Three of the Biggest Mistakes Real Estate Pros Make on Social Media

Summary: The #DigitzedMLO knows that their brand is linked to their digital footprint. What we don’t talk about often enough are the ways we goof it up. Here are three of the biggest mistakes real estate pros make on social media: 1) The expensive rant, 2) Karma imbalance and 3) Giving up the farm.

1)  The Expensive Rant.

Here’s the first social media mistake: the expensive rant. I know, it is challenging to keep your mouth shut. We are paid to talk, to connect, to network, and to have an opinion. Political posts are killing more than one career right now. You have an opinion, you have a glass of wine, and you know the exact counterpoint to change the mind of your fellow high school alum. Well take a pause and breathe. If you need to take a stand, do it carefully, do it deliberately and do it in alignment with your target demographic.

Does Your Digital Handshake Stack Up? [Repost]

Digitization can seem overwhelming; however, the game is changing and it’s an essential part of your business. Here’s four ways to step up your digital handshake: 1) Set up the right accounts 2) Represent your brand 3) Have a basic content strategy 4) Obsess over reviews.

“Two out of three buyers researched prospective agents extensively online prior to working with them.” – Google.

This is the second time I have published this quote and it definitely won’t be the last. Rather than Zillow convincing you to buy leads or some social media guru persuading you to spend $500 per month, this is the horse’s mouth speaking directly to the real estate industry.

The Number One Reason You’ve Been Avoiding Online Leads

Summary: Have you been avoiding online leads? Relationship based mortgage pros often think that online leads don’t work because they lack the systems and capabilities to properly nurture home buyers from exploring to transacting.

I am in my fourth year of working with relationship based mortgage pros on online leads and wrapping up my tenth year leading consumer direct mortgage teams. It is with a tinge of embarrassment that I admit it took me a long time to really understand how hard it is for the traditional MLO to integrate the buying cycle into their workflow.  

Automation: The Great Lie

Automation done right frees you up to spend time on the things that matter. Most of us real estate and mortgage folks are obsessed with the idea of automation. We are told automation is a magical gateway to more time, more money and greater recruiting prowess. Consider the last five sales pitches you have seen about automation. There is a good chance it was similar to “We can automate that thing you don’t like doing!” Are you on FB? Every add is “guaranteed to convert” and is basically a promise to generate more money without work. Seems like a good idea, right?

I was squarely on ”team automation” for a long time. The CTO of the F250 company I worked for looked me right in the eyes at an especially intense meeting and said, “I don’t do automagic, you shouldn’t make technology do what humans are getting paid to do.” He was right.  I was wrong, (although I didn’t admit it at the time and I continued to make John’s life hell… sorry John).

Why You? [E-book Release]

I had lunch with a friend the other day and he looked right at me and said, “You know I just closed a Rocket Mortgage in 15 days and never talked to anyone. What are you guys going to do about that?” 

The reality is the market is changing. We need to be brutally clear about the value we bring to the market, our partners and the clients we serve. I am shocked at the number of Lenders and Realtors that are unable to answer that question in a compelling way.

Does Your Digital Handshake Stack Up?

 

“Two out of three buyers researched prospective agents extensively online prior to working with them.” – Google.

This is the second time I have published this quote and it definitely won’t be the last.  Rather than Zillow convincing you to buy leads or some social media guru persuading you to spend $500 per month, this is the horse’s mouth speaking directly to the real estate industry.

This week, an MLO made their 4th sales call to a buyer on the second day of receiving a referral.  The buyer answered and told him that they had been looking for the right lender and after checking out Yelp! and Facebook they were comfortable they found the right lender.  Consider this:  The buyer made a decision without actually talking to the MLO, they came to the office and brought every single last piece of information needed to process their transaction.

4 Reasons Relationship-Based Real Estate Pros Must Digitize

Zillow Won't Kill You, But It Is Papercut Number 775

Summary:  There are four compelling reasons to focus on your digital efforts:  1)  Home Buyers are on the internet, 2)  Mobile is everything and video is king, 3) Clients know more about you than your mother… before you even talk, 4) The millennial buyer market is massive — the first native mobile generation.

The times are changing for mortgage and real estate pros. In one camp, there is an increasingly loud group proposing the future is in digital consumer direct and major disruption is eminent. The purists argue this is a relationship-based business fraught with regulation that will always be dependent on a referral and a handshake.

Telling you the sky is falling is a great way to sell books, but the reality is that mortgage and real estate will not be disrupted in the traditional sense. Those who don’t adapt will slowly be forced into new careers. My operations leader once told me, “We aren’t making any major mistakes, but if we don’t create a technology solution to track what is going on, we will die a death of a thousand paper cuts.” Every missed digital opportunity is another paper cut.  

The Million Dollar Sentence. Assembling Your UVP.

UVP Part 5

Every day, there is a 1 million dollar prize waiting for you. If you had to summarize your UVP into the perfect elevator pitch and deliver it in front of a panel of judges and the prize was 1 million dollars, you would  spend the next month practicing. What is the lifetime value of a top referral partner?  The leads, the referrals from those leads, the repeat business from the entire lot. Every day, the 1 million dollar prize waits to be unlocked by that one sentence.

Knowing that, we still struggle to spit out a compelling reason for someone to choose us. If you have followed along, you realize this must be done, you have assessed your clients needs, your platform, your uniqueness and now we pull it together. Below I have outlined a couple of real life before and after elevator pitch examples.    

Using DISC To Determine Your UVP Superpower

UVP Part 4

Building your UVP is hard work. You have acknowledged your pitch needs work, found out what your customer needs and assessed your platform, it is time to explore your personal uniqueness. Caring more than the next person, providing good service, having been trapped doing the same thing for 20 years, and offering open house flyers don’t count. There is a paradigm that we need to break from that has us spouting our resume as if anyone cares.   

The true pro understands, at a behavioral level, what separates them from their competitor and leverages it to add value. When you tell someone that you provide great service or spout off a product feature, you are noise. You are the static we are all working desperately to avoid in our lives. How do you avoid being reduced to static? Examine the behavioral and tactical traits that add value.

Ice To Eskimos Is Not A Thing. Is Your Platform Helping Your UVP?

UVP Part 3

Your UVP and the resultant elevator pitch needs to be amazing. More importantly, it needs to be accurate. When your mouth writes checks your company is unwilling, or unable to cash, that is a problem. This problem extends beyond you to your client and all those that put their trust in you. In order to do what you say, you need to have a level of influence that creates certainty.

I attempted to hire a big time recruiter to help me fill a key role. The team is top notch, and always fills their contracts. Naturally, they were my people. I went through the process, yep, they were expensive, nope, no guarantees. The conversation wraps and I am ready to sign. To my surprise, they declined to work with me. “You have a good business but you look like everyone else and don’t seem to have one major point of differentiation we can hang our hat on. The reason we get the job done is we take the right jobs.” Now, that was a wake up call. What about how cool I was, what about our great service, what about our 20+ years in the market?

So, the next step in your UVP construction is to review your platform. Do you understand what influence you have?  Do you know the value they add to your business?  Seth Kahan defines three ways platforms create value:  Creating new business, extracting more business and facilitating better business.