Q&A with Erin Ferguson of Meinzer, James & Ferguson, Realty Group

I’ve known Erin for about 10 years, and when I met her she was a mortgage broker. So I’ve had the opportunity to watch her grow over the years, study for her realtor exams, start her own business, brand herself and develop a wide range of marketing tactics to ensure a consistent sales funnel and growth. This past year she changed up her business model, partnering with a couple other realtors to provide her clients with additional support. But most impressive overall has been her ability to adapt and weather the ups and downs of the real estate industry. Her expertise, evolution of her brand and ability to let people into her entertaining world are just a few reasons I wanted to pick her brain and shed some light into this profession. In the following Q&A I find out how this industry works and what marketing looks like for an individual/small business such as this.

Tell me about your background? What made you want to be a realtor?
I jumped into the corporate world right out of post-secondary, so for many years I had my sights set on climbing the corporate ladder. In those years, I purchased two condos over the course of three years and that was when I first thought real estate could be a great job. But the cushiness of a salary always kept me “safe” so to speak. It was only when I was packaged out of my corporate job the reality hit - I could actually make a move. I was motivated to get into the real estate business because of the first two home purchases I made in Calgary. Specifically, I didn’t feel like the agents provided me with relevant context and background on the process. It felt very transactional, a quick sale for the agent(s) and less about an experience. And let’s face it, as a first or even second time buyer, it’s an exciting time and I felt that those experiences could be much more special. I knew I could do it better and was up for the challenge!

What has changed since you started 10 years ago to today?
Number one has been the technology. The number of agents has grown but I feel like it has been reflective of the population growth. When I started there were fewer people using on the fly apps like DocuSign. Even the technology of the lock boxes has changed. The way people search for homes has changed a lot as well. The buyer’s ability to search is much different than it used to be, making photography a much larger priority. Some agents used to take their own photos (some still do….) now it’s a specific talent. Photographers who specialize in taking those kinds of photos are a ‘must have’ that good Agents invest in. Texting has also completely transformed the way we work, it makes things easier in many ways, but also means there is zero lifestyle downtime unless you plan and set it aside in advance, because you are so accessible.

What made you want to partner with other realtors? How does that work?
It took me almost a year to decide to enter the partnership, I thought about the pros and cons a lot. But the predominant reason I did it was for the collective expertise and the mutual support team. Together we have just shy of 50 years of real estate experience, so we have seen every kind of transaction, client, and agent possible. It also makes the client experience much richer and streamlined when you have the support of a full service realtor group.

How have you grown your brand over the years? How is a realtor brand different than a company’s brand?
I think brand as a whole is very much based on your personal name, transactions and client experiences. The overarching brand Company name of a brokerage like Century 21 definitely adds the required Global trusted depth, but people will still relate the local name to the actual real estate experience. And as you grow as a person, you start to streamline how your client experiences will look. I have grown through lots of trial and error, kept what worked and filtered out what wasn’t useful that didn’t actually lead to properly servicing more clients. For me, growing a brand is really about providing an overall experience while remaining authentic to yourself. An enjoyable end to end client experience has always been a priority.  After all, they are the real reason this career has been such a wonderful success.

Where do you see the Calgary real estate marketed going?
We live in a city of over 1.2M and there are always going to be people moving and transacting. Currently, I feel like sellers are becoming more realistic about the market. You can decide to sell, but you have to understand we are neither in a boom or bust. We may rise, we may fall, and it depends on the macro economy. There are lots of positive things happening in the market in terms of business diversity. Our overall our population is growing so I think it’s about being realistic with our current economic situation and the longer view.

Can you describe a typical purchase and the variables you deal with? I.e. Mortgage brokers, pre-approvals, new condo builds etc.
I always sit down with my potential clients to understand what they are looking for and where they are in their purchasing cycle. From first time buyers to move ups I get an idea of what they are looking for, their personality and if we will be a good fit to work together. If we hit it off then I know it’s going to be a rewarding experience for both of us! After the first meeting I make sure they talk to a qualified mortgage broker (I can also make recommendations) and after they get a preapproval, I set them up with a search on their custom online portal with criteria we have discussed. After they have made selections we go out and take a look at the homes. Then we have conversations on spaces and sizes that works for them and I guide them through the process based on their likes and dislikes. It can be overwhelming right now because of the inventory we have on the market, so being able to understand clients needs/wants and steering the ship helps. If there is something we find that they like, we discuss an offer, put the offer in, negotiation it, and then negotiated the terms. If it is accepted, we go through home inspection, financing and any other conditions.

How to people find and hire you? How do you know if they are a good fit?
Most of my clients are referral based. 70% is referral and the other 30% is from existing listings and other forms of online marketing. When we sit down for our first coffee I get a good idea if our personalities will work. At this point of my career, I have worked with many different kinds of personalities and professions, so I know how to appropriately focus conversations depending on needs and wants. Not everyone is a perfect fit and that is ok, and that’s why I have two other partners that may be a better fit if we aren’t.

Who are your typical clients? How long does a typical realtor stay with a client?
The majority are move-up and repeat clients moving up from their first purchase. Some are first time buyers, parents of my clients and a few move-down buyers. I could stay with a client for a lifetime and have started to basically grow up with a few. Per transaction it could be anywhere from a month to 2 years. The average is 3-6 months.

