You have heard it so many times before. Brokers and agents distracted by shiny objects that magically appear in our industry. They are those things that divert our attention, take our eye off the ball and otherwise cause us to pause what we are doing in an effort to figure out whether or not they are viable and most importantly, sustainable.
And what has historically happened to all things shiny? That’s right, they tarnish and become yet something more in a long list of things in the distant past. But what if that were not the case?
That would truly change some things in our industry and it is those things that we should be paying attention to now. Here’s why.
If you are in the habit of doing a SWOT analysis of everything that appears on your radar screen, I suggest that you get over it. Not unlike those things shiny, in todays’ world measuring the line-by-line extent of any strengths, weaknesses, opportunities or threats is as old school as those forces that are commonly making the measurements. New things approaching old things tend to make the new things much simpler and not more complicated. And they prefer action to analysis paralysis processes.
I am convinced more now that if it is not you that others are measuring, the measurements of the reality of a market challenger are too late to remedy. So why is this?
Long before those shiny objects entered the market, they actually measured what you were doing. And most importantly, they measured what you were not doing. In order to be shiny they needed to be something that was capable of taking from you what that they wanted badly. Something you worked hard to get and now because of changing times and your lack of change, you were about to lose. They were designed ot be able to appeal more to those you have in order to capture their business. And most of all, they needed to paint a picture of a much better future so that those things they wanted saw a brighter future going in their direction.
So what would I suggest you do with those new shiny challengers that today challenge your future success?
Well, it all begins here. You need to dissect their offering to better understand what are they doing that we are not? In other words, when they approach your world, what are they offering that is capable of attracting what you have to them. So now back to real estate. What would you think of what they are offering while you wear the hat of who they are trying to attract. And that today could be the agent or most definitely one day, tit will be the consumer.
In today’s residential real estate market, the new currency being used to “move the agents from place to place” is something that is very shiny and something that will never tarnish. And it is mutli-faceted. So here’s what I have narrowed that shiny stuff to be made of:
Now when you read that list, that may not sound like the essence of a SWOT analysis. And that is because it is a mixture of objective and subjectives attributes of a forever shiny offering. Notice that I did not list these things in terms of agent attraction and retention:
awards and recognition
You see, the rules of the game of attracting and keeping agents have not changed, the entire game itself has changed.
Everything that we sued to do to compete for agents has been reinvented to be non-traditonal and unconventional. What we used to “sell” agents is no longer salable. What we did to enhance our companies to be more attractive to agents is no longer important to the agents. And most critically what we have done to be the company we are today may not even be relevant to the productive agent of today. The very essence of our industry has shifted and the real question is have we - or are we able to shift at all?
Now try this one out as an exercise. Assemble your executive leadership team and read to them the first list of attributes of a real estate brokerage company and then ask them what company they immediately thought of when hearing the list. Is that company yours? I hope that it would be but I doubt that it is.
You see, for as long as the game in residential brokerage involves attracting good agents, the first list is what the agents are attracted to now. They want to work for a company that has a unique and alluring attraction as seen by the consumer, they want to feel that the environment is one of exclusivity and top performance (paid to move), they want to feel like they are new again, they want to believe even they as a top producer can be more (equity), they need to see how they can leverage their success into something even bigger (IPO) and finally, they want to be somewhere that they can sustain their success while being led by progressive leadership.(vision and limitless potential)
To these are the top performing professionals that create the multiples we all reach for, and it these professionals that want to be in a “glass ceiling free” environment and will work to assure that the new shiny object will never tarnishes.
So what about you? Is that what you want too? Is that something you wish you had now? Can you be “shiny" once again? I believe that you can, but I also believe that time is very much of the essence. You need to be the company that today finds a way to catapult your company ahead of all those who are today thought to be the shiny objects of brokerage. It will not be enough to simply meet the new shiny objects and play in their new game. You and your company need to be the one company that all of those shiny objects of today are challenged by - and now need to raise the bar in order to to deal with you competitively.
Easy task? Hell no. Something you have the horsepower to do? Hell yes.
Remember what I have shared with you many times before. There is nothing more powerful in business than presence. Presence provides the opportunity to make changes, innovate and keep that presence that you ave now forever. But once you lose it to another thing that is more shiny than you, getting it back is a whole other matter.
Have a great day!