We’re in the era of intellectual property. It’s no longer about what we know, it’s about who you are as a person.
This means if you stop emphasizing the information you have, you will no longer be competing with Google Searches. Instead you will have much more value when you showcase yourself and your expertise.
Where does this leave full-service real estate?
- Is your experience of 100 or 500 home sales a valuable perspective in negotiations?
- What about the 50 other times you have had to deal with an agent unfairly trying to renegotiate after a clean home inspection?
- How about the 35 other multiple offers you had this year representing clients? Would that type of connection to the market provide value and give your clients a competitive edge? (If you won some of course.)
- Is your ability to interpret and analyze information while discussing the credibility of sources valuable?
- Is your art of finding neutral ground in which to shelter the client from stress and difficulties of negotiations valuable?
Of course it is!
“Leadership is a potent combination of strategy and character. But if you must be without one, be without the strategy.” – General H. Norman Schwarzkopf
This quote brings us to Stephen Covey’s explanation of our current industrial era: The Wisdom Era. It is no longer the era of providing value simply by distributing or producing mass amounts of information.
In the Wisdom Era it is our ability to analyze and interpret information from our experience, knowledge and character that provides the most value, and therefore the highest opportunity for success. I believe wisdom is the best thing we can provide to our clients, partners and friends.
This formula insists on technical expertise, experience, knowledge and character governed by underlying universal principles for what is fair, true and just.
Being impeccable with our word is a currency in today’s market. People accept advice from, and do business with, people they trust.
Become a knowledge worker
A knowledge worker is someone whose main purpose in their business is to share their knowledge and wisdom. They are paid to think, not to punch in regular hours and perform basic tasks. They are paid to analyze, plan strategically and align a vision, much like real estate agents and leaders.
The more you allow yourself to learn, the more valuable you are. When you realize what you didn’t know before, it allows you to create a more valuable knowledge base for your clientele.
Learning helps agents grow, which in turn helps them educate their clients in the best way possible. This, in turn, creates trust. People come back to people they trust.
The more open you are to seeing things in a bigger picture, the more powerful you can be.
Be a consultant, not a salesperson
As we continue to transition from the information age entirely into the wisdom era, we are all presented with increasing opportunities to work from a consultant’s approach versus the traditional salesperson.
The consultant’s approach places our focus on educating clients to create comfort, which then leads to an environment of trust.
When we have the confidence to present a logical approach based on experience and character, it is an empowering position to stand back and know our clients will naturally choose the best home, list price, terms, conditions or salesperson/broker for their needs.
It is not our role to predict or take ownership of “information”, or to see our value associated with it. It is our role to, with integrity and expertise, be the interpreters of the endless sea of information now available to our clients.
The information age provided for the stats, reports, scores, listings, updates, averages and assessments at a fingertip. Now is the opportunity to explain, as experts, what it all means.
Is that not why we were hired as professionals in the first place?
Giving value to your business
If you’re treating your business transactionally, you will have a negative impact on your growth. When you’re only pushing yourself to make the next sale, your business will suffer in the long term. You need to show up with purpose and passion and only do good work, at the right time.
You need to calculate what growing your business is worth to you in every aspect: financial, lifestyle, health, energy, time, relationships, legacy and contribution – then put your ability to work to successfully move forward in proper perspective.
You can do this by tracking every piece of the pie. A great system is going to make sure that you’ve broken down exactly what you need to do, daily, monthly and quarterly, in order to be on track to hit your goals. It will always go back to what’s important to you and your values.
Do not work just to create profit – work with clients to lead them to their desired outcome.
If you do this, you will see that your business will grow quicker.
In real estate we forget how much we know, and we forget how much experiential knowledge we actually have to offer the public.
You need to communicate and analyze to help people feel safe, confident and comfortable, by giving them value, because people who feel this way are empowered to make good decisions for themselves. You need to push your clients and continue to communicate and educate them until they are comfortable and certain enough to take the next steps that lead them to their goal.
Share your knowledge and expertise with clients by educating them on the real estate market and buying or selling processes. A great client process is going to prepare people on what to expect next, so it feels very natural for them. This will guide them through the steps of your sales process with the utmost confidence in you.
You can also share your knowledge by using your integrated process to allow your client to know that you’re there to support and help them, and that you’ve done your due diligence.
This will allow you to build a relationship with your clients while also showcasing your analytical abilities and the wisdom you offer.
This is why it is absolutely essential for you to combine the forces of being principled and having the competence to give expert advice. This is because as soon as you ignore this fusion of value, you lose all power in the situation.
If you lose all power, you don’t know your systems, processes or next steps. If you don’t know your outcome, you’re lost.