6 Surprising Real Estate Paradoxes That’ll Change How You Do Business

Key Takeaways:

– February is New Agent Month at Inman, focusing on tools, tech, and tips for success in 2024
– The giving paradox: The more you give, the more you will receive in real estate
– The growth paradox: Success takes longer than expected, but once it starts, it happens quickly
– The problem paradox: More problems lead to more opportunities and growth in your business
– The selling paradox: The less you try to sell someone, the more they want to buy from you
– The money paradox: You need to spend money to make money in real estate, investing in marketing and training
– The fear paradox: The thing you fear the most is often what you need to do the most for success in real estate.

inman:

February is New Agent Month at Inman. Follow along as we go deeper on the tools, tech and tips you’ll need to survive and thrive in 2024. For curated content crafted just for first-year agents, be sure to subscribe to our weekly newsletter, The Basics.

Over the years, some of the biggest gains I’ve made in my business were the results of activities that were often contradictory to common beliefs. This article shares the six most surprising paradoxes I’ve found for success in real estate.

The giving paradox

The giving paradox states that the more you give, the more you will receive. This is contrary to the training I received when I first got into this business.

Many trainers during that time taught the acronym ABC (always be closing). The script training of old was seemingly set up to almost trick someone, via language, to feel pressured to decide and sign on the dotted line.

That is the way I operated my business for years, and I sold a lot of houses being aggressive. But when I finally began to look for ways to serve and provide value, my business reached levels I never thought possible.

I began to focus on identifying the biggest pain points my ideal clients had and giving them the solutions. I began finding neighborhoods that lacked a professional who was providing value to the owners of that neighborhood, and I began giving it to them. When I stopped focusing on the results and started focusing on the value I could provide, my business grew to a level I never dreamed of.

When it comes to your business, look for ways to give and the results you desire will follow.

The growth paradox

The growth paradox states the success you desire will take longer than you anticipate, but once it begins, it will happen faster than you can imagine. Have you ever had those times in your business when you hit a dry spell, but you knew you were doing what it took to have success? Then all the sudden, out of nowhere, you move from having no listings to having four people that call ready to list their home.

I find this cycle of growth to be true with many agents when they first get in the business or with experienced agents while transitioning their business utilizing new strategies. Why does this happen?

Most agents forget that our business operates on a 60- to 90-day cycle, meaning the work we do today at best shows up in a closing 60 to 90 days from now. This leads to panic for many agents when they don’t see immediate results from their actions.

Trust the process, and know that your hard work and the value you are bringing to the market will be rewarded. It may take longer than you would like, but once it starts coming, it will come quickly.

The problem paradox

The problem paradox states that the more problems you encounter, the more opportunities you will have to show your worth and grow your business. When you find yourself with difficult transactions, remember that by guiding your clients through these difficulties, you can build clients and referral partners for life.

One of the lingering issues for agents now is that when the market was so hot during the pandemic, many agents were nothing more than order-takers. The transactions moved quickly, and that left very little opportunity for agents to show their value or build relationships.

The only way to fix the lagging results of limited relationships is to begin by focusing on the opportunities, the problems, or the difficulties you are faced with today. Now, clients need your negotiation skills to put deals together. Now, clients need a steady hand at the helm to help them navigate the challenging road from contract to close. Now is the time to add value in a way that builds trust and relationships.

Look for ways to solve problems, and your business will grow.

The selling paradox

The selling paradox says the less you try to sell someone, the more they want to buy from you. When people don’t feel pressured to buy it gives them the room they need to calmly consider what is best for them and to freely make the decision to buy.

We’ve all been around salespeople who push us to buy because they want, or in some cases need, the commission. Even when I want to buy, I back away when confronted by this type of salesperson. Buyers and sellers operate the same way. They want to buy, or they wouldn’t be talking to you and viewing homes. The homeowner at the listing appointment you are on wants to sell their home, or they wouldn’t be meeting with you.

Stop pressuring them, provide the information they need to reach a decision, and give them room to do what they want to do, which is to either buy or sell real estate.

The money paradox

The money paradox says you need to spend money to make money. In a business like real estate where income can be seasonal or inconsistent, there is a tendency to be extremely frugal with money when it comes in. The key is to consistently invest in your business through marketing, training and assistance that helps you scale your business.

