In this episode of "Estate of Mind," Tami Simms and co-host Jack Miller discuss strategies for attending conferences and networking events in the coming year, reinforcing the importance of networking, education, and strategic planning in real estate. Conferences serve as key opportunities for professionals to connect, learn, and grow. High-end venues offering attendees firsthand exposure to the luxury standards their clients expect. These events also provide the chance to pair business with leisure, enhancing the overall value. Attend conferences as essential tools for growth, networking, and as part of your overall business strategy.
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A
Foreign welcome to A State of Mind, a podcast series all about motivating, inspiring and educating you in the art of selling luxury real estate. The podcast is brought to you by the Institute for Luxury Home Marketing. I'm Tammy Sims, lead trainer for the Institute and a full time real estate professional in St. Petersburg, Florida for more than two decades. In this episode we're going to talk about planning to attend conferences and networking events in the year ahead. Today's podcast is brought to you in part by Real Marketing, the only marketing firm recommended exclusively by the Institute. Real marketing utilizes over 25 years of expertise and their products are built and customized for you to dominate any neighborhood anywhere. Go to realmarketing4you.com that's realmarketing, the number4you.com also look for past A State of Mind episodes with CEO David Collins as our guest. I'm here today with my co host Jack Miller, a 25 plus year veteran luxury agent with onward real estate in the greater Nashville, Tennessee market. Hi Jack, it's great to see you.
B
Hey, Tammy. Good to see you as well. I'm excited about this particular topic because this is the one where you teach and I learn.
A
Ah.
B
I've, I've, I've attended a number of conferences through the years and I've. Every time I've attended a conference, whether it's local or national, you know, you always come away with some sort of learning experience or networking experience. But you made the rounds. I mean, you've attended a lot of conferences. You do every year. How do you choose a conference? What's important to you?
A
You know what's interesting? I've been thinking about this since we were preparing for this topic and I thought back to my very first real estate conference. Right. So I'm not going to answer the question right away. I'm going to get us there the long way. It was a state association conference that was my introduction to real estate in general. My mother drug me to a conference that was in Orlando. Right. She promised me that I could hang out at the pool and I could just enjoy the free room and all of that sort of thing. But of course she drugged me to a couple of sessions that were open to guests and I think that's when I got the bug. Right, but that leads nicely into your question of how do you choose? Because there are so many nuances that go into it. Right. Because you can overload on conferences and never have enough time to actually get your work done. Right. So sometimes it's about the location, Right. Is it a Place where you'd want to go or do you rule some out? Because they're in places that all the conferences are over and over again. Right. Like the big ones. There's only a few cities in, in the country that can host some of the really big ones. So you find yourself every conference this year is going to be in Las Vegas or everyone's going to be in Orlando. And, and so sometimes the location comes into play somet or smaller conferences that are in mid sized cities that, that are really interesting so that you get, you get to see a new place. I also like to consider whether, whether it's in a location where there's a feeder market for my business. Right. Those are good connections because that's a lot of the audience will be local in any case. And then content, I know we're gonna, we're gonna dig into content a little bit later, but really kind of all of those p. As you're, you're, you're putting together your plan for the year.
B
So what do you think the overall value proposition is? Is it more about the content or more about the networking for you?
A
For me now this many years in, it's an expectation that I'm going to get a nugget or two that's new or different or unique. But it's the networking that really is the most important piece for me. It's the, the ability to connect with people, a desire for learning and growth and improving our industry as a whole. And then choosing some of those conferences where I know that there will be people there that I already have relationships with and that can help to strengthen those relationships, which is about not just referrals but sometimes just resources. Right. If you know people in other markets that you can bounce an idea off or learn some different things from.
B
Yeah, it's interesting when I know it's not a conference, it's at training. But when I speak with agents who are new to the luxury market, or perhaps they're experienced, but they're new to the institute and I've encouraged them to take the course and that you offer and earn the designation, one of the first pieces of advice I always give is, you know, try to take the class, take the course in another market outside of your own and in particular look at feeder markets because then you kill two birds with one stone, perhaps where you're not only, you know, acquiring the designation and you're learning about the luxury market, but you're also networking with those individuals who have the opportunity to perhaps send you business or vice vice versa. So there's lots of opportunity where that's concerned.
