The CEO of Berkshire Hathaway HomeServices Beach Properties in Florida argued Wednesday at Inman Connect Miami that real estate is like a race and this moment is like a curveball.
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Jimmy Burgess thinks the current state of the real estate industry is a lot like drag racing.
“We came out of the pandemic and there was no way to separate yourself as a professional from an amateur,” he said, insisting that coronavirus was like a race where all cars were glued together. However, the industry is currently at a turning point.
“Now it’s time for separation to occur and a champion to be crowned,” he added.
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Burgess, an Inman contributor and CEO of Berkshire Hathaway HomeServices Beach Properties in Florida, made the analogy onstage at Inman Connect Miami on Wednesday, saying that when going around a curve, drivers downshift, slow down a little and look for an opportunity to get ahead.
Given the challenges currently facing housing professionals, he said real estate agents should look for opportunities to set themselves apart from others.
“They’ll be way ahead when we get out the other side,” Burgess said.
Burgess spent much of his time on stage Wednesday offering advice on how real estate agents can take advantage of current “changes” in the market. Below is some of Burgess’ advice.
Conflict kills communication
Burgess argued that when emotions run high and anger flares up, communication becomes difficult. To avoid this, the agent should act as a “thermostat”, keeping the space cool even on hot days.
“People will forget what you said,” Burgess continued, “People will forget what you did, but they’ll never forget how you made them feel.”
Jimmy Burgess onstage at Inman Connect Miami on Wednesday. Credit: AJ Canaria
Statistics speak for themselves, but stories sell.
Later in his presentation, Burgess talked about statistics and the strength of numbers. Data can be a valuable tool, and many real estate agents naturally rely on statistics to communicate with their clients. But he also argued that statistics alone are not enough to truly persuade most people.
“Find your own story,” Burgess said, “but find a story, too.”
How you communicate makes a big difference
Burgess later explained what he called the “7-38-55” rule. The idea is that only 7 percent of his communication is verbal and 38 percent is “tonal.” And even more of our communication, 55%, happens through body language. Burgess’ point was that agents need to be aware of all these types of communication when speaking with clients.
“Texting and email alone is only 7% of communication,” he argued.
Now is the time
One recurring theme at Inman Connect Miami is that the real estate industry is facing a series of significant challenges. These challenges range from a sluggish and uncertain market to a commission litigation settlement that is expected to bring about major changes. But despite these challenges, Burgess is ultimately optimistic, saying the “shift” is actually an opportunity.
“I’ve been in this industry for 30 years and I’ve never been more excited,” Burgess said. “Now we have a situation where professionals have the upper hand.”
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