In a recent post of mine, a gentleman (and real estate broker) named Richard Hinds left a remark in the comments section, that got me thinking. He said:
“Third-party syndicators are like the weight loss industry. They sell the promise of speed and ease in achieving results that by their very nature require a long time and much effort and dedication to achieve. Worse yet, like the weight loss industry, the more agents fail using syndicators’ worthless products and services the more worthless products and services they tell agents they need to buy from them if they ever want to succeed. And, like the weight loss industry, the more their customers fail the more they usually buy hoping they’ll succeed this time.”
After much thought, this notion doesn’t actually seem too far from the truth. Hear me out on this one:
Think about the most recent weight loss or fitness trend that has hit a market near you. Now think about a person you know (maybe it’s yourself) who subscribed to the program in an attempt to get in shape.
Now, for the real estate professionals out there: Think about the latest trend in marketing, or social media or lead generation in the industry. Then think about the agent in your office (it could be you in this case, too) who spent time and money on it in an attempt to build business.
My guess is the results you saw (or had) in both scenarios were something similar to this:
- Between 40 and 60 percent of people saw mediocre results.
- Half of these people continue to try, only to realize the exact same mediocre results.
- The other half are back to where they started.
- Less than 20 percent saw amazing results.
- Half of these folks might still be enjoying those amazing results today.
- The other half have fallen back to mediocrity, or are back to where they started.
From personal observations and research conducted in several markets, I have seen the aforementioned results mirrored almost identically. Furthermore, wrap your head around this statistic from a recent Google search for the following “terms”:
- “Real Estate Leads”: 271,000,000 results
- “Weight Loss Plans”: 122,000,000 results
The ‘moral of the story’ is this:
There is probably some merit in every weight loss plan, fitness program, marketing ploy or lead generation tool out there. However, truth be told, most people aren’t going to get into the best shape of their lives or build a sustainable business by making these things the foundation of their existence.
Making healthy food choices and committing to an exercise routine shouldn’t be that tough, but a $61 billion industry has been built around the lack of achievement, or discipline, people have demonstrated over time.
I would argue that commitment and discipline are both to be desired in the real estate industry as well. I’m convinced that it is, and will always be, a local industry that is built around local relationships.
By the way, a Google search for “Building Relationships with Clients” yields 85 percent fewer results than “Real Estate Leads.”
Something to think about as we head into the NAR annual conference. Give it some serious thought. What are you committed to?
Enjoy your week!!
Jeff Nieto is a real estate technology entrepreneur focused on the next generation of real estate professionals and consumers.