RTRE 55 – Pay Attention to What Matters in Your Real Estate Business

On this weeks episode of reThink Real Estate, we discuss ways to clear your mind and focus on your business. There are hundreds of headlines vying for our attention which serve as little more than a distraction to our businesses. We discuss our thoughts on what to pay attention to and what to ignore so that our businesses don’t suffer.

Rethink Real Estate Podcast Transcription

Audio length 14:41

RTRE 55 –  Pay Attention to What Matters in Your Real Estate Business

[music] [Chris] Welcome to re:Think Real Estate, your educational and hopefully entertaining source for all things real estate, business, news and tech. 

[Christian]: I am Christian Harris in Seattle, Washington.

[Nathan]: Hi, I am Nathan White in Columbus, Ohio.

[Chris]: And I am Chris Lazarus in Atlanta, Georgia. Thanks for tuning in. 

[music] [Chris]: Everybody and welcome back to re:Think Real Estate. I am Chris here with Christian. Nate can’t join us today. He is too busy selling homes. What is going on Christian?

[Christian]: Not much just running into the office after frantically dropping off my son at school and yeah trying to stay cool. What are we gonna talk about today?

[Chris]: What is going on in real estate. There is some headlines out on Inman. Open Door picks up another 300 million dollars at a reported 3.8 billion dollar evaluation. Caldwell [phonetics] does some rebranding and agents how to become influencers. 

[Christian]: Yeah I was really enjoying the comment section of the Caldwell [phonetics] branding. That is always gold you know seeing what people decide to what hill they decide to dive on [inaudible] [laughter] with rebranding and the broker decided to…

[Chris]: Well brokerage that are not at and even agents…Everybody has an opinion and everybody wants to voice their opinion in trivial [censored]. I mean remember with NAR. NAR changed the logo last year. And it threw up such a sting that they changed it back. 

[Christian]: Did they change it back? I didn’t notice.

[Chris]: Oh yeah yeah they…So…

[Christian]: 100.000 down the drain.

[Chris]: So they did a boxed R. The cube with the R on it. And then it threw such a sting that they got rid of it. They spend like 300 million dollars for some astronomical… 

[Christian]: It was like 300.000.

[Chris]: Yeah it was a lot of money.

[Christian]: That’s a lot of money for yeah, changing one R into a different type of R so…

[Chris]: Yeah and then everybody hated it so…

[Christian]: People do. It’s funny as we’re kind of going over the headlines of what is happening. What is getting all the buzz in real estate. You brought up a good point that all this stuff probably has nothing to do with my business or your business or any agents actually doing business. It’s all distractions and shiny objects. 

[Chris]: Yeah I mean for a…it gives people an excuse to not focus on doing what they need to do which is sell real estate. Or train their agents to sell real estate if you’re a broker. You know it’s like watching the local news right? It takes up a lot of time, but what is the same news every single day? Somebody died, somebody got robbed, something broke in the city and somebody is doing something crazy for consumers. 

[Christian]: Sure.

[Chris]: That is the same news every single day and people spend hours of their day, in the morning and the evening paying attention to that [censored].

[Christian]: Right. Well it is funny too I mean you know kind of running with that example. Because what we’re talking about here is information, right? We’re talking about our awareness of our world around us or what we considered the world around us. It is interesting if you do a little like kind of historic reading of like how technology changes, how we interact with each other and with technology you know like the value of information has changed from 100 plus years ago where the value was largely isolated to your local community. And it only had value if applied to your life directly. You know if like “What is the rainfall gonna be so I know what my crops are gonna be this year”. That’s is what mattered. Nowadays most information is human neutral stories. Which means 99% of it has absolutely no bearing on your life whatsoever.

[Chris]: What did…What did Breaderman [phonetics] write about today? And usually when he writes something it is pretty good. But you know like what is Zillow announcing. What evaluation is iBuyers gonna have now? And it all is…

[Christian]: Sure in 10 years 60% of the market is gonna be iBuyers. So…That may or may not be true but what to do with my business today you know like some of that stuff can inform but by in large nothing comes of it and it doesn’t really affect your stuff. Like you know so the question really becomes why do we get so easily distracted, wrapped around excel about stuff that doesn’t help our clients or doesn’t get us more business or doesn’t grow our brokerage. It is just distractions…

[Chris]: People need something to talk about.

