JAN/FEB 2024
+ Reciprocal marketing strategies 9 + Don’t become a desperate agent 22 + How to use SMS text marketing 26 + Help your team succeed 30
2024 marketing issue
OPTIMISM ABOUND 2024 RRC President Tricia Nekota, CRS, will use her positive outlook to raise the Council to new heights
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RREC-093
A podcast produced by RRC
Industry news made simple. www.crs.com/realtalk
The Real Estate Real Talk podcast is hosted by leading agents that can help you cut through the noise and grow your knowledge and expertise.
Jan/Feb 2024
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Vol. 23, No. 1 Cover: Dana Edmunds Photography
18 22 26* 30
* 2024 marketing article
FEATURES 18 Leading With Style
22 Feeling the Pressure
2024 RRC President Tricia Nekota, CRS, brings with her the experience and leadership necessary to help the Council thrive.
With the challenging market conditions that agents currently face, showing signs of desperation can be a negative to clients.
Expanding your marketing program into the world of SMS texting can be a major boon to business for real estate agents.
By Amelia Garza
By Jason Henninger
By Michelle Huffman
Residential Real Estate Council crs.com
26 Success With Text
30 What’s Holding Your Team Back? For real estate team leaders, ensuring the success of the agents under your employ is an added responsibility. By Scott Mason
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Jan/Feb 2024
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CONTENTS
Vol. 23, No. 1
4 Aerial View Jeff Hornberger, RRC CEO
6 Real Talk Recap: What you missed from recent RRC podcast episodes.
Market Pulse
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8 Personal Perspective: Billie Parrott, CRS, Meridian Real Estate LLC, Billings, Montana * An Ever-Expanding Sphere: Partnering 9 with local businesses can help real estate agents make a name for themselves. By Myrna Traylor
12 * The Dos and Don’ts of Social Media Marketing: Learn how to enhance your social media presence with these tips. By Jason Henninger
16 Smart Living: Strategies to become a great mentor. 34 Data Dive Insights from industry data.
Specialized Knowledge 36 Council Classroom: A strong brand is essential to securing more referrals. 38* Marketing Matters: Don’t let social media challenges hold you back from success.
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EDITOR Cheré LaRose clarose@crs.com 800.462.8841 ASSISTANT EDITOR Amelia Garza apgarza@crs.com CONTRIBUTING WRITERS Amelia Garza Jason Henninger Michelle Huffman Scott Mason Myrna Traylor BOARD OF DIRECTORS President Tricia Nekota, CRS First Vice President Vivian Macias, CRS
Advertising Inquiries 312.321.4410 bd@crs.com The Residential Specialist is published for Certified Residential Specialists, general members and subscribers by the Residential Real Estate Council. The magazine’s mission is: To be a superior educational resource for CRS Designees and members, providing the information and tools they need to be exceptionally successful in buying and selling residential real estate. The Residential Specialist is published bimonthly by the Residential Real Estate Council, 430 North Michigan Ave., Suite 300, Chicago, IL 60611-4092. Periodicals postage paid at Chicago, IL, and additional mailing offices. Change of address? Email requests
Immediate to crshelp@crs.com, call Customer Past President Service at 800.462.8841 or mail to Holli Woodward, CRS RRC at the above address. Members The Residential Specialist (USPSDebra Beagle, CRS 0021-699, ISSN 1539-7572) is Bryan Hughes distributed to members of the Addie Owens, CRS Council as part of their membership Kurt Thompson, CRS dues. Nonmembers may purchase Tonya Thomsen, CRS subscriptions for $29.95 per year in the U.S., $44.95 in Canada
Chief Executive Officer and $89.95 in other international Jeff Hornberger countries. All articles and paid Staff Liaison advertising represent the opinions Patricia Stodolny of the authors and advertisers, not the Council.
Designation Nation
PUBLICATION POSTMASTER: Please send MANAGEMENT address changes to: The Residential Specialist, c/o Residential Real Estate Council, 430 North Michigan Ave., 4 th Floor, Chicago, IL 60611-4092.
40 Your Own Council: RRC news and updates. 42 Ask a CRS: Advice from the country’s top agents.
www.glcdelivers.com COPYRIGHT 2024 by the
44 Find a CRS: Expand your network.
Publishing Manager All rights reserved. Printed in U.S.A. Scott Mason
46 Balancing Act: Learn how to care for your body and mind this winter. new 48 RRC Cares: Sharing an RRC member’s contributions to their community.
* 2024 marketing article
Residential Real Estate Council.
Art Director Ivette Cortes
crs.com
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HOW THE MENTOR PROGRAM WORKS:
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Jan/Feb 2024
Aerial View From the desk of Jeff Hornberger, RRC CEO
RRC’s Vision for Excellence
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trategic plans remind me of the time I walked into Mama D’s Italian Kitchen in Newport Beach, Rhode Island, where lines poured out the door on a Wednesday night as servers provided complimentary appetizers to hungry guests waiting for their tables to be ready. When seated, along with the menu, they provided the vision statement: “to grow an extraordinary business that is as human as the extraordinary human beings in it.” It was a great meal (at a great price), and the restaurant did have electricity in it. We went back once more that week. This brings me to the Residential Real Estate Council’s (RRC) Strategic Plan for 2024 through 2026. It is a blueprint that reflects our unwavering commitment to the success of Certified Residential Specialist (CRS)
Designees, RRC members and the broader global residential real estate community. It’s a data-driven exercise that utilizes member survey results every few years. At RRC, we know that education, leadership development, referrals, networking opportunities and business resources help CRS Designees and RRC members thrive in an ever-evolving industry. Our mission at RRC is clear: We are dedicated to your success. The strategic plan guides our planning as we aim to provide a comprehensive support system for you. Our vision is to be the premier business development organization for global residential real estate professionals. We aspire to set the gold standard in consumer experience, client satisfaction and leadership in the residential real estate sector.
Core values
f Members at the Heart: Our community fuels us. f Collaboration Sparks Innovation: Together, we grow. f Service Driven: We are eager to listen and help. f Integrity and Transparency: Creating stability from openness.
Pillars of excellence
Our strategic plan is built upon four pillars, each guiding our actions and efforts toward fulfilling our mission and vision. The Residential Specialist trsmag.com
iStock.com/olm26250
Our values are the cornerstone of our organization, shaping our actions and defining who we are as residential real estate professionals:
Jan/Feb 2024
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BUILDING STRONG CONNECTIONS In the coming years, we will keep pace with you, ensuring our products and services remain relevant and timely. We will tap into your advice and interests for timely topics and use analytics to determine what is and isn’t relevant. A seamless digital journey will be provided to help easily navigate the CRS pathway, coursework and benefits. We are committed to embracing all generations, bridging the gap between state, local and the RRC vision. Most importantly, we will celebrate your achievements as your success stories inspire us.
LIFELONG LEARNING AND GROWTH To stay ahead in a rapidly changing industry, we are dedicated to enhancing your skills and future-proofing your careers. We will provide a central content hub where RRC and members can collaborate, share information and access valuable data. Our members will master skills with top-tier instructors and engage in collaborative mastermind sessions. RRC membership and the CRS Designation will serve as badges of excellence on your professional journey, and we will think creatively to deliver fresh, innovative content. You’ve seen new educational content this year on cryptocurrency, probate, divorce and other relevant topics. We are developing an AI (artificial intelligence) certification, as well.
ORGANIZATIONAL EXCELLENCE To ensure that we are the best at what we do, we will offer a premium experience customized for you. An open feedback loop will be established to measure and report member satisfaction, and we will hold ourselves accountable through transparency and internal and external reporting, analyzing and adopting best practices used by other world-class professional associations. Transparency is the foundation for your trust, and there is an organization-wide commitment to improve in this area. Evaluating the return on investment for networks and states will be a priority. Furthermore, we will allocate the necessary resources to fulfill our mission and nurture leaders committed to serving your communities.
Our vision is to be the premier business development organization for global residential real estate professionals. —Jeff Hornberger, RRC CEO
UNRIVALED DISTINCTION As we move forward, we will solidify our position as the go-to destination for real estate professionals. CRS Designees will set the gold standard in consumer experience and client satisfaction, and we will ensure they can effectively articulate their worth. Our CRS Designees will be recognized as leaders in their communities and the profession, ultimately becoming global leaders in residential real estate.
The Residential Real Estate Council’s 2024-2026 Strategic Plan is a testament to our unwavering commitment to our members and the residential real estate community. We are confident that by adhering to our core values and focusing Residential Real Estate Council crs.com
on our four pillars of excellence, we will continue to thrive and lead in this dynamic industry.
Read more about the RRC 2024– 2026 Strategic Plan on page 40.
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Jan/Feb 2024
Real Talk Recap Thoughts and opinions from our podcast hosts
What You Missed on “Real Estate Real Talk” Season 2, Episode 19 Have you been listening to RRC’s “Real Estate Real Talk” podcast? If you’re late to the party or forgot to tune in, here’s a peek at what our expert CRS hosts have been discussing in recent episodes.
“Overcoming the October Boos!”
With buyers, we’re always saying location, location, location. When we’re working with sellers, the key is to communicate, communicate, communicate. I consider my clients forever clients. And now they’re reaching out and they’re using the words “scared,” “afraid” and “fearful” when describing the current market. They want to know, “What can we expect?” I wish I could look into my magic eight ball. But what we can do is communicate. I know that that is so important. Whether we’ve got good, bad or no news, we have to set that expectation.
