Culture
Allan Dalton on Image vs. Value
Image vs. Value
Our industry is prodigiously photoshopped, resplendently dressed and we essentially (along with Hollywood) invented personal promotion.
Moreover, we have been writing self-glowing reviews for decades, and the highways and byways throughout our local communities are brimming with BMWs and a litany of other luxury automobiles.
We are universally polite, the world’s leader in thank-you notes (thank you Brian Buffini) and we are keeping the calendar and refrigerator magnet sectors in business!
No, we do not have an image problem. Our challenge is that we do not do a similarly outstanding job in promulgating our value. Regrettably, many consumers from where I sit still perceive a real estate transaction as a fee-inflated event that they must subsidize to promulgate an inefficiently-run industry.
Or, if you prefer, consumers believe they are paying too much for our services.
If consumers think all they are receiving are our services – as remarkable as “we” believe them to be – then to them, they are paying too much.
How do we begin to change the perception of many consumers that they are paying too much for real estate services?
1. Stress our skills of negotiating, marketing, merchandising and networking far more than the value of our service.
Service must be the frosting on the cake and not the cake.
Our greater value, like other professionals we romantically refer to as our contemporaries – doctors and lawyers – should be a reflection of our outstanding skills rather than our exceptional service.
Consumers believe we are charging surgeon-like fees while we are myopically celebrating our outstanding service. Bringing the bedpan, as indispensable as it may be, does not enjoy the same value as performing surgery or prescribing the proper medical course of action.
I know this first-hand, as many of you also do, as last year I donated my kidney to my wife and the word “service” never came up. Instead, we were seeking, and very content in paying, commensurate skills.
2. Begin referring to listing presentations as “marketing proposals.”
A listing presentation is about you, your company and what you have done in the past. A marketing proposal is about their home, your marketing and what you will be doing now.
3. Change your thinking from “homes do not sell because of price” to “ineffective marketing.”
Why? Because price is just one part of marketing. Remember the 4 Ps of marketing: Price, Product, Placement and Promotion. If all four Ps do not enter into success or failure when marketing a home, we are inadvertently undermining our own value. Additionally, you are charging a ‘marketing fee’ or a ‘pricing fee?”
4. Begin to refer to the individual who represents the seller as the marketing agent vs. the listing agent.
When consumers hear us ask “who is the listing agent?” it reduces the value of the entire industry. Language like the listing agent suggests one’s job is complete with the securing of the listing agent. You do infinitely more than merely list the home and it’s time you get more credit and higher value.
5. Stop “servicing the listing.”
Just as Elsa in Frozen sang, “let it go, let it go, let it go!” How about letting go of this all-time value killer? Rather, you serve and service (in most cases, represent) your clients, you do not service your listing. Without this more accurate language, you underserve your higher value.
Similarly, an open house should not represent how you are servicing your listing. Rather, it is merely one element in the marketing of the property while in the act of representing your home seller (if that is the agency relationship you are in).
Another example of greater value positioning is when you are introducing your property to the world of buyers through realtor.com. Again, your decision to differentiate your property on the site is one that reflects upon your overall marketing strategy to represent and service your clients and not the listing.
If you think such advice represents a distinction without a difference or is a matter of mere semantics, then please consider the words of Confucius: “All wisdom begins by properly naming things.”
6. Shift from celebrating how you “sell more homes” to how you “market your homes for more.”
This is why I am forever proud to have spent several years with realtor.com® because you do not need the site to merely sell a home but rather to market your property for more by leveraging the laws of supply and demand.
Allan Dalton is the CEO of Real Living Real Estate. This article was originally published on April 18, 2019 on realtor.com.
A Letter from Leadership: Don't Let HomeLight Take Away the Spotlight on Your Credentials
Two personal examples of the resonance and relevance of real estate, were front and center this past football season. During the televised football games, two real estate-related commercials constantly appeared. One was a source of pride. As the former CEO of realtor.com I loved their ads that exclaimed that they are the, “Home of Home Search.”