[Christian]: You mean today. Right.

[Chris]: It gives people something to talk about at the water cooler. “Oh what about this? What about that?” But you know what, the water cooler doesn’t make you money? Does it? 

[Christian]: Yeah but you know it gives you that dopamine to be upset about something. Or enraged about something or worried.

[Chris]: It allows people to feel about things that aren’t important.

[Christian]: Yeah. And I wouldn’t say like these things aren’t irrelevant. Necessary. But by in large it might affect things years down the road. But again you know it’s energy. It’s…You know you’ve got  a limited emotional and mental energy and response so much of it on Facebook or on this you know kind of what’s the big distractor and whatever else. 

As opposed to building something, doing our business, staying in our lane. Doing our thing. You know like when I was at a larger franchise yeah there is people shuffling around doing transactions but mostly it was people sitting around [censored] about other people’s business or “Have you seen what that person is doing or that person is like”. What does that have to do with you? Like mind your own business you know. 

[Chris]: “I think our broker is sleeping with the loan officer…[crosstalk]. I think our broker is sleeping with the loan officer”. “Really?” Yeah I mean think like that that those permeate offices and corrupt culture. And you know from a macro level it is important to understand where the industry is going. So that you know how to kind of steer and navigate the industry with your business. But for the most part every other day when you see a new evaluation all you need to know is venture capital funds are putting money at high buyers. That’s it. 

[Christian]: True. Yeah. Well for the average agent like you know if Compass is growing in a market or Open Door has you know some hundreds of million dollar you know the funding you know round fund how does that affect your business? You know maybe if your brokerage is thinking about the future and how you want to structure your business it could you know just looking at trends but I mean I think a lot of it comes back to you know, we’ve got limited time and resources. Why are we spending it on these things that don’t directly impact us?

[Chris]: It’s easy. Because it is easy to talk about that. And it is harder to go in and put the work into growing our business and to talk about that. It’s not…It’s not cool to talk about the work that people don’t want to do or that aren’t doing.

[Christian]: Trust me…

[Chris]: And when you’re at the water cooler and you’re sitting there talking about “Oh I just made this call and that call” and people are like “Eh” and they clam up and they’re crossing their arms because they don’t talk about that because they’re not making their calls.

[Christian]: Sure.

[Chris]: They’re not out there prospecting. They’re not talking about you know, the next best thing in growing their business. For a couple of reasons. So there is the idea of competition selling a lot of offices. They don’t come up at their training and their culture from an abundant perspective. They think everybody is competing against one another and therefore they don’t share ideas. And then you know the other side of that is they don’t know what the [censored] they’re doing. So they…

[Christian]: I mean I think part of that…That is practically true but I think the other side of it is most agents know what they need to be doing but they’re not willing to do it.

[Chris]: Yeah.

[Christian]: You know and so it comes down to why do so many agents hate being real estate agents [laughter]. You know they’re not willing to like do the work. You know and thinking about this from a brokerage perspective, you know like I have had to think about whether the different models we could have. How much do we provide? Do we provide leads? Do we just provide systems? Do we provide nothing? You know and we try to do like this middle road of competitive commission split with the essential tools to help them be successful with serving their clients.

[Chris]: Yeah. 

[Christian]: But you know than there are some models that like provide you know leads and this and that. You know initially that is like “OK well that would be great if we got to a point when there is like abundance of incoming you know business that we could refer at those leads or whatever”. But at the end of the day if a brokerage is providing all that to their agents than what the hell do you need agents for if they’re not…I mean what is their job if they can’t even provide their own business?

[Chris]: A brokerage at that point becomes a big team. 

[Christian]: Right because essentially I mean that is what you’re doing if you’re providing leads. You’re doing everything for that agent. They’re just sitting there you know.

