A New Real Estate Economy

Our entire industry and methodology for conducting business are up for grabs. The Internet and e-commerce continue to upset paradigms and have impacted the "old way" of doing business forever.

After years of having "secret" information, Realtors are facing this: no more private access to MLS or proprietary information. Shoppers used to have to align themselves with a Realtor to find a new home because only a Realtor could access the information. This made us necessary to the home buyer. Now this information is available to anyone, at any time, from any location, as long as the home buyer has access to a computer.

This new medium of communication "changes" the game. Previously, we were highly paid hunters, compensated for the information we provided to customers during their search for a home. But things have changed. We are no longer needed as "hunters and gatherers" of information. It's easily available at customers' fingertips.

Today, buyers arrive with a fistful of printouts, prices of properties and preferred floor plans that they have viewed electronically. They've even walked through these homes and visited neighborhoods via a virtual tour. Now the customer does the "hunting" before meeting you and might even eliminate the talking brochure (i.e., the salesperson). So how do you stay relevant and a part of the home buying process? How do you become the new home sales professional?

Step 1. Stay ahead of the learning curve.

Success in life and in business no longer depends solely on what you know and your experience, but also on how well you learn. The knowledge base is changing, and the ability to learn quickly and keep learning throughout life is the key to success.

Step 2. Get a technology coach.

The psychologists of the 1980s and the personal trainers of the '90s have been replaced by the technology coach in the new millennium. Keep in mind that your prime moneymaking activities are face-to-face selling, follow-up and prospecting. So becoming a "certified geek" is not necessary when guidance and assistance from qualified technology experts can shorten the learning curve. In very little time, you can become a pro in learning how to best use the Web, e-mail, scanners and all the other electronic devices that make business move at the speed of light.

Step 3. Create a digital database.

Keeping an updated database is essential. Updating information should be done with a software program that easily integrates Internet applications. I can only guide you in the selection process with the two software programs our company uses: ACT! and Top Producer.

An example of technology's timesaving benefits: It used to take me days to send my newsletter to thousands of subscribers around the world. Now it takes about four hours.

Step 4. Treat your business like a real business.

It has been said that the difference between running and ruining a business is the letter "I." Start managing and running your business like a business. Michael Gerber, author of The E-Myth Contractor and The E-Myth Revisited, states: "The biggest challenge any business entrepreneur has while building and growing is not working in your business, but on your business."

The first challenge is committing to a fresh start in your record-keeping department. If you do it right every day, you won't have the nightmare of having to re-create documents and records on April 15. More important, you can see what you have earned and spent.

We all know that the focus in making money from the sales of new homes is on committing to prospecting, presentation and follow-up. Bookkeeping usually is not part of the equation. But it must be a priority because it is the crucial foundation of any solid business.

As a sales professional, you should realize that just "playing" at new home sales will not build financial freedom. You must develop a technology plan and then work the plan to maximize your time, energy and business. Because, whether you like it or not, the Internet is here to stay.

Myers Barnes writes articles for many of the nation's top sales-related magazines and trade publications. Myers is also the best-selling author of Reach The Top In New Home & Neighborhood Sales and Closing Strong: the Super Sales Handbook. He is a nationally known motivational speaker and a consultant on new home and resort property sales. You may visit Myers' web site, www.myersbarnes.com or reach him at his e-mail address sellmore@myersbarnes.com.