adaptation Archives - REM https://realestatemagazine.ca/tag/adaptation/ Canada’s premier magazine for real estate professionals. Wed, 05 Jun 2024 16:35:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png adaptation Archives - REM https://realestatemagazine.ca/tag/adaptation/ 32 32 Empire builders: The Stone Sisters’ masterclass in leadership https://realestatemagazine.ca/empire-builders-the-stone-sisters-masterclass-in-leadership/ https://realestatemagazine.ca/empire-builders-the-stone-sisters-masterclass-in-leadership/#respond Wed, 03 Apr 2024 04:03:40 +0000 https://realestatemagazine.ca/?p=29885 It’s no surprise why the Stone Sisters are so successful — they’ve built the systems, they follow them and they keep their agents accountable

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A big thank you to Tamara and Shannon Stone. After our original March feature fell through, the Stone Sisters — who we were going to feature later in the year — agreed to move up their interview and accommodate us at the last minute. That’s why our March feature and Backstage Pass Q&A for March is coming in early April. 

Ultimately, the story of the Stone Sisters in Kelowna is the story of innovation, adaption, trust in family and relentless focus. Tamara and Shannon Stone have turned their business into a Kelowna household name built on the power of relationships. 

Let’s dive into their story.

 

The early days — laying the foundation

 

“29 years. I got my license in 1995,” Tamara reminisced about her start in the industry. Both her mom and dad were already successful realtors. They didn’t want Tamara riding their coattails, so they made her a deal. She could shadow them for six months and then she was on her own.

She started shadowing them and doing what they told her for six months. It went by so fast that she didn’t even realize that six months had already passed. “I showed up as I had for the prior six months, dressed in my business suit, and I said, ‘Okay, so what are we doing today?’ and my dad said, ‘Your mom and I are going golfing. I don’t know what you’re doing but you’re on your own.’ I had no idea what to do. It took me five months to get a deal and I was literally starving.”

She started doing open houses every single weekend. “I would do two on Saturday, two on Sunday. And I did that every weekend, with the odd exception, for two to three years because that’s how you met people.” 

Between her network and open houses, she started to build a nice business for herself. For the first 10 years of her career, Tamara built a business on her own, separate from her parents. That’s when, in 2005, her sister Shannon decided to get licensed.

 

Trial-by-fire

 

Tamara made Shannon the same deal she got from her parents: get trained for six months and then you’re on your own. She’d learn the ins and outs of the business. After the six months though, Tamara wanted to take the month of August off, thinking she could leave her sister in charge of her business during one of the slowest sales months of the year.

As the old cliche goes, “If you want to get busy, book a vacation.” That month, with Tamara gone, Shannon did almost 40 transactions — more than one a day. There was no question that Shannon’s ability to handle a month like that after only six months in the business meant she’d be an invaluable asset.

So, they took a Tamara-led “Stone Team” and formed the “Stone Sisters.”

 

Adapt to thrive

 

From even the early days, the pair has focused on leading when changes are happening.

“The big thing I did when I started that was revolutionary and wild was get a website. It was the first real estate website in town and it was shocking to many, and cutting edge. We still own the original domain name, too,” recalls Tamara. 

With a renewed energy for the business, the sisters continued innovating and adapting. Shannon’s marketing background brought a lot of ideas to both marketing and client engagement.

Spend time talking to the Stone Sisters about the evolution of their business, and you realize quickly they’re proactive about change. They’re looking ahead to see what challenges are coming and they’re getting ready.

 

See change coming, come up with a plan, execute with purpose

 

In British Columbia, you’re no longer allowed to double-end a transaction, a change that was hinted at for a couple of years before it came into effect. If implemented, they realized this would have a massive impact on running a team where you often have a buyer’s agent sell the team’s listings.

They looked at what that might mean and they came up with a plan. Shannon got her broker’s license. When the change happened, they completely shifted their entire model, going from being the Stone Sisters at Re/Max Kelowna to forming their own sub-brokerage, Re/Max Kelowna Stone Sisters. 

Now, instead of a traditional team model, Shannon and Tamara run the brokerage and the agents run their own business, with the Stone Sisters providing services and coaching along the way. This way, they act as the designated agents for their clients.