What channels do you use for marketing and why? Which ones get you the best results?
I use social media a lot because I really enjoy interacting with people on social media. I am naturally a curious person and I get a lot of my timely information from social media. My website content has all of my listings, as well as restaurant recommendations and videos. For me, just being myself and a natural networker has really elevated my ability to meet new people and clients. Outside of that, I know I am not an expert at everything so I hire the people who are professionals in their industry to assist with other tasks. I’ve also found simply being involved in the community and getting out there is a fantastic way to meet people.  I moved quite a bit as a kid, so I think that assisted in my ability to strike up conversation. I just find people fascinating and everyone has a great story to tell if they are asked.

How is your typical day structured?
I am a morning person for the most part. As soon as I am awake the emails are checked, coffee poured and then I head off to a workout. I ensure I have one hour a day for a workout when my phone is locked up and I can start my day off on a positive note. Afternoons and evenings are filled up with showings, new client meetings, admin and appointments. Depending on the season, there are slow times in the year of course, and that’s when you can catch up on all the things you wanted to do but got too busy for, it’s always a balancing act.

How big to you plan on growing your business/businesses?
Coming from the corporate world I have always been big on goal setting. I like to dream big, but I also realize it’s not always about a “growth number” per say, but more so a balance. Consistency is key.  You can’t wait for the business to come to you; you have to put in the effort, and not let it slip when busy times hit (easier said than done). I have had big volume years where I neared burnout because I didn’t balance my time. Other things in my life suffered because of that, so with that realization, I don’t want to hit a point where I’m too busy to be balanced.  The market is a big one for a realtor and there are always surprises, so I try not to get too attached to the numbers. It took me years to let go of being so focussed on a “number”, especially coming from corporate sales where its ’ingrained in your brain’. It’s about growing the business in balance in all aspects, whether that ends up being a larger team, or more personal time. That’s still something I’m figuring out. There will be amazing years and slow years (reflection years I call them)…so just knowing that and having that mindset sets you up for success. I think the key for me is to always be creating, I am excited by new ways to adapt/change with market demands.

What qualities do you value most in your staff/clients/vendors/partners?
I have high expectations, so for partners I refer, I value a high quality of work, attention to detail, and a general ability to do their job without me having to micromanage. I figure if I set that standard personally for myself, any referral partner should have the same work ethic.  I want to make sure that my clients are in good hands. Whoever I refer usually means I have had countless interactions with them to ensure they are a good fit. Those types of industry partners could range from designers, contractors to home inspectors to mortgage brokers. I like to think I can help my clients as a full service one-stop-shop resource for anything even including where to eat in the city…or travelling for that matter.  With clients I value loyalty, respect, and that they appreciate the amount of time and hard work we put into each project - I will always go above and beyond. It’s just in my nature to do so.

You’ve flipped a few condos with your husband Ryan, how was that experience?
Extremely fun, it brought out a creative aspect of the business for both of us. If you want to test your relationship, make it through tight deadlines and renos! It was really great to learn about the renovation side of things through Ryan, my husband who is a Home Inspector and has a several year’s experience in the construction industry. It was rewarding to create something so visual together, put it out to the world and then sell it to someone who loved their new home. And we would’ve continued to do that, but the market slowed, and risk outweighed the reward. Those condos were our passion projects. They really helped me with my client’s in the long-term to understand build/renovation cycle and costs. There is no substitute for the real hands on experience. It has also helped with connections for my clients for contractors, designers, painters, you name it.  A huge learning experience and stressful at times, so I am happy to provide a realistic personal experience about that process to my clients.

What do you do for fun?
Travel, socialize, dine out, hang with our dogs and fitness would sum it up! My husband Ryan and I are big foodies, so travel is important because we go and explore new restaurants and get inspired as well as the architecture/design component of travelling.  We love our two dogs Marlee and Sullivan who keep us quite active, and we make lots of time to spend with our friends.  

What has been your biggest challenge in life so far?
Taking the plunge into his career without a salary or any idea of the success rate. Basically, going in blind without a business plan. I do not suggest one takes this on without a business plan, but ultimately it worked out! 

Do you feel like you’ve had an “I’ve made it moment?”
Ya a few, I get “pinch me” moments, like it seems surreal that I could even accomplish what I have done. I had no idea I would be as successful I have been. In 2014 when things started booming, that was really the first time I felt like I “made it”.

What does the future hold for Erin Ferguson?
I think for me, more of the same, perhaps a bit more travel/experiences. My clients will always be my babies, I love people, so this job really is rewarding on so many counts for me. So as long as that component continues to make me happy, then I don’t think it requires any change.

If you could give a few words of advice for fellow business owners what would that be?
Customer service should always be your primary focus in any client facing business, not the money. If you treat your clients like gold, they are the ones who champion your brand and everything else will fall into place. In terms of realtors – if you are thinking of getting into the business, I would highly suggest you do a business plan. There is a lot of information/costs they don’t tell you about, and that’s where I see new agents struggle and fail, they are crippled by the monthly financial costs they didn’t know/think about prior to getting into the business. Do your job because you want to help people and provide an unparalleled experience. As my dad always tells me, if you love to do what you do, it’s not work. Only those who don’t really like what they have to do are working.

Learn more at http://www.erinferguson.ca/