In this episode, James and Keith were joined by a special guest, Jeff Kennedy, Vice President of Sales/Partnerships at Leading Real Estate Companies of the World. The conversation delved into strategies for building a profitable and sustainable real estate business, emphasizing the delicate balance between art and science when evaluating real estate technology solutions. Here’s a glimpse of the key takeaways:
Art and Science of Tech Adoption
Jeff’s Insight: “It’s as much art as it is science.” When selecting technology solutions, focus on problem-solving and the salesmanship behind convincing brokerages of a solution’s worth.
Real Estate Pro Tip: Look for solutions that not only solve current problems but also scale with your business and integrate seamlessly into your operations.
Jeff’s Insight: Proptech consolidation is on the horizon, with companies facing high burn rates likely to see closures.
Real Estate Pro Tip: Stay informed about market trends and the financial stability of proptech solutions to make informed choices that align with your business’s longevity.
Shifting Compensation Models
Jeff’s Insight: A shift towards smaller pieces of a larger pie for agents, potentially moving away from traditional percentage-based models.
Real Estate Pro Tip: Consider diversifying your skills and acquiring licenses for financial planning, insurance, or mortgage services to adapt to evolving compensation structures.
Embracing AI in Real Estate
Jeff’s Insight: Embrace AI by dedicating time to learn and experiment. Attend conferences, explore certifications, and seek coaching to understand how AI can be effectively utilized in the real estate industry.
Real Estate Pro Tip: Stay curious and allocate regular time to explore AI tools. It’s not about figuring out how to use AI but understanding what you want from it.
Jeff Kennedy imparts three invaluable recommendations to guide professionals through the fast-paced industry landscape. Firstly, he emphasizes the significance of investing in sales education, recognizing education as the cornerstone for adapting sales approaches to the ever-evolving real estate environment. The pro tip here underscores the importance of continual refinement of sales pitches, with a focus on presenting a value proposition that emotionally resonates with clients.
Secondly, Jeff advocates for the embrace of AI technology, acknowledging its potency as a transformative tool for real estate professionals. The pro tip in this realm advises attending conferences, exploring certifications, and staying abreast of AI advancements to unlock its full potential for business success.
Lastly, Jeff underscores the paramount importance of prioritizing relationship building. His insight encourages professionals to actively engage with their sphere, fostering genuine and enduring relationships with contacts. The pro tip here is a reminder that it is not the clients’ responsibility to remember you; instead, it is your duty to be memorable. The recommendation suggests investing time in nurturing relationships for long-term success in the real estate arena.
As real estate professionals, we’re on an exciting journey of evolution and improvement. The Real Estate Insiders Podcast, with hosts James Dwiggins and Keith Robinson, continues to provide a platform for insightful discussions.
We’re here to keep you informed, empowered, and inspired. Stay tuned for more unfiltered insights from the industry’s finest.