A trio of industry leaders urged agents and brokers to try new things and focus on building their client list during an Inman Connect New York panel on Wednesday.
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Interest rates are rising.
New companies attempt, and often succeed, to disrupt the home buying process.
Demand is still very high and housing stock is low.
The world is overwhelmed by crises, from COVID-19 to the war in Ukraine.
Which means these are unusual times. So how can real estate professionals thrive?
That was the question on Wednesday when a group of industry leaders took the stage as part of a panel on brokerages in Inman Login.
The panel included Jason Mitchell, president and CEO of the Arizona-based Jason Mitchell Group, John Wollberg, chief broker of Side in New York, and Chris Gill, chief commercial officer of Mexican developer Simca. And the conclusion was that brokers and agents would not thrive in these strange times by resting on their laurels. They must be proactive.
1. Always try something new
Wollberg urged brokers and agents to think outside the box. It’s common advice, but he clarified that the key is to constantly try new products, strategies and services.
“If you’re not using new technology every year, you’re straying from the field,” he advised. “If you’re not using new data every year, you’re straying from the field. Look for something new. Think of new things to do.
The idea of trying new things comes up a lot these days in real estate, where technology and new businesses are constantly changing the landscape. But Wollberg’s advice suggested that brokers and agents need to be proactive and, significantly, experimental.
2. Always Follow
Gill noted that in his case, he had been in real estate for decades. But for a long time he was wrong.
“I’ve only been doing it well for three years,” he said.
So what did he learn from this process?
Gill said his biggest piece of advice is to always follow everyone. This means that real estate professionals must contact the people listed in their databases. They should work to meet new people so that they can create these databases. Even attending industry gatherings that create networking opportunities counts, Gill said.
“Understand who your partner is and follow up,” he suggested.
3. Make lots of sales
Mitchell noted that many agents want to be luxury agents or focus on a big deal that will pay off big. But for most agents and brokerages, that’s generally not how the industry actually works.
Instead, Mitchell said “the name of real estate is the size of your portfolio, so you can continue to have clients send you business year after year.”
In other words, real estate professionals will benefit more from a steady stream of regular activity than from large but intermittent sales. And that only happens when agents have an established and growing volume of business.
“It’s not about the big sale,” he concluded. “It’s about the number of sales you can have and make.”
Email Jim Dalrymple II