I’m currently reading a book by Jason Jennings & Laurence Haughton, titled “It’s not the BIG that eat the Small…it’s the FAST that eat the SLOW – How to Use Speed as a Competitive Tool in Business”. It’s a fascinating book.

In Part 2 of the book they discuss Fast Decisions…

“Fast thinking won’t get you very far unless you’re able to quickly process your thoughts and make a decision. Nothing slows down an organization more than paralysis by analysis – the inability to make even the smallest decisions quickly.”

And when reading this paragraph, it made me think of the road blocks that so many of the Gen Y real estate agents are facing each day due to committee meetings & old-school methods being used by lots of agents and the frustration some young agents are experiencing.

Whilst I’m not taking anything away from the wealth of knowledge that the Baby Boomers & Gen X agents can share with the Gen Y agents ( I”m a Gen X agent myself), but the slow uptake of real estate technology & Social Media that exists within our industry means that in many offices Gen Y agents are sent out into the field to do time consuming, ineffective hit & miss ”old school” prospecting to build networks.

Gen Y are the greatest networking generation ever.

As a kid growing up my friends either lived in my neighbourhood or were classmates,etc from school. Whereas, Gen Y have hundreds of friends online from all over the place. As I said before, they are the greatest networking generation ever and yet some agencies won”t even let Gen Y agents use a computer.

C”mon!! We are talking about a generation who were literally born with an email address and a mouse in their hand.

If only you could see what I”ve seen some Gen Y agents doing you would be blown away…

The leverage that some Gen Y agents are applying to real estate sales has to be seen to be believed.

They use the internet & Social Media to do a task once and then leverage marketing strategies around that task or use other marketing tools (eg. Personal Profile Video, Blogging, Facebook Fan Pages, etc).

It”s time that Baby Boomer & Gen X agents sat up and took notice of what can be done.

This year Gen Y will out-number Baby Boomers for the first time in history and for the older, more experienced agents, there will need to be a significant shift in thinking & marketing strategies to ensure that they remain relevant within their marketplace and find ways that they can deliver a more streamlined approach to help retain high performing Gen Y agents and at the same time make sure they appeal to the ever growing Gen Y customers.

When you think about it, this is the first time in history where parents have had to ask their kids how to do things. Like, how do I program my new phone, how do I do certain things on the computer, etc, etc, etc? And, this same situation is now happening within real estate agencies & other businesses throughout the world.

Bosses are recruiting to fill in the gaps for their weaknesses in technology, but in the main they aren’t seeking the knowledge required to ensure that they have a better than basic understanding of how online real estate marketing really should work.

This means that operating systems within the agency are developed around old methods which normally make things less efficient and leads to frustration from employees and customers.

I understand, for a lot of agents, learning about computers is one of the last skills sets they are interested in learning.

I’m not suggesting agents need to turn into computer geeks, but they need to get a basic understanding of why web 2.0 is important and the psychology of the internet and embrace internet marketing strategies so they can use them to leverage their time & resources more effectively.

Plus, at the same time, find ways that they can use technology to deliver a better end user experience so that customers will want to deal with that agency and/or recommend them to their friends.

It”s not enough to have your listings uploaded to the major portals, having a company website and database software. you need to understand why customers aren”t doing business with you & what you can do to build more trust over the internet and use strategies that help to convert website visitors into clients on an ongoing basis, 24/7.

I feel disappointed when I hear about good young agents leaving our industry or going out on their own simply out of frustration and a lack of vision from their leader.

I know of a number of agents who have left companies simply because they felt held back due to lack of vision from their boss and have ended up opening up an agency down the road as competitors. Which is something that is becoming easier & easier for agents to do, especially with the emergence of virtual agencies & the current National Agency Licensing regulations.If an agency wants to move forward and retain their Top Performing Gen Y agents, they really should sit down and spend time listening to some of the ideas of the Gen Y agents rather than sticking in the comfort zone of “this is how I did it when I started out in real estate so that’s the way Gen Y agents should do it too.” (Wrong)

If agents continue doing the old things they will simply frustrate the good new recruits out of the industry and end up employing a team of people who lack innovation, inspiration and will find themselves heading down the wrong track where there is only a dead end.

