David Morse discusses consumer-centric real estate strategies for success.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-david-morse-ceo-of-keller-williams-arizona-realty/
The key to success in the real estate industry, as discussed in the episode, lies in building strong relationships and engaging with clients at a high level. David Morse emphasizes the importance of trust and professionalism, acknowledging that real estate may not always be seen as the most trustworthy profession in the eyes of consumers. Therefore, building trust with clients is crucial for creating a competitive advantage and differentiating oneself in the market.
The episode also highlights the significance of maintaining relationships beyond the initial transaction. While a high percentage of consumers (82%) express their intention to use the same agent again, the actual reuse rate for subsequent transactions is lower (20-25%). This “gap” between intention and action presents a challenge. The interactions between the first and next transaction solidify the lifetime value of a client, determining the longevity, sustainability, and profitability of a real estate business.
To address this challenge, David Morse suggests focusing on education and providing ongoing value to clients even after the deal has closed. David emphasizes that cultivating repeat and referral business is easier than obtaining new business, making it essential to maintain a high level of value for clients until they are ready to transact real estate again. Building relationships, rather than treating clients as commodities, is crucial. The episode suggests adopting a mindset of “we don’t do closings, we do openings” to emphasize the ongoing nature of the client-agent relationship.
He also acknowledges that the real estate industry is not always seen as the most trustworthy profession in the eyes of consumers. Therefore, he believes that building trust with the consumer and the public is crucial for differentiating themselves and gaining a competitive advantage. By adopting a mindset focused on serving and building trust, David suggests that more agents can elevate the professionalism and trust factor in the industry as a whole.
David said: “Whether it be insurance or real estate or any business, my thought in leading teams and leading agents is how can we be the most consumer-centric real estate brokerage on the planet? I believe if I can be the most leadership team-centric executive, it frees them to be the most agent-centric brokerage leaders, which frees my agents to be the most consumer-centric.”
About David Morse
David Morse is the CEO of Keller Williams Arizona Realty and General Manager of Keller Williams Elite and Keller Williams Southern Arizona, a network of real estate brokerages producing nearly $6 billion in transactions annually. These firms are home to 1,100 agents and were recently ranked by REAL Trends as a top 100 firm by volume and units. He also is a host of REAL Talk with David, a top 100 entrepreneurship podcast on Apple.
His mission is to unleash others’ potential so they can live big, joy-filled lives. And the way he has chosen to do that is by impacting others on their leadership journeys, specifically in real estate. He is a believer that the answer is always in the room and that the company is only as strong as the team. And that leadership is the single greatest privilege in all spheres of life.