Holli Woodward, CRS
Season 2, Episode 20 “The Horror of Cybersecurity Threats”
Listen to new episodes and access the entire archive of “Real Estate Real Talk” episodes at CRS.com/realtalk or wherever your favorite podcasts are found.
You have to really train your clients to be mindful of [cybersecurity threats]. I’ve always told all my clients: “Anytime you need to send a wire, we need to have a conversation.” We need to get on the phone, Zoom or meet in person. That doesn’t mean that I’m going to provide wiring instructions, but I’m going to give you the name and phone number of the title company so that you can reach out to them. I’m going to get those wiring instructions, too, and we’re going to make sure the money is going to the right title company. I am putting some fear in them, but I’m doing it because I need them to understand that this is a serious problem.
Alex Milshteyn, CRS
Season 2, Episode 21 “A Deep Dive into VA Financing”
While every lending institution likely has the ability to offer Veterans Affairs (VA) loans, you certainly want to use someone who has more than just rudimentary knowledge of it. On the lending side, there’s a little bit of complexity, some paperwork, and some extra boxes to check. You definitely want to have someone who not only knows a little bit more about it but actually can say that they specialize in VA loans. Just like you wouldn’t necessarily drive three markets away from you to sell a house because you don’t specialize in that area, we also don’t want lenders dabbling in things that they don’t do well.
Maura Neill, CRS
Season 2, Episode 22 “What’s in Store for 2024?”
Economists project based on what they know happened in the [past]. There’s nothing in history that allows them to easily project what the future is going to look like. I will say our economy has been resilient. Nobody expected the unemployment rate to be as low as it is. Nobody expected consumer confidence to be as high as it is. But whatever the Federal Reserve does to the interest rate doesn’t seem to have the same impact as they’re always assuming it will have. So economists are doing their very best but partly guessing about interest rates.
Alex Milshteyn, CRS
The Residential Specialist trsmag.com
Jan/Feb 2024
PERSONAL PERSPECTIVE When not working, Billie Parrott, CRS (pictured at the Billings Studio Theater), spends her time dancing and performing on stage.
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Photo: Jake Campos FOTOPRODUKTION
Market Pulse TRENDING HEADLINES AND IDEAS
RECIPROCAL MARKETING Partnering with local business professionals can expand your sphere.
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Residential Real Estate Council crs.com
SOCIAL MEDIA
SMART LIVING
Learn which techniques and behaviors can help real estate agents excel on social platforms.
With the right education and dedication, agents can become great mentors.
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PAGE 16
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MARKET PULSE
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Jan/Feb 2024
Personal Perspective Profiles of people to watch
Billie Parrott, CRS
Meridian Real Estate LLC, Billings, Montana How did you get involved with real estate?
I found the benefits of the CRS Designation— the referrals, the education and just having that behind your name— speaks volumes about one’s professionalism.”
My husband and I were considering buying a property, and friends referred their agent to us. She kept asking me about getting into real estate. At the time, it wasn’t even on my radar. I liked my job, and I wasn’t going anywhere. But things started changing at work, and then I just started thinking, “You know what, why not?” And, of course, I did it. Probably at the worst possible time—it was 2009. Everybody said I was crazy, but I just took money out of my 401K and lived off that for six months until I got my first closing, and I never looked back.
How did you learn about the CRS Designation?
Billie Parrott, CRS, achieved the CRS Designation in 2019. She can be reached at billieinbtown realestate @gmail.com or 406-697-4886.
There was an agent in my local association who was involved with RRC, and he would always promote the CRS Designation at events and bring in classes and courses. I worked towards
mortgage rates. I try to educate them, letting them know that we most likely will never see rates in the twos and threes—those were an anomaly because of COVID-19. I just tell them that if they buy now, the rates will eventually go down, and they can always refinance. It’s just a matter of educating them and letting them know it’s not the end of the world.
my designation and got that done. I found the benefits of the CRS Designation—the referrals, the education and just having that behind your name— speaks volumes about one’s professionalism. And now, I’m the education leader for Montana RRC. I really love to What type let people know how of marketing great the classes program do you are. We hadn’t had have in place? one here in a long I get most of my time, but we had clients from referone here in Billings rals—either agent this past October. to agent or sphere People were very or repeat clients. excited about that. And a lot of my clients come from my social media How is the presence, just from housing market my being out there in Billings? constantly posting. It has slowed down I’m teaching social a little with the media courses here higher mortgage in Montana for CE rates, just like credits to help other everywhere else. real estate agents But we’re doing build up their busiwell. Our median nesses using social sales price is still media, too. around $428,000. I do a weekly live In Billings and the series called Coffee surrounding area, Yellowstone County, Chat Live every Friday. Most of the our population is time, I’m interviewabout 150,000. It’s ing a business owner a challenge right here in Billings or now because a lot someone doing cool of buyers are kind things, just to let of holding off, waitpeople know what’s ing to see what happening. Other happens with the
times, I’m educating them on the latest real estate trends. I think that’s been helping my business a lot. And it’s free, so why not?
You’ve been accepted into the NAR Leadership Academy. What are you looking forward to?
I first applied last year and got to the interview round, which is hard to get to, so I was happy about that. I was disappointed I didn’t get it, but I decided to apply again this year and got through the interview process. A member of the Leadership Academy committee called to tell me, “Congratulations, you got in,” and I was just floored. It’s a great program. I’ve talked to a few people who have gone through it, and they learned so much, and now they’re in leadership roles with NAR. I was in the Montana version of Leadership Academy in its first year in 2022 and learned so much about leadership, who I am and how I tend to lead. So, I’m really excited to see what more I can learn on the national level.
The Residential Specialist trsmag.com
Forging new partnerships Reciprocal Marketing
Jan/Feb 2024
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2024 marketing article
I’m always amazed at how many agents don’t understand that everybody in your orbit is a past, present or future client— everybody.”
An EverExpanding Sphere
iStock.com/RapidEye/Artystarty/Wonderfulpixel
W
By Myrna Traylor
hether you focus on buyers or sellers, having a steady stream of prospective clients is vital to your success. Some REALTORS® may pursue a course of reciprocal marketing, an upfront arrangement whereby customers from a nearby business are pointed to an agent for a home transaction and the agent promotes that business in turn.
Investing in informality
Other REALTORS® take a different approach; one that is more subtle but is nevertheless extremely effective. Steve Epstein, CRS, sales agent with Keller Williams Realty in Santa Barbara, California, specializes in luxury home sales and feels that agents might miss valuable informal referral opportunities. “Rather than call it marketing, I would say I’m focused on strategic relationships,” Epstein says. “I’m always amazed at how many agents don’t understand that everybody in your orbit is a past, present or future client—everybody.” He says that agents need to “have Residential Real Estate Council crs.com
—Steve Epstein, CRS
MARKET PULSE
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Jan/Feb 2024
The local baker, day spa or jeweler might be the source of a future client.
Reciprocal Marketing Forging new partnerships a conflict of interest, and I make sure to their antenna up to understand where the tell my clients that if they need to get a date opportunities are,” including with other of death appraisal, I know a good appraiser agents. “I’ve done quite a bit of business that I refer them to.” with licensed agents, even within my community. They need help, or they’ve retired and been out of practice for a while—or Be strategic they just don’t want to be bothered.” For Epstein, professionalism is key to Epstein encourages REALTORS® to building that strategic relationship. think of every person they meet as being “I work in a luxury market, so I don’t like within their sphere of influence, including a stated quid pro quo. I’m a little more “businesses that we don’t necessarily think subtle,” he says. “But the good news is in terms of prospecting. If you’re at the when people see how you operate and barber or talking to a pest control company present yourself, it makes it a lot easier. or get work from appraisers who get called They can refer with confidence because in to conduct a date of death appraisal or they know you’re a professional.” something,” he says. Epstein has planted Taking that one step further, you might the seeds for future referrals by building be able to tag team a promotional event a relationship with these individuals. with other financial professionals. Epstein “Now I’ve got them prepared to say, ‘Are mentions an invitation-only event at a you working with a local professional to private club to help find new clients. “We help you decide if you’re going to sell this got together with a financial advisor, a law asset?’ Before, they would just show up and firm and an accounting firm that did a lot do their work.” of real estate work, so it was a gathering Epstein is happy to extend professional of trusted advisors. We went to a private courtesy as warranted. “Some of them are event space and met with these highlicensed, so they certainly can collect a net-worth individuals in a comfortable, referral fee [unless] they may think that’s social atmosphere.”
The Residential Specialist trsmag.com
Jan/Feb 2024
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If that kind of event isn’t in the cards for you, remember the value of local businesses—even if you aren’t using their services for your real estate business. The local baker, day spa or jeweler might be the source of a future client. “I would have no problem sticking my head in the door and saying, ‘We’re going to be running in the same circles, and I’ve been in real estate here for 35 years, so I’ve got a good client base built up. I think there could be some synergy between our two businesses,’” Epstein says. “That way, when you recommend their business to one of your clients, you’re not being disingenuous.” Epstein likens building these partnerships to playing the long game—you may never know which one will make you a winner. But can you afford not to do it? “I’ve trained my team that with every piece of business they do, whether it’s a listing or for a sale, they should focus on monetizing that into another two or three pieces of business,” he says. “If you get a listing and don’t circle back, prospect that listing and turn it into another two or three listings, you’ve wasted time and money.”
