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 today, we’d love it if you’d share a rating or review and then subscribe to the podcast and tell others about it as well. You can find The Real Estate Sales Podcast on Apple Podcasts,Google Podcasts, Spotify, and Audible, and our website, The Real Estate Sales Podcast.