Jim Rake

Life is full of events that flag certain milestones in life. These milestones come in different forms, be they job related, academic, social, emotional, or another. Significant achievements often designate what we might call a "rite of passage". A sort of coming into our own. Well, many who found themselves in Fredericksburg this past weekend, may have witnessed just such an event in the life of our City. What was the big event? The opening of Fredericksburg's very own Wegmans supermarket. But, as anyone whose been inside a Wegmans can tell you, it is anything but your father's neighborhood grocery store.

While Wegmans has some seventy stores, they're exclusively in the Northeastern U.S. Many shoppers outside of this area have never heard of Wegmans, much less stepped inside their doors. From its birthplace of Rochester, N.Y., it's stores have spread to neighboring states New Jersey, Pennsylvania, Virginia, and Maryland. Store features include:

1. Cheese Shop

2. Bakery

3. Coffee bar

4. Patisserie

5. Sushi Station

6. Seafood Bar (with wine & beer by the glass)

7. Burrito and Panini bar

8. Crab Cake Counter

9. Thai & Indian Buffet

10. Kosher Deli

And much more, to include the two levels of seating for diners, who would rather sit down to enjoy their food. This includes the upstairs balcony, where those who enjoy the touch of fresh air feel right at home.

For those of us who avoided the 20,000 or so shoppers who were brave enough to wade into Wegman's on opening day, there's plenty left to be had. I happened to stop in earlier today, and the shelves have been fully re-stocked, while the aisles are still quite busy. Its something new, and not your ordinary "shopping" experience. As a matter of fact, the kids I witnessed in the store, seemed to be enjoying themselves as much as their parents.

Many have chosen to call Fredericksburg home because of its location, or history, or family in the area, or for its culture, or lifestyle reasons, among others. And, availability of shopping is an important consideration for many. With Wegmans moving into the neighborhood, we're beginning to look a bit more like the "Big Time." Now, if we can just convince Trader Joe's that Fredericksburg is big enough for them too, we might be on to something!

To Continue Reading this Article, Click Here: When You Know You've Made the "Big Time"

Have you ever wondered what it takes to be successful? Of course, "successful" means different things to different people. But, for the sake of our argument, let's use Webster's definition, " a favorable or desired outcome."

Most of us would probably agree with that characterization. But, what does it take to get there, to achieve that end?

In the real estate business, many of us define personal success in terms of goal achievement, and numbers or monetary sales goals met. For others, it may be as simple as satisfied clients. But, whatever measure is used, what strategy do we use to acheive those goals? What about clients, home buyers or sellers? What methods do they use to maximize their chances of success?

For years, Fortune 500 companies have looked for certain qualities in their future employees. For many, they are looking specifically for the "braniacs". But at least one of those companies, has, for years, used a different approach.

Jack Welch, General Electric's Chairman and CEO from 1981 - 2001, used a another approach. He looked, not necessarily for brains, but for what he called the Four E's.

According to Jack Welch, it's as easy as Four E's.

This is the criteria he used to assess employees at GE.

1. Do they have the energy - postive energy? Do they start the day with enthusiasm, and end it that way too?

2. Do they energize others? According to Welch, "it doesn't do you much good to be a whirling dervish if you don't end up exciting other people."

3. Do they have edge? Do they have the ability to say ‘yes' or ‘no,' and not ‘maybe'? Do they make the tough calls?

4. The fourth E is execute. Do they get the job done? In other words, do they deliver?

Said Welch, "Integrity is assumed. These four E's-when you look at people and want to evaluate them, and when you look at yourself and evaluate yourself this way-give you a pretty good read on where you stand."

According to Welch, this recipe for success will work in any environment.

If that's the case, should we be looking for the Four E's when we hire employees? Are those considerations we've used in selecting peers for leadership positions? If not, why not?

Are buyers and sellers looking for these qualites in the agents they hire to represent them? It would certainly make perfect sense. If they're not, and, at the end of the day, leave the settlement table dissatisfied with their agent's performance, they'll have nobody to blame but themsleves. It's called, "Due Diligence."

To Continue Reading this Article, Click Here: Are You Looking for the Four E's?

As an old friend used to remind us, "We all going to make a little bit money, but none of us is going to get any more time." Wasting time is something none of us can afford to do (well, at least I can't). But, it seems that no matter how hard we try, it's "built into the system". In other words, it's just part of life. Many of the processes we're involved in are controlled by others. We don't control all the moving parts, the timing, the content, or, the logistics of getting to the finished product. But, what if we could find a way to make things "better, faster, cheaper", would we?

