What’s in a name?

Where’s the passion?

What does your company stand for?

When the founder(s) of your company created this company. what was the vision?

Does everyone in the company know and understand this vision?

Are there “guiding principles” that keep us all on track?

“Armed” with knowing your company’s founding story makes taking responsibility easier because we align with the passion that brung us here.

I talk a LOT about all of this day in and day with the Vital Few Members of our Pareto Realty team.

Not a day passes without these quintessential real estate sales professionals hearing me referencing them as “Vital Few” and bragging on how proud I am of each and every one of them.

Hearing it every day creates culture . . . capturing it in written form is – well – difficult at best.

How do we capture the true essence of “the culture here” without saying too much or too little?

If we over-do it, we risk failing to see the forest for the trees . . . just words!

Here’s my first iteration . . . of course, it’s subject to some tweaking.

It’s a true and accurate description of what goes on here at Pareto Realty every day . . . and I’m proud to put it “out there.”

Vision

Pareto Realty is a residential real estate sales firm that supports member agents in building and growing consistently productive niche businesses as they enjoy the healthy life rhythm they want and deserve.

Mission

Pareto Realty’s mission is to provide a “Vital Few real estate sales Niche Specialist” in every sub-market of Middle Tennessee. We focus on building the productive success of each and every one of our members rather than the quantitative number of agents in our firm. Our most important “Vital Sign” is the percentage of agents who close a minimum of 1 transaction every month. We know this niche focus creates conditions for our Vital Few members to live quality lives. Our Home Buyer and Seller clients benefit by the exclusive representation of their REALTOR’s foundation of  stability, professionalism, depth of local knowledge, exemplary leadership and indefatigable service.

Guiding Principles

Whoever comes is the right people!

Whenever it starts is the right time

Whatever happens is the only thing that could have

When it’s over it’s over

The Law

If at any time you find yourself in a place at which you are neither contributing nor receiving value, it is your right and responsibility to use your 2 feet to take you to a place where you will contribute and/or receive value.

The guiding principles and Law derive from Open Space Technology

Authenticity mandate

Show up AND be fully present

Always tell the truth to yourself and others

Follow what has heart and meaning for you

Let it go!

The Authenticity Mandate derives from The FourFold Way

Our founding story in a nutshell

Principal Broker Barry Owen started his real estate sales career in 1993. For the next 17 years, he built his career around serving home buyers and sellers, training and coaching other REALTORS, and serving as Principal Broker. During those 17 years, Barry affiliated with 5 different firms ranging from small independent firms  . . . to medium sized regional firms . . . to a large National brand.

Each time Barry “made a change” in firm affiliation, it was a forward moving business decision. There were things Barry loved about each firm . . . and things he didn’t like . . . Barry was in search of the perfect real estate model. Things that kept Barry restless were – Complexity in compensation plans – Expensive “Overhead recapture” billing to the agents in the form of monthly office bills or additional “Transaction fees” – Coercive requirements to use in-house services (Title, Lender) – Preferential treatment in terms of leads and compensation to some “pet” agents – Inconsistent or nonexistent training and coaching – Inaccessibility to Principal Broker in times of need for transactional issues . . . and more.

When the economy tumbled in 2007-2010, Barry was Principal Broker of a large office (170 agents) and was facing a “Corporate mandate” to RECRUIT RECRUIT RECRUIT and to increase “overhead recapture fees” to the agents so as to preserve profitability . . . Barry’s passion was of a different flavor . . . His mindset was along the lines of doubling down with training and coaching of the existing agents to increase their productivity such that more of them were selling houses every month (47% were writing deals every month – National average at the time was less than 20%). Ultimately, Barry lost that battle . . . Barry was FIRED as Principal Broker!

Barry moved to a different office with different ownership within the same Brand and went back to doing what he knew he could do well – Reactivate that database and sell houses. Things were going well with the sales . . . then Barry started hearing rumors that he had opened a new real estate firm. The rumor had legs . . . some of the Principal Brokers around town were certain that Barry had ALREADY formed a new company and might soon be poaching their agents. It was at this point when Barry decided: “They think I’m doing this, so I might as well make their dream come true.”  So wheels started turning to figure out how to do this and what this new firm might look like. The resounding fundamental mantra of the concept centered around wanting to build a business model that was EVERYTHING that Barry LIKED about the 5 business models he had worked within the past . . . and NONE of the things that Barry DISLIKED about those models.

