Real Estate at a Crossroads

by Gregory Charlop

  And that doesn’t even count the time you’d save by outsourcing document filing to VAs, transferring inbound leads to chatbots, and handing off client management tasks to a real estate CRM!

  Let’s assume that you spend 40 hours on average per client.[40] If so, you’ll be able to serve almost 10 more clients per year just with these simple changes! No extra time, no lost vacation, just more money. Not bad!

  The proper use of chatbots will also help you reclaim your time. Michael Lam, CEO of Kaydoh, told me: “Without a chatbot, you, as an agent, would have to say the same thing over and over. While you're doing that routine stuff, you're taking time away from your existing clients, hosting an open house, or speaking with a potential buyer.” Click here to read the full interview with Michael Lam.

  What would you do if you closed up to 10 more homes per year? Retire early? Buy a new car? Travel around the world? Donate extra to charity? The possibilities are endless and the choices are yours.

  You benefit from massive organic inbound marketing. Without even placing one ad, customers will flock to you based on your history of successful sales and good reviews. All you have to do is find the time to help these people, and your income will soar.

  Seniors need your help

  Seniors are in trouble. With a fixed income and limited savings, many of our parents and grandparents are unable to afford a safe and comfortable home for retirement. Retirement communities are often too expensive and can rob seniors of their dignity. They are frequently prohibited from having overnight guests, pets, or even watching loud TV at night. Sadly, we often strip away an adult’s autonomy in their golden years.

  Many older adults plan to age in place so they can stay in their familiar home and neighborhood. The trouble is that the elderly often become lonely and isolated as friends and neighbors move away or die. And many homes are not suitable for folks with disabilities. Stairs and inaccessible bathrooms and kitchens can turn a home into a prison.

  My company, Dignified Housing is working to change all that. We want to match seniors with affordable housing that preserves autonomy, ends isolation, and is appropriate for the disabled. We also help people age in place the right way, by preparing their homes for potential illness and disability.

  As a top agent, I’d like to invite you to partner with us. We need your talent, drive, and enthusiasm. If you’re interested in helping seniors, please reach out to me directly or visit Dignified Housing and join our network. We can make a difference together.

  Top agents and their firms

  As a top agent, clients seek you, not your firm. Here’s a personal example.

  I sold my San Francisco Bay Area home a couple years ago. It was a good house, and I felt that if it was marketed properly, I could score a killer deal.

  I needed a real estate agent, and I wanted the best.

  What did I do? I jumped online and reviewed who sold the homes in my town over the last 6 months. It turned out that two or three salespeople were rock stars. Everyone else wasn’t even in their league! I picked one of those super agents, and I was off to the races.

  How did I decide on my agent?

  I cared about his successful track record. I cared about his marketing plan. I cared about our interpersonal relationship. I did NOT care about his brokerage firm.

  The house sold beyond my expectations and my agent certainly earned his commission.

  Just to repeat: I picked a salesperson based on his track record. I did NOT care one whit about his firm.

  My experience is not unusual. These days, homebuyers and sellers seek out top talent. They do their own research on internet portals like Zillow, review sites like Yelp, or matchmaking services like Homelight. The client zeros in on potential agents based on a salesperson’s track record and history of stellar reviews. In short, clients will find you.

  Real estate expert and CEO Kim Hughes agreed. She said, as part of a longer interview, “A buyer/seller does not care what your brokerage is or who your franchise is. They care about what you're going to do for them. Being part of a brokerage can be a plus or a minus. Home buyers and home sellers care about who the agent is and what that agent is bringing to the table.”

  Here’s Tamir Poleg, the founder of Real, on the importance the public attaches to your brokerage: “I think in most states they do not care at all. People don't care who your broker is; they care about you, the agent. They want to know that you helped a friend buy a home. They want to know you through social engagement. They want to receive content from you. They want to see your face on yard signs. This is how people evaluate an agent, not through who the broker is. Obviously, there are exceptions, maybe in the high-end market, maybe in New York, but in average America, people couldn't care less who your broker is.”

  So, if you’re a top agent, you hold all the cards. You bring in the sales. You are funding your broker’s vacations and boosting your firm’s stock price. Your hard work and success are paying for the whole show.

  Your firm needs you much more than you need the firm.

  Your brokerage is lucky to have you, and there is no reason for you to stick with a company that isn’t meeting your needs.

