Building Connections and Overcoming the Loneliness Barrier in Real Estate

 

“We are in an epidemic of loneliness.”
– Dr. Vivek Murtly, U.S. Surgeon General, May 2023

(Thank-you Suze Cumming for this week’s guest post)

Real Estate feels more challenging than it has in the 38 years since I began my career in sales. Over the past few weeks, I have reached out to many brokers, managers and team leaders to inquire about what they are experiencing. The ones I spoke to all related to me that many of their agents were struggling with mental health challenges.

With this information in hand, I began researching what other industries and research organizations are learning about mental health post-pandemic, and it does indeed seem like we have an epidemic of loneliness.

In this article, we will look at the symptoms and causes first, but please read through to the solutions. Whether you want to help yourself or help people around you, this could have a valuable impact.

The reported effects of loneliness are significant: low motivation, low drive, depression, impaired immune system, cognitive decline and premature death. In fact, America’s Surgeon General states that the effect of loneliness on our health is comparable to smoking 15 cigarettes a day.

So, what’s going on?

Loneliness isn’t about a people deficit; it’s about a connection deficit. While people were already lonely before the pandemic, the social isolation during the lockdown and many of our new ways of operating have greatly exasperated the situation.

Working from home, the loss of community spaces, our discomfort with social situations, social media addiction, and increased travel costs are all limiting our human interaction and social connection.

“Many of my agents haven’t been able to return home to see their close family in over three years,” says Stefanie Hostetter, CEO at Re/Max Sea to Sky in Whistler, B.C. Many of her agents come from far away, as Whistler is a destination market. Hostetter hails from New York, and she hasn’t been back to visit yet. Travel restrictions during the pandemic and our changed habits around travel have greatly reduced the amount of time that we spend visiting family and close friends.

She notes, “Some people haven’t been able to celebrate new babies or mourn the death of loved ones.” Travelling both abroad and within Canada can be stressful and expensive as the travel industry struggles to find balance.

“I run coaching and training sessions live in person at my brokerage, and only a tiny fraction of my agents show up,” says Wade Webb, broker/owner of Royal Lepage Kelowna Lake Country. Webb is a very sought-after, high-level coach and best-selling author, so this lack of engagement speaks volumes about his agents’ state of mind.

Structural barriers, financial insecurity, previous health or mental health challenges and life events can cause the loss of social connection. Those of us contending with loneliness have unique experiences and can’t all be solved the same way, but I have laid out some of the things that may help you reconnect with people and build community (which are both key skills for real estate success):

  • Answer your phone instead of letting it go to voicemail. You never know when something delightful might happen.
  • Join a local community of people. Think sports, workouts, hobbies, spiritual, charity, volunteer, chamber of commerce, meet-ups, etc. There are unlimited possibilities.
  • Call a friend or acquaintance instead of messaging them. They may also need the connection.
  • Say yes to social opportunities even if you initially feel hesitant.
  • Limit your social media time. Research confirms that most social media increases our social anxiety.
  • Go to the office. Create a comfortable shared space at the office where colleagues can visit, collaborate and co-work. I borrowed this idea from the tech industry as they work creatively to get employees to want to come back to the office and collaborate with each other.
  • Create a mastermind or support group with colleagues in your area and meet in person. Be sure to pick like-minded, positive-thinking people.
  • Organize an office event. Consider a fundraiser, outdoor adventure, swimming party or summer BBQ.
  • Improve your teleconferencing (zoom) skills. Be more natural, create casual time before or after a meeting, and invite others to connect after the meeting one on one.

What are other some other opportunities to connect and build community with people? Please share your ideas in the comments. 

If you or someone you know is unable to work through the loneliness or is suffering from significant social anxiety, professional support may be beneficial. Seeking this support is extremely common in our modern society and is a sign of strength and courage.  

Strength and courage,

Suze Cumming / Wade

Agent Strategies From NAR Buyer Seller Trends 2020-2021

NAR buyer seller trends 2020 2021It’s that time again to look at the trends and statistics of buyers, sellers and real estate professionals in 2020. The great resource from N.A.R. is for our real estate profession and providing incredible data for more than 35 years that helps REALTORS© track, measure and predict our business better every year. Again we take time to look at the trends and profiles of today’s real estate consumer and reflect on how we can better serve, attract and engage our customers in 2020 and 2021. So let’s have a look at what the data is saying!!

 

Home Buyers

  • 31% First time buyers in N. America
  • 47 Years of age
  • Average income annually $96,500
  • 62% Married couples
  • 11% Bought multi-generational homes with parents
  • 31% Desired to own their own home

Home Purchased

  • 15% Bought new 85% Bought used homes
  • 82% Detached single family purchased
  • 19% Senior related housing purchased
  • 15 Mile average between last home and new home purchased
  • Average price $372,500 and paid 99% of asking price
  • 1,900 Square foot, 3 bed, 2 bath built in 1993
  • Expect to stay 12 years in their home

 

Home Purchase Process

  • 43% Began looking online, 18% Began calling an agent
  • Looked 8 weeks and 8 homes
  • 87% Property photos most important to them
  • 64% Had a satisfactory experience

 

Home Purchase Agent

  • 88% Used an agent to buy
  • 6% Direct from builder
  • 40% Agent referred by friend
  • 91% Would use their agent again