A
Yeah, you're absolutely correct. Right. And let's, let's frame this conversation around. It's not just big conventions that we're talking about. There's all sorts of ways, I know you wanted, you wanted to, to kind of dig in of where does somebody start, right. If, if they're not on the, on, on the same level as perhaps I am or folks that have been attending a lot. So what did you want to know about that?
B
If you're new to the conference, you know the conference route, do you, do you recommend folks try out local conferences or do you jump out there and go to a national conference you've never attended? And it's, I think it's particularly hard for folks if they're going on their own. If you're going into a city where you've never been into a conference you've never attended and you aren't already, well, networked, it can be a little intimidating. So what do you recommend?
A
You're absolutely right. And I think that starting in a regional approach is sometimes a little easier to do that you probably can find some folks from your office or colleagues who maybe would be more willing to go together. So you feel as though you know somebody. There are all sorts of different seminars and topics that, that you can find in your regional area. And then the state association conferences are also kind of like a good source for kind of those early years. I will tell you that that's one of the places where I found that I needed more content right after going to those for quite a while. But there's also something to be said for hearing something over and over and over again, and you know it. And then all of a sudden one day you're at a point in your business where that thing that you know, that you've heard a hundred times makes perfect sense to, to implement at, at that time. So I'm not, I'm not dismissing the, the, the content at that, at that level, but from there you, you can, you can branch out into some of the largers, right? So we've got the national association of Realtors, you've got Inman Connect, Inman Luxury, right? And so you can get specialized then. So for example, my mother, when she got into the business belonged to a couple of different groups, the Cyber Stars and the Cyber professionals, who were entirely focused on technology, right. Utilizing technology to implement in their business as opposed to just spending, spend wildly on. And, and so those conferences were very focused. And I think that any Real estate professional could find an area where, where they could really hone in on a particular attribute that they, that they appreciate. Right. Very, very specialized types of, of groups as opposed to big general conferences. But I do really, really like those conferences that are brand agnostic.
B
I love that term. Explain that.
A
I think it's right. So, so many of the large brokerages have conferences, annual conferences, and they have general ones, and then those that have strong luxury divisions will often have a separate luxury specific conference. And, and in my role with the Institute, I get to attend a lot of them, so I get to see the different, the, of the different brands. And I think that that's healthy for folks within their same brand to, to meet in that way so that they can embrace the culture of their brokerage, the, the tools that are available to them specifically. But I think I really benefit the most from those conferences that are not affiliated with a particular brand. Right. And so Inman was one of those. And I'd be remiss if I didn't mention Leaders in Luxury, which is the Institute's annual event. And we are all looking forward greatly to hearing the plans for 2025 and getting back on track with that, with that conference. But when you have the ability to come together and share and network with people from all sorts of, of different brokerages and brands, little ones, big ones, independents, regionals, I think that you, you stand to, to gain more insightful information. Right.
B
One of my favorite conferences I attended was the Leading RE conference and they have a luxury piece to that. And one of the, one of the things I remember specifically was doing a speed networking event. I'm sure you've done this before, and it's funny because it only represented probably an hour or so of the time we dev to that conference, but in that hour we met. Good night. I think I met 30 or 40 different luxury professionals from across the country where you had just a few minutes with each one and you have a chance to exchange business cards, talk about what your specialty is, where your market is, just just enough to make a quick connection and perhaps exchange some materials, marketing materials. What a wonderful opportunity that was. And that particular event I thought was fun because, you know, some of us are much more comfortable networking than others. And if you're not comfortable walking up to a group of people, you know, you know, in a cocktail hour, that's a great way, kind of forces everybody's hand. You know, it's time to switch, meet somebody new. I thought that was a lot of fun.
A
You know, let me, let me Make a comment about that particular conference and some of the others that may be similar to that. So Leading Real Estate Companies of the World is a, an organization of specific companies all over that meet certain individual criterias. So it is multi brand, but there is a level of, of similarity. Right, right.
B
So there's no franchises.
A
Correct.
B
There's no franchises. But each of those companies that are involved in Leading RE or Leading Real Estate Companies of the World typically are the major players in their respective markets. And they are typically organically grown. So it's not grown within a brand that's already nationally recognized, but grown in a market where they become recognized.
A
Yeah.
B
And so you're sharing that space with all these folks across the country, particularly on the luxury side, that had that common denominator. And it's a, it's a terrific conference.
