Market Rebounds: Managers Find Spines

July 28, 2008

In the news today, the real estate market soared as buyers finally concluded that the prices of houses on the market accurately reflected their needs and desires, plus their ability to pay, given the broader conditions of the American economy. When asked how quickly they might begin making offers on current inventory, John Q. Public, spokesman for the Common Real Estate Buyer (CREB) said, “Looks like we’ll see a lot of offers being made this month, now that REALTORS have stopped trying to get our members to pay too much for their next home. Looks like the managers in most offices have finally started taking control of their companies and rejecting overpriced listing agreements from their agents.” (Podcast) Read more

Written by Matthew Ferrara · Filed Under Featured, Strategic Thinking | 1 Comment

Resistance is Futile

July 22, 2008

In the 19th century, the Luddites were a group of workers who refused to accept the introduction of machinery into the process of textiles. So threatened did they feel by the mechanical looms that they often resorted to violence and destruction. At worst, they burned entire factories; at best, they resisted every advance of the industrial revolution with marches, pamphlets and the passage of restrictive laws. Eventually, however, the Luddites came to learn an important lesson:

Resistance is futile.

Written by Matthew Ferrara · Filed Under Featured, Management, Marketing, Next Generation | 2 Comments

Pope to REALTORS: No MRE XCUSES

July 21, 2008

BXVI SMSs REALTORS? Not! What will it take to get REALTORS to modernize their skills? NAR’s 2008 Member Profile indicates only 11% of REALTORS use text messaging (cell phone) with current clients; 4% said they used SMS with past clients; and 5% with prospects. In a report with an “adjusted response rate” of 7.7%, you have to wonder if any REALTORS use text messaging at all. Considering one of our recent postings covered the use of Medieval technology, when I came across this next piece, I thought, maybe someone whose average audience is (only) slightly larger than mine might be able to motivate REALTORS to get with modernity.

Written by Matthew Ferrara · Filed Under Next Generation | Leave a Comment

Just Shoot Me

July 17, 2008

I know, I probably deserve it. I’m the one who’s constantly poking and pushing and prodding the REALTOR population to put more property video online. I should have learned my lesson, though, after I cajoled the industry into putting more photos online, only to have ended up with the creepy, scary stuff we’re seeing today.

I thought I’d seen it all. I could even get used to the bad photos. Now it has moved into video - and if this is what we’re going to get from REALTORS, I’m thinking I might do better herding cats.

Written by Matthew Ferrara · Filed Under Marketing, REALTORS, Real Estate Technology | 4 Comments

Stop Endlessly Recruiting

July 15, 2008

Imagine if real estate brokers and managers could stop endlessly recruiting. It’s not a dream; it’s a definitely reality for modern companies. Yet for too many brokers, it remains a far off possibility - unfortunately.

To stop recruiting, brokers would have to address a big question: Why do they recruit in the first place? Some would say because they were “told to” by other brokers, or trainers, or people-in-the-know, or their franchise. Few would say, “I recruit because I’m currently running my company at 100% efficiency and my agents are using their maximum capacity and the market opportunities warrant our adding more sales force capacity.”

Written by Matthew Ferrara · Filed Under Featured, Management, Sales | 1 Comment

Prospecting or Cherry Picking

July 14, 2008

Is it millions or billions that are spent every year trying to generate leads in real estate? I’m not sure, but I can say with some confidence that most of it is a total waste of money. By now, most everybody in the industry has heard that the vast majority of REALTORS treat online leads with disdain: Studies by REALTOR.COM and the California Association of REALTORS have shown how some 50% of consumer inquiries don’t hear from the agent for 1-2 days on average. Why do these agents even bother putting their listings online? Oh, because the seller demands it. Well, maybe the seller should start demanding something else - like responsiveness to buyers - as a condition for granting an agent the right to represent their house.

Written by Matthew Ferrara · Filed Under Next Generation | 1 Comment

One Degree of Effort

July 10, 2008

One of my most favorite motivational messages comes from a short piece by Simple Truth’s 212-degrees movie. The message is simple and powerful: At 212 degrees, water simply boils. At 212-degrees it becomes steam. And steam can power a locomotive. In other words: One small degree of effort more, and you’re moving from ‘hot water” into powerful productivity.

So, what would one degree more of effort look like for REALTORS when trying to sell a home in a competitive marketplace?

Written by Matthew Ferrara · Filed Under Blog, Marketing, REALTORS, Sales | 1 Comment

How Many Lightbulbs?

July 8, 2008

How many lightbulbs does it take to change a REALTOR? Apparently, a lot, considering we’ve been offering ideas to the industry for more than two decades. But that didn’t stop this silly conversation from occurring the other day in my class:

“Yeah, it’s been on the market for about seven months. The seller won’t lower the price and there are about a dozen properties like it - some much newer - that are being offered for less. I don’t know what to do.”

“Have you provided the seller with the comps?”

“I just did again, for the fourth time, yesterday. She just won’t see the issue - it’s the price. Buyers have a lot of choices nowadays. She keeps saying we’re not doing enough advertising.”

“Have any of the buyers provided you with that feedback, so you could show her what the buyers are saying?”

Written by Matthew Ferrara · Filed Under Featured, Marketing, REALTORS, Sales | 5 Comments