Where We Are Now: May 1, 2020
May 1, 2020 | Source: Compass California Real Estate Blog
Work From Home — Day 46
Punching Through the Glass Ceiling
Real estate professionals’ career ambitions generally include more transactions, higher price points, and a more balanced life. Our relationships or sphere of influence generally touch relationships that either are wealthier or are connected with a wealthier clientele than our track record enjoys.
Our first “high-end” listing is always the hardest to secure, price, and ultimately sell. Yet, without the first victory then next several are seemingly impossible.
What is the path forward to access this higher price point? How will I communicate effectively with a wealthier clientele and successfully execute on the assignments secured? How will I navigate these uncharted waters and high-end complex deal structures?
Like anything in life, my observations are that jumping into “the deep end of the pool” is a great learning experience. Run straight at the opportunity. One simple addition is survival and peak performance are far more effective with a “lifeguard.” So, find a top performer in the zip code, neighborhood, or price point to partner with on the opportunity.
Often, high-end trades are technically less complicated as the buyers and sellers are more experienced. They are not first-time home buyers. LTV percentages are lower. DTI ratios are lower. Navigating personalities is 100 percent an art form and no two are the same.
Getting your first opportunity can also be an art form. You need to exude confidence. You will need a resume of we vs. I, and share a path of experience.
Our organization is filled with top performers that are gracious, experienced, and when asked, are willing to help a rising star. Especially one that is committed, energetic, and is a “finisher.” A finisher completes every commitment made to a standard of excellence.
Getting started – many times the difference between good and great can be marketing. You possess the drive, technical skill set, and relationships, but without marketing you may be the neighborhood’s best kept secret. Marketing to a new sphere or neighborhood is a commitment, not a one-time event. You will need to develop a brand position, invest in it, and stick to it.
Tell the story of how you sold a home. The story about why it happened. The way you sold it. These stories can transcend price points. Listeners can relate to your experience in their own situation. Everyone can say they sold a three bed, two bath home at the north-end of town; however, sometimes just the bedroom and bathroom count combined with the neighborhood immediately limits your credentials because it defines a price point. Communicate the situation and how you solved the outcome.
Breaking through the glass ceiling means communicating your brand message mapped to the way the clientele perceives themselves. And doing so consistently.
Once you secure an opportunity to compete for the business, tap a top performer to partner with and become a we vs. an I – a team. Listen and learn from this professional. Defer to their judgement, embrace their track record and negotiating skills. Show up shoulder to shoulder as a partner, but know when to shine and when to hold the spotlight on the subject matter expert – your partner.
The first successful opportunity is always the most intimidating – not necessarily the hardest. Once you secure and perform on your newfound higher-end opportunity. Don’t keep it a secret. Weave it into your brand and enhance your story. Make sure to nail the story which is “the art of the deal.”
Be humble in your approach. Be humble with your results. Pick the right partner. Be calm. Be confident. Most of all, be thankful for the coaching and prepare to pay it forward.
Remember, you only get one shot at your first impression.
Enjoy the deep end of the pool.
This is Where We Are Now.
Mark A McLaughlin