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Windermere Group One Main Office

490 Bradley Blvd Richland, WA, 99352
Office: 509-946-1188

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3617 Plaza Way Suite A Kennewick, WA, 99338
Office: 509-737-1141

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Coaching Moments

Jeff Thompson, Washington real estate commissioner and owner of Windermere Group One, shares a lesson each week that he has learned throughout his time in the industry coaching real estate agents. Throughout our coaching moment blogs you will learn tips and tricks we use daily to help our agents and our company thrive in the marketplace.

Found 18 blog entries about Coaching Moments.

See the original blog post on BiggerPockets here: http://bit.ly/BadWeatherGoodAgents

In the past few years, nature has shown us what it’s capable of. From the recent devastating California wildfires to shocking flooding in and around the Gulf Coast region, residents of the United States have dealt with an array of weather-related troubles. And as the National Oceanic and Atmospheric Administration notes, the costs associated with those troubles totaled $309.5 billion in 2017 alone. It is truly startling to realize how easily and quickly a major hurricane, flood, fire, or tornado can disrupt someone’s life.

As real estate experts, we owe it to our prospects and clients to take these issues seriously — and more industry players are acknowledging

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What’s the secret to making it in real estate? More than anything, it’s having routines. If that sounds a little anticlimactic, rest assured I don’t mean jumping into an uninspired “set it and forget it” pattern.

Over my 28 years in the industry, my daily and weekly patterns have evolved accordingly. When I was growing a company, I concentrated on recruiting agents. After amassing a strong team, I set my sights on advancing production and maintaining consistently high agent performance. During and after the Great Recession, I reverted to getting everyone back to the basics by focusing on managing our financial resources while rallying the troops and hitting the pavement.

In other words, I haven’t been on autopilot since the ’90s. However, during

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There are plenty of stigmas that dog each generation, but one that’s still felt today is that Millennials simply aren’t interested in buying houses.

Research, however, tells a different story. According to the “Bank of the West 2018 Millennial Study,” about four in 10 Millennials already own a home, and a report from the National Association of Realtors states that individuals under the age of 37 are the largest share of home buyers at 36 percent of the market.

These statistics are powerful, but even without them, making generalizations about any group of people can only hurt an agent’s career. By assuming people aren’t interested in buying a home simply because of their age, you risk missing out on a great opportunity.

 

Everyone Walks a

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Buying or selling a home can be a stressful process for clients — even in the best of circumstances — but falling victim to a scam or other fraudulent activities can be devastating. As a real estate agent, it’s your job to take care of your clients in all things related to the real estate transaction, and that includes keeping them safe. 

Some scams seem to come from an old playbook, while others come in and out of vogue. When new cons pop up, they can fool a lot of people before word spreads about the ploy. But generally speaking, criminals are after one of two things: cash or data. They want data to either use themselves or sell for profit, and in most cases, once they get their hands on a sum of cash from an unsuspecting victim, they vanish.

To

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As is the case in any business, in real estate, you’re either growing or dying, learning or leaving. That may be a hard pill to swallow for agents and managers who feel they’re out of the training stage. Nonetheless, it’s utterly true.

Over the past few years, I’ve watched some of our area’s top producers decrease. Why? In a nutshell, they were unwilling to embrace technology. They resented learning anything new, assuming they could comfortably remain in a box. Their heel-digging opened the door to upstarts focused on providing value to modern buyers and sellers rather than preserving their ego.

 

Being a Resource to Your Colleagues and Clients

Every week, something new comes out that’s bigger and bolder. Listing presentations have turned into

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Close your eyes for a moment and picture your perfect hire. Perhaps this dream candidate has decades of experience in real estate, selling thousands of homes and earning ample referral business. You might imagine your ideal person eats, sleeps, breathes, and even dreams about the housing market.

If that's your ideal candidate, then you probably wouldn't have hired me. When I started as a sales manager in 1990, I'd never made a single real estate sale.

At the time, most managers had worked their way up from the inside. The general consensus was that if you could make a killing as an agent, you could teach others to do the same. The problem is, those two skills don't always go hand in hand. Good doers aren't always good teachers. In fact, I'd argue my

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Much has changed in the world of real estate over the last few decades, but one recent court decision is poised to make unprecedented alterations to not just real estate, but independent contractor work as a whole.

This spring, the California Supreme Court ruled in Dynamex Operations West, Inc. v. Superior Court that the previous distinctions for what constitutes an "independent contractor" were outdated. Its new litmus test could reclassify Uber drivers, gig economy workers, and even real estate agents as employees rather than contractors. Similar rulings in Ohio and elsewhere mean that this question could soon be making its way to the U.S. Supreme Court. In my opinion, however, forcing companies to pay salaries to agents as employees would be a

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We’re facing a perfect storm in real estate.

 While demand is on the rise, inventory certainly isn't. According to the National Association of REALTORS, the housing inventory dropped 3.2 percent in October 2017. That's 10.4 percent below the number of homes available for sale the year prior. During this time, homes stayed on the market an average of 34 days, seven fewer days than in 2016. And of these homes, 47 percent were on the market less than a month.

 So what gives? How can real estate agents ride out the storm while still delivering value for their clients?

 

Connecting the Dots

 A number of factors are at play here. For one thing, as Baby Boomers move into retirement, they're planting their roots. In fact, 72 percent of homeowners

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Confident mature businessman looking up

© Westend61/Getty Images

If the real estate industry is serious about holding practitioners to a higher standard, customer service must be more important than sales numbers.

 by Jeff Thompson

It’s critical to hold industry professionals to higher standards. That idea brought together the brightest real estate minds to discuss the changes the industry is undergoing at a Palm Springs, Calif., conference in March. They distilled the group’s insights into a dozen actionable takeaways, dubbed the “Parker Principles.” The principles, which include finding more available housing and giving back through service, are both broad and specific. But the third principle is particularly compelling:

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These days, it seems our world changes in the blink of an eye.

Innovations in technologies and business models that once evolved over years now impact industries within months — and real estate is no different. On one hand, that's a good thing. Technological advancements allow us to get more done for our clients in less time. On the other hand, keeping up with the latest innovations, regulations, and market conditions is no easy feat. It takes a deliberate commitment to practicing real estate on a daily basis.

So it's hard for me to see how agents who only close deals every few months can keep up. How are sellers handling multiple offers? Are buyers waiving inspections? Does writing an offer with an escalation clause make sense? Are agents able to

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