  What are your needs?

  • A fair commission split. You’re bringing in the business, so you should keep most of the revenue.

  • Technological support. While you and your VAs should probably do most of your own marketing, you may want your firm to create and manage your web page. However, don’t overpay for this! If your VA will do a better job for less money, have your VA do it instead. Bonus points if your firm can offer you technology that has a high acquisition cost, like virtual reality tours and Matterport cameras. All real estate firms should have a CTO whose job is to research new technology and share it with the group. Look for that in you firm since evaluating all the new real estate tech is a full-time job.

  • Help with unusual or tricky situations. You know your stuff, but occasionally you’ll find yourself in a challenging ethical or legal situation. You want to be backed up by a broker or lawyer who can help you when you’re in a jam.

  • Human support. You want an assistant to run errands, make arrangements, assist with open houses, etc. Again, many of these tasks can be outsourced to a VA, so make sure you're not overpaying your firm for these services. Consider taking on a mentee for these jobs!

  • Access to training and lifelong learning. I’m a big believer in this stuff. These services don’t have to come through your brokerage, but it would be good to be part of a group that places a strong value on continuous personal growth. (More on how to continue your education later.)

  • Referrals and access to off-MLS deals.

  What you don’t need from your real estate brokerage

  • An unfair commission split. Your split should be radically more favorable than that of your newer or less successful colleagues. They need the firm’s help. You don’t.

  • Firms that spend a lot of money on advertising for their brand. Clients don’t hire you because of your firm. They hire you for you. If your firm is spending a lot of money on its brand, then the firm getting most of the benefit.

  • Lavish offices, fancy conference rooms, expensive coffee machines (well, maybe you do want the expensive coffee machine!). But seriously, you don’t need this stuff.

  You probably spend very little time in the office, and your clients could care less about your conference room. These days everyone meets at a coffee shop or at the client’s home. Besides, they have better espresso machines. Click here to read Tony Vitale’s counterpoint to this argument.

  • Mandatory floor time or excessive meetings. Time is your most limited asset. Your firm should protect your time, not demolish it.

  The truth is that you are an independent contractor. You really don’t need all that much from a real estate firm

  You might want to consider a different type of brokerage altogether. Your reputation (and targeted advertising) bring in the business. You really just
need a brokerage for compliance and regulatory reasons. Check out some of the other brokerage models mentioned throughout this book. At the very least, you’ll understand your worth and improve your negotiating position with your firm.

  Reading/lifelong learning

  This book is all about change. The old ways of doing business are falling by the wayside as modern technology, fresh blood, and energetic entrepreneurs shake up the marketplace. You’re at the top of your game now, but it won’t stay that way forever unless you keep learning. Your best investment is in yourself.

  I know, I know. You’re busy, and I just told you that you shouldn’t cut into your sleep, exercise or family time. That’s all true, but self-improvement is worth carving out dedicated time. To kick your brain into overdrive, consider reading some of the books recommended here.

  Books bring expertise to you

  Brilliant people with expertise in business, real estate, art, history, psychology, economics, science, and technology spent years consolidating their knowledge into something you can hold in your hand. With a few hours of your time, you can learn from someone’s lifetime of experience. How awesome is that?

  Have you ever wished you had an outstanding mentor? Someone who mastered advertising, started a successful technology business from scratch, or dedicated their career to the study of psychology and buyer behavior? You can. Just pick up a book.

  Every town has a library and you can browse to your heart’s content. Don't want to leave the house? You can have an actual, physical book delivered to your home within two days, and sometimes within an hour thanks to Amazon. If that isn’t fast enough, nearly any book is available instantly using your phone, Kindle, or Nook eReader. You can also try my favorite: kick back and let Audible.com read books to you. I listen every day in the car. Why not put that time stuck in traffic to good use? Audible has some fantastic narrators, and you can control the speaking speed to suit your taste.

  What books to read? Here are some of my favorites. Most are also recommended by some of the most successful people in the business. Don’t focus exclusively on real estate books. Afterall, there is much more to life than houses! I broke them down into categories: Real Estate, Business, Technology, Psychology and Persuasion, and Great General Knowledge. If you read these 18 books, you’ll be way ahead of the pack.

  Category

  Title and Author

  Greg’s Take

  Business

  The 4-Hour Work Week: Escape 9-5, Live Anywhere, and Join the New Rich

  By

  Timothy Ferriss

  My favorite business book. A classic about the value of time and work. Reminds me of the importance of free time, creativity, and thinking different. Love Tim Ferriss!

