Last week RE/MAX held a retreat for broker/owners in Chicago.
I love attending meetings in Chicago. Two of our sons live in the windy city running their own start-ups (not related to real estate). It’s always great to visit them and write off the trip for business.
During the event I picked up some insights that will help you improve your business and give you a little competitive intelligence on RE/MAX.
Insight 1: Disruption Creates Fear
RE/MAX CEO Adam Contos talked about the disruption of the real estate industry.
We are constantly bombarded with new technologies, new brokerage models funded by Wall Street, iBuyers who purchase and sell properties without the help of agents.
This generates fear.
The key to overcoming these perceived threats is FOCUS. You need to get clarity and follow the vision you established for your business by creating systems. With systems you can deliver exceptional customer experiences with every single transaction.
A great customer experience trumps price anytime.
If you win listings because you discount commissions, you may not have any value to offer, but price.
Lesson Learned: Don’t get distracted by so-called disruptors. Focus on your goals and follow your systems to achieve them.
Insight 2: Advertising Goes Hi-Tech
I was really impressed by the presentation of RE/MAX’s Marketing Director.
RE/MAX has paid for TV advertising for years (sample below).
With fewer people watching network TV and more cutting the cord (cable) to stream Netflix and Prime, are TV ads still relevant?
They are, as new advertising channels have emerged.
When you stream, advertisers can target commercials to your individual account instead of showing a spot to everyone on the network.
Research found that viewers switch to Facebook during commercial breaks. So, advertisers run targeted ads on Facebook when you take a break from the TV screen.
Even billboards enable hi-tech, multi-channel advertising.
Advertisers track your cellphone while you are driving by a billboard. When you get home and open Facebook an ad appears, reminding you of the billboard you saw earlier.
Lesson Learned: It’s almost impossible for individual agents to pull off this type of advertising. Good to know that the company you work for takes care of it.
Insight 3: Be in Control of Technology
Earlier this year RE/MAX acquired a tech company called BOOJ (be original or jealous). They’ve been creating agent websites and CRM’s for more than 10 years.
Booj will develop a proprietary, state-of-the-art real estate marketing system for RE/MAX agents. It will roll out next year.
RE/MAX had good technology all along, but it was owned by someone else.
Here’s why this is a big deal: the new RE/MAX technology will be as sophisticated as top marketing platforms like Boomtown or Commissions Inc.
Some of you pay more than $1,500 for these systems per month. Wouldn’t it be nice to have these capabilities provided by your broker for NO extra fee?
Lesson Learned: Controlling the best technology is critical for a modern brokerage. BUT, it comes down to the agent to use it and improve the client experience.
I will share a more in-depth report with our agents during our Tuesday mastermind, as I always do after industry events. If you want to join us for a future mastermind, reply to this article.
A new agent earned $8,000 in commissions in his first month because a buyer wanted to hire a RE/MAX agent.
One of Susanne’s clients told her last week that he will only hire RE/MAX agents, because the other national brands have too many part timers.
An agent who left RE/MAX at the beginning of the year told me that his production is down by 6 deals because clients don’t recognize the name of his new brokerage.
Myth 3: There’s No Training
This one’s easy to bust: long before the Internet RE/MAX had its very own satellite network to broadcast training to brokerages. It evolved into RE/MAX University.
At our office we focus on comprehensive agent development. This means we look at your business, have a one-on-one consultation and figure out exactly what prevents you from reaching your goals. Then we coach you to take action and hold you accountable.
Every Tuesday RE/MAX 24/7 offers agent masterminds where we jointly develop solutions to everyone’s business challenges.
The classroom training most brokers offer is basically entertainment that makes agents feel good.