The sisters were able to completely shift the model and not miss a beat. They don’t sit back and complain when change is coming — instead, they see it coming, come up with a plan and execute with purpose. 

 

Marketing that works

 

Shannon had a background in marketing when she joined and, with that, brought fresh ideas and promotional efforts. With Tamara’s experience and her sister’s background, they came up with regular ideas that brought real business. Things that few others were doing.

For example, in Kelowna, where many properties are sold to people from out of town, the team tracks not only the percentage of properties sold to out-of-town buyers but also where they came from. This informs their next steps when it comes to marketing.

This tactic worked well during a big Alberta oil boom when the pair noticed a lot of business coming from buyers in Fort McMurray. They had some connections there and set up a learning seminar about buying property in the Okanagan. 

They flew into Edmonton, got this little rental car and made the drive up to Fort McMurray. A client that worked up there told them, “Don’t show up in your white suits and be fancy to people. Jeans, beer and pizza.” 

So, they rented the back room of a Boston Pizza, bought pizza, wings and beer for everyone, and started promoting the Okanagan. Little did they know, due to the big boom and undersupply of housing in Fort McMurray, there weren’t even hotel rooms available. They had to make the drive back to Edmonton at 3:00 am.

But it was worth it. The sisters sold a tonne of properties to people there until the downturn in the oil industry.

Today, they go to cities like Vancouver, Calgary and Toronto because that’s where a lot of their buyers come from. They do group seminars and 1:1 consults with potential clients to promote their book on the Okanagan. 

Social media advertising plays a big role in making trips to cities where they don’t have brand recognition a success. The sisters invest in it and see a great return. In a market where almost 50 per cent of buyers come from out of town, the Stone Sisters regularly see over 70 per cent of their buyers come from elsewhere — a testament to the success of their marketing strategies. 

 

What you measure, grows

 

Nothing happens by accident at the Stone Sisters. Much like tracking where buyers come from, the team tracks everything in their business. They look at where leads originate to evaluate the success of each marketing channel they try, and then what percentage turn into clients. They monitor the volume of phone calls, emails, social media messages and every other way that people reach out to the team.

Aside from the volume and nature of inquiries, the number of showings, traffic to and time on the website, social engagement and everything else that helps inform their marketing and get a pulse of what’s happening is tracked.

And no fancy dashboards needed — the team tracks it all across simple Excel spreadsheets. They can tell you at any time exactly what’s happening in their business and where the trends are going.

At the volume of deals the Stone Sisters are doing (300+ annually), their business metrics can say a lot about the greater Kelowna real estate market trends as well. 

 

The white suits

 

Since my earliest days in real estate, I’ve known the Stone Sisters. They were presenting at a conference on negotiation the first time I saw them. At that conference and to this day, they often stand out by wearing white suits. In fact, their entire team wears all white — it’s their uniform.

I asked them about this because they do stand out when you meet them. It went back to a Re/Max conference they attended in Las Vegas. There were so many agents there, they wanted to find a way to stand out from the crowd. A way to make them more memorable.

The sisters went with white suits. Now, the entire team does and it’s become a signature look. If anyone on the team, and now at their sub-brokerage, goes out in the community for their business, they wear white. This has become an integral part of their branding. 

 

The ‘Buyer Book’

 

Early on, Tamara and Shannon created what they call the “Buyer Book” for their business. When they got leads, they’d print out the email, hole punch it and put it into a binder. Any time things were either quiet or they had some downtime, they’d open up the binder to where they left off and “shake the tree.” 

The sisters would call everyone in the book. When they finished, they’d start over, back at the beginning. They made handwritten notes to send by snail mail to people they had good conversations with, a practice they still do to this day. There were people in that book for 3-5 years before they ended up doing a deal with the Stone Sisters — a testament to their consistency.

Today, the team follows a very similar practice, leveraging Follow Up Boss as their CRM. With organic buyer leads coming in, they convert them at a rate of 23.5 per cent. (During our interview, without having asked them ahead of time to be ready with anything, they had all the data at their fingertips. Like I said, they track and monitor their numbers.)

The most impressive stat? They convert 94 per cent of the website contact forms for a home evaluation to in-person appointments. As of our interview on March 20, 2024, the team had received 78 home evaluation requests and had done 74 in-person appointments as a result. 

