Tom Ferry Reading Blog

Are You Innovating FAST Enough? [Hint: You’re Not!] – #TomFerryShow Episode 130

Tweet it Out: @TomFerry Another great article! I pledge to adapt so I can provide my clients the best service possible. #TomFerryShow

When industries change, those who adapt quickest are those who not only survive, but thrive.

So here’s my question for you — are you willing to make changes that will virtually immunize you from the robots that are coming for your job?

What if I told you making these changes will also vastly improve your relationships with your clients, and ultimately, become the reason for your success? I’ll go so far to say they’ll even make you enjoy your career a lot more on a day-to-day basis.

Now are you willing to commit to that change?

Okay, good. Because you’re gonna need it.

First, a little backstory to establish the playing field: $208 billion (yes, with a B) is paid in GCI annually between the U.S., Canada, Europe and Australia. You agree that’s a big pool, right? It’s bigger than big. It’s gargantuan.

Any pool that large is going to attract some outsiders. Enter the “Real Estate Robots.”

 

The Robots Are Coming!

Amazon grabs for its piece. Redfin wants a share. Costco has thrown its hat in the ring. They all want to provide a different experience in order to revolutionize the business and steal away a chunk of that $208 billion.

How bad do they want it? Cumulatively, they’ll spend $15-16 billion advertising their alternative real estate services this year alone. THAT’S how bad they want it.

Those are 15 billion reasons why your business is vulnerable.

The reason you’re vulnerable to their attack is because you’re not innovating fast enough, while others are.

Tom, what do you mean? I have a great website. I have video tours of my listings. How else can I innovate?

Let me make this clear: Innovation doesn’t always translate into a visibly technological result.

 

Ensuring “Human-ness” in Your Business

Here’s what I mean by not innovating fast enough — You’re not connecting enough with your clients to help them truly understand your value. Your messaging fails to demonstrate your value. Your marketing doesn’t resonate or set you apart.

The innovation necessary is using the available tools and platforms that allow you to provide more “Human-ness” in your service.

The way you accomplish that is by becoming a tech-enabled service company. (If you’re unfamiliar with that term, Google it. Study it. Become it.)

Today’s consumers expect things to be free, perfect and delivered right now. Is that a realistic standard for the real estate industry? Really, it doesn’t matter. Resistance to that standard isn’t a viable direction for your business. Adapting to it and striving to deliver it every day is the secret to a lucrative future.

Becoming a tech-enabled service company means using tech to enhance your service. To make it fast, efficient, beautiful and head and shoulders above what the competition provides.

The two biggest keys to beating the robots have nothing to do with technology: It’s all about earning TRUST and demonstrating CARING.

 

3 Tips to Earning the Trust that is Vital to Your Success:

  1. Stay in Communication & Be In Their Model of the World

If you’re looking to jump in and create a plan between now and the end of the year, start by asking yourself how many people are in your database? Then figure out how many times you can touch them in a relevant way during that time. The goal here is to strengthen the bond of your relationship — to maintain Top Of Mind awareness (the TOM plan).

Bring them value, share your insights, and be sure to pay attention to what matters to them — their time frame, their life, their family. That’s how you’ll strengthen that bond.

Remember: In the absence of trust, no business gets done. No leads. No deals. No referrals.

Create your raving fans and eliminate your vulnerabilities by committing to provide the most caring service possible.

  1. Up Your Level of Service

However you define service today, it’s gotta increase. Put it on steroids. Aim for that Ritz-Carlton standard. It’s about the way you answer the phone, the speed with which you answer the phone, the speed you return phone calls, how you deliver yourself at a presentation, the quality of your marketing.

Your value isn’t about your average sales price. It’s defined by how you choose to run your business in a way that creates an experience for your clients that raises their trust level of you.

To get there, dive in! Every podcast, every book, every audio program you can find — immerse yourself in learning what’s possible and integrate those ideas into your business.

  1. Overdeliver on the Promise

I know you’re bombarded with requests every day. But the Cardinal Sin of today’s marketplace is to not get back to people in a timely way. Remember, they want it free, perfect and right now. If you lag on returning texts, calls or emails, they’ll move on. You’ll lose their trust. In the absence of trust, you’re only in for objections and rejection.

The Easiest Way to Succeed

So what’s all this mean? It means you’ve got to put your caring and empathy at the forefront.

I know you deal with people moving every day, but you can’t act like it.

You can never forget that most people only move a handful of times in their life. If you don’t treat it like it’s as special and unique as it is from their perspective, you’ve lost them.

Here’s a simple way to ensure you always deliver the appropriate care and empathy to your clients:

Pretend they’re your parents. In everything you do, ask yourself, “How would I want my parents treated if they were in this situation?”

Be in the moment, pay attention to their needs, and never take anyone for granted.

Still Committed?

To wrap this up, I want to circle back to that question I asked at the top of this blog.

Are you still willing to make these changes?

I sure hope so, because they’re really not all that monumental. They’re incremental, but they’ll make your business a lot more fun, and they’ll ensure you get your rightful share of that $208 billion.

If you struggle with change, you might want to look into coaching. Your coach will help hold you accountable to ensure you do the things that create the change so essential to the growth of your business. To request a Free Coaching Consultation, click here.

 

Tom Ferry By Design, Brooklyn, NY

 

 

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