Justin Stoddart discusses the concept of turning an individual real estate practice into a team sport to increase income. He compares the visibility and revenue of team sports like collegiate football to individual sports like cross-country. Stoddart emphasizes the importance of collaboration among professionals in real estate transactions, suggesting that agents should identify and recommend other professionals to clients. He introduces the “upstream model,” which involves understanding clients’ life events and motivations to determine the need for additional professionals. Stoddart also highlights the benefits of co-marketing and collaborative client experiences to enhance service quality and attract more clients.

Action Items

• [ ] Identify the life event driving the client’s real estate transaction.
• [ ] Ask the client about the other professionals they are working with and assess if they are “level 9 or 10” professionals.
• [ ] If the client doesn’t have the right professionals, suggest introducing them to “level 9 or 10” professionals.
• [ ] Collaborate with the other professionals to provide a high-level client experience.
• [ ] Sit down with the collaborative partners to discuss their client experience and identify opportunities to weave each other into client conversations.
• [ ] Invite the collaborative partners to work on joint marketing events to reach a wider audience.

Outline

Real Estate as a Team Sport

• Justin Stoddart discusses the disparity in income among real estate agents, comparing it to the income differences among attorneys and tax professionals.
• He draws a parallel between collegiate sports, specifically football games with large fan bases and significant revenue, and cross-country meets with minimal fan attendance and revenue.
• Stoddart emphasizes that team sports generally attract more spectators and revenue than individual sports.
• He aims to teach listeners how to transform their individual real estate practices into a team sport, thereby increasing their income.

Identifying the Need for a Team Approach

• Stoddart explains that every real estate transaction involves 20 to 30 professionals, not just the real estate agent, lender, title company, and insurance agent.
• He stresses the importance of ensuring that these professionals are competent, suggesting that real estate agents should not leave this to chance.
• Stoddart introduces the “upstream model,” which involves identifying the life events that lead to real estate transactions and understanding the clients’ motivations.
• He advises asking clients about their motivations for selling, buying, or renting properties to uncover deeper reasons and identify the need for additional professionals.

Building a Team of Professionals

• Stoddart recommends that real estate agents become the architects of their clients’ teams by identifying and recommending other professionals.
• He suggests asking clients if they are already working with professionals like tax advisors, insurance agents, or 1031 exchange facilitators.
• If clients are not working with such professionals, agents should recommend high-quality professionals to ensure a better client experience.
• Stoddart emphasizes the importance of collaboration with these professionals to enhance the client experience and increase the agent’s value.

Collaboration and Client Experience

• Stoddart explains that by collaborating with other professionals, agents can create a unique client experience that sets them apart from others.
• He advises agents to have conversations with other professionals to understand their client experiences and identify opportunities for collaboration.
• Agents should aim to introduce their clients to other professionals who can provide additional value, creating a team of professionals that serve clients collaboratively.
• Stoddart highlights the importance of marketing these collaborative efforts to attract more clients and increase revenue.

Marketing and Co-Marketing Opportunities

• Stoddart discusses the benefits of co-marketing with other professionals, such as real estate agents and tax advisors, to educate clients collectively.
• He explains that by serving the same ideal client avatar, agents and other professionals can host social media and in-person events to educate clients together.
• Co-marketing allows agents to leverage each other’s loyal client bases to reach a wider audience and provide more comprehensive services.
• Stoddart emphasizes that these collaborative marketing efforts can be initiated quickly, even within weeks or months, by taking the first step of identifying and working with other professionals.

Conclusion and Encouragement

• Stoddart recaps the key steps for transforming an individual real estate practice into a team sport: identifying client motivations, recommending other professionals, collaborating, and co-marketing.
• He encourages listeners to start with these steps to increase their income and create a more valuable client experience.
• Stoddart reiterates that this approach does not require years to develop and can be implemented quickly with the right mindset and actions.
• He concludes by emphasizing the importance of collaboration and teamwork in the real estate industry to achieve better results and higher income.