EPMEPM: BD & Growth

Relationships Not Transactions

JO-ANNE OLIVERI RECENTLY spent four intensive days at the USA’s annual National Association of Realtors (NAR) Conference and Expo. Here are her top four takeaways to help you raise the bar in your property management business or career this year.

DURING MY four days at NAR, I attended many of the 100 educational sessions, discovered the latest products and services from over 400 industry vendors and networked with as many of the 20,000 delegates as possible. Here’s what I learned.

  1. TRANSACTIONAL VERSUS RELATIONAL INCOME
    It’s time to change your thinking about what our industry does. We are in the service industry, so we must start delivering a service to our clients; not just a one-off transaction. Our clients are seeking long-term, mutually beneficial relationships with their property managers which lead to win-win outcomes: repeat transactions for us, repeat income for them.NAR presenter and author of Shift Your Brilliance Simon T. Bailey summed it up perfectly when he said, “Relationships are the currency of the future.” If you want to remain at the forefront of this industry, you must start building your business on relationships, not transactions.
  2. LEAD GENERATORS – WHEN IS A LEAD A LEAD?
    Have we become so reliant on lead generation programs that many principals have forgotten the tried and tested basic ways to grow?NAR presenter and internationally recognised real estate expert Brian Buffini believes that online lead generation is our industry’s single biggest threat. Lead generation companies hold so much of our data that, according to Brian, they are holding our industry to ransom. He noted that in the USA this year Zillow alone generated $140M in leads, and a further $280M in leads were generated by other lead generation programs. However, the total number of sales achieved through these referrals was only $5M, whilst 80 per cent of sales were still as a result of client referral, recommendation and repeat business.Heed his advice: the basic ways to build business are still the most effective. In 2016, refocus on growing through referral, recommendation and repeat business because, ultimately, these strategies are what leads to client retention.
  3. ONLINE RATING – THERE IS MORE TO THE SCORE!
    It’s time to stop focusing on your online rating scores, because research shows that you are the only one looking at them! NAR presenter and RealSatisfied’s President Jeff Turner revealed that only 10 per cent of leads are generated online, while a staggering 78 per cent of property owners choose their managing agent based on referrals from friends. That’s because prospective clients dig much deeper than your Yelp, Facebook or LinkedIn rating scores.Research shows that the most important factor influencing clients to engage an agency is the feeling that they can build a relationship with you. Clients then prefer to rate you or your agency through their own research and experience, rather than rely on online opinions.Property management will always be about your relationships with your clients, so Jeff recommends that you identify who your evangelists are and then build relationships with them, rather than rely on customer rating websites. As Simon T. Bailey said, it’s time to “start connecting and stop selling.”
  4. THE DIFFERENCE BETWEEN SUCCESS AND MEDIOCRITY
    Three-time Super Bowl Champion with the Dallas Cowboys and now successful real estate agent, Emmitt Smith shared his journey from dream to realty.When Emmitt was seven years old he told his dad he was going to play for the Dallas Cowboys. He knew his dream was more than a dream; it was his purpose. Emmitt knew that in order to achieve his purpose he needed mentors and coaches to help him become the person he wanted to be and hold him accountable. His mentors and coaches taught him that in order for him to achieve his purpose he had to have discipline, focus and a plan. Emmitt Smith went on to win three Super Bowl Championships.When he retired from football to become a real estate agent he realised the same formula for success held true. He hired a mentor and coach to hold him accountable, remained disciplined and focused, and prepared a plan. He firmly believes that this is how you can separate yourself from competitors and rise to the top.

    However, Emmitt also reminded us that no person is successful by themselves, so every opportunity you have to shine should be shared with your team-mates, mentors and coaches. He said, “Humility is a soothing exercise that keeps you grounded and connected to others.”

    He also encouraged property managers never to stop learning or become satisfied, because the day you do that is the day you stop growing.

    If you want to achieve your purpose and rise above the mediocre, you must surround yourself with coaches and mentors, invest in your ongoing learning, and start believing in yourself. The price of victory is high, but so are the rewards.

    At the NAR Conference and Expo this year the key messages were clear on how you can raise the bar in your property management business or career. Understand the new economy and build relationships through authentic connections with your clients; remember the back-to-basics approach to growth and stop focusing on lead generation programs and online rating scores; back yourself with ongoing learning and development, and remember to share the spotlight with those who are helping you on your path to success.
    As Simon T. Bailey would say, this is the year to “shift your brilliance and harness the power of you.”

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Jo-Anne Oliveri

Jo-Anne Oliveri, CIPS, TRC, Founder and Managing Director of property management business solutions company ireviloution intelligence. She is an international real estate identity who has trained over 500 agencies and thousands of agency owners and property managers worldwide. Visit ireviloution.com to find out more.