Can modern real estate learn something from Star Trek? In the late 1980s, Captain Jean-Luc Picard made popular the phrase, “Make it so!” when instructing his team to make their mission a success. Now, thirty years later (or perhaps four hundred years earlier) real estate professionals should remember the Captain’s words when they prepare for their mission in 2008. Captain Picard was always confident his away-team could carry out their missions. That’s because they were trained to research the problem, analyze the options, select the right tools and implement the solution. Modern real estate agents can do the same for their business. Even though there may not be a tricorder handy, there still are a number of cool tools to be employed to create success.

Start with the research problem: Modern real estate professionals have to stop guessing at what’s happening in the marketplace (or worse, listening to the mass media). Like the Enterprise’s crew, agents have to tap into the central computer and find facts about the world: its people, general conditions and challenges. Today, those facts are found in the National Association of REALTORS’ database in the form of “research studies” published every year. To create a battle plan and choose effective tools, learn to study the data in the Profile of Buyers and Sellers study, Member Profile Report, and the REALTOR Technology Survey, all-accessible via http://www.realtor.org/. These reports contain the research data the modern practitioner can use to monitor what consumers are doing, what the competition is doing and which technology everyone is using to do it!  Rather than simply plowing ahead into next year’s marketplace and then reacting to market surprises or competitive techniques, brokers and agents need to plan for the marketplace by studying it. As the Captain routinely ordered, “Mr. Data, scan the planet for intelligent life!”

Next, modern professionals need to analyze the market conditions and, based upon the research, develop hypotheses and conclusions about the upcoming market. Eliminate extraneous data - especially hyped news and bleating media, not to mention pseudo-news based upon vendors’ opinions. Look at real market data and ask: What can be done? Can the marketplace support more residential detached homes or are condominiums more valuable? Will lending trends lower or raise the age for the first time homebuyer? Does newspaper advertising create measurable new business, or do more leads come from your website? Extract a set of benchmarks, measuring tools and observable facts from the research.

In some cases, develop data and conclusions based upon your own recent performance. For example, build an Excel spreadsheet itemizing your recent prospects. Analyze the source of recent leads for the last two quarters. Determine your cost-per-lead generated, the conversion percentage of those leads (especially by source) and generate a set of conclusions about your business development strategy. Do something similar for your marketing: compare online and offline sources and review your technology approach to support such marketing. Analyze your data management techniques as well: Did you use an email-folders-only approach to organize data or have you employed a full CRM program? By analyzing your data and current impact of technology, you can build a picture of your “effectiveness” dealing with the current (and near-future) market forces.

During this process, forget about your competitors: most of the research around them indicates they are mostly not competitive factors. For example, NAR data shows that 67% of sellers only interviewed one agent before hiring them. Your analysis has to be less focused on overcoming competitors and more focused on aligning your practices with consumer habits. Most importantly, forget the past. Recent data suggests that agents who entered the industry within the last five years have significant misconceptions about the nature and operation of the real estate market. Their conclusions about how to practice real estate are tainted by market forces that no longer exist (super-heated, under-supplied, over-financed). Even though many agents were successful during the boom cycle, the current and future conditions are diametrically opposite. No conclusions drawn from the “blip” market can be applied to the future. Only by studying the most recent data - 2006 through 2007- can smart conclusions drive decision making. Think of it as being a “mission specialist” businessman rather than an historian.

Before heading into the future, choose the right tools for meeting its challenges. In Star Trek terms, can you tour the alien planet unarmed, do you need a hand-phaser or is it time to break out the photon torpedoes? A successful journey through next year’s real estate landscape will depend upon the technology you take along. Certainly, you’ll need the best communications devices - such as a Blackberry Pearl - to stay in contact with your team by voice or email. A modern smartphone will enable you to manage some alien forms of communication such as instant messaging or video. Managing the data you’ll collect - such as listing inventory and buyer profiles - will require a portable computer like Thinkpad’s T61 model. With an integrated fingerprint reader for security, wireless cellular access, web-conference camera and long-life lithium battery, such lightweight laptops will form the cornerstone of your mobile office strategy. Complementing your technology arsenal will certainly be the latest quality digital camera - like Canon’s SD430 wireless - that stores dozens of photographs per listing, instantly converts into a video camera to shoot narrated virtual tours and transfers data to your laptop wirelessly.

Once you’re ready to go - having analyzed the data, built a strategy for your approach and outfitted yourself with critical technologies - all that remains is to pick a beam-down point and plot your path into the market. It would be a mistake to start the process at the end, trying to apply new tools to established-but-outdated practices (such as postcard prospecting). Far better would it be to start at the beginning (did Yoda just appear?) and reconstruct your practices from new vantage points. This means re-designing, not just retrofitting, your habits. Don’t simply speed up your postcard mailings by employing a faster printer; or swap postcard mailings with email mailings. A total redesign of your prospecting strategy would leverage the research (that 74% of business comes from referrals or repeat clients) and apply the tool (a new Blackberry) to sending a short “relationship building” email to someone you already know asking for a referral. Similarly, don’t just plunk your laptop down on the table at your next open house to display photos of the property. The research shows that open houses are the third most common way sellers preview an agent they might select to sell their home. Make sure your laptop is loaded with a listing presentation, so you can respond to unexpected appearances of seller prospects at your open house. And let’s not forget that a total refit of your online advertising is long overdue: Research shows that the majority of U.S. consumers are connected to broadband internet access, so multiple photos must be supported by multiple videos with narration. Consumers must see you practice professional marketing techniques -at least as well as they can themselves on YouTube!

Making 2008 the best year ever won’t be science fiction but we can learn a lot from such futuristic entertainment. Every month next year will be like exploring uncharted territory; meeting new buyers and sellers will require an understanding of their demographic data and the ability to communicate in strange, exciting ways. Delivering real estate services will depend upon innovative tools and unfamiliar techniques. Combining these three elements -like having a space-board science department, engineering department and alien-encounter team - will make it possible for you, the Captain of your starship, to Make It So!

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