Are Zillow, Zoocasa heralding in the Uberization of Real Estate?…
The High Cost of Indifference and Inaction (COI)
Have you ever calculated the cost of all the opportunities you passed on, if you’d been a little more aggressive and ready? Only successful people think about things like that because the COI is big dollars. It’s possible though that what we’ve given up, ignored and weren’t aware of was worth 10 to a 100 times more than the choices we made.
How about exploring choices? CEO’s explore and evaluate decisions which are choices. That’s all they do is make decisions. They have no other purpose. Why is it some of our strategies and choices fail? Why is it we balk at doing some things that actually appear to be correct? Why do we linger when we should be moving ahead? What is the cost of not taking action?
A new blog post on Linkedin by Michael Martin, a real estate marketing technologist, reminds us that technology is changing digital marketing and that we shouldn’t fall behind in it. He’s come up with the new acronym (COI) which describes the Cost of Inaction which would include the cost of lost opportunity. Should your accountant be tabulating these stats?
No Emotional Impact, No Change
The problem with overcoming professional’s resistance to sound reasoning and motivating action is that a plea doesn’t register emotionally with them — so the attempt fails. The fact is, their status quo inertia is strong and it comes from misguided beliefs and their desire to rest for a while. No statistic or equation, which Michael uses in his article, is going to work, at least by itself. You need to discover how to make impact.
I like this quote from inflection-point.com:
It’s because until your prospect has concluded for themselves that the costs, risks and consequences of staying as they are will be far higher than the costs and risks of change, they will probably be tempted to simply stick with the status quo – and ROI won’t even come into their thinking. It’s a case of “better the devil they know”.
The Status Quo is a Threat to Business
I’ve had the misfortune of having my business die out within 7 years (Recession) and I know the root cause is because I thought the status quo was acceptable or an even a time honored plateau. I didn’t see a connection between continued fast growth and business survival. The status quo wasn’t a good reference point and neither was it a safe haven. Looking back, I can see the problem was my own lack of ambition and discontent. Yes, discontent is good.
But then, how many contented people do a cost of lost opportunity analysis, or step it up to grow their business?
It’s important to recognize that the status quo actually is a threat to any company. Most often we view the status quo as a way to extract the maximum value from our current situation — and enjoy the moment. If you’re a realtor, I’d hope you’ll investigate solutions and new marketing pros to help you evolve, enjoy and relax at the same time.
And if it’s relaxation you’re looking for right now, consider how relaxing it is to know you’re passing the competition at the exact they’re coasting or falling. The reward is wealth, health, well being, security, travel, and the ability to help others you care about. That’s a big reward package!
The goal for solution providers is to help Realtors or other professional services providers redefine the status quo and upgrade their sales forecasts and predictions in the years ahead. Treading water is not successful swimming.
2020 markets belong to those have mentally and emotionally established the right attitude and positive energy.
Realtors underestimate how helpful new technology is in identifying and reach new clients and how it can help support their sales strategy and soft selling skills. And as you can read with SmartZip, there’s other practical advantages.
Protecting your Future with Smart Action (Return on Action)
Citing technology and equations just causes reader’s eyes to glaze over. Concepts like artificial intelligence and predictive algorithms turns realtors, doctors, lawyers, accounts, and HR professionals sour. I’m risking readers by mentioning them.
Professionals often don’t budge unless they feel a compelling need to evolve, progress and grow and that will come from contrasting current results to future expectations. You may have a vision of your future based on a set of assumptions and unless those assumptions of the future and your status quo are questioned and altered, you’ll continue your journey with the sails down. Does that sound like a great business attitude?
Check Those Assumptions
The first assumption is “I’ve got enough.” 2nd assumption “I can coast because sales look good for awhile.” And 3, “all this tech stuff is baloney, it can’t possibly reach into my neighbourhoods.” (See the SmartZip reviews).
Professionals don’t see the status quo as a downward curve. There is no status quo. If you stay as you are, the market is leaving you. And the market is adopting technology to power up professional capabilities, prospecting efficiency, new services, and better performance. Those who jump on now will find it less of a painful distraction in a couple of years time.
Time passes quickly and your knowledge, skills and brand image will age
The truth is the way Michael says. Your time lying in the summer sun could leave you with a low revenue future. Those agents who have experienced sudden drops can tell you there is very little security in their industry.
Everyone needs to keep their eye on the road ahead stay competitive. Marketing is changing and you need to hire someone to help you tame it. If you neglect here, his predictions will be accurate — you’ll slip in marketshare, sales volume, customer loyalty, visibility, and revenue.
I have to admit, that competing with robots which can learn and change direction is daunting, however to beat an experienced, strategy minded marketer is difficult. And that pro can be much better if he’s armed with predictive data. That’s why you need to investigate these new tech marketing solutions and figure out how to integrate them with your unique soft selling skills.
The accuracy of predictive data is still in question. We’ve seen so many incorrect real market outlooks from top financial and real estate pros, we’re a little leary of any housing market predictions.
However, top marketing firms and real estate firms are burrowing into “Big Data” insights to find homeowners and hopeful home hunters ready to transact. You can be sure they’re monitoring your social media posts and blogs for information on your behavior and situation and be the first to present a solution to get you onto the next phase of your life. I think that’s amazing and far preferable than waiting around for someone to sell their house. That latter pool of clients is shrinking. You’ll need to be more proactive to get leads on the sell side.
Check out my Realtor IDX website services with MLS listings, and why a new WordPress web site is such a great helper. Tack on my realtor marketing services and you have both technology and elite strategy working for you. My next post will cover all the latest new tech services which you might integrate with your marketing strategy. Consider it a fun way to discover your future. Bookmark my site to ensure you come back!
I’m not pushing Smartzip. It’s just one easy to visualize tech solution for realtors. You could use it as an enhancement to your own digital marketing and online marketing strategy.
What are the Costs of Inaction?
- web traffic slides downward, online leads diminish
- local leads dry up because of the 50+ realtors working your neighbourhoods
- as time passes, your realtor brand is more associated with the past
- other realtors are getting big web and social exposure while your web site is in full “status quo” mode
- other realtors show signs they’re getting more confident and are able to bring more buyers to the buying table
- each new development in marketing technology threatens to completely overwhelm you
- you feel increasingly lethargic and unable to overcome inertia
- you’re feeling more frustrated and agitated because you’re more uncertain
- you’re missing deals and you know it your competitor’s teams are getting bigger — they’re on the move
Your New Action Plan Preparation
- envision what your business could be in the years ahead up to 2020
- envision what the extra revenue will do for you and your family
- envision the security of knowing your business can continue to thrive
- understand why your business is going to thrive
- understand how new technology can help you increase sales.
- consider how many opportunities you’ll have simply by having an abundance of cash ready to use
If you want to know the numbers related to the COI, you can check Michael Martin’s post on Linkedin. Don’t forget to link up with me on Linkedin. Professional networking is so important today!
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