The other oft-appearing commercial about HomeLight left me with mixed feelings. HomeLight, a seemingly honorable company, seeks to serve the public by algorithmically determining on their behalf who are the best real estate professionals. While I love the fact that someone finally, and on a big scale, is challenging the notion, if not the delusion, that all real estate professionals are alike, I also have concerns.
My concerns can be found in the specific difference between how realtor.com and HomeLight seek to serve consumers. While at realtor.com, I remember our metrics reporting that 98% of visitors to our site clicked on the “Find a Home” button and only 2% on the “Find a Realtor” button. My strong sense was that the 2% represented real estate agents checking on their bios.
Realtor.com attracts consumers based upon property search. The HomeLight differentiator is to encourage the search for the “best agents.” Defining who the best agents are is quite ambitious for the following reasons:
- Some agents focus on selling more homes rather than selling or marketing homes for more.
- Some team leaders who accrue credit for the volume of their transactions are akin to professors who have graduate assistants teaching their classes.
- Some agents market or sell fewer homes but get better results.
- No one can ever categorically document what any sold home might have been purchased for through a different agent or company.
Because homes are not stocks or commodities, it is impossible to declare any outcome as being superior to what other agents might have been able to achieve. My reason for expressing my thoughts is that while I believe that realtor.com and other third-party portals have ably served the public by extending the range and reach of homes for sale, I have concerns regarding any third party serving up who they believe are the best agents.
All this means is that all real estate agents will have to work even harder and more strategically to keep the spotlight on their credentials.
Allan Dalton
Chief Executive Officer, Real Living Real Estate
A Letter from Leadership: Let's Get More Political in Real Estate
by Allan Dalton
I have always been of the view that real estate professionals can learn a lot from politicians and politicians can learn even more from those of us in real estate. For those of you who are either disgusted, or who think all of politics is a joke, I disrespectfully say: I no longer approve of political jokes as I have seen too many of them get elected.
So why then, do we need more politics in real estate?
The reason is that approximately 90% of members of congress, down from a one time high of 98%, get re-elected. To the contrary and despite our decades’ old plea, “I want to be your real estate agent for life,” according to the National Association of REALTORS®, fewer than 13% in our industry enjoy a vote for their real estate candidacy the second time around.
One definition of politics is, “the activities, actions and policies that are required to hold power in government.” Notice how the definition is about holding power more than accomplishing anything. Speaking of activities and actions, elected politicians, given their insatiable desire for career longevity, have mastered the following:
- Social media
- Mobile and overall digital marketing
- Networking, door knocking, direct mail
- Hyper local targeted messaging and advertising
- And, of course, prodigiously photoshopped personal promotion
They also invest in their campaigns. Above all, however, they are responsive to the needs of the community.
Being community centric is in the DNA of all politicians. Unsurprisingly the word politics is from the Greek word “affairs of the city.” I will leave the possible jokes that can result from that double entendre about affairs to others.
Seriously, if we are going to get elected and re-elected, then we must illustrate the same demographic acuity that is found in the political world.
Those who seek to gain and keep political office have distinct messaging for seniors, different income groups, ever-changing needs, as well as an overarching theme or campaign message. Their messaging, like all good advertising, is almost always consumer centric … as in “I love New York and not, “I love me.”
Therefore, I am pleased that Real Living can now reach out through Real Living. Real Answers.SM to people who are either downsizing, moving up, moving with children or pets, looking to develop a lifestyle plan for life or who relish the idea that where they live is where Real Living begins.
Additionally, we have two universal campaigns “Real Living, The Home of Lifestyle Advisors” or “Real Living, The Leader in Customized Real Estate.”
Where we can coach all politicians is on how we work together to get things done. We accomplish real and relevant results for the good of humanity because of the exemplary and highly ethical way we individually and collectively do business.
Indeed, we can all proudly point to the following:
That our industry is not known for scandals, deception, negative campaign advertising or being divisive.
The same cannot be said for our elected officials on either side of the aisle. In fact, as unifiers we represent the opposite. We as an underappreciated industry, masterfully and sensitively, unite the inherently divided or polarized interests of buyers and sellers.
Our immense professional and people skills enable us to majestically create an outcome whereby both parties leave the closing table or high-tech enabled transaction with smiles and gratitude.
