Three Door–A Real Estate Company, Salt Lake City, Utah
As a CRS, what have you found most rewarding?
I’ve been fortunate to have attended many of the RRC-sponsored events and leadership meetings with industry leaders. It’s amazing to be surrounded by people with far more experience than me. I’ve served as membership chair for the Utah Chapter of the Residential Real Estate Council, I currently represent my state as president, and I’m honored to have just been asked to represent Region 11 as regional vice president for 2020.
Since becoming a CRS, I have doubled my gross commission income and opened my own brokerage. I believe my success is directly correlated with having surrounded myself with the best of the best in our industry, my fellow CRSs. It’s not all about the money though. I love sending referrals to other CRSs because I know the level of service other CRSs provide my clients is second to none.
Can you describe the current market in Salt Lake City?
Our beautiful valley is surrounded by mountains, so buildable land is limited. Our population is growing rapidly, and affordable housing is very much a concern. There’s a great economy here with many jobs, though wages are not keeping up with how quickly the market is appreciating.
There’s still big competition for homes under $400,000, and although our median time on market has ticked up from 12 days to 23 over the last year, our median price was still inching up at $325,000 as of March 2019. Low inventory, a sound local economy and population growth tell me that we still have some room for growth in prices in the short term.
Do you have a niche market?
I grew up here and went to school here, including college at the University of Utah. My focus over the years has been person-to-person interaction with people in my sphere. My best ROI is with people I know. Some of my friends are on their fourth or fifth house, and that repeat business is invaluable.
How do you navigate the challenge of working with a tight market?
I sit down with every client and educate them before we look at any homes. It’s hard for buyers in a hot market. There’s a fine line between overpaying and losing the house.
I educate them about approaches such as writing personal letters to sellers, and explain the process of a contract, the limitations and liabilities they have, and how to market and price their home.
Education is key. I guide them through the process, and if it’s difficult for them, then I didn’t do my job.
What kind of marketing do you use?
My marketing is focused on the properties I list, and not so much about me. I manage a Facebook business page and use other services, like Adwerx and Remine, for targeting (and retargeting) my most likely buyers. I have some drip campaigns to send to people I don’t know, but nothing beats picking up the phone or attending the next social event—face-to-face interaction is the most powerful tool I use. The internet may enhance my interactions, but it will never replace being there.
What aspects of your work do you find most satisfying?
The feeling of seeing a customer satisfied and knowing they wouldn’t call anyone else to buy or sell real estate. I just received a text from a past client who sold his condo with my help a year ago, saying it’s time to sell the house he just remodeled—it didn’t need a listing presentation. My customers have trust and confidence in me to get the job done, and the biggest compliment is when they use me a second or third time. My clients rely on me to help them make the biggest financial decision of their life.
What other activities do you enjoy?
I play in a men’s golf league every Tuesday, hit the slopes on my snowboard at Snowbird when I find the time, and one of these days I’m going to build that shed/man cave I’ve been talking about for a few years now. I love spending time with my family—my beautiful wife, Lindsey, and I just had our first baby! That said, the man cave is probably going to be on hold until Hudson can throw a hammer.
What’s your greatest asset?
My network of friends, clients and peers. The focus of my business is the people I surround myself with. Being involved in their lives is a beautiful way to have my life be my business, and vice versa. RRC education and the CRS family are the best that’s out there. No matter how busy I get, I will continue to attend those classes and network with my peers, and I will take something away from each of them to continue balancing my life and my work.
Ian Wood, CRS, achieved CRS Designation in 2016. He can be reached at ian@ianwoodrealestate.com or 801-712-9663.
