Anand Patel
By Anand Patel
The invention of the DVR was a beautiful thing. According to ACNielson, the marketing research firm, by 2011 more than 40 percent of U.S. households had DVRs giving families the ability to breeze right over TV commercials and get right back into their favorite shows. Who wants to watch annoying commercials for products and services you have no interest in, right?
Just like fast forwarding television commercials we have no interest in watching, many residential agents pass up on perfect commercial real estate referral opportunities simply because they have no contact (or interest) with the commercial world. Instead of tapping an additional income source, they are skipping right over the commercial.
If you work exclusively as a residential sales agent, what do you do when your buyer, who just moved, to town asks you about commercial real estate because they want to open up a new business? Do you tell them you have no clue and wish them luck in their search? Or, do you have a basic understanding of the commercial market in your area and a great commercial REALTOR® you can refer them to?
In many markets, commercial real estate is picking up. Here in Tampa, Fla., we are seeing new businesses enter our market as they are in expansion mode. I have talked to several new entrepreneurs who are also looking to call Tampa home, as they are finding this to be prime time to make the move both personally and professionally. This scenario is playing out in many markets around the country.
This is a ripe opportunity for real estate professionals who only work in residential real estate to make referral income by partnering with a strong commercial agent. Here are some ideas:
- Attend introductory commercial real estate educational classes held at your local REALTOR® association. If they don’t offer any classes, now is a good time to encourage them to do so. Better yet, this may be an opportunity for your YPN group to offer a commercial 101 class, filling a void in your association’s current educational offerings.
- Attend networking events Continue reading »
Anand Patel
By Anand Patel
The word “role model” gets a lot of lip service. We live in a society that loves to point fingers at our teachers, musicians, athletes, and actors when our kids behave badly. Personally, I never deeply considered the importance of being a role model until recently.
As you may know, I reference my 3 1/2-year-old daughter every now and then in my posts. The fact is, she has inadvertently taught me many life lessons since her birth that I continue to learn. Well, she is now at the age where she will copy what we say and do — from her mimicking a recent conversation I had on the phone with another real estate agent to her skipping through the living room on an imaginary horse as we watch Psy’s Gangnam Style video. This has really caused me to reconsider many behaviors — things as simple as eating a piece of chocolate in the evening when she asks me, “Why are you allowed to eat sweets before bed but I can’t?” She was right. I had two choices, either I changed my behavior, or I let her do what I was doing. The choice was mine.
Have you considered that we are also role models for those we interact with on a daily basis? If you are a broker, you act as a role model for your agents. If you run a team, your teammates look to you for guidance. Even your customers to an extent look to you as a role model:
- How do you dress when you meet with your buyer or seller?
- Do you show up on time?
- Do you show up prepared?
- How quickly do you respond to their requests?
- Do you listen?
Our behavior gives others permission to do the same with us. We set the example. As you look to define or redefine yourself in 2013, keep this in mind: What you give is what you get. What kind of role model will you choose to be?
Anand Patel is broker and president of Pangea Realty Group based in Tampa, Fla. You can connect with Anand on Twitter: @anand_tampa; Facebook: www.facebook.com/prgtampa; LinkedIn: www.linkedin.com/in/anandpatel1; or on the Web at www.anandsblog.com.
Anand Patel
By Anand Patel
With all the methods of communication today — from e-mail, to social media, to text messaging — it almost seems like the ancient art of having a conversation on the telephone is dead.
As a broker, inevitably part of our jobs is putting out fires (or stopping them before they can start) with agents and their transactions. I find MANY of the problems that arise can be avoided in the first place if either agent involved in the transaction would just pick up the telephone and call the other party rather than texting or e-mailing.
Yes, texting is very convenient. And yes, you can send an e-mail at 3 a.m. without bothering the other person. But there is so much that can get lost in the interpretation of written text that could have been clearly explained over the phone with your vocal tone, the style of your conversation, and your word choice.
I am as much in tune with technology and the use of social media as the next guy, but there comes a point in a transaction when one must step back and think to themselves, “Would I be better serving my customer by communicating with the other party over the phone in this particular situation?” If the answer is “yes,” then pick up the telephone! I still recommend following up the conversation with an e-mail, but sometimes it’s just better to start the dialogue with a phone call.
What are your thoughts? Have you been in a transaction that could have been saved if someone just picked up the phone and called?
Anand Patel is broker and president of Pangea Realty Group based in Tampa, Fla. You can connect with Anand on Twitter: @anand_tampa; Facebook: www.facebook.com/prgtampa; LinkedIn: www.linkedin.com/in/anandpatel1; or on the Web at www.anandsblog.com.
Anand Patel
By Anand Patel
With conference season in full swing, I have met many new and seasoned real estate professionals debating if conferences are worth attending at all. For newer agents—the conference virgins—they look at the cost and automatically dismiss the events as too expensive to even consider. Some seasoned agents—those that have gotten rusty at it—are “too busy” to waste time at a conference. Is it worth attending conferences, events, and seminars? It all depends on your mindset going into it.