A
It is, it is. And I also wanted to make the point. We did a mastermind session recently of the Guild elite members of the Institute, and we were talking about this very topic, and one of the members asked the question of whether or not there was an opportunity to attend conferences of a brand or brokerage or franchise or something like Leading RE if they weren't part of that organization. And the answer is a resounding yes. So you can be accepted as a guest right. Now, keep in mind that any of these folks that are looking to recruit see this as an opportunity to show their stuff to folks that aren't already part of their family, if you will. And so don't hesitate to ask a colleague in your market or even reach out to the leadership of a brand or an organization and find out if there's an opportunity to participate.
B
That's terrific. So, Tammy, is there a, is there a particular conference that your personal must go conference every year that you look forward to?
A
Absolutely. And, and that for me, is the Leaders in Luxury conference that I mentioned already. I have not missed that conference since its beginning. So I also hear a lot of our members, Institute members will list that as their absolute must go to. And, and I think that that comes into play the idea of making a plan ahead of time. Right. And, and knowing which are the big rocks, if you will. You know, they talk about you put the big rocks in the bucket and then you fill it with the smaller rocks. And so if you know what your priorities are, you can space them out on the calendar in your budget, but you kind of revolve around those key dates and, and you can make your plan. So as you mentioned, Leading Re, that comes up high on the list for A lot of our members and then anybody who participates in the Buffini program, right. They will, they will tell you flat out that they're not going to miss it. Right. So those types of high level coaching, one that has come back on the scene in the last couple of years that I think is a fantastic is the Star Power Conference. And again, that's brand agnostic and it's not specific to luxury. But of course they have panels and breakout sessions that are on luxury specific topics. But I think Star Panel has been.
B
Kind of revived, right?
A
It has come back. Yep, it sure did. And so that's one that I would recommend people check out because that is open to everyone. And, and you made a comment earlier about networking at the cocktail hour and something that I have always found to be true is that the best connections and the best snippets of information tend to come in the hallway or at the hotel bar after. Right. It's not always just the educational sessions, which of course you should be looking for for good content, but it's those opportunities. So I think there's a point to be made that if you attend these conferences, it really is advisable to socialize. Right. As opposed to just go right back to your hotel room and tackle the email and all of that. But look for those kind of hidden opportunities to benefit.
B
Well, I think the networking, whether, even if it's not technically a networking conference, there's always a networking component at any gathering like that. And if you miss the social aspects, aspects of it after hours, you're really missing out on a lot of the opportunities because that's where a lot of our connections come. Most meaningful connections come, as you just said, so.
A
Absolutely.
B
How many conferences do you go to? I mean, do you go to one every quarter? Do you go a couple every quarter? What's, what should somebody shoot for like myself? As I said in the introduction, you know, I go to a few conferences, but it's, it's not been a major part of my planning and I need to reinstitute, if you will, conference and networking events. For myself personally, what do you recommend?
A
Well, and personally I attend a lot more conferences than most people do because of my role with the institute and representing and speaking and that sort of thing. But I would recommend a quarterly approach now. There's seasonality to conferences and so you'll find that there's conflict. Everybody either does it. It used to be always in October. Right. And then people were finding that, that they were losing some attendees because they were conflicting with other, other things. And, and so then everybody started shifting to the spring or the summer and everybody follows suit. It's the same, the same way, like I said earlier, that everybody's in Vegas in the same year.
B
Right.
A
But, but if you can start with those that are the most important and build around it. So it may be that you've got, you know, two in the first quarter and then two in the last quarter. Right. Or the third quarter. So it may not be evenly distributed just based on when these conferences are. But, but I, I do think that it's wise to think about maybe around four. And if we go back to the, the conversation about whether you're newer to this or whether you're more seasoned, then, you know, those could include regional events as opposed to, to necessarily big, national or even international. Right. There's tons of great international events as well. And then it really is going to play back into your budget.
B
Sure, of course.
A
And I firmly believe that this is dollar productive business activity. Right. Yes, it's tax deductible as business expense, but it is the investment that you're making in improving your business, growing your business, growing your referral networks. And so it's easy to look at the cost of some of these and just kind of balk at it because you wouldn't spend that kind of money on, on, on things. But you know, I think about, in our industry, so many of us have a hundred subscriptions for 39.95amonth that we don't even know what they're there for. Right. So we are, so we're so easy to spend money on those kinds of things. Right. And so when you look at a bigger ticket item, then you know, you can, you can get some pushback, but these are true investments and can really exponentially improve your bottom line. So I think that's important to look at. And it could be, you know, 50 or $75 to go to something on a regional level, or it could be a thousand or two for some of the major luxury conferences. And so you've got to factor that into your budget and kind of grow into it, if you will.
