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.

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

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!

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

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

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

Who's Your Organization-"Who's around the Bus"

Who’s Your Organization-“Who’s around the Bus” by: Rick Guthrie We’re back on my blog series “Plane, Space and Time”. Thanks for reading. In my last blog in this series, “Your Space Is the Final Frontier”, I talked about protecting your space. Now I’m giving some insight on developing your Organizational Chart once you’ve determined who […]

Who’s Your Organization-“Who’s around the Bus”

by: Rick Guthrie

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

In my last blog in this series, “Your Space Is the Final Frontier”, I talked about protecting your space. Now I’m giving some insight on developing your Organizational Chart once you’ve determined who and why others should be in your space.

If you’re starting a business, developing product or even running a real estate team, you should put together an Organizational Chart.

what's on your organizational chartIf you’ve noticed in the title, I asked, “Who’s Your Organization” not “What’s Your Organization”. I did that to stress that your organization is built around specific hand-picked talent who have a specific function. That’s why you need to be crystal clear on who’s in your organization and map out what they do and who they do it for. So let’s look at your organization as if it were a bus.

Your bus or organization is something you own. Its function is to get specific people to a specific location. The success of that function depends on the components and people in and around your bus or business. The components and positions for your bus might look like this:

  1. You need people who want transportation that are drawn to your service. (Customers)
  2. Someone who knows and plans the route. (CEO)
  3. A dispatcher. (COO)
  4. Someone to drive. (Manager)
  5. Maintenance Person. (Training and Human Resources)
  6. A working bus with all of its parts operating within their specific function…tires, gear box, engine. (Key Employees)
  7. Fuel to power the bus. (Money or Capital)

This may seem simplistic, but dig deeper and click on the executive definitions above and you’ll see the correlation. What’s interesting is that you, as the owner of the bus, may be able to work in the capacity of #2 through #5 and some of #6 for a while. But eventually the route is going to get blocked and at the same time one of your functioning parts goes down and so on. The point I’m trying to make is that your organization will be weakened if you do most of the tasks. The reason is you’re constantly in the reactive mode rather than proactive mode. Instead of someone advising you that the road is blocked ahead of time, you’ll get it figured out but after you get to the impasse. Then of course you’ll have to turn around and start over or find a different route. Sound familiar? Also, if you’re doing the job of 3 out of the 5 key positions what happens if you get sick? Well basically 60% of your company is down. What would happen if you only had to concentrate, for now, on 1 key position until you replaced yourself? Or what would it look like if you were the Chair of the Board – COB and dealt with only your key leadership? Now your company has your focus on where it is supposed to be, which is on the whole rather than the sum of its parts.

This is why a defined organizational chart needs to be developed and in place. The chart, I feel, should be fluid and be designed in a way that it can be altered and augmented as your business grows.

Your key positions need to be established but most importantly, you’ll need training on how to recruit, hire and train those positions. One awesome place to start is in RSTLM and MREA Training through Keller Williams®. If you’re not with Keller Williams® I would see if you could take it anyway.

So look at your business, “your bus” so to speak and design your own tailor made organizational chart.

 

Blog you soon.