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DON’T CROSS THE LINE
When you are approaching an individual or business with the goal of sharing clients, be absolutely sure that you aren’t crossing any ethical boundaries. “I sat on the grievance and professional standards committee at my local association for 15 years,” says Steve Epstein, CRS, sales agent with Keller Williams Realty in Santa Barbara, California. “And I knew agents that would say to the escrow or title companies, ‘I gave you a deal, and I expect a lunch or something,’ and that’s—for lack of a better description—a kickback. It’s completely unethical and not allowed.” Make sure you always adhere to the NAR Code of Ethics in your interactions with others. Never offer anything of value in exchange for a business referral. Keep everything above board, or you could face professional sanctions or prosecution.
Stay up to date on the latest marketing trends. Enroll in our 2024 Webinar Bundle to learn and network with the best at CRS. com/education/ webinars.
Residential Real Estate Council crs.com
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Social Media Manage your online presence
Jan/Feb 2024
The Dos and Don’ts of Social Media Marketing By Jason Henninger
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ocial media, overflowing with cat involvement with social media is a must videos and silly dances, is really all for success. But as with any other kind about business. There’s the business of marketing, there are ways to do it right. of data collection and analysis, as well as the Mark Handlovitch, CRS, broker associbusiness of marketing based on that data. ate at RE/MAX Real Estate Solutions in On the user experience end, it’s more about Pittsburgh, Pennsylvania, has been in real finding connection and entertainment estate for 26-plus years, and social media (hence the cat videos). Given that being a marketing is part of his success story. Read good real estate agent is all about merging a his list of dos and don’ts to make social work business mindset with relationship building, for your business.
The Residential Specialist trsmag.com
Jan/Feb 2024
Do each ✔ Know platform’s audience
Facebook skews to an older demographic. X, formerly known as Twitter, is built for fast and frequent communication. TikTok works with a younger audience, and Instagram is pretty popular across the board. The effectiveness of email marketing also varies wildly by age. Knowing who goes where and for how long is necessary information. Handlovitch sees the most traction from Facebook and Instagram.
Mix business
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✔ and pleasure
Handlovitch posts items of personal interest, such as pictures of vacations or things he finds interesting, as well as real estate content. The mixture helps his followers and clients get to know him better as a person, which in turn helps establish trust in business. “It’s a matter of putting out a lot of content so that somewhere along the line, somebody will be attracted to what you’re doing,” he says. “And you’re going to have a like-minded person say, ‘Hey, this agent was just on vacation in Montana for two weeks, camping out in the woods. I like that guy. I’ll follow that person.’” This helps attract new relationships.
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Don’t Bombard ✘ your clients
Handlovitch cautions against being so rigid in scheduling that you come across as impersonal and predictable. Posting here and there at varied times of the day, he says, feels more authentic and less like a marketing campaign. “If you post irregularly, it’s better because people don’t know when to expect it,” he says. “I just feel it’s a little more organic.” Content management platforms like HubSpot can analyze your posts and audience to suggest the best dates and times to post, helping boost engagement and removing the guesswork.
Forget it’s a business ✘ While maintaining a
variety of personal and real estate-related postings helps remind people that the agent is a real, live human being, the agent should still be aware of the business side. It pays to understand, as mentioned earlier, the varied demographics of social media platforms and approach posting business content appropriately. While Handlovitch posts his own personal content, he works with his admin on what to post on the business side and makes use of a videographer. A degree of informality here and there can be personable and charming, but it should be handled with professionalism.
If you post irregularly, it’s better because people don’t know when to expect it.” —Mark Handlovitch, CRS
MARKET PULSE
Jan/Feb 2024
Social Media Manage your online presence
Do Educate your clients ✔ In times of low inventory,
Take advantage of free social posts for RRC members via Photofy at CRS. com/photofy.
high interest rates or other ups and downs in the market, veteran agents remember to go back to the basics of building relationships and educating clientele. Social media can be a great means to spread useful information, which in turn establishes the agent as a trustworthy and authoritative source. If the interest rates are not great, Handlovitch says that is an opportunity to educate people about the fluctuations of the marketplace or to give them a better insight into how refinancing can benefit them down the road.
Don’t Brag about ✘ your success
Using social media to show your success is great. But remember— doing it in a way that informs the reader about how you achieved your success is more valuable. “People don’t care that you sold a house in seven days or for 7% over asking price,” Handlovitch says. “They want to know how you sold it in seven days. Where did you get the buyer from? What type of buyers are you getting? They’ve been hearing the same sort of thing from REALTORS® for years now. They want content. They want to know the dirt.”
SHOULD YOU BE VERIFIED ON SOCIAL MEDIA?
One way to boost your credibility on social media is to get your accounts verified. This means the platform has confirmed your identity and business information, giving your audience confidence to engage with your brand.
What are the advantages of the blue check mark? Increased trust It shows that your business is legitimate and has been verified by the platform, making you more reliable and credible in the eyes of potential customers.
Improved visibility and reach Verified accounts are often given priority in search results on social media platforms, making it easier for potential customers to find you.
Protection against impersonation Fake accounts can damage your brand’s reputation and potentially scam your customers.
The Residential Specialist trsmag.com
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STAT SNAP
Inventory Increase on the Horizon? Nearly a quarter (23%) of homeowners surveyed in Q2 2023 for Zillow Group Population Science’s Quarterly Survey of Homeowner Intentions and Preferences (QSHIP) indicated that they are considering putting their homes on the market for sale within the next three years or have already listed. This marked an increase in the percentage of homeowners likely to sell from 19% in the previous quarter (Q1 2023). The reason homeowners cited most frequently as a reason to sell was wanting a home with nicer features. This was followed by the expectation of
getting a higher sales price than would be possible in the future. The next frequently cited reason for listing was an increase in family size. Of course, mortgage rates also play a role in the decision-making process. Of the homeowners surveyed, those with a current interest rate above 5% were twice as likely to think about selling compared to those with a rate below 5%. More than a third of homeowners who weren’t thinking about selling in the next three years are concerned that any new home they find will come with a higher payment and loan rate.
ABOUT 1 IN 4 HOMEOWNERS ARE CONSIDERING SELLING WITHIN NEXT 3 YEARS (Includes homeowners with homes currently for sale)
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19%
14%
Q1 2021
15%
Q2 2021
Q3 2021
19%
18%
16%
Q4 2021
17%
15%
Q1 2022
23%
Q2 2022
15%
Q3 2022
Q4 2022
Q1 2023
Q2 2023 Source: Zillow
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Smart Living Tactics for professional growth
Jan/Feb 2024
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nless you are committed to remaining a one-person shop, you might find yourself working with someone who is new to the field, your brokerage or business model. In such a case, you might find it worthwhile to serve as a mentor to the less experienced person. A mentor is not so much a teacher as a guide; someone who can point out valuable lessons about interacting with clients or the value of pursuing education or organization memberships—all things that can help someone shape a successful career in real estate. A mentor can pass on best
practices so the mentee can avoid mistakes that others have made. In addition to boosting morale for both you and the protégé, being a good mentor has tangible business benefits. Employee retention rates are much higher for people with mentors than without—72% to 49%, according to mentoring software site The Mentor Method—which may translate into keeping valuable players on your team. Before you take on a role as a mentor, check some of the skills and expectations listed below to see if you have the temperament for the role. The Residential Specialist trsmag.com
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Strategies for Being a Good Mentor
Jan/Feb 2024
Communicate effectively
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Set goals and expectations
Setting clear goals and expectations is another strategy for being a good mentor. Work with your mentee to set SMART (specific, measurable, achievable, relevant and time-bound) goals that align with their professional and personal development needs. Remember: a mentor guides their protégé, but the decisions about how that person will act are entirely up to them. So, make sure that both parties have clear expectations of the relationship.
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Effective communication is essential to being a good mentor. As a mentor, listening to your mentee and understanding their needs and concerns is important. You should also provide them with regular feedback, constructive criticism and positive reinforcement. Keep in mind that communication is a two-way street, so encourage your mentee to provide you with feedback as well, along with any insights they have developed. You might learn something in the process.
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Employee retention rates are much higher for people with mentors than without—
72% to 49%
Source: The Mentor Method
IRO
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Create a safe environment
Creating a safe and nonjudgmental environment is another essential aspect of being a good mentor. Your mentee should feel comfortable asking questions, sharing their thoughts and expressing their concerns without fear of judgment. Be patient, supportive and empathetic, and encourage your mentee to be open and honest.
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SKILLS AND EXPECTATIONS P SU
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Provide resources and support
As a mentor, you have access to a wealth of resources and industry knowledge. It is important to share these resources with your mentee and provide them with the support they need to succeed. You can provide them with access to training materials, industry events and other important network connections. Encourage them to seek out additional resources and professional development opportunities on their own.
Give back, become a better leader and refine your own skills and networks with RRC’s Mentor Program. Visit CRS.com/ membership/ mentor-program to join today.
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Jan/Feb 2024
LEADING
Tricia Nekota, CRS, is ready to take on her role as 2024 RRC President.
