve decided to actually survey the Millennials themselves. I’m not only surveying one on one but also in virtual surveys like Survey Monkey. Of course I’m trying to determine how to best meet the needs of my future millennial real estate clients but also attract millennial talent for careers in real estate.

My first research ah ha was from a conversation I had with my favorite millennial, my son. Now his occupation is in a tech related field and he is actually working towards his first home. My immediate assumption was that he would be virtually driven in his search for a real estate professional. Check this out.

          Question: I’d like to hear your thoughts and quote you in my blog. If I wasn’t your Dad and you wanted help with your home search, what would you be looking for from a real estate professional? What value proposition would spark you to use me?

          Answer: That’s a really tough question. I don’t know if I’d be the best person to ask, since I do tend to differ a bit from some millennials, but ultimately it’s going to come down to this. If someone I know, knows you and spoke highly of you or recommended you. As a first time home buyer, I have no expectations. I don’t know what’s typical and what I should be looking for. So I’m going to start asking people around me that I know if they have any suggestions and more likely than not, whoever’s name they throw out is going to be who I’m going to go to first. I might google that person’s name and see if anyone has said anything negative about that realtor, but if I don’t find anything they’ll be my first choice.

Isn’t that cool! We don’t need to change our mindset on relationships. Still our number one method of lead generation is asking for referrals. He didn’t say, “I’d go to the internet to get help”. Or, “I wish you guys had a robotic showing assistant”. Or, “I’d look at 3D floorplans”. He said he’d ask for personal recommendations. It’s still about that personal touch. I believe that’s going to be #1 in the real estate equation for a long, long time. Recommendations, referrals and relationships are how the Millennials will find us.

Wait till you hear what he said about contemplating a career in real estate. But that’s for next time.
Hey comment and give me your thoughts. Blog ‘ya soon.

Real Estate and the Millennials

Real estate and the Millennials Blog series by Rick Guthrie According to the Pew Research Center , in 2015, the “Millennial” generation is projected to surpass the “Baby Boomers” generation as the largest living generation. The Millennial generation is typically classed from the ages 18-34 or born around 1980 through 2000. This presents an opportunity […]

Real estate and the Millennials

Millenials how may we help?Blog series by Rick Guthrie

According to the Pew Research Center , in 2015, the “Millennial” generation is projected to surpass the “Baby Boomers” generation as the largest living generation. The Millennial generation is typically classed from the ages 18-34 or born around 1980 through 2000. This presents an opportunity to look at the way we as real estate professionals are conducting our business. Are we attracting potential first time home buyers? Are we communicating our value proposition in such a way that the Millennials are hearing it and understanding it? Do we know the struggles and challenges that a Millennial may have in the home buying process? Are we attracting enough young talent to the real-estate industry that can support our need to service this next great generation? The average age of a real-estate professional is 57 years old. So the answer to the question above is probably no.

Over this next blog series I’m going to be doing some research and strategizing on how we as real-estate professionals can not only positively impact the “Millennial” real-estate client but also attract and train “Millennial” real estate professionals.

Many researchers have found “Millennials” to have high levels of self-esteem as well as a healthy feeling of self-entitlement. They are extremely tech savvy and communicate through a wide variety of social media platforms and for the most part seem ambitious.

Some challenges include high student loan debt. Not necessarily bad credit but no established credit. There seems to be more of a trend of job and career hopping.

The fact is every generation seems to have or have had a very definable established pattern. This of course stems from who and how they were raised. What events in history have shaped their character and belief systems.

I want to spend the next few months on looking at this from a view point of, “How do I affectively create a value proposition that is attractive to the “Millennial” real-estate client. The average age of the first time home buyer is 31.

So let’s seek to understand the “Millennial”. This is going to be fun. Stick with me and blog you soon.

What's Ahead For Mortgage Rates This Week – Sept 22, 2014

Last week’s economic news largely concerned the Federal Reserve’s FOMC meeting statement and a post-meeting conference given by Fed Chair Janet Yellen. The FOMC statement indicated that the Fed continued its wind-down of Treasury and mortgage-backed securities and that its purchases are expected to cease after the next FOMC meeting.

What's Ahead For Mortgage Rates This Week Sept 22 2014Last week’s economic news largely concerned the Federal Reserve’s FOMC meeting statement and a post-meeting conference given by Fed Chair Janet Yellen. The FOMC statement indicated that the Fed continued its wind-down of Treasury and mortgage-backed securities and that its purchases are expected to cease after the next FOMC meeting.