That’s how strongly they’re seen as experts. Tamara mentioned that early on in her career they tried a series of TV commercials. “They were light and fluffy, like Cinderella, the Stone Sisters. It wasn’t us doing it; it was someone else’s perception of us. It gave the impression of, ‘It’s so cute they dress the same.’ Now, we have a much more serious reputation.” 

 

A little bit ‘hardass’

 

The sisters admit they’re known for being a little bit “hardass” at times, as they put it. They’re serious about the business and they get the job done. They’re not afraid to tell their clients what they don’t want to hear, and they won’t take a listing if the client is unrealistic about the price.

This brand they’ve built since 1995 is a huge factor in their conversation rates. On top of that, they work the phones, send out automated emails and encourage everyone at their brokerage to make as many phone calls as possible.

They find that even young people, who are often derided for not wanting to be on the phone, regularly have great phone conversations with their team. And when things get slow or quiet for a time? Everyone is encouraged to “shake the tree” as they do with the Buyer Book but with people in their Follow Up Boss database.

 

Systemized success

 

Like our previous monthly features this year, Mark Faris and Alex Wilson, it’s no surprise after talking to them why the Stone Sisters are so successful. They’ve built the systems, they follow them and they keep their agents accountable. 

The sisters are looking ahead at what’s coming and getting ready to adapt. They’re closely watching the commission lawsuits with NAR in the U.S. and Canadian equivalents. Despite verdicts likely being a ways out, they’re ready in case of changes. 

No matter what happens, one thing is certain: they won’t be caught unprepared. 

 

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]]> https://realestatemagazine.ca/empire-builders-the-stone-sisters-masterclass-in-leadership/feed/ 0 2021: The year of adaptability https://realestatemagazine.ca/2021-the-year-of-adaptability/ https://realestatemagazine.ca/2021-the-year-of-adaptability/#respond Mon, 26 Apr 2021 04:00:25 +0000 https://realestatemagazine.ca/2021-the-year-of-adaptability/ . While we may have developed the ability to adapt to the everchanging conditions caused by COVID-19 in a relatively short period of time, the need to develop this skill further has only increased.

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]]> I never thought we would be using terms such as pandemic, social distancing and flattening the curve on a regular basis in our business. While we may have developed the ability to adapt to the everchanging conditions caused by COVID-19 in a relatively short period of time, the need to develop this skill further has only increased. This is especially true as our new realities continue to change the entire real estate industry.

The skills that Realtors today are required to hone are far greater than ever before. Sales representatives are expected to stay up to date on new tools, technology advancements, industry regulations, and to add to the equation, now more than ever on politics and health regulations, both consistently and actively. Those who choose to be stagnant in their professional development can expect only one outcome: struggle to remain relevant in today’s market and to meet customer expectations.

Real estate professionals are their own boss. This means they must be the driving force for change and actively look for options to develop and improve, and with that, be their own advocate in most cases. It is critical that they are self-starters and all-times enthusiasts who prioritize learning and growth. Knowledge on personal branding, learning how to sell themselves and their expertise, and knowing how to position themselves as transaction advisors and real estate experts within the field requires consistent effort.

One of the ways they can ensure success is by aligning with an organization that offers a solid foundation and a team that supports and teaches them what it takes to build a business. This includes offering training in business planning, marketing, change adaptability and how to create value for clients. This is especially relevant to newly licensed professionals who are wondering what to do next to build upon their careers.

With change happening rapidly, having up-to-date information to access 24/7 is no longer a nice to have, but a crucial entry point to success.

Some of the key skills that all agents, both new and more experienced, need to integrate and constantly develop include effective organization and time management, strengthening confidence in themselves and their brand, having the foresight to be proactive in their education and business plan and communicating effectively and consistently with clients, among others. Partnering with an organization that keeps itself at the forefront of technology and has the willingness to adapt to ever changing circumstances is also pivotal in helping real estate professionals leap forward and differentiate themselves from others in the market.

Development is not only a game for novices. In the current market, seasoned real estate professionals also have an opportunity to take their business to the next level, enhancing their leadership and communications skills to form teams, or to mentor other colleagues who are new to the business or are faced with challenges to get their business off the ground.