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By Amelia Garza
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Real estate has the power to shape dreams, inspire individuals and create lasting legacies. This sentiment couldn’t ring truer for Tricia Nekota, CRS, a seasoned REALTOR® with more than 16 years of experience. Her journey in the real estate world began as a child, watching her parents transition from renters to homeowners, and it was this transformative experience that sparked her lifelong passion for the industry. “When you work really hard and persevere, saving your money for something that you could call your own, that is the most amazing feeling of all,” says Nekota. “I wanted to help others reach their goals and feel that same emotional satisfaction. My company’s name is truly the essence of why I am a REALTOR®,” says Nekota, broker/ owner of Dream Home Realty Hawaii in Honolulu, Hawaii. Her introduction to the Residential Real Estate Council (RRC) happened early in her career. After receiving her license in 2007, before even completing her first transaction, she was tapped on the shoulder to attend an RRC course taught by Chris Bird. She loved not only the education but the people in attendance. “They were very engaged and asked thought-provoking questions. I found myself being challenged, knowing this is where I want to be,” says Nekota. “I found my tribe. I found Residential Real Estate Council crs.com
that group of REALTORS® that would nurture and support me.” She quickly earned her CRS Designation and became an active volunteer, now leader, of the Council. But her journey hasn’t been without hardships. After facing a difficult year in 2023, Nekota looked to her family to keep her going. She reveals how her six-year-old granddaughter, Lyla, has become a source of unwavering motivation. “She has shown me that during challenging times and difficulties, through hard work, perseverance, dedication and commitment, you can hopefully make a difference,” says Nekota. She hopes to carry this tenacious and positive attitude throughout her presidency. Just as she was tapped to attend an RRC course, it was local leaders and mentors in Hawaii who encouraged Nekota to get involved with the Council. She remembers how they saw leadership qualities in her before she saw them in herself. “I knew that if others saw my capability to lead, then I needed to believe in myself as well,” says Nekota. “I took a leap of faith, and here I am today … It’s been an incredible journey to be able to give back to an industry and organization that has supported my career in tremendous ways.”
Tricia’s six-year-old granddaughter, Lyla, has become a source of unwavering motivation.
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Nekota places a high value on spending time with family. She took a family trip to Disneyland (left), works closely with her daughter, Tina Castanares (right), and loves her “fur babies” Bae, Pumba and Timon.
How has your RRC membership impacted your career?
Joining a professional organization was key to my early success as a REALTOR®. RRC provided me with education programs and courses that have given me knowledge, skills and tools I can implement into my daily real estate practices. The referral network is also valuable— having a trusted group of REALTORS® across our country and internationally really expanded my reach. I’m immensely grateful for the relationships and friendships I have made throughout my 15 years as a member. They are my extended ohana (a Hawaiian term for family), and I look forward to growing this family. My heart couldn’t be happier.
How do you plan to ensure members’ voices are heard, and that they have an active role in shaping the Council’s direction?
Dream more at Sell-a-bration® 2024! Mingle with the best of the best at our annual conference in Las Vegas, Nevada. Register today at CRS.com/sab.
Member engagement is critical for the Council’s success. Members are the heartbeat of why we do what we do for our organization. I know they want to be heard, and I am listening. The goal is to have members feel they are important and that their perspectives are valued. They will help foster growth if they feel they are being heard. Implementing strategies such as surveys, focus groups, open forums, regular and timely communications and getting
members involved on different levels—from state and national, committees and leadership roles—is important to me as president.
How do RRC’s educational offerings impact residential real estate agents?
As a former elementary school teacher, I have an innate need to always be learning. Learning is the key to anyone’s success. Education is the essence of my core because it equips me with the knowledge, skills and professionalism I need to stay apprised of this ever-changing market. For REALTORS® to be successful, they must understand that the top-notch education RRC offers will allow them to provide the utmost care, professionalism and guidance their clients deserve.
What have you gained by attending live RRC courses and events, such as Sell-a-bration® (SAB)?
There is nothing better than being able to meet in person. We have a variety of speakers at SAB who are mostly CRS Designees. The beauty of their presentations is that they are giving of themselves—they are giving us their knowledge and secrets of their best practices. They want everyone to be successful in this industry, and that’s the beauty. Second, you meet people from across the country and internationally and build a relationship with them. It’s neat because The Residential Specialist trsmag.com
Jan/Feb 2024 you make these connections and, it’s like magic—it blossoms further into lifelong friendships. Relationships are something you cannot put a price tag on.
What has been the greatest lesson you learned in 2023? How will it impact your leadership approach in 2024?
In 2023, I learned that despite changes and challenges, a strong leader must always be open-minded, compassionate, caring and focused on improving the organization. I want everyone to know that even though I stand with the president title, it will never be about me—it will always be about us. We will always be better if we work together. I hope everyone will feel my love for RRC and know that when decisions are made, I always keep their best interest at heart. In 2024, I want members to dream and hope more. I want them to feel encouraged to set higher aspirations and imagine a more fulfilling and successful future for themselves and the Council.
What do you envision for RRC’s future? How can you see the organization evolving?
REALTORS® need to know that CRS is the “Gold Standard.” It is the highest level of achievement, professionalism and expertise within our organization. I know the Council’s future is bright. We need to communicate to everyone that we are the “Gold Standard,” and we can help REALTORS® excel in their career through the different educational and organizational pathways we offer the strong community we have within our organization. Growing RRC both nationally and internationally can be achieved through strong strategic efforts that: 1. Enhance the organization’s visibility. 2. Attract new members. 3. Provide valuable services to a broader audience. I think RRC must be adaptable, culturally sensitive and focused on providing value to our members in all regions.
I hope everyone will feel my love for RRC and know that when decisions are made, I always keep their best interest at heart.”
How do you plan to live up to the “Gold Standard” and ensure our members meet this standard?
—Tricia Nekota, CRS
As president, I intend to be a role model of excellence, professionalism and ethical behavior and promote RRC’s excellent education and community. I want to be an example, and by providing effective leadership, our members will know and feel this.
Over the next few years, we’re looking to build up and out the RRC and CRS brands. Setting ourselves apart from other organizations is critical.
TRICIA’S POSSIBILITIES LIST To quote one of Nekota’s favorite lines from Disney’s “Cinderella:” “If you keep on believing, the dream that you wish will come true.” See what milestones Nekota has crossed off her list of “possibilities.” 1. Shop at Magnolia Market (Waco, Texas) 2. Meet Shania Twain (Las Vegas, Nevada) 3. Visit every U.S. National Park (Mount Rushmore)
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4. Have a beignet at Café Du Monde (New Orleans, Louisiana)
5. Travel to Dollywood (Pigeon Forge, Tennessee) Residential Real Estate Council crs.com
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FEELING THE
The Residential Specialist trsmag.com
Jan/Feb 2024
It will shock no one that the current state of high interest rates and low inventory in residential real estate doesn’t make for a booming marketplace.
That’s been the case for a while now and doesn’t look to be thawing out too soon. Consequently, it’s easy for new and seasoned agents alike to feel an increase in pressure, which can lead to looking desperate. Agents don’t want to come off as desperate—a quality that makes buyers and sellers uncomfortable. But what are the causes and warning signs of desperation, and how do you find a way out of it and back to confident, positive sales experiences?
INTEREST RATES UP
By Jason Henninger
James Crisp, CRS, real estate professional at eXp Realty in Montclair, New Jersey, has been in the industry for more than 12 years. While he feels stable in his business these days, he was no stranger to desperation in the early days. “The hardest part for me was finding a broker that I trusted because it’s not just about you; it’s also about who you align with and what their goals are,” he says. “It takes time to
filter through that, find your footing and lay your foundation. And yeah, you get desperate because you’re not a W2 employee.” But what kept him going and sticking in the industry this long is learning from that desperation. “I realized that if I have to start over again, I could lose my entire pipeline,” he says. “You learn through the problems. You almost have to become a desperate agent in order to learn what not to do in the future.”
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Nicole Mangina, CRS, broker at Windermere Real Estate in Bellevue, Washington, feels similarly. “I’ve been in real estate for 27 years. There have certainly been times in my business that were slower than I like,” she says. “I don’t think anybody in a solely commission-based career doesn’t have times where it’s slower. But I think we all have ups and downs in our businesses. That’s part of it.
INVENTORY DOWN
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DESPERATION EARLY ON
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You have to remember it’s a contact sport, which means you have to get out and connect with people.” —Nicole Mangina, CRS
Explore more ways to create work-life balance at TRSmag. com/category/ work-life.
“You have to remember it’s a contact sport, which means you have to get out and connect with people. Anytime we are scared, nervous or stressed, the natural instinct is to withdraw, but you have to get out and connect. That’s where clients come from. It’s that hard and simple all at the same time.” For Debbie Goodman, CRS, principal broker at Professional Realty in Chattanooga, Tennessee, remembering that
human connection kept her from feeling desperate. “I knew from a young age that I would get into the business,” she says. “I didn’t necessarily get into real estate just to make a lot of money, but I have always enjoyed working with people. So many of my clients and customers thought they would never buy a home. Just having the opportunity to assist them in getting into a home or rental meant more to me than the commission I received.”
SIGNS AND SOLUTIONS Newer agents who have not experienced the rising and falling tide of the industry may feel the stressors most acutely. They have likely made significant investments—not only in cash but also in time and effort— only to face a marketplace that doesn’t immediately return on the investment. But even a veteran of the industry can feel the pressure if they aren’t hitting the numbers or making the sales they have come to expect. What is the key trait of an agent getting a little frayed by stress? The consensus is that they forget the human element of the work. “When we’re scared or stressed, we tend to talk more than we listen,” Mangina says. “If you’re in presentation mode, it’s because you’re stressed and trying to convince somebody to do something, rather than showing up and asking questions and listening.” And being that trusted advisor who can help them make the best move.
