Joan Herlong, CEO of Herlong Sotheby’s International Realty and author of "As Is: An Insider's Guide to Real Estate", shares her 30+ years of real estate wisdom. She emphasizes the importance of integrity and personalized service in a competitive market. Joan discusses the differences between full-time and part-time agents, the necessity of balancing family life with career demands, and the intricate relationship between elections and the real estate market. She also underscores the importance of a strong personal brand and ethical practices for success.
Joan Herlong highlights the significance of integrity and personalized service in differentiating successful real estate agents from amateurs in the market.
Her personal journey in real estate, influenced by her mother's experiences, underscores how family dynamics shape career choices and professional integrity.
Joan advocates for elevating industry standards to ensure clients receive competent service, thereby enhancing the overall reputation of real estate professionals.
Deep dives
The Value of Full-Time Real Estate Agents
Most real estate agents operate on a part-time basis, resulting in limited experience and productivity. The average agent in the U.S. completes only 2.1 transactions annually, which highlights the discrepancy between dabblers and full-time professionals. Joan Herlong emphasizes that her firm comprises full-time agents committed to the industry, providing a level of service that surpasses typical expectations. This professional approach enables her agency to maintain a higher standard within the real estate market, attracting clients who value dedicated expertise.
Lessons from Family Influence
Joan's introduction to real estate was shaped significantly by her mother, who had a passion for the field. Despite her initial aversion to the profession due to her mother's obsession, she ultimately recognized the innate flexibility that real estate offered in balancing work and family. Her mother's experiences provided Joan with a unique insight into what not to replicate, leading her to establish her own successful approach. This personal journey illustrates the profound impact that family dynamics can have on career choices and professional values.
Navigating the Real Estate Industry
Joan stresses that the real estate industry often lacks stringent professional standards, resulting in varying degrees of competency among agents. The minimal barriers to entry, such as a basic education and background checks, allow many unqualified individuals to participate. This inconsistency raises concerns for clients and emphasizes the importance of finding reputable agents. Joan advocates for raising industry standards to ensure that clients receive professional service, thereby enhancing the overall reputation of real estate agents.
Building a Strong Brand
Joan successfully built her brand in real estate, differentiating herself through high-level service and personal dedication. Upon joining Sotheby's International Realty, she maintained her identity, ensuring that her name remained prominent in branding. Her firm combines local expertise with global recognition, appealing to a sophisticated clientele interested in luxury properties. This strategic branding approach not only enhances her agency's visibility but also instills trust among clients, as they associate her name with quality.
Market Dynamics and Client Relationships
The real estate market is heavily influenced by external factors, such as economic conditions and political events, which create uncertainty for both agents and clients. Joan notes how uncertainty can dampen market activity, leading to a slowdown in transactions during election years. A clear understanding of market trends allows her agency to adapt, ensuring they provide valuable guidance to their clients. Establishing strong, trust-based relationships with clients is crucial, as these connections enable agents to navigate challenges and deliver exceptional service tailored to the client's needs.
Welcome back to The Businessology Show! In today’s episode, Jason chats with Joan Herlong, CEO of Herlong Sotheby’s International Realty, about what it takes to run a successful real estate business.
Joan dives into the importance of integrity, personalized service, and continuous learning in the ever-changing real estate market. She also shares insights from her book, As Is: An Insider's Guide to Real Estate, offering tips to elevate business practices! Don’t miss out!
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