Realtor Meeting in May 2024

Notes from the Realtor Meeting in May 2024

We recently had the opportunity to speak with a team of skilled real estate professionals in the Phoenix area. The conversation was very insightful so we wanted to make it available to all agents by providing a quick synopsis and sharing our notes from the conversation.

In the conversation, we covered two overarching and strangely connected themes, exceptional service and success in navigating the home inspection process. Typically, you would not associate the two as connected, but they are most certainly. They are connected because I believe that good service and success in the home inspection process, start with communication, preparation, and setting expectations. 

We used the book “Unreasonable Hospitality,” by Will Guidara as the cornerstone of an example where high levels of service have been executed. Why does a book about restaurant service correlate to a real estate/inspection business? Well, if you think about it, a restaurant is likely the most competitive and challenging business to operate. The restaurant industry is challenged to exceed expectations in every business and be consistently excellent in service and product. If a high-volume restaurant can be recognized for being excellent, your business can too. 

We specifically focused on the six bullet points in Chapter 11:

1. Excellence is the culmination of thousands of details executed perfectly

1. Attention to detail is a superpower

2. It is not possible to do everything perfectly, but it is possible to do many things perfectly.

3. Utilize the “aggregation of marginal gains” - small consistent improvements over a long period of time result in big improvements

2. The little things matter

1. In a restaurant setting, clean glassware, silverware, uniforms, etc.

2. The staff having intimate product knowledge allows them to focus more on the guest experience

3. They changed the lights, music volume, and playlist depending on the time of year, the business of the restaurant, and the positioning of the tables.

3. The way you do one thing is the way that you do everything

1. Every plate was set on the table with intention. It was placed so that if the customer flipped the plate over they would see the manufacturing label upright and straight.

2. Asking the staff to perform with intention and consistency in one thing allowed them to focus that same intensity on other things too. 

4. Finish strong: The one-inch rule

1. In the scope of restaurant service, if you lose focus and make an error in the last inch as you're setting the plate down, the presentation is ruined.

1. It is a reminder to stay focused and follow through all the way to the last inch

5. Being right is irrelevant

1. If you argue with a client and win, you may still lose

1. The client's perception is our reality

6. Appreciate the journey

1. Do not forget to recognize how far you have come. 

After discussing the book and its application into the real estate business, we transitioned into creating techniques to better successfully navigate the home inspection process. I prefaced the conversation by explaining that agents need to find an excellent home inspector but more importantly an excellent home inspection company. The industry is evolving and there are some simple benchmarks that should be normal. For example, a home inspection company should have amazing software, professionally answer the phone (not in an attic), communicate and respond to emails/texts/calls, communicate with buyers before and after the inspection, etc.

Three steps to better navigate the home inspection process:

1. Prepare the client while showing a house

1. While touring a house, look at the things a buyer is not looking at. 

1. A buyer is typically looking at the house as a function of their life, A real estate agent should be looking at the systems of the house, things that can be a speed bump in the transaction. For example, the condition of the roof, the age of the HVAC system, water damage, etc. If you can openly discuss some of these items prior to the inspection, then the inspection can feel less daunting

2. A great resource is system serial code identifiers is buildingcenter.org

2. Set and manage expectations

1. Explain what a home inspection IS (https://btr.az.gov/resources/statutes-rules-standards-and-policies/standards)

2. Explain what a home inspection IS NOT

3. Take intentional time to discuss what a home inspection experience will look and feel like.

3. Have an after-inspection strategy

1. Let the dust settle - don't rush to talk about the inspection findings

2. Review the inspection report independently

3. Ask good questions so that you understand the report with clarity

1. Ask the inspector, as an expert, as the seller etc.

4. Understand the client's expectations and strategy

5. Have resources for solutions to problems, ie. plumber, electrician, handyman etc.

A business has the ability to compete on price (low/high), speed (fast/slow), and service (excellent/basic), but often you can only choose two of them, it is not possible to have all three. A business that focuses on service is one that excels at communication, setting and exceeding expectations, and executing consistently with focus and intention. A business that excels at service often has an intangible competitive advantage that will discourage a business from becoming a commodity.