While this show goes out to thousands of agents every month in more than 100 countries, I understand the strength of the property market will differ from place to place.
In Toronto, where I live, the market is strong with multiple buyers competing to purchase up to $2 million.
But things aren't so strong in Auckland, Melbourne and Sydney and after a 25-year boom, the cycle has turned and competition for real estate is not as strong.
So, with many of my listeners in Australia and NZ I want to dedicate this episode to getting results in a changing market and my guest for this week, as you'll soon discover, is not only ready for change but excited about the opportunities it's delivering.
So let me make a few observations:
1. The current changes we're seeing are part of a cycle. There's no way such high levels of property growth can be sustained long term. Sooner or later there's a correction. There's nothing wrong with it. It's a cycle just like the tide and the seasons. Let's remember, it's been good for a long time.
2. When the market softens, prices fall but the actual number of properties coming onto the market falls as well. Which is where most agents feel the pinch. The frenzy of competing buyers which fuels the volume of properties hitting the market is no longer so strong.
3. I have no data to back this up but I'm going to estimate that 90% of agents selling real estate today have never experienced a tough market which means many don't have the skill set required to get results for their clients. And here's something weird I've noticed. I'm going to call it MGS or Market Guilt Syndrome. I notice many inexperienced agents, for reasons I can't understand, blame themselves for what's happening. So let's accept the market is not your fault and you're not responsible. But what you are responsible for is helping your sellers achieve the best real estate solution they can get.
4. When you list a property for sale, your client, and let's assume they're motivated and need to sell, have chosen you to deliver a result. What I'm saying is you have a moral and ethical obligation to get them sold for the best price inside your average days on market time.
To make this happen, you're going to need to have what today's guest calls REAL DISCUSSIONS and probably more than one or two.
This is all around managing your seller's expectations and getting their price into the likely selling range. This takes courage and skill as many agents are discovering but here's the thing: If you can quickly develop these skills, you'll not only survive and thrive in a down market, you and your brand will be beautifully positioned once things turn around.
You need to give your sellers cold hard evidence that their price is too high. Your evidence might come in the form of days on market, the number of unique online visits which fail to convert to physical showings or good old buyer feedback.
And I know these strategies work and work well as they're a regular topic in our Private Client Group.
5. Getting your head right is essential in a tough market and I've learned so much working with Mindset Coach Jet Xavier in the last 6 months. Jet's ideas and mindset tactics are tailored to agents. That inside voice that sits on your shoulder and tells you that you can't do something has destroyed many real estate careers. But long story short, Jet has a strategy for every situation. In fact, if you download his top 7 mindset hacks at TopAgentsMindset.com you'll see what I mean. It's a short cheatsheet with his best mindset ideas.
My guest today is a formidable force in his market and a major influencer in the Australian real estate scene. He has an impressive and highly successful approach to current market conditions and I know for a fact that many agents who employ his strategies are doing very well.
And even though his market has softened, he's full steam ahead and aims to write more than $2 million in GCI this calendar year.
I have the feeling this interview is going to be on high rotation and make sure you listen out for his short role play scripts which you'll want to learn and use ASAP.
Last year, Harcourts, The NZ/Australia based real estate group auctioned 1200 properties in California. Their clearance rate at auction was 92%
Days on market for their auctions averaged 35 against an industry average of 120.
The funny thing about selling by Auction in a new market, and this is my personal observation, is that the only negative reactions come from agents.
And that's okay, everyone is entitled to an opinion. And we can all understand the threat of the unknown.
But if you dig a little deeper, you'll find the most critical agents wouldn't know a real estate auction from a hole in the ground. Or they're stuck in the Vietnam War era where they think Auctions are the last resort for a distressed sale situation.
I have no issue with spirited discussion and informed debate, but (and this blows my mind) most of the auction haters have never actually been involved in an auction campaign.
That's a bit like saying you don't like Indian food but you've never tried it. Or saying you don't like a band, but you've never heard their songs.
Let me qualify my opinion and support for the power of auction by saying that not all properties and their owners are suited to Auction.
Selling by Auction is not a blanket fix. It's an alternative selling method to be considered in certain and very specific situations.
Auction success happens when the time and circumstances are right. This is not a magic elixir for selling all real estate. It's a powerful marketing tool you bring out when it's applicable.
A couple of months ago, highly successful Melbourne auctioneer, real estate agent and father of 5 Glen Coutinho packed up and moved to join the team at Harcourts #1 and founding California office in Beverly Hills. And yep, his office zip code is 90210
Not everyone makes the decision to buy a one-way plane ride to another country. It takes courage and it takes a cause and those of you who know Glen also know he has both.
On the long plane flight from Melbourne to LA, Glen wrote a letter to his kids called 'Flick The Switch'. It's moving and inspiring and Glen has given me permission to run the audio at the end of this interview. It's powerful and impressive.
It looks like my Jigglar partners and I are heading to San Francisco again this fall for the National Association Of Realtors Annual Conference and Expo.
And an interesting side note... I couldn't work out all the peace, love and flower power references around the event until I realized it's 50 years this year since Woodstock and the height of the San Francisco anti-war peace marches. (not that I was around then but I Googled it)
The NAR conference is the largest real estate event in the world and if you haven't been, it's worth checking out. More info here.
And speaking of Jigglar, two things. The Design Team has just published the 4 page Landlord Report which looks amazing. I've written some generic copy for the back cover and the inside middle spread is a very cool infographic you can quickly edit to reflect your numbers. I've already shared the template with some of my private coaching clients and feedback is very good.
The second bit of Jigglar news is that the TEAMs feature is now live. Here's how it works: Let's say you're the admin or marketing manager of a team or a multi-office group. You can create templates in Jigglar or edit our designs then simply post them to the TEAMS folder in your account where all team members can automatically access the customized template and add their specific details like photos and contact numbers.
And you don't need to worry about your team altering brand-specific design elements because you have the option to lock down every shape, image, and word of your design.
If you don't have a free account yet, getting one is as easy as booting up your browser and going to Jigglar.com
Well when it comes to online marketing to score seller leads, I've noticed agents are doing one of three things. Nothing, paying big money to buy leads from the dominant real estate portals like Zillow.com or realestate.com.au or connecting with online marketing experts who specialize in getting leads at affordable rates mostly using social media.
My guest today is one such expert.
James Rembert markets himself as the Zillow Killer and with good reason because he offers a very cost-effective alternative to the online giant and he's getting results.
Listen out for his specific targeting ideas and his hyperlocal strategy that's getting listings for his clients. Also, check out what James has to say about getting attention and building influence before expecting leads. Makes a lot of sense and I'm confident every agent listening to this episode will get some valuable takeaways.
A few weeks back, my friend Andrey Polston from GetListingsSummit.com invited me to be a guest on his Listings Webinar Extravaganza which ran over a few weeks in March and April this year (that's 2019 if you're listening in the future)
The summit features more than 50 real estate agents, experts and commentators in what can only be described as a frenzied listing binge of free information and great ideas.
When Andrey asked me what I wanted to get into for our session, I didn't hesitate. Getting listings is all about the funnel and new business pipeline. In fact, the agents that follow this formula and execute well are the super agents and household names in our industry.
In my session with Andrey, we get into a wide range of real estate success ideas you can implement straight away to create more relationships.
I also got to share my ideas around owning a clear and compelling point of difference in your market and one specific idea that's proving a powerful tool for the agents I work with.
You can still access the summit for free I believe. Just go to GetListingsSummit.com