The FOMC statement said that committee members find the economy to be improving at a moderate pace and currently strong enough to further reduce the QE3 monthly asset purchases. The Fed seeks to achieve and sustain its dual mandate of maximum employment and an inflation rate of 2.00 percent. While the unemployment rate is lower than the Fed’s benchmark of 6.50 percent, FOMC members cited concerns that the labor force is underutilized and that labor markets, while recovering, could use further improvement. The Fed repeated its customary statement that the Fed’s monetary policies are not on a pre-determined course, and that FOMC members continually review and interpret developing financial and economic news as part of their decision-making process.

Chair Yellen explained during her press conference that it is not possible to provide a specific date when the Fed will change its target federal funds rate. Economists and media analysts expressed concerns that raising the target federal funds rate, which is currently at 0.00 to 0.250 percent, could cause overall interest rates to rise. Chair Yellen said that she expects the current target federal funds rate to remain for a “considerable time” after the QE asset purchases cease. She also said that it is impossible to provide a specific date when the Fed will change its target federal funds rate and cited multiple influences considered by FOMC when changing monetary policy.

Home Builder Confidence Grows, Housing Starts Fall

The National Association of Home Builders Housing Market Index rose by three points in September for a reading of 59. Analysts had predicted an index reading of 56 against August’s reading of 55. September’s reading was the third consecutive reading above 50. Stronger labor markets were cited as supporting the higher reading, but builders were also concerned by tight mortgage credit standards. Any reading above 50 indicates that more builders perceive market conditions for new homes as positive as those that do not.

August’s housing starts were inconsistent with the Home Builders Index; according to the Department of Commerce, construction of new homes fell by 14.4 percent from July’s reading to 956,000. Analysts expected 1.03 million starts against July’s reading of 1.12 million homes started.

Mortgage Rates Rise, Weekly Jobless Claims Fall

Freddie Mac reported higher mortgage rates last week. Average mortgage rates rose across the board with the rate for a 30-year fixed rate mortgage 11 basis points higher at 4.23 percent. The rate for a 15-year mortgage also rose by 11 basis points to 3.37 percent and the rate for a 5/1 adjustable rate mortgage rose from 2.99 to 3.06 percent. Average discount points were unchanged for all mortgage types at 0.50 percent.

New weekly jobless claims dropped to 280,000 against an expected reading of 305,000 and the prior week’s adjusted reading of 316,000 new jobless claims. The original reading for the prior week was 315,000 new jobless claims. The less volatile four-week average of new jobless claim fell by 4,750 new claims to a reading of 299,500 new claims.

What’s Ahead

This week’s scheduled economic news brings multiple housing-related reports. The National Association of REALTORS® will release its Existing Home Sales report for August. Case-Shiller’s monthly Housing Market Index report and the FHFA’s Home Value report will bring new light to national market trends. The Department of Commerce will release its New Home Sales report, and as usual, Freddie Mac’s weekly report on mortgage rates will come out on Thursday. To see houses for sale in the Northern Virginia area please click here.

List to Last-The A.B.C. Listing Presentation

List to Last-A Blog Series: By Rick Guthrie #2. The A.B.C Listing Presentation I hope you’re using a great Rapport Building Script like I outlined in my last blog. So let’s move forward and talk about your listing presentation or conversation which is what I like to call it. Years ago I realized that sellers […]

List to Last-A Blog Series:

By Rick Guthrie

#2. The A.B.C Listing Presentation

I hope you’re using a great Rapport Building Script like I outlined in my last blog. So let’s move forward and talk about your listing presentation or conversation which is what I like to call it.

Years ago I realized that sellers prefer to hear information in a certain order. If you ask yourself what would be the first thing a seller would want to hear? Well the answer of course is what their home is worth. Enter my A.B.C. listing.

The first section is the “A” section or “Agreement on Price”. I’ve found that if you’re talking about anything else first, at your listing appointment, the sellers are not really listening. So if I’m giving them my marketing plan first and they’re wondering what their home is worth at that point my information on my marketing plan is not really getting through. So in my “A” section I’m explaining in detail the pricing on their home backed up with comparable properties and illustrating why the market will bear that particular pricing strategy. Once I’ve done that I get their agreement before I move on. Once I get an agreement on price then I move to my “B” section.

The Listing The “B” section is for “Build Value”. This should define your marketing plan, your open               house schedule or whatever you do to bring them a buyer. Understand that when you get an  agreement on price a clock starts ticking. They’re wondering how much they’re going to put back in their pocket after they close. So move through this section quickly but still make it impressive and informative. If you do a pre-listing packet and drop it off it should be this Build Value Section or your Marketing Plan. When you get to this point in the conversation ask them if they’ve reviewed your marketing plan and do they have any questions. Then move on.

