Century 21’s Mike Miedler Speaks On The Energy Of A ‘To-Do not’ Checklist
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Actual property convention season is heating up, as a number of actual property manufacturers descend on Las Vegas to rally brokers and brokers for what is going to undoubtedly be one other difficult 12 months. Century 21 is the most recent brokerage to roll the cube in Sin Metropolis, with its annual One 21 Expertise happening within the Fontainebleau Mar. 4-7.
Mike Miedler
C21 President and CEO Mike Miedler — bright-eyed and bushy-tailed regardless of a morning chock-full of conferences — gushed in regards to the convention’s location, drawing connections between the multibillion-dollar resort’s historical past and right now’s market.
“The Fontainebleau broke floor in [2007] and it modified palms 4 or 5 completely different occasions,” he mentioned. “[Famed investor] Carl Icahn even had his palms on it for $100 million,” he added. “Lastly, the Fountainbleau [brand] purchased it again and after near $4 billion bucks, they lastly opened it nearly 20 years after the primary deal.”
“It’s a traditional actual property story,” he added. “It’s an instance of how being relentless works.”
Miedler mentioned brokers and brokers must carry that very same spirit all through 2024, because the trade wades by a number of macroeconomic challenges, the rise of synthetic intelligence and the results of a number of buyer-broker fee lawsuits.
“[Our affiliates] don’t need to promote the C21 model,” he mentioned. “They don’t need to promote the belief and confidence that Century 21 brings — they solely must promote themselves and the way they’re an skilled within the native market.”
“Your to-don’t checklist needs to be rather a lot longer than your to-do checklist,” he added. “With all of the information and all of the stuff that’s on the market, we typically need to do some little bit of every little thing. However whenever you keep targeted and also you’re true to your sport plan, that’s the place you’ll discover essentially the most success.”
Inman: The One 21 Expertise begins on Monday. What are you most enthusiastic about for this 12 months’s convention?
Miedler: I’m tremendous stoked — that is convention season and that is the massive kickoff to rejoice our achievements final 12 months and the start of an enormous spring homebuying and promoting season. We made a couple of modifications [to the conference] this 12 months, which shall be actually cool.
After all, we’ve got our nice keynote audio system like Mike Ferry, who’s the godfather of the teaching trade in actual property and has created extra millionaires on this enterprise than most likely anyone on the market. Then we’ve got Jon Taffer, a well known entrepreneurial guru from “Bar Rescue.” [Taffer] tells you want it’s, and he’s going give all of our brokers some actual entrepreneurial knowledge about engaged on their enterprise versus working of their enterprise and actually having a plan and a spotlight.
I’m excited for [Ferry and Taffer], however extra importantly, what will transfer the ball ahead for all of us is that we hearken to our brokers and brokers — they need to hear from each other, and we’ve got so many alternative classes which have been held and curated by our brokers and homeowners immediately. They’re the people who find themselves on the frontlines, on the street each single day serving patrons and sellers.
With that mentioned, conferences can turn into overwhelming in loads of methods, so my large piece of recommendation to everybody coming is to give attention to one or two issues that resonate and assist transfer your corporation ahead. You’ll be able to write pages and pages of notes at a convention like this, and then you definately return and don’t do something.
The necessary a part of our enterprise is to get what you may from a information perspective, however apply it to your corporation and do it persistently. So hopefully, that’s what of us shall be there to do.
There’s one factor you mentioned that caught my consideration about working ‘on your corporation’ versus ‘in your corporation.’ What precisely does that imply, particularly within the context of spring homebuying and getting a primary style of what 2024 could appear like for the trade?
We’re seeing loads of inexperienced shoots. We’re getting more inventory on the market, [home] costs are holding regular and even creeping up. Being so rate-sensitive, like we’re from an actual property trade perspective, it’s attention-grabbing to see [mortgage] rates coming up and down. Fannie, Freddie and even the Nationwide Affiliation of Realtors expect charges to lower and perhaps fall under six p.c. However who is aware of, proper? The place charges go is form of how the market will fall.
The excellent news is we noticed the slowest market in 30 years final 12 months, and I believe it’s about going up from there. If we as actual property professionals are engaged on our enterprise, connecting with individuals, speaking to our sphere of affect and potential homebuyers and sellers, there’s a lot pent-up demand that we may have a optimistic 12 months. The brokers and the brokers who keep on with the fundamentals, give attention to the few issues that matter most for his or her enterprise, and don’t get caught up within the noise, may have one in every of their finest years ever and take extra of their fair proportion of {the marketplace}.
So what fundamentals are you specializing in for Century 21 and its development in 2024? We spoke in November about your recruitment strategy in the northeast, and some weeks in the past Century 21 was named one of many high 500 franchises within the US. What’s within the bullseye now?
One of many issues I’ve been speaking about rather a lot because the market continues to fluctuate is that not all development is created equally. We need to proceed to usher in brand-new firms and nice entrepreneurs. We simply signed a [new affiliate] final week — it’s an excellent numerous firm of two gals in Baltimore with 20-plus brokers. They had been chosen as one of many high locations to work in Baltimore, so we’re tremendous excited to announce that crew and convey extra growth-minded of us into the group.
Nevertheless, because the market continues to evolve, there are going to be disruptions, and loads of brokers and brokers who need to connect with one thing larger are going to be on the lookout for merger [and] acquisition alternatives. They need to be part of forces with larger firms that may assist service their brokers [and] service the purchasers with higher instruments and programs.
Loads of our focus has been on serving to our present Century 21 prospects develop their companies by these [M&A] alternatives. However not all brokers are prepared, prepared and in a position to develop. It takes funding from a useful resource perspective and from a greenback perspective, however for those who’re prepared, we’re placing loads of effort into guiding them.
It’s going to be an attention-grabbing 12 months as 2024 continues to unfold and as we see the trade proceed to consolidate. However I’m all the time enthusiastic about bringing new firms on and serving to entrepreneurs.
I do know we’re on restricted time. As a remaining query, when you consider the One 21 Expertise agenda, what are one or two key takeaways you hope will persist with attendees? And what influence do you hope these takeaways could have on their companies this 12 months?
They’ve to recollect and all the time perceive that after they sit down with a client on the kitchen desk, they’re with the quantity No.1 model when it comes to consciousness and respect within the trade for 25-plus years. In order that they don’t need to promote the C21 model. They don’t need to promote the belief and confidence that Century 21 brings — they solely must promote themselves and the way they’re an skilled within the native market.
The second factor can be to hone your focus. What are the one or two issues which can be going that can assist you enhance? Perhaps you need to be a better listing agent this 12 months. Use the convention to give attention to these issues and study in regards to the instruments that may assist, like our Moxi know-how, which can permit you to achieve extra listings in case you study to make use of it effectively.
I all the time inform actual property professionals, “We don’t need to attempt to boil the ocean, proper?” We don’t need to attempt to do some little bit of every little thing and apply it to our enterprise and suppose it’s going to work. We need to decide one or two issues that may assist us transfer the needle for what we’re attempting to attain for our skilled and private objectives.
One of many board members at Anyplace [Real Estate] mentioned this to me a few years in the past: “Your to-don’t checklist needs to be rather a lot longer than your to-do checklist.” With all of the information and all of the stuff that’s on the market, we typically need to do some little bit of every little thing. However whenever you keep targeted and also you’re true to your sport plan, that’s the place you’ll discover essentially the most success.