We also differ in how politicians attend partisan-only conventions while we attend both brand-only as well as industry-wide gatherings. It is there where we continue to celebrate the most mutually respectful, collegial and collaborative of all professions.
Also, despite the realities of our competitive environments, we maturely put aside our company and political loyalties to the benefit of our clients and thus to the greater society; a society whose very economy is inextricably interwoven with real estate results. Politicians are compensated regardless of their governing success or failures. Because they are rewarded richly for their political strengths, this is where their remarkable talents lie, notwithstanding the lack of trust the public has in the political class.
Real estate agents, regardless of surveys, categorically engender trust. Therefore, consumers write checks and come into open houses as strangers. Experience has taught them that both their money and physical presence is safe with real estate professionals. Regarding trust, while it appears so few politicians seem to trust one another, real estate professionals embody complete trust in one another, in my opinion.
Throughout our industry all real estate professionals know that they can trust the referral they send to another professional. Such trust extends the referral to an agent that they may not have never met and who lives and works thousands of miles away.
Real estate professionals have come to learn, and deeply appreciate, that after the transaction – regardless of the brand or brokerage affiliation or how formal or informal the referral was – that the referring agent will be paid a referral fee.
While I do wish that we would be more political to protect our “books of business” from all potential disrupters, it is even more important that politicians might learn from us and govern themselves with the same ethics and ethos replete throughout our industry … and that is no joke!
See you in California at the Real Living Real Estate Connection convention, where we will introduce programs designed to help you get new and renewed clients. And … please leave your politics at the door.
Join us at Real Living Connection 2019!
Community Spotlight: Real Living Wareck D’Ostilio
John Wareck and Frank D’Ostilio, owners of Real Living Wareck D’Ostilio, and members of their team are truly dedicated to making their neighborhood a better place to live – and it shows.
For the fourth consecutive year, associates of the New Haven, CT-based brokerage volunteered with Downtown Evening Soup Kitchen (DESK) to serve meals for the area’s homeless and underserved. On top of serving meals, staff have also launched a campaign to raised more than $1,000 and collected four full boxes of donations organization ahead of the holiday season.
In addition to supporting DESK, staff from the Real Living Wareck D’Ostilio Branford office, led by Rhonda Young-Leu, delivered more than 100 meals throughout the neighborhood through Meals on Wheels. The group also washed dishes, set up and cleaned up the dining room, and removed trash to prepare the dining hall for the next day’s services.
“At Wareck D’Ostilio, we believe when we meet and interact with those in need, we are fostering a better community,” said Frank D’Ostilio, broker and co-owner of Real Living Wareck D’Ostilio. “Our volunteer work has given us an opportunity to understand the needs of our community and work harder to help those living in our area thrive to their potential.”
To learn more about Real Living Wareck D’Ostilio, wareck.com or follow their work on Facebook at www.facebook.com/reallivingwd.
Real Living Real Estate Applauds Network Agents Honored with the NAHREP Top 250 Latino Agents Award
Real Living Real Estate is proud of the three network sales professionals who ranked among the top 250 Latino agents by number of transactions in the U.S. as tracked by the National Association of Hispanic Real Estate Professionals® (NAHREP®).
The honorees include Andres Serafini of Real Living at Home Real Estate, The Washingtonian Group located in Chevy Chase, MD ranked No. 26; Marisol Franco, Real Living Real Estate Professionals in Wilbraham, MA ranked No. 112; and Daniel Llerena, Real Living at Home Real Estate, Chevy Chase, MD, No. 134.
“We are incredibly proud of these exceptional network agents and the wonderful service they provide to their clients,” said HSF Affiliates CEO Gino Blefari. “Their inclusion on NAHREP’s prestigious lists underscores their skill and dedication to their profession.”
Now in its seventh year, the NAHREP Top 250 recognizes agents whose hard work and dedication has led them to close an outstanding number of transactions in an effort to increase the rate of sustainable Hispanic homeownership in communities across the country.
