Top Adding - Real Estate

Rapid growth characterizes The National Association of Realtors at present. Its membership has now swelled to over a million agents, from a minimum of 740,000 just a few years ago. The incredible run of real esta

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

te over the last five years is enticing hundreds of thousands of new agents. Most states, especially in Florida, are being swarmed with people taking the real estate challenge. At the same time the “churn” in real es

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

tate, which refers to the number of agents failing and leaving the industry, has to be escalating as well. It is becoming more difficult to make a living in Miami real estate.

On the one hand, the people at the

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

top of Miami real estate ladder are cashing in on a seemingly endless assortment of opportunities. They are earning, on average, $2.4 million in gross commissions a year. On the other hand, the huge influx of new age

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

nts into Miami real estate is making it harder to make a living. How does this apparent paradox in the real estate industry happen?

The Miami real estate is undergoing a structural shift that is producing profound c

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

anges at every level of the industry. Miami real estate is evolving from a sales-driven industry to a marketing-driven industry.

Today’s top agents understand this and have become totally immersed on marketing. The

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

problem is that since the real estate has been a sales industry for too long, it is quite difficult for this industry to adjust and shift gears. What makes things worse is that most brokers and agents lump sales and

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

marketing together. But it is critical to understand the difference between the two.

Sales skills are the skills you need to convince somebody to buy. Sales skills are the scripts you say, the closing techniques you

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

use when you are face to face with a prospect. But the key difference between sales-driven agents and marketing-driven agents is the way they think.

A salesperson wakes up each day and says “I need to find a prospec

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

t today so I can sell them.” They are always looking for the next person to work with, and this determines their actions. They cold call, sit open houses, take floor time, and even door-knock to find someone to close

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

If you are disciplined to do these things every day, it could actually work for you and you will make money. I am sure that many agents have built businesses by doing these activities. However, as the number of agen

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ts who are still being taught to approach real estate from a sales perspective increases, it is becoming less and less effective.

Marketing is the art of attracting people who are interested in doing business with y

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ou as an agent. A marketing-driven agent wakes up each day and asks, “What marketing activities do I need to put in place that will interest people in calling me as an agent?” The agents who have embraced a marketing

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

approach to real estate are rewriting the rulebook about what is possible in real estate and how the real estate business of the future will operate. These marketing-oriented agents are doing an ever-increasing volum

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

e of business that is making it harder for sales-oriented agents to survive

The future in real estate arguably will be directly commensurate with one’s the effectiveness of using marketing materials. Most agents kno

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

enough about real estate to succeed, provide great service the clients they have, and are willing to work hard. Nonetheless, you have to remember that no matter how good you are at closing, if you do not have a clie

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

nt to close, you will still fail in real estate.

The bottom line is that unless you become a marketing-oriented agent, you are going to find it harder and harder to compete. Cold calling, door knocking and floor tim

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

e is going to become less and less productive. Or you can embrace the future and become a marketing-oriented agent that thrives.

So what does one have to do to compete effectively in the future? First and foremost,

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ou are going to have to become a marketing-oriented agent. The first key to creating effective marketing is making sure that each and every piece of your marketing materials has a strong emotional appeal. Great marke

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ting is emotional, not logical. Most Realtors have been brainwashed into thinking that if they put a sales presentation on paper it automatically becomes marketing. In reality, nothing could be further from the truth

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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Top Adding - Miami Real Estate: Are You a Salesperson or a Marketer?

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