B
Well, the other nice thing too, you mentioned the tax write off. But bring your, your spouse or partner along, bring the family and turn it into a vacation. Then you have a whole vacation. This tax write off.
A
Yeah, there are fun too. There are a lot of really successful agents who are experienced conference goers who, who include that as part of their planning. Right. Is the conference in a location where they can, you know, piggyback it with a Vacation, whether by themselves or, or with family and all that sort of thing. And one of the things that I wanted to point out, in the luxury space, many of the conferences are held at places like the Ritz Carlton and Four Seasons, that level of hotel or resort, and they cost more because it costs more to have an event at that location. But it's super important in that arena for attendees to be able to experience firsthand the level of service and quality expectations that our clients share in that upper tier. And they usually have negotiated some pretty fantastic rates. So even though you're paying more for the conference, you may be paying significantly less for the accommodations and it kind of works itself out. But definitely you can choose locations where you can, you know, tag onto it a visit to family. Right. Or, or some sort of extra opportunity. And so I think that that's, that's really important to consider that.
B
Tammy, I'm just curious, I mean, you go to some of the same conferences year after year you mentioned. Do you ever choose a conference that's totally outside your wheelhouse? Excuse me, Outside your wheelhouse, Something that's maybe not even your normal, outside your zone?
A
Not often, but occasionally. And again, I find myself in a spot where I'm exposed to a little bit more of my, my role with the Institute. But, but I think it's really exciting to do something new and different. So maybe, maybe it's a, maybe it's a first time conference or gathering and maybe it's something very, very specific. I, I get excited about those opportunities, right. And sometimes they're great and sometimes I say, okay, did that. Right. But, but I do think that it's, it's smart to, to, to push yourself outside of, outside of the norm, for sure.
B
One of the things that you kind of alluded to earlier and you and I've talked about in the past is when we go to these conferences, specifically those that are designed to engage, designed for networking purposes. When you're networking with agents in other markets, we're learning that there's another way to do things. Things aren't business isn't conducted the same in California as in Tennessee or in Florida versus New York.
A
That's right.
B
When we go to those networking conferences and we're having those kinds of conversations, things that you and I might assume to be, this is the way it's kind of done everywhere we're learning it's not. And that's really important, I think, in us particularly conducting business, again in the luxury space because we're having clients moving into our markets. From other places where business is conducted in a very different way. Talk to me about that and how that, how you experience that.
A
Yeah, I think some of my favorite epiphanies that have come from that. Number one, radon testing. Right?
B
Yeah.
A
Most of the listeners out there are like, yeah, so radon testing, we do it well, not in my area, and it's not true all across the state. But in my area, it is very uncommon to do a radon inspection. And part of that has to do that with. We're at sea level. Right. We don't have substructure. But in certain parts of Florida they do have quarries. And so in those areas they may conduct them. But if I've got somebody coming in from out of state, I have a conversation with them up front about how we manage inspections and the process here, whether it's somebody coming from a place where it's attorney closings versus in my area where they're title company closings, those types of things. Number one, when you're having those conversations with your clients, it's it, it really establishes you as more professional and more knowledgeable. It sets clear expectations. But if you didn't know that they were expecting something different. Right. Like I, I've told you before, some years ago in California, it was very customary for every seller to take their refrigerator with them. Right, Right. It was just rule of thumb. It was never included in the purchase. So when I had clients coming here from California, I would have to tell them that their house is going to come with a refrigerator. Right. So if they were bringing theirs from California, they were going to have two. Right. So they'd need to figure that out now. Also to the same token, I learned through attending conferences and interacting with other realtors that that's no longer the norm. So again, keeping your. Your information current and warranties. Recently. Oh my goodness. Recently with the shift in our industry, the change to required buyer brokerage agreements and the shift in compensation and that whole discussion this past season, pretty much every conference was focused on that level of education. And it was wonderful to be able to hear from real estate professionals who are in states where that's been the norm for years.
