Working with Sellers
Gary Keller, Keller Williams co-founder and chairman of the board, kicked off the last day of Mega Agent Camp humbly – with gratitude. “I had a great day yesterday,” he admitted. “I love the real estate industry and I love the people in the real estate industry. I’m grateful you allow me to host Mega Camp.”
From there, he and Tony DiCello, vice president of MAPS research and development, traded aha’s and their big take-aways from the event thus far.
DiCello summed his up concisely: “Success in this business boils down to three words: consistency with skills.” He lamented that agents as a whole often chase too many shiny objects instead of focusing on the activities that matter.
Gary expounded on this point, citing that success is related to doing the key things exceedingly well, and it keeps the customers coming back.
Next, they turned their attention to their first two panelists and dove into a discussion on pricing.
Haro Setian, agent from the Western Upstate (S.C.) market center, got into the real estate business in 2009, at the time, as he put it, a “soft market.” Market share was on sale. He has grown his business significantly from 2012 to now, and is currently on track to do 450 – 500 units.
Setian confirmed that, when working with sellers, pricing a property correctly is critical.
“If I’m going to price houses, I’m going to price them right right out of the gate,” he said. It’s in the seller’s best interest and, in the end, it nets them more money.
He then dug in and explained his three-part pricing model, effectively “past, present and future.”
When Keller asked about autoevaluation options out there and whether they could compete, Setian insisted that they could not.
“No. They don’t have the data,” he said. “They don’t have an accurate picture. Their information is based on yesterday’s numbers. I price today. Part of [my] pricing equation is the future consideration,” with regular evaluation included moving forward.
Moses Nickerson, agent from the Western Upstate (S.C.) market center, expounded on the topic of sellers by observing that they are often honest when asked to price the house themselves. If they are not being honest, he said, he and his team will challenge them and help determine a realistic price.
To that end, Setian shared, “You have to be a student of the stats.”
Wrapping up the topic. DiCello declared that, in real estate, there is nothing that price can’t resolve. Keller concluded by encouraging those in the audience to master their pricing, master those services and specific skills. Those who don’t, he warned, are at risk of being replaced in today’s automated world.
The next panelist, Kymber Menkiti, agent from the Washington Capitol Hill (D.C.) market center, described her local market in Washington D.C. as very active and differentiated.
In order to achieve success, she said, she has to practice many of the things Keller and the company at large preach: be the economist of choice, be the expert and know your numbers.
However, the Menkiti method adds two more parts to the equation: use a hyperlocal marketing approach and give real-time data to your clients.
Being hyperlocal is a critical component, Keller agreed. “People buy neighborhoods first,” he said.
Menkiti cited that she and her team utilize neighborhood-specific videos since buyers are so focused on location. Telling the story of your neighborhood is incredibly important.
The final panelist to speak, Lance Loken, agent from the Signature (Texas) market center, showcased how time spent on the activities can launch your business into the stratosphere.
An agent with five years experience and a team off 44, he found himself struggling in the past year. He said he and his team started having conversations and identified an intention to be disruptive, which ultimately led to the solution: the BOLD 6,000.
The BOLD 6,000 begins with the BOLD 100 – make 100 contacts consistently for four straight Mondays. These must be voice to voice.
For the remaining four workdays, focus on the BOLD 40 – specifically 40 additional contacts for each of those days.
Each individual on the team was tasked with meeting these goals. In the end, the results spoke for themselves: in a four-week period, six individuals made a total of 6,495 contacts.
Even better, Loken’s GCI increased 69 percent year over year. Just in the last three months, he sold a total of 390 units.
“I’m a believer in mastering the activities,” he proclaimed.
This is now the standard, he said. Set the standard and, as you add new hires, communicate that standard and watch them stretch to meet those expectations naturally.
Relating it to current cultural events, Keller connected the dots.
“You’re going for the gold. If you want above-average results, you have to do above-average activities.”
You have to get in shape: physically, mentally, emotionally, as well as in a support capacity, Keller concluded.
“You will look different, sound different. Everything will be different because you’ve allowed yourself to live bigger.”
Loken and Keller’s revelation became clear: master the activities, make them part of who you are and establish a daily routine to support them. The numbers and the results will follow.