Her name is Grace - and she is truly a gift. Grace is my nanny. She lives with me and takes care of my home and my children and does everything in her capacity to make my life easy and smooth. The most amazing thing about her is that she is chronically happy and always in a good mood, spreading her cheer consistently day after day. My kids love her.
Last week I was in Florida for a few days and I came back late one evening to find my car covered in snow. The next morning, I checked the temperature and it was 23 degrees Fahrenheit. As I was getting ready to leave the house, I had discovered that Grace had taken it upon herself to clean the car off so that I could drive to work easily and unobstructed. How thoughtful! I found the garage door open and the hose on full blast. She was hosing down my car! The snow disappeared but was quickly replaced by a sheet of ice! I yelled "No Grace! Not water!" But how was she to know$%: She is a native of the Philippines and this is her first winter.
Sometimes one can feel just like a stranger in a strange land when trying to sell a product or a service to the real estate industry. Being an outsider to a relatively tightly knit industry can cause great frustration, lots of expenses, and little traction in generating revenue. Knowing the fundamental underlying principles that define the unique nature of this industry can be a huge help in navigating the pits and valleys and can dramatically reduce the learning curve.
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Here are the first five principles:
1. Real estate is a sales-driven industry
Real estate is an industry of sales people, so selling any product to the industry is always about salesmanship first. Your product never stands on its own; it always stands behind you and your sales team. Make sure that your front line team is composed of natural sales talent that is highly customer service oriented and easily blends with the personality of the industry.
2. Agents and brokers are emotional buyers
Real estate is an industry of sales people who sell homes - a product that is extremely personal and emotional. That is how they sell and that is how they buy. Ensure that your product positioning taps into this element by addressing the real pain that your product or service will alleviate.
3. Real estate follows the 80 - 20 rule
While real estate is one of the largest industries in North America, with over a million agents, the majority of power is held only by 20% of the brokerages. It is critical to learn who the players are and where they can be found. The real estate media are a great source of information for this type of orientation.
4. Initially barriers to entry are high - but not for long
When selling products or services to the real estate industry, there are high barriers to entry. Once you have entered the compound, the internal fences are low - it is easy to navigate and difficult to get lost. You will find that your clients can be your greatest allies and will help you navigate within their sphere of influence - all you have to do is ask.
5. Real estate is an industry of personality and not structure
The high profile personalities in real estate are among the most sophisticated and entrepreneurial worldwide, yet in so many ways it is an industry that is sorely lacking in corporate structure and is slow to benefit from the knowledge and experience of corporate America. Anything you can do to bridge this gap is highly welcomed in the industry, particularly among the movers and the shakers who are always open to hearing and being the first to adopt new, leading edge ideas.
Navigating your way through a foreign country can be a challenge but it can also be remarkably rewarding. Sometimes all you need is the right guidebook. These five principles are a great start for anyone who is trying to penetrate the real estate industry with a product or service but needs that little bit of guidance. While they do not completely provide you with all of the tools required for full communication in a foreign land, they do equip you with a few key concepts that will help you find your way like a good traveler's phrasebook would. By recognizing these principles, while you still won't be fluent in "Realestatese" - that takes time -- but you will have a much easier time communicating with the "natives." Please read next month's article for five more principles on selling to the real estate industry that will make it even easier to adapt to the strange landscape of real estate.
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