This past week I had the honor of giving a market update to the 800+ real estate professionals at RE BARCAMP One Coast.
But something surprised me at the event.
Normally, my market updates are 2 hour journeys through the local and national market to help them connect dots, spot opportunities, and find clarity on what's happening.
This time, I only had 30 minutes to give an update...
So, I had to ask myself "how can I take something so complex and big and boil it down (distill π) to is basic parts to make it simple AND valuable?"
The result?
We reviewed the top 5 trends I was seeing in the market that agents should know about and hand-picked one or two supporting charts to give credibility to what I was saying.
As I was reflecting on the talk and feedback I was getting, I realized that there was an important lesson for all of us when it comes to talking to clients and running our businesses:
π‘ We need to focus on showing our clients the big picture.
For example, think about a normal part of many Reatlor's buyer presentation: the road to homeownership.
A lot of agents have a long, windy road full of the steps to get to closing like this one:
Do you already feel overwhelmed? I do...
Instead of going through the 21 steps to closing with a new buyer you're working with, start by telling them about the 3 main phases of the process:
Doesn't it just feel better already?
Taking this approach keeps our people from feeling lost and having a bad experience. Plus, you can go into more detail as you move into each phase.
The main question is how do we actually do that? How do we get to the big picture. π€
How to see the big picture in the real estate market.
When it comes to simplifying the market, there's a few things that you can do to help when it comes to this:
- π Focus on one thing at a time. Most people get lost right away because there's so many stats available that it's difficult to know where to start. Begin by limiting your focus to one or two important numbers. Home sales, prices, and/or months of supply make great options here.
- π Find a credible source of information. There are a lot of headlines out there from a variety of sources. Stick with the MLS as your gold standard. I'd acknowledge information people bring up to you and politely redirect the conversation to what the numbers are showing us from the step above. Remind them that articles are meant to get readers, not provide specific advice to individual buyers/sellers.
- π Zoom out. If we look too closely (either in time or location), it can be difficult to see the trends. Be sure you're looking at at least 3 years of history on anything you're focused on so you can see the major changes that have been occuring. If you're looking at a neighborhood, you might need to look at the MLS area or Zip code to more easily see what's going on.
- βοΈ Say it in a sentence. Finally, using the information from the first three steps, ask yourself to summarize the main point in one sentence. Forcing yourself to explain something in a limited amount of time helps to clarify the most important information you need to share. This will feel weird at first, but you'll get better with practice.
The bottom line. β
The easiest way to reduce hesistate for buyers and bring sellers to reality is to help them see the big picture.
Sometimes, this means explaining the market in simple terms.
Or maybe it means going back to your clients' motivation and focusing on why they wanted to do this in the first place.
We get lost in the weeds and start playing "what if" pretty easily.
Agents who can bring the big picture into focus will find more success than those who can't.
And like Donald Miller says: "if you confuse, you'll lose."
If you want some help simplifying the market and your business, check out Market Insiders. It's my coaching program designed for agents in Northeast Florida selling $5M+ a year who want help building a business full of dream clients through smarter market moves.
Here's to zooming out and helping your people see the big picture! π
Alex
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