Knowing your product is a crucial part of running your business. But many agents are getting caught up in today's fast-paced market and neglecting this key step. Today's episode looks at the importance of doing your research, taking the time to truly understand the properties in your marketplace (not just the homes, but the neighborhoods, nearby schools, parks, trails, and stores), and how this skill can help you expand into more luxury areas and price points. Matt shares his experience visiting every single listing as a new agent, and tells Garrett why even experienced agents can benefit from educating themselves on new products and areas. They challenge us to designate weekly time blocks focused entirely on learning something new, and Garrett shares his advice to "slow down to go fast."
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Episode Highlights:
- Knowing your product is a crucial part of running your business
- A lot of people in Sales only research a product in the moment, after a client asks
- Need to take the time to really understand your product and learn as much as possible
- Pick new types of properties, do research and analysis, and make predictions to see if you hit the mark
- Matt's early experience learning about every single listing at his company
- Value of knowing the products on the marketplace
- Knowing not just the homes, but the neighborhoods, nearby schools, mountain biking trails, grocery stores
- Experience does not necessarily mean expertise
- Multitasking and making predictions
- Planning time blocks for learning will help you be more productive
- If you want to get into higher, more luxury products in the marketplace, take the initiative to educate yourself about them - arrange a private walk-through, do an analysis of the properties
- Your research will also open the door to interesting conversations and details to share
- Agents are neglecting to do this research in favor of riding the crazy market pace
- Knowing your product is equally important for new and experienced agents
- Garrett's advice to "slow down to go fast"
- Matt's challenge to give yourself an hour per week to learn something new, and slowly increase that with time
Quotes:
"With knowing your product, this is an interesting piece that a lot of people - they get caught up in doing the business."
"You need to take some time to really get to know, on a deep dive, your product - what you're selling, what you're working with. And I just don't see it done enough."
"If you want to get into a different neighborhood, or a different price point, or a different style of home, get out there into those areas and learn it."
"Know your product and what you're doing."
"It provided me with so much value. Also, I got to learn some of these homes that I had never been in - the different styles of home, and talking to the listing agents about how those homes could be used… Just getting out there and learning."
"That's where I think the value is… This is about knowing the products that are out there on the marketplace. I think when you're a newer agent, everything is fair game."
"You become the expert."
"A lot of people, particularly in real estate, go to, just experience - I have 30 years in the business. More and more people don't care. I'm sorry. They care about what you know!"
"If you know your product and you're the expert, these are the types of things you can start to do. And people will look at you as the expert versus just someone who can open doors."
"You have the opportunity every day to learn more things. And you have the time to do it."
"One of the best things I've ever seen to get people to sell a higher end or more luxury type of product in their marketplace, is being educated by it."
"Let them know, I'm doing some analysis right now. I'm trying to figure out this marketplace and what is going on here. I love your property, I love this listing… Would you mind if, me personally, if I went, and just used this as part of my analysis?"
"It does take time to do this research, but if you put it into your day, you're going to be a better agent for it. You're going to have new knowledge that also gives you opportunity to have conversation."
"In this marketplace, what we're watching is people are not taking the time to really, really, really do a little bit more of a deep dive. They're just kind of running at this crazy pace, trying to get deals done… You still need to be an expert to your people. You still need to really have a deep understanding of your product and what's going on."
"Even experienced agents - they're getting pushed out of their normal areas."
"You can up your knowledge really fast. It's not like you've got to go get a Masters Degree in a particular part of the marketplace."
"My favorite saying is, Slow down to go fast. Just take a moment to pump the brakes every once in a while. Slow down, look around. Because when you're just running all the time, sometimes you will fly right off a cliff and you didn't even see it coming."
"The more you know what's going on and what's happening, now you can be an expert for your clients."
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