Learning has never been a static activity. It is a process that continues throughout our careers that involves educating ourselves and our clients about what we do as Realtors and the value we bring to them as consumers. It is not only holistic and on-going, but critical in ensuring that we remain competitive and informed. Experience within the field is no longer an excuse to sit on the sidelines when opportunities for growth present themselves.

Responsibilities to clients will only continue to grow in the post-COVID world. Clients are rightfully demanding greater value for service, and gaining their trust is the most critical part of our interactions with them. Their expectations have grown beyond hiring someone to post on an MLS system and put a sign on their lawn. The age of “salespeople” is far behind us; clients are now looking to us as thought leaders and true advisors.

One of our most important roles as experts within our field is to provide relevant information and advice to assist our clients in making the right decisions, and we need to do a better job in communicating and educating our clients about our roles.

It is core for success that agents choose a brokerage partner that supports their business and does not simply measure them by the number of transactions they are able to close.

If you are committed to working hard for your own business, this is an excellent time to get into real estate. If you are a new or seasoned professional, take this opportunity to evaluate where you are in your skills and knowledge, how you can improve and whether your organization supports the growth you are looking for.

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]]> https://realestatemagazine.ca/2021-the-year-of-adaptability/feed/ 0 How to plan when the plan keeps changing https://realestatemagazine.ca/how-to-plan-when-the-plan-keeps-changing/ https://realestatemagazine.ca/how-to-plan-when-the-plan-keeps-changing/#respond Fri, 29 Jan 2021 05:00:40 +0000 https://realestatemagazine.ca/how-to-plan-when-the-plan-keeps-changing/ While it was a tough year, 2020 was also an incredible lesson in how to plan when nothing is set in stone. Adaptability is the name of the game.

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]]> The last year has been challenging for every industry, real estate included. Realtors were forced to become more adaptable than ever before. Every time a plan was made, the world would shift and throw the plans off course.

While it was a tough year, it was also an incredible lesson in how to plan when nothing is set in stone. Adaptability is the name of the game.

Setting one large goal for 2021 isn’t realistic because no one knows what the market will look like down the line; but what you can do is break down your big goal into quarterly goals that can be adapted when things change.

We have been coaching our clients to set a quarterly revenue goal. We believe that Q1 will be slower this year, so adjust your Q1 goal to around 50 per cent. Then, make up for the decrease in later quarters when the market is likely to pick up again. Here’s what your quarterly goals might look like:

  • Quarter 1: around 50 per cent of the revenue goal
  • Quarter 2: 130 per cent of the revenue goal
  • Quarter 3: 120 per cent of the revenue goal
  • Quarter 4: 100 per cent of the revenue goal

Even though your revenue goal in Q1 is lower than the rest, you should use this time to prepare for Q2. Step up your lead generation, appointment numbers and database building.

The unpredictability of the market during a pandemic can cause frustration, confusion and exhaustion. It’s important to remember that this is temporary. Keep pushing through; keep setting goals. These tips will help you stay focused.

Tip #1: Create the plan… and stop planning

Overplanning causes analysis paralysis. Once you’ve created a plan to hit your quarterly goals, put down the pen and start executing. Act and adapt as needed.

Tip #2: Plan three or four focus days per week

Focus days are the days you commit to hustling hard. These are the days you take massive strides toward your goals and maintain extreme focus. Only plan three to four days of this per week because your mind and body need the other days to rejuvenate while doing less intense work. Think of it like physical training. You have your arms days, legs days and core days; however your body needs a break to rest to get stronger for your next work out.

Tip #3: Meditate daily

This is a real tip for succeeding in business. To perform optimally in this market, you need to reduce stress and body inflammation. Meditation is an amazing tool for this.

Tip #4: Focus on the “who”

When you ask yourself, “How am I going to do this during a pandemic?” switch the question to “who.” There is always someone who can introduce you to new leads, teach you how to use a new program and coach you on better strategies. For every challenge, find the person who will help you overcome it.

Tip #5: Use visuals

When you start losing motivation, use visual cues to remind you of your goals. It could be a vision board, your laptop screen or even your phone background. Keep your eye on the prize, literally.