Callaborative platforms or software allows us to do just that. Collaborative management tools like videoconferencing, online chats, instant messaging, application sharing, Wikis, and many others, allow us to leverage technology to, in essence, make it easier to accomplish a task. Among other things, it provides users with access to the same material or event at the same time. In other words, simultaneous task accomplishment.

In yesterday's real estate Google Alerts I ran across the article, New Business Eliminates Real Estate Paperwork, highlighting an effort by a couple of agents in Cincinnati, Ohio, to develop software that provides those involved in reale estate transactions the capability to track negotiations and complete transactions online, and yes, that includes using electronic signatures. The software is called MLS Contracts and is currently being Beta tested by their brokerage firm.

This looks like another tool to improve our business process. It'll make the process more convenient and productive for agents and their clients. Let's hope the Beta test is without too many hiccups, and before we know it, we'll all be using MLS Contracts, or something similar

To Continue Reading this Article, Click Here: Can You Say Convenience?

"It is not only what we do, but also what we do not do, for which we are accountable."

Moliere

Have you ever tried to improve something? Put something together? Assemble an item? Did you remember to follow the directions? Frequently, the directions are more of an afterthought instead of the "how to" they're meant to be.

Unfortunately, failure is an important part of the road to success. But, if you're like me, one of your first lessons in failure occurred while attempting to assemble that store bought item you or someone in the family had to have. Probably, in the rush to put together the item, directions were NOT followed. (Who needs them - right?)

Real estate practice carries with it a professional responsibility. Our responsibilities are outlined in the Code of Ethics which serves as the "golden thread" binding us together as a profession. They are our "directions." In Betty Jasmund's estimation, they're more than that, they are a gift.

As the National Association of Realtors publication, Professionalism in Real Estate Practice specifies, the Code outlines our ethical obligations, based upon moral integrity and competent service to clients and customers, and dedication to the public interest and welfare. While the Code of Ethics provides an excellent set of rules or guidelines, what are they worth if they aren't followed, or Code violations not reported? Or, in some cases, for various reasons, not punished?

Ms. Jasmund, the Fredericksburg Area Assocation of Realtors, Professional Standards Co-Chairman (and one of the wisest Realtors I know), recently authored an article, Why Filing a Complaint Against an Agent is Good for Everyone's Business, on the value of the Code, in the Association's latest quarterly publication, FAAR Side. While the entire commentary was instructive, perhaps Ms. Jasmund's most significant words were:

"....in 1978 by William North, EVP and General Counsel of NAR, he stated that "the integrity of the Code and the value of its vision of the real estate industry depends utimately upon its use." So if we don't use it we diminish our ability to monitor our industry. By using the Code of Ethics we present a vision of our profession as it could be and should be."

The Code of Ethics has had a few changes since its origination in 1913, but its purpose has been the same; to provide clear and conspicuous guidance to Realtors about how their profession should be conducted. Its 17 Articles leave no doubt as to the Do's and Don'ts of how the profession should be practiced. But, if you were to ask a Realtor you met on the street to cite any one of the Articles, they probably couldn't. They might be able to tell you the intent of the Code (well, at least, I hope they could), which to them would probably mean "to act in the best interest of the client, and to act with integrity". But, other than that, who knows what they'd say.

That begs the question, "Should agents have better than a faint idea of what their operating guidelines are?" And, if so, how well should they know the Code? Well enough to know a Code violation if they witnessed one?

More importantly, as it relates to Ms. Jasmund's point, how can we use the Code more effectively to police our profession? In our efforts to improve real estate practice by improving pre-licensing requirements and establishing a mentoring program, shouldn't we begin by using the one valuable resource we already have, our Code of Ethics? It is our blanket of accountability. In Stephen Covey's words, "Accountability breeds response-ability." And that is exactly what we're looking for.

To Continue Reading this Article, Click Here: Cracking the Code

"In every art beginners must start with models of those who have practiced the same art before them."

Ruth Whitman

Mentoring programs designed to develop younger workers have long been a foundation of corporate training for Fortune 500 companies. These programs establish a relationship between the mentor and "student" or "protege/mentee" that encourages individual as well as corporate development. The protoge relies on the mentor for, not only instuction on how to do the job, but also for professional guidance, and problem solving advice, through the establishment of a working relationship that benefits all participants; the mentor, the student, and the company.

According to Terri A. Scandura, a management professor and dean of the graduate school at the University of Miami, most Fortune 500 companies see mentoring as an important employee development tool, with 71% of them having mentoring programs.

If mentoring is a valuable teaching or developmental tool, why isn't the real estate industry using it? While there may be isolated cases of individual brokerage firms using mentoring as a teaching tool, why doesn't the industry encourage it more or adopt it as a necessary business practice? Perhaps, as the second stage of mandatory training necessary before a real estate licensee is certified to operate on their own?

