Inspiring Excellence

More B-day Stories

Two great stories that helped make me birthday special...

I think my grandpa is one of the coolest and funniest guys around.  He's 86 and getting ready to celebrate his 65th wedding anniversary.  We laughed a lot over birthday dinner the other night.  They got ready to leave and he joked about needing to get home before dark since he didn't know where the lights were in his new car.  He traded in his pick-up about a month ago for a year-old PT Cruiser about the same color as this one...p.s. Grandma called a little after 8:30.  They made it home safe.

The second story is for those of you with middle children (or at least ones that are quick-witted).  After everyone left the party, Blake-13, Logan-10, and I were sitting out on the patio.  I asked what they thought they would be doing on their 40th birthday.  Without hesitation Logan responds, "blowing my nose with $100 bills."  So I turn to Blake and ask him.  Once again Logan chimes in before Blake can begin to answer, "begging me for a box of tissue."  Not sure whether I have a big dreamer or a what....everyone thought Einstein was a little off.

Most of all, I'm thankful that Grandpa McCool is still around and I get to be Logan's dad.

The Big 40

My birthday fell on a Saturday and this is one of those that we tend to get caught up in a little bit.  In my case, the surprise came a few weeks ago with several friends and LeAnn in on a little surprise party that went great.  The biggest surprise to all is that is was a secret to me up to the very end.  The best part of the night was the Bud stories were kept to a minimum and the fellowship was fantastic.

So that left yesterday.  What's a guy to do on his 40th if there's no big party?  We ended up driving up to my hometown (about an hour north).  Nice for nostalgia.  Last night was a special night for just for family.  I had LeAnn, the kids, my parents, and my grandparents.  We grilled out and told stories and showed the dvd of Bud's life that LeAnn had put together for the other party.

Anti-climatic?  Not at all.  Quite special if you ask me.  I got to hang out with those closest to me without a lot of hoopla.  Happy B-day to me.

The Report

Last Thursday through noon Saturday, I spent time at the Real Trends/Ninja Nation Conference in Vail, CO.  As you can see from yesterday's post, I didn't immediately review my notes and put this report together.  So today was that day.  I combined a few questions from the agents at Bob Parks Realty and will respond to each based on what I heard at the conference.  Here goes...

Q:  What about trends of more and more discount models?  How does this affect our commissions?

A:  Interesting that commissions went up considerably last year for the first time since 1991 which makes sense as it is a tougher market.  As agents we need to understand our Value Proposition – Price, Trust, and Convenience.  Where providers can’t provide “trust” and “convenience” the consumer will seek adjustments in price.

Q:  What is the newest/best idea for listing property?

A:  CMA’s are nearly obsolete.  Absorption rates are the new king.

Q:  What about tougher standards for real estate licensing?

A:  Between the Dept. of Justice, real estate schools, and most brokers, this is unlikely.  The sad part is that customer service doesn’t seem to change in states with stricter guidelines.

Q:  What are some success stories for web 2.0 (i.e. social networking)?

A:  As we continue to develop the “Trust” part of our value proposition, web 2.0 allows us to continue this process with our current customers and begin it with our future customers.

Q:  What is the most challenging trend in the industry and how should we best handle it?

A:  Believing that we have plenty of time to change.  Most agents still think we know what is best for the consumer.  The winners will be those that know their customer and know about their needs, then deliver a consistently superior consumer experience.

Q: What about the Internet trends?

A:  Three Internet trends: more media, more questions answered for the customers that they want to know before talking to us, and more entertaining.

Q:  What should we do day-to-day to keep showing up different?

A:  Keep asking this question about each consumer: What do they need?  Then, figure out a way to provide it when and how they want it.

Q:  What about changing demographics in homeownership?

A:  The X and Y generations will require us to earn their trust like never before.  Marketing to different generations and different cultures will continue to present a challenge.  Remember: It’s all about them.  We need to figure ways to customize the experience for each customer.

So, what do you think?  Agree or disagree?

Beauty

Sometimes words get in the way...

Overcoming Fears

Larry Kendall lead over 150 of us yesterday through a board breaking exercise.  This was my first experience with anything like this.  We listed four things on the board:

• What is our greatest fear?
• What caused it?
• What have been the benefits of it?
• Why be free of it now?

Breaking through the board represented being able to, not only accomplish something physical that you might have thought impossible, but being able to overcome something emotionally as well.  It was a powerful experience for me in the breaking of the board, in the walking  through the questions, and in watching others break their boards (all but 1 or 2 people did it!!).  Pictured with me are the two agents at the conference from Bob Parks Realty: Tom Laskey and Claudia Beacham.

The second picture is with Wynn Washle.  He is a phenomenal real estate at The Group Inc., in Colorado (one of the Ninjas) and a great friend.  He held my board when I broke it.