Goodman also says the pressure the agent feels will transfer negatively to the client. “When an agent comes off as desperate, it makes a client feel like the agent may not have a lot of experience,” she says, “or is just going to try to sell them anything in order to get a commission. It also may make a client not trust that the agent will work in the client’s best interest.” Desperate agents treat clients like numbers rather than people, Crisp shares. “When an agent gets desperate, they’re unfocused,” he says. “They always have an answer for everything, but they’re letting their clients slip through the cracks. Remember that we are not in the business of talking about the finish on that countertop or the floor materials. Our business is actually building relationships.” Of course, the more desperate you are, the fewer sales opportunities will succeed, which in turn can create yet more despair. The Residential Specialist trsmag.com
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SHAKE OFF THE STRESS
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You know the feeling. You’re starting to sweat. Maybe you ramble a little. Your heart starts to race. You’re about to lose it. How can you reclaim your calm and ground yourself when the panic level rises? Here are a few common-sense reminders from our experts to keep you on track. PRIORITIZE
BREATHE
REMEMBER TO LAUGH
Problems can be likened to sand, pebbles and rocks. Sand problems are small and easily swept aside. Pebbles are more substantial but can be moved. Rocks are the larger, harder issues. Think about what is worrying you—it might just be sand.
A growing number of studies back this up. Taking slow, measured breaths goes a long way to help ground yourself. It’s simple, doesn’t take effort and can be done anywhere.
Stress isn’t funny, but a good laugh can help. Taking a moment in a stressful time to look at something funny online or remind yourself of something that cracks you up can help reset your mood.
How can an agent get off the hamster wheel and back on their feet? The solution is threefold: Client education Shifting the focus from the sale itself to educating clients is the first step. “A big part of our business is education,” Crisp says. “Honestly, that’s probably 60% of our business. The more you educate your clients, the more comfortable they are with you. And they’re easier to stick in your pipeline.” A solid team Mangina shares that while the assumption is that agents are very social and extroverted, there can be a lot of isolation in day-to-day business. To counter that, a solid network of colleagues and industry allies makes a big difference. “I have a really solid tribe of real estate people,” she says. “And we’re honest with each other when things are going great and when things aren’t. We’re there to support and pick each other up, brainstorm whatever it is to encourage each other and keep each other moving forward.” It’s your business It’s easy to feel that you are adrift, subject to external forces you have no control over. To some extent, that will always be true. But it is important to remember what you can control. During the slower times, the focus can be shifted to self-improvement from a business perspective. Educating your client is one thing, but continuing to educate yourself is also important. “It’s a business just like any other,” says Goodman. “You’re in charge of making your business successful.” Residential Real Estate Council crs.com
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Jan/Feb 2024
SUCCESS
2024 marketing article
with
TEXT
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By Michelle Huffman
Ads are ignored, emails are deleted on arrival and phone calls go straight to voicemail— it’s hard to get anyone’s attention these days.
But text messages may be different: They brag a 98% open rate and 45% response rate, and 90% of people read them within the first three minutes of receipt, according to a widely cited study from mobile research firm MobileSQUARED. With the promise that prospective clients will at least see your message, real estate agents should not only be utilizing this marketing tool but also making the most of it.
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WAYS TO USE text marketing Agents are texting all the time: According to the National Association of REALTORS®, 94% of REALTORS® most often communicate with clients via text message. Here are some ideas for taking what you’re already doing to the next level:
Make personalized videos to get that face time.
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“I love SMS messaging,” says Tina Wilcher, team lead with Century 21 Exclusive Properties in Bellaire, Texas. “I know they’re going to open it because my open rate is in the 90th percentile, so I create personalized videos instead of sending just the typical message.” The videos she creates are akin to a voicemail message—confirming appointments, offering directions to showings, sharing listings or setting up meetings—but they offer clients and potential clients a chance to see her face and connect more personally. She recently ran into a former colleague and texted him a video message saying she was happy to see him and reminding him of her real estate career to start planting the seeds of a working relationship.
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Amplify the visibility of listings.
% 71 of buyers and
sellers want agents to send property information and communicate via text message. Source: 2023 NAR Home Buyers and Sellers Generational Trends report
Sharing listings or price changes with prospects as soon as they become available via text gets their attention. They know you are on top of the market and allowing them to move quickly on homes. Even if they are not active buyers, they may want to know the kind of properties going up for sale in their area.
Use a short code.
Placing your phone number with a clear call-to-action to text or a five- to six-digit short code with a keyword on signs, flyers and listings allows buyers to ask questions immediately rather than playing phone tag, online marketing firm Constant Contact suggests.
with those who opt in to understand what they’re looking for and convert them from leads to clients.
Hold onto online leads with autoresponders.
Create a quick connection with online leads without being invasive, no matter the time or how busy you are. If someone fills out a form on your website and opts in the automated system will send them a text with information about when they can expect to hear back from you, real estate site The Close recommends.
Engage clients by keeping them up to date with their community.
Wilcher loves checking out her prospective clients online to get to know them Build your text list through open houses. a little before engaging and is diligent When hosting an open house, encourage about keeping notes on their interests. people to sign up for reminders and other If you are, too, text prospective, current information by subscribing to your text or past clients to know about potentially list or allowing them to opt in to receive relevant events or engagements happenupdates on the listing. Follow up via text ing in their communities.
4 TIPS TO MAXIMIZE SMS TEXTING
Consent 1 Obtain Value 2Provide
3
O ffer Exclusive Content
4
B alance Bulk Campaigns
1. Obtain consent from your contacts before reaching out. You can do this by displaying your phone number on listing websites, next to the property, etc. As soon as someone reaches out, follow up with a quick text asking for consent. Here’s an example: “Hey, since you’re interested in property X, would you like me to send similar listings when they become available?” 2. Provide value upfront by quickly identifying your contact’s pain points and needs. 3. Offer exclusive content, discounts or deals on properties or services for people subscribing to your list. 4. Balance bulk campaigns with personalized communications to keep contacts engaged. Source: Ioana Sima, chief marketing officer at TextMagic and Touchpoint
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TEXT MARKETING benefits
While the numbers offer a promising reason to text, there are other reasons agents have started tapping out texts:
PERSONALIZATION
People feel compelled to respond to text messages quickly in a way they don’t with other communication channels, opening an opportunity for conversation and relationship building. “When I text someone, they know it’s specifically for them,” says Chad Basinger, CRS, sales agent at eXp Realty of Southern CA, Inc. in San Diego, California. “I try to be funny; it’s a big part of who I am, so I try to convey that over text and have that back-and-forth.”
AFFORDABILITY
“Another huge benefit of SMS, especially for smaller businesses, is that it’s very cost-effective,” says Ioana Sima, chief marketing officer for marketing tools TextMagic and Touchpoint, adding that marketing through pay-per-click advertising can be expensive and search engine optimization has a long payback period. “Even with a modest budget, subtle testing and tracking, you will gain relevant insights into the effectiveness of adding texting to your marketing mix. You might be surprised that your next closed deal only costs you $30 in SMS marketing costs.”
drawbacks
INTEGRATION
Many platforms allow you to integrate your CRM, scheduling and other marketing tools so you can track your texts or even send them from your computer. This also allows you to segment your audience to avoid the dreaded mass text but also get the right information in front of the right people.
With texting, there is always another person on the other end of the line with an immediate need that you can resolve.” —Ioana Sima
Agents still need to be careful about text messages, in part because they do feel more personal to recipients. Here are some things they should watch out for:
LEGALITY
Similar to emails and phone calls, there are rules you need to know about sending marketing messages over text. Ensure you have consent either through a message or opt-in (see sidebar). Sima also recommends using verified business numbers to send texts. Make sure you have an opt-out option if you’re sending anything other than a personal message.
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TIMING
Texting is not a one-sided marketing message. When you send a text message, be mindful of the client’s time and make sure you have time to reply to client responses. “With texting, there is always another person on the other end of the line with an immediate need that you can resolve,” Sima says, so be prepared to answer questions quickly.
Create your own mobile toolkit when you enroll in our Mobile Technologies: Virtual Agent Certificate at CRS. com/certificates.
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What’s Holding Your Team Back? By Scott Mason
You have to be constantly learning and exposing yourself to new information, ideas and ways of doing things.” —Addie Owens, CRS
Not only are they out in the field helping buyers and sellers with transactions, but they are also designated team leaders, steering other agents toward success. Addie Owens, CRS, CEO of Touchstone Real Estate in Mount Dora, Florida, has been a team leader since 2016 and at one point had 45 agents in her employ—an experience she rates as “zero stars.” She explains that having too large of a sales team can lead to a lack of productivity, affecting the entire team’s success. “The ratio for highly productive agents, it’s usually about 10%–15%,” she says. “And the remaining 85%–90%, just bog you down.” Owens’ experience with team bloat is just one of the many potential explanations for why your team may not be as successful as you wish. What’s holding your team
back from success? And how can you, as a team leader, help correct the issues?
Developing and honing skills
To realize true success, agents must adapt to the current market. This is especially true when it comes to the specific skills that make agents great at what they do. John MacGilvary, CRS, chief growth officer at Berkshire Hathaway HomeServices Verani Realty in Londonderry, New Hampshire, says that lack of success can be the result of passivity and not being proactive. “Some agents rely on their sphere or circle of relationships to tell them when they are ready to buy or sell,” he says. “They’ll say, ‘Hey, give me a call when you’re ready,’ but that really isn’t sufficient.” MacGilvary recommends that brokers encourage their agents to leverage their expertise and be more influential to get results. “You have to work with agents to help them develop their prospecting skills
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Real estate brokers have a multitude of responsibilities on a day-to-day basis.