  The ONE Thing: The Surprisingly Simple Truth Behind Extraordinary Results

  By

  Gary Keller

  From the founder of Keller Williams, learn how to focus on what matters—and forget the rest.

  Psychology and Persuasion

  How to Win Friends and Influence People

  By

  Dale Carnegie

  A classic! Life is so much easier when people like you.

  The Paradox of Choice

  By

  Barry Schwartz

  The inspiration for my first startup, Visionary Remodels. We are overwhelmed when faced with too many useless choices. Better to have a few good ones.

  Influence

  By

  Robert Cialdini

  How to use tools like social proof and reciprocation to get people to do what you want.

  Pre-Suasion

  By

  Robert Cialdini

  Learn the power of word choice and how to prime people to accept your ideas.

  Real Estate

  Zillow Talk: Rewriting the Rules of Real Estate

  By

  Spencer Rascoff

  Don’t buy and sell real estate with your gut. Use the data! Written by the Zillow brain trust, this is a fun look at the random facts that can make or break a sale.

  The E-Myth Real Estate Investor

  By

  Michael E. Gerber

  Top investors Than Merrill and Paul Esajian team up with the incomparable Michael Gerber to explain

  how to create systems for real estate investing. It’s all about finding the right process.

  Loopholes of Real Estate

  By

  Garrett Sutton, Esq.

  Brilliant real estate lawyer Garrett Sutton pulls back the curtain and reveals the cool legal tricks and tools the rich use when investing in real estate.

  Technology

  The Fourth Transformation

  By

  Robert Scoble

  Phones will be replaced by visual headsets, and virtual reality will dominate our lives! An exciting look at the enormous implications of new technology.

  Rise of the Robots: Technology and the Threat of a Jobless Future

  By

  Martin Ford

  We may soon reach a point where robots and artificial intelligence can do nearly all jobs. How will we prepare?

  Great General Knowledge

  Stein on Writing: A Master Editor of Some of the Most Successful Writers of Our Century Shares His Craft Techniques and Strategies

  By

  Sol Stein

  Fantastic book on writing by one of the most famous editors. Easy to read and very useful if you write or create content.

  The Black Swan

  By

  Nassim Nicholas Taleb

  From one of my favorite authors, The Black Swan will help you understand probability and how seemingly random events shape and transform the world. All his books are great.

  "Surely You're Joking, Mr. Feynman!": Adventures of a Curious Character

  By

  Richard P. Feynman

  Hilarious and insightful book by a Nobel Prize winner in physics. Lessons in life and relationships.

  How Will You Measure Your Life?

  By

  Clayton M. Christensen

  A leading economist and business expert tackles the meaning of life. A must-read for anyone wrestling with goals and priorities.

  Sapiens

  By

  Yuval Noah Harari

  One of the most authoritative (and interesting) books about the history of mankind. One of the most recommended books by top professionals.

  The Slight Edge

  By

  Jeff Olson

  How to use small daily habits to your benefit. The idea of spending two minutes each morning doing push-ups is a Slight Edge technique.

  Being Mortal

  By

  Atul Gawande

  Exposes the plight of the elderly. It was one of the main inspirations for my company, Dignified Housing, Inc. A must-read for anyone growing older!

  Great new books are published all the time. I’ll share my latest favorites on my LinkedIn page or my Alexa show, The Real Estate Flash.

  Conferences and courses

  The National Association of Realtors has some good online courses[41] in addition to their conferences. And state affiliates, such as The California Association of Realtors, also provide useful online classes.[42] Beyond the topic of real estate, colleges and universities, including Harvard[43], UCLA[44], and Stanford,[45] offer stimulating courses for folks of all ages and educational backgrounds who want to expand their horizons.

  Reading, conferences, and continuing education keeps you sharp and current. It may seem daunting to fit classes and books into your already jam-packed days, but you need to invest in yourself. Your brain is your main asset; you need to nourish it.

  Flash Briefings

  Flash briefings are one of my favorite ways to stay up to date with the latest news. There are a lot of great flash briefings out there from leading real estate agents, marketing experts, and news sites. Learn about the various real estate shows and add them to your daily routine. It’s an easy and fun way to keep up with the w
orld of real estate.