After 3 months of contemplation and exhaustive study of the myriad Real Estate Firm business models coupled with his list of LIKES, Barry founded Pareto Realty September 14, 2010 . . . an offering of “a tasty blend of high technology, sophisticated marketing, performance oriented training & consulting, and a superior (FUN) office environment – never taking our eyes off the fundamental Rhythm of “Live, Work, & PLAY”

Our namesake derives from the Pareto Principle AKA The 80/20 rule and The law of the VITAL FEW which states: “For many (most) events, roughly 80% of the effects come from 20% of the causes. in 1906, Italian economist Vilfredo Pareto observed that 80% of the land in Italy was owned by 20% of the population. It is a common rule of thumb in business; e.g., “80% of your sales come from 20% of your clients.”

Pareto Realty is home for “The Vital Few Real Estate Sales Professionals”.

 

The Logo


Pareto Realty’s logo incorporates several graphic elements: the words “Pareto Realty,” the rising sun over the A-frame, flanking chevrons, and simple linear platforms. Combined, these elements create and reinforce the initial concept behind the name. NOTE how the words “Pareto Realty” is used as a graphic element, inseparable from the symbols.

Safe Space
A safe area around the Pareto Realty logo must be preserved to allow for maximum legibility of
the logo. No elements such as typography, other logos, graphics or photos may intrude upon this
safe area. In addition, placing the logo too close to a cut or folded edge also violates the safe area.
The safe area is equal to the height of the capitol P used in the logo

The Chevron
In use of the logo, the chevron is situated on either side of the word “realty” in a way that symbolizes
both the coming and the going associated with relocation. When the chevron is extracted from
the logo for use within content, it is to be used in a way that draws attention to something
of interest (i.e. a certain photo, a title, a price, a house, etc.).

The point of the chevron must always be facing what it is meant to highlight.

The chevron is meant to be something that says, “Hey! Look at me! I’m important,”

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The Perils of Instant Gratification Lead Generation

If you are lead generating for NOW sales, you’re likely in deep tapioca.

In fact, you might be better off using those marketing dollars in lottery ticket purchases.

Don’t get confused with the idea that leads = income.

Leads are Leads.

Leads are people who have made it known to the world (by clicking a link, doing an internet search, calling from a for sale sign, & etc) that they have an inkling to consider buying and/or selling a house in the FUTURE!

Very few Leads are ready, willing, and able to buy much of anything at 1st inquiry.

Leads are seeds . . . We must first convert them to be our clients and keep them safe from all those other hungry sales people. Think . . . Planting the seed in a pot of rich soil.

We must then continue to nurture them with watering and tending to all of their needs.

We’ve gotta have patience with them . . . and try as we might, we cannot make them move any faster than they are comfortable moving.

There’s nothing we can do to create their motivation to buy quickly regardless of our own need for them to buy and CLOSE.

The more we try to hurry them along, the more aware they become of our commission breath . . . They lose trust in us because they (rightfully) start getting the impression that you’re more about looking after YOUR best interests (Getting paid a commission) than theirs.

The gestation period of most seeds is 1-3 YEARS from conception.

So . . . the leads you generate today are not likely to create income for you sooner than a year from first contact.

Sadly, most Real Estate Agents will stop following up with these leads before they are ready to get serious . . . and that cycle continues.

Meanwhile, the savvy (more successful) REALTORS seem to have the midas touch when it comes to leads. By all appearances, these busy agents flit around like social butterflies and effortlessly receive seemingly random calls from ready, willing, and able clients to sell multiple houses month after month after month.

Where’s the differential?

These successful agents are not in urgent need of NOW buyers because they “get” the fact that a FAT pipeline of leads with a great system of communicating with them over time results in an environment rich with leads that seem to convert themselves.

We call these self-conversions “Come list me” calls.

These clients pick up the phone and call the REALTOR’s number and say: “Hey Suzie! Thanks for keeping in touch with me all these months/years! We’re ready to sell our house and buy the next one NOW! When can you come over to get this ball rolling?”

Easy as pie, eh?

 

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The story of Pareto Realty – The Vital Few!

Pareto Realty is an independent residential real estate sales firm that supports member agents in building and growing consistently productive niche businesses as they enjoy the healthy life rhythm they want and deserve.

Since conception mid-June 2010 with a 90 day gestation period and an oh-so-magnificent birth September 14, 2010, We have created FAR more than “Just another residential real estate sales firm” . . . Everything we do has its own unique story and meaning for our “Vital Few” members.