[Chris]: Wrapped up and happy.

[Christian]: Yeah they get it handed to them. It’s like I mean the point of brining that up is you know what is the role of an agent if they’re not willing to like do anything. If they’re not willing to provide their own business, grow their business. Find new clients. You know than there can be a lot of different ways. That’s not just I mean your classic cold call meeting. I mean you can do so many different things. But the point of it is you have to be doing certain actions everyday to move that ball forward.

[Chris]: Oh yeah. 

[Christian]: If they’re not sure how to spend their time talking about the thread of Open Door or Compass or the NAR or Lumion [phonetics] Legal Battle or how that may change the industry like yeah that is interesting but it’s not gonna help you in your business today, you know. 

[Chris]: Definitely. I think that you hit it right on the money. If it is not gonna help you in your business today I don’t think you need to be paying that much attention to it. Get back. Put the horse blinders on. Look down. One step in front of the other. And you know what a lot of agents don’t do is they don’t go out and try new things. They will just sit there and look at what other people are doing but they don’t actually go out and try something on their own.

[Christian]: Well they’ll poop on it. They’re gonna be like “Oh that is the stupidest thing ever. Until it starts working and they try to copy it.

[Chris]: There was a…there was a video that I saw going around and you know gets mixed reactions. There is an agent. Erica Gotiwolf [phonetics] she did a home tour where her entire body was blurred out and looked like she was naked. I am sure she wasn’t but she well picture it was naked doing a naked home tour. 

A couple of days having that video out, property is under contract. She has 5 listing appointments and 2 referrals. There was a lot of negative feedback on that video but you know what half of the people really thought she was ballsy for doing it. And she got additional business out of it. You know I shared that example with my agents this morning. And low and behold they you know I think a light clicked and they started realizing you know what not everybody has to love what I am gonna do in order to be successful at this. So…

[Christian]: Well and the reality is if you’re doing something different or better you’re probably getting negative feedback than positive.

[Chris]: Definitely.

[Christian]: And you just have to…You have to know that the people who you know the haters are people who are gonna be stuck in mud and go and hate anything that is new. Don’t worry about them. You know if you’re doing you know Sutton you know naked home tours, if the goal is to get more eyes in that listing for your client, that is affective. You know you called the stick or, you know, whatever but it was effective and aligned her wish people who likes the outside of the box marketing ideas so got her more business for her ideal client base. Who cares what people who don’t understand that think.

[Chris]: Absolutely. So I think the whole point of this episode is don’t pay attention to everything that is in the headlines in real estate because it is going to distract you everyday. It’s all the same stuff. Somebody has gotten more of an evaluation. Somebody is telling you how you can become an influencer. Somebody is saying that this company did something else. Focus on your business and just the how…if you pay enough attention to the headlines you don’t understand where the industry is going. Don’t worry about all the shiny objects.

[Christian]: I mean at the end of the day I wanna say…You know I don’t want to say “Don’t pay attention to this stuff” but just be intentional about how much time you’re spending. I mean I know like people who are really intentional and really killing it on social media they’re not doing it that way because they’re on social media all day but they’re doing it because “This half hour is dedicated to me building my social media” and they don’t touch it the rest of the day. So they’re actually productive. Do the same thing with these headlines. “OK here is my half hour to read the most sensational headlines and then move on to my day”. 

[Chris]: All right. Thank you so much for tuning in to this week’s episode of re:Think Real Estate. Stick with us. Go to rtrepodcast.com. Make sure you sign up for our newsletter so you get notified every time a new episode drops. Thank you so much for tuning in and please make sure that you give us a 5-start review on iTunes. We’ll catch you next week. 


[Chris]: Thanks for tuning in this week’s episode of the re:Think Real Estate Podcast. We would love to hear your feedback so please leave us a review on iTunes. Our music is curtesy of Dan Koch K-O-C-H, whose music can be explored and licensed for use at dankoch.net. Thank you Dan. Please like, share and follow. You can find us on Facebook at Facebook.com/rethinkpodcast. Thank you so much for tuning in everyone and have a great week.