May 21, 2021
Today’s episode of The Real
Estate Sales podcast features an interview with York Baur, CEO of
Moxiworks. A real estate computer software company, MoxiWorks
functions with CRMs and existing structures without your business
to help capitalize referral sales. With his company, York now works
with over 400,000 realtors to help implement strategies for
success.
How did York end up in this position?
- MoxiWorks spun out of a brokerage technology
unit, starting with about 6000 agents. Now they have 800 brokerages
and over 100,000 agents.
- His advantage in real estate is the experience
he gained outside of real estate - his 13 tech companies that
helped give him a more well-rounded exposure.
Some quick stats:
- A productive agent gets 82% of their business
from their sphere of influence, and the average agent has about 400
people in their sphere.
- Out of that sphere, only about 10% of people
transact every year.
- Of those who go through a transaction, 9/10
people say they would recommend their agent and use them again.
However, only 2/10 people actually remember their agent’s name the
following year.
- The takeaway? Stop thinking of your business as
a transaction and start thinking of it as a relationship with the
benefit of the transaction.
Build relationships, not sales:
- The value the agent can provide to the
consumer, completely independent from a transaction, is
massive.
- Focus on ways you can provide direct value to
the consumer without trying to make a sale. York recommends an
annual property evaluation at minimum, but to be more present if
possible.
- The consumer takes as much as 18 months to go
through a transaction, but only three days to pick their
agent.
- Keep consumers educated on their most financial
asset (their house) to remain top-of-mind and demonstrate your
value.
Use a data-driven approach.
- People don’t want to see data; they want
someone to contextualize and interpret data.
- Live data sources (like MoxiWorks) are critical
because they show expertise without having to say
anything.
- Using data in the real estate market is
difficult because of the rapidly shifting market.
- The beauty of Moxiworks software is they keep
live data of real estate; when you make a CMA with their software,
you’ll automatically have up-to-date information to inform you and
your customer.
York’s parting advice:
- The key to success in any industry is a
three-legged stool - training, systems, and coaching. You can do
two or one of those things, but the stool probably won’t work out
the way you want it.
- As you work through the rest of 2021, remember
that the more things change, the more they stay the same.
Concentrate on your sphere, and build your three legs of your
stool.
- Focus on the fundamentals, and you’ll thrive in
the market.
If you have any questions for
York or want to know more, connect with him on LinkedIn.
Connect with Jimmy Burgess
on LinkedIn and Facebook, as well as his
YouTube channel.
If you like what you heard
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