Worth the Trip

3:34 a.m. (4:34 CST) was the official arrival time in the room in Vail, CO.  To follow-up the previous post, our 12:05 p.m. flight left Nashville around 11:30 p.m.  Following the 2+ hour flight and 2+ hour drive, we did make it in time for a few hours of sleep.

The morning has already been full of great information!  We have already heard Walt Frey, Larry Kendall, Steve Murray, and Wynn Washle.  Here is a sampling of the best of what we have heard:

From Larry:

• talked about a On-Purpose Agent rather than an On-Accident Agent
• Becoming a Proactive Trusted Advisor - love the concept of making a choice to be proactive in the life of our clients.
• Wynn and Larry discussed how Wynn has taken his business to a new level by making 75 calls a week rather than just 50.  He suggested that those of us that can't seem to find time to make 50 contacts have decided that it is impossible...its time to "choose" to change this about ourselves

From Steve Murray:

• expect to see a 17-19% decline in the number of transactions over the next couple of years.  Liberal lending policies allowed many people to buy from 2002-2006 that should have been saving to buy now.  The trend will correct itself sometime in 2010.
• Average commissions from 2005-2006 increased from 5.02 to 5.18 for the first time since 1991.  Our value went up as the market slowed.
• The companies (and agents) that will be the "winners" in our industry are the ones that can "deliver a consistently superior consumer experience."
• the top 3 things that consumer want in that customized "experience" is trust, communication, and keeping their needs first.

More to come....

The Best Laid Plans...

So, I promised a report from the Ninja Nation/RealTrends conference beginning tonight as registration began today and a reception is happening right now.

One small problem.  The picture is me.  I am sitting on the floor.  It is the floor of the Nashville airport.  The 12:05 flight was boarded and then we deplaned.  The hydraulic lift on the right landing gear was leaking fluid.  The new one arrived from Denver about 6:15.  They are telling us we will be taking off in the next hour.

Two and a half hours to Denver.  Baggage claim.  Car rental bus ride.  Car rental.  Two hours to Vail.  Best case scenario we get in around midnight.  Needless to say, your conference update begins sometime on Thursday.

On a customer service note, Frontier Airlines has been great.  A voucher for dinner anywhere in the airport and a future travel voucher goes a long way!

Another great question

This one is similar to several listed last night, but I think it summarizes the concern of many agents.  Here is the question from one of our Sumner County agents:

What is the future trend for sites that I like to call fast food real estate? You pay a flat fee and get on the MLS, you get the forms and signage you need and a good luck instruction book. This looks like a trend that will continue and get more advanced. That will cut in on a lot of things including an agent’s ability justifying their commission. You’re not competing with another agent your competing with a set product.

Questions from Bob Parks' agents

Based on the comments to yesterday's post and a few emails, here are the great questions from agents at Bob Parks Realty concerning industry trends:

• What are the “must have” newest ideas when listing property?
• What are the internet trends that are most likely to be sustained and truly drive a paradigm shift in the industry?
• What is the most important way for a “ninja” to show up different in the marketplace?
• What should we be doing to prepare for the change in demographics of homeownership in the future?
• Will the model of being paid a percentage of the transaction stand up in the future, especially if people are moving more often?
• Do you think the customer and/or the industry will push for tougher standards to be a real estate agent?
• What success stories are there relating to blogs and web 2.0?
• What is the most challenging trend in the industry and how should we best handle it?
• What do we need to be doing on a day-to-day basis in our business right now to keep showing up different?

So, I have my work cut out for me.  Lifting off at 12:05.  By this time tomorrow, I'll be in the mountains.  I have to confess, other than getting these questions and more answered, I'm looking forward to highs of 75!

More Questions than Answers

Wednesday I board a plane and head west to the Real Trends/Ninja Nation event in Colorado.  The event is a collaboration of several of the most respected names in the industry including: Steve Murray of Real Trends, Walt Frey of Ninja Coaching, and Larry Kendall of The Group, Inc.

Current trends have the real estate market in the national headlines.  Most of these trends can be labeled under two separate topics: market trends and industry trends.  Most of us are concerned with the first and rightly so.  This affects the value of our property and how long it might take to sell.  It is hear and now and will effect our pocketbook in the coming months.

What concerns me, however, is the latter topic -- the industry trends.  Web 2.0 and outside players entering the real estate industry are much more likely to change the way real estate is done in future.  Market trends will come and go (most of us that have been in the industry 10 years or less haven't seen a downward trend), but the consumer may reinvent the industry while we are worrying about our market being off a few percent.

Wanted: questions to ask/discuss at the end of the week with some masterminds in the industry.  If you are passionate about this industry, please let me know what you would ask.  Not about the market, but about the industry.