What's in a Name, Redux!

“What’s in a name? A rose by any other name would smell as sweet.” Billy Shakespeare said that—well, actually he had Juliet say it in Romeo and Juliet. Of course, Juliet’s problem is that Romeo’s last name is the name of her family’s mortal enemy and she is supposed to hate him just because of his name! She finally makes the rationalization that his name doesn't really characterize him since he is so wonderful to her—not to mention she apparently thinks he’s smoking hot. Anyway, maybe she should have avoided Romeo, but, hey, it's a great story!

On the other hand, we all know how names can indeed strongly impact us with their connotations versus their denotations. Madison Avenue certainly knows that’s true! The denotation of a word is its basic definition: a "horse" is a solid-hoofed, plant-eating, domesticated mammal. More importantly, though, the connotations of "horse" are far more significant: the nobility of the warhorse; the athleticism of the racing filly; the drudgery of the county-fair pony walking tiny circle after tiny circle carrying screaming kids; the loyalty of that Budweiser Clydesdale! Powerful stuff, right?

Okay, that's cool, but what does it have to do with Real Estate--our noble profession?

Well, when your name is Berkshire Hathaway, PLENTY!!

Two floor calls to the 82nd Street office a few months ago show us that a real estate brokerage by any other name may not smell quite as sweet. In the space of an hour, Gary Boram took a pair of calls that could lead to about $1.2 million in transactions. Wow, floor can still work, that's great. And congrats to Gary for already converting one of the calls to a new listing. Excellent work!

And now, for the punch line, here's where Juliet may have missed the mark with her rationalization about Romeo's last name. Both floor calls came in because the callers had seen some BHHS Indiana Realty signs but they knew nothing about us. What they both DID know, however, were the names Berkshire Hathaway and Warren Buffett and they knew the connotations of those names: success, stability, professionalism, unmatched business wisdom, superior quality, the list can go on and on, all positive, and they said as much in their own way when they called.

The first call was from a couple who had bought from a builder several years ago and was considering selling to move up from about $150,000 to maybe $250,000. They got to Gary because of Uncle Warren's reputation and the connotations of the Berkshire Hathaway name. They didn't call about a specific house and they didn’t call any other brokers—and now Gary has listed their current house and is helping them find a new one.

The second call came from a lady who explained that her listing had expired recently and that she had of course been besieged by every realtor in town shouting how they--and only they--were the perfect agent to get her house sold. She said she was tired of such hyperbole and had seen some of our BHHS Indiana Realty signs around town. She of course knew Berkshire Hathaway and Warren Buffett and no doubt all those positive connotations underscored her perceptions of us even though she knew nothing specific about our real estate brokerage, so she asked Gary if we were different! He then met with her a couple days later and she decided to sign the listing contract on the spot—and she canceled a total of FOUR other appointments she had previously made! Again, congrats to Gary on the excellent work, and thanks to Uncle Warren for the leg up.

Oh, by the way, the new listing is just under $900,000.

Wow, so floor can still work and Gary--a relatively newer agent--has shown us not only that he's off to a great start in his real estate career, but also that there is genuine, and growing, power in a name--sorry, Juliet--when it's Berkshire Hathaway.

BUT WAIT, THERE’S MORE! A couple weeks ago, Julie Downham got a similar call from someone who had had their home listed with a competitor and decided they wanted to take advantage of the value in the name Berkshire Hathaway. Julie now has a lovely new $699,000 listing.

And the calls keep coming in!

Are you making the best use of the strength of our brand and all those positive connotations to help get you to the five-yard line so you can punch the ball over the goal line more easily? Or are you sending one of your linemen off the field when they just might make the key block to spring you into the end zone?

Remember, that name Berkshire Hathaway smells mighty rosy!

David M. Hassler

VP, Professional Development

Take it to the Next Level!

As we head into 2016 Business Planning season, we’ve all often heard—and likely even used—the phrase “take it to the next level.” Generally, we assume that phrase means some form of increase in effort/energy/commitment to yield an expected improvement of impact or result. So far so good, but usually we toss out that phrase as more of a marketing ploy than a genuine plan of action! Indeed, what are we actually planning to do to “take it to the next level?”

And even more basic, exactly what is that next level we’re so committed to achieving?

Well, we’re on our own for most things, but Tom Ferry, the well known Real Estate Coach and Educator, actually takes it to the next level (sorry!) and provides us a roadmap for The 8 Levels of the Real Estate Business—and how to avoid the dreaded plateau.

