Deliver the $100 message
A funny thing happened on the way to my presentation on big data
John Mayfield is broker/owner of Mayfield Real Estate in Farmington, Mo. He is a published author of five books and a contributing editor to the "Sales Coach" section for REALTOR Magazine Online. A broker since 1981, Mayfield has earned ABR, ABRM, CRB, GRI and e-PRO designations and has a master's degree in real estate. He is requested speaker for various real estate organizations around the U.S. on his understanding and application of real estate marketing and technology. Browse John Mayfield’s published texts
Recently I was driving to Columbia, Mo., to deliver a presentation to a group of real estate professionals. I took advantage of the drive by listening to a few motivational Podcasts loaded on my smartphone.
One podcast caught my attention. During the interview, well-known online marketer, Joe Polish said, “You know, there’s only one difference between a dollar bill, and a hundred-dollar bill.” That got my attention. I listened more intently to discover this hidden gem and words of wisdom from the great Joe Polish. As I waited patiently during his rather long pause, Polish continued to provide the golden nugget; “It’s the message!” That stuck with me and held hard. I thought to myself, “I get it! Yes, that’s why it works!” Flash back to my purpose for driving to Columbia. I was on my way to deliver a presentation to a group of real estate professionals, and the presentation is on REALTORS® Property Resource, a computerized program consisting of what many would term “big data.” This application gives REALTORS® the ability to study a property against a vast array of data happening in the marketplace to determine a price. It’s a highly accurate program that analyzes real estate property values by combining both “public” data and data from the local Multiple Listing Services where available. Zillow and others fall short in this aspect because they do not have access to the MLS and can only use public data.
If I give a consumer a report with lots of cool stuff like the RPR report provides, and you only give two or three pages from your MLS system, who is delivering the $100 message, and who just gave the consumer a $1 bill pitch?
Sounds confusing, and it is, especially when many states (like my state, Missouri) are considered nondisclosure states. In other words, we do not provide the local county officials with information on a property's purchase price after the closing. Therefore, there is little public data for companies like Zillow to accurately forecast or predict what a property value might be. Sorry to burst your bubble if you thought a Zestimate™ was the gospel, but in many cases, it’s way off target. Back to the message Polish so eloquently illustrated about a dollar bill and a $100 bill and their one and only difference. Yes, one piece of paper provides a dollar bill message and the other provides a much higher value, which leads me to my question to you, what’s your message? Have you thought about it? Do you even have one?
While in my car driving to my presentation, I realized that REALTORS® have this excellent computerized program that can deliver a $100 bill message every time. The reports are stunning in RPR, and the charts, graphs, data and other information give you a competitive edge over your competition. Many of the reports are lengthy, and that’s okay for me, as I typically use my iPad and Apple Pencil to present and to highlight key points and make notes. I then e-mail the 80+ page document to my client to download and or print. 80+ pages? Hey, remember Malcolm Gladwell’s point from the “Tipping Point,” the Law of Fundamental Attribution Error. If I give a consumer a report with lots of cool stuff like the RPR report provides and you only give two or three pages from your MLS system, who is delivering the $100 message and who just gave the consumer a $1 bill pitch? Again, I ask, what’s your message? You need one, we all need one, and we need to remind ourselves each time we meet with consumers that our message can make a difference.
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By John Mayfield
This application is a highly accurate program, which analyzes real estate property values, as it combines both the “public” data and data from the local Multiple Listing Service where available.
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