"Golden Nuggets for Success" Tips for Real Estate Agents PART 2

4) Know your local Real Estate market

• It’s important to know what is going on the in the national market, but especially the specific economic forces, history, and pricing trends of your LOCAL market. Buyers and Sellers both will look to you for guidance as to when to buy or sell, and your guidance needs to be backed up by this data.
• This includes touring on broker caravans, doing research online, tracking MLS statistics (Gary Woods is a great source), tracking CORT data (equity title), reading or attending the Santa Barbara real estate review and economic forecast every year (and reading the 6 month updates), etc. Make this information available to your clients and they will have greater respect for you and work with you for more reasons that just liking your personality. This is a great way to create customer loyalty, something hard to come by in our industry

5) Integrate key technologies into your business, without wasting time with those you won’t use or that don’t add significant value

• I’m a firm believer that appropriate technologies, when learned and used well can increase our effectiveness as agents. So many of our consumers today require us to be competent on basic technology like the web, email, fax, the MLS, cell phones, etc. If you are not comfortable with any of these basic technologies, this should be a priority for you as the business will only shift more and more towards relying on these core technologies.
• Every agent should have a website, even if it is a basic one with access to the MLS, a brief bio, and your business philosophy. Do you want your clients going to another agent’s website to search for homes?
• Take advantage of the Association’s classes and resources to learn core technologies.
• If you are not “tech-savvy”, do not get bogged down trying to learn each new cutting edge technology. It will be more of a frustrating and at time drain trying to learn and incorporate them into your business. That said, you cannot afford to be incompetent when it comes to the above core technologies.

6) Set yourself apart with, and stick to, a rigid code of ethics

• A recent survey showed that real estate agents were viewed by the public as having the worst reputation (ethically) of any profession! This is the negative stigma that you most go out of your way to counteract. Find ways to craft and express your code of ethics and moral character to your clients and SOI.
• Be prepared for the potential temptation to be unethical due to the high dollar amount of these transactions. Will you compromise on your ethics if it means earning that much needed commission? What about when the pressure is on and you don’t have money for the next month’s rent? Define your ethics, stick to them, and find people who will keep you accountable.
• Santa Barbara is a small town. One ethical mistake could affect your lifelong reputation as an agent.