From my experience I have found that, in general, I learn more from fellow attendees than from those speaking on stage. This only happens if you make it a point to meet new people, share ideas with others, pick up tips from them, and then go home and IMPLEMENT something you learned. If you go in with an open mind and a clear intent on learning and sharing, you will find value in attending conferences. You may have heard the quote that “each person we encounter is a teacher,” well that rings true for those you encounter at conferences. Keep an open mind, filter out the bad traits and learn from the good you find in fellow attendees.
I just got back from our Florida REALTORS® Conference and can tell you I made some wonderful new connections (and referral opportunities) that will continue long after the conference ends as long as I work to foster those relationships. If I don’t keep in touch, then yes, it will have all been a waste of time. If I don’t implement anything new I learned, then yes, it was a waste of money. It’s all up to me to make it worthwhile.
Are you a conference virgin? If so, here are some tips for your first time (or if you are getting back into it): Continue reading »
Anand Patel
By Anand Patel
Regardless of your preference in music it’s hard to turn on the radio today and not hear a song featuring the musician known as Pitbull. The Miami-born 31 year old artist is also a successful businessman who endorses (and in some cases holds equity ownership) Kodak, Bud Light, Voli Vodka, Sheets energy strips, Dr. Pepper and Zumba Fitness. It’s probably safe to assume today that Pitbull is on the top of his game. But how did he get there?
Listening to any of Pitbull’s songs, one underlying theme you will notice quickly are his many references to himself as “Mr. 305” and “Mr. Worldwide”. The interesting thing to note is that he has always referenced himself this way, even before becoming an international hit. Pitbull visualized himself becoming what he is today and now he is living it out. The lyrics of some of his early music spell out his intentions to “take it to the world.” 
Yes, it took a lot of hard work mixed with luck, but a key ingredient for his success, in my opinion, was knowing (and believing) early on what it is he was setting out to achieve. As one of the world’s foremost leadership authorities, Stephen Covey (who sadly just passed away the other day) stated in his book, The 7 Habits of Highly Effective People, “Begin With the End in Mind.”
As half of 2012 is almost behind us, we all find ourselves reassessing our goals to date and formulating our plans for the next six months. But how do we see ourselves three, five and 10 years down the road? Sometimes we get caught up in our monthly goals that we forget the big picture—or we don’t have a big picture in mind at all. I’m personally in the midst of launching a new independent brokerage in Tampa, Fla., and am finding myself having to adapt this mindset to the plans for the new company as well:
What kind of market share am I looking to attain long term?
How many and what type of agents do I want to bring into the company?
Where do I see the company to be in five to ten years?
What are our long-term core values? Continue reading »
Anand Patel
By Anand Patel
Now that I have your attention, let me explain!
Last month my wife and I took our three-year-old daughter to the Disney On-Ice show that came to our town (Tampa, Fla.). It wasn’t until the day of the event that my wife decided to tell me this show, which was called Disney on Ice: “Dare to Dream,” was going to feature various Disney princesses and their stories. I wasn’t too excited, but anything for your little pipsqueak, right?
As we were walking up to the arena entrance I saw a swarm of little girls seemingly attack a Disney vendor hawking all sorts of princess paraphernalia. I thought to myself – ok, this is strange. Once inside the arena as we were escorted to our seats, I again was confused and shocked as to why all these girls were dressed up from head to toe in princess clothing. Halloween wasn’t for another five months! Throughout the show, as the arena filled with screams of little kids cheering for their favorite princess, I sat there looking around in awe at the powerful business machine that is simply Disney. They had come up with a way to create a very profitable revenue stream from their old characters!
An Idea is Born
Being the business nerd that I am, when I got home I googled the Disney Princess franchise and discovered that the idea of the Disney Princess line came from a man named Andy Mooney. Disney hired Mooney in 1999 to help their consumer products division improve their dropping sales. At that time, while attending his first Disney on Ice show, he found himself surrounded by young girls dressed as princesses in generic, non-Disney costumes. That’s when the idea of capitalizing on Disney’s existing cast of princess characters hit him. The Disney Princess franchise was born. In my opinion, this was genius!
What’s the point?
What does any of this have to do with real estate? As I thought about it some more, I realized how many times I find myself (and many others fall into this trap as well) looking for an outside “shiny object” to help with our business. Continue reading »
Anand Patel
By Anand Patel
In an attempt to jumpstart the fitness routine I once followed, I decided to sign up for a three-week boot camp. As we are now entering the third and final week, I am wondering how am I possibly going to work-out with the same intensity and discipline at the gym on my own once the week is over. There is something about exercising in a group environment (or even with a partner), having each other and a trainer to encourage and push you beyond what you mentally thought you can achieve that makes boot camps so successful. Come on! One more pushup!
It got me thinking about a truth that also applies to our personal and professional lives – who do we surround ourselves with? Just as the boot camp environment works by having your peers challenge you to continually improve, we also need similar peers around us in other aspects of our lives. Sit back for a moment and think about the people who you surround yourself with in your life. Would you consider them people who encourage you? Or do they bring you down? Do they push you to think bigger and strive for more? Or do they cloud your judgment with fear and negativity?