Here are Tom’s 8 Levels:

            Stage One: Stability is the goal

Level 1 - No Business Plan & No Proactively Generated Leads = No Income! There is an 87% failure rate in the business!

Level 2 - Diversify Lead Generation & Create a Plan versus the bumble bee or the shotgun approach; leverage your database! Remember, a good financial advisor doesn’t put everything in one stock!

Level 3 - Consistency and Conversion = momentum at last = Stability

            Stage Two: Success is the goal

Level 4 - Hire an Assistant: the huge differentiating step! Are you ready? Hire the RIGHT assistant to handle day to day tasks to allow you to leverage your time and energy

Level 5 - Grow Your Team & Operationalize (Install Systems): you now have a business and your role changes to leadership not just sales

Level 6 - Team Out Produces You: you now have a machine and you’re only as successful as your team!

            Stage Three: Significance is the goal

Level 7 - Extend the Cash Cow: you take your business to a level of significance and you make more money than you can plow back in

Level 8 - Exit & Succession Plan: your business has a life of its own and the value is in your database. Sell to the next generation.

So, where are you in your journey in the Real Estate Business? Tom Ferry recommends we take the following steps if we want to “take it to the next level:”

1.    Get honest about where you really are! Have you been in the business for years yet still have no Business Plan and No Proactively Generated Leads? Or are you giving new ideas a try but bouncing from one shiny object to the next? Or are you now solidly Consistent and feeling some Momentum but have no idea what to do grow further—you’ve plateaued! Be honest with yourself.

2.   Write a detailed business plan and set deadlines! Remember, a goal without a deadline is merely a dream. And folks who have a detailed written plan—in any endeavor—are far more successful than those who wing it.

3.   Implement Accountability and Alignment: Your commitment and your behavior must align!

4.   Be sure to Track and Measure: If you want it to count, you have to count it! Tracking and accountability foster that alignment of commitment and behavior.

So, at which level are you in your Real Estate career? Have you plateaued? As you focus on our detailed planning for your business for 2016, take some time to put together your own plan to “take it to the next level!”

David M. Hassler

VP, Professional Development

That Nasty Eleven Letter Word

Most of the time, we hate to say it aloud, especially in mixed company. A word that can strike fear into the heart of agents with huge SOI’s, or weaken the knees of agents with years of repeat clients and consistent referrals. Shhhhhh!

But if we want to optimize our business and not miss opportunities, maybe it’s time we spoke the profane aloud:

PROSPECTING

There, I said it. Hopefully, the kids aren’t reading this!

Yes, basic prospecting, that element of Real Estate 101 we tend to put on the back burner—or totally forget—when the market is strong and we are getting a decent flow of referrals and repeat business. But we all know that generating leads is what makes our business grow, and our marketing program is only part of the formula. While most of us now have our own websites and maybe a program of advertising and direct mail, those marketing tools can’t take the place of an active prospecting plan and working that plan consistently. Remember, Big Rocks First!

Of course, a major goal of our prospecting plan is to contact those targeted folks we don’t know yet, and to convert them to clients and members of our sphere so they can help us generate more leads and more referrals. Yes, we’re prospecting when we hold an open house or contact those members of our Sphere and remind them how much we value their referrals. But one of the most lucrative targets for prospecting is also one of the toughest, and one we often tend to avoid! FSBO’s and Expired’s, remember, are folks who already WANT to sell their house, so potentially a fairly quick trip to the closing table IF we can develop a successful plan for converting these owners.

While the Peak Producers approach focuses more on long term relationship building in order to optimize our stream of repeat business and referrals, we want to make sure our coaching and training programs also cover the more basic—and for many, more difficult—cold calling techniques and prospecting tools that can help you generate more business.

So, we have invited Mitch Morales, who joined our Zionsville office this year, to share with us some of the old fashioned prospecting tips and techniques he has successfully used in converting those FSBO’s and Expired’s to closings. Mitch has for some time taken training and coaching from the Mike Ferry organization, one of the best-known training companies along with Buffini and others, and has put that training to great use. Mitch will be leading our Wednesday Wake Up training session next Wednesday November 11, at 9am at the 82^nd Street office and via our usual Go To Meeting webinar.

Don’t miss this opportunity to get some great insights into one of our business’s more challenging—yet potentially highly rewarding—strategies, so tune in for our next Wednesday Wake Up training and get ready to turn up your business!

David M. Hassler

VP, Business Development