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Jan/Feb 2024 and how to handle the current objections,” he says. “You also really need to improve an agent’s pre-listing and listing skills. They need to learn how to leverage each opportunity and multiply the potential that each listing could bring them in terms of additional business.” Owens says continuing education is another necessity to ensure your team’s success. “You have to be constantly learning and exposing yourself to new
information, ideas and ways of doing things,” she says. While learning new things is great, she also warns agents to remain disciplined in their current behaviors at the same time. “REALTORS® tend to chase the next shiny object,” she jokes. “We don’t necessarily need to do that, as some of the most fundamental of skills in real estate still work today without having to adopt the newest or fanciest tool or strategy.”
Holding each other accountable even when times get tough is very important.” —John MacGilvary, CRS
Self-reflection is necessary
While many brokers may want to lay the blame for a team’s lack of productivity at the feet of the agents, sometimes the issues may be traced back to the team leaders. Joy Carter, CRS, team leader at Great Florida Homes at Keller Williams in Coral Springs, Florida, says she takes full responsibility for her team not performing at 100%. “I have good people on my team, but I’m not being the ringmaster. I’m supposed to be the ringmaster, but I’m not doing my job,” she says. While her team is still very successful, she says, her business is not growing at the rate and performing at the level it should be—and that’s on her. She attributes this to her taking on a city commissioner role with the local Coral Springs government, which takes up close to 60 hours of her time each month. But, a bit of self-reflection and awareness has allowed her to realize the error in her ways, and she has begun correcting these mistakes. “Two years ago, when I realized that I had two years left for the [city commissioner] job, I thought, ‘Well, when I’m done being a commissioner, I’ll start driving everybody and will go back to be that team leader, making everybody accountable,” she says. “But then I had the realization, ‘Why wait two years when you can start now?’”
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Strategies for success
If you’re noticing your team is lagging behind, there are practical ways to help correct the issues and guide team members toward a better path. MacGilvary has taken accountability to a new level with his team, meeting weekly to determine if goals have been met or if anyone is struggling. “We ask our agents every week, ‘What did you hope to accomplish last week? What do you hope to accomplish this coming week?’ It keeps people really focused,” he says. “Holding each other accountable even when times get tough is very important. The intent is to encourage people not to give up. Some people will have bad days, and some will have great days—but having a positive attitude and energy lifts the entire team.” Owens advises team leaders to take a step back from the day-to-day responsibilities to understand why their team may be struggling. “Every quarter, step back for 24 or 48 hours and look at two things: what’s going wrong and what’s going right,” she says. “You’ve got to get out of that daily grind to look up and really assess. I think we get so caught up in the daily busyness of everything that we’re not analyzing the problems and solutions.” Regardless of the strategy you take to get your team back on track, it comes down to effective leadership and motivation, Carter says. “Unless an agent is incredibly self-motivated, if there’s not somebody back there driving them, they’re just going to get by. Someone must be pushing—the leader has to be encouraging to ensure they’re getting the most out of their team.”
Jan/Feb 2024
WHAT ARE YOUR
WORKING GENIUSES?
Identifying your strengths and weaknesses is a great way to realize success as a real estate agent, and there are several ways an agent can do this for themselves and their team members. For Addie Owens, CRS, CEO of Touchstone Real Estate in Mount Dora, Florida,
Wonder
adopting the Working Genius model helped her and her team tremendously. Authored by world-renowned C-suite consultant Patrick Lencioni, the Working Genius model identifies six core “natural gifts” that can be applied to the workplace:
W
Pondering the possibility of greater potential and opportunity in a given situation
I
Invention
Creating original and novel ideas and solutions
D
Discernment
Intuitively and instinctively evaluating ideas and situations
G
Galvanization
Rallying, inspiring and organizing others to take action
E
Enablement
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Providing encouragement and assistance for an idea or project
T “The model says that everyone has two geniuses, two competencies and two frustrations,” Owens says. “Everyone is working all six areas at once, but if you’re spending 60%–70% of your time performing tasks that are your frustrations, that’s when burnout and dissatisfaction happens.” Residential Real Estate Council crs.com
Tenacity
Pushing projects or tasks to completion to achieve results
To be successful, Owens says you must work to the strengths you’ve identified for yourself. “Once people understand their strengths, that will fuel you,” she says. “If you don’t know what they are, you’ll always be playing catch up. You’ll always look for the next best thing or something to fix the problem.”
RRC offers live, virtual and recorded education opportunities covering team building, personality profiles and more. Visit CRS.com/ catalogsearch to learn more.
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Data Dive Insights from industry data
2023 CONSUMER HOUSING TRENDS Source: Zillow
THE TYPICAL PROSPECTIVE BUYER
23
%
BY GENERATION
Prospective Buyers
Successful Buyers
Household Decision Makers
U.S. Adults
of U.S. adults say they intend to buy a home in the next year.
Gen Z (18–28) Millennial (29–43) Gen X (44–58) Baby Boomer (59–78) Silent Generation (79+)
20% 43% 27% 10% <1%
17% 37% 23% 21% 3%
13% 27% 24% 30% 7%
18% 26% 24% 27% 5%
BY RACE & ETHNICITY
Prospective Buyers
Successful Buyers
Household Decision Makers
U.S. Adults
White or Caucasian Latinx or Hispanic Black or African American Asian or Pacific Islander Other
61% 18%
69% 12%
64% 12%
61% 12%
13%
7%
15%
17%
4% 4%
7% 5%
5% 4%
6% 5%
Prospective Buyers
Successful Buyers
Household Decision Makers
U.S. Adults
22% 70%
15% 70%
18% 59%
25% 60%
9%
15%
23%
16%
To access and read Zillow’s 2023 Consumer Housing Trends Report, visit bit. ly/ProspectiveBuyers.
BY RELATIONSHIP STATUS Never Married Married or Partnered Divorced, Separated or Widowed
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BY REGION 29%
24%
23%
22%
19%
23%
21%
21%
18%
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%
17%
17%
Northeast
Midwest
West
14%
■P rospective Buyer Households
41%
38%
38%
■S uccessful Buyer Households ■A ll Households ■ U.S. Adults
South
EDUCATION High School Diploma or Less Some College Four-year College Degree Postgraduate
Prospective Buyers
Successful Buyers
Household Decision Makers
U.S. Adults
27%
24%
35%
39%
19%
28%
27%
26%
29%
29%
24%
22%
25%
20%
14%
13%
BY INCOME iStock.com/bsd studio/bsd555
■ Prospective Buyer Households
Less than $50,000
■ Successful Buyer Households
$50,000–$99,999
$100,000 or more 56%
36% 36 16%
19
%
%
■ All Households
42% 28
%
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%
28
%
36%
The annual median household income among successful buyers is approximately $ 96,590.
SPECIALIZED
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KNOWLEDGE
Council Classroom Strategies from the industry’s top educators
Ready for a Refresh? By Kim Knapp, CRS
Kim Knapp, CRS, started her real estate career in 2000 after moving to Florida from upstate New York. She has closed almost $500 million in volume by helping more than 2,000 buyers and sellers achieve their goals. Knapp is a CRS Certified Instructor, Florida REALTOR® Instructor and a two-time NAR speaker. She was also awarded REALTOR® of the Year and Educator of the Year by her local board.
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s we all know, RRC courses are designed to help you be a top performer. And one class, Top of Mind Techniques to Boost Your Brand, can be foundational to your success. The class has been available for a few years and has recently been refreshed with new and relevant tips from CRSs around the country. Whether it’s your first time or you’re looking for an update, this is a perfect time to take this course. The class will offer simple things like the necessity of having a digital/ mobile business card in addition to a standard one and more complex tactics like knowing how often, when and what to post on social media to maximize your brand presence.
Start with systems
f Be consistent: One of the hallmarks of building a successful brand is being consistent—and having reliable systems can help with that. When you want to be better than your competition, don’t rely on doing one extraordinary thing better than any other agent can—that might not be the “one thing” that most of your market needs. Instead, do a lot of smaller things consistently better. If you were to improve by 1% every week, it would make an incredible difference as it compounds over the course of a year and into the future. f Top of mind: Focus on systems that keep you in front of your customers and sphere of influence, so you are top of mind. Your goal is to have your identity as an agent— your brand—be so ingrained in everyone’s mind that whenever the
topic of real estate comes up, they say, “You need to talk to my agent.” To follow that, you’ll need an effective system to acknowledge those referrals because we want to recognize the action, not the result. The most important thing is not whether that referral closed but that the person who referred you repeats the action again and again.
Guidance may be necessary
f Be crystal clear: Another critical aspect of getting a referral is letting people know what you would like them to do with your information. Sometimes,
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If you were to improve by 1% every week, it would make an incredible difference as it compounds over the course of a year and into the future.”
iStock.com/mathisworks
—Kim Knapp, CRS
we’re not good at telling people what we need, so be crystal clear with family, friends and contacts. I have a funny story about how that communication broke down: My husband and I had been living in our neighborhood for about three years when I overheard him out in the driveway speaking to a couple in a car driving through. They were looking for a model home in the area, and my husband told them how to find it, what the area schools were like and so forth. He did not, however, mention that his wife was a
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REALTOR® who would be more than happy to help them! If someone who had a personal and material interest in my acquiring more customers didn’t know what he should have done in that situation, it’s possible that your last client, neighbor or contractor may also be unsure. f Attend a class in person: Lastly, I highly encourage you to attend a class in person if you can. There is so much synergy when people interact with one another—you never know where the next great idea will come from. I love CRS referrals.