In real estate, we all know agents who are complaining about how bad the market is, and blaming the economy for their lack of sales. We also know agents who, in spite of the market, are optimistic and making the best of the situation. These agents are doing extremely well. Which ones do you surround yourself with? Which ones do you allow to influence your thoughts and mood?
Now, keep in mind, this goes both ways. Are YOU a person who uplifts others, encourages them, and pushes them to do more and grow personally and professionally? Or do you bring them down, discouraging their goals, dreams, ideas, and ambitions? Which person do you want to be?
Just some food for thought as you start off your week. Now if you’ll excuse me, I’ve got a couple of more pushups I need to knock out.
Have a great week!
Anand Patel is a broker licensed in Florida, Georgia, Tennessee, and Mississippi with Elite REO Services and Elite Premier Properties. You can connect with Anand on Twitter: @anand_tampa; Facebook: www.facebook.com/livingelite; LinkedIn: www.linkedin.com/in/anandpatel1 or on the Web at www.anandsblog.com.
Anand Patel
By Anand Patel
We’ve all been there before: You’re at an important meeting and asked a question that you just can’t seem to formulate the perfect answer to on the spot. But, 30 minutes later, on your way home as you replay the meeting in your mind you come up with numerous things you wish you had said earlier. Now you are kicking yourself thinking, “Why didn’t I say that!?”
What if I told you there is a very inexpensive way to help you develop the skill to think on your feet along with improving your overall communication and leadership skills?
One of the single most important organizations I got involved with a few years ago is my local Toastmasters club. Toastmasters provides a friendly, encouraging environment that helps individuals improve their speaking and leadership skills regardless of their current level – amateur speaker to orator, mail-room clerk to CEO (my club consists of entrepreneurs, professors, artists, IT professionals, military personnel, students and many others). It is a workshop type setting where you learn-by-DOING. If you want to learn more about the history of Toastmasters or how to join, you can visit www.toastmasters.org; but in this post, I want to briefly share with you four ways you will immensely benefit from joining and participating in a local club.
Learning to speak “off the cuff”
One of the most beneficial parts of a Toastmasters meeting is the “Table Topics” section. This is where you are called upon to speak for 1-2 minutes on a topic that someone has just told you about. You have to quickly formulate your ideas in your head and speak “off the cuff.” There are numerous benefits in developing this skill for real estate professionals – from improving your negotiating skills to handling seller objections on a listing presentation.
Developing leadership skills Continue reading »
Anand Patel
By Anand Patel
One of the most helpful pieces of advice I received several years ago that I continually advise my agents to do today is to recap, in writing, your conversations with clients, attorneys, title companies, appraisers, fellow agents – any and all parties involved in your transactions. These details will help clarify the conversation you have, leaving no confusion about who said what. It will help cover your “assets” if things go sour in a transaction, and it will aide you in solidifying and growing your relationships.
Here’s what I recommend:
TAKE NOTES
Take detailed notes of your phone calls. I keep a notebook by me at the office at all times and also take it on the road with me. When I’m at the office, if I’m on the phone with you, I probably have you on my hands free set and am taking notes at the same time. If taking a call on the road, once I get to my destination I’ll jot down some notes in my notepad (or sometimes in Evernote on my iPad or iPhone).
Things to write down: Continue reading »
Anand Patel
By Anand Patel
I have a wonderful agent in West Palm Beach, Fla., who decided he wanted to give back by getting involved with his local chapter of Habitat for Humanity. While on site at his first project, he struck up a conversation with a fellow volunteer working along side him. As they carried on their conversations throughout the day, it turned out his new-found friend was an investor residing predominantly in Europe but looking to buy, rehab, and sell residential real estate while in the West Palm Beach area. To make a long story short, my agent ended up finding a property for his new volunteer buddy, who in turn rehabbed the property and had my agent list it and eventually sell the property for him. His new client enjoyed the experience so much he wants to purchase a few more properties with my agent. Who would have thought giving back would have paid off so well!
The point of my story is that we all prefer working with people with similar interests, right? Isn’t it easier to work with a client who supports the same causes, charities, clubs, foundations, associations and organizations that you do? Volunteering is a great way to connect with these like-minded individuals. Keep in mind that one should only volunteer when they truly have a genuine interest in getting involved and giving back. We all know people who volunteer with the pure intention of getting new business — others read right through this. Sharing a common bond and genuine interest with someone makes the decision for them to do business with you so much easier. 
Here are some ideas:
- Volunteer with charities or causes you want to support. You will meet people from all different backgrounds and professions. You’ll learn new perspectives about yourself, the way you run your business, and how you view your community. Not only will you feel good in supporting your favorite cause, but you are also indirectly helping yourself grow as an individual.
- Volunteer to serve on committees at your association, various organizations you may belong to, at your place of worship, or your child’s school. Continue reading »
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