Lecture Notes: Interview with Wilson Le Young on Building a Successful Real Estate Business in the Bay Area

Introduction

• Host: James Shaw
• Guest: Wilson Le Young, a successful real estate team leader at Keller in the San Francisco Bay area.
• Discussion focus: Building a successful business through community engagement.

Wilson's Background

• Team comprises 24 agents and 6 staff members.
• Achievements: $160+ million last year; best year: over $250 million.
• Current market challenges: Sales units down 40%.

Transition to Community-Based Business

• Started with cold calling using Mojo dials and circle prospecting.
• Realized meeting clients in person was more effective than phone calls.
• Transitioned to farming: focused on building relationships in a community.

Farming Strategy

• Consistency and Value: Key to building relationships.
  • Consistency without value = annoying.
  • Value without consistency = anonymous.
• Consistency:
  • Initially self-delivered flyers, then hired a local teenager, later used USPS.
  • Presently: 24 mail touches a year (postcards every two weeks).
  • Hosts community events: picnics, movie nights, etc.
  • Provides valuable items like sports calendars, annual calendars.
• Value:
  • Communication focused on being a community member providing value.

Selecting a Farm Area

• Avoids competitive areas with heavy agent presence.
• Focuses on areas with less friction for better results.
• Strategic decision: serves "underserved" areas for quicker market share.

Marketing and Branding

• Avoid typical agent self-promotion.
• Focus on community stories and client successes.
• Inspired by "Building a Story Brand" by Donald Miller.

Patience and Long-Term Focus

• Emphasizes long-term relationship building over immediate sales.
• Average lead to listing timeline: ~6 months.
• Focus on patience as a competitive edge.

Predictability in Business

• Consistent engagement and relationship building lead to predictable outcomes.
• Trust in the process and the timeline for client conversion.

Starting in Real Estate Farming

• Initial Steps:
  • Door knock or canvas the chosen area.
  • Focus on volume and efficiency.
  • Build initial recognition and relationships.
• Three to Six-Month Plan:
  • Ensure every door receives communication monthly.
  • Iterate on messaging and approach based on early experiences.

Conclusion

• Wilson emphasizes the importance of community engagement and long-term strategy in real estate.
• Encourages agents to adopt a patient, value-driven approach for sustainable success.