'Burn the deadwood' and other lessons to take into 2022
Want to see growth in the new year? From welcoming alternate perspectives to setting and raising your baseline, here are four nuggets of wisdom to embrace in 2022 taken from history, nature and sports With 2021 coming to a close, it’s a time for rest and relaxation with loved ones. As a business operator (as all self-employed individuals should view themselves), it should also be a time for reflection and review. Here are four tips to guide you through this crucial business review process. 1. Require a 10th man In October 1973, Israel was invaded by a coalition of neighboring countries. While the Yom Kippur War lasted for less than a month and resulted in an Israeli victory, it had far reaching implications for Israel. Israel’s lack of preparedness had allowed the invading coalition to proceed virtually unopposed for three days, inflicting casualties, destroying aircraft and eliminating approximately 40 percent of Israeli tanks. Intelligence was ultimately held responsible. More importantly, Israel, in line with its “never again” mindset, implemented twin policies to prevent similar intelligence failures. The first welcomed analysts and advisers to submit alternate viewpoints to accompany a consensus opinion. The second — the 10th man rule — required a dissenting opinion to be voiced in any deliberation. If there are 10 in a room with nine concurring opinions, the 10th must disagree, whether out of heartfelt conviction or merely as a “devil’s advocate.” All to say: Encourage honesty. Seek truth, and empower your leadership team to consider alternate perspectives. Protect your blindside, and embrace calculated innovation. Be sure you have a 10th man in the room whenever making a strategic decision. 2. Remember, you can’t manage what you don’t measure Before I became involved in real estate, I was blessed with the opportunity to play professional baseball. Before that, I interned with two MLB general managers. These experiences gave me the benefit of seeing how the game is managed both on the field and from the front office. Over the last 20 years, MLB front offices have come to approach the sport as a science, seeking to discover the perfect method of quantifying the game, removing cognitive bias and uncovering a secret recipe for success in the process. If a sport as enigmatic as baseball can be rendered decipherable by metrics like WAR and wRC+, you can surely measure the key performance indicators of your business. In the absence of countervailing data, people naturally tend to perceive what aligns with their underlying presuppositions and ego. This confirmation bias influences the very information we seek and makes us inclined to reject contradictory information without considering the evidence. Thus, we are left making emotionally driven decisions predicated on potentially problematic preconceived notions. In an industry where revenue typically lags 60 to 90 days, managing your business based solely upon revenue renders you reactive rather than proactive. It impairs your ability to make real-time adjustments and to identify the incremental opportunities to maximize business generation. Without measurement, that secret recipe for success remains clouded in ambiguity. Properly measuring your business will provide both validation for correct viewpoints and a check on those that miss the mark. As the industry becomes increasingly digitized and therefore less physically comprehensible, you can’t manage what you aren’t measuring. 3. Set a baseline. Then raise it Progress is relative — relative to where you were yesterday, where you are today and where you want to be tomorrow. You need a baseline to push off and a target to strive for. Compare your company to where it was last month and last year. In the absence of the necessary longitudinal data, compare your company to industry-wide standards. However, industry average should not be your target, but instead considered a failing mark. In an industry where the top 20 percent does approximately 80 percent of the production, industry average is a poor barometer and can leave you with a false sense of success. Instead, with extensive and consistent measurement, you can effectively compare your own performance across time. You can adjust for seasonality and assess the impact of specific changes you implement. Managed properly, industry average becomes a distant consideration as you are instead assessing your company against its own past performance, which was already above average. So, set your baseline, and then raise it. Repeat. 4. Burn the deadwood Humans are preconditioned to think that fires are dangerous and destructive. Our egocentricity makes us believe that if something is dangerous to us, it is dangerous to all. That’s one reason why news coverage of a forest fire invokes many to instinctually deem it an avoidable tragedy. In reality, the ideology undergirding such a judgment — carried to its logical extreme — would doom the very forests it seeks to protect because if enough deadwood accumulates, the next fire will burn so hot that it will instead scorch the top soil leaving behind an environment in which little to nothing can grow. According to Canada’s official website, “Fire is as crucial to forest renewal as the sun and rain. Forest fires release valuable nutrients stored in the litter on the forest floor. They open the forest canopy to sunlight, which stimulates new growth.” In fact, some trees and plants will not release their seeds until after a fire! Disturbance is part of the natural life cycle of the forest and of your business. Go through every expense and classify it as either required or optional. If an expense is required, search for an alternative that is more cost effective while delivering equal or better value. If an expense is optional, you must determine if there was a sufficient return on that investment — that is to say you must look for a definitive reason not to eliminate that expense. Burn the deadwood before your company is left scorched. Source: https://www.inman.com/2021/12/15/burn-the-deadwood-and-other-lessons-to-take-into-2022/ Topics: agent advice