B
Right. That was us. We've been, we've been practicing buyer agency from. Since the late 1990s. So when I started in real estate in 98 or mid-90s since. So when I started in 1998, we kicked off our career using by representation agreements. We were required to by the state when we take on a new client. I shared with you before that having one of these conversations with another broker from another market prior to the NAR settlement, we, we had one of my clients say that he spoke with an agent, his former agent in another state, and said, jack, what you're doing is highly illegal. You can't use a buyer representation agreement. And, you know, I said, I said, not only is it not illegal, it's actually required in the state of Tennessee. So again, it's one of those, aha moments, I think, for agents when they talk and network with our colleagues in different markets. The business is conducted in different ways in different places. And I think to your point earlier, when we meet with, you know, when we have our luxury clients are moving into our market, I never assume that the way that we do business is, is something they're accustomed to. So we like to kind of go give them an overview of the process from start to finish and describe what it's going to look like and, and, or may break it down into segments. So when we get something under contract, we start from contract to closing, describe what all the pieces look like all the way to closing. Because there's a lot of expectations people have from their past experiences.
A
Right.
B
It may be a different place, being a different place, literally and figuratively speaking, when they're here.
A
Yeah. And, you know, that makes me think also about the importance of, of continually attending things where you can learn. So in the, in the couple of decades, couple of decades plus that you and I have been in the business, think about how different things have been at different times. Oh, yeah. And adapting to financial crises, adapting to different market conditions. I remember one year when the Institute's Leaders in Luxury conference shifted entirely away from its normal format and focused on managing short sales and foreclosures in the luxury space place. Because that's where we were.
B
Right.
A
In terms of the market conditions. And that was pretty universal. Much like the, the NAR settlement and the, the buyer brokerage conversation. When you've got something that, that, that is pretty universal to everybody attending, it is, it is so helpful and so educational to be able to have these conversations with people who are experiencing the same thing and some people who have, who are at a different level of figuring it out. Right. Or, you know, often Florida, and lead the market in terms of, well, crazy. If there's, if there's something going crazy right up or down, it's going to happen in Florida and California first. So, so we can, we, we can then trickle down on that. But there's, there, there's so much to be said for Staying on top of market conditions even when, whether it's, you know, visiting economists or I've seen leaders from, from nar. Right. And, and hearing people firsthand that have more knowledge than the person sitting next to you at the, you know, the diner where you're having your favorite down home breakfast. Right. Who's just consuming the major media news and all these folks that have these opinions. It, it, it's so, it's so worth it to take the time to, to really learn what's going on and to, to find strategies and dialogues and resources to be able to not only manage your own business, but also to be able to, to really provide better service to buyers and sellers.
B
And that example you gave earlier about when the market crashed in 08, it was very interesting because in our local market, our local business journal, the Nashville Business Journal, would profile each year the top producing agents and brokers in the marketplace. Top 25. And every year it was the same players. It was primarily folks who sold in the luxury space. Top producing agents because their price points were much higher and they did fairly high volume based on experience. But then in 08, the whole world shifted upside down and Suddenly that top 25 list became a list of really terrific brokers that rarely ever sold anything. The luxury space it was because of they were doing short sales and foreclosures and suddenly we found ourselves scrambling to try to figure out how to play in that game because we hadn't, didn't have any experience there.
A
Yeah.
B
Learned a lot quickly. But yeah, these, but again, dealing with agents at different places within your own marketplace and networking with agents in other markets at these conferences. Yeah, it gives you, it gives you good exposure and also gives you good resources because now, you know, people, somebody pick up the phone and you can call. And that's something that's been really fun as part of this podcast is I've gotten so many calls from listeners who will just pick up the phone and call me and say, hey, I looked you up at the institute. Ask. Yeah. And I want to ask you a question. I'm like, yeah, sure. And it's been a lot of fun actually meeting some of our other members at the institute and listeners on the podcast.
A
Yeah.
B
And seeing what's important to them. So I've enjoyed that.
A
You know, it makes me think of many years ago, we had an offer. My mom and I received an offer from someone from overseas who was purporting to be a Chinese citizen and wanted to make a sight unseen million dollar cash offer on, on a property and you know, the red flags just kind of went off and, and, and we said, well you know, we'll, we'll need you to provide us a copy of your passport. Which they did. But we were a little out of our league in being able to, to determine whether any of that was legitimate. And we had a colleague who was a Chinese agent in Vancouver B.C. and we knew him through these conferences that we attended. And so we called him up and said, hey, we've got this situation and I don't know, can you help? And he said, well share the copy of that with me. And he took one look at it and he said this is fraudulent. He said, because all of the various provinces have an associated number sequence and this number sequence doesn't match up with where they're saying that they're from. And it turned out to be like an international fraud situation. Well before it was mainstream to get those, you know, the Nigerian prince with the fortune. And this is nothing about any ethnicities or cultures or any of that sort of thing. But, but having that resource, we were able to avoid a potentially really dangerous situation. And, and as you say, the ability to pick up the phone and call is, is just priceless.