Gen Y’s love being part of a fast thinking business that embraces change.

Step out of your comfort zone and don’t hold your Gen Y’s back and stop killing off their enthusiasm by using those boring ‘old school’ strategies that all your competitors have all gone back to doing simply because that’s all they know.

Look for new and exciting ways. Innovate, Inspire & Embrace Change Faster.

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We all know Coronas as that delightful Mexican beer that goes down an absolute treat on a hot day, especially with a little bit of lime in the top. They are standard in Mexico, kind of like a VB or XXXX, but here they are considered a “top shelf” beer.

Late last year I was given the opportunity to come down to Ray White NSW in Sydney and find out what would be involved in the role of Chief Auctioneer. I have since decided to take up this opportunity and I’m living in Sydney and loving it but on this trip I was just getting the lay of the land and talking to people.

One day I was on an office visit with the CEO of Ray White Corporate NSW, Stephen Nell. It was late afternoon, about 5:30, and the Principal offered us a beer and we of course accepted. Three beers were put on the table – a Carlton Cold, a Tooheys New and a Corona. I was given the option to pick first and straight away I picked the Corona as it is my favourite beer and was the best on offer by far. The CEO was amazed and pointed out, not in a rude way, how times had changed and that there is no respecting your elders. He said that if the situation had been reversed he never would have picked the Corona.

I thought about this for a millisecond and took a very quick sip of the Corona so neither Stephen nor the Principal could have it.

Now, the whole point to this story is that as a generation, we do respect our elders a great deal. We know that we can learn a lot from them. However, this does not mean we are going to let them have our favourite beer or stop us speaking up when we think something is wrong. Although they have the experience, we can often offer a fresh perspective on things and we should never underestimate the value of that.

In my opinion I think it is really important to know exactly what it is you want in business and life and if you go for it you will be amazed how many times you will get it. At the end of the day I know what it is I want and where I am going and, when a choice of beers is in front of me, I will always take the Corona.

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I am currently in the process of conducting a survey of real estate agents and their thoughts about what they feel could have the greatest affect on their commissions throughout 2010.

The response to date has been very interesting & has provided a great insight into what’s happening out there in the current marketplace.

Yesterday, I had a radio interview about this issue with Kevin Turner from REUncut about some of the feedback that I have received from real estate agents thus far, here’s the interview…

Click here to listen to the interview – Future Of Agents Commission – 2010

To have your say about this important issue affecting our real estate industry, make sure you share your view by clicking the link below & completing this quick survey (easily completed in under 90 seconds).

Please Click Here to access the Future Of Agents Commission 2010 Survey

Note: The survey will close on February 19th 2010 and results will be compiled & posted out shortly afterwards.

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I’d be really interested to hear some thoughts from young agents on your Property Sector forecasts for 2010 & where to from here?

I’ve been reading some killer reports recently on 2009: the year that was, but now the challenge lies in navigating through the unchartered waters of 2010.

Who is expecting a market recovery?

Will the rate rises at the end of 2009 lead to a stagnant market place for you locally? Nationally?

How are buyers reacting to recent rate rises and the potential / reality that there may be more to come in the first quarter of 2010?

Are you noticing a return of investors to your marketplace?

Looking forward to hearing your thoughts/comments.

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Well another year underway. This year I’m going to define my goals both business and personal and set about achieving them. I’m writing a business plan to keep with me in the office and review monthly.

This year I’ll be adopting a new approach. I’m taking advantage of an online system to help follow up on leads and to keep in touch with clients.

Last year I saw myself making lots of phone calls to keep in touch and thought this year I would mix phone, text and email to help keep me in touch with my clients (both existing and new)

I’m looking forward to a great year and wish that all the young agents have a fantastic and rewarding 2010 as well. Lets make the most of it.

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