In times like these, double down on your skills, your knowledge and yourself. Beginning August 8th through the 10th he’ll lean into this shift at Inman Connect Las Vegas to learn from the best companies. Get your tickets now at the lowest price.
Liz Gehringer wants agents to double down on fundamentals.
Mr. Gehringer is President and CEO of Anywhere Franchise Brands and Acting President and Chief Operating Officer of Coldwell Banker. She joined the firm more than a decade before her, when it was still her Realogy, and has since held numerous leadership roles that have given her a unique perspective on the forefront of her real estate. .
Now, with the industry facing record low inventories, stubborn prices and fears of a looming recession, Gehringer has this advice for agents looking to grow: “Build a trading book, stay in touch with your clients, don’t get bogged down” in headlines and market cyclicality.
Gehringer shared these tips during a recent conversation with Inman. This discussion was held in anticipation of Gehringer’s next stage. Inman Connect Las Vegaswill be held from August 8 to 10.
Below is a version of that conversation, with Gehringer sharing market insights and a preview of what’s to come with Inman Connect. Dialogue has been edited for length and clarity.
Inman: Tell us what’s going on in the market and what the hot topics are right now.
Gehringer: We’re used to cyclical business, and we’re in a bit of a cycle. We don’t have a ton of inventory and I think it’s definitely time for people to do some groundwork.
There is always an opportunity for agents and brokers to get back to the basics of what they do and not get caught up in market cycles. That’s the nice thing about brokers and agents. They can actually manage these things very easily as long as we can help them focus on what they have to do in this particular market.
So depending on when you entered the market, you may be using the wrong playbook. Or are we focusing too much on buyers when we should be focusing on sellers and getting listings?
We are a little bit driven by news and macro factors. However, I think it’s a matter of having a firm grasp of your territory and specifically who you’re chasing. So are you making the right strategy now? Are you on the right side of the deal? You need to focus people on creating listings.
You mentioned creating a list. How do you do that? Let’s say you’re an agent and you just finished a job. What is your occupation?
You have to go out and work in the market. Know where the movement is. Where are the permits obtained? Where are the hot areas? Where are people going and where are they going from?
I’ve seen some new approaches. The agent is a little livened up by data. They may understand a little more about immigration. Let’s say you know your customers are from a particular market, and you actually go out and get to know people in that market. So go out and get customers. It’s a bit more for the buyer side, but it comes with a more informed agent.
Agents have always been informed, but with more data available, it may be even better in that respect. Learn more about your customers, properties, and previous owners. You can track the sphere more carefully. You have business books and you know they’re going to be in that house for a decade or so. There is much more information about buyer patterns and who is preparing to trade.
We keep in touch during that cycle as well. This is your business book and we know your business follows a certain life cycle. So did you keep in touch with them for a long time? And staying in touch isn’t about saying, “Hi, I’m Liz, I’m an agent.” Rather, did you do something of interest to the customer?
During the pandemic, the industry was largely on its own. So let’s say you were the agent who wasn’t as keen on updating the workbook during that period. How do you revive it now? How do you make up for lost time?
I think you have to be sincere.
Successful agents take their communities seriously. They have local knowledge. They know everyone in town. They come out of their real places and do good things for their communities. So if I’m an agent, I might post that I’m in town, or see me at an event in town, rather than just posting items, especially if they’re low on stock. not. I am involved in community service events. Being in the natural fabric of the community helps agents in their work.
I think realtors in general do a really great job of showing up for the city and the people. It may be a historical preservation. It may be community service. It may be a children’s event. It runs the gamut and people can find what interests them. But I think it’s a great way to revert back.
In some cases, the closest people are your customer base. You are probably in touch with more people than you think. Sometimes your own family asks questions about things that seem like basic concepts to us. But everyone around us expects us to be experts. That’s your realm.
you will be on stage Inman Connect Las Vegas. What would you like to say to the industry? What are the essential knowledge people need now?
What I really want to talk about is the concept of basic work and circular work. There are also many agents who do not have institutionalized agent training, or have lost some of it. People are moving away from discipline.
I think we should also talk about expertise. Do you value luxury? Are you learning a new specialty? We see agents learn commercial business or move on to other specialties.
But the main thing is that they are there, which is the most important thing. Real estate is a very supportive environment. Across all these brands, just the fact that people can introduce their businesses to each other and learn from each other, the joint effort that we are coming together, the fact that they’re at the event, that’s right. Road. That’s how you grow your business.
With so many different brands and companies out there, do you have any advice for agents who are ready to make a career change or who are looking to choose a new brand to partner with?
You always want to surround yourself with people who support you and who resonate with you: brands that represent who you are. For example, there can be a philanthropic aspect to where it is coordinated.
But I think mostly support. You want to give your customers a full-service experience, so you need that too. If you understand it, they will understand it too.
Next, think about your expertise. Need more help with social and listing distribution? Take a closer look at the tools brands offer.
Customers are shown to pursue quality. I prefer names I know and trust, especially when things get a little tricky. It’s very important to our brand family. We take business conduct, professionalism and ethical behavior very seriously. But there is also depth of expertise.
I think you can see that consumers are a little more cautious about their transactions. They need a little more guidance. Closing and closing deals is even more difficult and requires the guidance of a legitimate professional. You want to know what’s going on in the market where homes are for sale and you want the best information available.
Email Jim Dalrymple II