B
Yeah, for sure. Yeah. Sadly, criminal activity has no boundaries when it comes to.
A
It does not. Right. In the luxury real estate marketplace, you know, we, we talk about that. We are actually more likely to, to encounter some really interesting schemes.
B
Well, it's bigger returns and with my business partner Robert and I we conduct a session every few years here called the Multi million Dollar Disappointment how to flush out scam artists in the luxury home market. Because it is so common. But, and we bring in, one of the things we do is we bring in agents and brokers from different, different companies for the shared experiences and looking for common practices, best practices, really, really helpful. Again, it's all about networking. It is, this conversation is terrific.
A
But also that makes me think of some of my, some of my favorite sessions in the conferences that I've attended, particularly in the luxury space, have been with leadership from places like the Ritz Carlton and the Four Seasons and you know, luxury automobile dealers. Right. So in, in, in your standard conferences, it's going to be very cut and dried kind of real estate information from folks that are in the real estate industry. But when you get up to those higher level conferences in terms of content, you're likely to see the kind of speakers who are sharing things from outside the real estate industry that are really relevant to how we interact with in this case a luxury consumer. Right. What their expectations are. And, and I think that, that that's something that's, that's valuable. So let's kind of circle back to the idea of planning for the conferences. Right? Because I joke all the time. People will ask me on a Monday, so how was your weekend? And I'm like, what are you talking about? I've been working all weekend. Right. We work seven days a week in many cases. And so if you don't sit down and make a plan, then it's really easy for it to come up all of a sudden. And now it's too late to register or get the, the airf sort of thing. So I, I have consistently seen over the years that the most successful real estate professionals will take the time as part of their annual business planning to, to decide what their priorities are in terms of attending the conferences that they want to go to. And as we said, you know, add that in with extra time on either end if it's a place that you want to go. But really including that as part of your business plan as opposed to just jumping on opportunities as they present or missing, you haven't planned. So I, I think that's, that's something that I, that I definitely would encourage all of our listeners to, to think about and.
B
Well, it's a common thing. T. We've talked about this before. You know, there's, there's two different kinds of agents. There's proactive and reactive. And the agents who are the most successful, the most successful in the luxury market certainly are those who, who conduct business with intent. That doesn't mean just a transaction. That means the long term business plan. So whether it's planning, you know, budgeting or whether it's planning your conference, attending, the bottom line is you have to have a plan. And that's what we're doing here. You're talking about how do you incorporate your conferences and networking opportunities for the year ahead? This is the time to do it.
A
That's right. Absolutely. Absolutely. All right. Well, our time together is always too short, Jack. At least I think so. And so with that, I'm going to thank all of our audience for joining us on this episode of A State of Mind, the Art of selling luxury real estate. If you're interested in learning more about the institute, you can find more@luxuryhomemarketing.com and of course, as we said, you can also find our contact information and you can pick up the phone and call us or send us an email. But if you like what you just heard, please share it with a friend. And don't forget to subscribe, rate and review this podcast. And if you've got a hot topic that you'd like us to discuss in a future podcast, feel free to let us know. Send an email to infoluxuryhome marketing.com thanks for listening.
Estate of Mind — The Art of Selling Luxury Real Estate
Episode: Choosing and Maximizing Real Estate Conferences
Release Date: December 4, 2024
Host: Tammy Sims, Lead Trainer for the Institute for Luxury Home Marketing
Co-Host: Jack Miller, Luxury Agent with Over 25 Years of Experience
In this insightful episode of Estate of Mind, Tammy Sims and co-host Jack Miller delve into the strategic selection and optimization of real estate conferences and networking events for professionals in the luxury real estate market. The discussion emphasizes the significance of these gatherings in fostering professional growth, expanding networks, and staying abreast of industry trends.
