Real estate is like a game and this moment is akin to a curve, the CEO of Florida-based Berkshire Hathaway HomeServices Beach Properties said Wednesday at the Inman Connect conference in Miami.
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Jimmy Burgess believes this moment in real estate is a lot like a drag race.
“We came out of the pandemic era with no way to separate ourselves as professionals from amateurs,” he said, arguing that the pandemic was like a straight-line race in a race where all the cars were glued together. But now the industry is in a period of “transformation.”
“It’s time for separation to take place and for champions to be born,” he added.
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Burgess, an Inman contributor and CEO of Berkshire Hathaway HomeServices Beach Properties in Florida, made the analogy on stage at Inman Connect Miami on Wednesday. When turning, he said, drivers would downshift, slow down slightly, and look for opportunities to get ahead.
He said given the current challenges faced by real estate industry professionals, real estate agents should look for opportunities to stand out.
“When we come out the other side,” Burgess said, “they’re going to be way ahead.”
Burgess spent a lot of time on stage Wednesday, offering advice on exactly how agents can take advantage of the current “shift” in the market. Here are some of his suggestions:
Confrontation kills communication
Burgess believes that when emotions run high and tempers flare, communication breaks down. Don’t let this happen, agents should act as a “thermostat” to keep the space cool even on hot days.
“People will forget what you said,” Burgess continued. “People will forget what you did. But they will never forget how you made them feel.
Jimmy Burgess takes the stage at Inman Connect in Miami on Wednesday. Photo credit: AJ Canaria
Statistics can tell, but stories can also sell
Later in his speech, Burgess talked about statistics and the power of numbers. Data can be a valuable tool, and many real estate agents rightly rely on statistics to communicate with their clients. But he also believes that statistics alone are not enough to truly convince most people.
“Find your own story,” Burgess said, “but find a story.”
The way we communicate is very different
Burgess later explained what he called the “7-38-55” rule. The idea is that only 7% of communication is verbal, but 38% is “tone.” Still more communication (i.e. 55%) occurs through body language. Burgess’ point is that agents need to be aware of all these types of communication when talking to clients.
“When you’re just texting or emailing,” he argued, “you’re only communicating at a 7 percent level.”
now is the time
One of the recurring themes at Inman Connect Miami is that the real estate industry is facing a series of significant challenges. These challenges include a slow and uncertain market and commission litigation settlements that promise significant changes. But despite these challenges, Burgess is ultimately optimistic, saying the “shift” is actually opportunity.
“In 30 years in this industry, I’ve never been more excited,” Burgess said. “Now we’re facing a situation where pros are going to dominate.”
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