A few weeks ago, I received a random call from someone who had heard of Pareto Realty. Their immediate first question was: “Why Pareto Realty?”

While I walk and talk our culture and vision within the office, this call helped me understand that I have not told this story to folks within our community . . . almost as if we were operating as a “Secret Society” keeping our beliefs and perspectives under wraps.

Today, I decided it’s neigh time to put it “out there” in a more palatable way.

After all, we DO want to attract more of the “RIGHT” Real Estate Sales Professionals to join us.

So . . . here goes . . .

This yarn begins with my BarrysDriveTime.com raw video I did this morning. I record these musings via Facebook Live every working day while driving from home to office (7:15 AM CST). Life lessons – Sales strategies – Life Rhythm – Real Estate in Middle Tennessee – Open Space Technology – Owen Hollow . . . Today’s is all about the meaning and culture of Life Rhythm and Pareto Realty.

Founded  September 14, 2010 by Principal Broker Barry Owen, Pareto Realty offers a tasty blend of high technology and performance oriented training & consulting.

We are “family style” with a fun and productive office environment – never taking our eyes off the fundamental Rhythm of “Live, Work, & PLAY”

We believe EVERYONE can achieve high levels of success through “right” consistent and persistent business practices.

Our namesake derives from the Pareto Principle AKA The 80/20 rule and The law of the VITAL FEW which states: “For many (most) events, roughly 80% of the effects come from 20% of the causes. In 1906, Italian economist Vilfredo Pareto observed that 80% of the land in Italy was owned by 20% of the population. It is a common rule of thumb in business; e.g., “80% of your sales come from 20% of your clients.”

Pareto Realty is home for “The Vital Few Real Estate Sales Professionals”.

Strategy for success:

Every minute of every day, our Team is thinking about ways we can improve our service to our clients. We are, indeed, a team with a common goal . . . for ALL of us to succeed because we know that each individual success benefits all of us. We are not “just another real estate firm” because this mindset begins with Broker/Owner Barry Owen whose commitment is to serve our agent members through perpetual innovation, coaching and training, and appropriate growth.

Pareto Realty’s mission is to have a “Vital Few Niche Specialist” in virtually every sub-market of Middle Tennessee.

We focus on building the productive success of each and every one of our members rather than the quantitative number of agents in our firm. Our most important “Vital Sign” is the percentage of agents who close a house each month . . . and the goal is 80% (Most firms track @ 20%).

On the surface, our business model appears to be Traditional . . . not so much!

Continue reading to learn how our simple approach differs from the others.

  • 80:20 Commission split for ALL members with a Cap on total paid to Pareto Realty each anniversary year. After meeting the cap, agents receive 100% until anniversary date.
  • NO (ZERO) monthly office/desk/technology fees whatsoever
  • Our goal is for EVERY one of our members to sell a minimum of 1 house each and every month, and we have a business model that works for members who consistently practice these habits.
  • You’ll love Pareto Realty’s “Bonus” possibilities that could pay all of your Association, MLS, and License fees.
  • ParetoRealty.com is WAY more than just a website . . . It’s also a robust and Niche Focused Internet Lead Generation engine which provides more than 140 leads every month for the firm. These leads are available (at no cost) to those members who want a strong source of new leads outside of their Sphere of Influence.
  • Transaction Manager for secure document creation and execution
  • Monthly Team Meetings for education and motivation
  • 3 “Skills Training Meetings” each month
  • Office in the heart of Green Hills
  • 4 Team Meetings each month 
  • Business Coaching available for accountability and business building with Principal Broker Barry Owen
  • Life Rhythm: Ongoing workshop to help participants identify their Life Roles and Goals and then to develop appropriate personal and professional habits to keep them on track to SUCCEED!

Our primary objective is for EVERY one of our members to succeed in all facets of their lives.

Let’s connect!

Barry Owen

CEO – Strategist – Principal Broker

Barry@Paretorealty.com

615.568.2123

 

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This house you are buying is flawed

Because I am committed to telling the truth, I must inform you NOW that there are, most certainly, some things wrong with this house.

Please don’t be alarmed!

I know you love this house and think that it is PERFECT in EVERY way.

THIS house outshines ALL of those other houses you have viewed. It’s clean and fresh, smells great, beautifully landscaped, well appointed with the finest appliances, fantastic location, and even has that garden tub you’ve always wanted.

