REAL ESTATE ADVICE TO AGENTS:
If you are a real estate agent who does anything without thinking about the M-O-S-T, please stop now!
I'm talking about online and print advertising, door knocking, open houses... Those are tactics, and implementing any "T" without the M, O, and S that should come first is a little like target-shooting without aiming. So let's back up for a minute... to the very beginning, when real estate was nothing more than a dream or a vision for you.
You probably had a vague idea of what you wanted to do or be when you completed your first real estate course; but it didn't take long to figure out that getting your license is a teeny little baby step on your journey. If you're really really lucky, you had a real estate broker and/or mentor who helped you define and work toward your goal. It's not likely that you learned about the M-O-S-T, however, because it is one of those MWODA originals! Of course, the information is not new or original, just packaging it with that acronym.
M-O-S-T is an acronym for Mission, Objectives, Strategies, and Tactics:
Mission - After licensing, hopefully you developed a Mission Statement, the next step in your journey to becoming a successful real estate professional, when the dream or vision in your head actually hits the road. It should express your ambitions, philosophies, goals... and it may include who will be your customers, what you want to accomplish, the products or services you will provide. Although your mission may be challenging, it should be achievable, and it should be in writing. It is, however, a living document that you may update from time to time.
Example: I am going to "own" my neighborhood, listing and selling more homes than any other agent, while representing myself and my company with the highest degree of integrity. (Not saying this is a "good" example for you to emulate, just that it IS an example.)
Objectives - Your objectives are measurable goals that will further define your mission and hold you accountable. They should define how much/many, and by when. Again, they should be achievable, even if they are challenging. Let me ask, if you don't have objectives, how will you evaluate your success? By the way, be sure to write your objectives into your calendar or planner on the "when" date, and set aside some time that day to analyze your success at achieving your measurable goal by the specified time.
Example: To list 25% of all homes for sale in my neighborhood during the first quarter of the year, increasing that by 10% each subsequent quarter, and reaching 55% market share of listings within one year.
Strategies - Strategies are your plans for HOW you're going to achieve your objectives - the WHY behind your tactics. If you're out there advertising, mailing, or doing any other marketing without having a strategy, it is just plain foolish. Defining your strategies enables you to implement several complementary tactics, thus increasing the effectiveness for each of them.
Tactics - The specific actions you take to activate your strategies are the tactics. Yet many real estate agents are out there just advertising, knocking on doors, holding open house, etc. without any strategy, objective, or mission.
Let's look at some examples of strategies and tactics that might be compatible with the above examples for Mission and Objectives:
- Flood every household in the xxxx neighborhood with information about me and my company so they will think of me when they want to sell or buy a home. Monthly mailings, advertising in a neighborhood newsletter, or starting and promoting a neighborhood-specific blog.
- Reach homeowners through their children and pets so they will like me and choose to do business with me. Sponsor a bike-safety program, have a seasonal coloring contest with age-appropriate prizes, or organize a pet parade.
- Market move-up homes to occupants in my neighborhood to inspire them to buy a new home and list their current home with me. Drop off fliers for single family homes in townhome neighborhoods, or send fliers of waterfront homes to people who live in water-view or water-access properties.
So, here is my real estate advice to agents: the next time anyone suggests that you get a website, hold an open house, or do a mailing... think about M-O-S-T and ask yourself if that Tactic is compatible with your Strategies for accomplishing any of your measurable Objectives in concert with your Mission Statement. Once you "get" this, it is something you'll apply to many areas of your life, as does my entire family. Try it, and let me know how M-O-S-T works for you!
CROFTON MD REAL ESTATE: For real estate in Crofton MD or anywhere in the D.C.-Baltimore-Annapolis triangle, contact Margaret Woda at RE/MAX Vision in Crofton MD. (410) 451-1900.
"M-O-S-T" and the content of this Blog - Copyright 2007. All rights reserved. Margaret Woda
Copyright 2006-12. All rights reserved.
DISCLAIMER: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice.
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Margaret Woda, REALTOR and Associate Broker
Direct: (301)346-2923 or click on EMAIL
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Long & Foster Real Estate, Inc., 2191 Defense Hwy., Crofton, MD 21114 (410) 721-1500
Margaret,
You are such a wealth of knowledge. Has it occurred to you to market your experience after you "retire"?
