Wise Words

Yesterday morning I went along to hear Christine Christian of Dunn and Bradstreet speak as part of The West Australian’s Leadership Matters breakfast series. And it wasn’t pretty, she offered up a very frank account of the economic situation we are facing. Her opinions are very similar to mine in that despite what the headlines might be saying, I don’t believe we are seeing the beginnings of a recovery just yet. I am not sure that we are going to get off that easy. My sense is that we will be feeling this crisis until well into 2010 and talk of “green shoots recovery” may be a little overly optimistic feel good spin. I am not going to go into all of the finer details of the morning, but I have to say her last words were the most important. They went something like this ‘many businesses are going to realise and maximise the opportunities that are thrown up by this market and those businesses that do survive won’t act like victims.’ Wise words.

Craft is the key to smooth sailing

The world as we knew it is no longer. We’ve never been here before. Forecasters can’t predict with certainly the way anything is going to happen or act. We are on a new island – and the ocean around us has receded many miles.

Because it’s new ground, there are so many givens which no longer apply. It’s also your chance – and my chance – to do things differently; to stand out.

I went to an industry gabfest last week which brought together not just real estate companies but professionals which interact with the real estate industry. A Melbourne visitor with a respected marketing company reminded us that in times of a downturn, we can’t totally retract spending. Instead we need to use what we can afford in a more powerful way, have meaningful interaction and offer clients a clear point of difference.

It’s no good promising the world anymore. People have become too cynical for that. I know bottled water is still water, even if it’s packaged in different kinds of bottles. But add fruit to one and I’ll start thinking about it. That’s the point of difference.

People are seeking an honest and resonating assessment of their needs, an achievable way through to them and straight talk. That makes people naturally more receptive and it will win you clients for the long term, not just one exchange. Anyone selling something wants a serious client. In return, clients want honest interaction.

We can achieve that on a personal level too. You might not have tons of money to throw about, but you can make time to give of the unique things in yourself. Be daring and see what wonderful results it yields.

While the economy may be bobbing about like a buoy on a rough sea, there is one thing you can definitely do: know your craft. Whatever it is you do, know who you are, what your business is and how you do it best. If you can explain why you are doing something clearly, then you are more likely to be heard and more likely to be listened to.

You must have a really solid keel on your boat to win the race. Too much sail and not enough keel won’t get you over the finishing line in good shape. Translated: too much salesmanship without method or craft will simply dash you on a reef with little hope of rescue.

Clients are very receptive in this market and are looking for new and fresh ways to get what they want. Put yourself in prime position to leverage that interest into something concrete. Construct a solid keel and confidently sail towards the finish line first.

Downturn? What Downturn?

It can be hard to ignore the endless headlines of doom and gloom, but I refuse to participate. Realmark is not participating in the recession.

I am not denying that things have certainly changed, but this is nothing new, this is what happens in this industry and I have seen it many a time before. Panic is not going to see you these times, being prepared and having a clear head will.

If you manage to look past all the bad news you will see a range of rare opportunities that don’t come about very often. The words recession and opportunity might not seem to fit together, but the way I see it, recession is a time full of opportunity for my business.

So exactly what opportunities am I talking about? Firstly the demand for agents has decreased significantly so recruiting quality people is much easier. Realmark has just employed seven new team members, something that was almost impossible during the boom. We are using the downturn to build our ‘dream team’. We launched an online careers website and to help us attract the right people and we have hired a full time human resources manager to help us retain the right people.

Now is also a time to stand out from your competitors. It was easy to be successful during the boom, being successful now takes skill because business doesn’t simply walk in the door. People will notice if you’re thriving now and it will build a premium and trust into your brand that is almost impossible to achieve during the good times.

Then there is the fact that now is a good time for growth into new markets, some competitors are going to scale back and opportunities will open up and we stand ready to take advantage of them.

So you can dwell on the bad news, but really what is that going to achieve? Open your eyes and look for the good news.

Lessons Learnt

In October last year, Realmark took a large step into the unknown. Realmark separated from a franchise association and launched itself as its own brand. At the time we knew that the rebrand and repositioning was the right thing to do, but it didn’t make it any less scary.

What this experience really did highlight for me was that despite being in the industry for over twenty years, there was still plenty for me to learn. So today I am going to talk about some key things I have learnt during this process. Which is not so much a story about the real estate industry but business as a whole.

1. Everyone has to believe in the brand, not just you.

I think an easy mistake that can be made when creating an identity for a business is thinking that the brand is something that only has to work externally. It is so important to make sure the brand works internally, because your team members on the front line need to understand that it is more about the values behind the cosmetics of a brand. Everyone has to believe in it to be able to apply what it presents.

2. Don’t be overly optimistic.

There is nothing wrong with a bit of optimism here and there, but when you’re making big changes to a business being too optimistic can blind you to some of the warning signs that perhaps things are not going to plan and therefore they go on too long and become big issues.

It’s not about thinking the worst, it’s about being honest with yourself.

3. Never forget about the basic fundamentals of business.

While things may be changing in your business, the basic fundamentals of business don’t change so make sure you continue to apply them to everything you do. Don’t make ego based decisions. Make strategic decisions based on good practice and providing better value to your employees and your clients.

4. Have “non anxious” leadership presence.

Often people feel that being a good leader is about coming across as busy, energetic and motivated, but in times of change this can come across as an ‘anxious’ presence, which is far from motivating for those who work for you. It actually makes you seem uncertain, almost without direction and your team want to know that you are in control and therefore capable of making good decision for the business and for them.

5. Don’t be afraid of change, be open to learning and adapt.

Change can be a frightening thing, but it is an important part of business life. In real estate our industry is a moving thing and if you simply refuse to adapt, the industry, the market and the clients are all just going to keep on moving without you.

Also you never know it all, there is always more to learn and ways to grow. Read blogs, talk to people, go to seminars and consult your colleagues. Learn from your mistakes and your successes. Be honest with yourself.

Looking back the past year has been very challenging, but it has also been a very important and exciting chapter in Realmark’s business evolution. As we hoped, Realmark has grown significantly and we are achieving great results.

But I still have plenty more to learn.