“It’s a privilege and an honor to work among the talented individuals who represent the diversity we seek in our network,” said Teresa Palacios Smith, vice president of Diversity & Inclusion at HSF Affiliates. “Together, we are helping minority families achieve their homeownership dreams.”
Registration Is Now Open for Real Living Connection 2019!
We hope you marked your calendars for Feb. 8-10, 2019 for Real Living Connection: Real Living California ’19!
Mix and mingle with network members from across the country at the Hyatt Regency Huntington Beach Resort and Spa. Join HSF Affiliates CEO Gino Blefari and your executive leadership team in sunny Southern California. Learn more about this year’s exciting event straight from Gino himself in the video below.
Don’t miss out! Register here!
Real Living Brokerages Win Big for 2018 QE Awards
Real Living is proud to announce that an astonishing 18 Real Living network brokerages won a 2018 QE Award – more than any other real estate brand this year. The QE Award recognizes America’s Top 35 real estate firms based on service excellence.
The following Real Living network brokerages were named among medium-sized companies:
- Sine & Monaghan Real Living, Mich.
- Real Living Kee Realty, Rochester, Mich.
- Real Living Realty Professionals, Mass.
The following Real Living network brokerages were recognized among small-sized companies:
- BOWES Real Estate Real Living, Arlington, Mass.
- Real Living Pittman Properties, Raleigh, N.C.
- Real Living Property For You, Peoria, Ariz.
- Real Living Capital City, Atlanta, Ga.
- Real Living 1st Choice Realty, Coral Springs, Fla.
- Real Living Real Estate Experts, Warren, Pa.
- Real Living Georgia Life Realty, Villa Rica, Ga.
- Real Living Casa Fina Realty, Tampa Fla.
- Real Living Cornerstone, Farmville, Va.
- Real Living Gateway Real Estate, Hasbrouck Heights, N.J.
- Real Living Brokers Realty Group, Warren, Ohio
- Real Living Now Real Estate, St. Louis Metro Area, Mo.
- Real Living Real Estate Professionals, Redding, Calif.
- Real Living Northwest REALTORS®, Bothell, Wash.
- Real Living Palm West Home Realty, Inc., Palm Coast, Fla.
According to QSC, the QE Award is the combined overall Customer Satisfaction Rating of all returned surveys of real customers, where every past customer has been surveyed without selectivity, editing, deletion, cleansing or manipulation.
Congratulations to this year’s winners!
Join Teresa Palacios Smith at the NAHREP National Convention!
You’re invited to join Teresa Palacios Smith at the National Association of Hispanic Real Estate Professionals (NAHREP) National Convention at L’ATTITUDE in San Diego, Sept. 8-11.
This important conference represents the ultimate intersection between fostering business opportunity and encouraging a vibrant Latin culture within our communities.
Learn more by watching the video below!
Get your ticket here!
Inman Names Dale Chumbley with Real Living - The Real Estate Group, Inman Ambassador
Real Living Real Estate is proud to announce that Dale Chumbley, agent with Real Living – The Real EstateGroup, has been appointed as an Inman Ambassador for Inman Connect San Francisco. Chumbley is one of only 20 influential real estate professionals selected for this exclusive honor.
Inman Ambassadors are members of the Inman community who volunteer at each event to make introductions, provide insights and keep the spirit of connection alive.
Chumbley is honored to be asked to represent Real Living at this well-regarded industry event. He first attended the conference as an Inman Ambassador almost eight years ago and has been asked to reprieve his role several times since.
“Each year, Iman strives to bridge the gap between new techniques and conventional wisdom and that’s why I’m so excited to spread the good news about this event,” said Chumbley. “It feels great to be acknowledged as someone who can bring value to Inman Connect and help others find value in it, too.”
Inman Connect San Francisco 2018 will take place July 17-20, at the Hilton Hotel in Union Square. More than 4,000 industry professionals will gather over four days, and share actionable solutions to working “Faster. Better. Together.”
For those interested in attending this year’s event, visit: www.inman.com/events. A special code has been created for network members and their associates to receive a $100 discount off the price of registration. The code is ICSF100CHUMBLEY and is good for the All-Access Pass as well as the Full Conference ticket.