Boost your brand with one of Kim Knapp’s courses at CRS.com/ catalogsearch.
SPECIALIZED
Marketing Matters Timely advice to promote your business
Jan/Feb 2024 2024 marketing article
7 Social Media Challenges Holding Your Real Estate Company Back
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n the age of digital dominance, the real estate industry has not remained untouched by the transformative power of social media. While social platforms offer incredible opportunities for real estate companies to reach wider audiences,
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establish brand presence and engage with potential clients, they also present a unique set of challenges. See what current challenges are holding agents back and what solutions are available for your company to overcome them.
%
of real estate professionals use social media for business purposes. Source: NAR
1 Intense competition
CHALLENGE: The real estate industry is saturated with competition, making it difficult to stand out. SOLUTION: Leverage niche marketing. Specialize in specific property types of locations, allowing you to target a more focused audience. Create unique content that showcases your expertise in these niches.
2 Adapting to algorithm changes
CHALLENGE: Social media platforms frequently update algorithms, impacting the reach and engagement of your content. SOLUTION: Stay informed about algorithm changes and adjust your content strategy accordingly. Prioritize creating content that encourages meaningful interactions, as platforms often favor such posts. The Residential Specialist trsmag.com
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KNOWLEDGE
Jan/Feb 2024
3 Negative reviews and comments
CHALLENGE: Negative feedback is inevitable and can harm your reputation. SOLUTION: Respond promptly and professionally to negative comments. Show your commitment to addressing concerns and improving. Encourage satisfied clients to leave positive reviews to counterbalance negative ones.
4 Content quality control
CHALLENGE: Maintaining a consistent stream of high-quality content can be difficult.
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Encourage satisfied clients to leave positive reviews to counterbalance negative ones.
SOLUTION: Invest in professional photography and videography to showcase properties. Develop a content calendar to plan and organize your posts in advance, ensuring a steady flow of engaging content. 5 Selecting the right platforms
CHALLENGE: Choosing the most effective platforms for your real estate company is crucial. SOLUTION: Research your target audience to determine which platforms they frequent the most. Focus your efforts on these platforms to maximize your reach and engagement.
iStock.com/Suchat longthara/tolgart/georgeclerk/Just_Super/anyaberkut
6 Data privacy and regulations
CHALLENGE: Real estate companies must navigate strict data privacy regulations while collecting and using customer data. SOLUTION: Ensure compliance with regulations like GDPR and fair housing laws. Be transparent with clients about data collection and usage. Invest in secure data management systems to protect client information.
7 Measuring ROI
CHALLENGE: Determining the return on investment for social media efforts is a daunting task. SOLUTION: Set clear, measurable goals for your campaigns. Use tracking tools and analytics to monitor performance. Analyze metrics like lead generation, website traffic and conversions to elevate ROI.
Success in real estate social media marketing demands constant adaptation and a proactive approach. By acknowledging and addressing these challenges head-on, real estate companies can harness the full potential of social media to boost their brand, engage their audience and drive business growth. Residential Real Estate Council crs.com
Hone your social media skills with RRC’s Digital Marketing: Social Media Certification at CRS.com/ certificates.
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Your Own Council News and updates
Jan/Feb Mar/Apr 2024 2023
RRC 2024–2026 STRATEGIC PLAN
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he Residential Real Estate Council’s (RRC) Strategic Plan is our commitment to achieving our mission and vision. We ensure all our actions and communications uphold our core values, helping our Certified Residential Specialist (CRS) Designees, RRC members, business partners and the broader global residential real estate community.
Mission
The Residential Real Estate Council (RRC) is committed to the success of its members through education, leadership development, referrals, networking opportunities and business resources.
Vision
To be the premier business development organization for global residential real estate professionals.
Values
Our values embody our work, who we are as an organization and who we are as residential real estate professionals. f Members at the Heart: Our community fuels us. f Collaboration Sparks Innovation: Together, we grow. f Service Driven: We are eager to listen and help. f Integrity & Transparency: Creating stability from openness.
Pillars
Our pillars represent our core objectives. They link actions to our mission and vision. Each pillar is a lens to focus our work. f Building strong connections. f Lifelong learning and growth. f Organizational excellence. f Unrivaled distinction.
BUILDING STRONG CONNECTIONS Member Connection & Engagement
Dive deeper into RRC’s Strategic Plan at CRS.com/about/ strategic-plan.
Keeping Pace: RRC will be with you at every turn, keeping products and services relevant and timely.
Growing Together: Embracing all generations, keeping our loyal members and welcoming the new.
Seamless Online Journey: Navigate your CRS pathway, coursework and benefits with ease.
In Sync: Bridging the gap between state, local and the RRC vision.
We’ve Got What You Need: RRC will be your go-to solution.
Celebrate Achievements: Your success stories inspire us. The Residential Specialist trsmag.com
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LIFELONG LEARNING & GROWTH Professional Development Skills Enhancement: Advance techniques to excel at and future-proof residential real estate careers.
Collaborative Mastermind: A dedicated space for best practices and brainstorming.
Central Content Hub: RRC and members collaborate, share information and data.
A Badge of Excellence: RRC Membership and CRS Designation is a stepping-stone in your ever-evolving professional journey.
Tools and Techniques: Mastering skills with top-tier instructors.
Think Creatively: Going beyond the norm to deliver fresh, innovative content.
ORGANIZATIONAL EXCELLENCE Ensuring We’re the Best at What We Do Premium Experience, Your Way: Customized for every member.
Embracing All: We’re dedicated to consistent delivery on our values of diversity, equity and inclusion.
Feedback Loop: Keeping an open channel to measure and report member satisfaction.
Always One Step Ahead: Dedicated to pioneering the future.
Holding Ourselves Accountable: Accountability and transparency for internal and external reporting.
Fiscal Responsibility: Allocate the necessary human and fiscal resources to fulfill our mission.
Network Relations: Evaluating return on investment for networks and states.
Nurturing Leaders: Cultivate and mentor leaders committed to serving our community.
UNRIVALED DISTINCTION Global Professional Powerhouse The Go-to Place: We’re the destination for real estate professionals.
Community Leaders: CRS Designees are leaders in their communities and the profession.
Setting Standards: CRS Designees set the gold standard in consumer experience and client satisfaction.
World Leaders: CRS Designees are recognized as the global leaders in residential real estate.
Voicing Value: CRS Designees excel at articulating their worth. Residential Real Estate Council crs.com
DESIGNATION
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Jan/Feb 2024
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It’s not too late to join us at this year’s Sell-a-bration® in Las Vegas! Visit CRS. com/SAB for more information.
Ask a CRS Advice from your peers
I’ve never been to Sell-a-bration®. Why should I attend, and what should I expect?
Sell-a-bration® is my number one “don’t miss” event of the year. My career is different because of it. Great information from your fellow CRS Designees. The education is top tier. Attendees are more concerned with helping each other than patting themselves on the back. Some of my best relationships I have made in this business I made at Sell-a-bration®. Jerry Moscowitz, CRS, RE/MAX Results, Brooklyn Park, Minnesota
The thing I love most about Sell-a-bration® is that it is not shallow. You will leave the conference with lots of tangible ideas that you can implement immediately to improve service for your clients. Kim Kantrow, CRS, Crescent City Living, New Orleans, Louisiana
Have a great story to share? Email social@crs.com or look for discussions happening online on our Facebook, Instagram, LinkedIn and X pages.
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I went for the first time last year. It was the best conference I’ve attended—and I go to all of them! Stacey Ruwe, CRS, Five Star Lakeshore, Grand Haven, Michigan
Sell-a-bration® has some of the best education I’ve ever gotten in one place. Beth Steinke, CRS, CENTURY 21 Judge Fite, Mansfield, Texas
Sell-a-bration® is the best. I’ve been to many conferences in my 38 years in real estate, and it is a one-of-a-kind experience—special on so many levels. I can best describe it as a family of caring REALTORS® that share, collaborate and genuinely care about lifting each other up. You will meet the best of the best at SAB! Corinne Geiger, CRS, RE/MAX at Barnegat Bay, Manahawkin, New Jersey
Sell-a-bration® is the best conference to learn. The networking opportunities and referral potential is over the top with quality agents. You will make connections that can last a lifetime!
I just became a CRS this year, and I am going to Sell-a-bration® for the first time. I hear it’s one you don’t want to miss.
Debbie Tuttle, CRS, Keller Williams Realty The Marketplace, Henderson, Nevada
Maureen Houston, CRS, RE/MAX Island Realty, Hilton Head Isla, South Carolina The Residential Specialist trsmag.com
EVERY YEAR MEMBERS SAVE THOUSANDS on products and services they already use.
With these member benefits from RRC, get money-saving discounts that benefit you, your business, and your family.
SAVE WITH THESE PARTNERS AND MORE!
Prescription Drug Card
*Products and services subject to change.
Start Saving Today:
RRC.SavingCenter.net
DESIGNATION
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Jan/Feb 2024
NATION
RRC Connect Expand your network FIND A CRS
A Helping Hand
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Bonnie Metviner, CRS (left), with Florrie (center) and Mark (right) Gordon.
eferrals are the best source of my business. RRC has become my extended family. I trust the CRS REALTORS® that I have grown to know and call family. Mark Gordon, CRS, and I met years ago when we served on the Presidential Advisory Group for Michael Burkhard. Mark and I went to dinner with another colleague, where we shared stories and became good friends. The funny part is that Mark and I were born at the same hospital in Far Rockaway, New York, months apart. If it weren’t for RRC, we would never have known this. Mark told me his mom lived in Kinds Point of Tamarac, which is a neighborhood that I had sold in. When his mother, Florrie, recently decided that it was time for her to move to a senior living center, Mark called me and said that it was time to meet Florrie and get her home on the market. I have experience working with seniors, and I know how to hold their hand and guide them through the entire process. I met with Florrie and went over comps with her. I then walked through her home and explained what she needed to do to stage her home and get it ready for my professional photographer to come out.