Are you ready to make 2021 the year you finally hit your targets? Even in a pandemic, you can do this! Practice makes perfect!

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]]> https://realestatemagazine.ca/how-to-plan-when-the-plan-keeps-changing/feed/ 0 Evolve or face extinction https://realestatemagazine.ca/evolve-or-face-extinction/ https://realestatemagazine.ca/evolve-or-face-extinction/#respond Mon, 06 Jul 2020 06:45:33 +0000 https://realestatemagazine.ca/evolve-or-face-extinction/ I have been studying businesses intently to learn from their pitfalls and short-sightedness, seeking to understand why some will soar, while others sink.

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]]> We are living in interesting times to say the least. We have seen the rise and fall of many businesses that had funding and were fiscally strong in a booming economy but did not foresee a future like this. None of us saw this coming and it has thrown us quite the curve ball.

This has certainly made me re-think my business model and my business strategy. Amidst all the chaos and noise, it has also made me question myself as a parent, as a neighbour and as a business owner. One thing was clear, the agitation caused a clear distinction between those that will withstand the test versus others that will close their doors forever.

I have been studying businesses intently to learn from their pitfalls and short-sightedness, seeking to understand why some will soar, while others sink.

The main difference between a thriving business and a failing one is one’s ability to evolve and adapt quickly to market shifts, instead of waiting for the market to return to normal.

We do not have to look very far back. One goliath business that took a huge nosedive was Blockbuster. They boasted 84,000 employees and 9,000 stores that dominated the market. With the advent of the online movie service Netflix in 1997, their business model quickly became extinct. Marc Randolph, co-founder of Netflix, says Amazon offered to purchase their business in 2000, while Blockbuster CEO John Antioco laughed at Netflix’s proposal to sell their business to Blockbuster. And because Netflix and Amazon have continually evolved their business model and offering with the fast-changing demands of the consumer and technology, they have risen to top, and Blockbuster is now nowhere to be found.

Another example that I was a part of as a consumer and as a contractor was Blackberry – 80 million users worldwide including high-profile names all vanished over night. They held on to the physical keyboard as their main selling feature along with Blackberry Messenger while ignoring the smartphone features that iPhone brought to the market at the time. Once touted as one of the best phones for businesses and commercial users, Blackberry quickly lost momentum due to bull headedness and lack of innovation. Alas, Canada finally had its tech company that had the world watching us. Though what seemed like one fiasco after another, Blackberry leadership succeeded only in making one kerfuffle after another that was noticed by countries and corporations, leading to its market share dropping so severely that they remained with only 0.2 per cent market share in 2016.

As retail stores re-open, Microsoft just announced that it will be closing all its retail stores worldwide and moving to an online only service. Pay attention to what others are doing.

So, what can we learn from all of this?

  1. Do not assume that if you are No. 1 today or have been No. 1 for the past decade that you will remain in that position when the market shifts. If your business is not evolving to match the ever changing demands of the industry, you are no different than Blockbuster.
  2. A rising new star, whose ideas and innovation is unheard of today, may quickly change how business gets done. Be open to evolving your own business to adapt or consider merging or acquiring other businesses that are quickly gaining market share. If you can’t beat them, join them.
  3. Do not wait for things to pass. Something as big and bad as COVID-19 will not pass. Nowhere in the history of the world economy was there ever a global lockdown because of a flu, war or alien invasion. Hibernating at the cottage or riding it out until it passes is as foolish as thinking things will go back to normal. Social distancing, face masks, work-at-home, online education…. this is the new normal.

In the past three months, I have witnessed teams and brokerages that quickly adapted their business model. Work from home, virtual home visits, Zoom meetings and so much more quickly became front and centre in the day-to-day operation of their real estate business.

What does that tell you about their leadership?

It tells us that they are visionaries who reverse engineer their goals and understand how to get there. They have unwavering integrity, morals and ethics along with the “IT” factor needed to lead during chaos. This is not only ingenuity but passion for success that gives them the edge.

More importantly, they are open to taking consultative advice, not just by hearing it but by listening and applying it. That is what makes them stand out. If you want to survive, you do exactly as Bruce Lee said: “Be like water”, which is adapting to the times and being any shape that is conducive to thriving in any market.

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