Tammy opens the conversation by reflecting on her inaugural real estate conference experience, highlighting how such events can ignite a lasting passion for the industry. She underscores the multifaceted value of conferences beyond mere attendance, positioning them as pivotal platforms for learning and networking.
Notable Quote:
“You always come away with some sort of learning experience or networking experience.” [01:26]
Location:
Tammy emphasizes the importance of selecting conferences in locations that are either personally appealing or strategically beneficial for one’s business. She points out that major cities like Las Vegas and Orlando often host the largest conferences, but mid-sized cities can offer unique opportunities and new environments for networking.
Feeder Markets:
Considering feeder markets is crucial. Tammy explains that attending conferences in areas that supply significant business can lead to valuable connections with local professionals who understand the nuances of those specific markets.
Content Quality:
The substance of the conference sessions is a key determinant. Professionals should seek events that offer fresh, innovative insights rather than repetitive information.
Notable Quote:
“Sometimes it's about the location, because they're in places that all the conferences are over and over again.” [02:00]
Tammy and Jack explore the dual benefits of attending conferences: networking and educational content. While both elements are valuable, Tammy highlights that networking often holds more significance for her, as it fosters meaningful relationships and opens doors to referrals and collaborative opportunities.
Notable Quote:
“But it's the networking that really is the most important piece for me.” [03:57]
Jack shares his positive experience with speed networking, where brief, structured interactions allow attendees to meet numerous professionals in a short span. This format is particularly beneficial for those who may feel uncomfortable with traditional networking settings, as it provides a guided environment for making connections.
Notable Quote:
“It’s time to switch, meet somebody new. I thought that was a lot of fun.” [10:19]
Tammy advises that the most valuable interactions often occur outside formal sessions, such as in hallways or hotel bars. Engaging in casual conversations can lead to deeper insights and unexpected opportunities that structured settings might not offer.
Notable Quote:
“The best connections and the best snippets of information tend to come in the hallway or at the hotel bar after.” [15:08]
Tammy recommends adopting a quarterly schedule for attending conferences to balance frequency and depth. This approach allows professionals to allocate their budget and time effectively while ensuring consistent exposure to new ideas and networks.
Notable Quote:
“I would recommend a quarterly approach now.” [16:55]
Investing in conferences should be viewed as a business investment rather than an expense. Tammy encourages professionals to prioritize high-impact events and consider the long-term benefits of expanded networks and enhanced knowledge.
Notable Quote:
“These are true investments and can really exponentially improve your bottom line.” [18:22]
By attending conferences across different markets, professionals can gain insights into varied business practices. Tammy shares examples such as radon testing and buyer brokerage agreements, which differ significantly between regions like California and Tennessee. This knowledge is crucial for effectively serving clients relocating from diverse areas.
Notable Quote:
“It's important to keep your information current and warranties.” [24:00]
Drawing from personal experiences during financial crises, Tammy and Jack discuss how attending conferences helped them navigate challenging market conditions by learning from peers and industry leaders. The ability to adapt based on shared knowledge is a key advantage of active conference participation.
Notable Quote:
“There’s so much to be said for staying on top of market conditions.” [28:06]
Tammy recounts a situation where a conference connection helped identify and prevent a fraudulent real estate transaction. This example underscores the practical benefits of having a broad, reliable network.
Notable Quote:
“Having that resource, we were able to avoid a potentially really dangerous situation.” [32:00]
Jack shares how discussions at conferences led to important realizations about industry standards and client expectations, further demonstrating the value of continuous learning and cross-market communication.
Notable Quote:
“We never assume that the way we do business is something they're accustomed to.” [27:15]
Tammy and Jack wrap up the episode by reiterating the importance of integrating conference attendance into one’s annual business plan. They advocate for proactive scheduling and strategic selection of events to maximize both networking and educational benefits.
Notable Quote:
“You have to have a plan. And that's what we're doing here.” [36:32]
Key Takeaway:
Strategic planning and active participation in real estate conferences are essential for professionals aiming to excel in the luxury market. By carefully selecting events, prioritizing networking, and continuously adapting to industry changes, agents can significantly enhance their business growth and client service.
This episode of Estate of Mind provides a comprehensive guide for luxury real estate professionals on how to effectively choose and maximize the benefits of attending real estate conferences. Tammy Sims and Jack Miller offer actionable insights, personal anecdotes, and expert advice, making this episode an invaluable resource for those looking to elevate their presence and performance in the luxury real estate market.
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