Hi, Aziz - Careful, you're making me blush! Actually you're not that far away - If you ever need anything in Anne Arundel County, let me know.
Karen - Actually, yes, thanks to the amazing reaction from people in your Rookie Real Estate Group. Thank you so much for inviting me to join. Hardly a day goes by that I don't receive a contact from someone who read one of my blogs, asking a question.
Paula - Being measurable is a key component.
Sally - I've discovered through ActiveRain that there are a lot of agents who don't get this kind of advice from their managers. Hopefully I can help one or two of them.
Of course, Cynthia - I know just what you mean... Advice from other people is the best.
John - Thank you for the compliment!
Vicki - I need to dust off and review my Mission Statement, too!
Margaret,
Great post and one that should be combined with doing a quarterly SWOT analysis. SWOT stands for strengths, weaknesses, opportunities and threats. We must be innovative and looking at what our competition is doing. By doing so, we can stay on track, on the cutting edge, and ahead (hopefully) of the competition. All the while serving our clients and customers professionally.
Keep up the good work and reminding me of ways I can do so too.
Michael - That's a new one on me, and it looks like something I should add to my arsenal. In fact, it could be the topic of a new blog for you!
David - Are you saying I'm preaching? (To anyone who doesn't know, David is my tech guru, and we are ribbing each other, nothing more.)
Adam - It is a shame that new licensees don't graduate with at least a hint of training beyond the laws. Of course, they're essential, but that alone does not prepare anyone to serve the public well.
David, I love you! You're being pretty funny here.
Katerina. Thanks, I'm glad you like it. The acronym really does help me remember when I need to stop and evaluate whether something I'm doing makes sense.
Nora, thank you for reading this and commenting. I enjoyed reading your bio and some of your blogs, so I hope we find each other again.
Hi, Penny. 'Thanks for the compliment. I clicked through to get to know you a little better, and really enjoyed your meme. 'Hope we cross paths again on AR.
Excellent advice. I'm going into a week long training and refresher course to focus on these types of goals and activities. Thanks - bookmarked and 5!
Dawn - Thanks, I hope it helps you... Using M-O-S-T helps me in other things, as well as real estate.
Dacia - That really mean a lot to me. I've been fortunate to have a long happy career, and sharing some of the things I've learned along the way just seems like the right thing to do.
Chrissy - Funny thing, I'm going into a wekk long training myself, and it will be interesting to see if what they teach is what I do, or if I learn something new.
Joddie - They say timing is everything, and it looks like that's true here. Hopefully the M-O-S-T concept made it easier for you.
Gita - As the kids go back to school and life gets back to normal, this is a great time to look at what we do and confirm that it makes sense, within this framework!
Lane, thank you!
Nicole, That was the whole idea!
Nia, I hope it helps.
Doris, it is so easy to remember... it really helps you keep on track. And my children still use it in business.
Sharon, Yes, because you sometimes find yourself doing something (a tactic) that has no relevance whatsoever to your strategies, objectives, or mission
Amber. Thank you for your compliment. I hope it works for you as well as it works for me.
Karen, you are welcome to share it.
Brad, I am humbled that you read my blog, and thank you for your compliment.
Arlene, you're fortunate to work for a company that has these tools. I've learned over the years, and more recently through ActiveRain, that not everyone does. We are indeed, very fortunate.
Hi Margaret,
I am happy to say that it has worked for me, and I picked a new listing and three new buyers! Whoo-hoo :-)
Amber
Margaret,
I just ran across your post and loved this one! I was thinking about having a pet parade in my neighborhood for the kids, and you just reinforced my idea. Thanks so much!
Karen - Goodness, how did I miss your comment, way back in September? Sorry!
Elizabeth - Glad you enjoyed it, Elizabeth. A pet parade is definately a tactic, but it's a good one if it fits a well-conceived strategy and objectives, etc.
Margaret,
I have recently relocated to Alabama from Nashville, so I am back to square one, starting over...yuck! At least I have experience under my belt. I have been sending out a newsletter each month to my neighborhood (absorption rates, appreciation rates, etc.). I thought it would be fun to put a kids corner on my web page, and get the kids involved....thus, the pet parade. I loved your idea for a coloring contest as well. I may borrow that idea too! Thanks again.