KNOW YOUR C.R.A.P.
In my continual quest to “Raise The Bar” on our profession, my message as your President for August is simple: To “Raise our Bar” we must Know our C.R.A.P.
Before you get offended, let me explain. As I’ve mentioned several times, we as Realtors have been given a great opportunity. 1) We are entrusted with the purchase or selling of someone’s most substantial asset and lifestyle. 2) We tend to have an excellent compensation package for doing our job. The question then becomes, in exchange for these two luxuries, what is required or expected of us in return? The answer is, to “Know our C.R.A.P.” which is a formula I’ve developed to keep you at the cutting edge in your industry.
C: Competitive – Step one in Knowing your C.R.A.P. is facing the fact that our industry (like none other) is an extremely competitive market. Both sellers and buyers have choices, including access to some of the top Realtors in the nation right here in our own backyard, at their fingertips. With this in mind your job is to be on your A game at all times. This means creating simple disciplines such as go on weekly tours. Spend time in your office with your fellow agents as they have access to many pocket listings. Checking the daily “hot” sheet. Discovering what is new on the market. Being aware as to what went into escrow or closed. And most importantly, asking yourself “why” did it sell at this price and how does it impact my listing?
R: Real Estate – Besides excellent and professional Customer Service, it is important to remember that what we really sell is Real Estate. Therefore, as a Real Estate Professional your job is to know your Real Estate. This means knowing how to defend your list price when we are presented with a low-ball offer that makes no sense, or when the appraisal does not substantiate the sales price, or (a more surfacing problem) when the seller presents you a Zillow Estimate (Zestimate) that shows a 30% higher market value than what we know to be true. As a professional, Real Estate is your bread and butter. Therefore to succeed, you must eat, live and breathe Real Estate as your finest cuisine.
A: Adjust – In an ever-changing market and an ever-changing way of marketing, there is one character trait all professional Agents and Brokers need. That is, the ability to Adjust. Our market is in a constant flux. For example, a hot Spring market turns into a good Summer market, which then turns into a slower Fall, and perhaps a cool Winter. Valuation and pricing is paramount in our industry, and the only way to truly be able to market a property to sell within your listing period, is to know what you are up against; or another words, “Know your Crap” and more importantly, know how to market your crap. Every house, like every person is unique. Therefore find the right media outlet that will best expose your property to the most ideal customer and for Pete’s sake follow thru on your marketing commitment ($) you made to the seller.
P: Proactive – The days of placing a sign on the lawn and walk-in buyers making a top of the market offer, have been over for a long time. You must therefore be proactively one step ahead of the game/competition. This means that if you do not receive an acceptable offer within 30 to 60 days of list (and you have done your job) make changes. For example, retain a professional stager, declutter the property if necessary, add landscaping or remove landscaping, propose a price reduction if you can justify it, and most of all stay on the cutting edge of marketing with all the available tools including virtual staging, videos that tell a story, and international marketing to make sure your clients receive the best possible representation.
It is a competitive world out there. But success in this industry is still achievable as long as you are humble enough to Know your C.R.A.P. and take the time daily to eat your fair share.
Until Next Time.