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Lawrence Realty Associates |
Problem
Lawrence Realty Associates [LRA] was a new name for the firm (recently changed from Calvin, Eddy, and Kappelman Real Estate as Calvin, Eddy and Kappelman were all long gone and forgotten by most possible clients in the market). Furthermore, the company was in a new location, and it needed growth and a stronger performance by its agents to adequately fund and staff the new office and new land developments. The firm had fewer than 15 full-time agents and a market share percentage that put LRA in eighth place in the Lawrence area.
Solution
In 2003, Rod McIntyre, the director of education for the Kansas Association of Realtors, suggested that a CRS instructor by the name of Walt Frey might be worth bringing into Lawrence. McIntyre and others within the Kansas Association of Realtors had many discussions of style, training, and the future of our industry in general. LRA guaranteed a minimum and Walt Frey came to Lawrence to present Ninja Selling. It was exactly what they were looking for; after the initial class, a small contingent traveled to Fort Collins and spent the afternoon with Larry Kendall, seeing firsthand the results that had been achieved at The Group. After that date, with very few exceptions, everyone within LRA and everyone who joined LRA, took part in Ninja Selling, Ninja Selling II, and made a trip to Fort Collins for a Ninja Selling Retreat (including the first one ever). Most agents with LRA have traveled to Fort Collins on more than one occasion, and at least four agents make the trip at least twice a year. Walt Frey was hired in 2005 and began a two-year monthly coaching session at LRA to reinforce and inspire the agents to continue along the “Ninja path.”
Result
By the end of 2006, LRA had grown to more than 40 full-time agents, with additional offices in Topeka and Baldwin City, Kansas. The firm’s market share placed it solidly in third place behind two larger firms, both more than double LRA’s size. By the beginning of the summer of 2007, Lawrence Realty reached second in market share rankings and frequently surpassed the largest firm when the search was narrowed to just the “buying” side. It was a demographic that was becoming more and more attractive as the local market ground to a very slow pace.
Additionally, LRA found that many of the headaches that had been so common with getting deals closed were reduced dramatically, primarily due to the fact that 85% of its listings were pre-inspected by a licensed mechanical/whole house inspector. The addition of The Real Estate Leader, a full-color insert in the local newspaper added to LRA’s differentiation, increased visibility, and growing market share. A full-time marketing position, which supported LRA agents as they put together pre-listing booklets, buyers packages, “8x8” mailings, open house advertisements, and additional items of support for the LRA team, added much needed expertise as well.
A strong group synergy was also obvious. More than half of the office attended the annual NAR conventions each of the previous three years. And a sizable group has taken part in Kansas Association of Realtors cruises, the Kansas City Ninja Summit, annual parties, monthly pot luck lunches and an annual “Lake Day” at the local reservoir. Finally, the increased market share and visibility caught the attention of the largest local firm, a firm that was shedding its national franchise, and negotiations on a merger were begun. As of January 2008, LRA and McGrew real estate have merged into the largest local real estate company. The new firm retained The Real Estate Leader, revamped its processing, closing, and marketing departments to the LRA “Ninja” style. Additionally, in-house training is being completely restructured to match the Ninja format and procedures. And it’s no surprise that at the half-way point in 2008 the old LRA “Ninja” agents make up less than 30% of the new agent work force but have produced 48% of the gross commission dollars. The weekly “Extreme Ninja” coaching sessions, based on the meetings held by Bud George at Bob Parks Realty in Nashville, have caught on with many of the former Coldwell Banker agents who are looking at ways that they can make money, help people and have fun too.