LUCIDO GLOBAL SURPASSES $1,000,000,000 IN ANNUAL VOLUME FOR THE FIRST TIME
Maryland-based real estate firm reaches major sales milestone having closed over $1,000,000,000 through October 2021, surpassing their total 2020 production of $890,609,897 (Ellicott City, Maryland) November 15, 2021 -- Ellicott City, Maryland-based real estate company Lucido Global announced today that, as of October 31st, it has surpassed their total 2020 production volume of $890,609,897 by more than $134,000,000, bringing the organization’s total closed sales to over $1,000,000,000. This marks the first time in the organization’s history that they have eclipsed the billion-dollar mark. Driven by consistent double digit growth across all locations, Lucido Global’s production is on pace to grow by more than 30% for the 14th year in a row. Jack Mazza, Chief Operating Officer at Lucido Global, added, “Our strategy based on technology, support, brand and culture are the drivers of this growth. We are focused on a strong Q4 and committed to delivering consistent results to end 2021.” Lucido Global has more than 42 locations and approximately 400 team members in Arizona, California, Canada, Colorado, Washington, D.C., Delaware, Florida, Georgia, Kansas, Maryland, Missouri, Nevada, Oregon, Texas, Virginia and Washington. Lucido Global continues to lead as one of the highest-ranking teams both nationally and internationally. About Lucido Global: Lucido Global is a Maryland-based premier real estate team comprising over 400 real estate professionals in various locations across the United States. Lucido Global is among the top-ranking expansion networks with Keller Williams, the largest real estate franchise in the world, and has been recognized by The Wall Street Journal and REALTrends as the #1 real estate team in the country. Lucido Global delivers the ultimate real estate experience by providing incredible value and exceptional service to both clients and agents. To learn more, visit LucidoGlobal.com. Click here to read the offical press release on Benzinga.com
How to Write a Successful Offer in a Low Inventory Market
A recent bank note from Jefferies said the US was short 2.5 million homes, while Freddie Mac put that estimate higher at a shortage of 3.8 million. Black Knight reported that there are 40% less homes on the market than years before, resulting in many buyers experiencing the discouraging feeling of losing out on a home they wanted. With increased competition, it’s imperative for buyers' agents to do everything they can to improve the odds of the offer being successful. Buyers should enter the housing market with an open-mind. This may mean reconsidering certain must-haves. It may be unrealistic to find the perfect home in such a hot market. Some boxes may have to be left unchecked and compromises will more than likely need to be made. Make sure to prioritize your list of must-haves so that the most important ones are fulfilled. It’s also imperative that buyers have a real estate agent representing them. You need an expert realtor to advise you on current market conditions and normal procedures. The agent will help you assemble the rest of your team- like mortgage officer, title, insurance, warranty, inspectors and can recommend service providers. Even before you write the offer, your agent can inquire with the listing agent about any preferences of the seller not mentioned in the listing as well as to use the proper contract forms and addendums. To increase your chances of your offer being selected, consider doing any/multiple of the following:Get pre-approved from a local lender and include documentation with the offer to purchase. Have the lender phone and email the listing agent to expound on pre-approval Increase the amount of earnest money Acknowledge flexibility on closing and occupancy dates Eliminate unnecessary contingencies Waive the appraisal and have proof of funds to meet the difference in the purchase price Avoid asking the seller to pay concessions or cover closing costs Avoid including personal property to go with the sale unless specified in listing agreement Purchase "as is" with right to conduct inspections for informational purposes only Shorten time frames on necessary contingencies Attach proof of funds for down payment or full purchase price if cash Escalation clause ... offer to pay $X,XXX more than highest acceptable offer up to a limit Make your best offer first because they may not make a counteroffer If you’re looking to buy a home, contact us or call 410.465.6900 to see how we can write you the most successful offer in this low inventory market today! Source
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