I recently participated in a leadership development program hosted by three of the area real estate Associations. One of the tasks assigned was to examine the idea of a mentoring program for new agents, and to develop an outline of requirements for those licensed in the Commonwealth of Virginia. Our group put together the following outline:

MENTOR PROGRAM

VISION

To raise the standards of performance of Realtors by improving their education and career development through a mentor/internship program.

MISSION

To provide a comprehensive mentorship training program whereby all Realtors are provided with the educational tools, hands on instruction, and career counseling necessary to execute the responsibilities of a real estate professional.

PARTICIPANTS

Virginia Real Estate Board (VREB) - Establishes mentoring standards.

Virginia Association of Realtors - liaison between VREB and local Associations, overseeing standardization and coordination of Mentor Program.

Local Association - Advise and coordinate program with local Brokers, to include identifying mentors.

Brokers - In coordination with the local Association, responsible for establishing company Mentor Program. This includes:

1. Procuring curriculum. Ideally, a standardized curriculum, developed by the VREB, VAR and local Association will be used, and can be tailored by broker. However, minimum standards/ requirements must be adhered to.

2. Identifying mentors. This includes not only identifying mentor candidates, but ensuring they've been properly trained. Minimal standardized training requirements set by local Association in coordination with state agencies, resulting in Mentor Certification.

3. Identifying Students. While all new agents are required to complete program, those returning to an active role as a Realtor may also need the program.

4. Establish procedures and verify student's progress.

Mentor- Responsible for instructing, encouraging and monitoring Protégé/Student progress in accordance with program standards.

Student - Realtor enrolled in Mentor program. Required to complete program in accordance with standard program criteria, and to the satisfaction of Broker.

MENTOR REQUIREMENTS

Individuals selected as Mentors should meet minimum standards to include:

· Minimum of 5 years Realtor experience

· Broker shall be qualified through a "mentor certification program" at the local board level

· Mentor will be qualified through a "mentor certification program" at the local board level

1. Selected and endorsed by broker as an appropriate mentor. Clarification - Some agents are unwilling and others not qualified to mentor

· Brokerage shall compensate mentor at a minimum of 25% per mentor assisted transaction

· Mentors shall, at a minimum, provide agent with Mentorship Program Handbook that includes:

1. NAR's Professionalism in Real Estate Practice
2. Contract documents
3. Overview of mentor program
4. Local Board's Education Calendar
5. Local Board's suggested Tools of the Trade

STUDENT REQUIREMENTS

· Mentorship program minimum duration of 6 months, or as long it takes to accomplish minimum of 6 closed transactions, to include 3 listings and 3 sales

1. To include listing presentation
2. CMA
3. Marketing plan per listing
4. Buyer counseling session

· Competent understanding of Code of Ethics and Agency as well as having completed the post licensing continuing education requirements for each

· Build Business Plan to include Plan of Action

· Must demonstrate understanding of all contract documents

· Must demonstrate understanding of their market and product

· Must be acquainted with rental transaction

· Marketing & Technology orientation - the necessity to succeed

· Vendor Orientation - 30 min to 1 Hour per vendor

• Objective - understand role and responsibilities of industry partners, to include, but not limited to:

1. Home Inspector

2. Settlement Agent

3. Lender

4. Pest Inspector

5. County clerk/representative

6. Appraiser

PROGRAM EVALUATION

Identification of goals, standards of measurement and methods of feedback are necessary for the effectiveness of any developmental program. The following must be established, examined and reviewed throughout the course of the program:

During the course of the program

· Goals - established weekly, monthly, and transactional objectives.

• While some goals can be achieved by simply finishing a document or transaction, others can only be achieved with the subjective approval of the mentor/broker. It is important to discriminate between the two.

· Standards of measure - established by state agencies in coordination with the local Association and Broker to measure success of student and/or mentor.

· Feedback - establishment of a functional feedback mechanism for both student questions and inputs.

Post Program Review

· Establish feedback loop to evaluate program six months after program completion.

· Inputs from student, mentor, and Broker

While our outline is is not a perfect blueprint for an effective mentoring program, it is a starting point. Developing better competency and professionalism in the real estate industry is an ongoing process that all of us as individuals, and as a profession, should be encouraging. By establishing stricter pre-licensing requirements and developing a mandatory mentoring program for agents, each of us will be better equipped to practice our profession.

While these added requirements might improve our practice, how effectively are we using the current standards we, as agents, are obligated to follow? Is the Realtor Code of Ethics, established in 1913, outdated? If not, why it so poorly understood by agents, and rarely used to hold agents accountable for their actions?

To Continue Reading this Article, Click Here: Mentoring Real Estate Professionals