Think BIGGER Real Estate Show is Facebook Live event where Justin Stoddart shares ideas and methods for real estate professionals to help them build, grow and scale their brand and business.
Justin is real estate and marketing entrepreneur. He started in real estate as a custom home builder. Since then he realized his passion was building people rather than buildings. Today he works with real estate agents as a representative at Old Republic Title in Lake Oswego, OR.
So many real estate professionals are caught up in the daily grind that must be performed to get the work done, that they have no time to think about, let alone execute, creating a brand and growing beyond the transaction mode.
There are multiple opportunities to spend money on different tech platforms to advertise and get leads. But at the end of the day, is a client you work with from Zillow your client or Zillow’s client?
Zillow is working to become the Amazon for residential real estate. They draw the attention of the prospective buyers, agents pay to be seen on Zillow, and it works. But will the client remember you, the agent when they are ready to buy again? Unless the agent has distinguished themself as something special, the customer will likely go back to Zillow, not the agent.
In order for an agent to avoid being displaced by tech platforms like Zillow, they need to create value and position themselves as a brand. If the consumer sees no value in the service provided by an agent, why would the customer look past a tech platform?
Justin recognized that real estate agents need help to grow their business and their brand. To help his clients, real estate agents, he created theThink BIGGER Real Estate Show. It is both a resource and an example for his agent clients on how they can bring value, and stay relevant in the eyes of their clients and prospects.
The future of real estate is certain to change. Real estate investors and home owners will continue to buy properties. Presumably, as technology advances and AI is more fully adopted, the division between Fiduciary & Functionary tasks will become more defined.
Fiduciary tasks: Decisions made by the real estate agent on behalf of the client that put the clients interest ahead of the agent.
Functionary task: The many task which are necessary to complete a real estate transaction such as filling out a form. Over time, these lower level task will be transferred to tech platforms.
Ideally, by transferring the lower level Functionary Tasks to a tech platform the real estate agent will be able to work more on the Fiduciary Tasks, to better serve their clients.
Time previously spent doing the functionary task, will give the agent time to spend educating oneself on where the market is going, engaging the client.
This higher level will not be for all of your clients, but you will be able to provide this for a small group of your clients & prospects. When you ask better questions you get better answers. The more you listen and learn your clients wants and needs, the better you are able to serve them. Ultimately, this better experience will provide a happier client who is likely to refer more clients to the professional agent.
Each week I ask my guest, “What is the Biggest Risk Real Estate Investors face?”
BIGGEST RISK:
I think actually interviewed a gal yesterday and she said. I asked her the question which is kind of my signature question get on my shows which is, "what do you do to intentionally think bigger? And I 'think it's a great response actually for your question. She said I work too. I work really hard to avoid complacency. And I think the biggest risk that all of us face in a world that's rapidly innovating and rapidly moving forward is to get complacent with our own personal growth in our own personal network. And I'm going to put up a plug for you. You didn't ask for this but to have somebody who's whose business is insurance. But goes about adding value to their clients really modeling media. Modeling marketing at its highest form. I think it's it's brilliant on your part because you're becoming a much more, even if nobody listens to this. I know that's not ture, we had this conversation before. You've got a great audience. That just affect the person that you're becoming by having these conversations. Just makes you when you show up with a customer you're so much more valuable to them than had you just been going about as a typical insurance agent. And so I would encourage anybody who's listening that the biggest risk that you have is to not surround yourself with partners like Darrin and knowledge that's helping you grow and your business grow. Because we can't really complain and say, "Oh I've had such and such for so many years and you know they're you know they've done fine". Which I'm all about loyalty, don't get me wrong. Like I'm not. But what I am saying is all of us need to be aggressively seeking out how to grow ourselves and grow the value to our customers. And sometimes that entails actually taking a look at our partnerships instead of these people becoming somebody that can lead me? Are these people the growing network that can be a value to me and my customers as the competition stiffens. So not growing and being complacent I think is the biggest risk.
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