PACIFIC
WEST
HAWAII HAWAII …sharing Aloha through excellence and experience… ...sharing Aloha through excellence and experience... Nancy D. Copp, CRS
REALTOR®, Vice President Nancy D. Metcalf, CRS Luxury Property Specialist RB-16599 REALTOR®, Vice President
® Hawaii Association REALTORS Luxury Propertyof Specialist RB-16599 ® ofCRS theof Year 2018 REALTOR Hawaii Year, 2003
Direct: Direct: (808)223-9246 (808) 223-9246 nmetcalf@cbpacific.com nmetcalf@cbpacific.com www.nancymetcalf.com www.nancymetcalf.com Celebrating 25 years assisting clients! Celebrating 32 years assisting clients!
We had a few hiccups along the way with lender financing and condo approval, but I explained everything to her. Mark kept thanking me for taking good care of his mother. I treated her the same way that I treat all my clients—with care and holding their hand. I love what I do. I love referrals and helping others move on to their next sale. If I can share one lesson learned from other REALTORS®, it would be to not just expect referrals. Show up and get involved.
Bonnie Metviner, CRS, Coldwell Banker Realty Florida, Pompano Beach, Florida
DENVER CO
SOUTH
Melodee Rivera stands as a revered figure in the real estate world. With three decades of invaluable expertise she’s not just a seasoned professional but a guiding beacon for those navigating the intricate paths of buying and selling. For an eager first-time buyer, a savvy move-up seller, a seasoned investor, or someone just stepping into the world of real estate investment, Melodee’s insights serve as the compass guiding individuals through the twists and turns of Denver’s dynamic property landscape.
303-868-3097 TheRiveraTeam.com
Melodee Rivera melodee@kw.com
The Residential Specialist trsmag.com
VISIT THE
FIND A CRS
LOOKING FOR MORE WAYS TO EXPAND YOUR NETWORK AND GROW YOUR REFERRALS? Connect with the best, and download the enhanced Find a CRS*
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Experience these features at find.crs.com or via the mobile app.
*Available on the App Store or Google Play
DESIGNATION
Jan/Feb 2024
Balancing Act Practical strategies for restoring balance
5 Ways to Care For Your Body and Mind This Winter
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he life of a real estate agent can be demanding year-round, but the winter season presents unique challenges. As the days grow colder and shorter, it’s essential to prioritize self-care to maintain your physical and mental well-being. Here are five ways real estate agents can take care of their bodies and minds this winter.
Stay active
The winter chill can make the thought of outdoor exercise less appealing, but physical activity is crucial for your overall health. Find ways to stay active, whether it’s at a gym, yoga studio or in the comfort of your home. Regular exercise boosts endorphins, which reduces stress and anxiety and keeps you physically fit. Consider incorporating a daily workout routine into your schedule, and remember that even a short walk during the day can have a positive impact.
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Practice mindfulness and stress management
Shorter days and holiday stress can take a toll on your mental health. Make mindfulness a priority by practicing relaxation techniques like meditation, deep breathing exercises or yoga. These practices can help you manage stress and maintain a clear mind—essential for making sound business decisions.
Balance nutrition
Maintaining a healthy diet during winter can be challenging, especially with holiday treats and comfort foods around. However, a balanced diet with plenty of fruits, vegetables and whole grains is essential for both physical and mental well-being. Prioritize nutrition by meal planning and avoiding excessive consumption of sugary or processed foods.
Get adequate sleep
Sleep is a vital component of self-care. Make sure you get enough rest each night, even during your busy workdays. A consistent sleep schedule can improve cognitive function, mood and overall health. Create a comfortable sleeping environment and avoid caffeine and electronics before bedtime to ensure quality sleep.
iStock.com/Liubomyr Vorona/monticelllo/Ridofranz/SolStock
Stay connected and seek support
The winter season can lead to feelings of isolation, especially if you’re working independently. Combat loneliness by maintaining social connections with friends, family and colleagues. Engage in networking events, join professional groups or simply reach out to fellow agents for support and camaraderie. Sharing experiences and challenges can help alleviate stress and provide emotional support. In addition to these self-care strategies, it’s important to consider how unique seasonal challenges affect your work. Snow, ice and limited daylight can impact property showings and travel, so ensure you’re prepared for these conditions. Ultimately, taking care of your body and mind during the winter season
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is an investment in your long-term success. By maintaining a balanced and healthy lifestyle, you’ll be better equipped to serve your clients effectively, make sound business decisions and thrive in a competitive field. Make yourself a priority this winter and see your career reap the benefits.
Ultimately, taking care of your body and mind during the winter season is an investment in your long-term success.
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CRS Cares RRC members giving back
Championing Community and Inclusion
G I am grateful for all of the blessings in my life, and I have always felt in my heart the need to give back.” —Gladys Pelegrin, CRS
How do you give back to your community? Share your story and photos to social@crs.com for a chance to be featured in future issues of TRS!
ladys Pelegrin, CRS, a sales agent at Coldwell Banker Vanguard in Jacksonville, Florida, has over two decades of real estate Pelegrin’s most experience. However, recent endeavor is her her philosophy goes nomination to run for beyond real estate, “Champion of the Year” as she believes life is with Best Buddies, an about more than just international nontransactions. With profit organization three children, includthat supports individing her nine-year-old uals with intellectual son, Julian, who was and developmental born with Down disabilities (IDD). This syndrome, Pelegrin involvement is deeply understands the personal, driven by Gladys Pelegrin, CRS, is nominated for importance of giving her love for her son Best Buddies’ “Champion of the Year.” back. As an estaband her passion for She is pictured here with her son, Julian. lished REALTOR® promoting inclusion and a prominent figure in her community, for all people. The “Champion of the Year” she sees herself as a well-equipped cataevent is pivotal for Best Buddies, as it lyst for positive change. raises a significant portion of the organi“Life is more than just real estate,” says zation’s annual funds. Pelegrin. “I am grateful for all of the bless“It’s an honor to be a voice to raise awareings in my life, and I have always felt in ness and funds for an organization that my heart the need to give back.” makes such a big impact on individuals Pelegrin’s commitment to her commuwith IDD,” says Pelegrin. “Having a child nity is evident in her numerous initiatives. with Down syndrome has changed how She has assembled backpacks filled with I look at the world and given me a bigger school supplies for underprivileged chilpurpose. For years, I have seen firsthand dren and organized Thanksgiving baskets the impact the Best Buddies programs to provide families with the means to enjoy can have on individuals with IDD, and it a proper meal during the holiday season. is truly inspiring. I believe wholeheartedly She has also anonymously sponsored foster that part of my bigger purpose is to make children to ensure they experience the joy a difference by helping with the inclusion of Christmas with gifts and toys. Giving of people with IDD like my son.” back is not a mere option for Pelegrin; it’s Pelegrin’s dedication to her community an inherent part of her identity. reflects the essential role that CRS DesigOne significant effort that demonstrates nees can play in giving back. Real estate is Pelegrin’s commitment to her community not just about properties; it’s about building is her financial contributions to various stronger, more compassionate communities. charities. She has pledged to donate a porWith their desire to make a difference, agents tion of her commissions, reinforcing her like Pelegrin can inspire positive change and dedication to making a difference. empower their communities to thrive. The Residential Specialist trsmag.com
SCAN TO REGISTER The Probate Specialist Certification’s curriculum is designed to equip agents with the knowledge and skills necessary to navigate the complex probate process with confidence, empowering them to excel in this specialized niche.
CRS Designation: Earn 8 hours of credit! Check if this course qualifies for continuing education credit in your state.
“Great course!! The instructors were informative and entertaining. I gained a lot of useful info! 5 STARS!” ~ Rachel Bruner, TN
LEARN SKILLS GAINED AT CRS.COM/PROBATE
SELL-A-BRATION
®
MEET OUR SPEAKERS & PANELISTS *SUBJECT TO CHANGE
Lee Barrett, CRS
Alexis Bolin, CRS
David Brenton
Alex Camelio
Kim Cameron, CRS
Dale Carlton, CRS
Jack Cotton, CRS
Shawn Cunningham, CRS
Ellis Gardner, CRS
Mark Given, CRS
Craig Grant
Stacy Hamilton, CRS
Tracey Hawkins
Susanna Haynie
Beth Jaworski, CRS
Rebecca Jensen
CJ Johnson, CRS
Nate Johnson, CRS
Stacey Johnson-Cosby
Rychen Jones
Kim Knapp, CRS
Katie Lance
Rob Levy, CRS
Jeremias Maneiro
Gonzalo Mejia, CRS
Alex Milshteyn, CRS
Robert Morris, CRS
Neal Oates Jr., CRS
Addie Owens, CRS
Mike Parker
Liz Power
Matthew Rathbun, CRS
Paul Rich, CRS
Rich Sands, CRS
Michael Selvaggio, CRS
Dawn Stevens, CRS
Amy Stoehr
Christopher Suranna
Kelley Tenny
David Yurovchak
FEBRUARY 29 - MARCH 2, 2024 | CAESARS PALACE LAS VEGAS