The agents with thriving businesses are usually the ones that strategically spend money on direct mail to geographical farms, that invest in videography, and that spend money on innovative marketing for their listings. Their investment in marketing leads to more business and in turn more income.

Top agents invest in coaching, conferences and learning. They understand the knowledge and guidance they invest in will lead to business growth. They invest in transaction coordinators, assistants, or social media specialists that help them build their personal brand.

The problem is that most agents tell themselves they will invest in their business when they get more sales. But investment is a discipline, and most top agents invest in their business early on and even when it is difficult to do so.

Be strategic, but if you want your business to grow in the coming year, invest wisely.

The fear paradox

The fear paradox says the thing you fear the most is probably the very thing you need to do the most. What is it that you fear the most? Are you afraid to shoot videos? Go shoot the videos. Are you afraid to call past clients you’ve lost touch with? Pick up the phone, and reengage. Are you afraid to pull the trigger and invest in coaching? Hire a coach as soon as possible.

Whatever it is that makes you nervous, odds are that is the exact thing you need to do to see the results you’re seeking. Overcome the fear, and take action. The business you desire is available on the other side of your fears.

When you do the things others aren’t willing to do today, you’ll have the life and business others can’t have in the future. Understand most people won’t embrace these paradoxes or realize their value. Be different. Be bold. Be the agent today that your future self will thank you for being.

Jimmy Burgess is the CEO for Berkshire Hathaway HomeServices Beach Properties of Florida in Northwest Florida. Connect with him on Instagram and LinkedIn.


Source link

Property Chomp's Take:

February is New Agent Month at Inman, and it's the perfect time to dive into the tools, tech, and tips you'll need to survive and thrive in 2024. As a first-year agent, it's important to stay updated and informed about the industry to ensure your success. One way to do this is by subscribing to Inman's weekly newsletter, The Basics, which provides curated content specifically crafted for new agents.

Throughout my years in the real estate business, I've discovered that some of the biggest gains I've made were a result of activities that contradicted common beliefs. In this article, I want to share the six most surprising paradoxes I've found for success in real estate.

The first paradox is the giving paradox. Contrary to the old training of "always be closing," I've found that the more you give, the more you will receive. Instead of focusing on closing deals, focus on providing value and serving your clients. Identify their pain points and offer solutions. Find ways to give back to your community and provide value to the neighborhood. When you shift your focus from results to value, your business will reach new heights.

The second paradox is the growth paradox. Success takes longer than anticipated, but once it starts, it happens faster than you can imagine. Real estate operates on a 60- to 90-day cycle, meaning the work you do today may not show immediate results. Trust the process and know that your hard work and the value you bring to the market will be rewarded. Stay consistent, and you'll see exponential growth in your business.

The third paradox is the problem paradox. The more problems you encounter, the more opportunities you have to show your worth and grow your business. Embrace difficult transactions as an opportunity to guide your clients and build long-lasting relationships. In a market where transactions move quickly, it's essential to focus on solving problems and adding value to build trust.

The fourth paradox is the selling paradox. The less you try to sell someone, the more they want to buy from you. Avoid pressuring clients and instead provide them with the information they need to make an informed decision. Give them the space to consider their options and freely choose to buy or sell real estate. Building trust and offering guidance will ultimately lead to more successful transactions.

The fifth paradox is the money paradox. In real estate, you need to spend money to make money. It's common for agents to be frugal with their income, especially when it's inconsistent. However, investing in your business through marketing, training, and assistance will help you scale and attract more business. Top agents strategically spend money on marketing, coaching, and building their personal brand. Don't wait for more sales to invest in your business. Be strategic and invest wisely for future growth.

The final paradox is the fear paradox. The thing you fear the most is probably the very thing you need to do the most. Identify your fears and overcome them by taking action. Whether it's shooting videos, reaching out to past clients, or investing in coaching, facing your fears will lead to the results you desire. The business you want is on the other side of your fears.

Embrace these paradoxes and realize their value. Be different, be bold, and be the agent your future self will thank you for being.

Leave a Reply

Your email address will not be published. Required fields are marked *