Real Estate Success for 2011

Since the last Quarter of 2005, our US Economy has been in a wrestling match with itself.  The most effective hold has been the "Strangle Hold" being applied by the Real Estate Market.  I feel foolish and humbled when I go back and read some of my predictions from 2007-2009, where I figured we must be coming out of this thing... and that recovery surely must be around the next corner.  In retrospect, that was frustrated wishful thinking - not prudent, thoughtful analysis.  I mean, who knew that we'd be into this thing five full years... and still be unsure where the light is at the end of the proverbial tunnel?

Here are some insights that I believe, as a Real Estate Professional, I must be in tune with, in order to continue to be successful in this "new reality" - and eventually break through as recovery comes:

1. Ordinary effort will not be rewarded.  In a hot market, most everyone can stumble into a few sales.  To be a great agent, "good" isn't good enough any longer.  We have to commit to an extraordinary selling and/or buying experience for our customers.  It's what gives birth to our lifeblood - Referrals from satisfied customers!

2. It's got to be "Mission Focus," not money focus.  Some transactions in our "short sale" world might not ever close.  The banks are making decisions with a calculator, not their hearts.  We have to know what we can control and, more importantly, what we can't!  We have to focus on getting up early and immersing ourselves in the process of doing the right things daily for our customers.  We must maintain faith and confidence that this will work most of the time.  If we focus on the mission, the money will come.
3. Effective Communication is critical.  The "sales process" has changed forever.  Twenty five years ago, my first office broker introduced me to real estate sales with this classic offering: "Here's your desk and here's your phone.  Good luck, Frank, you're on your own!"  Well, thank God for my twenty years of experience as a US Army Officer.  I knew there was more to it than that!  Today, I've got to be the master of information.  I've got to know my market - cold!  I've got to be able to provide a true learning experience for my customers and instill confidence, so that they can feel good when following my advice.  If I say, "You are $50,000 over-priced," I've got to be able to back that bold statement up, don't you think?  Web sites, blogs, email, texting, smart phone, facebook, twitter... are all just the tip of the iceberg to come.  Providing customers and future customers with daily talking points keeps us engaged, until the need for action arises.
4. Re-read my post on this blog from 11/23/10, "Goal Setting for Realtors, Buyers and Sellers."  What it boils down to is that to be effective over the long haul, you've got to be a goal setter, trend setter, and pace setter.  Without goals and a plan and schedule to achieve them, we're all in a crowded shipping lane with no rudder.

(Inspiration for this post comes from a terrific trainer, Steve Harney, and his January 2011 Quick Tips)