The “C” section quite simply is the Close. All this is for me is a customer estimated net sheet already filled out. Now I have a self-figuring net sheet and I know many do. It should be easy to explain and be padded with estimated buyer costs paid by seller. We want to show them worst case scenario what they’re going to be putting back in their pocket after a successful close.

After that is my closing question. You have to have a closing statement or question! Here is mine;

“Mr. and Mrs. Seller do you have any questions? No…. Great! When can we get your house in inventory?

If there’s any concerns they will come out then. I like to get all of the concerns or objections out on the table at the same time. One you should not hear is a pricing concern because we agreed on price 15 minute ago. Hmm you feeling the love.

I have a pre-made template and I teach this in a two day seminar so agents know it inside and out. The presentation is kind of plug and play. If you’re in the Northern Virginia area and you would like to attend, just email me at www.rickguthrie@kw.com and I’ll let you know when the next seminar is taking place.

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!

 

Confidence Comes From Training

Confidence Comes From Training At the Fairfax Gateway Keller Williams office, in Fairfax, Virginia there are training classes offered each day of the week.  Monday through Friday there is at least one class that goes on in the market center that you can attend. Ignite classes, the Listing it’s As Easy As ABC and Champion […]

Confidence Comes From Training

At the Fairfax Gateway Keller Williams office, in Fairfax, Virginia there are training classes offered each day of the week.  Monday through Friday there is at least one class that goes on in the market center that you can attend.

Ignite classes, the Listing it’s As Easy As ABC and Champion Title’s Builders Contract How To, just to name a few of the classes that are going on in the Fairfax Gateway Keller Williams office this month.  Contract Mastery class goes over one of the different aspects of the Virginia Contract each Tuesday at 1:30. Listings It’s As Easy As ABC is a two day seminar all about listing a home and how to give a great listing presentation to your clients.  In the class there will be a full listing presentation that will show you how a listing presentation should be done and to better prepare you to be the expert listing agent.

To be the best real estate agent you can be you have to have confidence and the best way to gain that is through training and practice.

If you would like to talk with me about moving to Keller Williams, ways to increase your business or just to introduce yourself please contact me. Look forward to hearing from you!

Fairfax Gateway

Watch Out for Real Estate Traffic

Watch Out for Real Estate Traffic By: Rick Guthrie We as real estate agents need to watch out for real estate traffic as we head into the fall, which is when the real estate industry starts to slow down.  We need to be constantly researching the real estate market as the number of houses that […]

Watch Out for Real Estate Traffic

By: Rick Guthrie

We as real estate agents need to watch out for real estate traffic as we head into the fall, which is when the real estate industry starts to slow down.  We need to be constantly researching the real estate market as the number of houses that are being listed and sold change. Agents need to be reporting to our sellers to keep them educated about the market and where it is heading.

A good agent is watching the housing market, a great agent is educating their clients about the market as it does change.  So, if a house isn’t selling it is most likely over priced.  As the market slows that would be the best time to be taking a look at other houses in the area that are on the market or have recently sold.

After doing your research, re-educating your seller about what their house should be listed at is a way of keeping your clients knowledgeable, about the industry.  Not only should you be contacting your sellers when the market is changing but you should also be following up with them about once a week.  You should be letting the sellers know about the feedback you are receiving from other agents about their home.  If people aren’t calling to see the house then that should be a big indicator that the house isn’t listed for the appropriate price to bring buyers in to make an offer.  Make pricing your focus this week!

If you would like to talk with me about moving to Keller Williams, ways to increase your business or just to introduce yourself please contact me by clicking here.  Look forward to hearing from you!

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

Is it Zulia or Trillow? Agent Please!

Is it Zulia or Trillow? Agent Please! By: Rick Guthrie How is the Zillow Trulia merger going to affect my business? That is what I have been asked all week by agents. If you have made it through the previous issues that have affected the housing industry why wouldn’t your business make it through this? […]

Is it Zulia or Trillow? Agent Please!

By: Rick Guthrie

How is the Zillow Trulia merger going to affect my business? That is what I have been asked all week by agents. If you have made it through the previous issues that have affected the housing industry why wouldn’t your business make it through this?

The way to have business is through relationships.  If you haven’t been working on finding your business through contacts then you probably don’t have much of a business.  Most people want to work with someone they know not the brand, or company but the person.  Don’t let a little blip on your radar keep you from accomplishing what you need to get done today in order to keep helping clients buy and sell their homes.

zulia or trillow