Day two of the Gathering of Eagles was jam-packed with strategies for success. Here are a few of the top takeaways from the day:
- Great leaders have productive paranoia, says Jim Collins, author of “Good to Great.” Do you have enough productive paranoia to avoid the death spiral of your company? Of all the companies on the first Fortune 500 in 1995, less than 15 percent appear today. How does it happen? How do successful things fall? There are five stages of failure. Stage 1: Hubris born of success; Stage 2: Undisciplined pursuit of more; Stage 3: Denial of risk or peril. At this point, you’re still living on your past successes’ momentum; Stage 4: Grasping for salvation, now you’re over the edge and Stage 5: capitulation to irrelevance or death. “You see, it’s not falling but how you respond,” says Collins.
- Consideration of demographic preferences is a good idea when revamping or planning a new office space, says Deirdra LePera, director of business development, “but most groupings only showed slight preferences against the overall trends.” Here’s how different generations use office space from a recent REAL Trends whitepaper called, “Redefining the Relevancy of Workspace.” Download it free today:
- Rainy Hake Austin, executive vice president and COO of Alain Pinel in Northern California, says that good service is all about creating the experience. “We want to create an experience for our buyers. For example, if they have a child, we’ll take that child to the local school recess to see what the school is like [rather than just take the family on a tour.] And, she isn’t worried about failing, “The opposite of success is learning and growing, not failing.”
- Danny Morel, broker-owner of Intero Real Estate Cucamonga in Southern California, warns brokers that there is change coming. “We’ve seen how much splits have changed and they will keep going in the way of the agent. You must know how to capture it. That’s why we train from the ground up. We are not afraid to lose someone to a company with a higher split because we have data that proves that person will make more money with us, even with a lower split. Eventually, they figure that out.”
- Tami Halton Pardee, owner and principal broker of Halton, Pardee & Partners in Los Angeles, says real estate professionals shouldn’t be overwhelmed with innovation. “I simply ask myself, ‘How can I be better today? How can I innovate today?’ That leads to small changes that sometimes make a big impact. For example, I hired a couple of handymen to help with listing prep, and consumers love it. I also don’t look to the real estate industry for new ideas. I look around me—my kid’s school, other industries.”
- Spencer Rascoff, CEO of Zillow, was questioned about the issues with the accuracy of Zestimates on homes. “The Zestimate should be a starting point for the seller. It’s up to the local sales associates to explain that they understand the local market and can help them, based on hyper-local market conditions, get the most accurate price.” Rascoff also explained that Realestate.com, a URL that came as part of the acquisition of Trulia, will be a site that focuses on Millennial buyers and sellers. In addition, Rascoff told the group of 350 brokers that Zillow has no international expansion plans and that they want to attract more seller leads. “We ought to be the best place to generate seller leads considering our brand is founded on finding out what your house is worth. But, haven’t done a great job of that, although there are real estate professionals who are actively marketing to sellers via our products.” He also has a series of podcasts featuring national leaders speaking on leadership, mentoring, organizational health and more. Check it out here: Office Hours with Spencer Rascoff