My intent is not rain on your parade or discourage you from proceeding with buying this house, but I do need to “get real” with you for a few moments.

We did our best negotiating the terms of this contract, and we didn’t get everything we wanted . . . I know you had hoped to be able to pay less and move in sooner, but the Seller had already committed to pricing and terms with the house they were buying and were very firm in your negotiation because they wanted their sale and purchase to align for them to have a smooth transition.

This Thursday, your Home Inspector will perform his inspection of the house. This inspection will likely take 3 or 4 hours to complete because the inspector will inspect EVERYTHING that is accessible. This will be a complete “Physical” of structure and every system (Roof, Plumbing, Electrical, air quality, water management, & etc).

Friday, you will receive a report from the inspector . . . This report may be 40+ pages and will be chock-full of disclaimers and legal jargon referencing the possibility of you needing to engage the services of a “specialist” to evaluate some components that may be “beyond the scope of the Home Inspection.”

Home inspectors aren’t Engineers or Plumbers or HVAC specialists or electricians . . . They know codes requirements and typically know enough about all of the systems to be able to identify (and flag) anything that appears to be deficient . . . perhaps improperly installed or not operating as it should.

The list of recommended “things to be addressed” will likely be in the range of 30-50 items and will be categorized in groups of importance (Structural, System, Codes, Safety).

DO NOT FREAK OUT!

Do not forget that you love this house!

Do not throw the baby out with the bath water.

Meet with your REALTOR and consider all of these deficiencies relative to your love for this house.

Many of these items will be small, inexpensive, quick-fixes.

Some will be aesthetic . . . perhaps less than perfect workmanship

Some will indicate items that are functioning now  but are nearing the end of their life-span (Things to watch and/or budget for future replacement)

Focus ONLY on the deficiencies that are clearly BROKEN and/or may be causing more damage over time (water leaks – roof or foundation). Do whatever diligence you feel necessary to determine the scope of work and cost required to remedy those deficiencies and create a proposal to the Seller based on those findings. My favorite solution is to have the work performed by a contractor of YOUR (Buyer) choosing and negotiate the Seller paying that contractor from proceeds at closing.

My bottom line . . . When you fall in love with that house you want to make your home for years to come, keeping things in proper perspective is critical.

Identify the large issues and find resolution to those and let the rest go.

That batch of remaining smaller things to be fixed can then become the “Honey-Do” list as you settle in.

These are the “warts” when you say you the house warts and all 🙂

 

 

 

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Before you judge me (or anyone else) . . .

Decide to be kind!

This is the most fundamental principle necessary for effective (useful) communication.

This is sometimes very difficult when the other party to the encounter is seemingly irrational and obviously hailing from a different perspective (Planet, universe, or reality) than yours.

Our first instinct is primal – Fight or Flight – but that’s not useful because we gotta get things done, and THIS person is the person with whom we must work to get this thing done, so . . .

Begin with seeking to understand (Steven Covey) by taking a deep breath and approach with empathy.

Why is this person SO wound up about this?

The better we get at learning this art of empathy, the more effective we can all be.

Stay calm and ask:

What are the issues as you see them?

Who, other than you, are the people who will be impacted by the outcome?

Why are these issues important to you?

What specific result do want out of this.

When do we need to have resolution?

After learning from the above questions, practice Gestalt Principles with the goal to find closure.

Knowing that we do not have the power/ability to solve their problems or make them go away, we can “walk in their shoes” and speak about how we would approach these issues.

Perhaps we have some prior experiences similar to this that would help formulation of creative solutions.

In this way, we (hopefully) diffuse the source of their angst, and we all move forward with cooperative Spirit!

This doesn’t always work because we know that there’s no accounting for crazy people, but most people aren’t crazy . . . They’re simply not yet understood.

So . . . back to being nice . . . When you’ve decided to be nice – always – everything written above happens naturally.

A little bit like riding a bicycle.

The secret sauce is the intentional mindset of being nice.

I said more about this in my drive time video this morning.

All in the Spirit of calming the tumultuous waters in our world albeit minutely.

One small step that can make a HUGE difference.

 

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contact us: 615-502-2080

email: info@paretorealtyllc.com

License # TN 261476

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Pareto Realty, LLC - Woodmont Centre - 102 Woodmont BLVD Suite 242 - Nashville, TN 37205 615.502.2080 - Tennessee License #261476