 

Financing Purchase

  • 87% Financed their purchase
  • 88% typical loan to value ratio
  • 58% Down payment from savings
  • 46% saved down payment in 6 months or less
  • 83% Purchased because it is a good investment

 

Home Sellers

  • 56 Years of age
  • Median household income $107,100 annually
  • 14% Home to small, 15% closer to family, 12% work reasons
  • Lived in home 10 years on average
  • 89% sold with an agent
  • Sold 99% of their asking price
  • 3 weeks on the market
  • 44% offered incentives to buyers
  • Sold for $66,000 more than they paid on average
  • 69% were happy with sales process

 

How Sellers & Agents

  • 67% found their agent through a referral
  • 77% only contacted one agent when selling
  • 91% listed on MLS
  • 77% paid the agent’s fees
  • Typical seller recommend their agent pnce since selling
  • 88% would use agent again, 77% probably, 15% would not

 

Private By Owner

  • 8% sold by owner
  • 57 years of age
  • Average FSBO sale price $185,000
  • Average agents assisted sale price $245,000
  • 66% sold in less than 2 weeks
  • 70% sold to someone they knew 55% knew their buyer

 

COVID 19 Buying & Selling

  • #1 reason was to move closer to family
  • Urgency rose 7% when covid hit
  • 27% increase virtual tour viewings
  • Home sellers years owned dropped from 16 years to 11 years in 2020
  • Average price jumped post covid to $300,000 average vs $270,100
  • Finding a property biggest challenge

 

So there we have it the road map of who we are looking for and what they are doing. Take the time to develop a strategic strategy with your business and stop aiming for nothing and hitting it with amazing accuracy. Instead be strategic and intentional with your marketing approach this year using this incredible resource and watch your business go to another level.

Strength and courage,
Wade

Develop Your Own Platinum Partner Marketing Network – Learn How

Use this Leverage Strategy to Create a Steady Income Stream for Your Real Estate Business

real estate platinum partner network programOne of my desires in business is to leverage what I do in real estate with what other service providers and businesses do in theirs. The goal is to help expose them and their services to the people I know personally and professionally.

I truly believe that leverage and focusing on what others need in their business and helping them will in turn help me and what I do in my business, ten-fold.

I have created leveraging strategies that assist other service providers and at the same time create a stream of income to support my marketing and business building strategies.

Any chance you could use a small steady income stream in your real estate business to help support and grow your business exposure this year?

I thought so…

Start by thinking of all the opportunities in your real estate business you have to expose, connect and engage anyone you know personally and professionally?

Here are some examples to get you started…

[ez_box title=”Places You Could Provide Exposure for Others” color=”blue”]

  • Website
  • Newsletter
  • Feature Sheet
  • Thank you for buying and selling letters
  • Youtube
  • Social Media
  • Unaddressed Ad mail
  • Service Directory Booklet
  • Client appreciation event
  • Email
  • Open House
  • Pre listing and Pre Buyer Packages
  • Listing and Buyer Presentations
  • Calendars
  • Signage
  • Mobile Technology
  • Print Advertising
  • Client Seminars
  • Single Listing Websites

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All of these are opportunities for you to expose another service provider or business owner to multiple prospects, Right?

The second step of the process is to think of all the service providers, business owners and related industries to real estate and what you and your client use for buying and selling real estate.

Here are some examples…

[ez_box title=”Service Providers to Feature” color=”blue”]

  • Accountant
  • Insurance
  • Investment
  • Mortgage Broker
  • Banker
  • Lawyer
  • Notary
  • Appraiser
  • Inspector
  • Surveyor
  • Locksmith
  • Carpet Cleaner
  • Renovator
  • Irrigation
  • Yard Maintenance
  • Junk Removal

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I then created what I called my Platinum Partner Plan. This plan was presented to service providers and business owners the exclusive right for one year to have their service and business exposed in all the first list of marketing ideas I provide as a real estate professional  for a nominal fee and a 12 month commitment.

So what would someone pay you monthly to have their logo, service, business exposed for one year on your website, newsletter, feature sheet, thank you for buying and selling letters, Youtube, Social Media, Unaddressed Ad mail, Service Directory Booklet, Client appreciation event, Email, Open House, Pre listing and Pre Buyer Packages, Listing and Buyer Presentations, Calendars, Signage, Mobile Technology, Print Advertising, Client Seminars, Single Listing Websites?

I am going to say you will be surprised the revenue you can generate from presenting this kind of a program to service providers and businesses related to real estate… it will be hundreds of dollars to you each month!!

It was a very easy sell to these service providers and business owners. If they didn’t see the value in a small $50-$100 a month investment for this kind of exposure I would say, “no problem, I am sure another business owner in your profession will appreciate the exposure.” They would then say, “no wait, I wasn’t saying I would not do this.” And then they sign up. Provide me 12 post-dated cheques.

Would it not be worth your while to focus on leveraging what we do with what others do?

Would it not be worth creating a regular stream of marketing dollars for your real estate business?

I can tell you first hand, it truly is.

Don’t miss this amazing opportunity to create your own Platinum Partner Plan today.

Strength and courage,

Wade

What do you think of this opportunity? Share your ideas of how we can expand on this…