This week, our guest at Agent First Summit was David Morrell, a brokerage owner from Canada who transacts in crypto. David is the founder of Greater Property Group and he and his team love doing things outside the box. Today, he is here to help us learn how to do the same!
Our Agent First Summits happen every Tuesday morning! It’s a perk for all our real estate team members and any of their guests who want to grow their real estate business. To get an invitation, RSVP here: Save Your Seat!
In this session, David is going to show us how to effectively apply crypto knowledge to our real estate business.
How To Use Crypto in Real Estate
In the last few years, the real estate industry has undergone some huge changes that have fed into the growth of crypto. The three main changes include:
- Data. We have given up our data—it’s out there in the open now. Real estate agents no longer “keep back” market data and similar knowledge that used to give them value. Today, real estate agents MUST have a different type of value.
- Technology. In the last few years, consumers have switched from calling an agent for real estate help to finding people online. Now, consumers go online to find out about homes, about agents, and about pretty much anything they need to know.
- Culture. Shopping behaviors have changed. Today, consumers care about “branding” more than they used to. It’s no longer enough to be just an agent; today, you have to reach out to your target audience with relevant information.
As an agent, it’s important that you realize these changes are happening. It’s time to move past the old way of selling things and step into a new and innovative strategy. If you want to keep up with the new way of handling data, technology, and consumer culture, you need to be open to getting involved in things like crypto to expand your business portfolio.
The Four Pillars of Today’s Real Estate Business
Before you get started with bitcoin, there are four important pillars that you need to implement if you want to truly succeed as a real estate agent. Without these pillars, you’ll never get anywhere, regardless of whether you use cryptocurrency.
- An overflow of business. You need a consistent way of generating business and getting clients all the time, no matter what the market looks like.
- Training, coaching, mentorship. Now more than ever you need to pay attention to changes in the industry and adapt to change so that you can keep up with the times. Find new information and talk to leaders in the industry to implement new practices. If you don’t, you’ll quickly get stuck in the past and lose business.
- Marketing and branding. You have to develop PERSONAL branding. What are you known for? How do people feel when they see your name? What would people say about you if you’re not in the room?
- Unique selling propositions (USP). USPs are crucial. But you need more than just “honesty and integrity” or “I’m a hard-working expert.” You need to find something that’s meaningful to the people you’re looking for—and that may just be something as wild as cryptocurrency.
Without these pillars, you won’t succeed. It was the need for these things that drove David and his team at Greater Property Group to develop a deeper knowledge of the world of cryptocurrency so that they could offer something a little different and stand out among a crowd of real estate agents who all look the same.
How To Use Crypto
It’s important to understand what Bitcoin really is if you want to start using it for real estate. “Bitcoin is software for running a decentralized network…the decentralized network has its own currency,” according to Saifedean Ammous, author of the book The Bitcoin Standard.
Unlike other digital currencies, Bitcoin can’t be changed and isn’t going to suffer a lot of inflation. It’s an easy way to move money so that transactions can run a lot more smoothly and quickly.
As real estate continues to grow and change along with the technology of the day, real estate agents will find that it’s WAY easier and faster to move money, transfer titles, etc. by using blockchain technology.
Of course, it’s difficult to just pick up and learn cryptocurrency. To learn more about the ins and outs of working with Bitcoin and similar technologies, read The Bitcoin Standard and check out David’s podcast to dig deep into these crucial topics.
You may not be ready to jump into cryptocurrency with real estate yet, but you can always start by buying yourself an NFT and figuring out the process. In the future, you can use it to pay agents, buy and sell homes, and much more, just like the Greater Property Group!
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